Schaeffer's Trading Floor Blog

Slow Start

by 2/25/2005 9:27 AM
Stocks quoted in this article:

Things are off to a rather slow start this morning...as I try to catch up on what I might have missed yesterday amid mostly quiet action...

One of the thoughts that just crossed my mind is that we are essentially back to where we ended the session last Friday in terms of the major indices and even VXO. In other words, lots of fluctuation - little net movement. Yesterday we touched on how frustrating this can be. Some suggested that this might be due to the massive volume that hedge funds now control - and I can't argue with that.

For those interested, there is an article in today's Wall Street Journal - "Risk Watchers, Part 2: Peering Over the Hedge" - that touches on the macro level risk posed by hedge funds...


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GDP

by 2/25/2005 8:58 AM
Stocks quoted in this article:

GDP data is out...but it had little impact (on the news) as the Commerce Department revised GDP up to 3.8 percent growth which was more or less in-line with expectations. (More details can be found here.)


Chart Courtesy of Thomson/ILX

There was a small blip in the action about 10 minutes after the report and futures have been creeping steadily lower since then. They are currently flat against fair value...

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Good Morning

by 2/25/2005 8:00 AM
Stocks quoted in this article:

We follow yesterday's gains with a small upside bias in stock futures. With an hour an half before the open, S&P futures are a point and a half above fair value. Gold is down two points to 433. Oil is down 43 cents at 50.96...

The headlines are mostly quiet as some appear to be waiting for the GDP numbers which are due out in half an hour. Outside that, the headlines are focused on the continuing Qwest Communications/MCI saga...


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Final Figures

by 2/24/2005 5:30 PM
Stocks quoted in this article:

I know it is a little later than usual...but I just finished up the duties that were distracting me for much of the day. Unfortunately I wasn't able to watch the action so I am left playing catch up...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1200.2 9.4 points 0.79 percent
Dow Jones Industrial Average (DJIA) 10748.8 75 points 0.7 percent
Nasdaq Composite (COMP) 2051.7 20.4 points 1.00 percent
Russell 2000 (RUT) 627.6 7.0 points 1.13 percent
CBOE Market Volatility Index (VXO) 11.30 -0.98 points -8.0 percent

The data above shows a rally in most groups. I went through some intraday charts and it looks like the bulls kept the pressure on right into the close...


Chart Courtesy of Thomson/ILX

A quick glance at the daily charts show that the broad market indices have now erased much of Tuesday's loss.

The calendar for tomorrow looks rather light. GDP data is out before the open so that is where I will pick up the conversation tomorrow...

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My Apologies

by 2/24/2005 3:18 PM
Stocks quoted in this article:

Unfortunately....I need to go back and take care of some more database work from this morning, but before I dash off, I thought I would give away another one of our new Schaeffer's Gold T-shirts?

To enter your name, click on the "Email Nick Perry about this post" link below and tell me you want to win (sorry - no time to come up anything more creative)...

I will take submissions until 10:00 A.M. (Eastern Time) Monday morning when I will put all the emails into a hat and pick a winner for a T-shirt..

Good luck!

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