Schaeffer's Trading Floor Blog
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I was glancing through the Wall Street Journal and a couple of articles caught my eye...

The first - "Fidelity's New Upgrade: 'Analyst'" - talks about how Fidelity Investments is shaking up their research structure and hiring dedicate analysts in an effort to boost lackluster performance. The second - "Narrow Market Ranges Stymie Wall Streeters" - discusses the frustration that professional traders are feeling as low volatility and monotonous market action make their lives difficult.

I wanted to point these out because we have discussed this ugly market action and touched on the frustration that many of you are feeling. I have said that you are not alone and as the articles above show, even the Street is feeling it.

I also thought it was worth noting due to the ironic way the market tend to works. It seems that just about the time a thought becomes pervasive and accepted, the environment changes. It will be interesting to watch how this develops. If we start to see more signs that every accepts the "fact" that the summer will boring, the market may offer a surprise...

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Watch For It

by 6/10/2005 7:52 AM
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For those, like me, who enjoy the insight Bernie provides in his "Schaeffer's Media Outtakes" column on the homepage...I just got a sneak preview of his latest post and it is a must read. I will provide a link once it is available on the site...

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Good Morning

by 6/10/2005 7:49 AM
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We start the final trading day of the week with stock futures showing a slight upside bias as the S&Ps are trading a point or so above fair value. Gold is down 1.10 to 425.00. Oil is down two cents to 54.26.

Also, as an FYI, the June stock futures have expired so I am now tracking the September contracts...

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Final Figures

by 6/9/2005 4:32 PM
Stocks quoted in this article:

As we saw in the chart I just posted...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1200.9 6.3 points 0.52 percent
Dow Jones Industrial Average (DJIA) 10503.0 26 points 0.2 percent
Nasdaq Composite (COMP) 2076.9 16.7 points 0.81 percent
Russell 2000 (RUT) 626.2 5.8 points 0.93 percent
CBOE Market Volatility Index (VXO) 11.89 -0.52 points -4.2 percent

The bulls managed to hold gains on the day, though clearly there was some disparity. The RUT and COMP led while the DJIA lagged.

Overall we see a there was an upside bias among most groups with leadership coming from the oil patch. Semis showed a strong finish into the close as the SMH pushed back into that resistance zone we have been watching.

After the close, Intel (INTC) released their mid-quarter update and raised their sales and gross margin forecasts. However, this doesn't seem to be doing much for the stock in after-hours trading. The morning should give us a better indication of both the reaction on Intel and for how the SMH will handle that resistance. And that is where I will pick up in the morning.

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Into the Close

by 6/9/2005 4:16 PM
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While it was a hardly a big gain...

Chart Courtesy of Thomson/ILX

..the bulls did manage to break the recent pattern of late-day sell offs...


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