Schaeffer's Trading Floor Blog

As We Head Into the Close

by 4/13/2005 3:40 PM
Stocks quoted in this article:

Talk about whipsaw action...remember those index charts that I updated this morning? Well, they have completed reverted to what they looked like yesterday afternoon before the rally. On the bright side, I can now just stop updating the charts and just refer you to a link...

Around lunchtime today I said "I must admit that I find it somewhat curious that the bulls were not able to capitalize on yesterday afternoon's momentum"... I must admit now that I didn't realize how big a hint that action was....

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Must Read

by 4/13/2005 3:26 PM
Stocks quoted in this article:

If you missed it this morning...make sure you check out Bernie's latest column - Watch Out Below.

This is a must read piece...


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Stocks quoted in this article:

Here are today's top and bottom performing Exchange Traded Funds (ETFs)...

Top Performing Sector Exchange Traded Funds:

  • Pharmaceutical HOLDRS (PPH) = +1.55 percent
  • iShares C&S Realty Majors (ICF) = +0.40 percent
  • Health Care Select Sect SPDR (XLV) = +0.29 percent
  • streetTRACKS Fortune 500 Index (FFF) = +0.25 percent
  • Biotech HOLDRS (BBH) = +0.18 percent
  • streetTRACKS Wilshire REIT Fund (RWR) = +0.18 percent
  • iShares DJ US Healthcare (IYH) = +0.12 percent
  • streetTRACKS Gold Shares (GLD) = +0.07 percent

Bottom Performing Sector Exchange Traded Funds:

  • iShares GS Natural Resource (IGE) = -2.15 percent
  • Energy Select Sector SPDR (XLE) = -2.17 percent
  • Oil Service HOLDRS (OIH) = -2.27 percent
  • iShares GS Semiconductor (IGW) = -2.39 percent
  • Semiconductor HOLDRS (SMH) = -2.52 percent
  • iShares DJ Transportation Average (IYT) = -2.63 percent
  • Materials Select Sector SPDR (XLB) = -2.81 percent
  • iShares DJ US Basic Materials (IYM) = -2.97 percent

As you can see, there is a strong downward bias as the pharmaceuticals group is the only showing moderate gains. On the downside we a wide range of groups losing more than two percent on the day. Basic materials is the worst performing group but transports and semis are following closely behind.

Earlier today I showed a chart of the SMH and I just noticed the group is now testing yesterday's low.

Note: If you are not familiar with ETFs, make sure you read the Education and FAQ sections in our ETF center.


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More Selling

by 4/13/2005 2:59 PM
Stocks quoted in this article:

We enter the final hour of trading with a fresh set of low prints for the session...


Chart Courtesy of Thomson/ILX

The major indices aren't quite at their lows from yesterday but they are moving in that direction....

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Oil Part III

by 4/13/2005 2:40 PM
Stocks quoted in this article:

I started to dig into the list below and it didn't take me long to find an interesting stock... as the first one on the list below, Amerada Hess (AHC), with its scorecard reading of 9 caught my eye. The monthly and weekly charts below highlight the action...

Created with SuperCharts by Omega Research

As you can see in the monthly chart, the shares recently overtook their 2001 peak which had been holding as resistance in late 2004. The weekly chart highlights the steady trend higher and shows how the stock recently retested that former resistance zone as support. I already noted the encouraging scorecard reading but I dug into the stock's data and thought this fact was worth pointing out as the shares sit near multi-year highs...

According to Zacks, just 2 of 11 analysts (18 percent) rank the stock with a "buy" rating...


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