Schaeffer's Trading Floor Blog
Stocks quoted in this article:

A few minutes ago my alert for NYSE net ticks started to hit and I just pulled up an intraday chart of the S&P 500...


Chart Courtesy of Thomson/ILX

The first volley of buying gave the SPX a small boost while a second round of buying cause the small gap higher you see.

At first glance the headlines appear quiet but I am going to look around and see if any stories are hitting...


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Stocks quoted in this article:

In response to my post below on Merrill Lynch, Sharlee says - "Re MER. you might also look at MSFT. Scary!"

My response - The daily chart below is what I am currently watching on Microsoft (MSFT)...


Created with SuperCharts by Omega Research

Here you can see that the shares have been in a short-term uptrend since late-March. However, the stock has pulled back and is testing the lower rail of that trend. A break here would be significant because it is also the site of former resistance, which should now be support. A break would signal the selling pressure is overwhelming buying demand.

What I still find the most befuddling, given the stock has moved virtually no where over the last few years, is that the Street displays affection on the stock the borders on the obscene. According to Zacks, 22 of the 24 analysts (92 percent) rank the stock with a "buy" rating...


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Underloved

by 6/6/2005 1:41 PM
Stocks quoted in this article:

Before I ran off to my meeting, I launched a query to find "underloved" stocks...In a nutshell I was looking for stocks that had a healthy level of their float sold short and had a relatively low number of buy ratings, based on data from Zacks.

I then sorted the list based on the price performance over the last six months. I have also included the percent rank of the SOIR (Schaeffer's put/call open interest ratio), but I did not exclude stocks based on the SOIR since I prefer to dig into the option activity personally. I will be discussing some of these stocks later on...

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Index Check

by 6/6/2005 12:56 PM
Stocks quoted in this article:

I am back from my meeting and scanning around to see what is on the move...

And based on this graph, it looks like the action is still rather quiet as the broad market indices are hovering near breakeven...semis have recovered a bit from their morning lows...oil and gold related stocks have pulled back while the underlying commodities are still higher...


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Slow Start to the Week

by 6/6/2005 10:55 AM
Stocks quoted in this article:

As you can see in the figures below, the session remains rather quiet...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1194.3 -1.7 points -0.14 percent
Dow Jones Industrial Average (DJIA) 10452.6 -8 points -0.1 percent
Nasdaq Composite (COMP) 2069.3 -2.1 points -0.10 percent
Russell 2000 (RUT) 619.3 -1.0 points -0.16 percent
CBOE Market Volatility Index (VXO) 11.94 0.38 points 3.3 percent

Which is good for me, because I need to step away from my screen to sit in on a meeting to discuss the current market environment.

While I am gone, my PC will be running a query to look for "underloved" stocks so I should have some stocks to discuss when I return...


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