Schaeffer's Trading Floor Blog

Chart Chatter - SMH

by 7/15/2005 11:51 AM
Stocks quoted in this article:

I am working on my weekly ETF column for the homepage and thought you might be interested in this excerpt...

The SMH has accomplishing something it has not been able to do for eight months. It has pushed above resistance and now trades at its highest level since last summer. According to technical analysis theory, this former resistance should now act as support. The group is in a short-term overbought condition so a pullback or pause may be in order. If the group does pullback, I would keep an eye on that support zone to be sure it holds.

Created with SuperCharts by Omega Research

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Readers Respond - TLT?

by 7/15/2005 11:04 AM
Stocks quoted in this article:

Shyam says - "Nick, regarding the post on yield curve concerns...any chance on delving further into the ETF for the longer term bond market, TLT? I see it is trying to hold onto support at the 93.5-94 level."

My response - Below is an updated version of the iShares Lehman 20+ Year Treas Bond (TLT) chart I posted last month on the homepage...

Created with SuperCharts by Omega Research

This weekly chart shows the intermediate-term uptrend that has been in place since last May. You can also see a support zone that sits around 93. This level served as resistance in February and then support last month.

For the bigger picture on bonds, you might read this commentary Bernie wrote in May - Why I Remain Bullish On Bonds - which details the back drop for bonds.

Also, for more on the implications of flattening yield curve see Bernie's article - Playing the Yield.

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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
MicroStrategy Incorporated (MSTR) 10.4 24.0 64.04 0.83
AMR Corporation (AMR) 8.4 24.8 13.87 -1.95
MGI PHARMA, Inc. (MOGN) 6.1 12.7 25.56 2.19
Sigmatel, Inc. (SGTL) 5.6 14.4 18.74 -1.55
American Axle & Manufacturing Holdings, Inc. (AXL) 5.3 14.6 27.53 -0.76
Sepracor Inc. (SEPR) 5.0 10.6 58.76 -0.80
Dobson Communications Corporation (DCEL) 4.9 11.6 5.80 1.72
NitroMed, Inc. (NTMD) 4.3 22.1 22.80 0.75
AirTran Holdings, Inc. (AAI) 4.1 18.1 10.13 -1.58
Continental Airlines, Inc. (CAL) 4.0 26.1 15.35 -2.54

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At the Open

by 7/15/2005 9:49 AM
Stocks quoted in this article:

The opening bell has rung but stocks are off to a sluggish start...

The major indices are firmly on breakeven while oil related stocks bounce back from yesterday's selloff . Gold stocks are lower as the HUI tests support at 195 - again...

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Into the Open

by 7/15/2005 8:55 AM
Stocks quoted in this article:

We drift toward the open munching on earnings from General Electric and data on the producer price index. Both of these points will be the subject of much chatter this morning but a look at the pre-open futures action shows they aren't really moving the market...

Chart Courtesy of Thomson/ILX

GE's numbers were inline with expectations while the PPI data was lower than expected. However, stock futures traders have largely shrugged off the news as the S&Ps now sit squarely on fair value. Gold is now down 80 cents while oil is up 52 cents...

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