Schaeffer's Trading Floor Blog

Good Morning

by 5/12/2005 7:44 AM
Stocks quoted in this article:

We come into the trading day with a slight trace of weakness. With just under two hours until the open, S&P futures are trading a point and a half below fair value. Gold is down 1.50 to 426.40. Oil is down 56 cents to 49.89...

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Final Figures

by 5/11/2005 4:56 PM
Stocks quoted in this article:

Glancing at the figures below, you might conclude it was a sleepy session...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1171.1 4.9 points 0.42 percent
Dow Jones Industrial Average (DJIA) 10300.3 19 points 0.2 percent
Nasdaq Composite (COMP) 1971.6 8.8 points 0.45 percent
Russell 2000 (RUT) 595.6 0.5 points 0.09 percent
CBOE Market Volatility Index (VXO) 13.78 -0.39 points -2.8 percent

Of course, those who followed the action know it was a little more volatile than that. The session started off weak and news of a White House evacuation sent traders scrambling. Then we saw a burst of persistent buying that rallied the market for 20 straight minutes, followed by a drift into the close.

Overall, we see a bias to the upside, though most groups showed muted gains with networkers and brokers the only groups to tag the one percent line. Oil finished weak but oil related stocks held their ground.

Just before the afternoon rally, we looked at the updated daily index charts. I just went through them again and nothing appears significantly different other than the SPX trading just above that support/resistance zone.

Tomorrow morning we get earnings from Wal-Mart and tomorrow night we see Dell's numbers, and that is where we will pick up the discussion in the morning...

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Into the Close

by 5/11/2005 4:12 PM
Stocks quoted in this article:

Despite the volatility we saw earlier, the last hour and a half of the session was rather subdued...


Chart Courtesy of Thomson/ILX

...as the SPX drifted sideways to recoup nearly five of the 12 points lost yesterday...


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Tomorrow Morning

by 5/11/2005 3:39 PM
Stocks quoted in this article:

Don't forget - Wal-Mart (WMT) is scheduled to report earnings tomorrow morning. They head into the report with a scorecard reading of three and the shares trading below long-term support near 52...


Created with SuperCharts by Omega Research


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Stocks quoted in this article:

Here are today's top and bottom performing Exchange Traded Funds (ETFs)...

Top Performing Sector Exchange Traded Funds:

  • iShares GS Networking (IGN) = +1.74 percent
  • iShares GS Technology Indx (IGM) = +0.95 percent
  • iShares DJ Transportation Average (IYT) = +0.91 percent
  • iShares GS Software Index (IGV) = +0.85 percent
  • Industrial Select Sector SPDR (XLI) = +0.75 percent
  • Pharmaceutical HOLDRS (PPH) = +0.71 percent
  • Wireless HOLDRS (WMH) = +0.71 percent
  • iShares DJ US Financial Svcs (IYG) = +0.64 percent

Bottom Performing Sector Exchange Traded Funds:

  • Consumer Discretionary SPDR (XLY) = -0.03 percent
  • iShares Russell 2000 Index (IWM) = -0.09 percent
  • iShares DJ US Consumer Services (IYC) = -0.09 percent
  • iShares DJ US Telecom (IYZ) = -0.09 percent
  • Materials Select Sector SPDR (XLB) = -0.14 percent
  • iShares GS Natural Resource (IGE) = -0.14 percent
  • iShares DJ US Basic Materials (IYM) = -0.15 percent
  • streetTRACKS Fortune 500 Index (FFF) = -0.30 percent

As you can see, the whipsaw action today has left most sectors sitting near the unchanged mark. Networkers take the top spot as they try to bounce back from yesterday's decline and retake Monday's high.

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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