Schaeffer's Trading Floor Blog

Oil Spurts - Stocks Slip

by 3/16/2005 10:48 AM
Stocks quoted in this article:

Oil has moved to new highs and stocks are moving to new lows...


Chart Courtesy of Thomson/ILX

As you might expect, the "big picture" has shifted to general strength for commodity related groups and general weakness from the rest of the market....


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As Promised - Part II

by 3/16/2005 10:42 AM
Stocks quoted in this article:

Continuing on the retail theme from below, compare the chart of Wal-Mart to this...


Created with SuperCharts by Omega Research

This is Children's Place Retail Stores (PLCE) which I highlighted way back in January. The grey zone was the support level I noted then, but the shares have moved firmly away from this zone as they continue to make new annual highs. The shares have pushed into overbought territory but support from the 10-week moving average (green line) is not too far below the stock.

  • Percent of analysts tracked by Zacks who rate the stock with a "buy": 50%
  • Number of analysts tracked by Zacks: 8
  • Short interest as a percent of float: 9.4%
  • Short interest ratio: 4.836
  • Put/call ratio percent rank: 76.9%

I wouldn't call the sentiment profile extremely skeptical but it definitely is not optimistic, especially with the price action. Given how discussions on retail always seem to drift to WMT, I wanted to highlight PLCE as an example of a different "retailer"...

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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 yesterday'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 by clicking here.

Company Yesterday's
Gain
Percent of Float
Sold Short
Yesterday's
Close
Today's
Return
TiVo Inc. (TIVO) 74.9 30.3 6.70 -10.42
Electronics Boutique Holdings Corp. (ELBO) 9.7 n/a 42.21 -1.56
Gamestop Corporation (GME) 7.8 41.4 21.19 -1.51
Bradley Pharmaceuticals, Inc. (BDY) 6.7 30.8 9.71 4.53
Administaff, Inc. (ASF) 6.6 11.9 13.96 0.72
Animas Corporation (PUMP) 5.4 10.8 21.28 -3.95
Wild Oats Markets, Inc. (OATS) 4.2 13.1 7.36 3.79
Southern Peru Copper Corporation (PCU) 4.2 11.3 60.30 -0.22
Ask Jeeves, Inc. (ASKJ) 3.8 18.1 24.85 -0.44
Navarre Corporation (NAVR) 3.8 32.6 8.30 0.60

I have marked ELBO as "n/a" because of some concerns I have about the published data - see this link for more information.

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At the Open

by 3/16/2005 9:40 AM
Stocks quoted in this article:

The tickers are ticking and here is what I see...

As expected, the indices opened under a bit selling pressure. However, the open was a bit milder than what I was expecting to see...bonds are slightly higher...housing stocks tried to rally on the stronger than expected housing starts number but are struggling to hold gains...gold is higher and gold stocks are off to a strong start...oil is up (despite the chatter this morning about increased output) but oil stocks are flat...semis are trying to bounce after an uninspiring showing yesterday...


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As Promised

by 3/16/2005 9:26 AM
Stocks quoted in this article:

Last night I said I wanted to dig into the charts of a couple of retailers....The first is the behemoth that everyone already knows - Wal-Mart Stores (WMT) - which I detailed last month.


Created with SuperCharts by Omega Research

I wanted to noted this weekly chart because is yet another "blue chip" that shows a not-so-constructive chart pattern. Especially when you look at the data below that still shows little signs of skepticism...despite the fact that the stock is perched precariously on long-term support...

  • Percent of analysts tracked by Zacks who rate the stock with a "buy": 67%
  • Number of analysts tracked by Zacks: 21
  • Short interest as a percent of float: 0.9%
  • Short interest ratio: 2.687
  • Put/call ratio percent rank: 67.8%


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