Schaeffer's Trading Floor Blog

Good Morning

by 5/13/2005 7:38 AM
Stocks quoted in this article:

It looks like "Friday the 13th" isn't putting a scare into traders as pre-open stock futures are showing a small upside bias. With two hours until the open, the S&Ps are trading roughly two points above fair value. Gold is down 1.60 to 420.60. Oil is up 41 cents to 48.95.

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Final Figures

by 5/12/2005 5:08 PM
Stocks quoted in this article:

A disappointing session for the bulls...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1159.4 -11.8 points -1.00 percent
Dow Jones Industrial Average (DJIA) 10189.5 -111 points -1.1 percent
Nasdaq Composite (COMP) 1963.9 -7.7 points -0.39 percent
Russell 2000 (RUT) 586.9 -8.7 points -1.46 percent
CBOE Market Volatility Index (VXO) 15.74 1.96 points 14.2 percent

...as today's losses erase all if not more of what was earned yesterday. Overall...

...we see a picture that is somewhat similar to what we saw on Wednesday...By that, I mean the broad based selling.

Just ahead of yesterday's bounce I noted how the selling seemed to lack a catalyst and we then saw a quick spurt of buying that boosted the market.

As we saw in today's intraday charts of the SPX, the selling picked up a little after 1:30 PM but I have yet to see any reasons being cited that seem like legitimate catalysts. I am sure that some will blame Wal-Mart's earnings but given that was out before the open, I am not sure it is as easy at that.

Tomorrow morning I will update the daily index charts...


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Into the Close

by 5/12/2005 4:15 PM
Stocks quoted in this article:

The bulls were never able to swing the momentum back in their favor...


Chart Courtesy of Thomson/ILX

Though the selling pressure seemed to fade away near yesterday's low...

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Chart Chatter - SPX

by 5/12/2005 2:53 PM
Stocks quoted in this article:

As you can see below, the selling pressure now jumps out on the chart. Keep an eye on the 1157 level. This was the site of yesterday's "panic" low and a breach would likely catch some of the bulls off-guard...


Chart Courtesy of Thomson/ILX

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Readers Respond - SMH

by 5/12/2005 2:42 PM
Stocks quoted in this article:

Regarding my posts on the semiconductors, Sharlee says - "You must extend your investment outlook past 15 minutes Nick!"

My response - Ouch - tough crowd!

The semis have pulled back from their highs as the selling pressure has picked up all around. As you can see in the updated index graph below, oil related stocks continue to slide as selling pressure because to permeate a number of groups...

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