Schaeffer's Trading Floor Blog

Good Morning

by 4/22/2005 8:09 AM
Stocks quoted in this article:

We follow yesterday's surge with a bit of a pullback. With just under an hour and a half until the open, S&P futures are trading three points below fair value. Gold is up 80 cents to 435.20 and oil is up 39 cents to 54.59...

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Final Figures

by 4/21/2005 4:39 PM
Stocks quoted in this article:

Similar to what we saw earlier in the afternoon....

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1160.0 22.5 points 1.97 percent
Dow Jones Industrial Average (DJIA) 10218.6 206 points 2.1 percent
Nasdaq Composite (COMP) 1962.4 48.6 points 2.54 percent
Russell 2000 (RUT) 599.0 14.0 points 2.40 percent
CBOE Market Volatility Index (VXO) 13.63 -3.20 points -19.0 percent

...we see extremely strong gains in the major indices. In fact, as the graph below shows...

...gains were to be had in nearly all groups, with gold and bonds the exceptions. Internet stocks led the rally all day and most other groups showed gains near two percent. Broker/dealers, drugs and biotech lagged the action as they "only" rallied one percent or so.

All-in-all it was a spectacular snapback rally and a good showing of short-term momentum. However, the more interesting aspect to consider is the one of perspective. Today's close on the SPX stands within two points or so of where it stood last Thursday - let's call it 1160'ish.

Today, 1160'ish is a being celebrated by the Street while Thursday's 1160'ish received a much more somber reception. But that is the way of the market...

Last night I said I would updated my daily index charts, but I didn't do it. I really meant to, and even had the html code typed up for the post, but I was waiting for the indices to stabilize so that the post wouldn't be obsolete 20 minutes later. Usually this is not a problem but today was clearly an exception. I promise to do better tomorrow. I am going to update my charts tonight and have that post ready before the open...


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At the Close

by 4/21/2005 4:10 PM
Stocks quoted in this article:

Help! Fraud!...I was called away to a meeting that was "sold to me" as being only 20 or 30 minutes...an hour later I am finally back to my screen. Just in time to see the SPX close at its session highs....


Chart Courtesy of Thomson/ILX

The bulls definitely get an "A" for effort today as they kept this morning's drawdown to minimum and then kept a bid under stocks all afternoon.


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Really?

by 4/21/2005 2:53 PM

Rally

by 4/21/2005 2:30 PM
Stocks quoted in this article:

The bulls refuse to let up as the major indices make a new high for the week...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1158.2 20.7 points 1.82 percent
Dow Jones Industrial Average (DJIA) 10200.7 188 points 1.9 percent
Nasdaq Composite (COMP) 1959.2 45.4 points 2.37 percent
Russell 2000 (RUT) 598.5 13.6 points 2.32 percent
CBOE Market Volatility Index (VXO) 13.80 -3.03 points -18.0 percent

As you can see, we have very strong gains on the day while the VXO is in a free fall...The SPX is now close to testing the former support zone near 1160...

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