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

As is usually the case on Fridays...I am making posts as I prepare for my weekly Friday meeting at 11:00 AM. For those longer-term trend followers out there, check out the monthly chart of the QQQQ with its 10-month and 20-month moving averages and an uptrending channel...


Created with SuperCharts by Omega Research

The QQQQ is potentially breaking below the lower rail of the uptrending channel which is aligned with the 20-month moving average. You can also see that the 10-month moving average is converging on the 20-month average. A firm break of the 20-month average would start pulling the 10-month moving average lower and set-up a bearish cross - which is generally regarded as a sign of changing momentum. This is something that I will be keeping an eye on....

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Stocks quoted in this article:

In response to my comments on in my post Updated Index Charts, Mark says - "Speaking of trying to fight what seems like irrationality, there's an old saying (I forget who said it) but "the markets can remain irrational much longer than the average investor can remain solvent." An important thing to remember. "

My response - This is one of my favorite quotes! A search shows I have posted it at least five times in this space but I don't think it can hurt to mention it again -

Markets can remain irrational longer than you can remain solvent

~John Maynard Keynes

As I have said before, I used to have this posted on the wall above my screen as a constant reminder of the power of risk.

Note - I have seen this attributed to other authors so if someone can point me to evidence of the "real" author I will change it.


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Stocks quoted in this article:

As promised, here is a chart of the networking index...


Created with SuperCharts by Omega Research

The index has rallied back to its recent lows which is the site of the 20-day moving average. This group has had a horrible 2005 so this will be a good test to see if the downtrend is showing signs of changing...

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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 - The short interest data below is still based on March's data. I will upload April's data into my database as soon as the Nasdaq data is available. 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
TASER International, Inc. (TASR) 24.7 36.6 9.53 -5.36
Cypress Semiconductor Corporation (CY) 15.4 11.0 13.25 -2.49
Wabash National Corporation (WNC) 14.7 11.7 27.30 -1.98
CoStar Group, Inc. (CSGP) 10.4 13.9 37.24 0.81
Ariba, Inc. (ARBA) 10.3 10.3 8.16 -5.29
Shanda Interactive Entertainment Limited (SNDA) 10.2 18.6 33.60 -3.49
Northwest Airlines Corporation (NWAC) 9.4 28.3 5.91 -3.88
Champion Enterprises, Inc. (CHB) 8.5 12.2 10.33 1.55
K2 Inc. (KTO) 7.8 17.3 13.90 -0.50
Rambus, Inc. (RMBS) 7.7 11.7 14.49 -2.62

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At the Open

by 4/22/2005 9:55 AM
Stocks quoted in this article:

The last opening bell of the week has rung and here is what I see...

As indicated by the pre-open futures action, the broad market indices opened with a pullback and are still holding losses...despite some very enthusiastic comments on Google the internet group is flat...bonds are popping...gold and gold stocks are bouncing back after yesterday's pullback...networkers have an interesting chart that I will post in a minute...

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