Schaeffer's Trading Floor Blog

News

by 3/31/2005 8:21 AM
Stocks quoted in this article:

I have been scanning the headlines for a catalyst for the pop in futures...but I don't see much that stands out. We have jobless claims and income/spending data at 8:30 so I will let that settle and then check in on the futures chart.

There are a few stock stories getting attention this morning. Elan Corp (ELN) and Biogen Idec (BIIB) are under pressure after another case of the rare neurological disease that caused their drug Tysabri to be suspended has surfaced.

American International Group (AIG) continues to be in the news after they said improper accounting that could cut their net worth by more than one and a half billion. Also, yesterday afternoon, S&P cut AIG's long-term debt by one notch.

If you haven't been reading Schaeffer's Daily Contrarian, you might want to read this article and the embedded link for more information about AIG.


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Good Morning

by 3/31/2005 7:48 AM
Stocks quoted in this article:

We start the day with futures trading about two points above fair value...When I left for my commute into the office the S&Ps were about 50 cents below fair value but they have seen a spurt of buying in the last 10 minutes so I need to dig into that. Oil is up 25 cents to 54.24 while gold is up 1.3 to 428.20.

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Final Figures

by 3/30/2005 4:38 PM
Stocks quoted in this article:

As the chart I just posted illustrated...and the numbers below reiterate...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1181.4 16.1 points 1.38 percent
Dow Jones Industrial Average (DJIA) 10540.9 135 points 1.3 percent
Nasdaq Composite (COMP) 2005.7 31.8 points 1.61 percent
Russell 2000 (RUT) 614.9 10.3 points 1.70 percent
CBOE Market Volatility Index (VXO) 13.30 -0.63 points -4.5 percent

The bulls finally showed up to play ball. And given the support we looked at this morning, it was getting close. The RUT showed the strongest bounce, but keep in mind the index lost 10 points yesterday so this move just puts the small-caps back to where they were on Monday.

Looking over all the indices shows pretty much the same picture we saw all day. Internet kept the lead and was followed by semis and networking which helped the NDX. Oil finished lower but oil stocks were able to bounce from yesterday's selling.

Today was a good first step for the bulls, but I would still keep a close eye on the action to see if they can keep the momentum going. The major indices are all still very close to important support. And that is where I will pick up tomorrow morning.

But before I go, I want to make sure you see the post from earlier today - Sharing Information - I have received a couple questions about the "vague-ness" of it and that was intentional. I want to let you determine where that discussion goes. I have already received a couple of suggestions and topics so I will revisit this tomorrow...


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At the Close

by 3/30/2005 4:05 PM
Stocks quoted in this article:

As you can see below, the bulls kept a steady bid under the market as the SPX closed on its session highs...


Chart Courtesy of Thomson/ILX

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Readers Respond - Yahoo?

by 3/30/2005 3:41 PM
Stocks quoted in this article:

Tim says - "YHOO is making a big push today. Will it be enough to overtake the resistance at 33.7 to 34.0? We shall see."

My response - As I noted yesterday, Yahoo has some of the big guns trying to pull the stock higher so you have to respect that. The key is let that pass and wait for that support to dry up...


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