Schaeffer's Trading Floor Blog

Good Morning

by 6/15/2005 8:07 AM
Stocks quoted in this article:

I know you are going to find this hard to believe...but brace yourselves...

We come into the day with stock futures quiet in pre-open action and pointing toward a flat open as the S&Ps sit near fair value. Of course I am being facetious. The action of the last couple of days has been rather dull so the lackluster action ahead of this morning's CPI, assorted other reports, and this afternoon's Beige Book is no great surprise. Hopefully these events will draw some traders in and give us some volatility...

Outside of stocks, gold is flat and oil is up 44 cents to 55.44 ahead of today's OPEC meeting...

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Readers Respond - Uhg...

by 6/14/2005 4:28 PM
Stocks quoted in this article:

In regard to the recent market action Chris says - "I keep thinking something is wrong with my computer. I find myself constantly banging on the monitor because the quote ticker doesn't seem to move. I hope this is not the kind of market we can expect throughout the summer. "

My response - At least you are hitting the monitor. I keep smacking the side of my head because I think my eyes have stopped working. (Mental note - hitting the computer makes much more...ouch - did it again.)

On a serious note, the summer does have the potential to slow as many take time off and the action suffers. However, today's inactivity may be related to tomorrow's CPI and Beige Book and Friday's looming options expiration (thanks for reminding me Sharlee)...

No matter what there will still be pockets of movement, they will just be harder to find. And as I have said, this is one of the reasons I planned the Advanced Home Study Program project for the summer...hopefully we can take advantage of any slowness as opposed to feeling like we are watching paint dry...

And for those who have ordered your study courses - I talked to someone in our shipping department today and found that the study courses are currently being processed and shipped as I type. (In retrospect, I probably should have warned them that there would be a flood of orders.) My target date for going over the course is still early/mid July so let me know when you start receiving them.

And if you have not done so yet, you can still order the Advanced Home Study Program here but time is running out...

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Final Figures

by 6/14/2005 4:25 PM
Stocks quoted in this article:

While the SPX and DJIA were flat...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1203.9 3.1 points 0.26 percent
Dow Jones Industrial Average (DJIA) 10547.6 25 points 0.2 percent
Nasdaq Composite (COMP) 2069.0 0.0 points 0.00 percent
Russell 2000 (RUT) 634.4 5.4 points 0.85 percent
CBOE Market Volatility Index (VXO) 11.12 -0.38 points -3.3 percent

The RUT actually showed a decent return on the day, relatively speaking...

Overall we see that a few groups actually did buck the broad market malaise...Housing stocks and the XOI led the upside action while gold stocks and semis lagged. The action in the XOI is interesting given the drop in oil and the relative inaction in the OSX and XNG.


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Into the Close

by 6/14/2005 4:15 PM
Stocks quoted in this article:

The action into the close matched what we saw for most of the day...


Chart Courtesy of Thomson/ILX

It was dull and meandering...

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Worth a Read

by 6/14/2005 3:22 PM
Stocks quoted in this article:

Yesterday I discussed the second occurrence of eBay (EBAY) making the cover of a magazine...

Now I just saw this somewhat optimistic article on CNN/Money's website - "eBay's on sale. Time to make a bid?"

I guess it goes without saying that this doesn't make my contrarian side feel warm and fuzzy...


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