Can MKS Instruments (MKSI) Buck the Markets?
by Houghton and Atkeson 09/12/08
MKS Instruments (MKSI) makes control and measurement products for the semiconductor industry. The Philadelphia Semiconductor Index (SOX) and the Semiconductor ETF (SMH) are trading at five-year lows. Over the same period, MKSI is up almost 100%.
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Today, market participants have traded 1,550 contracts, 16 times the usual trading volume. Almost all of the action is the puts: 1,000 MKSI Oct 20 Puts (QQBVD) and 500 MKSI Oct 22.50 Puts (QQBVX).
MKSI gapped lower on their Q2 earnings report. Is someone hedging/betting another gap down?
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Looking into June, the market should begin refocusing on upcoming earnings reports for evidence the economy is gaining momentum.
Watching the Treasury's Actions
In the short-term, the government's bond auction is likely to be a key driver of stocks.
Treasury Auction Boosts Market
The Treasury's auction of two-year notes brought an upside surprise which should alleviate fears of a lack of demand for U.S. paper.
Credit Markets Point to Upturn
The credit market, a reliable indicator of equity direction, suggests we will break out of the SPX's trading range to the upside.
The market seems to be saying that a 30% move up from the lows is ahead of the real economy and the market needs to allow the economy to catch up.
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