Schaeffer's Trading Floor Blog

A Full View

by 7/13/2005 1:44 PM
Stocks quoted in this article:

It looks like my luck might be changing...My data feed issues have been resolved and I am once again able to "see" the rest of the market...

...but it looks like that I haven't been missing much as not a single index from this list is moving more than one percent today...


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Stocks quoted in this article:

In response to my request for what I might be missing, Kevin says - "I would point out that the DOW Transports are having issues at current levels and a little while ago they had a little bit of an intraday plunge. I don't think that plunge is completely over either."

My response - Thanks for sharing!

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Index Check

by 7/13/2005 1:08 PM
Stocks quoted in this article:

It looks like my data feed issues aren't going to be resolved in the immediate future so I am once again left with my "partial" index graph...

On the bright side I still have access to the broad market indices so I can see the overall action remains quiet. And the indices I do have access to shows little is going on...I have been going through my screens of individual stocks to see if I am "missing" anything but so I have seen mostly lethargic action.

If anyone out there sees something I am missing feel free to shout out to me...

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Stocks quoted in this article:

Last night I promised I would update the monthly SPX chart that we have been following...


Created with SuperCharts by Omega Research

Once again we see the long-term support/resistant zone that we have been discussing and the 20-month moving average.

In April and May the SPX flirted with the support zone and touched the 20-month trendline. The index did bounce from these levels and is now back to challenge the area that was resistance in late-2004 and earlier this year.

While I have noted (time and again) the overall complacency in the market and am far from calling myself a bull, a break above these highs would seem to give this chart the appearance of an uptrend. Especially when put in the context of the bounce off the 20-month moving average which is also moving higher.

For now though, the SPX has not pushed through resistance and the near-term environment is clearly one still best described as range-bound so don't perceive this as calling for a breakout. I am merely trying to objectively view the chart and ponder scenarios.


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Stocks quoted in this article:

For what it is worth...Affymetrix (AFFX) is up two percent this morning as it tries to bounce off that support we discussed yesterday. I would consider it a very constructive sign if the stock can shrug off that downgrade and hold today's strength...


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