Schaeffer's Trading Floor Blog

No News?

by 6/7/2005 3:51 PM
Stocks quoted in this article:

I have been scanning the headlines to see if any news might account for the selling I just noted...however, I have yet to see much. There are some spotty rumors but I don't see anything concrete.

This makes for a somewhat curious session. In the first half hour of trading, we saw broad based buying but there wasn't much in the way of leadership. The market then crept sideways for most of the morning and early afternoon. Now we see selling pressure that threatens to leave the broad market indices unchanged on the day...

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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:

  • streetTRACKS Wilshire REIT Fund (RWR) = +1.46 percent
  • iShares DJ US Real Estate (IYR) = +1.04 percent
  • iShares C&S Realty Majors (ICF) = +0.99 percent
  • iShares Lehman 20+ Year Treas Bond (TLT) = +0.67 percent
  • Materials Select Sector SPDR (XLB) = +0.54 percent
  • iShares DJ US Telecom (IYZ) = +0.52 percent
  • iShares DJ US Industrial (IYJ) = +0.47 percent
  • iShares DJ US Cons Goods (IYK) = +0.47 percent

Bottom Performing Sector Exchange Traded Funds:

  • iShares DJ US Energy (IYE) = -0.71 percent
  • NASDAQ 100 Trust (QQQQ) = -0.81 percent
  • Biotech HOLDRS (BBH) = -0.88 percent
  • iShares GS Semiconductor (IGW) = -0.89 percent
  • Energy Select Sector SPDR (XLE) = -0.91 percent
  • Oil Service HOLDRS (OIH) = -1.25 percent
  • Semiconductor HOLDRS (SMH) = -1.33 percent
  • Internet HOLDRS (HHH) = -1.94 percent

There are pockets of strength in real estate and bonds while technology, oil and biotech stocks are seeing weakness.

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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Selling

by 6/7/2005 3:33 PM
Stocks quoted in this article:

I was called away to a meeting and upon return I see that the selling I noted below has continued. My alert for NYSE net ticks below -1000 hits as the SPX drops back to breakeven ...

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Selling?

by 6/7/2005 1:58 PM
Stocks quoted in this article:

It appears a bit of selling has entered the picture...


Chart Courtesy of Thomson/ILX

After three hours of the SPX moving in a two point range, there has been a small break to the downside.


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Stocks quoted in this article:

Another stock from today's new high list is Urban Outfitters (URBN) which I last discussed back in late March...A check of the weekly chart shows a strong uptrend still in place.


Created with SuperCharts by Omega Research

After trading around it for a few weeks, the stock held the support zone we discussed in March and the stock has now broken free of the consolidation zone. A check of the stock's scorecard shows a slight drop to seven, but I would still consider that relatively healthy given the uptrend...


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