Schaeffer's Trading Floor Blog


by 2/23/2005 10:27 AM
Stocks quoted in this article:

Keep an eye on the shares are trading lower this morning - even though there is an upside bias in most stocks.

Yesterday I discussed a longer-term support level on the stock near 32. I would expect the bulls to defend the stock here and a break would be sign of underlying pressure. In other words, a "bounce" may be more likely but a "break" would be more significant.

Also, in addition to that being the site of the ascending lows, 32.50 is the peak put open interest for March which increases the significance of this area...

As my colleague Todd Salamone said - "the put open interest sticks out like a Redwood among maple trees." (He was so proud of that quote that I just had to use it...)


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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 yesterday'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 by clicking here.

Also note - the figures below are still based on January's short interest data. New data has been released for NYSE stocks, but new Nasdaq data won't be out for a few days. Once all the data is out I will be able update my database with February's data. I will let you know when that happens...

Company Yesterday's
Percent of Float
Sold Short
Sina Corporation (SINA) 11.0 17.5 28.42 -2.29
Multimedia Games, Inc. (MGAM) 7.2 36.3 9.33 0.22
Impax Laboratories, Inc. (IPXL) 7.1 16.4 17.13 -0.70
FuelCell Energy, Inc. (FCEL) 5.6 15.9 11.30 0.45 Inc. (SOHU) 5.0 13.8 17.28 -1.39
Laserscope (LSCP) 3.8 12.4 31.31 2.24
KFX Inc. (KFX) 3.6 35.8 15.85 -1.64
Mylan Laboratories, Inc. (MYL) 3.3 11.9 16.69 0.42
Arch Coal, Inc. (ACI) 3.3 11.4 40.70 1.30
Forest Oil Corporation (FST) 3.1 12.4 38.16 0.42

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At the Open

by 2/23/2005 9:57 AM
Stocks quoted in this article:

Stocks are open and here is what the big picture looks like...

As indicated by futures, there was an upside bias at the open. My completely "unquantified" view is that the open wasn't as strong as it "should" have been but that is nothing more that my gut talking.

As far as what is quantified, we see an mirror image of yesterday as almost all the stock groups are higher while gold and oil are lower. The only difference is magnitude - meaning we are only giving back part of yesterday's move. Housing is showing the biggest bounce helped in part by a positive reaction to Toll Brothers earnings...


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Into the Open

by 2/23/2005 9:16 AM
Stocks quoted in this article:

It will be worth watching the open...

Chart Courtesy of Thomson/ILX

As you can see, S&P futures have rallied into their 9:15 close to the morning session. This would imply a moderate bounce at the regular session open. This is the exact opposite behavior we saw heading into the close last night when sellers applied pressure without letting up. What I will be watching is how much of this bounce carries through...

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CPI Link

by 2/23/2005 8:58 AM
Stocks quoted in this article:

For those looking for more information on the can find it in this Associated Press article - Consumer Inflation Shows Modest Increase


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