Schaeffer's Trading Floor Blog

One to Watch

by 4/6/2005 2:18 PM
Stocks quoted in this article:

I still don't see much in the way of news...but the daily chart of Whole Foods Market (WFMI) just caught my eye...


Created with SuperCharts by Omega Research

The shares have been consolidating since mid-March and are starting to show some signs of life. The stock shows a relatively healthy scorecard reading of 7.5 so it might be one to watch - especially since Bernie talked about it last month in his Schaeffer on Charts commentary - The Whole Story.


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Dip

by 4/6/2005 2:02 PM
Stocks quoted in this article:

The headlines appear to be quiet....


Chart Courtesy of Thomson/ILX

..but a round of selling has knocked the SPX off its highs. I am still looking around for any news that may have come out.


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Index Check

by 4/6/2005 12:38 PM
Stocks quoted in this article:

The indices are holding near their highs so I wanted to check in on what the day looks like...

For the most part we see equities are higher even after a turn up in oil. Housing stocks and internet issues stand out on the downside. The HGX continues to trade around the support we have been following. The internet names pique my interest. As I recently noted on Yahoo, some big guns have been pulling the stock higher so the weak action on an up day is worth watching...

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Stocks quoted in this article:

In response to my thinking out loud post, Dave says - "The Dow bounced off support AND the 200ma but has spent three days trying to get back a one day gain (3/29). It will be increasingly difficult for the indexes to move higher on pullbacks in oil, as oil stocks gain a larger share of the weighting. (i would like to see the percent of SP weighting in energy updated weekly and charted against the gains and losses to see if the market is gaining or losing support) its possible they can all go up together which might suggest the reflation play is still on. "

My response - Interesting thoughts - thanks for sharing them. I don't have direct access to the SPX weightings, but you can get a very close approximation by looking at the "Top Sectors/Industries" of the iShares S&P 500 Index Fund (IVV) which is available here.

The IVV is designed to track to the SPX and shows that energy is the seventh largest sector at 8.94 percent - as of 4/4/2005. The top groups above energy (Financials, Information Technology, Health Care, Industrials, Consumer Discretionary, and Consumer Staples) make up just over 81 percent of IVV...


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Stocks quoted in this article:

The weekly oil inventory numbers came out at 10:30 and the market has been gyrating...


Chart Courtesy of Thomson/ILX

The SPX initially moved lower but shortly after that, my alert for NYSE net ticks started to ring as it appears that buyers stepped up. The SPX has made a new high for the session as it continues to march toward last week's highs...


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