Schaeffer's Trading Floor Blog

Investors Intelligence

by 3/2/2005 9:34 AM
Stocks quoted in this article:

The weekly figures from Investors Intelligence are out, but continue a trend of showing little change. The percent bullish ticked up to 54.7 (from 54.1) while the percent bearish ticked up to 22.1 (from 21.4)...

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

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Into the Open

by 3/2/2005 9:17 AM
Stocks quoted in this article:

Stocks futures are creeping lower as we head toward the open...


Chart Courtesy of Thomson/ILX

The S&Ps are a little more than five points below fair value. Gold is down a point and oil is down 14 cents.

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More on Martha

by 3/2/2005 8:28 AM
Stocks quoted in this article:

Another point to ponder...Last night I noted that the attention on Martha Stewart has me getting "edgy".

My colleague Ryan Detrick just noted that the latest Newsweek cover shows a jovial Martha with the caption - "Martha Last Laugh". (Click here to see the image.)

As Ryan points out, the cover of Newsweek a year ago showed a dismayed diva with the caption - "Cooked".

This may mark the beginnings of a shift in sentiment. As I said last night, the stock is still holding its uptrend (and still has other signs of skepticism) so I wouldn't call the situation dire...but I would keep an eye on the charts...

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News Views

by 3/2/2005 8:07 AM
Stocks quoted in this article:

The macro headlines are somewhat quiet as some appear to be waiting for this morning's testimony from Alan Greenspan...At the company level there are a few stories floating around...On the retail front, Costco Wholesale (COST) reported disappointing earnings...On the semiconductor front, Novellus Systems (NVLS) is getting some attention after their mid-quarter update last night.

The comments NVLS made have some questioning whether margins are getting squeezed and the stock is indicated to open by about a point lower. However, I am seeing some optimistic chatter that is downplaying the concerns. This is interesting given the resistance we have been watching on the SMH - and the recent sector upgrades..

Its also worth noting the weakness in S&P futures that I just mentioned below. Yesterday we saw how the SPX pushed up into resistance so I suspect that many are watching the action here. Given how the recent frenetic activity could best be described as "follow the drunken leader", it should be interesting to watch what happens here...

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Good Morning

by 3/2/2005 7:59 AM
Stocks quoted in this article:

We start the day with futures indicating a small pullback at the open. With an hour and a half until the open, S&P futures are trading roughly four points below fair value. Gold is down three points to 430 while oil is down nine cents to 51.59.

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