Schaeffer's Trading Floor Blog

Good Morning

by 3/30/2005 7:51 AM
Stocks quoted in this article:

We follow yesterday's sell-off with a bounce. With an hour and a half until the opening bell, S&P futures are more than three and a half points above fair value. Oil and gold are both flat this morning.


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Final Figures

by 3/29/2005 4:33 PM
Stocks quoted in this article:

In a word - ugly...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1165.4 -8.9 points -0.76 percent
Dow Jones Industrial Average (DJIA) 10405.7 -80 points -0.8 percent
Nasdaq Composite (COMP) 1973.9 -18.6 points -0.93 percent
Russell 2000 (RUT) 604.6 -10.5 points -1.71 percent
CBOE Market Volatility Index (VXO) 13.93 0.78 points 5.9 percent

That is how I would describe the action of the last three days. In a post yesterday I showed the intraday charts of the indices and noted that it appeared that those with the larger numbers of stocks appeared to be finding it harder to hold up. Today we see the RUT took the brunt of the damage while the COMP was the next hardest hit. Looking at the indices relative to each other...

...shows that losses were widely distributed. Bonds, along with the commodities oil and gold were the only groups to squeak out gains...but gold and oil stocks succumbed to selling. Internet stocks led through most of the session but finished below the breakeven mark. A number of groups lost more than one percent. Housing was one of those groups and its worth pointing out the HGX broke below the support I discussed yesterday.

As I said - ugly. The bulls failed to capitalize on early strength in the past two sessions and failed to hold a morning rally today. Earlier I said that - "Either there isn't much sideline money waiting to jump in or there remains an abundance of supply hanging overhead." Today's late day selling seems to indicate it may be a combination of both issues.

Tomorrow morning I plan to hit the ground running with updated daily charts of the major indices so that we can get a sense for where we stand...

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At the Close

by 3/29/2005 4:08 PM
Stocks quoted in this article:

The final 30 minutes of trading brought little reprieve for the bulls...

Chart Courtesy of Thomson/ILX

A last minute uptick kept the SPX from finishing on its lows, but I would not call it a meaningful difference. If you read my comment earlier today about the January low, you will notice that today's low kissed the level that marked the bottom in January.


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Net Tick 180

by 3/29/2005 3:31 PM
Stocks quoted in this article:

We enter the final half hour of the session with NYSE net ticks reversing earlier action and spiking below -1000 as the SPX flirts with new lows for the session....

Chart Courtesy of Thomson/ILX

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Stocks quoted in this article:

Here are today's top and bottom performing Exchange Traded Funds (ETFs)...

Top Performing Sector Exchange Traded Funds:

  • iShares Lehman 20+ Year Treas Bond (TLT) = +0.56 percent
  • streetTRACKS Gold Shares (GLD) = +0.21 percent
  • iShares DJ US Financial Svcs (IYG) = +0.21 percent
  • iShares C&S Realty Majors (ICF) = +0.20 percent
  • iShares DJ US Telecom (IYZ) = -0.04 percent
  • Regional Bank HOLDRS (RKH) = -0.11 percent
  • Consumer Staples Select SPDR (XLP) = -0.13 percent
  • iShares DJ US Financial Sector (IYF) = -0.13 percent

Bottom Performing Sector Exchange Traded Funds:

  • iShares DJ US Industrial (IYJ) = -1.46 percent
  • Materials Select Sector SPDR (XLB) = -1.53 percent
  • iShares Russell 2000 Index (IWM) = -1.56 percent
  • iShares S&P SmallCap 600 Index (IJR) = -1.59 percent
  • iShares DJ US Basic Materials (IYM) = -1.74 percent
  • iShares DJ Transportation Average (IYT) = -1.80 percent
  • iShares Nasdaq Biotechnology (IBB) = -1.79 percent

As you can see, gold, bonds and financials are holding small gains while biotech, transports and basic materials are getting hit the hardest. Small caps also make the bottom performing list which not something you usually see.

Note: If you are not familiar with ETFs, make sure you read the Education and FAQ sections in our ETF center.


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