Schaeffer's Trading Floor Blog
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We continue to rally into lunch, but one thing that strikes me as a concern is volume. So far volume is running at the lightest levels we've seen in about two weeks. Check out a daily chart of the Diamonds Trust (DIA: scorecard, quote, chart) to see what I mean.

The bottom line is the price action, but considering Thursday's 200-point rally also came on light volume, this development is something to watch.

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Oil Holds 55

by 4/25/2005 11:31 AM
Stocks quoted in this article:

Oil prices continue to claw their way higher, as the June futures contract holds above the 55 mark. Not helping matters is news that Saudi Arabia has no plans to deliver on a proposal to build two very large refineries, according to Saudi Arabian oil minister Ali Naimi. In fact, the Kingdom has shifted efforts to off-shore refineries. In late April 2004, Naimi spoke of plans to build two 500,000 barrel-a-day refineries in the U.S. as soon as possible. At last check, June crude oil futures were up 0.56 percent at $55.70 a barrel. This rise comes on the heels of last week's 6.4-percent jump.

Oil-related stocks are joining in the rally this morning, with the AMEX Oil and Gas Index (XOI – 849.69) adding 1.45 percent. The PHLX Oil Services Sector Index (OSX – 138.53) is up 1.03 percent.


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Check out the Internals

by 4/25/2005 10:41 AM
Stocks quoted in this article:
We have broad strength across the board this morning, as numerous sectors are up lead by energy, steel, and Internet.. What I find the most impressive is the breadth, as the Advance/Decline line at the NYSE stands at an incredibly strong 2.40, while at the Nasdaq it comes in at a solid 1.65. With strength like that it might be tough for the bears to take control today. <

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Boeing Flys High

by 4/25/2005 10:01 AM
Stocks quoted in this article:

Boeing (BA: scorecard, quote, chart) is providing the Dow Jones Industrial Average (DJIA) with a healthy boost this morning after announcing a pair of new contracts. First off, Ace Aviation (parent of Air Canada) placed firm orders for 14 Boeing 787 Dreamliners and has options to purchase 46 more jets. The first of the 787 jets is scheduled for delivery in 2010. Meanwhile, Panama carrier Copa Airlines placed an order for up to 15 additional BA Next-Generation 737 planes, with five of those jet orders firm. In early trading, BA is up 2.45 percent, flying back above the 59 level as it makes another run at resistance in the 60 area.

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Sector Review at The Open

by 4/25/2005 9:56 AM
Stocks quoted in this article:

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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