Schaeffer's Trading Floor Blog

I Will Be Back

by 5/3/2005 4:00 PM
Stocks quoted in this article:

I stepped away from the action to catch my colleague Todd Salamone do battle as the bear on his regular CNBC "bull-bear" debate....And now I need to step away for a quick meeting...I'll recap today's action when I return...

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The Whipsaw Continues

by 5/3/2005 3:18 PM
Stocks quoted in this article:

The whipsaw action continues as we head into the final 45 minutes of the session...


Chart Courtesy of Thomson/ILX

The SPX reversed from its session highs and tagged a new intraday low. However, if you scan over today's percentage returns you can see we are still sitting more or less flat...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1157.6 -4.6 points -0.39 percent
Dow Jones Industrial Average (DJIA) 10220.7 -31 points -0.3 percent
Nasdaq Composite (COMP) 1928.6 -0.1 points -0.01 percent
Russell 2000 (RUT) 582.9 -2.9 points -0.50 percent
CBOE Market Volatility Index (VXO) 14.90 0.46 points 3.2 percent

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Stocks quoted in this article:

Sharlee says - "This is what I consider to be one of Bernie's 'unexplained coincidences' .i.e. The way the market reacts immediately after the FOMC announcement is immediately reversed almost 100% of the time. 'Surely one would not think that the floor traders see lower prices ahead, run the overhead stops in order to get higher entry points and then short into the rally?!' Nah, they wouldn't do that to us!"

My response - The action does tend to move in curious ways....


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Stocks quoted in this article:

A series of NYSE net ticks spikes have since hit the market and allowed the major indices to bounce from the lows of the session and push to intraday highs. Here are today's top and bottom performing Exchange Traded Funds (ETFs)...

Top Performing Sector Exchange Traded Funds:

  • Biotech HOLDRS (BBH) = +2.02 percent
  • iShares GS Software Index (IGV) = +1.44 percent
  • iShares DJ US Basic Materials (IYM) = +1.10 percent
  • iShares Nasdaq Biotechnology (IBB) = +1.02 percent
  • Internet HOLDRS (HHH) = +0.96 percent
  • Materials Select Sector SPDR (XLB) = +0.92 percent
  • Technology Select Sector SPDR (XLK) = +0.90 percent
  • iShares GS Technology Indx (IGM) = +0.87 percent

Bottom Performing Sector Exchange Traded Funds:

  • Industrial Select Sector SPDR (XLI) = -0.27 percent
  • iShares DJ US Utilities (IDU) = -0.33 percent
  • streetTRACKS Gold Shares (GLD) = -0.42 percent
  • Utilities HOLDRS (UTH) = -0.52 percent
  • iShares GS Natural Resource (IGE) = -0.98 percent
  • iShares DJ US Energy (IYE) = -1.35 percent
  • Energy Select Sector SPDR (XLE) = -1.55 percent
  • Oil Service HOLDRS (OIH) = -1.77 percent

Biotech, software, basic materials and technology make up the top performing list while oil, energy and natural resource related stocks continue to lag the action.

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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FOMC

by 5/3/2005 2:24 PM
Stocks quoted in this article:

As expected, the Fed bumped up rates by a quarter point...They also left in the "measured pace" language...This initial reaction has sent the SPX towards its intraday lows...


Chart Courtesy of Thomson/ILX

However, if you noted the scale of the chart you can see the SPX is still only showing a mild decline. I will give this news a few minutes to settle in and then check back on the sector picture to see what is moving...

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