Schaeffer's Trading Floor Blog

In the News

by 4/7/2005 8:54 AM
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Outside the jobless claims data...the headlines are focused on Dell - which reaffirmed guidance and doubled the amount they expect to spend on buybacks. The stock is indicated up one percent but I want to let the shares open and then check back on the chart. Alcoa (AA) is also in the news after reporting earnings that beat by a penny. The chart of AA is nothing spectacular but the shares get attention as AA's report is the much ballyhooed "official" kick-off to earnings season....Let the games begin!

For those looking for something to read, an article on BusinessWeek's website caught my eye - Profit Growth Takes a Short Break. What caught my attention is the expectation that the slowdown in earnings is temporary. While earnings growth could pick up in the second half (after all - anything is possible) the fact that is it already being assumed is something to keep in the back of your mind as it could set the stage for disappointment...


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Jobless Claims

by 4/7/2005 8:38 AM
Stocks quoted in this article:

Initial jobless claims dropped by 19,000 to 334,000...which was inline with expectations. S&P futures ticked up slightly on the news but are still within a point or so of fair value.

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As I noted below, the pre-open futures picture has been weakening...


Chart Courtesy of Thomson/ILX

The S&Ps started to ramp up around 3:00 AM but this burst of buying failed to set the tone as the June futures contract has steadily eroded. The most recent downtick sets a new low for the overnight session and moves futures close to fair value.


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Good Morning

by 4/7/2005 7:47 AM
Stocks quoted in this article:

We start the day with S&P futures trading above fair value and pointing to a slightly positive open. Though they have backed off their overnight highs, they still sit roughly a point and a half above fair value. Gold is down 30 cents to 428.9 while oil is up 61 cents to 56.46.

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Final Figures

by 4/6/2005 4:42 PM
Stocks quoted in this article:

As I just noted...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1184.1 2.7 points 0.23 percent
Dow Jones Industrial Average (DJIA) 10486.0 28 points 0.3 percent
Nasdaq Composite (COMP) 1999.1 -0.2 points -0.01 percent
Russell 2000 (RUT) 616.2 1.7 points 0.28 percent
CBOE Market Volatility Index (VXO) 12.62 -0.67 points -5.0 percent

...the SPX held on to show a small gain on the day as did the DJIA and RUT while the COMP was flat.

Biotech led the day while housing and internet slugged it out for the biggest decliner. Oil finished slightly lower but oil stocks put in a respectable showing. Semis finished more or less flat.

As has been the case for the last several sessions, we remain in the same situation that I reiterated last night. For me, the biggest takeaways from today's session are the lackluster performance by the semis on the back of the positive brokerage house comments and the decline in internet stocks which is where I will pick up tomorrow morning....

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