Schaeffer's Trading Floor Blog

Good Morning

by 6/3/2005 7:49 AM
Stocks quoted in this article:

We start the final trading day of the week with stock futures pointing to a lower open. With a little more than an hour and a half until the opening bell, and 45 minutes until the employment report, the S&Ps are trading a point and a half below fair value. Gold is up 10 cents to 424.90. Oil is up 45 cents to 54.08.


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Final Figures

by 6/2/2005 4:40 PM
Stocks quoted in this article:

It only takes a quick glance at the figures below to see...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1204.3 2.0 points 0.17 percent
Dow Jones Industrial Average (DJIA) 10553.5 4 points 0.0 percent
Nasdaq Composite (COMP) 2097.8 9.9 points 0.47 percent
Russell 2000 (RUT) 625.2 1.5 points 0.24 percent
CBOE Market Volatility Index (VXO) 11.35 -0.03 points -0.3 percent

...that this was not where the action was today...Expanding out to the "big picture" graph shows that there were a few pockets of movement...

Semis and networkers were among the strongest stock groups. Both of these indices were strong earlier today, but networkers drifted sideways into the close while semis rallied to make a new high for the day. The SOX is at its highest level since early-March while the SMH pushed to its highest level since last summer.

Oil finished the session lower but oil related stocks held yesterday's gains. Gold stocks were strong this morning but as you can see in this intraday chart of the HUI, that group saw steady selling pressure throughout the afternoon...


Chart Courtesy of Thomson/ILX

I fully expect tomorrow's focus to be on the employment report and that is where I will pick up in the morning...

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WFMI

by 6/2/2005 3:57 PM
Stocks quoted in this article:

For what it is worth...Whole Foods Market (WFMI), which I mentioned earlier, is showing a strong performance into the close. While far from a "holy grail" indicator, I do think that strong closes on a stock are an encouraging sign...


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Another Buying Spurt

by 6/2/2005 3:46 PM
Stocks quoted in this article:

Continuing a pattern we have seen all day...my alert for NYSE net ticks hit as the SPX creeps to another new high for the session. A quick glance of the major indices reveals that none are showing gains that I would call significant - at least not yet. It will be interesting to see if the bulls are willing make a late-day push ahead of tomorrow's much-ballyhooed employment report...

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Must Read

by 6/2/2005 3:03 PM
Stocks quoted in this article:

Are you curious what stock earns the following comments by my colleague by Jocelynn Drake?

    ...has outperformed the S&P 500 Index...rallied along the support of its 10-day and 20-day moving averages...often signals further upside for a security...Wall Street has been reluctant to jump on...ample room for potential upgrades...a Schaeffer's Equity Scorecard ranking of 7.0...upside ahead of them as this pile of pessimistic positions unravels in the form of increased buying pressure...

Then make sure you check out the latest her latest article under the Premium Analyst Commentary section.

She does some outstanding in-depth research so make sure you catch it...

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