Schaeffer's Trading Floor Blog

Index Check

by 5/31/2005 12:51 PM
Stocks quoted in this article:

For the most part, the action remains quiet as we cruise through lunch...

While there is a distinct negative skew, the moves are relatively light as most groups are showing moves of less than half of one percent. Oil stocks are the only group to tag the one percent line on the downside.

Bonds continue to shine as the TLT pushes past last week's best levels to hit a new annual high. The TLT is currently trading near 94.67 with the all-time high from June 2003 sitting near 97.66...


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Chart Chatter - SPX Daily

by 5/31/2005 12:03 PM
Stocks quoted in this article:

I know I promised to update the "set" of daily index charts we have been tracking but I am going to deviate from that and focus on the S&P 500 chart for a moment....Given the recent action (and my absence) I think that a more comprehensive review is better...

Created with SuperCharts by Omega Research

Here is the daily chart along with the downtrending channel we discussed recently, along with the 50-day moving average. I wanted to focus on this chart because it shows the breakout from the downtrend and you can see that the 50-day trendline has begun to flatten out.

It goes without saying that both of these are "backward" looking indicators, meaning this just shows us what has happened as opposed to predicting what may happen. However, I still think it is helpful to review as it is gives us an idea of which way the momentum is going. In other words, buying demand has overwhelmed selling pressure.

Last Monday I discussed how the low readings from the "fear gauges" were being contradicted by other indicators. Typically you need to get an extreme sentiment reading to derail a trend. Over the intermediate-term, the best description for the trend is sideways chop, but based on the chart above, it appears the bulls have the short-term wind at their backs.

The test now is to see if they can hold the SPX at the current support zone. If that fails, the area just below 1180 looks to be the next level to watch as it was resistance earlier this month and should be the approximate site of the 50-day moving average...


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Stocks quoted in this article:

I just noticed that Boston Scientific (BSX) was on the list of stocks hitting a new annual low. I wrote about this stock earlier this month and noted the shares were perched precariously on support near 28. That support has now been violated....

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by 5/31/2005 10:34 AM
Stocks quoted in this article:

It looks like the bulls are trying to make a push as my alert for NYSE net ticks was just triggered...The SPX sold off for the first half hour of trading but has spent the last 30 minutes moving sideways. It now looks like the buyers are trying to bounce the index off its lows...

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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
Return (FWHT) 13.6 11.7 5.52 -2.72
Chico's FAS, Inc. (CHS) 8.4 14.5 33.85 1.03
Able Laboratories Inc (ABRX) 8.4 11.3 5.28 -13.88
Shanda Interactive Entertainment Limited (SNDA) 8.4 20.2 37.94 -2.82
Gander Mountain Company (GMTN) 7.5 27.6 12.11 0.74
China Yuchai International Limited (CYD) 5.5 11.5 13.65 -1.76
Trident Microsystems, Inc. (TRID) 5.5 15.5 21.36 -0.80
Conn's, Inc. (CONN) 4.7 23.3 18.94 1.06
Global Power Equipment Group Inc. (GEG) 4.2 10.7 7.89 -1.01
Visteon Corporation (VC) 4.1 10.4 7.87 -2.54

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