Schaeffer's Trading Floor Blog
Stocks quoted in this article:

In regard to my post below - Breakout?, Philip says - "It has busted the highs and WTi just got crushed. If the bulls can't hold the break above last week's highs AND crude is breaking down, that would be even more negative. Conceivably, the move in yields (up) coincident to the crude move is off-setting some of the simulative benefit of weaker crude, however, it would still be very negative given the intensive focus on crude. "

My response - I agree that a failure to hold up here would be a warning sign that the bulls are struggling. As I alluded to in the embedded link in that post, it seems the bulls now have the ball in their court. A slight down draft in Investors Intelligence optimism seems to point to money on the sideline that could be sucked back in as "everyone" sees the SPX and DIA bounce off their January lows.

If this can't get the crowd excited, you have to wonder what it would take...or more ominously...raise the question as to whether there is enough sideline money out there to support the market...

Today's close should be interesting...

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Still Watching BEBE

by 4/7/2005 1:37 PM
Stocks quoted in this article:

Last week I showed the daily and weekly chart of bebe stores (BEBE)...The shares have popped above their recent peak on this morning's same-store-sales data.


Created with SuperCharts by Omega Research

Given the skepticism seen in the data below, this might be one to still keep an eye on...

  • Percent of analysts tracked by Zacks who rate the stock with a "buy": 44%
  • Number of analysts tracked by Zacks: 9
  • Short interest as a percent of float: 30.5%
  • Short interest ratio: 4.801


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Breakout?

by 4/7/2005 12:47 PM
Stocks quoted in this article:

For what it is worth...The SPX has ticked past last week's highs. This gives us a chance to see how strong the bulls are - as in can they hold this level - and gives us a chance to see if the scenario I talked about yesterday in Thinking Out Loud Part plays out...


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Index Check

by 4/7/2005 12:41 PM
Stocks quoted in this article:

The broad market indices are mulling around their session highs and my NYSE net ticks alert has been active so I thought I should check in and see what is on the move...

For the most part we see a positive picture as natural gas stocks are the only group trading lower...drugs have reversed their loss...semis are trying to rally off support while biotech and housing battle it out for the top spot...


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Stocks quoted in this article:

With a little over two hours of action, here is what we see...


Chart Courtesy of Thomson/ILX

A spurt of buying appears to have slowed. At the moment, none of the major indices are trading above yesterday's high so we are still waiting for the technical picture to change....

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