Schaeffer's Trading Floor Blog

A Point to Keep in Mind

by 4/14/2005 9:31 AM
Stocks quoted in this article:

I apologize if I have already mentioned this...but after a couple thousand blog posts it gets tough to keep track of what I have rambled on about...

But I there was an article the other day in the Wall Street Journal - "Analysts Keep Misfiring With 'Sell' Ratings" - that noted how underloved stocks outperformed the Street favorites.

If missed the article, you can read a summary of it yesterday's Schaeffer's Daily Contrarian column - To "Sell" or Not to "Sell," What was the Question?...

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More on Yahoo...

by 4/14/2005 9:16 AM
Stocks quoted in this article:

Continuing my love hate relationship with Yahoo (YHOO)...as in I love to hate this stock...I see that Bear Stearns is making some positive comments on YHOO as they raise their first quarter revenue estimate.

On Tuesday I noted the longer-term chart and sentiment. Yesterday's close was the lowest in nearly two week so it will be interesting to see if these comments help the shares...

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Big Deal Over Nothing?

by 4/14/2005 9:07 AM
Stocks quoted in this article:

Last night I said I was anxious to see what the reaction was to yesterday's move.... But I am a bit befuddled as I have yet to see much in the way of one. I see some random mentions of the reversal but so far I don't see much concern raised over it.

I can't say that in and of itself is meaningful, but one of the things I have learned is that things have a way of "sneaking" up on the Street...

The action is still relatively quiet as S&P futures continue to mull around breakeven. Gold has weakened slightly as it now trades down 3.5 and oil is now up 25 cents.

The headlines are focused on Apple Computer (AAPL) which reported earnings and is indicated lower (I will have more on this stock) and AMD (AMD) which also reported earnings and is seeing some upgrades...

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Good Morning

by 4/14/2005 8:05 AM
Stocks quoted in this article:

We follow yesterday's drubbing with a yawn from pre-open futures activity. With an hour and a half until the open, S&P futures sit within half a point or so of fair value and point to a flat open. Gold is down 2.80 to 428.20 while oil is up 11 cents 50.33.


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Final Figures

by 4/13/2005 4:52 PM
Stocks quoted in this article:

What a day...what a day...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1173.8 -14.0 points -1.18 percent
Dow Jones Industrial Average (DJIA) 10403.9 -104 points -1.0 percent
Nasdaq Composite (COMP) 1974.4 -31.0 points -1.55 percent
Russell 2000 (RUT) 602.5 -10.5 points -1.71 percent
CBOE Market Volatility Index (VXO) 12.99 1.35 points 11.6 percent

As I have mentioned all day, the indices retraced most of yesterday's bounce from the lows. The DJIA was the "leader" as it "only" lost one percent on the day while RUT suffered the most.

Overall we see moderate sized losses across most groups. Drug stocks held their gains and gold squeaked out a small gain while bonds were relatively flat. Gold stocks, however, did not follow the yellow metal's lead as they broke through yesterday's low and now sits near the February bottom. Semis closed below that support zone we have been tracking.

On the trading floor, this is what we call an ugly day. Earlier today I linked back to an old post on the XOI and a phrase from that post seems particularly fitting given the action of the last two days - "...an environment where hedge funds are slinging leveraged capital around like kids in a food fight - I am not willing to rule anything out. "

While the action was "ugly", for the most though, the major indices are still holding at or near last week's lows. I am extremely interested to see what tomorrow morning brings in terms of a reaction to today. And that is where I will pick up in the morning...

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