Schaeffer's Trading Floor Blog

GM Upgrade

by 5/5/2005 8:25 AM
Stocks quoted in this article:

A scan of the early news shows that General Motors (GM) is once again in the spotlight. The shares surged 18 percent yesterday on the Kirk Kerkorian story and today JP Morgan is upgrading the stock to overweight from neutral as they believe this news may unlock value.

According to Zacks, just 3 of the 16 analysts ranked GM with a "buy" rating as we headed into today so it might be worthwhile to watch and see if the Street is starting to run toward the shares. If so, this could bring a good deal of buying demand to the stock, which has a sizable level of short interest...

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Good Morning

by 5/5/2005 8:00 AM
Stocks quoted in this article:

We start the trading day on a somewhat volatile note as news filters out that toy grenades filled with gunpowder exploded outside the British consulate in New York City this morning. S&P futures have sold-off from their overnight highs but have now rebound a bit. With an hour and a half until the open, the S&Ps sit a little over two points below fair value. Gold is up 1.20 to 431.20. Oil is up 48 cents to 50.61...

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Final Figures

by 5/4/2005 5:06 PM
Stocks quoted in this article:

Overall, we see a solid rally today...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1175.7 14.5 points 1.25 percent
Dow Jones Industrial Average (DJIA) 10384.6 128 points 1.2 percent
Nasdaq Composite (COMP) 1962.2 29.1 points 1.51 percent
Russell 2000 (RUT) 595.2 10.7 points 1.84 percent
CBOE Market Volatility Index (VXO) 13.13 -1.49 points -10.2 percent

...as the major all gain at least one percent...

Here we see a similarly strong picture as bonds were the only group from this list to show a decline on the day. One percent gains were the norm and a number of groups pushed past two percent.

Earlier this morning I said that if the bulls were going to make a run, the stage had been set. The bulls took advantage of the situation and made a push higher. Tomorrow morning I will update my index charts to show where the major indices stand...

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At the Close

by 5/4/2005 4:28 PM
Stocks quoted in this article:

The bulls were indeed able to keep a bid under the market...


Chart Courtesy of Thomson/ILX

...as the SPX closed near its session highs...


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Into the Close

by 5/4/2005 3:27 PM
Stocks quoted in this article:

We head toward the close with the bulls keeping a firm bid under the market. In fact, my alert for NYSE net ticks just hit as the SPX pushes to another new high for the session. Barring a last minute barrage of selling, it looks as if the broad market indices will book solid gains on the day...

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