NASDAQ Technical Picture - Trendline Breach - Bullish Bias Intact

The fear factor as measured by the VXN is clearly well off of last Thursday's multi-year high and the bulls are temporarily back in control with a trendline breach. We are back in the overbought zone and month-end is just a heart beat away. A pullback in the early part of next week would help alleviate the extended short term technicals and allow a bit of room ahead of the end/start of the month positive bias. Don't want to get ahead of myself but the Fed move last Friday certainly has had a big impact in dissipating the fear factor. We've had very little in the way of pullbacks all week and the weekly chart looks like a bear trap.

Stock over $5 posting the largest percentage gain over the last five sessions include: BCSI +51, ACH +40%, WX +31%, TNH +29%, BTM +29%, BRP +29%, VMW +28%, TBSI +27%, RDYN +27%, HDNG +26%, IDP +26%, FWLT +26%, NEON +26%, ANTP +25%, SNCR +25%, NM +25%, CALM +25%, IVN +25%, FMT +24%, DRYS +24%, AXR +24%, VSEC +24%, LNDC +24%, BYI +24%, MEA +24%, GME +24%, AVCI +23%, ASIA +23%, VII +23%, LGCY +23%, MENT +21%, GTI +21%, TCHC +21%, DFC +21%, ANSV +21%, CKSW +20%

Stock over $5 posting the largest percentage loss over the last five sessions include: SNIC -25%, TWB -25% UNG -20%, GMTN -19%, FLML -19%, SBP -18%, ETEL -17%, CSUN -16%, PLCE -15%, GMET -14%, VC -14%, TDSC -14%, DEEP -14%, BIOF -14%, GSAT -14%, CCBL -13%, TMA -13%, TWP -13%, BECN -13%, TMTAD -13%, MNCP -12%, JRN -12%, SR -12%, LAD -12%, ZGEN -12%, OREX -12%, WNS -12%, OPLK -11%, JAV -11%, ICTG -11%, AAUK -11%, KNSY -11%

Companies reporting earnings the week of Aug 27th-31sth include: Monday: SNDA Tuesday: CMED, COCO, SAFM, TUES, ANEN, APSG, BGP, DY, MCRS, PEC, SMTC, LNUX, NCTY... Wednesday: BIG, BWS, CYBX, DLTR, ENER, FRED, JOYG, LAYN, WSM, CHS, CTRN, CWTR, FCEL, GEF, HEI, JAS, UEPS, NOVL, PSS, SIGM, and TIVO... Thursday: CIEN, CONN, DLM, FRE, GCO, HRB, KIRK, TIF, UNFI, VIP, ZLC, CPWM, CMOS, DLIA, DELL, ESL, LTXX, OVTI, OTEX, RSTO, SEAC, and WIND... Friday: No companies are scheduled to report.

Earlier this week NYSE released its August short interest data, which was collected on the 15th. The stocks with the largest short interest as a percentage of the float are as follows: AXR 103%; NFI 93%; BZH 73%; TOA 73%; HOV 63%; FED 60%; MWA 60%; IMB 60%; BHS 51%; TWP 51%; WCI 48%; DSL 48%; MTH 47%; HEI 45%; GDP 44%... The biggest increases in short-interest as a percentage of the float, from mid-July to mid-August, are as follows: NFI's short interest rose to 93% of the float from 67%; BZH is up to 73% from 57%; RAS up to 31% from 17%; ACA up to 21% from 10%; GDP up to 44% from 33%; RDN up to 18% from 8%; RWT up to 21% from 10%; AFN up to 26% from 16%; MTG up to 32% from 21%; FED up to 60% from 50%... The biggest decreases in short-interest from mid-July to mid- August are as follows: CDL's short interest dropped to 11% from 62%; XJT down to 15% from 33%; TSS down to 11% from 26%; TIE down to 9% form 21%; UA down to 26% from 38%; PPP down to 5% from 16%; TLB down to 38% from 47%; DJO down to 11% from 20%; AXR down to 103% from 112%; EYE down to 11% from 19%... This information is reported on a monthly basis. Not surprisingly, some of the biggest increases took place in stocks related to the mortgage/housing markets... NASDAQ short interest data for August does not appear to be compiled out yet.

Data courtesy of Briefing.com