Schaeffer's Trading Floor Blog

A Morsel to Snack On...

by 2/28/2005 2:52 PM
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In a post earlier today - Food For Thought - I noted a comment about how Wall Street's job is to sell stocks. I just ran some quick numbers that you might find interesting...

I pulled Wall Street ratings (from Zacks) on a large group of stocks (the types of stocks that make up the SPX, DJIA and NDX). Of the nearly 8000 data points this produced:

  • 43 percent were either "buy" or "strong buy"
  • 48 percent were "holds"
  • 9 percent were either "sell" or "strong sell"

Again, just something to keep in mind...

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In my opening post today I mentioned the lackluster price action of some of the large cap/popular stocks. I thought the simple charts below would highlight what I was talking about...

Created with SuperCharts by Omega Research

I left the charts "plain" because I just wanted to focus on the overall trends which are all moving lower. This is what I meant this morning when I said that things were bubbling under the surface that weren't quite as rosy a picture you might get if you focus on the headline that the DJIA is near its annual high...


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Stocks quoted in this article:

A new round of selling has pushed the broad market indices to new lows for the session so I wanted to check in on today's top and bottom performing Exchange Traded Funds (ETFs)...As previously mentioned, my list has been broadened to cover more than 50 ETFs and I have expanded the list to show more groups.

Top Performing Sector Exchange Traded Funds:

  • streetTRACKS Gold Shares (GLD) = +0.28 percent
  • iShares COMEX Gold Trust (IAU) = +0.23 percent
  • iShares DJ Transportation Average (IYT) = +0.12 percent
  • Internet HOLDRS (HHH) = -0.07 percent
  • Consumer Staples Select SPDR (XLP) = -0.13 percent
  • Retail HOLDRS (RTH) = -0.20 percent
  • streetTRACKS DJ Small Cap Growth (DSG) = -0.28 percent
  • iShares DJ US Consumer Services (IYC) = -0.37 percent

Bottom Performing Sector Exchange Traded Funds:

  • NASDAQ 100 Trust (QQQQ) = -1.62 percent
  • Health Care Select Sect SPDR (XLV) = -1.63 percent
  • Oil Service HOLDRS (OIH) = -1.66 percent
  • iShares GS Networking (IGN) = -1.74 percent
  • Energy Select Sector SPDR (XLE) = -1.74 percent
  • iShares DJ US Healthcare (IYH) = -1.86 percent
  • iShares Nasdaq Biotechnology (IBB) = -5.05 percent
  • Biotech HOLDRS (BBH) = -7.40 percent

If you have been following the action today, the numbers above are probably no surprise. Gold and transports are squeaking out small gains while biotech is showing the largest loss. What stands out to me is the QQQQ and networking. I have already noted the NDX "lagginess" and I touched on some concerns in networking late Friday.

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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What I See on C...

by 2/28/2005 1:47 PM
Stocks quoted in this article:

Citigroup (C) is another stock that I am watching...

Created with SuperCharts by Omega Research

The shares had been steadily trending higher since October, but recently pulled back and broke below an uptrending channel (red lines) and the 50-day moving average (green line). This has the stock poised to test support near 47.50. This level is also significant from an options standpoint as 47.50 is the site of peak put open interest for the March series.

Given that the stock carries an overall scorecard rating of just 1.5, I would be very concerned about break of that support....

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A Pause in the Selling

by 2/28/2005 1:07 PM
Stocks quoted in this article:

The selling noted below has abated for the moment, so I want to check in on the indices...

As you can see, biotech is still skewing the chart. However, you can still notice that there is a widespread weakness, with a number of groups near a one percent loss. Gold is up mildly but gold stocks are just below breakeven.

I also think it is worth mentioning the action in the NDX. I have touched on this already today so make sure see my comments and charts from this morning...


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