Schaeffer's Trading Floor Blog

At the Close

by 4/21/2005 4:10 PM
Stocks quoted in this article:

Help! Fraud!...I was called away to a meeting that was "sold to me" as being only 20 or 30 hour later I am finally back to my screen. Just in time to see the SPX close at its session highs....

Chart Courtesy of Thomson/ILX

The bulls definitely get an "A" for effort today as they kept this morning's drawdown to minimum and then kept a bid under stocks all afternoon.

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by 4/21/2005 2:53 PM


by 4/21/2005 2:30 PM
Stocks quoted in this article:

The bulls refuse to let up as the major indices make a new high for the week...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1158.2 20.7 points 1.82 percent
Dow Jones Industrial Average (DJIA) 10200.7 188 points 1.9 percent
Nasdaq Composite (COMP) 1959.2 45.4 points 2.37 percent
Russell 2000 (RUT) 598.5 13.6 points 2.32 percent
CBOE Market Volatility Index (VXO) 13.80 -3.03 points -18.0 percent

As you can see, we have very strong gains on the day while the VXO is in a free fall...The SPX is now close to testing the former support zone near 1160...


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Stocks quoted in this article:

Frank says - "nice rally...i don't remember the mkt being up this much in a while. after just recently breaking support and the mkt lack of memory from day to day this looks like a bear mkt rally--quick, vicious, and v-ish...welcome back old friend, Bear..."

My response - Not too long after we launched the blog I published a posted - The Nature of the Market - that looked at quick market moves. If you haven't seen it, you might want to check it out...


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Chart Chatter - What a Gas

by 4/21/2005 1:27 PM
Stocks quoted in this article:

A reader, Bob, sent me a note on natural gas and after checking out the chart I thought you might be interested in this...

Created with SuperCharts by Omega Research

Here we see a monthly chart of the Amex Natural Gas Index (XNG) along with its 10-month moving average. You can also see a support zone drawn off the 2000/2001 peak. The XNG is pulling back but holding above these support levels.

From a shorter-term basis, the 300 level should also add support as it was the peak from November. While a strong uptrend always piques my interest, this is enhanced as a little digging reveals the Street isn't fully onboard yet. I pulled the analysts' ratings from Zacks for the stocks that comprise the XNG and found that only 48 percent of the 235 total ratings are "buys". In other words, this strong uptrend still has yet to entice the bulk of the Street in...

For those curious about the group, the stocks below are the names that comprise the XNG...

  • XTO Energy (XTO)
  • Williams Cos (WMB)
  • Eog Resources (EOG)
  • El Paso Corp (EP)
  • Kinder Morgan (KMI)
  • Questar Corp (STR)
  • Apache Corp (APA)
  • Natl Fuel Gas (NFG)
  • Pogo Producing (PPP)
  • Burlington Resources (BR)
  • Noble Energy (NBL)
  • Nisource Inc (NI)
  • Devon Energy (DVN)
  • Nicor Inc (GAS)
  • Anadarko Petroleum (APC)

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