Schaeffer's Trading Floor Blog
Stocks quoted in this article:
As many of my colleagues have already commented, today was quite an ugly day in the market. In fact, only five items on my trading monitor are green: C, JNJ, SBUX, VXN, and VXO. The latter two are both gauges of "fear" in the market. The VXN is the CBOE Nasdaq Market Volatility and the VXO is the CBOE Market Volatility. Both of these "fear gauges" spiked significantly higher after 3:00 p.m. today, indicating that market players finally are starting to get nervous about current market conditions. Apparently, investors feel quite uncomfortable about holding long positions over the weekend… <

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Cliff Diving

by 4/15/2005 4:20 PM
Stocks quoted in this article:
Wow, what a day! I have to agree with Ryan. The Dow and S&P 500 Index all had their worst days of the year, down 1.86 and 1.67 percent, respectively. The Nasdaq Composite was down 1.98 percent to notch its worst day since January 4. In fact, the trajectories of the major market indices over the last couple of hours of trading today looked like that of an Acapulco cliff diver (as creative as Nick is, I bet he's never worked that into his blog!). All the major indices fell below their respective 20-month moving averages, an ominous sign that could portend more weakness. Not much support below either. Bernie's been "preaching to the choir" for many of you but this week shows that when the market turns, it can be ugly. With that – have a great weekend because no matter how you're positioned, Monday should be interesting.

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Thank Goodness it's Over

by 4/15/2005 4:05 PM
Stocks quoted in this article:
There's no other way to describe what happened today other than it was a buyer's strike.. Simply no one wants to own stocks anymore – or at least over the weekend. You pick it and the odds are it was down, with just about the only things higher being gold and bonds. Here's a thought, doesn't Tuesday afternoon's huge reversal seem like a few weeks ago? I guess three straight days of triple digit losses will do that to your memory. <

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WebMD Looking Healthy

by 4/15/2005 12:54 PM
Stocks quoted in this article:
In Nick's absence I thought I'd write about a stock that I've followed for some time now, WebMD. (HLTH: scorecard, quote, chart) HLTH is one of just a handful of stocks that have actually traded higher in each of the last two sessions. In early March the company reported fourth-quarter earnings that beat Wall Street's estimate by a penny. It also boosted its first-quarter earnings projection. The 20-percent gain that day certainly caught my eye. After a gentle consolidation back to support near 8.20 (also the approximate site of its 10-week moving average), HLTH has started higher. The stock is up just over six percent this month while the S&P 500 Index is down 2.5 percent.

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Stocks quoted in this article:

The market continues to sell off this morning and the S&P 500 Index (SPX) is attempting to firm up at the 1160 level. This area was the high last March, and lows of January were just slightly above this area. Today, the SPX dropped below this region, slipping down to the 1155 area, but has quickly rallied back. With a heavy earning schedule next week, keep an eye on this support level.

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