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

Here are the stocks that saw a bias toward call activity in the previous session. This filtered scan is based on the International Securities Exchange (ISE) buy-to-open data. It looks for stocks where the previous day's call volume on the ISE is at least twice as great as the put volume. It then sorts the stocks based on the call volume. Since this is buy-to-open data, this can be a good source for finding stocks where optimism is emerging. Of particular interest to me would be situations where we see call activity on stocks that are still in intermediate-term downtrends. This would be a potentially cautionary sign from the contrarian perspective.

Companies included in today's scan results: Bank of America Corp (BAC), Apple Inc (AAPL), MGM Mirage (MGM), Celgene Corp. (CELG), Yahoo! Inc (YHOO), EMC Corp. (EMC), Microsoft Corp (MSFT), Advanced Micro Devices Inc (AMD), General Electric (GE), Sprint Nextel (S), YRC Worldwide Inc (YRCW), Morgan Stanley (MS), Weatherford International (WFT), eBay Inc (EBAY), Cisco Systems Inc (CSCO), Nordstrom (JWN), Altria Group Inc (MO), Las Vegas Sands Corp (LVS), Goldcorp Incorporated (GG), MEMC Electronic Materials Inc (WFR), Comcast Corp. (CMCSA), JDS Uniphase (JDSU), Smith International (SII), Texas Instruments Incorporated (TXN), FedEx Corp. (FDX).

MGM Mirage, Yahoo! Inc, eBay Inc, and Las Vegas Sands Corp are the situations that stood out to me. Here are the charts and levels I am watching -

  • MGM Mirage daily chart - I recently touched on the stock as a potential breakout situation and this shorter-term view highlights the near-term levels. Support sits at 9 while resistance hangs near 14.
  • Yahoo! Inc weekly chart - The equity remains below resistance and is showing signs of breaking the uptrend. The stock did just hit a short-term oversold condition so it will be worth watching to see if there is any follow-through buying.
  • eBay Inc daily chart - The stock continues its consolidation near the 25 level. So far there hasn't been much in the way of a serious rejection but the stock is nearing a short-term oversold condition and nearing the lower end of the congestion zone. In theory, this is where you would expect to see buyers step in.
  • Las Vegas Sands Corp daily chart - Here is another stock nearing a short-term oversold condition. Support sits near 14 and 12. A recent pattern of lower highs has been in place off the September peak. The short interest page shows more than 15% of the stock's float is sold short. The most interesting scenario for me would be a snapback rally that breaks the series of lower highs.

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