Schaeffer's Trading Floor Blog

Must Read

by 5/31/2005 3:57 PM
Stocks quoted in this article:

Earlier I recommended reading Bernie's latest Option Advisor commentary...I just had a chance to read his latest column for Schaeffer's Gold - "A Look At One of My Top Indicators " and recommend reading this as well...


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Slow and Steady

by 5/31/2005 3:26 PM
Stocks quoted in this article:

The bulls have kept up the buying pressure but have yet to push the SPX into positive territory...


Chart Courtesy of Thomson/ILX

My alert for NYSE net ticks hit again as the SPX grinds its way back toward the breakeven mark. Time is ticking away on today's session so it doesn't appear as if either the bulls or the bears are going to get much accomplished today...


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More Buying

by 5/31/2005 1:53 PM
Stocks quoted in this article:

It looks as if the bulls are giving it another try as my alert for NYSE net ticks just hit again...The last attempt failed to gain traction but this buying has already started to send the SPX off its session lows...


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Stocks quoted in this article:

One of the stocks I have been tracking in this space is bebe stores (BEBE). The shares are trading down two percent this afternoon after being downgraded today. However, they are still holding above the former resistance zone we recently discussed...


Created with SuperCharts by Omega Research

Meanwhile, the sentiment profile continues to shows skepticism...

  • Percent of analysts tracked by Zacks who rate the stock with a "buy": 38%
  • Number of analysts tracked by Zacks: 8
  • Short interest as a percent of float: 34.9%
  • Short interest ratio: 5.902

I would now expect this former resistance zone to serve as support...


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Index Check

by 5/31/2005 12:51 PM
Stocks quoted in this article:

For the most part, the action remains quiet as we cruise through lunch...

While there is a distinct negative skew, the moves are relatively light as most groups are showing moves of less than half of one percent. Oil stocks are the only group to tag the one percent line on the downside.

Bonds continue to shine as the TLT pushes past last week's best levels to hit a new annual high. The TLT is currently trading near 94.67 with the all-time high from June 2003 sitting near 97.66...

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