Schaeffer's Trading Floor Blog
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A review of the highest Schaeffer's Gold equity scorecard ratings shows only one stock with a 10 out of 10 rating – Metris Companies (MXT: scorecard, quote, chart) . Click on the tab to the right labeled "Special Tool Kit", then click on the link titled "High/Low Scorecards" to get this information. According to Hoovers, MXT markets its Direct Merchants Bank brand MasterCard credit cards to moderate-income customers throughout the US, including both secured and unsecured cards. It offered such add-ons as credit card registration, but sold most of these fee-based services to private UK firm CPP Group in 2003; its Enhancement Services segment now offers just credit protection and insurance. The company is facing a decrease in income, downgrades in debt ratings and a deterioration in its assets, all largely due to poor loan performance. Even so, the technical picture is positive. The stock has been trading steadily higher and is challenging its December high of 13.35. Pessimism is significant though. The stock's Schaeffer's put/call open interest ratio (SOIR) is higher than 81 percent of all SOIRs of the past year. MXT's short interest as a percentage of float is a large 21 percent. <

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Rally Time

by 5/26/2005 3:44 PM
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Well wouldn't you know it, as soon as you think all the traders left early for the three day weekend we get some action. Since 3:00 p.m. the SPX has gone up two points and is now at its highs for the day. Leading us higher are steel stocks, semiconductors, and housing. On the downside, metals, and medical supplies are underperforming.

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One stock that looks attractive from our contrarian-based methodology is Affymetrix (AFFX: scorecard, quote, chart) . The stock has been in a tight uptrend since mid-March. A look at a weekly chart reveals that the equity has actually been trending higher since mid-August of 2004. Despite its solid technical performance, there are signs of skepticism in its sentiment backdrop. Short sellers have made hefty bets against the security, as short interest accounts for more than 13 percent of its float. Financial analysts remain unimpressed as well. According to Zacks, there is one "buy" rating, five "hold" ratings, and one "sell" rating on AFFX, leaving plenty of room for upgrades or additional analyst coverage to boost the stock higher. Today, the stock is trading $1.35 higher to $53.58.

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Cyberonics is one stock going crazy today, apparently on no news. For those of you not familiar with CYBX (CYBX: scorecard, quote, chart) , it's a medical device company whose system is a pacemaker-like device implanted under the collarbone with a lead attached to the vagus nerve in the neck. The device delivers intermittent signals to the brain, dubbed vagus nerve stimulation (VNS), to control epileptic seizures. The signals can be programmed by the physician with a personal computer; patients can activate additional signals with a hand-held magnet if they feel a seizure coming on. The company is pursuing additional Food and Drug Administration (FDA) approval for VNS to be used to treat severe depression that does not respond to other therapies. The stock took a hit last week after it announced that it had received a letter from the Senate Finance Committee stating that the Committee is examining the F.D.A. panel's recommendation to approve VNS for treatment-resistant depression in adults. Today CYBX is more than eight percent higher. Puts and calls are unusually active with both seeing more than twice the normal volume at midday.


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Western Digital (WDC: scorecard, quote, chart) , which was once coined Western Critical due to poor performance, is continuing its winning ways in Thursday's session. The shares have been trending along its 10-day and 20-day moving averages since late April. With the stock achieving a new annual high in Thursday's session, the stock is pressing against levels not since October 2003. Our Gold scorecard currently ranks the stock a seven (out of ten).

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