Schaeffer's Trading Floor Blog

Oil Inventories Rise

by 2/24/2005 11:33 AM
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The Energy Department released its weekly inventory report at 10:30 this morning and it showed crude invetories increased by 600,000 barrels and gasoline supplies increased by 1.8 million barrels. This sent S&P futures soaring higher, but they have since eased. Oil prices have eased slightly on this report.

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Bernie on CNBC

by 2/24/2005 11:31 AM
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For those that missed it, Bernie was just on CNBC. The two bullish plays he mentioned were Whole Foods Market (WFMI: scorecard, quote, chart) and IMAX (IMAX: scorecard, quote, chart) . He has both positions in his Master Portfolio.

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Both Google (GOOG: scorecard, quote, chart) and Yahoo! (YHOO: scorecard, quote, chart) are about five percent lower this morning after brokerage firm RBC Capital Markets downgraded its rating on both stocks. RBC lowered its rating on GOOG from "top pick" to "sector perform" and dropped its price target for the stock to $200 from $250. YHOO was also lowered to "sector perform" from "outperform." RBC said its mid-quarter channel checks show double-digit percentage sequential decrease in pricing across GOOG's domestic network. The companies are also being affected by a study from accounting firm PricewaterhouseCoopers that said the online advertising growth rate slowed in the first quarter. Finally, news that America Online has launched a local search service is contributing to these stocks' weakness. <

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After an hour of trading the leading groups are Machinery Construction, which has added over three percent thanks to a huge 14 percent advance from Joy Global (JOYG: scorecard, quote, chart) , Steel Producers, Textile Mills, Shipping, and Oil and Gas Drilling. Also my net tick 1,000 alert just went off, so it looks like we're trying to get a little bit of a rally going here. <

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TLT for Bonds

by 2/24/2005 10:22 AM
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It is a pleasure to fill in for Nick today.

Nick briefly alluded to the economic numbers that came out earlier this morning. I'm finding the rally in bonds interesting on the heels of a weaker-than-expected durable goods orders this morning and jobless claims coming in slightly more than expected.

One way to play a rally in bonds is going long the iShares Lehman 20+ Year Bond Fund (TLT: scorecard, chart). Check out the chart link and zone in under sentiment brief. It is pretty hard to find a bond bull out there, as is evident by the huge short interest and put/call ratio on the TLT. Meanwhile, TLT bouncing from uptrending 50-day moving average, after yields bottomed in the first week of this month and popped higher.


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