An NYSE Scalper's Tale - A Trader's Diary

Wednesday, January 31, 2007

On Tap For Feb 1, 2007

The following are some of the NYSE stocks that I will be keeping an eye on and possibly trading tomorrow. Obviously there may be news on other stocks that come out overnight or in the morning, so I may be trading those stocks as well.

Let's see if we can all get February off to a good start! Here's the list:
  • The homebuilder Pulte Homes Inc. (PHM) reported after the close swung to a Q4 loss and missed earnings by 2-cents; it was trading lower in after-hours; PHM closed at $34.34
  • The Western Union Co. (WU) also reported after the beat estimates by 2-cents while revenues were in-line with expectations; WU closed at $22.34
  • The following are some of the stocks that are reporting tomorrow before the open (please note that these are not all the stocks that are reporting tomorrow - just the ones I'm watching):

  • The Allstate Corporation (ALL)* fell heavily today on big volume...tomorrow I'll watch to see if the big boys have finished selling this stock or not; ALL closed at $60.16
  • United States Steel Corporation (X) had yet another strong day on some strong volume and convincingly made new 52-week highs...I'm watching to see if it can continue; X closed at $83.49
  • The Estee Lauder Companies Inc. (EL)* was up almost 15% today after it reported finished the day rather strong on big volume so I'm watching to see where it goes tomorrow; EL closed at $47.50
  • I don't know how I missed it, but Eli Lilly & Co. (LLY)* reported today and finished the day higher...I'm watching to see if it can move through this congestion area; LLY closed at $54.12

Please note that those stocks denoted with a * and highlighted green indicate that they are on the SHO Pilot List which means you can short them on a downtick.

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  • hey JC, just wanted to say how helpful it is that you post your stocks to watch list the night beforehand. especially nice when there's a price level you're eying to see break... it's set me up for a couple good trades and a lot of times i'm so engrossed in only the past minutes-days, i forget that XYZ stock is approaching its 52 week high!
    do you find that these levels aren't as significant when they break on the downtick-shortable stocks? it seems there's a jittery period of bull&bear tug of war before there's any follow through, whereas the traditional listed stocks have a more defined and cleaner follow through.

    By Blogger Jeff, at January 31, 2007 11:07 p.m.  

  • I'm sure I'm the last one to pick up on this, but are all stocks on the NYSE eventually going to be shortable on downticks? I know nothing of this SHO Pilot.

    By Anonymous Richard, at February 01, 2007 2:46 a.m.  

  • Jeff,
    Thanks for your comments. Yea, I find that the stocks on the SHO list do seem to wiggle around a lot more before there is any kind of follow-through. But I think it depends on which stock...sometimes it's a back and forth battle when a level does break, and other times it seems to just cut right through. One thing I do know is that I've had to learn a little patience whenever I trade one of those SHO stocks...especially the thinner ones because it's just soo up and down that it sometimes seems like pure chaos!

    Thanks for your comments. Right now the SHO pilot program will run until August of this year. The SEC wants to eventually make all stocks on the NYSE shortable on a downtick, and they've been working in conjunction with the NYSE just to see what kind of impact this has on trade. I think the SHO pilot program has been running for almost 2 years now (I think).

    The complete list of downtick shortable stocks can be found here:

    Check the website and search for "SHO". You can also check the HybridTalk and look for the post entitled "What's the Status of Reg. SHO?", posted on Jan 27, 2007 (I recently asked what the status of the pilot program was).

    Hope it helps!

    By Blogger J.C., at February 01, 2007 6:59 a.m.  

  • JC -- Thanks for the mention of HybridTalk. I hadn't realized when I answered the question about Reg. SHO that it was from you. I hope our blog has been of some help in your learning about and adjusting to the Hybrid Market. Your comments and questions are always welcome.

    I've looked in on your blog from time to time and I've always been impressed with your overall approach -- always looking to learn, always looking to get better, always sharing your insights. From the comments, I can see your writing about your experiences is extremely helpful to many others. My compliments to you, and and happy trading to you and your readers!

    Ray Pellecchia

    By Anonymous Ray Pellecchia, at February 01, 2007 8:41 a.m.  

  • Ray,
    Thanks for your comments and many kind words! Whenever I have the opportunity, I always encourage my readers to visit your site for more about the Hybrid market...I find that many are unaware of what's going on at the NYSE (I rarely hear much about things like the SHO pilot or even the Hybrid market in print and media) and it's refreshing to hear about the goings on at the NYSE in layman's terms (I often find the press releases and the NYSE site a little too technical for my tastes). Thanks again for your hard work!

    By Blogger J.C., at February 01, 2007 9:32 p.m.  

  • Excellent posts

    By Anonymous QUALITY STOCKS UNDER 5 DOLLARS, at April 11, 2013 12:19 a.m.  

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