Schaeffer's Trading Floor Blog

My Apologies

by 2/24/2005 3:18 PM
Stocks quoted in this article:

Unfortunately....I need to go back and take care of some more database work from this morning, but before I dash off, I thought I would give away another one of our new Schaeffer's Gold T-shirts?

To enter your name, click on the "Email Nick Perry about this post" link below and tell me you want to win (sorry - no time to come up anything more creative)...

I will take submissions until 10:00 A.M. (Eastern Time) Monday morning when I will put all the emails into a hat and pick a winner for a T-shirt..

Good luck!

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Stocks quoted in this article:

In response to my post below, Dennis says - "Try thinking in terms of years--not months to get "frustrated." I started as a broker in 1976 with the market at about 1000. It traded between 1000 and 770 to 800 for over 6 years before finally breaking out in the late fall of 1982. At the time about 80% of my business was options and commodities. And yes--it could be very frustrating. The bigger problem was being caught short when the breakout came. Those couple of up days really HURT. "

My response - That is a great perspective! It also brings up a good point that "range bound" doesn't equate to "low risk"....


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Stocks quoted in this article:

Franks says - "its amazing how nimble you have to be with the market...there is absolutely no follow thru whatsoever...the market is acting like a drunk it does not remember what it did last night."

My response - I agree. The action has been rather frenetic. The daily chart below of the SPX shows the recent action and the intermediate-term support and resistance levels I mentioned not too long ago...


Created with SuperCharts by Omega Research

As you can see, we have essentially been range bound for the last couple of months. This can be a maddening situation, as Frank points out, because you tend not to get much follow through at the broad market level. This is one of the reasons I try to point out some of the steel/coal/housing/internet stocks as they might diverge from the overall action.

I wanted to post this to let anyone else out there who is frustrated know you aren't alone...I know that isn't much, but sometimes it helps...

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Stocks quoted in this article:

Here are today's top and bottom performing Exchange Traded Funds (ETFs)...As previously mentioned, my list has been broadened to cover more than 50 ETFs and I have expanded the list to show more groups.

Top Performing Sector Exchange Traded Funds:

  • Semiconductor HOLDRS (SMH) = +1.45 percent
  • iShares GS Semiconductor (IGW) = +1.28 percent
  • iShares DJ Transportation Average (IYT) = +1.08 percent
  • iShares DJ US Basic Materials (IYM) = +0.77 percent
  • Energy Select Sector SPDR (XLE) = +0.76 percent
  • Utilities HOLDRS (UTH) = +0.72 percent
  • iShares DJ US Energy (IYE) = +0.71 percent
  • NASDAQ 100 Trust (QQQQ) = +0.65 percent

Bottom Performing Sector Exchange Traded Funds:

  • iShares Lehman 20+ Year Treas Bond (TLT) = -0.22 percent
  • streetTRACKS DJ Small Cap Growth (DSG) = -0.23 percent
  • Consumer Discretionary SPDR (XLY) = -0.30 percent
  • iShares DJ US Consumer Services (IYC) = -0.31 percent
  • iShares DJ US Real Estate (IYR) = -0.33 percent
  • iShares C&S Realty Majors (ICF) = -0.35 percent
  • Oil Service HOLDRS (OIH) = -0.42 percent
  • Internet HOLDRS (HHH) = -1.18 percent

The buying I noted below has continued and the broad market indices have pushed to new intraday highs - though gains are still capped at less than half of a percent. At the sector level, we see that semis and internet are offering opposing forces for tech stocks but the QQQQ is showing a bit of upside...

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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Tune In - Again

by 2/24/2005 2:03 PM
Stocks quoted in this article:

For those with access to a television this afternoon...you might want to tune into CNBC at 3:00 p.m. as our very own Todd Salamone (the same who helped fill in for me earlier today) will go toe-to-toe with Joe Battipaglia in a "Bull-Bear Debate".

If you are familiar with either of these two, you can guess who is the bull and who is the bear, but if not, I won't ruin the surprise...

And yes - this follows Bernie's appearance on CNBC earlier today....And no - you won't find me there. You may have heard the old joke that someone has a "face for radio"? Well I have a face for typing alone in a dark office...

Note - for those curious, upcoming and recent appearances can always be found on our Media Appearances page...


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