Schaeffer's Trading Floor Blog

At the Open

by 4/12/2005 9:41 AM
Stocks quoted in this article:

The opening bell has rung and here is what I see...

As expected, we have slightly negative bias in stocks while oil trades higher...gold failed to hold the uptick we saw earlier as the HUI remains in the range we discussed yesterday...semis are the weakest group and tick ever so slightly below the support we have been watching - after failing to overtake resistance...drug stocks and networkers are also among the weakest...For the most part, the losses are widespread but mild...

Now I need to take a moment to gather some thoughts for an interview with a reporter from Dow Jones - I will be back shortly...

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Buyer Beware?

by 4/12/2005 8:58 AM
Stocks quoted in this article:

For the last two sessions we have been tracking the action in Starbucks (SBUX) as the stock slips below support...I just caught a note on the Dow Jones Newswires that Goldman Sachs is defending the stock and says the recent downdraft may be an attractive entry point...


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Trade Deficit

by 4/12/2005 8:52 AM
Stocks quoted in this article:

Remember what I said below...about not expecting the trade deficit data to have much impact? Well I guess it depends on what you define as a big impact...


Chart Courtesy of Thomson/ILX

The trade deficit widened to 61 billion, which was larger than expected, and S&P futures showed their biggest move of the overnight session on the release. However, if you look at the scale, it only amounts to about a point and a half drop. The S&P's have bounced slightly off their lows and now sit around two points below fair value...gold is now up 60 cents and oil is up 24 cents...

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News to Note on AIG

by 4/12/2005 8:24 AM
Stocks quoted in this article:

Also notable on the news front...There is an article on page C3 of today's Wall Street Journal - "Regulators Are Also Probing AIG's 'Loss Ratio'" - that discusses how yet another accounting "issue" may be percolating at American International Group. The article is interesting and worth a read...

But what really got me to take notice is one of the other headlines on AIG (no not the one that says former Chairman and CEO Hank Greenberg will "take the fifth" today, the one below that) which talks about how Merrill Lynch is reiterating their "buy" AIG as the stock is oversold and still a growth company...

The cynic might say - "we could still be early in the decline as the Street isn't even calling this a value stock yet!"

I am not really that cynical - am I?


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Headlines

by 4/12/2005 8:10 AM
Stocks quoted in this article:

A check of the headlines shows most of the attention is focused on the trade deficit, due at 8:30 AM, and the FOMC minutes, which will be released at 2:00 PM today...Genentech (DNA) reported better-than-expected earnings last night. However, some of their comments raised concerns and the shares traded down slightly in after-hours trading.

I am not sure the trade deficit data will have much impact (I'll let you know in 25 minutes) but I think the FOMC minutes might have the potential to shake things up so that is something to keep in mind as the afternoon nears...


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