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Current DateTime: 04:23:19 06 Jul 2009
LinksList Documentid: 30111251

Current DateTime: 04:23:19 06 Jul 2009
LinksList Documentid: 23371764
    • Profit by Playing Follow the Leader

        Markets don't develop in isolation, neither do they develop in unison. In any related group, there's usually a leader, and a laggard. These inter-market relationships provide good trading opportunities because one index will lead the way in behavior and development. Alert traders watch the leader, then look for a duplication of this behavior in other associated markets.

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Despite the the bailout of Freddie [FRE  Loading...      ()   ] and Fannie [FNM  Loading...      ()   ] and Lehman's [LEH  Loading...      ()   ] questionable survival, the S&P 500 Financials Sector is still up over 20% since hitting a low in mid-July (see chart below of XLF [XLF  Loading...      ()   ], an ETF that tracks the financial sector).  Will the Financials stay above their July lows or fall back with the latest news?  Here is the latest data on how short interest has changed over the past few months and where bets are being made.

Data from Thomson Reuters shows that short positions for some of these banks are still up from where they were six month ago.  However, in the last few months, some banks' short

interest has risen while the short interest in others has fallen. 

Wachovia's [WB  Loading...      ()   ] short interest is more than twice what it was in May.  Washington Mutual [WM  Loading...      ()   ] still leads the pack.
(Contd.)

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CNBC Investor Intelligence:

- Stock Blog: Options Action on Financials

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Many of these numbers appear down because growth of shares outstanding have outpaced actual short shares.  Wachovia short interest increase has outpaced growth of shares outstanding by a 16:1 ratio.

Comments?  Send them to

bythenumbers.cnbc.com

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