Schaeffer's Trading Floor Blog

At the Open

by 5/23/2005 9:51 AM
Stocks quoted in this article:

The opening bell has rung and the trading week has begun...

Of course, you might not realize that on the indices above as most are within half a percent of breakeven...

Gold stocks are the big exception to this as they start the day on a strong uptick, even as gold itself is quiet. Of course, gold stocks have sold off hard since March so you might expect to see some snapback rallies.


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Stocks quoted in this article:

One of the "bright" spots in an otherwise dull pre-open picture is Pixar (PIXR) as the stock gets an upgrade and is indicated up nearly five percent...If it opens there, it would mark a new all-time high...

As I noted on Thursday, I have been "waiting" for this stock to shine for some time (so take that as a caveat).

The level of short interest is healthy but what I have been intrigued by is the utter apathy from the Street. According to Zacks, just three of the 16 analysts (19 percent) ranked PIXR with a "buy" rating heading into today.

If the Street is starting to the come around to the stock, that buying pressure (in addition to the 22 percent of the float that is sold short) might give the shares a good run...

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Into the Open

by 5/23/2005 9:11 AM
Stocks quoted in this article:

We head toward the open with S&P futures pulling back toward breakeven...In fact they peaked right around the time I made my opening post which makes me wonder - was it something I said?

With the S&Ps now sitting flat against fair value, gold flat, oil down 41 cents, and the news headlines more or less quiet, it looks like uneventful open...or course, I did "mark the top" in futures so perhaps I can do the same here...


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One Day...

by 5/23/2005 8:35 AM
Stocks quoted in this article:

For those who like to follow oil...There is an article in the Wall Street Journal that says Standard Asset Management has made a filing with the SEC to create an ETF to track the price of crude.

This is interesting because it would offer a direct play on oil, as opposed to oil related stocks which don't always move exactly with crude. However, the article notes that it may take quite a bit of time to get over the regulatory hurdles so this won't likely be released in the near future...

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Good Morning

by 5/23/2005 7:53 AM
Stocks quoted in this article:

We follow Friday's sleepy session with stock futures trying to rally. With just over an hour and a half until the open, S&P futures are a point and a half above fair value. Gold is flat while oil trades down 41 cents to 48.24...

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