Schaeffer's Trading Floor Blog
Stocks quoted in this article:
Home Depot (HD: scorecard, quote, chart) is seeing some unusual action today on behalf of options traders, who have pushed the HD May 37.50 call (HD EU) to the top of the most-active charts. With more than an hour left in the trading day, volume on this just-out-of-the-money position is closing in on 11,000 contracts. Prior to today's action, open interest at this strike stood at 11,638, so today's volume could be massive liquidations, new positions, or a combination of the two. Checking on time and quotes, there is not a clearly dominant trader behind today's action. A slew of small and mid-sized blocks have been crossing the tape throughout the day. Technically speaking, HD has been in decline mode since mid-November. The shares recently took out potential support near the 38 level and are trading below their 20-month trendline for the first time since September 2003. <

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The BEAV Soars on Earnings

by 4/25/2005 1:45 PM
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I've written on the website before about one of my favorite stocks BE Aerospace. (BEAV: scorecard, quote, chart) This morning the company reported first-quarter earnings of seven cents per share, beating Wall Street's estimate by two cents. This is the first quarterly profit for the company in three years. The BEAV also boosted its outlook due to a strong order backlog. I'm long the stock and it remains one of my top bullish picks, not just because of the fundamental turnaround story but because the pessimism is high and the stock's story is still largely unknown. Short interest has risen in four consecutive months to just over 2.2 million shares. BEAV is up nearly 14 percent to 12.60, its highest point since mid-March and a chip shot from a 2-1/2 year high.<

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Stocks quoted in this article:
We continue to rally into lunch, but one thing that strikes me as a concern is volume. So far volume is running at the lightest levels we've seen in about two weeks. Check out a daily chart of the Diamonds Trust (DIA: scorecard, quote, chart) to see what I mean.

The bottom line is the price action, but considering Thursday's 200-point rally also came on light volume, this development is something to watch.

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Oil Holds 55

by 4/25/2005 11:31 AM
Stocks quoted in this article:

Oil prices continue to claw their way higher, as the June futures contract holds above the 55 mark. Not helping matters is news that Saudi Arabia has no plans to deliver on a proposal to build two very large refineries, according to Saudi Arabian oil minister Ali Naimi. In fact, the Kingdom has shifted efforts to off-shore refineries. In late April 2004, Naimi spoke of plans to build two 500,000 barrel-a-day refineries in the U.S. as soon as possible. At last check, June crude oil futures were up 0.56 percent at $55.70 a barrel. This rise comes on the heels of last week's 6.4-percent jump.

Oil-related stocks are joining in the rally this morning, with the AMEX Oil and Gas Index (XOI 849.69) adding 1.45 percent. The PHLX Oil Services Sector Index (OSX 138.53) is up 1.03 percent.


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Check out the Internals

by 4/25/2005 10:41 AM
Stocks quoted in this article:
We have broad strength across the board this morning, as numerous sectors are up lead by energy, steel, and Internet.. What I find the most impressive is the breadth, as the Advance/Decline line at the NYSE stands at an incredibly strong 2.40, while at the Nasdaq it comes in at a solid 1.65. With strength like that it might be tough for the bears to take control today. <

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