Schaeffer's Trading Floor Blog

At the Close

by 5/31/2005 4:12 PM
Stocks quoted in this article:

Less than an hour ago I said..."Time is ticking away on today's session so it doesn't appear as if either the bulls or the bears are going to get much accomplished today"...And it appears that was all that was needed to set the wheels in motion on the most aggressive action of the day, relatively speaking. That post marked almost the exact peak as a round of late-day selling pushed the SPX back to its lows for the session...


Chart Courtesy of Thomson/ILX

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Must Read

by 5/31/2005 3:57 PM
Stocks quoted in this article:

Earlier I recommended reading Bernie's latest Option Advisor commentary...I just had a chance to read his latest column for Schaeffer's Gold - "A Look At One of My Top Indicators " and recommend reading this as well...


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Slow and Steady

by 5/31/2005 3:26 PM
Stocks quoted in this article:

The bulls have kept up the buying pressure but have yet to push the SPX into positive territory...


Chart Courtesy of Thomson/ILX

My alert for NYSE net ticks hit again as the SPX grinds its way back toward the breakeven mark. Time is ticking away on today's session so it doesn't appear as if either the bulls or the bears are going to get much accomplished today...


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More Buying

by 5/31/2005 1:53 PM
Stocks quoted in this article:

It looks as if the bulls are giving it another try as my alert for NYSE net ticks just hit again...The last attempt failed to gain traction but this buying has already started to send the SPX off its session lows...


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Stocks quoted in this article:

One of the stocks I have been tracking in this space is bebe stores (BEBE). The shares are trading down two percent this afternoon after being downgraded today. However, they are still holding above the former resistance zone we recently discussed...


Created with SuperCharts by Omega Research

Meanwhile, the sentiment profile continues to shows skepticism...

  • Percent of analysts tracked by Zacks who rate the stock with a "buy": 38%
  • Number of analysts tracked by Zacks: 8
  • Short interest as a percent of float: 34.9%
  • Short interest ratio: 5.902

I would now expect this former resistance zone to serve as support...


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