Schaeffer's Trading Floor Blog

Good Morning

by 4/6/2005 8:07 AM
Stocks quoted in this article:

It looks like the bulls are trying to make a run...at least based on pre-open futures activity. With an hour and a half until the open, S&P futures are four points above fair value. Gold is up 80 cents to 427.40 while oil is down 42 cents 55.62...

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Final Figures

by 4/5/2005 4:53 PM
Stocks quoted in this article:

It wasn't the most exciting action we have seen...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1181.4 5.3 points 0.45 percent
Dow Jones Industrial Average (DJIA) 10458.5 37 points 0.4 percent
Nasdaq Composite (COMP) 1999.3 8.2 points 0.41 percent
Russell 2000 (RUT) 614.5 0.7 points 0.12 percent
CBOE Market Volatility Index (VXO) 13.29 -0.20 points -1.5 percent

But the bulls did secure a small victory on the day and, as I noted in the post below, scored their second consecutive up day. Of course, the indices are still below the levels I mentioned this morning.

As you can see, most groups were quiet today. The exceptions were biotech and oil/oil stocks. However, I don't see much that stands out for either of those areas. Oil has been volatile lately so today's pullback doesn't stick out. Meanwhile, the BTK has been in a straight downtrend since peaking on December 28, and today's gains are firmly in the middle of the trend.

Yesterday I ended the session by saying...

    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.
...and today not much has changed. However, the indices are now within striking distance of the levels I mentioned above so tomorrow could be interesting...


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At the Close

by 4/5/2005 4:07 PM
Stocks quoted in this article:

Despite my taunting...


Chart Courtesy of Thomson/ILX

...the SPX refused to deviate from its drift and meandered into the close.

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Lack of Excitement

by 4/5/2005 3:38 PM
Stocks quoted in this article:

We continue to drift sideways with a distinct lack of excitement...of course every time I say that things get interesting...

Barring a drastic change, it looks like the bulls will book a small gain for today and score two consecutive "up days". While two days in a row isn't much, a quick glance of my chart says it is something the bulls haven't done in nearly a month...

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Stocks quoted in this article:

Here are today's top and bottom performing Exchange Traded Funds (ETFs)...

Top Performing Sector Exchange Traded Funds:

  • Pharmaceutical HOLDRS (PPH) = +2.13 percent
  • Health Care Select Sect SPDR (XLV) = +1.82 percent
  • iShares DJ US Healthcare (IYH) = +1.56 percent
  • Telecom HOLDRS (TTH) = +1.00 percent
  • iShares Nasdaq Biotechnology (IBB) = +0.86 percent
  • Retail HOLDRS (RTH) = +0.78 percent
  • Biotech HOLDRS (BBH) = +0.70 percent
  • iShares DJ US Consumer Services (IYC) = +0.70 percent

Bottom Performing Sector Exchange Traded Funds:

  • Software HOLDRS (SWH) = -0.23 percent
  • iShares C&S Realty Majors (ICF) = -0.45 percent
  • iShares GS Networking (IGN) = -0.60 percent
  • Oil Service HOLDRS (OIH) = -0.74 percent
  • iShares GS Natural Resource (IGE) = -0.91 percent
  • iShares GS Software Index (IGV) = -0.94 percent
  • iShares DJ US Energy (IYE) = -1.23 percent
  • Energy Select Sector SPDR (XLE) = -1.24 percent

Pharmaceuticals are moving higher on the back of Pfizer's analyst day while energy stocks have been sliding since peaking early this morning...

Note: If you are not familiar with ETFs, make sure you read the Education and FAQ sections in our ETF center.


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