Schaeffer's Trading Floor Blog

Have a Nice Evening

by 6/28/2005 5:15 PM
Stocks quoted in this article:

And here is what the overall picture looks like for the day...

While the absolute returns are different, the overall graph follows the same pattern we have seen all day - positive returns for most groups with exception being gold and oil related areas. Housing stocks led for much of the session but a late push in biotech and small-caps closed the gap. All-in-all it looks like broad based buying on the day.

Tomorrow's earnings calendar is light while the economic calendar brings us GDP and oil inventories. Tomorrow is also the start of a two-day FOMC meeting which will likely dominant the chatter as we slide into the quarter's end...


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Final Figures

by 6/28/2005 4:51 PM
Stocks quoted in this article:

Here are today's ending values...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1201.6 10.9 points 0.91 percent
Dow Jones Industrial Average (DJIA) 10405.6 115 points 1.1 percent
Nasdaq Composite (COMP) 2069.9 24.7 points 1.21 percent
Russell 2000 (RUT) 641.5 13.2 points 2.10 percent
CBOE Market Volatility Index (VXO) 10.71 -0.79 points -6.9 percent

Small caps led the session as the RUT doubled the return of the SPX. After bouncing from last week's new annual of 10.08, the VXO is now within striking distance of that bottom. Will we actually see single digits on the VXO?

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Stocks quoted in this article:

Stuart says - "Nick, substantial downside reversal in GOOG and EBAY getting whacked in final 2 minutes of trade....Whats going on?"

My response - As you can see in the intraday charts below, there was a some late-day selling...

Charts Courtesy of Thomson/ILX

Clearly this doesn't match what we just saw in the post below on the SPX as the market drifted into the close. I checked a few of my news sources but I don't see anything to account for this pressure...

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At the Close

by 6/28/2005 4:20 PM
Stocks quoted in this article:

Slow and steady...

Chart Courtesy of Thomson/ILX

That seems to be the best description of today's broad market activity. There were a few NYSE net tick spike, but for the most part is seemed to be quiet buying as the bulls kept a bid under the market for the entire session...

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From the Archives

by 6/28/2005 3:56 PM
Stocks quoted in this article:

I have been going through some of my old files and just stumbled across something that you might find interesting...The list below was a set "lessons learned" that I had created in May 2002 to help me deal with the bear market...What struck is how many of these are still guidelines that I believe in today - three years later...

Nick's Lessons Learned (as of May 2002)

  • Sentiment is a must
  • Discipline
  • Patience (a.k.a. - Wait for your pitch)
  • Ask yourself - Why now? (a.k.a. - What's your catalyst?)
  • Don't chase stocks
  • Don't get cute (a.k.a. - You are not that smart)
  • Prepare for trading outside of market hours
  • Establish targets and stops before entering a trade
  • Monitor that feeling in the pit of your stomach and do NOT follow it
  • Stops work
  • Options trading is about managing probabilities
  • Go back to winners (a.k.a. - Trends persist)
  • Write out your notes before executing the trade
  • Avoid making intraday decisions whenever possible
  • Make sure the risk is worth the potential gain
  • Do not let your exposure become too far skewed to one side

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