Schaeffer's Trading Floor Blog
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With the first half-hour of trading under the belt, equity indices are trading on a higher note with the Dow Jones Industrial Average and Nasdaq Composite are trading slightly higher by 0.47% and 0.15%, respectively. This positive price action is also reflected in the sector indexes where 62% of the 35 sector indexes that I track are trading higher on the day.

Helping to push the market fly higher Monday are airlines with the AMEX Airline Index (XAL) trading 1.50% higher on the heels of news that US Airways Group and America West Holdings hope to announce a merger this week and are in advanced talks to raise as much as $400 million from potential equity investors.

Retailers are also performing well in Monday's session by gaining 1.14%. In spite of missing Wall Street's earnings estimates by $0.02/share this morning, Lowes Companies (LOW) is trading 3.22% higher. The market seems to be focusing on the positive such as the fact the company has not changed its guidance. Also helping the retailers are Home Depot (HD) and Albertson's (ABS).

Rounding out the top five best performing sectors of the morning are banks, defense, and consumers.

Weighing down on the market are energy-related issues. The PHLX Oil Service Sector Index (OSX) and AMEX Oil & Gas (XOI) are trading lower by -1.09% and -0.81%, respectively. Declining oil prices seems to be the trigger in the selling of oil equities. Hurting oil prices were some bearish comments made by OPEC. According to OPEC's President Sheikh Ahmad Fahad, the cartel's current output and pare capacity will keep the market well supplied for the rest of the year. In similar fashion to oil-related issues, natural gas stocks are down -1.07%.

Finally, gold, biotech, and hardware issues are in the red in early morning trading.


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Here We Go

by 5/16/2005 9:55 AM
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In early trading the market has put on a little bounce here as the Dow is up 38 points, the Nasdaq five points, and the S&P 500 four points. Turning to the other markets that we follow oil is down 69 cents, the dollar is up 0.02, and gold is down 80 cents. Other than that there really isn't much news out there.

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Stocks quoted in this article:
Good morning! One thing I like to do over the weekends is take a big picture perspective on the market and various stocks. As I try to help Nick out this morning, one stock that I found of interest this weekend and perhaps worthwhile pointing out to you is Southern Peru Copper (PCE: scorecard, quote, chart) . The shares are off about 35 percent from their March '05 all-time high (note how close this is to a key Fibonacci number of 38.2 percent). Of interest is that the shares' low last week was at the uptrending 20-unit monthly moving average. Sentiment on the stock is very negative, with the short interest ratio over 13 times average daily volume and 12.5 percent of the float. In addition, according to Zacks, there are three strong sells on PCU, one hold and only one buy. If you are one that likes to buy into scary declines, PCU might be one to look at, but keep your stops tight, as volume recently picked up on the most recent selloff in the shares.
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Good Morning

by 5/16/2005 8:06 AM
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We kick off the trading week with S&P futures trading two and a half points above fair value. Gold is down 80 cents to 419.90. Oil is down 52 cents to 48.15.

Unfortunately, for me, I will be away from desk for most of this morning and early afternoon. However, don't despair, as some of my friends will be jumping in here to make sure you stay abreast of all of today's action...

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Today's Percent Returns

by 5/13/2005 5:03 PM
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Looking at the indices relative to each other highlights the mixed action of the day...

Semis were the strongest group while gold stocks finished near their session lows as the weakest group. Interestingly enough, a look at the percent returns for the week echoes a similar theme...

For the most part we see a negative bias on the week as bonds and a few tech indices were the only ones to show gains. You can also see that oil related groups struggled as did gold stocks. More information on this week's action can be found in my ETF column on the homepage.


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