Schaeffer's Trading Floor Blog

Updated Index Charts

by 4/26/2005 8:44 AM
Stocks quoted in this article:

As I am getting caught up on all the activity from yesterday, I wanted to take a moment to update the daily charts of the major indices that we have been tracking...

Created with SuperCharts by Omega Research

Yesterday's rally allowed the SPX and DIA to push above their recent highs. However this was not enough to allow them to retake the former support zones that now loom as resistance. Also note the reluctance of the QQQQ and RUT to push above Thursday's highs. Depending on your perspective, this could either be a sign that large caps are now leading the way or signal that the rally doesn't have the support of tech and small cap names.

I have been scanning through a number of articles I have seen the continuing theme of analysts expressing enthusiasm for the large cap group. This may help explain the large cap pop as the Street funnels money to these stocks. This also gives us a chance to see how much money they can push towards the group as the large cap indices push into reisistance...


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Good Morning

by 4/26/2005 7:39 AM
Stocks quoted in this article:

Good morning...I am back in the office and want to start the day by saying thanks to those who filled in for me yesterday.

We follow Monday's rally with stock futures pulling back. With two hours until the open, S&P futures are just over four points below fair value. Gold is up 2.30 to 438.10 while oil is down 72 cents to 53.85...

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Stocks quoted in this article:
After a gain of 0.83 percent today, the Dow Jones Industrial Average looks to be headed for a showdown with some resistance points. The 10,350 level and the 20-day moving average are one good trading day within reach. What happens after that is anybody's guess? The Nasdaq Composite was up 0.96 percent today and the S&P 500 was up 0.87. Both of these indices look to be headed for resistance at their 20-day moving averages as well.<

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Stocks quoted in this article:
After announcing Thursday that its Trexima migraine medicine achieved statistical significance for all regulatory endpoints in the second of two Phase III pivotal trials, POZEN (POZN: scorecard, quote, chart) has continued to skyrocket higher. Thursday the stock rose 68 percent, Friday it dipped four cents but today it's the top performer on the Nasdaq Composite with a 20-percent gain. The stock had suffered mightily in 2005, losing 51 percent and falling to a two-year low. Not surprisingly, pessimism is quite high on the stock. Of four analysts that cover POZN, three have "hold" ratings on it. Its short-interest ratio is a hefty 5.5 days.<

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One More Hour

by 4/25/2005 3:03 PM
Stocks quoted in this article:
With an hour to go before the final bell it looks like we shouldn't see much excitement until tomorrow. Volume has really dried up and most market players have decided to instead wait until numerous earnings results hit later tonight and tomorrow morning before making any serious bets. If anything, I wouldn't be very surprised if we sold-off some going into the close.

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