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

This just in from our Media Appearances page....Todd Salamone will once again represent the Bears in a Bull-Bear Debate on CNBC today at 3:05 p.m..


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Stocks quoted in this article:

Sharlee says - "A hard break of 1470 on the NDX may break the dam. This consistent up in the mornings and down in the afternoons is not real bullish!"

My response - While I have focused my attention on the SPX and DJIA daily charts (which are holding above support) the view of the Nasdaq 100 (NDX) is not quite as constructive...


Created with SuperCharts by Omega Research

The horizontal lines highlight the "stair-step" pattern that is starting to form as the NDX struggles to hold at its recent lows...


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Keep an Eye on the Action

by 3/29/2005 1:34 PM
Stocks quoted in this article:

Continuing on the post below...I would keep a close eye on how today progresses. The last two sessions have seen weak finishes and today's activity isn't inspiring given the burst of buying we saw earlier. Yesterday morning I said - the SPX and DJIA are oversold and sitting on support so if there was a time for the bulls to make a push - this would be it.

So far they bulls have not been able to do this. Either there isn't much sideline money waiting to jump in or there remains an abundance of supply hanging overhead.

This is worth noting because the indices are starting to emerge from their oversold nature as they consolidate sideways. In other words, that catalyst is waning. I am seeing some chatter that traders are waiting for the employment report on Friday to save the day. I would interpret this as a sign that some are holding positions based on "hope"...


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Slipping...

by 3/29/2005 1:17 PM
Stocks quoted in this article:

In the post below I offered that perhaps the buyers just stepped out for a quick bite to eat....It looks like it was a long lunch as the SPX has now given up all the gains from earlier and slipped back below the breakeven mark to test this morning's lows...


Chart Courtesy of Thomson/ILX


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Lull...

by 3/29/2005 12:24 PM
Stocks quoted in this article:

The buying noted below seems to have settled down for the moment as the SPX failed to penetrate that short-term resistance zone and has backed off from its session highs...perhaps the buyers just stepped out for a quick bite to eat.

In between talking to reporters (most of Wall Street must be on vacation today because I have been busy!) and working on my regular weekly column for the homepage, I have been looking around to see what is moving and EMC caught me eye. I touched on the stock Thursday and the updated chart below shows EMC is creeping back towards its recent low.


Created with SuperCharts by Omega Research

This low was also support on a pullback in October. A look at the facts below show few seem too concerned about this pullback...

  • Percent of analysts tracked by Zacks who rate the stock with a "buy": 76%
  • Number of analysts tracked by Zacks: 21
  • Short interest as a percent of float: 0.8%
  • Short interest ratio: 1.6
  • Put/call ratio percent rank: 59.1%

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