Schaeffer's Trading Floor Blog
Stocks quoted in this article:
Watch the Transports, as trucking giant Yellow Roadway (YELL) just came out a few minutes ago and increased their second quarter earnings to the higher end of expectations. Given this group has really been hammered lately due to higher oil - there's a chance we could see a sharp snapback rally from some of these names. <

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Morning Update

by 6/24/2005 10:37 AM
Stocks quoted in this article:
It's been a busy morning around here so far and this is my first chance to get all caught up and see what's happening. The big news is oil was up flirting with $60 a barrel once again this morning but has recently sold-off some and now a good majority of the energy-related names are trading in the red. But fear not, as gold and metals continue to shine yet again. Other than that bonds are higher thanks to the great May durable goods numbers.

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Guidant Taking a Hit

by 6/24/2005 10:07 AM
Stocks quoted in this article:
Guidant is taking it on the chin this morning after reporting that there is the possibility of failure in some of its cardiac defibrillators. The stock is currently down 10 percent in trading thus far, which is actually up 2.5 percent from where it opened around $60, seemingly finding support at that key level. The most active options strike for the stock happens to be the July 60 put. Any coincidence that the stock rallied off that level?

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A Weak Open

by 6/24/2005 9:53 AM
Stocks quoted in this article:
Good morning! It's Friday! With Nick out again today other traders will leave the bench to pinch hit. The open was a little soft. Although futures were above sea level prior to the open, the market sold off some and is now trading near the lows of the session. Those expecting a bounce after yesterday's plunge are so far disappointed. The best performing sectors after 20 minutes are precious metals, oil service (which is still within a chip shot of an all-time high) and biotechnology. Bringing up the rear are computer disk drives, computer hardware and airlines. <

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Stocks quoted in this article:
Ugly is the best way to describe the action today. Oil poked its head above $60 a barrel right before 2:00 p.m. and it set off a barrage of sell orders. When the smoke had cleared the Dow lost 166 points. Still the big loser on the day was the Transports (TRAN: scorecard, quote, chart) as it lost 111 points or over three percent. Gold and energy were about the only things green on my screen, but even they succumbed to the strong afternoon sell-off. Also one very concerning bit of action from today is volume was very high, suggesting someone big was dumping. Now one big down day on huge volume isn't a reason to get out of all of your long positions, but man, I'll tell you what, this is a very fragile market right here.

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