Schaeffer's Trading Floor Blog

Rumor

by 5/6/2005 2:02 PM
Stocks quoted in this article:

I have been watching Ameritrade (AMTD) and E*Trade (ET) as both trade sharply higher on heavy volume. Rumors seem to driving the action as there is talk of an acquisition...however there isn't a clear consensus on what sort of acquisition....some seem to be speculating that one of the two will be acquired while other rumors suggest a merger of the two is coming... At this point it all appears to be conjecture but since the stocks are moving and the options are active I thought I would pass along what I am seeing...

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Buying Pressure

by 5/6/2005 1:40 PM
Stocks quoted in this article:

It appears that the bulls are now taking a turn at pushing the market as NYSE net ticks flip from the low readings we saw earlier and surge past +1000. However, this has yet to gain any traction as the broad market indices remain mostly inline with their respective breakeven marks. I just checked my list of Exchange Traded Funds (ETFs) and found that none are moving more than one percent.

I find it curious that we have seen net tick spikes at both ends of the spectrum but the SPX has not made either a higher high or lower low versus yesterday. In other words, despite some signs of both buying demand and selling pressure the market has remained in a narrow range today.

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Index Check

by 5/6/2005 12:28 PM
Stocks quoted in this article:

The selling pressure has pushed the SPX below breakeven so I thought it was time for a check of the major indices...

As you can see, the picture has weakened from what we saw at the open as the top half of my graph is mostly flat...oil related stocks are still holding gains but have pulled back...gold and gold stocks are still weak...


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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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