Schaeffer's Trading Floor Blog
Stocks quoted in this article:

After a giddy start to the day...


Chart Courtesy of Thomson/ILX

...the SPX has pulled back from its morning highs. I have been looking around to try to gauge the sentiment on this morning's rally, and while my sample is admittedly limited, it appears that "relieved" has been the word of the day.

While snapback rallies amid downtrends do happen - and are known to be notoriously swift and furious - I find it hard to believe that this was ultimately "it" on the downside. Could is be that easy for the bulls? Anything is possible, but the market is known for being anything but easy...

Earnings cross-currents will likely be a big factor in the near-term and this has the potential to create a good deal of choppy moves. As for me, I am still keeping an eye on the zone near 1160 as resistance...

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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
Gamestop Corporation (GME) 9.7 41.9 23.71 1.01
Plug Power, Inc. (PLUG) 8.9 10.3 6.21 1.61
American Home Mortgage Investment Corp (AHM) 8.7 12.5 30.38 1.38
Cleveland-Cliffs Inc. (CLF) 7.3 12.5 61.44 3.65
USG Corporation (USG) 7.0 37.8 44.09 3.79
Arch Coal, Inc. (ACI) 6.1 12.4 42.96 3.68
Chico's FAS, Inc. (CHS) 5.9 16.7 26.28 1.60
Martha Stewart Living Omnimedia, Inc. (MSO) 5.9 90.6 20.72 3.52
United States Steel (X) 5.4 11.4 45.24 2.19
ONYX Pharmaceuticals, Inc. (ONXX) 5.4 15.7 31.61 1.52
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Earnings - Part II

by 4/19/2005 9:53 AM
Stocks quoted in this article:

As I promised below...This list shows how some of the stocks that were scheduled to report earnings this morning are faring in today's session...

  • Boston Scientific (BSX) -1.4%
  • CDW Corp (CDWC) +3.8%
  • Coca-Cola (KO) +3.7%
  • DR Horton (DHI) +2.0%
  • EMC Corp (EMC) +7.8%
  • Forest Labs (FRX) +1.7%
  • Freeport-McMoRan (FCX) +1.8%
  • General Motors (GM) -2.4%
  • Johnson & Johnson (JNJ) +0.1%
  • Lucent (LU) +6.8%
  • Mellon Financial (MEL) +3.7%
  • Merrill Lynch (MER) +2.2%
  • MGM Mirage (MGG) +1.8%
  • Pfizer (PFE) +0.0%
  • RadioShack (RSH) -2.0%
  • State Street (STT) +8.5%
  • TASER Intl (TASR) -0.6%
  • US Bancorp (USB) +0.0%
  • Viacom (VIA.B) +3.3%
  • Wells Fargo (WFC) -0.3%


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At the Open

by 4/19/2005 9:46 AM
Stocks quoted in this article:

The action has come alive and here is what I see...

It looks like the bulls have control of the board...at least for the moment...as all but housing is trading higher. Networking, which has shown an abysmal performance this year, is taking the lead as the NWX rallies four percent...semis are trying to bounce from their January lows that we discussed yesterday...


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Chart Chatter - XOI Update

by 4/19/2005 9:38 AM
Stocks quoted in this article:

Last night I promised to update the weekly chart of Amex Oil and Gas Index (XOI) that I discussed last week...


Created with SuperCharts by Omega Research

As was the case when I first presented the chart, we have the red channel that highlights the majority of the uptrend along with the 20-week moving average (green line).

After consolidating for a few weeks after the peak, the XOI has begun what appears to be a controlled pullback to the upper rail of the channel which is now near the 20-week trendline. As I have already noted, there is nothing magical about these levels, they just give us an "obvious" point of reference to see if the bulls are willing to step in.

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