Schaeffer's Trading Floor Blog

At the Open

by 4/19/2005 9:46 AM
Stocks quoted in this article:

The action has come alive and here is what I see...

It looks like the bulls have control of the board...at least for the moment...as all but housing is trading higher. Networking, which has shown an abysmal performance this year, is taking the lead as the NWX rallies four percent...semis are trying to bounce from their January lows that we discussed yesterday...


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Chart Chatter - XOI Update

by 4/19/2005 9:38 AM
Stocks quoted in this article:

Last night I promised to update the weekly chart of Amex Oil and Gas Index (XOI) that I discussed last week...


Created with SuperCharts by Omega Research

As was the case when I first presented the chart, we have the red channel that highlights the majority of the uptrend along with the 20-week moving average (green line).

After consolidating for a few weeks after the peak, the XOI has begun what appears to be a controlled pullback to the upper rail of the channel which is now near the 20-week trendline. As I have already noted, there is nothing magical about these levels, they just give us an "obvious" point of reference to see if the bulls are willing to step in.

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Earnings...

by 4/19/2005 9:02 AM
Stocks quoted in this article:

I have been trying to keep up with the earnings deluge...which is like trying to drink out of a fire hose - and this isn't even as bad as it will get. Here is what I see so far...

Johnson & Johnson, Coca-Cola, Pfizer, General Motors and Texas Instruments reported numbers that were better than expected while EMC produced a report that was inline with expectations.

As tends to be the case during the heat of the earnings season, there is so much coming out that focus is split and constantly changing. Once the market opens, I will update the list I posted earlier to show how the stocks are trading in today's session which will help highlight where the action is...


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PPI and Housing

by 4/19/2005 8:47 AM
Stocks quoted in this article:

The Labor Department said the producer price index rose 0.7 percent while the core index rose 0.1 percent...According to the Dow Jones Newswires, expectations called for the overall index to rise .6 percent while the core index was expected to increase 0.2 percent.

Meanwhile housing starts decreased 17.6 percent which was much more than expected and sharpest drop since 1991.

Traders responded to all this by bumping up stock futures...


Chart Courtesy of Thomson/ILX

With half an hour left in the overnight trading session (and 45 minutes until the opening bell), S&P futures are three and a half points above fair value...


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Select Earnings Due

by 4/19/2005 8:20 AM
Stocks quoted in this article:

While I check out how the reports on coming in...I thought you might be interested to see some of the stocks that are scheduled to report this morning. Below is a select list of companies due to report earnings before the open....

  • Boston Scientific (BSX)
  • CDW Corp (CDWC)
  • Coca-Cola (KO)
  • DR Horton (DHI)
  • EMC Corp (EMC)
  • Forest Labs (FRX)
  • Freeport-McMoRan (FCX)
  • General Motors (GM)
  • Johnson & Johnson (JNJ)
  • Lucent (LU)
  • Mellon Financial (MEL)
  • Merrill Lynch (MER)
  • MGM Mirage (MGG)
  • Pfizer (PFE)
  • RadioShack (RSH)
  • State Street (STT)
  • TASER Intl (TASR)
  • US Bancorp (USB)
  • Viacom (VIA.B)
  • Wells Fargo (WFC)

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