Schaeffer's Trading Floor Blog
Stocks quoted in this article:

Below are a couple of thoughts from readers that I thought you might find interesting...

Dave says - "The low on the SOX is around 200, were the semis to lock into a range 200 might be the low end. The semis may be in the worst of all worlds, vulnerable to a slowdown in consumer spending, and deflationary pressures. Best Buy had trouble last week because big screen TV prices are dropping. And the military buildup in Asia will take capacity away from consumer products. "

Sharlee says - "I would not get too excited about net Ticks until the S&P gets up above 1156.We scared them to death last week ( VXO up 70% ! )and there could very well be one more little down draft before a solid correction comes through."

My response - Interesting perspectives - thank you for sharing them!

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Worth Noting?

by 4/18/2005 11:46 AM
Stocks quoted in this article:

I have seen a few sporadic spikes in NYSE net ticks but as you can below...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1141.8 -0.8 points -0.07 percent
Dow Jones Industrial Average (DJIA) 10033.6 -54 points -0.5 percent
Nasdaq Composite (COMP) 1911.1 2.9 points 0.15 percent
Russell 2000 (RUT) 580.4 -0.4 points -0.06 percent
CBOE Market Volatility Index (VXO) 17.10 0.45 points 2.7 percent

...this buying has not been able to bounce the indices. Similar to what we have discussed with uptrends, moves lower into oversold can be resolved either with bounces or through consolidations. The oversold readings in March were resolved more through consolidation so this action is worth watching....


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Checking Back on QLGC

by 4/18/2005 11:03 AM
Stocks quoted in this article:

On Thursday I touched on QLogic (QLGC) as the stock was testing the water below support...


Created with SuperCharts by Omega Research

As you can see, the shares plunged into these waters as the broad market headed lower. It will now be interesting to see if the shares can retake this former support, which should now serve as resistance. A check of Zacks shows no change in analyst opinion as 72 percent of the analysts still rank the stock with a "buy" rating so downgrades are still a major concern...


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Stocks quoted in this article:

As I mentioned below...The semis have pulled back to their January lows...


Created with SuperCharts by Omega Research

This updated chart of the SMH shows the prior upward sloping trendline (which we last looked at here) that was drawn off the January lows....which is where the group sits, again, after the double top near 35. I think this is an important level to watch.


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Net Ticks

by 4/18/2005 10:20 AM
Stocks quoted in this article:

It appears as if the bulls might be trying to make a stand...finally...as my alert for NYSE net ticks hit....

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