Schaeffer's Trading Floor Blog

CPI

by 5/18/2005 8:39 AM
Stocks quoted in this article:

The CPI data is out...The overall number came in at .5 percent (slightly higher than expected) but the core number was flat - which was below expectations. S&P futures popped on the release and now sit four points above fair value...

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Events of the Day

by 5/18/2005 8:01 AM
Stocks quoted in this article:

There are two events today that might catch the eye of traders...

The first is the April consumer price index, which is due out at 8:30 AM. According to the Wall Street Journal, economists expect the overall CPI to rise 0.4 percent and are looking for the core CPI with increase 0.2 percent.

The second event involves Intel (INTC) which begins its annual stockholders meeting at 11:30 AM...

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Good Morning

by 5/18/2005 7:54 AM
Stocks quoted in this article:

We start the day with futures showing a slight touch of weakness. With an hour and a half until the opening bell, S&P futures are trading just over a point below fair value. Gold is up one point to 420.80. Oil is up 20 cents 49.17.

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Must Read

by 5/17/2005 5:09 PM
Stocks quoted in this article:

One more thing before I sign-off for the night...If you haven't done so already, make sure you read Bernie's latest commentary - Schaeffer on Charts: Big Market Move Coming Soon?...

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Final Figures

by 5/17/2005 5:00 PM
Stocks quoted in this article:

While the gains weren't as big as what we saw yesterday...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1173.8 8.1 points 0.70 percent
Dow Jones Industrial Average (DJIA) 10331.9 80 points 0.8 percent
Nasdaq Composite (COMP) 2004.2 9.8 points 0.49 percent
Russell 2000 (RUT) 595.3 3.6 points 0.60 percent
CBOE Market Volatility Index (VXO) 13.83 -0.93 points -6.3 percent

We still see moderate rallies on the day. And looking at the overall picture shows a much changed image than what we saw this afternoon...

Here we see a strong upward bias as only biotech and gold finished with losses on the session. Perhaps the most interesting aspect is that oil related groups, which had been holding gains earlier today while most groups dropped, didn't give up their strength and rallied with the other groups.

After the close, both Applied Materials (AMAT) and Hewlett-Packard (HPQ) reported earnings that beat expectations by a penny, but as usual, we will need to wait until the morning to see if any big reactions will emerge.

It is also worth noting that while the last two days have been higher, a quick glance at the charts shows that, for the most, the major indices still have not cleared resistance. And that is where I will pick it up tomorrow...

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