Schaeffer's Trading Floor Blog

Keep an Eye on QLGC

by 5/5/2005 8:41 AM
Stocks quoted in this article:

It might also be worthwhile to keep an eye on QLogic (QLGC). Yesterday we noted that the shares were top heavy with analyst "buys" as the company headed into their earnings report. The company beat earnings estimates but their guidance was less than impressive and shares are indicated down seven percent or so - though there is still an hour until the open.

I have been scanning through analysts' comments, and as you might expect given the fact that the Street is overwhelmingly bullish, some brokers are coming out to defend the stock. Last week's low was near 32 and the shares are flirting with breaking that level which would put them below the support zone we noted yesterday.

I would keep a close eye on this situation to see if the brokerage houses are able to talk up the shares. If not, you may see some defection from the bullish camp in the near future as no one on the Street wants to be the last one holding the bag...


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GM Upgrade

by 5/5/2005 8:25 AM
Stocks quoted in this article:

A scan of the early news shows that General Motors (GM) is once again in the spotlight. The shares surged 18 percent yesterday on the Kirk Kerkorian story and today JP Morgan is upgrading the stock to overweight from neutral as they believe this news may unlock value.

According to Zacks, just 3 of the 16 analysts ranked GM with a "buy" rating as we headed into today so it might be worthwhile to watch and see if the Street is starting to run toward the shares. If so, this could bring a good deal of buying demand to the stock, which has a sizable level of short interest...

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Good Morning

by 5/5/2005 8:00 AM
Stocks quoted in this article:

We start the trading day on a somewhat volatile note as news filters out that toy grenades filled with gunpowder exploded outside the British consulate in New York City this morning. S&P futures have sold-off from their overnight highs but have now rebound a bit. With an hour and a half until the open, the S&Ps sit a little over two points below fair value. Gold is up 1.20 to 431.20. Oil is up 48 cents to 50.61...

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Final Figures

by 5/4/2005 5:06 PM
Stocks quoted in this article:

Overall, we see a solid rally today...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1175.7 14.5 points 1.25 percent
Dow Jones Industrial Average (DJIA) 10384.6 128 points 1.2 percent
Nasdaq Composite (COMP) 1962.2 29.1 points 1.51 percent
Russell 2000 (RUT) 595.2 10.7 points 1.84 percent
CBOE Market Volatility Index (VXO) 13.13 -1.49 points -10.2 percent

...as the major all gain at least one percent...

Here we see a similarly strong picture as bonds were the only group from this list to show a decline on the day. One percent gains were the norm and a number of groups pushed past two percent.

Earlier this morning I said that if the bulls were going to make a run, the stage had been set. The bulls took advantage of the situation and made a push higher. Tomorrow morning I will update my index charts to show where the major indices stand...

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At the Close

by 5/4/2005 4:28 PM
Stocks quoted in this article:

The bulls were indeed able to keep a bid under the market...


Chart Courtesy of Thomson/ILX

...as the SPX closed near its session highs...


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