Schaeffer's Trading Floor Blog

Must Reads

by 2/22/2005 8:22 AM
Stocks quoted in this article:

If you haven't seen them yet...Bernie has two must read columns posted.

The first is from this morning - "My Complaints About Complacency" - which discusses the macro environment....

The second was posted Friday on the homepage - "One I'd Like to Have Back" - where Bernie goes through a trade that didn't pan out. In numerous posts I have referenced that pain and frustration that EVERY trader goes through and I think that this serves as a good example of that.

In a post last week - "Dealing With Weaknesses" - I continued a series of comments geared towards helping your personal trading. I left that post saying that getting to the root of trading problems just takes time and a little leg work. I also said I would share some techniques that have helped me. Part of this involves going through past trades (as painful as it may be) to see what may have gone wrong. Bernie's column does a great job of illustrating this process. I will try to put some additional thoughts together on this topic...


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Good Morning

by 2/22/2005 7:49 AM
Stocks quoted in this article:

We follow the long weekend on a down note as the dollar is taking a hit. With more than an hour and a half until the open, S&P futures are five and a half points below fair value. Oil is up 91 cents to 49.92. Gold is also trading higher. The yellow metal is up more than four and a half points and to trade near 433. Last week I mentioned that 430 had been resistance since early January and today's trading is obviously testing the other side of that zone.

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Final Figures

by 2/18/2005 4:22 PM
Stocks quoted in this article:

Following a pattern in place all day...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1201.6 0.8 points 0.07 percent
Dow Jones Industrial Average (DJIA) 10785.2 31 points 0.3 percent
Nasdaq Composite (COMP) 2058.6 -2.7 points -0.13 percent
Russell 2000 (RUT) 630.1 -1.0 points -0.16 percent
CBOE Market Volatility Index (VXO) 11.05 -0.63 points -5.4 percent

...the major indices finished the day near breakeven. The DJIA showed the tiniest bit of outperformance as it was helped by late day pops in Merck and Pfizer as the FDA Panel gave the nod for a limited return of Vioxx. MRK jumped on the news and finished the day 13 percent higher (adding 26 points to the INDU).

The rest of the major groups I track...

...didn't change much from what I discussed throughout the day...financials weak/oil strong....Cisco finished the session on its lows as it hit a new annual low and is on the verge of violating the support near 17.50 that I mentioned earlier.

I think the most interesting development for the week, from my limited perspective, was the strength in steel stocks (such as United States Steel that I mentioned earlier today) along with coal stocks like Massey Energy (MEE). Housing stocks, which have been huge performers over the last year, are also attempting to bounce from a recent pullback. I mentioned Toll Brothers (TOL) as one stock in this group to keep an eye on.

I must admit a bit of befuddlement on this. I have always gravitated towards the industries and stocks that are moving. However, this has traditionally meant "sexy" industries - such as those that were developing or implementing new technology or products. I have trouble getting excited about steel/coal/housing but the strength and skepticism are there so that is what I am watching.

Also, as I noted earlier - an expanded set of filters has been added to the Special Tool Kit section. You can now search for relatively high and low overall scorecard readings and much more. Make sure you check this out.

And as I said, if you have filter ideas beyond what you see here, drop me an email via the link below and I will compile those requests and pass them along to the programmers for consideration in the next round of improvements.

Finally - don't forget, the market is close Monday so I will "see" you all on Tuesday...

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by 2/18/2005 3:17 PM
Stocks quoted in this article:

Keep an eye on Cisco...I have talked about support near 17.50 and the stock is at 17.30 - making new session lows as we head into the close.


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Worth a Read

by 2/18/2005 2:59 PM
Stocks quoted in this article:

I briefly touched on Dell and the 40 level earlier this week...but Bernie gives a complete look at the stock in his latest commentary - "A Dell Check Up". It is definitely worth a read...

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