Schaeffer's Trading Floor Blog

Into the Open

by 4/5/2005 9:20 AM
Stocks quoted in this article:

Heading into the open...S&P futures are a little more than two points above fair value...gold is now up 90 cents...oil is down 35 cents.

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Buy!?

by 4/5/2005 8:59 AM
Stocks quoted in this article:

It looks like a brokerage house is out defending E*Trade (ET) and Ameritrade (AMTD) this morning...I wanted to note this because both stocks were on the "over-loved" scan I mentioned yesterday. Both show relatively unimpressive equity scorecard readings, so while they may get a near-term bounce, I would be keep a watchful eye on them, given the charts below...

Created with SuperCharts by Omega Research


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Good Morning

by 4/5/2005 8:19 AM
Stocks quoted in this article:

We start the day with S&P futures trading about two points above fair value. Gold is down 70 cents to 452.30. Oil is down 44 cents to 56.57.

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Final Figures

by 4/4/2005 4:36 PM
Stocks quoted in this article:

As we saw in the previous post, the major indices bounced from their session lows...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1176.1 3.2 points 0.27 percent
Dow Jones Industrial Average (DJIA) 10421.1 17 points 0.2 percent
Nasdaq Composite (COMP) 1991.1 6.3 points 0.32 percent
Russell 2000 (RUT) 613.8 2.2 points 0.36 percent
CBOE Market Volatility Index (VXO) 13.49 -0.48 points -3.4 percent

However, this bounce didn't result in much in the way of net gains for the day and I don't see the action as being too significant for either the bulls or the bears. The bulls will take solace in the fact that the indices were able to rally off their lows while the bears will note the indices only recouped a portion of Friday's losses.

Overall, we see it was a mixed session. Semis and networking rallied from their lows but still closed below breakeven. Earlier today I showed a support level on the semis as they were slipping below it. The rally allowed the group to close just above that level. Internets led the day and are at their highest level since March 9. Oil backed off its highs and finished the session lower. Gold stocks started off weak and couldn't recover.

Stepping back to assess the environment, I think we are in more or less in the same situation we have been in for the last 8 sessions. The SPX, DJIA, and RUT are sitting just above critical support but can't seem to make any headway. The COMP is in a slightly weaker position but has been holding its recent lows.

While this daily back-and-forth action can lull you into indifference, I still think this is important to watch as I am not sure the Street is prepared for a break of this support...

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Into the Close

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

The bulls made an afternoon push...


Chart Courtesy of Thomson/ILX

..but lost some of the momentum at the close.

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