Schaeffer's Trading Floor Blog

Selling Pressure

by 5/6/2005 12:03 PM
Stocks quoted in this article:

My alert for NYSE net ticks below -1000 just hit as the SPX pushes to its low for the day...


Chart Courtesy of Thomson/ILX

This has brought the SPX back to breakeven for the session...

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Checking Back on MEE

by 5/6/2005 11:58 AM
Stocks quoted in this article:

In my weekly column for the homepage I recently wrote about Massey Energy (MEE) and just noticed the stock is now at a critical juncture...


Created with SuperCharts by Omega Research

This daily chart shows the recent double bottom at support and the break out of the recent downtrend. However, the shares appear to be having a bit of trouble at their 50-day moving average. A run through the numbers below shows the picture is still skewed toward skepticism, though Wall Street opinion has ticked higher.

  • Percent of analysts tracked by Zacks who rate the stock with a "buy": 50%
  • Number of analysts tracked by Zacks: 12
  • Short interest as a percent of float: 13.3%
  • Short interest ratio: 6.742
  • Put/call ratio percent rank: 72.6%

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Intraday Action

by 5/6/2005 11:11 AM
Stocks quoted in this article:

I wanted to give the market a chance to settle into a grove to see how the pre-open strength played out...


Chart Courtesy of Thomson/ILX

As you can see, the bulls appear to be having trouble gaining momentum as the SPX has settled into an intraday downtrend. The chatter on the wires focuses the bounce back in oil as crude pushes to 52.

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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
Gain
Percent of Float
Sold Short
Yesterday's
Close
Today's
Return
Dendreon Corporation (DNDN) 17.0 47.4 5.98 -4.52
Martha Stewart Living Omnimedia, Inc. (MSO) 16.2 84.9 23.89 3.56
Talbots, Inc. (The) (TLB) 12.4 14.4 28.83 1.42
Jarden Corporation (JAH) 11.9 15.1 49.02 0.96
Chico's FAS, Inc. (CHS) 10.6 17.1 29.34 -0.75
RealNetworks, Inc. (RNWK) 9.1 11.4 6.95 2.74
Hudson Highland Group, Inc. (HHGP) 8.4 17.5 14.89 2.42
Blue Nile, Inc. (NILE) 7.8 23.8 27.48 0.95
Trident Microsystems, Inc. (TRID) 6.0 13.4 17.90 1.06
bebe stores, inc. (BEBE) 6.0 36.0 35.29 -1.62

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AIG - The Plot Thickens

by 5/6/2005 10:09 AM
Stocks quoted in this article:

And just when you thought the story surrounding American International Group (AIG) couldn't get any more "curious", the New York Times runs a story today - "Insurer Ex-Chief Is Called Target of Stock Inquiry" - that says federal prosecutors are looking into whether Hank Greenberg potentially manipulated AIG's stock. Of course this follows the story of how Hank Greenberg gave two billion dollars worth of AIG stock to his wife, the continued accounting issues, and the SEC asking American International Group (AIG) to protect offshore documents....

Yet, a check of data from Zacks shows that 14 of the 20 analysts (70 percent) still rank AIG with a "buy" rating. The shares have shrugged off today's news but those with a longer-term perspective might want to keep a cautious eye on the monthly chart below as the shares are sitting on fairly important level...


Created with SuperCharts by Omega Research

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