Schaeffer's Trading Floor Blog

Quiet Start

by 4/8/2005 8:40 AM
Stocks quoted in this article:

Echoing the futures inaction....the headlines are mostly quiet. Here is what is getting attention...Time Warner and Comcast reached an agreement to buy Adelphia...The SEC asked American International Group (AIG) to protect offshore documents...Accenture (ACN) reported better-than-expected earnings but was downgraded for its efforts...General Motors (GM) was downgraded to a sell rating...

P.S. - Does anyone else find it odd that the SEC had to ask AIG not to "lose" documents?

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Good Morning

by 4/8/2005 7:57 AM
Stocks quoted in this article:

We start the day on a rather flat note as S&P futures are trading inline (roughly) with fair value. Gold is down 1.6 to 426.80 and oil is down 48 cents to 53.63.

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Final Figures

by 4/7/2005 4:33 PM
Stocks quoted in this article:

As I just mentioned...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1191.1 7.1 points 0.60 percent
Dow Jones Industrial Average (DJIA) 10546.3 60 points 0.6 percent
Nasdaq Composite (COMP) 2018.8 19.7 points 0.99 percent
Russell 2000 (RUT) 619.8 3.6 points 0.58 percent
CBOE Market Volatility Index (VXO) 12.23 -0.39 points -3.1 percent

...the SPX showed a rather modest gain as did the DJIA and RUT while the COMP showed a somewhat stronger day. Looking at the "big picture" we see...

...that the NDX rallied on the back of biotech, semis, networking, and internet. Bonds and oil were lower as were the commodity related groups.

In the post below, I said it wasn't really a blockbuster day and those comments are being driven by the levels I discussed this morning. The SPX did tick to a higher high versus last week but I wouldn't call it a decisive breakout. If someone reminds me, I will update those charts in morning so you can see what I mean...

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At the Close

by 4/7/2005 4:09 PM
Stocks quoted in this article:

The bulls kept a bid under the SPX in the final hour...


Chart Courtesy of Thomson/ILX

...which helped it to close at its session highs. However, with a gain just over half of one percent, it isn't exactly a blockbuster day but more on that in a minute...


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More on Dell

by 4/7/2005 3:48 PM
Stocks quoted in this article:

Speaking of Dell...In the post below I mentioned how Wall Street was a big fan of the stock. For an example of this, check out this article on CNN/Money - "What the Dell?" - that quotes some of the bulls..


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