Schaeffer's Trading Floor Blog
Stocks quoted in this article:

Mark says - "The options configurations for the May QQQQ looks anything but bullish. Normally there is a pile of puts supporting price. The 36 and 37 strikes could now prove to be major resistance. "

My response - Friday's expiration of April options has left May as the front-month series and changed the landscape a bit. It will be important to keep an eye on this to see how it evolves.

The biggest builds on the call side, as Mark noted, happens to be at 36 and 37, which as the grey zone below highlights, has been an important level on the QQQQ chart.


Created with SuperCharts by Omega Research

<

permanent link

Worth a Read

by 4/18/2005 2:30 PM
Stocks quoted in this article:

One of the points that I picked up from watching Bernie is to monitor the media to get insight into the mood of Wall Street... This was the reason we launched the Schaeffer's Daily Contrarian column and is why I frequently point out articles to check out.

One of the articles that was just passed my way is from the New York Times - "Stocks Struggle to Recover After Declines of Last Week" - which quotes those who don't seemed overly concerned with the recent weakness.

While you don't want to react to a single piece of data, it can be useful to keep small points in mind in order to form a larger picture. As I noted last week, things have a way of "sneaking" up on the Street...


permanent link

Index Check

by 4/18/2005 2:15 PM
Stocks quoted in this article:

Buyers appear to have become active again and here is what the overall picture looks like...

For the most part, we see muted gains on the broad market indices though the DJIA is flat as it is pressured by a five percent loss in 3M. Drugs stocks and oil are still lower, but oil stocks have turned higher. Gold stocks trade near their highs for the day as the group struggles to rebound from recent selling pressure.

<

permanent link

One to Watch - PFCB

by 4/18/2005 1:29 PM
Stocks quoted in this article:

While this recent broad market action hasn't been the most conducive for being long stocks...I did just happen across a stock that has some intriguing prospects - PF Changs China Bistro (PFCB)...


Created with SuperCharts by Omega Research

This weekly chart shows an interesting picture. The shares moved steadily higher in the last half of 2004 and punched through a resistance zone just below 54. This former resistance then served as support earlier this year as the shares moved in a sideways consolidation. A few weeks ago, the shares overtook the top of this range and are now sitting on this zone.

The data below shows that Wall Street is on the sidelines while short selling activity represents potential buying pressure. The put/call ratio would seem to indicate optimism but open interest is relatively light so I would not put too much weight on that.

  • Percent of analysts tracked by Zacks who rate the stock with a "buy": 41%
  • Number of analysts tracked by Zacks: 17
  • Short interest as a percent of float: 15.5%
  • Short interest ratio: 11.231
  • Put/call ratio percent rank: 23.0%


permanent link
Stocks quoted in this article:

Once again...my alert for NYSE net ticks has begun a flurry of "dings", but unlike what we saw earlier, this buying has boosted the market....


Chart Courtesy of Thomson/ILX

As you can see, the SPX has moved almost vertically in the last 25 minutes to hit a new high for the session. The former support near 1160 is what I see as the next major resistance zone but I would not expect that to hit today...

<

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.