Schaeffer's Trading Floor Blog

WebMD Looking Healthy

by 4/15/2005 12:54 PM
Stocks quoted in this article:
In Nick's absence I thought I'd write about a stock that I've followed for some time now, WebMD. (HLTH: scorecard, quote, chart) HLTH is one of just a handful of stocks that have actually traded higher in each of the last two sessions. In early March the company reported fourth-quarter earnings that beat Wall Street's estimate by a penny. It also boosted its first-quarter earnings projection. The 20-percent gain that day certainly caught my eye. After a gentle consolidation back to support near 8.20 (also the approximate site of its 10-week moving average), HLTH has started higher. The stock is up just over six percent this month while the S&P 500 Index is down 2.5 percent.

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The market continues to sell off this morning and the S&P 500 Index (SPX) is attempting to firm up at the 1160 level. This area was the high last March, and lows of January were just slightly above this area. Today, the SPX dropped below this region, slipping down to the 1155 area, but has quickly rallied back. With a heavy earning schedule next week, keep an eye on this support level.

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Below is a pair of interesting long-term charts. Intel and Pfizer, both of which have seen their share of hardships of late, enjoyed technical support from their 160-unit monthly moving averages, forming bottoms at this trendline in September and February, respectively. While this doesn't necessarily warrant a long portfolio, it is a phenomenon that the shorts should be cognizant of


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Consumers have evidently shown their growing displeasure when it comes to the economy and their outlook for the future. The University of Michigan released its preliminary April Consumer Sentiment Index this morning, revealing that consumers are growing concerned about inflation and the potentially weakening job market. The index plummeted to 87.7, hitting its lowest reading in 18 months. This latest reading is down from March's final report of 92.6. Economists had expected a more modest decline to 91.3. The current conditions index dropped to 103.9 form 108 and the expectations index tumbled to 79 from 82.8. At the moment, the Dow is down more than 42 points and the tech-laden Nasdaq Composite is down 0.55 percent.

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Market Bounces Back

by 4/15/2005 10:03 AM
Stocks quoted in this article:
After a slow start, the equities markets are now trying to mount a comeback. The Dow fell a quick 70 points, but is now down only 16. This could be a fakeout rally that leads to further declines, but only time will tell for sure. Momentum is obviously to the downside given the broad sell off over the past two trading sessions, which cut more than two percent off the value of the S&P 500. <

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