Schaeffer's Trading Floor Blog

Exciting News

by 5/24/2005 9:08 AM
Stocks quoted in this article:

In recent weeks I have alluded to improvements to Schaeffer's Gold and these are now starting to fall into place...You might have noticed that the main commentary page now has a section at the top for "Premium Analyst Commentary" where you will find...you guessed it...premium commentary for you to utilize.

Make sure you check out the daily the "Schaeffer's Top and Bottom Ranked Stocks" for a look at some of the stocks that stand out on the scorecard filters.

I am also very excited to officially welcome Jocelynn Drake and Beth Gaston Moon to Schaeffer's Gold as they will be sharing their own unique thoughts with us. I have worked with them for some time and deeply respect their work.

Finally, I am very close to announcing a new opportunity that will focus on education. I don't have the details nailed down yet but look for an announcement soon...

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Today...

by 5/24/2005 8:41 AM
Stocks quoted in this article:

The calendar for today is fairly light...we have the existing home sales report at 10 AM while the "big" news comes at 2 PM in the form of the FOMC minutes for the May 3 meeting.

While I admit this is completely anecdotal, I am seeing a bit of apprehension about this release, which of course, gets my contrarian streak buzzing with the notion that perhaps this will be a non-event. Time will tell whether that turns out to be true...


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Good Morning

by 5/24/2005 7:50 AM
Stocks quoted in this article:

We start the trading day with stock futures hinting toward weakness. With a little more than an hour and a half until the open, the S&Ps sit nearly three points below fair value. Gold is up 2.20 to 419.10. Oil is up 11 cents 49.27.


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Final Figures

by 5/23/2005 5:04 PM
Stocks quoted in this article:

And while the chart in the previous post showed momentum slowed slightly into the close...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1193.9 4.6 points 0.39 percent
Dow Jones Industrial Average (DJIA) 10523.6 52 points 0.5 percent
Nasdaq Composite (COMP) 2056.7 10.3 points 0.50 percent
Russell 2000 (RUT) 612.9 3.5 points 0.57 percent
CBOE Market Volatility Index (VXO) 11.44 -0.72 points -5.9 percent

The bulls did score yet another "win", both in terms of hitting small gains on the day and in holding onto the recent gains.

Overall we see a positive bias on the day. While the broad market indices were "quietly higher", a number of sectors tagged the one percent mark. Gold stocks took the lead as they try to rally back from their recent lows. Oil related stocks also popped along with housing and internet. A few groups were lower on the day, but none significantly so.

Earlier today I talked about the XLE chart, which tracks the energy sector. The XLE did manage a close above that congestion zone it may now be headed for that upper rail where the action should be very interesting.

I should also note that even though today's gain on the SPX wasn't extraordinarily large, it was enough to surpass the high from early April. In other words, the bulls continue to make progress. As someone who believes in following the tape, I am finding it increasingly more difficult to disparage the bulls' efforts as they are slowing overtaking resistance. Yes, the "fear gauges" show complacency, but I have learned to respect the upside potential when the bulls have momentum on their side. And that is where I will pick up in the morning...


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Into the Close

by 5/23/2005 4:18 PM
Stocks quoted in this article:

Despite an afternoon buying spree...


Chart Courtesy of Thomson/ILX

...the bulls lost some momentum into the close as some late-day selling caused the indices to give back some of their gains.


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