Schaeffer's Trading Floor Blog
Stocks quoted in this article:

Here are today's top and bottom performing Exchange Traded Funds (ETFs)...

Top Performing Sector Exchange Traded Funds:

  • iShares DJ US Basic Materials (IYM) = +2.61 percent
  • iShares DJ Transportation Average (IYT) = +2.61 percent
  • Materials Select Sector SPDR (XLB) = +2.61 percent
  • Consumer Discretionary SPDR (XLY) = +2.15 percent
  • streetTRACKS Fortune 500 Index (FFF) = +2.14 percent
  • iShares GS Networking (IGN) = +2.14 percent
  • iShares S&P SmallCap 600 Index (IJR) = +2.10 percent
  • iShares Russell 2000 Index (IWM) = +1.95 percent

Bottom Performing Sector Exchange Traded Funds:

  • Utilities HOLDRS (UTH) = +0.31 percent
  • iShares DJ US Energy (IYE) = +0.29 percent
  • Pharmaceutical HOLDRS (PPH) = +0.28 percent
  • Health Care Select Sect SPDR (XLV) = +0.25 percent
  • Utilities Select Sector SPDR (XLU) = +0.17 percent
  • iShares DJ US Healthcare (IYH) = +0.02 percent
  • Energy Select Sector SPDR (XLE) = -0.20 percent
  • Oil Service HOLDRS (OIH) = -0.74 percent

There is a strong upward bias as just two ETFs from my list of 53 are trading lower. You can also see there is a tight race for the leadership as materials and transports are at the top, but consumer discretionary, the FFF (a large cap proxy), networking and, small caps are following closely behind....

Note: If you are not familiar with ETFs, make sure you read the Education and FAQ sections in our ETF center.

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Stocks quoted in this article:

Jorge says - "'Irrational Exuberance' Any one? There are definite signs that the economy is slowing faster than we thought just a couple of weeks ago, PPI was up, and so was CPI (the core notwithstanding). So why is this market going up like there is no tomorrow? Your frequent quote of Keynes comes to mind regarding this unbounded market exuberance."

My response - For those new to this space, the quote being referenced is attributed to John Maynard Keynes and goes:

Markets can remain irrational longer than you can remain solvent

The moral of the story is to respect risk. Even if you don't believe that the market is moving in a logical way, you have to understand the damage it can do to if you don't respect it.


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Checking Back on BEBE

by 5/18/2005 2:52 PM
Stocks quoted in this article:

As I perused the list below...Affymetrix (AFFX) looks interesting but I just checked on that stock earlier this month so I thought I would focus on bebe stores (BEBE), which I haven't discussed since early April...


Created with SuperCharts by Omega Research

As you can see, BEBE failed to hold at the upper support zone I noted last time and pulled back to the lower boundary, which was also the site of the 50-day moving average. The shares rallied off this area and have now moved back to challenge the former highs.

The curious aspect is that the shares are actually lower today amid the broad market rally. While I normally would view that as a concern, I am not so sure it is that easy. The scan I ran was designed, in part, to find stocks that are sort of marching to the beat of the own drum. In other words, here is a stock that is trading near its all-time high (with little in the way of over optimism) while the marker churns sideways...


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Index Check

by 5/18/2005 1:53 PM
Stocks quoted in this article:

The buying spikes appear to have slowed for a moment so I thought it would be a good time to check in on the index chart...

Overall I see a picture of momentum as the broad market indices push past the one percent line while a number of sectors tag the two percent line. Oil is back below 50 and, unlike yesterday, oil related stocks are not participating in today's run.


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Quick List

by 5/18/2005 12:54 PM
Stocks quoted in this article:

The bulls are keeping the pressure on as my alert for NYSE net ticks stays active and the major indices continue to advance to new highs for the session...

Given this strength, I thought it might be interesting to run a scan for stocks that still have some skepticism. I put together a quick query that looks for a low percent of buy ratings (based on data from Zacks) along with a decent level of short interest compared to the stock's float. I then sorted the results based on the performance of the last six months. Here are the top names from that scan...

A number these names (AFFX, BEBE, SGR, and KWK just to name a few) are one I have discussed in the past with varying success. I am going to dig into these stocks to see what stands out...


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