Schaeffer's Trading Floor Blog

Good Morning

by 5/31/2005 7:53 AM
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We start this holiday shortened week with S&P futures trading roughly two points below fair value. Gold is down 4.30 to 415.50. Oil is down 54 cents 51.31.

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It's The Weekend!

by 5/27/2005 5:05 PM
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And that's a wrap on the week. Today pretty much went as expected, small gains on extremely light volume. In fact, volume looks like it came in at the lightest levels this year. The big winners today were gold, steel, and energy. Everyone have a great Memorial Day weekend and don't worry, Nick will be back on Tuesday morning.

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Lexmark (LXK: scorecard, quote, chart) is one of a few stocks having a strong day. The maker of printers is up 3.5 percent on a day in which there has been very little movement or trading activity. Surprisingly this rally is coming at a time when the sentiment is extremely bullish on a stock that has been in a downtrend for some time now. The Schaeffer's put/call open interest ratio is at 0.53 and this is the lowest reading in the past year. The short interest ratio is at 1.52 after the number of shares sold short dropped by 22 percent last month. I am not sure what is spurring the buying.<

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Approaching 1200

by 5/27/2005 2:47 PM
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Even as many people have already shut off their computers to get a head start on the holiday weekend, the S&P 500 index is quietly approaching the 1200 level. While this milestone does not seem to be a key technical level for the index, it could possibly act as a psychological resistance area. With the SPX now trading at 10-week highs, a pullback is a possibility, but it's not always wise to get in the way of momentum either. Currently we have the SPX at 1198.81, up 1.19.<

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Banks on the Brink

by 5/27/2005 12:27 PM
Stocks quoted in this article:
The PHLX KBW Banking Index (BKX -- 99.03) may be coming to a technical breaking point. During the past several sessions, the index has found itself squeezed between its 80-day and its 160-day moving averages. The BKX wasn't able to muster a rally above the longer-term trendline, but it bounded higher from support Wednesday after a retest of its 80-day trendline, a former resistance zone. Making the matter a shade more complicated is the psychologically signifacnt 100 level, just below which the 160-day currently resides.


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