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

Stuart says - "Nick, do you think this is significant data, thanks : NYSE Short Interest: Hit Record Level On The NYSE: Short selling rises to new record level as of May 13 on NYSE; for the period ended May 13, short interest rose 1.5% to 8.568B shrs; the short ratio rose from 5.2 to 5.3 days. WSJ"

My response - This is a question that I have wrestled with before, but have failed to discuss in this space. Personally, I am hesitant to draw too many conclusions from this broad reading.

If you have read this link on short interest that I post each day in the "Today's List of Stocks Advancing Amid Heavy Short Interest post" you know that there are a number of factors that can influence short interest. From convertible bonds, to complex hedging, to merger-related arbitrage, I think there is a good deal of "noise" in the overall numbers. As such, I much prefer to evaluate short interest on a stock by stock basis.

However, this is clearly an issue that is open to debate as I know there are some who look at this number for guidance. This is just my take. With so much information available, each investor must find a way to focus on what they believe is the most important pieces of data...


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In the News

by 5/20/2005 8:24 AM
Stocks quoted in this article:

For the most part, the headlines are quiet...as the chatter seems to center on the announcements that US Airways Group and America West Holdings will merge and that Maytag plans to be taken private.

The semi book-to-bill ratio came out last night with a reading .80 but I don't see too much in the way of reaction out of semis but I will check in on them at the open...


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Good Morning

by 5/20/2005 7:53 AM
Stocks quoted in this article:

We come into the last trading day of the week with S&P futures trading roughly three points below fair value. Gold is down 60 cents to 420.20. Oil is up 50 cents to 49.24.


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Final Figures

by 5/19/2005 5:11 PM
Stocks quoted in this article:

Not quite the same level of gains as we have seen this week...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1191.1 5.5 points 0.47 percent
Dow Jones Industrial Average (DJIA) 10493.2 29 points 0.3 percent
Nasdaq Composite (COMP) 2042.6 11.9 points 0.59 percent
Russell 2000 (RUT) 610.5 2.6 points 0.42 percent
CBOE Market Volatility Index (VXO) 12.34 -0.57 points -4.4 percent

...but it was yet another victory for the bulls...and overall...

...most groups traded higher on the session. Oil was lower on the day but oil related stocks showed some strength.

A quick glance of the calendar shows tomorrow is rather light in terms of scheduled events which would seem to argue for a breather in line with what I talked about in the post below. Of course, with tomorrow being expiration, anything can happen....

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Stocks quoted in this article:

To go along with the intraday chart I just posted, check out the daily chart...


Created with SuperCharts by Omega Research

Today's last minute push has brought the SPX back to the highs from April. Given that a good deal of buying power has been used up in the past few days, this zone might prove a speed bump while the 50-day average should provide some support...

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