Schaeffer's Trading Floor Blog
Stocks quoted in this article:

A higher than expected producer price index caused a quick downtick in stock futures, but they are now fighting their way back...


Chart Courtesy of Thomson/ILX

According to the Dow Jones Newswires, the overall PPI was expected to increase 0.4 percent while the core number was expected to rise 0.2 percent. However, the overall PPI showed a 0.6 percent rise while the core increased 0.3 percent.

The S&Ps still sit three points below fair value...

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Good Morning

by 5/17/2005 8:24 AM
Stocks quoted in this article:

We follow yesterday's rally with some weakness as S&P futures sit three and a half points below fair value. Gold is up 70 cents to 420.00. Oil is down 11 cents 48.50.


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Final Figures

by 5/16/2005 5:12 PM
Stocks quoted in this article:

To go along with the chart we just saw, we see...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1165.7 11.6 points 1.01 percent
Dow Jones Industrial Average (DJIA) 10252.3 112 points 1.1 percent
Nasdaq Composite (COMP) 1994.4 17.6 points 0.89 percent
Russell 2000 (RUT) 591.7 9.7 points 1.66 percent
CBOE Market Volatility Index (VXO) 14.76 -1.95 points -11.7 percent

...that the major indices all showed solid gains on the day. Overall we see...

...that most groups gained on the day. Housing stocks took the lead but banking, small caps, brokers, and cyclicals all performed well. Gold stocks continue struggle as the HUI tags another new annual low.

As you might expect, being away from the action for most of the day has left me with little to comment on for today. However, I should be back at "full-strength" tomorrow and will jump into the action bright and early...

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Into the Close

by 5/16/2005 4:23 PM
Stocks quoted in this article:

It appears the bulls were able to come into the week with a new found energy...


Chart Courtesy of Thomson/ILX

They were able to keep the market supported right into the close as the SPX closed at its session highs after a steady day-long advance...


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Buying

by 5/16/2005 3:15 PM
Stocks quoted in this article:

I am still trying to play catch-up on today's events, but a quick check of the intraday chart of the SPX shows the bulls have kept a steady bid under the market all day...


Chart Courtesy of Thomson/ILX

And as I was putting this post together, my alert for NYSE net ticks hit as the SPX ticked to a new high on the session. A look at the daily charts of the major indices shows that they are more or less testing Friday's highs...

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