Schaeffer's Trading Floor Blog

Final Figures

by 4/26/2005 6:05 PM
Stocks quoted in this article:

Some days it feel like you just can't win...I was already running late on the day and my computer decided to just "eat" the first version of this post and then shut down... Grrrr...

As I was trying to say before I was so rudely interrupted....Monday giveth and Tuesday taketh away...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1151.7 -10.4 points -0.89 percent
Dow Jones Industrial Average (DJIA) 10151.1 -91 points -0.9 percent
Nasdaq Composite (COMP) 1927.4 -23.4 points -1.20 percent
Russell 2000 (RUT) 587.7 -8.8 points -1.47 percent
CBOE Market Volatility Index (VXO) 14.26 0.47 points 3.4 percent

At least when it comes to the SPX. Monday's session saw a gain of 9.98 points and today we see a decline of almost that exact amount. In other words, we continue to see a trend of moderately large moves that net out against each other. While this sort of churn can be interpreted different ways, it is important to keep an eye on the net move.

Perhaps it is just me, but it seems that the "up" days are given more attention and the "down" days are more-or-less glossed over. This can lead to a feeling that the market is moving higher when the reality is not as sunny. Year-to-date the SPX is down five percent so that can help give us a benchmark to watch.

Getting back to today's session...

We see weakness across the board with the RUT showing the one of the largest percent moves while internet stocks and gold stocks were competing for the top spot on the decliners list.

As I touched on earlier, Amazon was due to report earnings after the close. I glanced over their earnings report and it looks like they beat expectations. However, the shares appear to be trading lower in after hours so it looks like the Street didn't like some aspect of the report. And that is where I will pick up tomorrow...


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At the Close

by 4/26/2005 5:03 PM
Stocks quoted in this article:

No...I didn't leave for the day, I was pulled into a meeting. While that might not seem helpful, it was for a greater good that hopefully will yield good things for you. But more on that another time...

Into the close...

Chart Courtesy of Thomson/ILX

...the SPX continued to slide...Final figures and comments in a moment.


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Into the Close

by 4/26/2005 3:47 PM
Stocks quoted in this article:

My apologies...Some days I just don't feel like I am hitting my stride in the blog and today is one of those days...

As we head into the close, here is what I am seeing...

  • The SMH has pulled back to breakeven after trying to overtake last week's highs
  • IBM is moving lower into the close as the share are now up less than one percent
  • Underperformance of small caps seems curious
  • The SPX is tagging yet another intraday low
  • Housing stocks popped on this morning's housing data but the housing index is now below breakeven

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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) = +2.34 percent
  • streetTRACKS Gold Shares (GLD) = +0.51 percent
  • iShares C&S Realty Majors (ICF) = +0.40 percent
  • Semiconductor HOLDRS (SMH) = +0.32 percent
  • Retail HOLDRS (RTH) = +0.28 percent
  • iShares DJ US Real Estate (IYR) = +0.09 percent
  • iShares DJ US Financial Svcs (IYG) = +0.09 percent
  • iShares Nasdaq Biotechnology (IBB) = +0.00 percent

Bottom Performing Sector Exchange Traded Funds:

  • iShares Russell 2000 Index (IWM) = -1.07 percent
  • iShares DJ US Industrial (IYJ) = -1.08 percent
  • Materials Select Sector SPDR (XLB) = -1.23 percent
  • iShares S&P SmallCap 600 Index (IJR) = -1.29 percent
  • Internet HOLDRS (HHH) = -1.47 percent
  • iShares DJ US Basic Materials (IYM) = -1.54 percent
  • iShares DJ Transportation Average (IYT) = -1.62 percent
  • Oil Service HOLDRS (OIH) = -1.70 percent

Biotech takes the lead while the rest of the top performing list is more or less holding above breakeven. On the downside we an eclectic mix basic materials, oil services, transports, internet and small caps.

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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Stocks quoted in this article:

Sharlee says - "Take a look at a weekly chart of AMZN. Don't you just know they have done "swimmingly" this past quarter? We will find out tonight."

My response - (AMZN) heads into their earnings announcement with the shares near their annual low and an equity scorecard reading of four. The chart that caught my eye is the Internet HOLDRS (HHH)...

Created with SuperCharts by Omega Research

The daily chart of the HHH shows the recent decline with the 50-day moving average. The weekly chart highlights the support near 50. Since he mentioned it I thought I should show the weekly chart of Amazon - which is not encouraging, and the chart of eBay for further perspective (and because I need to fill out my table).

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