Schaeffer's Trading Floor Blog

Worth a Read

by 4/14/2005 4:07 PM
Stocks quoted in this article:

I just came across an interesting article on IBM...The article on CNN/Money's website - Biting a Big Blue bullet - makes the bullish case for the shares.

Regular readers of this space already know that I think there is too much complacency on Big Blue but I thought you might like to see a counter-argument.

If you haven't seen my comments on IBM you can find a summary here.


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Did I Say That?

by 4/14/2005 3:50 PM
Stocks quoted in this article:

Remember what I said about the indices holding above their lows? Scratch that...the SPX and other just pushed to new lows on the session as we tick toward the closing bell...


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Stocks quoted in this article:

We drift toward the close with the major indices still showing losses...but holding above their lows.

I was doing a little research and came across this chart of the SPX and CBOE Market Volatility Index (VXO) that we last discussed in mid-March...


Created with SuperCharts by Omega Research

At the time we were watching the SPX and VXO test the upward and downward sloping trendlines. Those were violated and now we see the SPX is testing a horizontal support zone while the VXO tests a level that has capped it since November...


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Shake, Rattle and...

by 4/14/2005 2:26 PM
Stocks quoted in this article:

My alert for NYSE net ticks just hit....


Chart Courtesy of Thomson/ILX

Earlier I mentioned the area near 1163 as a point to watch. The SPX tagged that zone and bounced higher. Do the bulls have enough left in them to stage a snapback rally like we saw Tuesday? Anything is possible...But if they do, you have to wonder why they didn't use that yesterday...


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Index Check

by 4/14/2005 1:40 PM
Stocks quoted in this article:

The action has taken a bit of a nasty turn so I want to update my index graph to see where the action is...

Gold stocks continue to take the brunt of the damage as one percent losses are the norm on the major indices....drugs stocks and oil are holding gains but that is thelonely side of the breakeven mark today....

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