Schaeffer's Trading Floor Blog

In Review...

by 6/2/2005 8:09 AM
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In scanning the news from yesterday, it looks like I missed an eventful session...

Bonds and stocks were strong as oil rallied. On Tuesday I noted that the TLT had hit a new annual high and this bond proxy advanced again yesterday as it marches toward its all-time high near 97.66.

Meanwhile, the SPX bounced off support and continued the uptrend I discussed Tuesday as this broad market index hit its highest level since mid-March.


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Good Morning

by 6/2/2005 7:36 AM
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We come into the trading day with S&P futures trading a point and a half below fair value. Gold is up 1.40 to 419.10. Oil is down 40 cents to 54.20.

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That's a wrap for Wednesday. The big news on the day was the strength in bonds. Turning to equities they had a wild one. Everything was great in the morning and early afternoon, then right at about 2:30 p.m. there was some heavy selling. Yet by the close stocks fought back and regained much of the sell-off. Energy and metals had another great day. More specifically, silver stocks rocked for the second day in a row. With the employment numbers set to be released Friday, expect tomorrow to potentially be a quiet, low volume day. But don't worry because Nick will be back tomorrow to tell you all about it.

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The AMEX Diamonds Trust (DIA: scorecard, quote, chart) has moved above minor resistance at the 105.50 level. This area thwarted rallies in late March and again in April. The 100-point rally in the Dow has moved the Diamonds up as high as 105.83 today. The next level of resistance is at the 108.50 level.<

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Cramer on GOOG

by 6/1/2005 1:38 PM
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Cramer was on CNBC talking up GOOG. According to Cramer, the stock can go to $350. The stock deserves a higher price due to its growth. GOOG is the "fastest growing stock ... earnings in America".

The excitement over GOOG is becoming more and more evident with the stock climbing higher and higher. <

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