Schaeffer's Trading Floor Blog

Index Check

by 5/9/2005 12:51 PM
Stocks quoted in this article:

The bulls have a kept a bid under the broad market indices, but...

...the buyers have not been able gain much traction as the upside action remains muted. Working down the list, I see...semis are flat...networkers are rallying and are close to pushing into the zone that rejected the NWX in late-April...internets aren't participating...the XBD remains strong on the back of AMTD and ET...oil related stocks are trying to rally after failing to hold gains on Friday...

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Buyers Emerge

by 5/9/2005 11:49 AM
Stocks quoted in this article:

It appears as if the bulls are making a push...

Chart Courtesy of Thomson/ILX

My alert for NYSE net ticks has been active as the SPX pops to an intraday high. Last week's high was near 1178 so that is a level to keep in mind...


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Chart Chatter - AMAT

by 5/9/2005 11:42 AM
Stocks quoted in this article:

I was just scanning through some charts and semiconductor concern Applied Materials (AMAT) caught my eye...

Created with SuperCharts by Omega Research

This weekly chart shows that AMAT trended lower for the first half of 2004 and then flattened out to trade sideways, bouncing along support near 15. Many times you will see this sort of activity near a bottom as the sideways movement (which is sometimes referred to as a basing pattern) implies that selling pressure has run its course. However, this situation appears to be playing out differently and might suggest sellers have yet to be shaken out.

Typically, you see a basing pattern resolved with an upside breakout, but AMAT violated that support zone and has had trouble retaking that zone. Due to technical difficulties, we are still waiting for some our sentiment databases to update, but a glance of Friday's data shows little to indicate that skepticism has reached climatic levels.

The company is scheduled to report earnings next Tuesday so it might be worthwhile to keep an eye on this resistance zone as we head toward that release...

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Must Read

by 5/9/2005 10:53 AM
Stocks quoted in this article:

If you have not done so already, make sure you read Bernie's latest premium column - "The Line-Up" - for the "big picture" view on the market...

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Stocks quoted in this article:

As usual, this table lists stocks that have at least 10 percent of their float sold short and then shows the top ten based on the previous day's gain. The last field shows how the stock is performing in today's session. This can be a useful tool for finding situations where stocks with heavy short interest have begun to move. All returns are shown in percentages.

Note - more information on short interest can be found by clicking here.

Company Yesterday's
Percent of Float
Sold Short
AtheroGenics, Inc. (AGIX) 11.2 26.4 13.60 -0.22
Weight Watchers International Inc (WTW) 8.6 14.3 44.79 0.16
Alpharma, Inc. (ALO) 7.8 13.1 10.89 1.38
Titanium Metals Corporation (TIE) 7.3 13.6 39.82 -2.69
MGI PHARMA, Inc. (MOGN) 5.8 12.3 22.94 4.55
Myriad Genetics, Inc. (MYGN) 5.6 22.4 17.63 -0.74
Pixar (PIXR) 5.3 22.2 48.70 0.35
Genesis Microchip Inc. (GNSS) 5.1 11.3 16.22 -1.29
aQuantive, Inc. (AQNT) 5.1 10.8 13.56 0.29
General Cable Corporation (BGC) 4.4 11.1 14.60 0.82

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