Schaeffer's Trading Floor Blog

Good Morning

by 6/10/2005 7:49 AM
Stocks quoted in this article:

We start the final trading day of the week with stock futures showing a slight upside bias as the S&Ps are trading a point or so above fair value. Gold is down 1.10 to 425.00. Oil is down two cents to 54.26.

Also, as an FYI, the June stock futures have expired so I am now tracking the September contracts...


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Final Figures

by 6/9/2005 4:32 PM
Stocks quoted in this article:

As we saw in the chart I just posted...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1200.9 6.3 points 0.52 percent
Dow Jones Industrial Average (DJIA) 10503.0 26 points 0.2 percent
Nasdaq Composite (COMP) 2076.9 16.7 points 0.81 percent
Russell 2000 (RUT) 626.2 5.8 points 0.93 percent
CBOE Market Volatility Index (VXO) 11.89 -0.52 points -4.2 percent

The bulls managed to hold gains on the day, though clearly there was some disparity. The RUT and COMP led while the DJIA lagged.

Overall we see a there was an upside bias among most groups with leadership coming from the oil patch. Semis showed a strong finish into the close as the SMH pushed back into that resistance zone we have been watching.

After the close, Intel (INTC) released their mid-quarter update and raised their sales and gross margin forecasts. However, this doesn't seem to be doing much for the stock in after-hours trading. The morning should give us a better indication of both the reaction on Intel and for how the SMH will handle that resistance. And that is where I will pick up in the morning.


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Into the Close

by 6/9/2005 4:16 PM
Stocks quoted in this article:

While it was a hardly a big gain...


Chart Courtesy of Thomson/ILX

..the bulls did manage to break the recent pattern of late-day sell offs...

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Stocks quoted in this article:

In response to my post on IBM, Dave says - "Note to the resident cynic: What do you bet that the next ten points are higher, and IBM rallies back to 85?...How about one of your t-shirts versus one of mine?"

My response - One of the lessons I have learned is not to get emotionally attached to stocks and positions. In my experience, it is best to set objective targets and stops in order to limit emotion.

However, I think that this might make for an interesting challenge so I accept...


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Buying - Again

by 6/9/2005 3:09 PM
Stocks quoted in this article:

My alert for NYSE net ticks has become active again as we enter the final hour of trading...For the most part, the broad market indices are still below their highs from earlier today. The exception is the RUT which is making a new session high and outpacing the SPX, DJIA and COMP...

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