Schaeffer's Trading Floor Blog
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It looks like semis are in focus as I just got hit with a tag team of semi emails...

Gary says - "AMAT has breeched its 200-day despite recent upgrades on company and sector."

While another reader says - "You might run your support levels on the SOX."

My response - For those who haven't been following the semis, we saw back-to-back sector upgrades earlier this week. However, this was not enough to push either the SMH or the SOX above resistance...

Created with SuperCharts by Omega Research

You can also see a trendline that is based on the higher lows. This casts the group in an interesting light as it appears that the upgrades have been met with more than amble supply. A break of the uptrend might shake loose some of the bulls and add more supply. Of course, keep in mind that I have not been a fan of this group so I am biased.

For an interesting perspective, check out the Sector Scan page and click on the Semiconductor Sector drilldown to see a listing of their overall scorecard readings...


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For what it is worth...none of the broad market indices took out yesterday's high and they have now begun to pullback from their highs. It is still early in the day but there is a lot of chatter about traders sitting on the sidelines ahead of tomorrow's monthly employment report.

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New Low on BSX

by 3/3/2005 10:15 AM
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Boston Scientific Corp (BSX) just ticked to a new annual low as the shares trade down four percent. This is a stock that I have expressed some concerns about so I am keeping an eye on what happens here. (If you missed it, you can follow this blog post to past links or go to this column on the homepage from early January for the basis of why I have been concerned.)

The reason being cited for the sell-off is nervousness about an American College of Cardiology meeting which starts this weekend where some studies on stents will be released.

It looks like some combination of this chatter (and perhaps the weak price action) has spurred some option activity as BSX's put/call ratio has jumped in recent sessions. Analysts are still mostly in the "buy" camp and the stock's overall equity scorecard reading comes in with an oh-so-neutral reading of five. So while put activity appears to have picked up, I wouldn't call this a complete shift to skepticism as the stock breaks down.

Meanwhile, Medtronic (MDT) and Johnson & Johnson (JNJ) are also due to be discussed at the meeting but have been moving higher the last few sessions and show equity scorecard readings of seven and six, respectively...

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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 yesterday'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 by clicking here.

Company Yesterday's
Percent of Float
Sold Short
Cell Therapeutics, Inc. (CTIC) 8.6 26.5 10.49 -1.81
Greg Manning Auctions, Inc. (GMAI) 7.3 36.1 11.80 -1.28
UTStarcom, Inc. (UTSI) 7.1 15.2 13.38 1.27
Geron Corporation (GERN) 7.1 13.6 7.41 -1.49
Inter Parfums, Inc. (IPAR) 7.0 12.2 15.10 0.93
Chiron Corporation (CHIR) 6.4 10.0 37.69 0.27
Wild Oats Markets, Inc. (OATS) 4.9 13.1 7.23 -0.55
Papa John's International, Inc. (PZZA) 4.7 22.7 36.30 -0.33
Novatel Wireless, Inc. (NVTL) 4.4 17.6 10.41 1.63
Delta Petroleum Corporation (DPTR) 4.3 16.2 15.86 0.69

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At the Open

by 3/3/2005 9:41 AM
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The exchanges are alive, with the sound of buying... the indices open inline with the small upside bias we saw in pre-open stock futures. Last night we saw that semis and housing were the biggest decliners. Today we see some minor weakness in semis on while housing bounces back.

There is some divergence on the commodity front as oil/gas stock pop while gold lags.


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