Schaeffer's Trading Floor Blog

Index Check

by 4/14/2005 1:40 PM
Stocks quoted in this article:

The action has taken a bit of a nasty turn so I want to update my index graph to see where the action is...

Gold stocks continue to take the brunt of the damage as one percent losses are the norm on the major indices....drugs stocks and oil are holding gains but that is thelonely side of the breakeven mark today....

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More selling...

by 4/14/2005 1:17 PM
Stocks quoted in this article:

Another round of selling has hit...


Chart Courtesy of Thomson/ILX

...as the SPX pushes to a new low for the session. Last week's low on the SPX sits near 1163 so that is something to watch...


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Updated Index Charts

by 4/14/2005 12:56 PM
Stocks quoted in this article:

Even though the whipsaw action of the last few days has me convinced these will be obsolete as soon I post them, I have updated the index charts we have been tracking...I guess I am just a glutton for punishment.

Created with SuperCharts by Omega Research

As you can see, we glide through lunch with the RUT and QQQQ testing the water below the recent lows while the DIA follows closely behind.

In other words, these three are trading at new lows for 2005... This does not seem like constructive action....

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Checking Back on QLGC

by 4/14/2005 11:59 AM
Stocks quoted in this article:

A little while ago an alert on my screen was triggered on QLogic (QLGC)...which I talked about last month and said I use as a proxy for "smaller-cap/tech/momentum" area. The alert was set at the short-term support zone which was aligned with the 20-week moving average. The daily chart below highlights the interaction around that support...


Created with SuperCharts by Omega Research

While the equity scorecard is still rather neutral, it might be worthwhile to keep an eye on this stock as it appears to potentially be in the early stages of rolling over. As I noted in the link above, analysts have become decidedly more bullish in the last couple of months. A check of Zacks shows that 13 of the 18 analysts (72 percent) still rank QLGC with a "buy" rating so weakness has the potential to "spook the herd"...


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Chop

by 4/14/2005 11:30 AM
Stocks quoted in this article:

With nearly two hours of trading under our belts we see...


Chart Courtesy of Thomson/ILX

...the SPX still trading below breakeven in a choppy fashion. Around an hour ago I saw some excited chatter about oil ticking below 50 but this really didn't do anything to improve the equities picture.


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