Schaeffer's Trading Floor Blog

Final Figures

by 5/9/2005 5:28 PM
Stocks quoted in this article:

As we saw in the post below, the bulls made a late-day push that sent the major market indices to their highs of the day...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1178.8 7.5 points 0.64 percent
Dow Jones Industrial Average (DJIA) 10384.3 39 points 0.4 percent
Nasdaq Composite (COMP) 1979.7 12.3 points 0.63 percent
Russell 2000 (RUT) 602.9 6.4 points 1.07 percent
CBOE Market Volatility Index (VXO) 12.61 -0.69 points -5.2 percent

The RUT continues to bounce back as it fights to recoup some of the recent weakness it has displayed versus the other indices.

Overall we see sporadic gains mixed with some flat action, though none of the indices on this list finished below the breakeven mark. However, it felt like much of the gains were company specific which may help explain why we see some large sector moves but muted action at the broad market level.

For example, the M&A news sent Ameritrade (AMTD) and E*Trade (ET) higher to power much of the gain in the broker/dealer index. Meanwhile, the "strength" in networking was centered mainly on Lucent Technologies and Nortel Networks, both of which trade for less than three dollars.

In other words, today's action wasn't driven by the usual mainstays but by some of the second tier type stocks.

Lastly, the action in oil related groups is interesting. The XOI, OSX and XNG had tried to rally Friday morning but reversed to close near their session lows. Today's action saw these groups not only make a higher high versus Friday but, more importantly, hold the gains and close near their session highs.

Tomorrow we get earnings from Cisco and that is where I will pick up in the morning...

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At the Close

by 5/9/2005 4:21 PM
Stocks quoted in this article:

Earlier today I mentioned the zone near 1178 as one to keep in mind...


Chart Courtesy of Thomson/ILX

This area marked the peak earlier this afternoon but the buying I noted into the close was enough to push the SPX to a new high for the session and to a new high versus last week.

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Into the Close

by 5/9/2005 3:53 PM
Stocks quoted in this article:

The bulls are making a push in the final minutes of the session...my alert for NYSE net ticks has once again become active and the SPX is testing its intraday high...

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Drilling Down on the IGN

by 5/9/2005 3:39 PM
Stocks quoted in this article:

The strength noted below on the IGN caught my eye because most of my usual suspects from that group don't appear to be showing big gains...So I went to the iShares site and pulled the top ten weighted stocks in the IGN. They are listed below along with their percent change on the session...

  1. QUALCOMM Inc +1.2%
  2. Corning Inc +3.1%
  3. Motorola Inc +0.3%
  4. Lucent Technologies Inc +13.6%
  5. Nortel Networks Corp +8.4%
  6. Cisco Systems Inc +0.9%
  7. Broadcom Corp Class A -0.1%
  8. Juniper Networks Inc +0.7%
  9. Marvell Technology Group Ltd +1.0%
  10. Research In Motion Ltd +3.0%

As you can see, the action in Nortel and Lucent (which both trade in the two dollar range) is pulling the group higher...

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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:

  • iShares GS Networking (IGN) = +2.44 percent
  • iShares C&S Realty Majors (ICF) = +1.52 percent
  • Oil Service HOLDRS (OIH) = +1.35 percent
  • iShares DJ US Real Estate (IYR) = +1.17 percent
  • streetTRACKS Wilshire REIT Fund (RWR) = +1.17 percent
  • iShares Nasdaq Biotechnology (IBB) = +1.07 percent
  • iShares DJ US Energy (IYE) = +0.98 percent
  • Energy Select Sector SPDR (XLE) = +0.95 percent

Bottom Performing Sector Exchange Traded Funds:

  • iShares GS Software Index (IGV) = -0.03 percent
  • iShares DJ US Basic Materials (IYM) = -0.06 percent
  • Telecom HOLDRS (TTH) = -0.08 percent
  • Software HOLDRS (SWH) = -0.15 percent
  • Pharmaceutical HOLDRS (PPH) = -0.16 percent
  • iShares GS Semiconductor (IGW) = -0.24 percent
  • Materials Select Sector SPDR (XLB) = -0.42 percent
  • iShares GS Technology Indx (IGM) = -0.46 percent

Even though the broad market indices are showing muted gains, we see an upward bias at the sector level. Oil and energy groups are so far holding their gains while networking is the strongest group. You can also see that a number of technology related groups are not participating on the upside.

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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