Schaeffer's Trading Floor Blog
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The day is still young but I thought it was worth checking in on Genentech (DNA) to see how the shares were fairing after their earnings release...


Chart Courtesy of Thomson/ILX

As we discussed this morning, 85 is a big level for the shares and a brief opening barrage failed to overtake that level...Perhaps the bulls are hoping to make a late-day push.

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Buying

by 7/12/2005 11:03 AM
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The broad market indices are still more or less near break even...however my alert for NYSE net ticks has become active so it looks like some buyers are starting to get interested...


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Stocks quoted in this article:

Steve says - "Nick! Look at the put/call ratio on XLNX. There are a ton of calls at the 27.50 strike as they move up into resistance. Given that they are likely to warn soon (and they are overbought on the Williams% oscillator) Make this an appealing put or short. "

Meanwhile Bob says - "The wave of buying hit XLNX and pushed it back to its strong resistance at 28 but the force to break through appears lacking. This is the third time TODAY it has approached resistance and been knocked back. With a score of 2.5 (was 1.5 on Friday -- the change is presumably due to recent strength over the past few days), I think significant downward movement is now possible."

My response - Both of these emails hit my inbox within minutes of each other yesterday afternoon. And both bring up interesting points. While I have no insight on whether they are going to warn, a check of the front month open interest configuration shows that 27.50 is the peak call strike for Xilinx (XLNX) and it has struggled near 28 amid a low scorecard.

In fact as I went through my usual paces for XLNX I found that Steve and Bob covered most of what I would normally discuss...(mental note to self - update resume before it is decided I am no longer needed)...so I am just left to show the chart.


Created with SuperCharts by Omega Research

This longer-term chart shows that XLNX is bouncing off long-term support near 25 but has reached the upper edge of a short-term downtrend. A failure at this resistance, so soon after bouncing off support, would not be a constructive sign.

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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
Gain
Percent of Float
Sold Short
Yesterday's
Close
Today's
Return
WILLIAM LYON HOMES (WLS) 14.2 10.5 112.50 -1.42
Marvel Enterprises, Inc. (MVL) 11.6 15.7 21.46 -1.35
AK Steel Holding Corporation (AKS) 9.5 19.1 7.39 -2.57
Dobson Communications Corporation (DCEL) 9.4 11.6 5.26 -0.95
W.R. Grace & Company (GRA) 7.7 14.7 8.49 -3.42
Sigmatel, Inc. (SGTL) 7.7 14.4 17.87 -2.80
Integrated Silicon Solution, Inc. (ISSI) 7.2 12.0 8.77 0.80
Pilgrim's Pride Corporation (PPC) 6.1 11.6 38.15 1.00
Altiris, Inc. (ATRS) 6.0 11.9 13.79 1.53
Openwave Systems Inc (OPWV) 5.9 16.5 18.63 -1.07

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Affymetrix (AFFX) FYI...

by 7/12/2005 10:01 AM
Stocks quoted in this article:

Yesterday I noted a downgrade on Affymetrix (AFFX)...The shares are now nearing short-term support near 54...


Created with SuperCharts by Omega Research


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