Schaeffer's Trading Floor Blog

Chart Chatter - SPX Intraday

by 5/17/2005 11:44 AM
Stocks quoted in this article:

We are two hours into the session and my alert for NYSE net ticks just hit...


Chart Courtesy of Thomson/ILX

The broad market indices have been struggling to bounce from their intraday lows so it will be interesting to see if this buying can gain traction. Over the last few months, the bulls have struggled to hold their ground as small rallies are ultimately reversed. With the pullback from last week's high looking similar to what we saw in April, the bulls need to make a stand...

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Blue Chip Debate

by 5/17/2005 10:30 AM
Stocks quoted in this article:

In the past I have mentioned concerns regarding the complacency on "blue chips" such as IBM and AIG...

For those whose want to see the bullish case for these stocks, check out this recent article from New York Times - "The Shopper's Guide to Those Blue-Chip Specials"...


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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
American Healthways, Inc. (AMHC) 9.4 19.5 39.42 -1.17
Pantry, Inc. (The) (PTRY) 8.7 12.6 36.70 -0.65
Hot Topic, Inc. (HOTT) 8.4 20.3 20.99 0.81
Northwest Airlines Corporation (NWAC) 8.3 28.1 5.34 -1.68
DOV Pharmaceutical, Inc. (DOVP) 6.7 11.5 15.50 1.10
JAKKS Pacific, Inc. (JAKK) 6.7 16.5 20.55 -1.02
Overstock.com, Inc. (OSTK) 6.7 51.3 37.83 -2.69
99 CENTS ONLY STORES (NDN) 6.6 12.3 10.71 1.87
Fred's, Inc. (FRED) 6.3 13.6 14.79 0.27
Sierra Wireless, Inc. (SWIR) 5.7 18.3 8.04 0.50
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At the Open

by 5/17/2005 10:03 AM
Stocks quoted in this article:

Stocks are open and here is what I see...

As expected, there was a negative bias at the open but the broad market indices are trying to bounce back from their worst levels. Overall, the drawdowns are so far minimal. Oil related stocks are trying to bounce even as crude trades lower. Gold stocks are bouncing after hitting another new annual low yesterday...


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Stocks quoted in this article:

A higher than expected producer price index caused a quick downtick in stock futures, but they are now fighting their way back...


Chart Courtesy of Thomson/ILX

According to the Dow Jones Newswires, the overall PPI was expected to increase 0.4 percent while the core number was expected to rise 0.2 percent. However, the overall PPI showed a 0.6 percent rise while the core increased 0.3 percent.

The S&Ps still sit three points below fair value...

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