Schaeffer's Trading Floor Blog

More Selling

by 5/12/2005 2:39 PM
Stocks quoted in this article:

My alert for NYSE net ticks below -1000 has hit again as another round of selling sends the major indices to fresh lows on the session....I still don't see much in the way of news headlines...

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Sell-Sell-Sell

by 5/12/2005 1:47 PM
Stocks quoted in this article:

And the "chop" continues. My alert for NYSE net ticks below -1000 was just hit as the SPX pushes to a new low for the session...


Chart Courtesy of Thomson/ILX

I don't see much in the way of headlines so either something is bubbling to the surface of we are just seeing more of the same in terms of choppy action...


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Chart Chatter - SMH

by 5/12/2005 1:08 PM
Stocks quoted in this article:

Continuing on the semis...while I am still looking for news, I thought the daily chart was worth pointing out...


Created with SuperCharts by Omega Research

For some time we have been watching as the SMH bounced between 29 and 35. The group recently bounced off the lower end of the range but has stalled near the mid-point. Today's rally has the group pushing above its 50-day moving average as it tries to overtake Monday's peak. There is minor congestion just above the current price but after that, it appears the SMH could run back to 35 were major resistance sits.

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Semis

by 5/12/2005 12:53 PM
Stocks quoted in this article:

As I said I would, I have been digging into the semiconductors to see what is driving the action. I pulled the members of the Semiconductor HOLDRS (SMH) and their percent return so far today. The results are below. As you can see, most of the companies are showing gains on the day. A quick scan of the news for the top movers doesn't reveal anything too exciting so I will check out a couple of other sources...

  • Teradyne Inc (TER) = +3.7%
  • Advanced Micro Devices Inc (AMD) = +3.0%
  • Lsi Logic Cp (LSI) = +2.4%
  • Atmel Cp (ATML) = +2.0%
  • Broadcom Cp (BRCM) = +1.9%
  • Vitesse Semiconductor Cp (VTSS) = +1.9%
  • Micron Technology Inc (MU) = +1.8%
  • Texas Instruments Inc (TXN) = +1.7%
  • Novellus Systems Inc (NVLS) = +1.5%
  • Altera Cp (ALTR) = +1.5%
  • Analog Devices Inc (ADI) = +1.3%
  • Xilinx Inc (XLNX) = +1.0%
  • Applied Materials Inc (AMAT) = +0.8%
  • Intel Cp (INTC) = +0.7%
  • Kla Tencor Cp (KLAC) = +0.6%
  • Linear Tech Cp (LLTC) = +0.4%
  • Maxim Integrated Products Inc (MXIM) = -0.2%
  • Sandisk Cp (SNDK) = -1.5%
  • National Semiconductor Co (NSM) = -1.5%
  • Amkor Technology Inc (AMKR) = -2.7%

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Index Check

by 5/12/2005 12:32 PM
Stocks quoted in this article:

We drift through lunch with the broad market indices chopping around breakeven. However, oil and gold are active...

The headlines are buzzing about crude's break below 49...and while that is doing little to pump up the broad market indices, it appears to be taking a toll on oil related stocks.

A check of the intraday charts of the OSX, XOI, and XNG show they have been sliding for the entire session and just tagged new session lows. Meanwhile, gold (the commodity) just broke below April's low and the HUI has taken out its recent low. This puts the HUI at its lowest point since last summer.

Semis are the strongest group on the session so I will dig into them...

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