Schaeffer's Trading Floor Blog

Headlines

by 4/12/2005 8:10 AM
Stocks quoted in this article:

A check of the headlines shows most of the attention is focused on the trade deficit, due at 8:30 AM, and the FOMC minutes, which will be released at 2:00 PM today...Genentech (DNA) reported better-than-expected earnings last night. However, some of their comments raised concerns and the shares traded down slightly in after-hours trading.

I am not sure the trade deficit data will have much impact (I'll let you know in 25 minutes) but I think the FOMC minutes might have the potential to shake things up so that is something to keep in mind as the afternoon nears...


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Good Morning

by 4/12/2005 7:48 AM
Stocks quoted in this article:

We start the day with a slight weakness in futures. With a little more than an hour and a half until the open, S&P futures are trading just over a point below fair value. Gold is up 80 cents to 431.20 and oil is up 29 cents to 54.00...


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Final Figures

by 4/11/2005 5:26 PM
Stocks quoted in this article:

I am still here....I was sidetracked on a database problem and was not able to make it back to screen until now. Judging by the figures below, however, I didn't miss much...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1181.2 0.0 points 0.00 percent
Dow Jones Industrial Average (DJIA) 10448.6 -13 points -0.1 percent
Nasdaq Composite (COMP) 1992.1 -7.3 points -0.37 percent
Russell 2000 (RUT) 607.2 -3.6 points -0.59 percent
CBOE Market Volatility Index (VXO) 12.59 0.49 points 4.0 percent

The indices continued their meandering ways as the SPX and DJIA closed flat. The COMP showed a small loss and the RUT continued its trend of relative weakness.

Overall, we see a mixed picture. Oil bounced from earlier losses to finish higher. Oil stocks, which were flat when oil was down, advanced on crude's turn around and led the session. Semis were the weakest group. Earlier today I noted that the SMH appeared to have trouble near resistance and today's decline brings that semi proxy back to support.

All-in-all, not too much went on today from a big picture perspective. However, earnings season will be ramping up shortly, so this may be the lull before the storm...

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Buy?

by 4/11/2005 3:01 PM
Stocks quoted in this article:

My alert for NYSE net ticks hit as I putting together the post below...but this did little to inspire the bulls as the SPX failed to challenge its intraday highs. With an hour to go in the session, the SPX has traded in a low to high range of just five points. That is not the smallest range we have seen...but it is small enough to bore you to tears....


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Stocks quoted in this article:

Sharlee says - " The Transports have been leading the Industrials lower for the recent past. A decisive break of 3575 by the DJTA will not be real bullish for the blue chips."

My response - On Friday we touched on the weakness in the transports as trucking stocks were a drag on the index. I like to look at the iShares DJ Transportation Average (IYT) and note the weekly chart...


Created with SuperCharts by Omega Research

Here you can see the recent downtrend, as well as the longer-term trend. I see support just below 63 (the "equivalent" level on the Dow Jones Transportation Average would be near 3450) as the major level to watch on the intermediate-term...


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