Schaeffer's Trading Floor Blog

Housing is Still Hot!

by 5/26/2005 12:18 PM
Stocks quoted in this article:
The PHLX Housing Sector Index is up nearly 3 percent today on the heels of strong earnings from Toll Brothers (TOL: scorecard, quote, chart) . That puts the index within striking distance of all-time highs. Now we're waiting to see if home-builder Hovnanian Enterprises (HOV: scorecard, quote, chart) can deliver with a strong report of its own on Monday. There's still plenty of short interest on these companies too. That can help add fuel to the fire as shorts cover to limit losses on their positions by buying back stock. <

permanent link
Stocks quoted in this article:
According to the Wall Street Journal, it was noted yesterday that Tyco International (TYC: scorecard, quote, chart) insiders were on a buying spree. Sometimes you can make the argument that this is a good time to load up on the shares, but this morning Bernie pointed out some reasons not to be so excited. It turns out that the shorts have recently left the building, as they have been steadily decreasing their bearish bets since Spring 2003. In fact, right now it would take less the three days for all of them to cover their bearish bets – not enough to spark much of a short covering rally. Bernie also noted that the analysts love it and that huge put open interest that had been providing major support expired in January 2005. One look at its recent price action and its tough to be as bullish as the insiders are.

permanent link
Stocks quoted in this article:
Major market indices are off to a nice start this morning, as the Dow Jones Industrial Average, the S&P 500 Index, and the Nasdaq Composite are all showing gains of at least 0.60 percent just after the first hour of trading. There has been a plethora of economic reports this morning. At 8:30 a.m., the preliminary GDP figure came in at 3.5 percent versus the 3.6 percent consensus, Initial Jobless Claims came in at 323,000 versus the 325,000 consensus, and the preliminary Chain Deflator number came in at 3.2 percent versus the 3.3 percent consensus. Then, at 10:00 a.m., the Help Wanted Index came in at 39 versus the consensus of 40. Nearly everything on my computer monitor is showing green, with the exception of the CBOE Market Volatility Index (VXO), a "fear gauge" for the market.

permanent link

What is Webzen?

by 5/26/2005 10:05 AM
Stocks quoted in this article:
Webzen (WZEN: scorecard, quote, chart) stock has not been performing all that well over the past several months, but it currently looks a bit interesting with the shares trading near previous support at $5.00. Webzen is engaged in developing and distributing online games principally in the Republic of Korea and in other countries within Asia. Oh yeah, it's also interesting that the stock's volatility index as measured by its options premiums is up more than 400 percent over the past five days. Somebody know something we don't?<

permanent link
Stocks quoted in this article:
In Wedensday's trading, there were 50 stocks on the NASDAQ that were able to acheive a new annual high. Below is an abbreviated list of issues that were able to achieve "New Highs" and have a strong Schaeffer's Gold Equity Scorecard (seven or higher).

CELG $40.07 ... 9

IVGN $79.85 ... 8

INGR $30.56 ... 7.5

PLAB $23.05 ... 7.5


permanent link
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

Partner Center

© 2014 Schaeffer's Investment Research, Inc. 5151 Pfeiffer Road, Suite 250, Cincinnati, Ohio 45242 Phone: (800) 448-2080 FAX: (513) 589-3810 Int'l Callers: (513) 589-3800 Email: service@sir-inc.com

All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.

Market Data provided by QuoteMedia.com | Data delayed 15-20 minutes unless otherwise indicated.