Schaeffer's Trading Floor Blog

Employment Report

by 5/6/2005 8:57 AM
Stocks quoted in this article:

The Labor Department reported that the labor market strengthened as the economy gained 274,000 jobs. This topped expectations and gave a boost to pre-open stock futures...


Chart Courtesy of Thomson/ILX

The S&P's immediately ticked higher on the news but then settled down. However, the action of the last few minutes has the June contract pushing back towards its high as it currently sits six points above fair value.


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Stocks quoted in this article:

One of the stocks in the news this morning is Pixar (PIXR) which trounced their earnings estimates last night...This is also a stock I have mentioned numerous, numerous, numerous times, but it has yet to really take-off. The sentiment profile on the stock has been encouraging for sometime and as you can see in the weekly chart below, the shares have maintained a solid uptrend which has been supported by their 20-week moving average...


Created with SuperCharts by Omega Research

I don't have today's option open interest data yet but here is what the profile looked like yesterday...

  • Percent of analysts tracked by Zacks who rate the stock with a "buy": 13%
  • Number of analysts tracked by Zacks: 16
  • Short interest as a percent of float: 22.2%
  • Short interest ratio: 6.528
  • Put/call ratio percent rank: 95.2%

As you can see, analysts are still on the sidelines while short sellers still represent a healthy level of potential buying pressure. As I said, the options open interest data is still based on yesterday morning's data, but a quick scan of yesterday's option trading volume doesn't seem to indicate a big change but I will update this once I have today's data.

The caveat - as regular readers can attest, I have been waiting for this stock to really takeoff for some time so perhaps I am just a pie-in-the-sky-perma-bull on it. But with the opinion so firmly stacked against it and the steady uptrend still in place, I don't see anything to dissuade me from that opinion...


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Good Morning

by 5/6/2005 7:49 AM
Stocks quoted in this article:

We come into the day with S&P futures trading roughly three points abovefair value. However, as you might expect, the employment report due at 8:30 AM may change this picture. Gold is flat while oil is up 55 cents to 51.38...

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Final Figures

by 5/5/2005 4:50 PM
Stocks quoted in this article:

As the SPX chart alluded to...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1172.6 -3.0 points -0.26 percent
Dow Jones Industrial Average (DJIA) 10340.4 -44 points -0.4 percent
Nasdaq Composite (COMP) 1961.8 -0.4 points -0.02 percent
Russell 2000 (RUT) 595.6 0.4 points 0.07 percent
CBOE Market Volatility Index (VXO) 13.34 0.21 points 1.6 percent

...the indices ended the session near breakeven ahead of tomorrow's employment report. However, looking at some of the sector indices....

...shows some mixed action....networkers were under pressure for most the day and took the top spot on the downside...oil reversed from midday weakness to finish up more than one percent and oil related concerns followed closely behind...

I don't think I am going out on a limb to say that tomorrow morning's chatter will focus on the employment report so that is where we will pick up...Now I am going to dig into the energy sector to see if I can find anything of interest...


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Into the Close

by 5/5/2005 4:40 PM
Stocks quoted in this article:

The action remained somewhat lethargic into the close...


Chart Courtesy of Thomson/ILX

The bulls tried to make a push into the close but failed to make it back to breakeven...

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