Schaeffer's Trading Floor Blog

Readers Respond - Trouble?

by 5/10/2005 10:28 AM
Stocks quoted in this article:

A reader asks - "Have you heard anything about a hedge fund being in trouble?"

My response - In my post earlier I made reference to a rumor and that is what I was talking about. I have seen various versions floating around but the general idea seems to be that a large hedge fund is in trouble and selling.

While this rumor could turn out to be true, I should point out that this is not the first time it has surfaced. In other words, this rumor seems to bubble-up whenever we see weakness.

I can't say whether or not this is the reason for today's weakness. But given how the major indices are having trouble with the resistance shown below, I would keep a wary eye on any weakness...


permanent link
Stocks quoted in this article:

The major indices appear to be holding near their lows so I thought I would take the opportunity to update the daily charts we have tracking...

Created with SuperCharts by Omega Research

All-in-all, not too much has changed since we last discussed these graphs. The SPX is still holding above that resistance zone but has yet to breach the 50-day moving average. Meanwhile, the other three indices continue to struggle with resistance.


permanent link
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
AtheroGenics, Inc. (AGIX) 16.5 26.4 15.84 -4.86
TASER International, Inc. (TASR) 15.9 31.7 10.94 -2.47
Cell Genesys, Inc. (CEGE) 7.7 14.4 6.16 -0.98
Great Atlantic & Pacific Tea Company, Inc. (The) (GAP) 7.3 41.9 18.27 19.87
West Marine, Inc. (WMAR) 6.3 25.8 17.24 -0.82
Career Education Corporation (CECO) 6.2 11.0 32.70 0.58
Hudson Highland Group, Inc. (HHGP) 5.8 17.5 15.71 0.13
TeleTech Holdings, Inc. (TTEC) 5.8 16.6 8.07 -0.63
Alexion Pharmaceuticals, Inc. (ALXN) 5.6 12.5 23.08 0.04
eCollege.com (ECLG) 5.4 18.0 11.07 0.09

permanent link

At the Open

by 5/10/2005 9:41 AM
Stocks quoted in this article:

As expected, the broad market indices opened under pressure and more or less gave up all of yesterday's gains...

For the most part, weakness appears to be evenly distributed with gold, biotech and bonds the only groups to show gains...

<

permanent link

Curious

by 5/10/2005 9:31 AM
Stocks quoted in this article:

Keep an eye on the open...I have been searching for a catalyst for the weakness but I don't see anything concrete. There are a few rumors running around, but aren't there always...


permanent link
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

Partner Center

© 2014 Schaeffer's Investment Research, Inc. 5151 Pfeiffer Road, Suite 250, Cincinnati, Ohio 45242 Phone: (800) 448-2080 FAX: (513) 589-3810 Int'l Callers: (513) 589-3800 Email: service@sir-inc.com

All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.

Market Data provided by QuoteMedia.com | Data delayed 15-20 minutes unless otherwise indicated.