Schaeffer's Trading Floor Blog

Into the Close

by 3/8/2005 4:17 PM
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The SPX drifted for nearly the entire session but...

Chart Courtesy of Thomson/ILX

...a bit of selling hit near the close and knocked the SPX down a couple of additional points. I saw a number of potential "reasons" cited for the selling but sometimes selling is just selling and you don't get to find out what drove it.

Of course this hasn't stopped some from pointing out that the selling hit at roughly the same time Todd appeared on CNBC (see post below) to promote the bearish case...Some suggest that his logic spooked the bulls....Some suggest it was Todd himself who spooked them...And I am shocked that some would take to such cheap (but very funny) shots...


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As Seen on TV

by 3/8/2005 3:24 PM
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And for those who just can't get enough of him...Todd Salamone will once again be on CNBC for a Bull-Bear Debate. Tune in at 3:40 p.m. ET to catch the action...


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by 3/8/2005 3:18 PM
Stocks quoted in this article:

A couple of points that I see....

  • I know I have mentioned Intel's mid-quarter update but a few other semis are also scheduled - XLNX today and ALTR tomorrow.
  • BSX is testing the air below 30
  • The weakness in the NDX today means that the QQQQ is not overtaking resistance today
  • Gold stocks are showing solid gains across the board

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One to Watch - JBL

by 3/8/2005 3:04 PM
Stocks quoted in this article:

As promised, I just ran one of my internal scans to find some stocks of interest...The name of this particular query is simply "overloved companies" and it is designed to find stocks that have a fond following on the Street and little in the way of short interest.

Of the 3000 or so stocks in my database, just over 100 made the cut. And one that just caught my eye is Jabil Circuit (JBL). As you can see below, the stock is approaching potential double-top resistance yet shows little in the way of skepticism. The stock currently has the wind at its back, but it might be interesting to see if the momentum slows here...

Created with SuperCharts by Omega Research

  • Percent of analysts tracked by Zacks who rate the stock with a "buy": 75%
  • Number of analysts tracked by Zacks: 24
  • Short interest as a percent of float: 3.0%
  • Short interest ratio: 3.4
  • Put/call ratio percent rank: 30.1%


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Stocks quoted in this article:

While my scan is running, I thought I would check in on today's top and bottom performing Exchange Traded Funds (ETFs)...

Top Performing Sector Exchange Traded Funds:

  • iShares COMEX Gold Trust (IAU) = +1.29 percent
  • streetTRACKS Gold Shares (GLD) = +1.24 percent
  • Software HOLDRS (SWH) = +0.39 percent
  • iShares GS Natural Resource (IGE) = +0.35 percent
  • Biotech HOLDRS (BBH) = +0.21 percent
  • Industrial Select Sector SPDR (XLI) = +0.10 percent
  • Wireless HOLDRS (WMH) = +0.09 percent
  • Energy Select Sector SPDR (XLE) = +0.07 percent

Bottom Performing Sector Exchange Traded Funds:

  • MidCap SPDRs (MDY) = -0.62 percent
  • Oil Service HOLDRS (OIH) = -0.69 percent
  • streetTRACKS DJ Small Cap Growth (DSG) = -0.73 percent
  • Telecom HOLDRS (TTH) = -0.83 percent
  • iShares Lehman 20+ Year Treas Bond (TLT) = -0.84 percent
  • iShares DJ US Real Estate (IYR) = -0.86 percent
  • iShares GS Semiconductor (IGW) = -0.98 percent
  • Semiconductor HOLDRS (SMH) = -1.21 percent

As I have said before, some days we see the broad market trade sideways as strong underlying cross currents counteract each other...this is not one of those days.

As you can see, the moves are rather muted with just gold and semi breaking above the one percent threshold. While none of the moves are extraordinarily large, there is a slight bias to the downside as more groups are trading lower than higher.

The only point that really stands out to me is the weakness in semis as we have been discussing the overhead resistance on the SMH. However, with Intel's mid-quarter update due out later this week, I suspect that many will sit and wait for that...

Note: If you are not familiar with ETFs, make sure you read the Education and FAQ sections in our ETF center.

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