Schaeffer's Trading Floor Blog

Buying Push?

by 4/22/2005 12:42 PM
Stocks quoted in this article:

My alert for NYSE net ticks just hit as the SPX is bouncing off its session lows....

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A Shovel or a Rake?

by 4/22/2005 12:37 PM
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I have never claimed to be the sharpest tool in the forgive me if what I note below is already completely apparent to everyone else...

But I was just preparing some data for my weekly homepage column on leading and lagging Exchange Traded Funds (ETFs) for the week and chart below caught me off-guard...

I am not sure what I was expecting to see but it wasn't that oil/energy would be leading and that the drugs would be lagging. It seems that everything I have been "hearing" is to jump into drugs so the lackluster performance was surprising - though the group is coming off a small run. And even though I have been talking about the energy, I didn't expect that to see it leading the action as it "seems" like it has been slowly creeping higher....

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Point to Ponder

by 4/22/2005 12:20 PM
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I was looking for a piece of data in our "Mastering Advanced Options Strategies" and happened across the list below from the chapter on trading psychology that I thought you might find interesting...

  • Your mental state is as important as your market knowledge
  • Your goal is to make money, not be perfect
  • You are operating in an environment that offers almost unlimited freedom
  • You must understand your personality and find a trading style that fits it
  • Acquire and know your edge
  • Accept the fact that there are going to be losing trades
  • You can learn from your losing trades
  • Expect the unexpected
  • Recognize that losing trades can waste energy
  • Trading is about respecting risk
  • Trade to win
  • Remember that you control your reaction to environment
  • Statistics work in long strings of numbers
  • The market will humble even the smartest traders

I have discussed many of these points in my day-to-day post so they should be familiar view. If you aren't familiar with these concepts, you might want to check out the link above...

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I Am Back!!!

by 4/22/2005 11:36 AM
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Yes - there is a cosmic sort of justice to the world...yesterday my "30 minute" meeting ran an hour but today, my "60 minute" meeting was over in 20 minutes...which on a "pro-forma" basis means I beat expectation by a dime for the past two days...

Checking in on the market, I see...

...that the larger cap names (SPX & DJIA) have moved back toward breakeven but tech and small caps (COMP & RUT) are not enjoying the same enthusiasm...networkers are still the weakest group...semis aren't showing much and still remain below Wednesday's high...oil and natural gas stocks have perked up as both indices just ticked to new highs on the session...if you missed my comments on these groups click here for XOI and click here for XNG...


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Keep an Eye on MXIM

by 4/22/2005 10:40 AM
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For what is it worth...I just noticed that Maxim Integrated Products (MXIM) hit a new annual low today after gaining just 33 cents during yesterday's monster rally...

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