Schaeffer's Trading Floor Blog

At the Open

by 6/22/2005 9:51 AM
Stocks quoted in this article:

The opening bell has rung and here is what I see...

As indicated by the pre-open futures action, the broad market indices (as well as most sectors) opened with a positive bias with gold stocks the only group to trade lower...

For the most part there doesn't appear to be much in the way of stout leadership, just general buying. Brokers are the strongest group, but that is in part due to a gap high in Ameritrade Holding Corp (AMTD) on merger chatter...


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The Bullish Case

by 6/22/2005 9:31 AM
Stocks quoted in this article:

As I have mentioned before...and regular watchers of CNBC have seen...my colleague Todd Salamone frequently debates Joseph Battipaglia on CNBC's bull-bear debate. For those interested in seeing more about the bulls' case, check out this interview with Mr. Battipaglia on Business Week's site - "A Shift to Growth and Large-Caps"...

From a longer-term perspective I have to disagree with the optimism but I think it is always important to try to listen to what others are saying so that you don't get blindly locked into one view...


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Into the Open

by 6/22/2005 8:51 AM
Stocks quoted in this article:

We head toward the open with stock futures still showing some strength...gold is down 1.70 and oil is down 11 cents.

A check of the headlines shows that Ford Motor (F) is in focus after they cut their full-year 2005 profit target. As you might expect, the shares are indicated to open slightly lower. However, it will be interesting to see how the shares trade. I don't think that anyone is surprised to hear that there is trouble in the auto sector so it might be that some of the concerns are already factored into the shares...


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Good Morning

by 6/22/2005 8:13 AM
Stocks quoted in this article:

We start the day with pre-open stock futures pointing toward a moderately positive open. The S&Ps currently show they are trading two and a half points above yesterday's close. However, this somewhat understates the situation as they are trading four and half points above fair value, which would point to a pop at the open...if it holds for the next hour and a half. Gold is down 1.70 to 438.80. Oil is down17 cents to 58.87.

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Final Figures

by 6/21/2005 5:15 PM
Stocks quoted in this article:

Another day...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1213.6 -2.5 points -0.20 percent
Dow Jones Industrial Average (DJIA) 10599.7 -9 points -0.1 percent
Nasdaq Composite (COMP) 2091.1 3.0 points 0.14 percent
Russell 2000 (RUT) 641.0 -0.8 points -0.12 percent
CBOE Market Volatility Index (VXO) 10.16 -0.37 points -3.5 percent

...another flat session...

Overall, we see a similar picture to what we saw this afternoon...a generally quiet day with moves confined to biotech, gold and oil related stocks...

Of particular interest is the bounce in the HUI. Earlier today we looked at a support zone near 195 and today's low on the HUI was 194.36. Assuming this support holds, the next test for the index will be the recent highs near 205.

I have received a couple of questions about the market volatility indices as the VXO and VXN tag new annual lows today. I want to look at a few things tonight and that is where I will pick up tomorrow morning...


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