Schaeffer's Trading Floor Blog

A Repeat of Yesterday?

by 4/28/2005 10:43 AM
Stocks quoted in this article:

Similar to what we saw yesterday...we have disappointing economic numbers that put pressure on the pre-open futures action. The major indices open lower...but then we see NYSE net ticks spike as the market is "saved"...


Chart Courtesy of Thomson/ILX

While I am sure everyone has their own take on this activity, it seems me to that buying power is being used up but with little net gain...


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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 - I have updated my database to include April's data. 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
Thoratec Corporation (THOR) 15.6 11.5 13.24 0.98
Select Comfort Corporation (SCSS) 14.7 13.8 22.74 0.48
WILLIAM LYON HOMES (WLS) 14.3 21.4 85.98 -0.10
Allied Waste Industries, Inc. (AW) 13.4 14.1 7.98 0.00
Manhattan Associates, Inc. (MANH) 9.9 10.9 19.16 -0.05
W.R. Grace & Company (GRA) 9.6 13.5 10.91 1.92
FalconStor Software, Inc. (FALC) 6.5 12.8 5.57 0.54
Websense, Inc. (WBSN) 5.6 13.2 52.85 0.26
Oriental Financial Group, Inc. (OFG) 4.8 14.4 21.65 -26.00
SFBC International, Inc. (SFCC) 4.8 11.0 32.15 1.90

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At the Open

by 4/28/2005 9:55 AM
Stocks quoted in this article:

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

Weakness in the broad market indices, networking, gold stocks and oil/gas related groups. Semis and drugs are trying to bounce but are swimming upstream in the today's action...


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Into the Open

by 4/28/2005 9:10 AM
Stocks quoted in this article:

Okay - now that I have my morning rants on big cap tech stocks out of the way, we can turn our attention to the pre-open action. Which has taken on a sour look after the GDP report came in lower than expected...


Chart Courtesy of Thomson/ILX

The S&Ps had been trying to bounce from their overnight lows but quickly reversed course after the GDP showed its weakest growth since 2003. The June contract now sits more than four points below fair value...

Meanwhile, oil is now down 76 cents and gold is down 1.30...


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DELLicious Drop?

by 4/28/2005 9:00 AM
Stocks quoted in this article:

Earlier this month we discussed the downtrend in Dell and noted that analysts were still overwhelmingly enthusiastic both in their ratings and comments. I wanted to touch back on this because I just saw a note out from Prudential that says a compelling buying opportunity has been created by the continued decline.

Below is an updated version of the weekly chart we have been watching. Note how the shares failed to hold at what should have been support from the prior highs. Given the optimism, this is not a surprise. It is also not a shock to see the Street defend the shares here...


Created with SuperCharts by Omega Research

A check of Zacks show that 18 of the 24 analysts (75 percent) now rank DELL with a "buy" rating...

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