Schaeffer's Trading Floor Blog

Keep an Eye on Apple

by 5/11/2005 10:28 AM
Stocks quoted in this article:

Apple's stock is getting hit on news that Yahoo is getting into the online music arena...


Created with SuperCharts by Omega Research

AAPL has now pulled back to critical support. A break here would be a concerning sign given how the 50-day moving average has begun to rollover...

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At the Open

by 5/11/2005 10:04 AM
Stocks quoted in this article:

Stocks have had a chance to settle into a groove and here is what I see...

The broad market indices did open with a slight upward bias, but as you can see, this was quickly erased. Internet stocks and oil are in the lead on the downside while networkers and brokers are trying bounce. However, for the most part, the action is quiet following yesterday's broad-based sell-off...


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Investors Intelligence

by 5/11/2005 9:22 AM
Stocks quoted in this article:

The weekly figures from Investors Intelligence are out...

The percent bullish rose to 46.2 (from 43.5) while the percent bearish dropped to 28.0 (from 30.4)...

You can find the Investors Intelligence chart and recent data here...

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Into the Open

by 5/11/2005 9:14 AM
Stocks quoted in this article:

We head toward the open with S&P futures now trading about a point above fair value, so we might see a slight upside bias at the opening bell. The uptick in stock futures came on news that the March U.S. trade deficit was lower than expected. Aside from the AIG story, the other big news of the day is obviously Cisco's earnings which we touched on last night. In the comments afterward, management expressed some slight optimism and the shares are up just over one percent.


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Will It End?

by 5/11/2005 8:24 AM
Stocks quoted in this article:

Once again, American International Group (AIG) finds itself in the limelight. In a post last week I tried to summarize all of the recent issues surrounding the shares and noted that despite it all, analysts were still infatuated with the company. Today's focus is on a potentially suspicious order that Hank Greenberg gave to one of his traders in regard to buying back AIG stock. Details of the story can be found in this CNN/Money article - "Greenberg said to order late AIG trade".

A check of data from Zacks shows no change in opinion from the jubilant Wall Street community as they continue to shower the stock with "buy" recommendations in a display of love the borders on that obscene.

With all of the issues that seem to keep popping up, I can't help but think of the old cliché - where there is smoke, there is fire. While is it possible that this all blows over and everyone lives happily-ever-after, I think it is of the utmost importance to consider the downside risk to make sure you don't get caught in the stampede should "fire" be discovered and cause the bulls to finally run...

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