Schaeffer's Trading Floor Blog

Sector Review at The Open

by 4/25/2005 9:56 AM
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With the Dow Jones Industrial Average and the Nasdaq Composite opening on a higher note, several sectors are taking full advantage of this morning's trading. Of the 35 sectors on my screen that I track, 32 of them are higher in early morning trading.

Leading the way are oil-themed sectors with the likes of oil service, oil & gas, and natural gas sectors. Oil futures are higher due to ongoing refinery outages in the U.S., bullish U.S. inventory data (from last week), and insurgent violence in Saudia Arabia. On the heels of these oil-related sectors are computer hardware and internet. In spite of the strength in oil, airlines are also having a respectable session out of the gate.

Lagging behind in this morning's trading are gold and silver issues with gold futures off fractionally. Drug and consumer sectors are lower by a small margin.

AMEX Oil & Gas (XOI) +1.60%

AMEX Natural Gas (XNG) +1.46%

PHLX Oil Service Sector (OSX) +1.31%

CBOE Internet Index (INX) +1.14%

GSTI Hardware (GHA) +1.09%

AMEX Airline Index (XAL) +0.67%

AMEX Consumer Index (CMR) -0.03%

AMEX Pharmaceutical (DRG) -0.21%

PHLX Gold/Silver (XAU) -1.18%


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Stock futures have continued to gain strength heading toward the opening bell suggesting that the major indices should be positive at least at the start of the trading day. Dow Futures are currently up 29 points, Nasdaq 100 Futures up 7 points, and S&P 500 Futures up 3 points. My feeling is that a rally of any significance will be unsustainable without some positive catalyst, however.

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Futures Reverse

by 4/25/2005 8:54 AM
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S&P futures reversed course a little after 8:00 AM and are now trading two points higher than Friday's close. They had spent most of the morning in negative territory, but seemingly reversed course very abruptly and from what I have found, there wasn't a news story that caused the reversal.

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Good Morning

by 4/25/2005 7:55 AM
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Good morning.. As you might already know, Nick won't be with us today but the good news is he'll be back in full force tomorrow. In the meantime, the rest of us will do our best to fill in for him.

With an hour and a half to go before the open, S&P futures are trading slightly below fair value. Gold is down $1.50, the dollar is up 0.37, and oil is higher by 18 cents.

The big news this morning is Valero Energy (VLO) is going to buy Premcor (PCO) for about $8 billion, making VLO the largest oil refinery in North America. Early indications show VLO down about one-percent and PCO up 18-percent on the news. <

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Final Figures

by 4/22/2005 5:19 PM
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As I noted below, the bulls made a stand in the last 20 minutes of the session...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1152.1 -7.8 points -0.68 percent
Dow Jones Industrial Average (DJIA) 10157.7 -61 points -0.6 percent
Nasdaq Composite (COMP) 1932.2 -30.2 points -1.54 percent
Russell 2000 (RUT) 589.5 -9.5 points -1.58 percent
CBOE Market Volatility Index (VXO) 14.65 1.02 points 7.5 percent

And while the buyers were able to boost the indices off their lows, it was not enough to keep them from showing losses on the day.

Overall we see that most groups showed losses while bonds and oil were the strongest gainers. Earlier today I noted that the networkers were bumping into resistance and the group's action today is not encouraging.

Earlier today I noted how energy and oil services were among the strongest groups this week and I expanded on this topic in my weekly homepage column "Exchange Traded Fund (ETF) Focus - Leading and Lagging Sectors"...

And now for the good news - on Monday you will get a reprieve from my incessant ramblings! I will be out of the office so some friends will be stopping by to keep you updated on all the day's action. I will be back on Tuesday. See you then!


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