Schaeffer's Trading Floor Blog

Still Watching WMT

by 4/1/2005 8:14 AM
Stocks quoted in this article:

Before the action gets rolling I want to make sure I mention something...Last night Bernie sent an email that mentioned a number of stocks were on the verge of breaking support. Two of the stocks are ones I have mentioned here - Fannie Mae (FNM) which I talked about earlier this month and Wal-Mart Stores (WMT) which I touched on last week as it was quietly slipping below support.

I think both stocks need to be monitored with a cautious eye, especially WMT. Here is an updated weekly chart...


Created with SuperCharts by Omega Research

The most concerning aspect, in my opinion, is the overall complacency on this potential breakdown as 14 of the 20 analysts tracked by Zacks still ranking WMT with a "buy" rating.

In other words, the shares are slipping to new annual lows yet 70 percent of analysts are still saying "buy!" which raises the question - what would this chart look like if some started to say sell...

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Good Morning

by 4/1/2005 7:47 AM
Stocks quoted in this article:

We come into "employment" Friday with futures showing an early bounce. With 45 minutes until "the report" and a little more than an hour and a half until the open, S&P futures are more than three and a half points above fair value. Oil is up 34 cents to 55.74 while gold is down 90 cents to 427.80.


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Final Figures

by 3/31/2005 4:40 PM
Stocks quoted in this article:

There is nothing too exciting in the data below but...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1180.6 -0.8 points -0.07 percent
Dow Jones Industrial Average (DJIA) 10503.8 -37 points -0.4 percent
Nasdaq Composite (COMP) 1999.2 -6.5 points -0.32 percent
Russell 2000 (RUT) 615.1 0.2 points 0.03 percent
CBOE Market Volatility Index (VXO) 13.62 0.32 points 2.4 percent

...it is still a good practice to review it. As we saw in the previous post, the SPX slid back to breakeven while the other indices showed little in the way of exciting activity.

Overall we see that there was some slight weakness in some of the tech areas, along with biotech...Housing bounced as the group tries to retake former support...Oil backed off its "super" highs but still finished higher as oil stocks and natural gas stocks led the day.

I suspect that most of the chatter tomorrow will center on the employment report and that is where we will pick up tomorrow... Have a nice evening.

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Into the Close

by 3/31/2005 4:10 PM
Stocks quoted in this article:

A rather lackluster finish...


Chart Courtesy of Thomson/ILX

The midday rally failed at its morning high and the SPX slid back to breakeven by the close as the quarter draws to a close and traders wait for the much ballyhooed employment report tomorrow morning...

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Readers Respond - JPM?

by 3/31/2005 3:36 PM
Stocks quoted in this article:

Mari Ann says - "What are your thoughts on JPM? It has been steadily creeping down, but still has an Equity Scorecard rating of 5. Do you think it will hold when it hits support at 34.29, or keep heading south?"

My response - The weekly chart below is what I am watching on JP Morgan...


Created with SuperCharts by Omega Research

The former uptrend has been broken and, as Mari Ann mentioned, the stock has been slowly sliding. It now sits near its low from last year. The neutral scorecard reading doesn't inspire me with confidence and I would consider a break of support a warning sign.

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