Schaeffer's Trading Floor Blog

That Was Fast...

by 4/29/2005 10:36 AM
Stocks quoted in this article:

After an hour of trading...


Chart Courtesy of Thomson/ILX

The SPX has shaken off the pre-open enthusiasm and pulled back to breakeven. This failure to hold the opening gap is not a constructive sign...

Wow...Do I have a knack for stating the obvious or what?



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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
Multimedia Games, Inc. (MGAM) 12.5 30.2 7.55 3.59
eResearch Technology Inc. (ERES) 12.4 14.9 11.48 -1.65
Nautilus Group, Inc. (The) (NLS) 10.6 24.8 25.11 3.31
Advanced Neuromodulation Systems, Inc. (ANSI) 8.3 17.0 30.27 -0.66
FTI Consulting, Inc. (FCN) 7.5 15.7 21.56 1.90
Pantry, Inc. (The) (PTRY) 6.8 12.6 31.16 0.71
FalconStor Software, Inc. (FALC) 6.3 12.8 5.92 -2.90
Sina Corporation (SINA) 6.2 10.4 27.69 0.72
GSI Commerce, Inc. (GSIC) 5.6 14.3 16.09 -6.54
Pharmion Corporation (PHRM) 4.9 12.9 24.19 -2.23

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At the Open

by 4/29/2005 9:47 AM
Stocks quoted in this article:

The opening bell has rung, and the buying has begun...

Oil is the lone standout on the "left side" of the chart as most groups open higher, or at worst, flat. Semis caught my eye as they fail to enjoy the "all-clear in tech land" that proclaimed on Microsoft's earnings as news from KLA-Tencor (KLAC) wasn't so jubilant....For the most part we see a snapback bounce from yesterday's drubbing.

Call me a cynic, but we have seen enough failed snapbacks to leave me in the wait-to-believe it camp...


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Into the Open

by 4/29/2005 9:09 AM
Stocks quoted in this article:

The Commerce and Labor Departments gave us a flurry of data at 8:30 that energized pre-open futures trading....


Chart Courtesy of Thomson/ILX

However, this failed to take out the earlier intraday highs. But the bulls have kept the S&Ps near their best levels for the overnight session as they sit seven points above fair value.


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Giddy...

by 4/29/2005 8:29 AM
Stocks quoted in this article:

And of course, all the chatter this morning focuses on Microsoft's wonderful earnings report which has some giving the "all-clear" for tech stocks...Wait a minute you might ask, didn't the stock initially trade lower after hours amid confusion about how they did and concerns that revenues were lackluster? Yes that is true. But after some careful deliberation and some comments from MSFT's management, it was declared that their report was "good" and all could breathe a sigh of relief.

Okay, okay...I admit I am once again being a little facetious but I have a good caffeine buzz working so cut me some slack....please?

Cynicism aside, the results from Microsoft are the focus this morning and there are comments coming from both sides of the bull/bear debate, but I do believe that the bulls are yelling loudest. For an example of the comments, check out this article from CNN/Money - "Windows of opportunity?"...

While it is still early, and things are subject to change, the shares are up a percent and a half to 24.80 or so. Last night, I made a point of capturing the intraday chart and if you click on that link, you will see that 24.80 more or less just undoes the late-day decline in the shares so it will take more than that to improve the look of MSFT's chart...


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