Schaeffer's Trading Floor Blog

Good Morning

by 4/7/2005 7:47 AM
Stocks quoted in this article:

We start the day with S&P futures trading above fair value and pointing to a slightly positive open. Though they have backed off their overnight highs, they still sit roughly a point and a half above fair value. Gold is down 30 cents to 428.9 while oil is up 61 cents to 56.46.

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Final Figures

by 4/6/2005 4:42 PM
Stocks quoted in this article:

As I just noted...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1184.1 2.7 points 0.23 percent
Dow Jones Industrial Average (DJIA) 10486.0 28 points 0.3 percent
Nasdaq Composite (COMP) 1999.1 -0.2 points -0.01 percent
Russell 2000 (RUT) 616.2 1.7 points 0.28 percent
CBOE Market Volatility Index (VXO) 12.62 -0.67 points -5.0 percent

...the SPX held on to show a small gain on the day as did the DJIA and RUT while the COMP was flat.

Biotech led the day while housing and internet slugged it out for the biggest decliner. Oil finished slightly lower but oil stocks put in a respectable showing. Semis finished more or less flat.

As has been the case for the last several sessions, we remain in the same situation that I reiterated last night. For me, the biggest takeaways from today's session are the lackluster performance by the semis on the back of the positive brokerage house comments and the decline in internet stocks which is where I will pick up tomorrow morning....

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Into the Close

by 4/6/2005 4:15 PM
Stocks quoted in this article:

The bulls were able to squeak out a gain...


Chart Courtesy of Thomson/ILX

...but it wasn't much of one.

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Speaking of...

by 4/6/2005 3:42 PM
Stocks quoted in this article:

In the post below on Quicksilver I provided a link to a column I wrote last week....Aside from KWK, the column noted the action in IBM, which of course, was spawned from the chart I noted here in mid-March. Now that we have that settled, I can get to a point....

I just pulled up a daily chart of IBM and saw the stock is struggling to hold its recent lows after retesting former support as resistance...


Created with SuperCharts by Omega Research

Maybe its just me, but this is starting to resemble a downtrend...

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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:

  • Biotech HOLDRS (BBH) = +1.82 percent
  • Oil Service HOLDRS (OIH) = +1.61 percent
  • iShares Nasdaq Biotechnology (IBB) = +1.60 percent
  • iShares DJ US Energy (IYE) = +1.56 percent
  • iShares GS Natural Resource (IGE) = +1.34 percent
  • Energy Select Sector SPDR (XLE) = +1.30 percent
  • iShares DJ US Financial Svcs (IYG) = +0.76 percent
  • streetTRACKS Wilshire REIT Fund (RWR) = +0.73 percent

Bottom Performing Sector Exchange Traded Funds:

  • iShares GS Technology Indx (IGM) = -0.26 percent
  • Consumer Staples Select SPDR (XLP) = -0.26 percent
  • Pharmaceutical HOLDRS (PPH) = -0.29 percent
  • Retail HOLDRS (RTH) = -0.38 percent
  • iShares DJ US Consumer Services (IYC) = -0.41 percent
  • iShares GS Software Index (IGV) = -0.45 percent
  • Consumer Discretionary SPDR (XLY) = -0.51 percent
  • Internet HOLDRS (HHH) = -1.96 percent

Another round of selling has hit the broad market. Biotech and energy related groups are holding up while internet continues to slide. Also, while not on this list, I just saw that semis have slipped back to breakeven despite the brokerage house support we saw this morning. This puts the SMH right back at the support zone we have been watching.

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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