Schaeffer's Trading Floor Blog
Stocks quoted in this article:

As I did yesterday...I took a select list of stocks that were scheduled to report either last night or this morning before open and set up a spreadsheet to calculate today's percent return. The list below shows those with the largest positive reactions. In moment I will post those showing a negative reaction...

  • CACI Intl (CAI) +12.2%
  • VeriSign (VRSN) +12.0%
  • Conexant (CNXT) +9.0%
  • Whirlpool (WHR) +6.7%
  • Nokia (NOK) +6.5%
  • Allegheny Tech (ATI) +5.6%
  • Schering-Plough (SGP) +5.5%
  • SAP AG (SAP) +5.4%
  • Motorola (MOT) +5.2%
  • UPS (UPS) +4.8%
  • MedImmune (MEDI) +3.8%
  • Steel Dynamics (STLD) +3.6%
  • Labor Ready (LRW) +3.5%
  • Baxter (BAX) +3.0%
  • Jetblue Airways (JBLU) +2.9%
  • Delta Air Lines (DAL) +2.7%
  • PNC Bank (PNC) +2.7%
  • E*TRADE (ET) +2.7%
  • Royal Caribbean (RCL) +2.6%
  • Automatic Data (ADP) +2.3%
  • EarthLink (ELNK) +2.2%


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At the Open - Part I

by 4/21/2005 9:35 AM
Stocks quoted in this article:

As I just noted...I want to capture the opening ticks and I will come back in a few minutes with an updated chart to delve into the action...

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Into the Open

by 4/21/2005 9:15 AM
Stocks quoted in this article:

S&P futures have pushed toward their highs for the overnight session as we near the open. Roughly translated, this would point to an SPX gap up of roughly nine points at the open...and instantly recoup more than half of yesterday's decline.

Of course, there is no rule that says the SPX has to gap that much - many times we see a "compromise" of sorts as the SPX gaps up while futures pull back a bit. And while it can, there is no guarantee that this strength holds past the open - despite the exuberance that some have expressed this morning.

While I normally capture my index graph 15 minutes (or so) after the open, I want to change that up this morning. Time willing (and technology permitting) I want to capture the index returns after the first few minutes and then grab an updated version after about 20 minutes so that we can see how (if) the picture changes...

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Rally...Rally...Rally...

by 4/21/2005 8:45 AM
Stocks quoted in this article:

Did I say giddy? ...Perhaps I should have found a "stronger" word...but alas my thesaurus fails me....

I just glanced over at my quote screen and saw that S&P futures were up more than nine points above fair value.

It looks like the open should be somewhat volatile. My screen shows a large number of stocks are indicated higher. Notable exceptions include Qualcomm (QCOM) and Mercury Interactive (MERQ)...

Given the pre-open action I suspect we will have to wait out the first 20 minutes or so of the open to get a feel for how strong today really is...

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Good Morning

by 4/21/2005 8:19 AM
Stocks quoted in this article:

We start the trading day on a giddy note as S&P futures trade more than seven points above fair value...what is being labeled as the "reason" for such strong action? - you guessed it - earnings!

Yes, the same "catalyst" that failed to inspire confidence yesterday is now being given credit for this morning's rally. As I said last night - earnings continue to roll out so the market still has plenty of opportunity for volatility...

If you note a bit of cynicism, it is because I flipped on the TV and was reassured that this morning's pop was the "all-clear" sign because things really aren't that bad...that bad?!?!?!?

The SPX just hit its highest point since mid-2001 and sits roughly 350 points above the late 2002/early 2003 lows. Perhaps the question should be - are things that "good"...If the 90 or so points that the SPX has pulled back from its recent high is considered "that bad" then I guess my ability to judge was permanently thrown-off during the 2002 drop...

That being said, the S&Ps do point to sharply higher open. Oil is down 56 cents to 53.47 and gold is down 2.20 to 434.50...

P.S. - Has anyone else noticed I have a tendency to rant in the morning? I seriously need to consider de-caf...

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