Schaeffer's Trading Floor Blog
Stocks quoted in this article:

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

Top Performing Sector Exchange Traded Funds:

  • Internet HOLDRS (HHH) = +3.53 percent
  • iShares GS Semiconductor (IGW) = +1.94 percent
  • Wireless HOLDRS (WMH) = +1.92 percent
  • iShares DJ US Financial Sector (IYF) = +1.88 percent
  • Financial Select Sector SPDR (XLF) = +1.86 percent
  • Regional Bank HOLDRS (RKH) = +1.79 percent
  • Semiconductor HOLDRS (SMH) = +1.77 percent
  • iShares DJ US Financial Svcs (IYG) = +1.73 percent

Bottom Performing Sector Exchange Traded Funds:

  • Pharmaceutical HOLDRS (PPH) = +0.38 percent
  • iShares DJ US Telecom (IYZ) = +0.31 percent
  • iShares DJ US Real Estate (IYR) = +0.30 percent
  • streetTRACKS Gold Shares (GLD) = +0.28 percent
  • Utilities Select Sector SPDR (XLU) = +0.07 percent
  • Utilities HOLDRS (UTH) = +0.07 percent
  • iShares DJ US Utilities (IDU) = +0.03 percent
  • iShares Lehman 20+ Year Treas Bond (TLT) = -0.71 percent

As you can see, there is a strong upward bias as the TLT is the only ETF on my list that is not trading in positive territory. As the top of the list we a mix of technology and financials while groups such as utilities, real estate, and drugs lag the action.

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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New Highs

by 5/4/2005 2:11 PM
Stocks quoted in this article:

As you can see...


Chart Courtesy of Thomson/ILX

...the bulls are making an afternoon push. My alert for NYSE net ticks has been active as the SPX surges to a new high for the session. I am now going to grab my ETF list to see where the money is flowing...

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Checking Back on AFFX

by 5/4/2005 1:36 PM
Stocks quoted in this article:

I just ran a scan to look for stocks with a healthy amount of skepticism and near the very top of the list was (AFFX) Affymetrix. Which is a stock we discussed last at the end of March...


Created with SuperCharts by Omega Research

I switched to the weekly timeframe to highlight how the shares have been steadily creeping higher as they shrug off the market commotion. The shares were finally able to successfully overtake the resistance zone as the 10-week moving average has acted as steady support. Yet despite this uptrend, the data below shows little evidence that optimism is skulking in...

  • Percent of analysts tracked by Zacks who rate the stock with a "buy": 29%
  • Number of analysts tracked by Zacks: 7
  • Short interest as a percent of float: 15.8%
  • Short interest ratio: 8.79
  • Put/call ratio percent rank: 75.7%

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Checking Back on QLGC

by 5/4/2005 12:51 PM
Stocks quoted in this article:

Last week I checked in on QLogic (QLGC) and noted the company was scheduled to report earnings this week. A check of their website shows they are going to be releasing their results tonight so I wanted to see where the stock stands...


Created with SuperCharts by Omega Research

I would not call this the most encouraging chart I have ever seen. As we have already discussed, the shares recently made a new low versus their mid-April bottom. The stock has yet to retake that level and is trading in the middle of a congestion zone while the short-term trend is lower. A look at the sentiment below also offers concerns.

  • Percent of analysts tracked by Zacks who rate the stock with a "buy": 72%
  • Number of analysts tracked by Zacks: 18
  • Short interest as a percent of float: 4.5%
  • Short interest ratio: 1.474
  • Put/call ratio percent rank: 100.0%

Wall Street remains overwhelmingly positive. As we discussed in late-March, analysts became decidedly more bullish in the first couple of months of this year...just as the former uptrend began to stall out. Short interest also doesn't help the cause as it remains relatively enough.

The only factor that suggests skepticism is the put/call ratio which has been on the rise recently. This does temper the complacency a bit as it suggests that perhaps some are concerned about a negative reaction to earnings.

Echoing this semi-complacent backdrop, a check of QLGC's equity scorecard shows an overall reading of four. My take is that the company doesn't have much margin for error here as any hint of weakness in their comments make shake some the Street from the bullish camp...


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Stocks quoted in this article:

Mike says - "The Dow seems to be the index of choice (GM news). I wanted to get your thoughts on if we are at a major resistance area and what the current sentiment picture might be? "

My response - At last check, the Dow Jones Industrial Average (DJIA) was up roughly 80 points and the General Motors's (GM) gap higher accounted for 30 of those points. Here is an updated chart of the Amex Diamonds (DIA) which tracks the DJIA closely enough that they can be used interchangeably...


Created with SuperCharts by Omega Research

This chart is somewhat similar to what we saw when we looked at the SPX. Today's rally has pushed the Dow into the zone that had acted as support earlier this year. The 50-day moving average (green line) has turned lower but still sits above the current price. In other words, we have pushed into resistance but haven't broken out yet.

The longer-term sentiment picture is still complacent as there has not been a major capitulation by the bulls. However, as we saw with this morning's Investors Intelligence data, there does seem to be some small indications that cautiousness is rising. I wouldn't call that enough to signal an all-clear but it might suggest that there is some sideline money available. That is why I think it is important to watch what happens here. As I noted below, the bulls have an opportunity to make a run here so a failure would be a sign that this sideline money is not ready to jump back in...

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