Schaeffer's Trading Floor Blog
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Yesterday we noted that Google (GOOG) saw a flurry of late-day selling...And while not as abrupt, there has been more steady selling pressure on GOOG today as the session has advanced...


Chart Courtesy of Thomson/ILX


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Still Watching the HHH

by 6/29/2005 1:54 PM
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For what it is worth...On Monday I discussed the monthly chart of the Internet HOLDRS (HHH) and I just saw that the group continues to struggle as the HHH has broken below Monday's low...

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Index Check

by 6/29/2005 12:54 PM
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For the most part, the action remains rather tame today...

The SPX has been locked in a low to high range that barely exceeds three points as most groups are content to mull around breakeven...the exceptions are networkers, gold stocks and crude...I looked into the strength in the NWX but didn't immediately see a reason for the rally so I will delve back into this...


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Last week I touched on KLA Tencor (KLAC)...which is stock I use as a proxy for how strong the buying demand is for the semi group. In that post we looked at the chart as KLAC was trying to breakout. At the time I said that given the all-around malaise that was in place, I wasn't sure the bulls could muster the energy to make the breakout...


Created with SuperCharts by Omega Research

It appears the bulls were unable to garner a following and the shares failed to breakout. Now the bears get a turn to strut their stuff (or the bulls merely retreat) as the stock flirts with breaking below near-term support. Also note the 20-day moving average which is in the process of rolling over...


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The Amex Gold Bugs (HUI) has continued to rally so I wanted to update the daily chart...


Created with SuperCharts by Omega Research

We looked at this chart last week as the HUI was first pulling back to this support zone. Yesterday the group tested the lower edge of the zone which also happened to be the site of the 20-day moving average. While the index has bounced off support, it has yet to take out short-term resistance near 205...

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