Schaeffer's Trading Floor Blog

Into the FOMC

by 4/12/2005 1:18 PM
Stocks quoted in this article:

We inch toward the release of the FOMC minutes with the major indices still sitting near the lows...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1172.5 -8.7 points -0.74 percent
Dow Jones Industrial Average (DJIA) 10370.5 -78 points -0.7 percent
Nasdaq Composite (COMP) 1976.1 -16.0 points -0.80 percent
Russell 2000 (RUT) 602.1 -5.1 points -0.84 percent
CBOE Market Volatility Index (VXO) 13.02 0.43 points 3.4 percent

I just put the finishing touches on my homepage column and sent it off to be edited so it should be live shortly. The other point on MXIM that is worth noting is the data below that shows a snapshot of analyst ratings from Zacks.

As you can see, ratings have become decidedly more optimistic since November as it appears some on the Street may be expecting the January bottom to hold. While I wouldn't yell "stampede" yet, I would keep a cautious eye on the stock should it start to drift lower...

<

permanent link

Speaking of the Semis

by 4/12/2005 12:14 PM
Stocks quoted in this article:

A semi related stock has caught my eye... I was running a scan for my weekly homepage column and Maxim Integrated Products (MXIM) made the list with the points below...

  • Percent of analysts tracked by Zacks who rate the stock with a "buy": 67%
  • Number of analysts tracked by Zacks: 24
  • Short interest as a percent of float: 3.3%
  • Short interest ratio: 1.724
  • Put/call ratio percent rank: 60.7%

The shares show little skepticism but the weekly charts shows that the stock has been in a downtrend since January 2004. The stock is still holding above support near 38, and I would keep a cautious eye on shares should they break that support.

For those who just can't get enough of my ramblings, the full commentary should be posted on the homepage later this afternoon...

<

permanent link

Index Check

by 4/12/2005 12:06 PM
Stocks quoted in this article:

The indices appear to have stabilized near their lows and here is what the overall picture looks like...

Bonds and housing are holding near breakeven while the rest dance below breakeven...Oil has reversed lower and oil stocks have moved with crude...Semis continue to trade below support...Gold is showing a small loss, but gold stocks have sold offer the entire session as the HUI breaks below its recent range and heads towards February's low near 190.

<

permanent link

Selling...

by 4/12/2005 11:01 AM
Stocks quoted in this article:

We are an hour and a half into the session and the market is still searching for an intraday bottom...


Chart Courtesy of Thomson/ILX

The headlines seem quiet so it looks like run of the mill selling pressure...


permanent link

I Am Back

by 4/12/2005 10:30 AM
Stocks quoted in this article:

As I suspect you have surmised...I am finished with my interview and back to focusing on the market - which has weakened slightly since the open. My immediate focus is on the SMH as it tests the waters below the support we have been following...


Created with SuperCharts by Omega Research

When we last looked at this chart on Friday we noted how the SMH was nearing a short-term resistance zone that was aligned with the 50-day moving average near 33. The semis failed to punch through this resistance and the shares are now back to test the water below short-term support. The SMH dipped below this zone last Monday and we saw brokerage houses defend the group so today's action will be interesting...

<

permanent link
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

Partner Center

© 2014 Schaeffer's Investment Research, Inc. 5151 Pfeiffer Road, Suite 250, Cincinnati, Ohio 45242 Phone: (800) 448-2080 FAX: (513) 589-3810 Int'l Callers: (513) 589-3800 Email: service@sir-inc.com

All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.

Market Data provided by QuoteMedia.com | Data delayed 15-20 minutes unless otherwise indicated.