Schaeffer's Trading Floor Blog

At the Open

by 6/6/2005 9:52 AM
Stocks quoted in this article:

The opening bell for the week has rung and here is what I see...

As expected, the broad market indices are off to a sluggish start...Semis are bucking the broad market laziness as the SMH backs away from the resistance zone we discussed last week...oil and oil related stocks are showing an upside bias as is the yellow metal...

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One to Watch - JOSB

by 6/6/2005 8:42 AM
Stocks quoted in this article:

Another story that caught my eye is the earnings release from Joseph A. Bank Clothiers (JOSB). The company beat earning estimates by a penny and the shares are indicated up two percent in pre-open action...

While the stock probably isn't a household name, I took notice of it back in April after my colleague Ed Stenson discussed its virtues.

It also makes the occasional appearance on my short interest scan as short interest currently stands at 40 percent of the stock's float. The shares hit a new high Friday as they gained more than three percent (while most stock groups traded lower) so they might even appear on today's scan.


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Apple In the News

by 6/6/2005 8:29 AM
Stocks quoted in this article:

One of the stories in focus this morning involves Apple Computer (AAPL)...It is expected that AAPL will announce that they will begin using chips from Intel (INTC). This could put pressure on IBM and Freescale Semiconductor (FSL) which had been the main suppliers.


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Good Morning

by 6/6/2005 7:48 AM
Stocks quoted in this article:

We start the trading week on a slight up note. With a little more than an hour and a half until the open, S&P futures are trading about a point above fair value. Gold is up 2.10 to 427.9. Oil is up 63 cents 55.66.

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Final Figures

by 6/3/2005 4:53 PM
Stocks quoted in this article:

As you might have surmised from the chart I just posted...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1196.0 -8.3 points -0.69 percent
Dow Jones Industrial Average (DJIA) 10461.0 -93 points -0.9 percent
Nasdaq Composite (COMP) 2071.4 -26.4 points -1.26 percent
Russell 2000 (RUT) 620.3 -4.9 points -0.79 percent
CBOE Market Volatility Index (VXO) 11.56 0.21 points 1.9 percent

There was an all around negative bias on the day. Not just in the broad market indices, but in many sectors as well...

Similar to what we saw earlier this afternoon, only oil and gold related groups were able to hold gains on the day.

In glancing through some charts, it doesn't appear that today's pullback was all too significant. In other words, it wasn't enough to break the recent uptrend. And that is where I will pick up on Monday morning...


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