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Technology Stocks : Energy Conversion Devices
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From: Futurist7/16/2008 9:41:40 PM
   of 8393
 
Put/Call Ratio

Good stuff from Nick Perry's Trading Blog; charts are included on webpage:

Revisiting Energy Conversion Devices, Inc. (ENER)
7/16/2008 2:30 PM

Keywords: ENER

For the last couple of months I have been tracking Energy Conversion Devices, Inc. (ENER) and its apparent short squeeze rally. A month ago we saw that short interest was decreasing and that trend is continuing to play out.

Since mid-March, the total number of shares sold short has dropped from 11.7 million to 6.7 million.

However, even after that drop, short interest is still relatively high. According to data collected by our Quantified Analysis group, 17% of the stock's float is sold short.

While short interest could still provide fuel for a rally I did think it was worth pointing out the put/call ratio has started to roll over. The chart below shows the put/call ratio plotted along with the stock. In last month's post I pointed to this as something to watch in terms of gauging the moment. From the looks of this chart, it appears that the ratio started to roll over just before the stock pulled back.

As it stands now, the stock has pulled back to support near 60 and is trying to bounce off of that zone. The good news is that there is still enough short interest to fuel a rally and the stock has worked off its overbought condition. The bad news is that the put/call ratio is still declining.

From my perspective, I think I would still have to call the uptrend intact. The put/call ratio is a concern to note, but at this point I would not view it as a major concern unless the stock breaks its recent lows.

Chart Courtesy of Thomson Financial
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