Schaeffer's Trading Floor Blog
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 - The short interest data below is still based on March's data. I will upload April's data into my database as soon as the Nasdaq data is available. 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
TASER International, Inc. (TASR) 24.7 36.6 9.53 -5.36
Cypress Semiconductor Corporation (CY) 15.4 11.0 13.25 -2.49
Wabash National Corporation (WNC) 14.7 11.7 27.30 -1.98
CoStar Group, Inc. (CSGP) 10.4 13.9 37.24 0.81
Ariba, Inc. (ARBA) 10.3 10.3 8.16 -5.29
Shanda Interactive Entertainment Limited (SNDA) 10.2 18.6 33.60 -3.49
Northwest Airlines Corporation (NWAC) 9.4 28.3 5.91 -3.88
Champion Enterprises, Inc. (CHB) 8.5 12.2 10.33 1.55
K2 Inc. (KTO) 7.8 17.3 13.90 -0.50
Rambus, Inc. (RMBS) 7.7 11.7 14.49 -2.62

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At the Open

by 4/22/2005 9:55 AM
Stocks quoted in this article:

The last opening bell of the week has rung and here is what I see...

As indicated by the pre-open futures action, the broad market indices opened with a pullback and are still holding losses...despite some very enthusiastic comments on Google the internet group is flat...bonds are popping...gold and gold stocks are bouncing back after yesterday's pullback...networkers have an interesting chart that I will post in a minute...

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Updated Index Charts

by 4/22/2005 9:10 AM
Stocks quoted in this article:

As I promised last night, here are the updated daily charts of the major indices...

Created with SuperCharts by Omega Research

In a word, these charts can be summed up with - resistance. All have broken below their recent lows (support) and are now pushing back towards them. The RUT and SPX are very near these zones while the QQQQ and DIA have a little more room to run up.

Perhaps the most difficult matter to wrestle with is how "obvious" these levels are. As we discussed yesterday, there is a tremendous amount of noise in the day-to-day action. And with so many hedge funds chasing performance I don't think it will be as simple as "SPX>1160=bull market".

Having traded through the bubble, I learned how devastating it could be to try and "fight" moves that seemed not only overdone but even irrational. Perhaps I am a relic from a long-gone era but I still believe that you need to give upside momentum a wide berth.

While the fear of losing can lead to quick panic selling, the "fear of missing out" can lead to traders taking on very heavy levels of risk...


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Good Morning

by 4/22/2005 8:09 AM
Stocks quoted in this article:

We follow yesterday's surge with a bit of a pullback. With just under an hour and a half until the open, S&P futures are trading three points below fair value. Gold is up 80 cents to 435.20 and oil is up 39 cents to 54.59...

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Final Figures

by 4/21/2005 4:39 PM
Stocks quoted in this article:

Similar to what we saw earlier in the afternoon....

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1160.0 22.5 points 1.97 percent
Dow Jones Industrial Average (DJIA) 10218.6 206 points 2.1 percent
Nasdaq Composite (COMP) 1962.4 48.6 points 2.54 percent
Russell 2000 (RUT) 599.0 14.0 points 2.40 percent
CBOE Market Volatility Index (VXO) 13.63 -3.20 points -19.0 percent

...we see extremely strong gains in the major indices. In fact, as the graph below shows...

...gains were to be had in nearly all groups, with gold and bonds the exceptions. Internet stocks led the rally all day and most other groups showed gains near two percent. Broker/dealers, drugs and biotech lagged the action as they "only" rallied one percent or so.

All-in-all it was a spectacular snapback rally and a good showing of short-term momentum. However, the more interesting aspect to consider is the one of perspective. Today's close on the SPX stands within two points or so of where it stood last Thursday - let's call it 1160'ish.

Today, 1160'ish is a being celebrated by the Street while Thursday's 1160'ish received a much more somber reception. But that is the way of the market...

Last night I said I would updated my daily index charts, but I didn't do it. I really meant to, and even had the html code typed up for the post, but I was waiting for the indices to stabilize so that the post wouldn't be obsolete 20 minutes later. Usually this is not a problem but today was clearly an exception. I promise to do better tomorrow. I am going to update my charts tonight and have that post ready before the open...


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