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

Earlier this morning, I noted that the QQQQ was not "playing along" with the rally and I wanted to follow-up with some charts to illustrate this...

Created with SuperCharts by Omega Research

Nothing fancy here, just straight price action over the last few months. Here you can see the SPY and DIA near their highs. The IWM has moved off its lows but has had trouble overtaking its very recent peaks. The QQQQ meanwhile, has failed to shake off its lows...


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Stocks quoted in this article:

In the index graph below, the semis were one of the strongest sectors listed...However, I just looked at my screen and noted a number of semi were now trading lower...I pulled up the daily chart of the SMH and found that the ETF has kissed resistance from their previous peaks and turned lower...Given that Intel is set to give a presentation this week that has caught people's attention, it will be interesting to see what happens here...


Created with SuperCharts by Omega Research


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Food For Thought

by 2/28/2005 10:01 AM
Stocks quoted in this article:

For those who have access...check out the article on page C1 of today's Wall Street Journal - "A Prominent Wall Street Bear Calls It Quits".

The article discusses how a David Shulman, a REIT analyst at Lehman Brothers, is going to retire. Mr. Shulman has been bearish on REITs for some time and recently published a negative report on the group.

However, my primary reason for pointing out the article is a comment from the chief investment strategist at Oppenheimer, Michael Metz, who notes how tough it is to be a bear on Wall Street. He points out that the Street's job is sell stocks and that being a bear is a no win situation from their perspective.

As I said, food for thought...

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At the Open

by 2/28/2005 9:47 AM
Stocks quoted in this article:

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

There is a slight negative bias on the broad market indices but everything is skewed due to the loss in the BTK - which of course is the result of the BIIB/ELN news I noted earlier.

BIIB is down just over 40 percent while ELN is getting hit for a loss of roughly 70 percent. BIIB is a major component of the BTK as well as the biotech ETFs. The weightings of BIIB are below:

  • Biotech HOLDRS (BBH) = 12.38% (third highest stock)
  • Biotechnology Index Fund (IBB) = 5.94% (second highest stock)
  • Amex Biotechnology Index (BTK ) = 6.05% (sixth highest stock)

The iShares Nasdaq Biotechnology (IBB) is down -3.16 percent, while the Biotech HOLDRS (BBH) is down -6.19 percent...

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Stocks quoted in this article:

S&P futures have dipped lower....


Chart Courtesy of Thomson/ILX

...as traders digest the BIIB/ELN news as well as personal income and spending data...The S&Ps are a little more than two points below fair value as we head toward the open...


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