Schaeffer's Trading Floor Blog

At the Open

by 5/18/2005 9:55 AM
Stocks quoted in this article:

Stocks are open and here is what I see...

The major indices did open with an upward bias but there is little follow-through...at least yet. Semis are struggling a bit but they are the only group to show much of a decline...housing stocks continue to bounce as the group is pushing above its high from earlier this month....gold stocks also continue to bounce.


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Into the Open

by 5/18/2005 9:26 AM
Stocks quoted in this article:

We head into the open with S&P futures sitting four points above fair value and pointing to a strong open....Last night I noted that both Applied Materials (AMAT) and Hewlett-Packard (HPQ) reported earnings. AMAT appears to indicated down slightly while it appears that HPQ will open just above 22...Gold is up 70 cents and oil is up 17 cents.

I also promised that I would update the daily index charts and I held off due to the pop in futures. I want to give the indices a chance to open and shake off the opening "noise" and then I will update those charts to see where the indices stand in terms of the resistance we have been tracking...

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Readers Respond - Oil

by 5/18/2005 9:01 AM
Stocks quoted in this article:

In response to my post about today's event John says - "A third report that's slowly making its way to the front "burners" is the weekly oil inventory reports. Although, in my opinion, these are given entirely too much weight."

My response - I agree on all accounts....thanks!

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CPI

by 5/18/2005 8:39 AM
Stocks quoted in this article:

The CPI data is out...The overall number came in at .5 percent (slightly higher than expected) but the core number was flat - which was below expectations. S&P futures popped on the release and now sit four points above fair value...

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Events of the Day

by 5/18/2005 8:01 AM
Stocks quoted in this article:

There are two events today that might catch the eye of traders...

The first is the April consumer price index, which is due out at 8:30 AM. According to the Wall Street Journal, economists expect the overall CPI to rise 0.4 percent and are looking for the core CPI with increase 0.2 percent.

The second event involves Intel (INTC) which begins its annual stockholders meeting at 11:30 AM...

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