Schaeffer's Trading Floor Blog

Curious

by 5/10/2005 9:31 AM
Stocks quoted in this article:

Keep an eye on the open...I have been searching for a catalyst for the weakness but I don't see anything concrete. There are a few rumors running around, but aren't there always...


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Into the Open

by 5/10/2005 9:02 AM
Stocks quoted in this article:

Stock futures have yet to find their footing in pre-open action...


Chart Courtesy of Thomson/ILX

The S&Ps now sit more than seven points below fair value and point to a drop at the open that could erase most if not all of the ground gained yesterday...

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Good Morning

by 5/10/2005 8:06 AM
Stocks quoted in this article:

We follow yesterday's late-day surge with a pullback as S&P futures currently trade more than five points below fair value. Gold is up 1.20 to 428.10 while oil is off 6 cents to 52.23.


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Final Figures

by 5/9/2005 5:28 PM
Stocks quoted in this article:

As we saw in the post below, the bulls made a late-day push that sent the major market indices to their highs of the day...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1178.8 7.5 points 0.64 percent
Dow Jones Industrial Average (DJIA) 10384.3 39 points 0.4 percent
Nasdaq Composite (COMP) 1979.7 12.3 points 0.63 percent
Russell 2000 (RUT) 602.9 6.4 points 1.07 percent
CBOE Market Volatility Index (VXO) 12.61 -0.69 points -5.2 percent

The RUT continues to bounce back as it fights to recoup some of the recent weakness it has displayed versus the other indices.

Overall we see sporadic gains mixed with some flat action, though none of the indices on this list finished below the breakeven mark. However, it felt like much of the gains were company specific which may help explain why we see some large sector moves but muted action at the broad market level.

For example, the M&A news sent Ameritrade (AMTD) and E*Trade (ET) higher to power much of the gain in the broker/dealer index. Meanwhile, the "strength" in networking was centered mainly on Lucent Technologies and Nortel Networks, both of which trade for less than three dollars.

In other words, today's action wasn't driven by the usual mainstays but by some of the second tier type stocks.

Lastly, the action in oil related groups is interesting. The XOI, OSX and XNG had tried to rally Friday morning but reversed to close near their session lows. Today's action saw these groups not only make a higher high versus Friday but, more importantly, hold the gains and close near their session highs.

Tomorrow we get earnings from Cisco and that is where I will pick up in the morning...

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At the Close

by 5/9/2005 4:21 PM
Stocks quoted in this article:

Earlier today I mentioned the zone near 1178 as one to keep in mind...


Chart Courtesy of Thomson/ILX

This area marked the peak earlier this afternoon but the buying I noted into the close was enough to push the SPX to a new high for the session and to a new high versus last week.

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