Schaeffer's Trading Floor Blog

Good Morning

by 7/15/2005 8:04 AM
Stocks quoted in this article:

We come into this options expiration Friday with stocks futures pointing to a flattish open. With an hour and a half until the opening bell, S&P futures are 70 cents above fair value. Gold is down a dime to 420.10. Oil is up 36 cents to 58.16.

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IBM Ahead of Earnings

by 7/14/2005 4:58 PM
Stocks quoted in this article:

One last comment before I sign off for the night...earnings reports start to pick up next week so that will be something to watch.

And one that I will be watching is IBM. Keeping in mind that I am dangerously close to owing Dave a t-shirt...as it trades around 82...you might want to keep an eye on IBM as Monday's earning report nears.

As you may recall, we saw some bullish rumblings ahead of last quarters report and this article on CNN/Money seems to indicate analysts are still firmly behind the stock. The data below also seems to show that expectations are running high

  • Percent of analysts tracked by Zacks who rate the stock with a "buy": 67%
  • Number of analysts tracked by Zacks: 18
  • Short interest as a percent of float: 0.6%
  • Short interest ratio: 1.644
  • Put/call ratio percent rank: 6.7%

This optimism doesn't mean the company has to miss but I think it underscores the importance should this quarter resemble anything close to last quarter...

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Index Check

by 7/14/2005 4:54 PM
Stocks quoted in this article:

Here's the overall picture for today...

As Dave pointed out earlier today, the NDX was showing outperformance relative to the SPX. The NDX was helped gains from semis and biotech while the SPX was perhaps held back by the drop in energy.

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Final Figures

by 7/14/2005 4:32 PM
Stocks quoted in this article:

While the headlines will likely focus on the new high for the SPX...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1226.5 3.2 points 0.26 percent
Dow Jones Industrial Average (DJIA) 10628.9 72 points 0.7 percent
Nasdaq Composite (COMP) 2152.8 8.7 points 0.41 percent
Russell 2000 (RUT) 663.0 -4.6 points -0.69 percent
CBOE Market Volatility Index (VXO) 10.75 -0.05 points -0.5 percent

...the closing values are less impressive than what we saw earlier today. The DJIA held up the best as it retained most of its morning pop but the other three closed well off their highs and RUT slipped below breakeven.


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At the Close

by 7/14/2005 4:12 PM
Stocks quoted in this article:

Given the strong start to the day...


Chart Courtesy of Thomson/ILX

Today's finish was, at best, lackluster...


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