Schaeffer's Trading Floor Blog

Final Figures

by 5/5/2005 4:50 PM
Stocks quoted in this article:

As the SPX chart alluded to...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1172.6 -3.0 points -0.26 percent
Dow Jones Industrial Average (DJIA) 10340.4 -44 points -0.4 percent
Nasdaq Composite (COMP) 1961.8 -0.4 points -0.02 percent
Russell 2000 (RUT) 595.6 0.4 points 0.07 percent
CBOE Market Volatility Index (VXO) 13.34 0.21 points 1.6 percent

...the indices ended the session near breakeven ahead of tomorrow's employment report. However, looking at some of the sector indices....

...shows some mixed action....networkers were under pressure for most the day and took the top spot on the downside...oil reversed from midday weakness to finish up more than one percent and oil related concerns followed closely behind...

I don't think I am going out on a limb to say that tomorrow morning's chatter will focus on the employment report so that is where we will pick up...Now I am going to dig into the energy sector to see if I can find anything of interest...

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Into the Close

by 5/5/2005 4:40 PM
Stocks quoted in this article:

The action remained somewhat lethargic into the close...

Chart Courtesy of Thomson/ILX

The bulls tried to make a push into the close but failed to make it back to breakeven...


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Stocks quoted in this article:

Before the session slides into the close, I wanted to note today's top and bottom performing Exchange Traded Funds (ETFs)...

Top Performing Sector Exchange Traded Funds:

  • Energy Select Sector SPDR (XLE) = +0.96 percent
  • iShares DJ US Energy (IYE) = +0.92 percent
  • Oil Service HOLDRS (OIH) = +0.82 percent
  • iShares GS Natural Resource (IGE) = +0.81 percent
  • iShares C&S Realty Majors (ICF) = +0.74 percent
  • iShares DJ US Real Estate (IYR) = +0.67 percent
  • streetTRACKS Wilshire REIT Fund (RWR) = +0.67 percent
  • MidCap SPDRs (MDY) = +0.39 percent

Bottom Performing Sector Exchange Traded Funds:

  • Telecom HOLDRS (TTH) = -0.60 percent
  • Utilities HOLDRS (UTH) = -0.60 percent
  • Materials Select Sector SPDR (XLB) = -0.62 percent
  • iShares GS Software Index (IGV) = -0.63 percent
  • iShares DJ US Industrial (IYJ) = -0.63 percent
  • iShares DJ US Financial Svcs (IYG) = -0.69 percent
  • Regional Bank HOLDRS (RKH) = -0.76 percent
  • Internet HOLDRS (HHH) = -0.88 percent

As you can see, it is a very quiet day on the ETF front as not a single name on my list is moving more than one percent...

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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by 5/5/2005 3:12 PM
Stocks quoted in this article:

Check out the intraday chart of QLogic (QLGC)

Chart Courtesy of Thomson/ILX

This morning I discussed the gory details so I won't belabor the point, but I did want to note how the stock has weakened as the day has progressed. Many times you see a stock gap lower at the open and bottom within the first 20 minutes or so of trading as all the nervous stockholders sell-out as fast as they can. That is clearly not today's pattern. This sell-off puts the shares firmly below the former support zone, but more importantly, I think it hints to the widespread selling pressure that overhangs the shares.


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Updated Index Charts

by 5/5/2005 2:48 PM
Stocks quoted in this article:

Last night I promised I would update the daily index charts we have been here you go...

Created with SuperCharts by Omega Research

Yesterday we touched on the daily charts of the SPX and DIA, but I like this view because it gives a more comprehensive feel to the action. The SPX is clearly the leader as it has pushed through resistance as it tries to break out of the recent downtrend. It is now contending with its 50-day moving average which has turned lower.

Perhaps more interesting, though, is that the other indices are not yet confirming the breakout. Last week, when the SPX was testing resistance we saw how the QQQQ and RUT appeared to be reluctant to join the rally. Now we see a similar picture as the DIA, QQQQ and RUT are still sitting below resistance.

The bulls might argue that the SPX is actually the leader and the other indices will soon follow while bears might contend this signals a lack of broad market support. I would be inclined to side with the bears until we see that the bulls can draw in enough support to rally some of the other indices...


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