Option Investor
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Daily Newsletter, Wednesday, 06/28/2000

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The Option Investor Newsletter                Wednesday  6-28-2000
Copyright 2000, All rights reserved.                        1 of 1
Redistribution in any form strictly prohibited.

Posted online for subscribers at http://www.OptionInvestor.com
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MARKET WRAP  (view in courier font for table alignment)
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       6-28-2000           High     Low     Volume Advance Decline
DOW    10527.80 +  23.30 10620.40 10506.40 1,059,294k 1,779  1,114
Nasdaq  3940.34 +  81.38  3974.48  3872.17 1,657,593k 2,356  1,597
S&P-100  788.00 +   3.06   795.86   785.23    Totals  4,135  2,711
S&P-500 1454.82 +   4.27  1467.60  1451.51            60.4%  39.6%
$RUT     520.99 +  12.91   521.00   508.08
$TRAN   2719.86 +  38.89  2722.56  2678.28
VIX       23.58 -   1.30    25.49    22.51
Put/Call Ratio       .55
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Fed Rally Slides Into The Close

Another day of Fed-watching, only to get what was anticipated: no
rate hike.  The markets rallied throughout the day right up to
the Fed announcement that they would stand pat, keeping the fed
funds rate at 6.5%.  While this outcome was widely expected, there
still was a nervousness surrounding the moments of the decision.
Recall that after the last rate hike, also expected, the markets
sold off fast and furiously.  Being a call holder, this flashback
to May 16th brought chills as the markets popped and then plunged
at the first word from the Fed.  But, what we got was continued
move to the upside that stalled into the close.

So as investors scour the economic landscape, the question is
what will drive trading going forward.  After the 50 basis point
hike, most investors concentrated on the hawkish commentary that
the Fed released, rather than the actual action.  Today,
maintaining deliberate ambiguity, the Fed spoke out of both sides
of their mouths, leaving the door open for the August meeting.
Reinforcing some of the most recent economic data, the Fed sees
that "the expansion of aggregate demand may be moderating toward a
pace closer to the rate of growth of the economy's potential to
produce."  So as supply and demand find common ground, we can be
sure that the economy is slowing at this point.  Yet, the Fed
added that these signs "are still tentative and preliminary."  And
as a standard closure to their statement, the Committee believes
that there are risks "that may generate heightened inflation
pressures."  Overall, the rhetoric was much more mild than in the
past and the markets were somewhat relieved by the lack of a
hawkish tone.

After climbing in the morning, the markets flat-lined before the
announcement.  There was strength in the Biotech sector as
investors poured back into the high-fliers, despite the "buy the
rumor, sell the news" sell-off after Monday's human gene
mapping announcement.  The Biotech Index(BTK.X) added 6.18%
today behind gains in MLNM(+16.50), MYGN(+12.50), HGSI(+11.38),
and PDLI(+10.00).  They managed to avoid the selling pressure
that hit the broader markets.  Also posting early gains was the
Semiconductors.  Yet, the SOX.X was one of the first sector to
be met by the sellers and gave up its gains to close down
fractionally.  This general trend of profit taking in the Semis
is bringing them back to levels prior to the most recent run.
INTC(+1.06) led the way, selling off sharply but holding on to
small change.  SDLI(+10.25) continued its impressive march back
to $300, brushing off the bears.  BRCM(+4.69) tacked on 2.5%
today on strong volume.

Bringing down the Semi sector was TQNT(-9.56), which fell on
negative comments about QCOM's chipset sales in South Korea.
Merrill analyst Chris Danely defended TQNT, stating the there
would be "little to no impact" as QCOM only represents 1% of
TQNT's revenues.  Investors punished TQNT but QCOM(-0.13) was
spared since this news was already priced into the stock.  Even
though QCOM's performance today didn't reflect it, First Union
downgraded the stock to a Buy from a Strong Buy.  ABN Ambro and
Prudential Securities cut QCOM's earnings estimates for the year.
It just goes to show that sellers are quick to pull the trigger
when bad news hits, especially when it goes straight to the
bottomline.  This type of action shows how the focus may shift
from interest rates to earnings, which will be in full swing next
week.

Despite the late session slide, the NASDAQ managed to hold on
to an 81.38 gain on decent volume of 1.6 bln shares.  Briefly,
after the Fed move, the index traded above the 3950 level but
failed to close above that level.  We won't complain with
today's performance considering that the pre-Fed rally that
began on Monday didn't result in a major train wreck.  After the
decision was released, the NASDAQ faltered but found key support
at 3750 on the NASDAQ 100(NDX.X). Note in the chart below that
although choppy, the NASDAQ has been making another run at 4000
after last week's fallout.  A slide through the bottom of this
regression channel to the sub-3900 level would be disheartening.
If earnings momentum can spark any kind of tech rally, the NASDAQ
could make that run to the 100-dma of 4100.  When today's trading
was all said and done, many techs showed impressive gains.
VRSN(+14.81), RBAK(+12.50), JNPR(+10.00), and CIEN(+5.88) led the
techs to a positive day.  We will be watching money flow into
stocks like these to indicate a broader market rally.  An old
NASDAQ stock that has been out of favor lately did make a move
today.  WCOM(+4.81) soared an amazing 12% after yesterday's news
that the Justice Dept was filing a permanent injunction against
the Sprint merger.  WCOM investor breathed a sign of relief as the
stock has been stuck in a strong downtrend.




Speaking of the new focus on earnings, PALM announced earnings after
the bell for its first full quarter as an independent and public
company.  Just one day after COMS, the former parent company of
PALM, posted better-than-expected earnings, PALM earned 3 cents
per share, excluding separation charges related to the spinoff.
This beat Street consensus estimates of a penny per share and the
previous year's EPS of 1 cent.  Impressive year-over-year
growth indicates that consumers and businesses are embracing the
wireless solutions that PALM offers.  PALM said it delivered a
whopping 1.1 mln devices in the quarter.

At the NYSE, the INDU built up to the Fed announcement.  Although
the INDU traded through the 10600 level today, profit-takers
dragged the index down in the final moments of trading.  Managing
only a 23 point gain, INDU is looming just above the key level of
10500, currently the 10-dma.  A bounce from this level would prove
to be essential to a INDU recovery.  Today's high of 10620 was
right between two key technical levels, the 100-dma at 10606 and
the 50-dma at 10632.  Both will provide resistance going forward.
A break through the 50-dma could indicate a mild recovery to the
recently ill INDU.  After the initial post-Fed pop, the INDU slid
into the close.  But a gain is a gain, no complaints.  Leading
the charge were NYSE Biotechs, Techs, and Financials.  CRA(+9.50)
recovered today from a two day slide following its landmark
genetic mapping on Monday.  HWP(+7.19) got a boost today from
Lehman Brothers, who included the tech giant on its Uncommon Value
List, a top-ten list that has regularly outperformed the market
since 1949.  KO(+2.13) surprisingly posted a 3.72% gain,
continuing its recent uptrend.  Today, KO said it expects its
earnings to rise in line with Wall Street's expectations.




On the weaker side of the NYSE, phone stocks stumbled as investors
digested the blocked merger of WCOM-FON.  FON(-5.59) lost almost
10% today on the fallout.  It appears that FON is still on the
auction block as consolidation is far from over in the telecom
sector.  In sympathy, other phone stocks fell:  T(-1.13),
USW(-3.06), Q(-1.94), and BEL(-1.03).  Food, airline, and some
retail stocks were sold as investors shifted their focus towards
the biotech and tech holdings.

Lastly, a piece of bizarre news regarding business espionage.
Today, ORCL chairman Larry Ellison admitted to hiring a private
investigator to look into "covert activities" of MSFT during the
ongoing anti-trust suit.  He passed it off as ORCL doing its
"civic duty."  Reported today in both the WSJ and NY Times,
Ellison said that the detective work turned up evidence that MSFT
paid the Independent Institute of Oakland, CA, and the National
Taxpayers Union of Arlington, VA, to influence public opinion in
MSFT's favor during the Federal trial.  No illegal actions are
thought to have occurred but it goes to show how deep these
competitive feelings run between two of the most powerful and
richest men in big business.

Looking forward, tomorrow will be a very telling day for the
markets.  Holding on to the gains today in the face of the
the Fed decision is encouraging.  Yet, investor sentiment will
be confirmed with tomorrow's trading session.  Focus is now
shifting to the heart of earnings season and we may be poised to
rally into the weekend.  Money managers will be looking to add
strong stock performers to their end-of-the-quarter books during
"window dressing."  Expect volatility and choppy trading like we
have seen and remember to take your profits when they are in front
of you, as this market can turn on a dime.

Matt Russ
Research Analyst



***************
ASK THE ANALYST
***************

Fly fishing is one of my passions.
By Eric Utley

The other, of course, is trading stocks.  In the summer months,
I must alter my fishing tactics and strategies in order to catch
trout.  After gorging themselves during the spring, trout spend
the summer basking in the sun, and, occasionally rising to the
surface to eat a bug, floating on top of the water.  The rivers
where I live run quite low during the summer, and that requires
me to navigate the water in stealth mode in order not to scare
the fish.  I have a plethora of fur and feathers in little boxes
from which I can choose from to lure a lazy trout.  My casting
must be light and delicate in order to not spook the fish.  And I
must, absolutely have to, be adaptable to the environment.
Fishing during the summer has its rewards, the weather is usually
pleasant, and a lot of bugs are emerging from the water, and
fluttering above the surface enticing the trout.  But, the real
action on the water is during the spring and fall.  That's when
the fish are real hungry and real aggressive.  Now that I think
about it, fishing reminds me of the stock market.  Sure the
spring and fall provide fireworks in the financial markets, but
you can still catch fish, I mean make money, during the summer.
To expand on what Jim wrote in his column Tuesday, money can be
made during the summer months, it just requires an altering of
your trading strategies.  Just don't forget to pack your poncho
in case of a summer thunderstorm.

If you have a fish story you would like to share, or more
importantly, a stock you would like me to review, send your
requests to Contact Support.  Please put the
symbol in the subject line of the e-mail.

----------------------------

Motorola - MOT

Please comment on MOT (Motorola).  Thanks. - Jeannie

Please give me your opinion and analysis on (MOT).  Has it been
unfairly punished for its lowered earnings expectations? - Glen

MOT's downward spiral began in early April when the company told
analysts that its second quarter earnings would come in slightly
below estimates.  The company cited lower profit margins on its
wireless phones in part from component shortages and falling
average selling prices due to tough competition from NOK and
ERICY.  The earnings shortfall tarnished MOT's reputation on
Wall Street.  To emphasize that point, Lehman Brothers cut their
price target to $55 from $67 just this Monday, citing concerns
over slowing growth in MOT's handset business.  There is no doubt
that MOT is positioned in high-growth industries with solid
product lines.  The question is whether or not MOT can execute
well enough to earn back Wall Street's respect and build some
earnings momentum.  With that said, you might considering waiting
for MOT to prove itself over its next two or three quarters.  The
stock is trading at a discount now, but it's down for a reason.

To part from the doom and gloom speak for a change, there is a
possible catalyst that may lift MOT from the mire.  MOT operates
in three distinct divisions:  Integrated Electronic Systems,
Semiconductor Products, and Communications Enterprise.  I point
this out because MOT's individual businesses have a lot of value
that is currently unrecognized by the market.  Furthermore, there
has been recent speculation that MOT is contemplating a
restructuring of the company to unlock its hidden value.  Another
bullish item I should make note of is that while MOT's handset
business may be slowing, there product offerings in the broadband
and chip markets are doing quite well.  Something the market may
have overlooked when it sank MOT's ship.  Turning to the chart,
it appears MOT has found bottom at its current levels.  Until we
get positive news that fundamentally changes MOT's outlook, the
stock will probably churn around its current levels.




----------------------------

Advanced Digital Information - ADIC

I bought some ADIC after a glowing write up in OIN.  I confess, I
did not watch it well, and it has taken a huge tumble.  It's
hovering around 16.  My question is, do you expect this to be a
good long term hold or should we get a divorce?  Thank you.
-Steven

I really like how you put that Steven, "should we get a divorce".
As you well know, ADIC manufactures data storage products and
implements software management applications.  The demand for
storage of digital information on network computer systems is
growing at 100% per year.  ADIC's products are used over a broad
range of industries.  Banks, hospitals, Web sites, and even film
producers all have a need for ADIC's products.  The stock is
selling at a discount, relative to its expected earnings growth
over the next year.  Up until January of this year, ADIC had
been increasing its EPS at a healthy clip.  But, for the last
two quarters it appears ADIC's EPS has topped out at 14 cents per
share.  In fact, the company is expected to earn that number when
it reports again in August, making it possibly three quarters in
a row with flat earnings.  While ADIC met its earnings estimates,
it fell a little short on revenues in its last two quarters.  The
sales short-fall combined with a terrible Tech sector led to the
stock's steep decline last spring.  If the company can get its
earnings momentum back, the stock might be a good buy or hold at
its current levels, at least that's what ADIC insiders believe.

Back in May, four insiders accumulated a total of 182 K shares of
ADIC, between the prices of $11 and $13.  I have to admit, they
did a good job in picking the bottom.  Management at ADIC
recently told analysts that they expect sales to accelerate in
the second half of this year, which should boost earnings.  I
don't see a real catalyst in the stock to move it higher in the
next month or so.  ADIC's earnings report in August will be the
event to watch for.  If the company shows Wall Street that it can
continue to grow earnings, the stock will rise.  After all, ADIC
is a market leader in an industry that is growing 100% per year.
Additionally, the company is expected to grow earnings by 27%
over the next five years.  Not too bad!




----------------------------

Georgia Pacific - GP

I am a very "hard-studying" potentially good options trader.  I
get a lot from your info.  I have been watching Georgia Pacific
(GP).  It looks like it is about to turn around.  I am thinking
that this stock will make a good options play - calls.  I am also
considering buying some for my portfolio.  What's your take?
Thanks for the great educational material. - Roger

I love your attitude Roger, I'm sure you're going to be a great
options trader.  You're definitely on the right path, hard study
and work is what it's all about!  I give you my best wishes in
becoming a successful trader.  Onward to your request.  GP is a
manufacturer of building products and pulp and paper.  The
operative words in the preceding sentence are - building
products.  As you well know, rising interest rates and a slowing
economy are a bad combination for the housing industry.  However,
the real paradox with the US economy is that housing starts are
not slowing.  The National Association of Realtors said Monday
that home sales rose 4.3% in May.  That's up from the previous
month.  Alas, we must remember, the market usually discounts six
months ahead.  And the market has been doing a lot of discounting
in GP lately.  All of the stocks in the Housing sector are
hovering around their 52-week lows.  Take a look at WY, IP, and
USG.  Plain ugly!  The group is influenced by macro economic and
fiscal events.  And until Mr. Greenspan changes his ways, GP is
likely to stay discounted.  But, that may not be a bad thing if
you're a long-term investor, and I do mean long-term.  GP's
current levels might be a good entry point if you don't mind
holding the stock for two or three years.

Analyzing GP's fundamentals, one word comes to my mind, value!
The stock has a trailing P/E of 6, and a PEG of 0.34.  While GP's
earnings growth estimates are a mere 7% over the next five years,
the stock does have some inherent value.  I know value is an
ugly word for most traders, but GP might be a good addition to a
long-term portfolio.  Once interest rates stabilize, and if the
economy remains healthy, GP should rebound very quickly.  I've
seen the rallies in paper stocks, and I remember them as being
quite impressive.  In fact, early last year, GP nearly doubled in
less than six months.  I know that's not the 200% or 300% gain
some traders are looking for, but I would sure take a double this
year.




----------------------------

CMGI - CMGI

CMGI ---- Where do thy goeth? - PB

Shakespeare once said, "All Internet stocks goeth upward."  Okay,
maybe he didn't.  But I think ole' Bill would have owned a few
shares of Net stocks.  Let me first examine what it is that CMGI
exactly does, and therein, we'll find the answer to your question
PB.  CMGI is in the business of creating and managing Internet
companies.  CMGI is made up of a network of companies that hold
leadership positions in Internet related businesses.  I think the
number of companies CMGI currently holds is around 60.  I like to
think of CMGI as the first Internet mutual fund.  CMGI made
investors a ton of money by taking companies such as ENGA, UBID,
and CPTH, into the public markets, along with a host of others.
But, the turmoil in the capital markets last spring all but
killed investors' thirst for IPOs.  It got so bad for CMGI that
the company had to scrap its plans of its highly anticipated IPO
of AltaVista.  Thereafter, AltaVista fired a large part of its
workforce.  Without IPOs, CMGI doesn't have a lot left.  You
could argue that CMGI has a host of companies operating in a
variety of segments within the Internet.  But, how many of those
companies are making money?  Not many!  One of example of CMGI's
failing businesses is the Web site portal known as Furniture.com.
Furniture bought over the Internet?  From what I gather, the
business at Furniture.com is not so good.

Now I don't want to be too pessimistic, I'm actually an optimist
at heart.  David Wetherell, Chairman and CEO of CMGI, is one of
the most brilliant business men working in the Internet arena.
And if it's one thing he and CMGI can do successfully is
innovate.  So, I wouldn't count CMGI completely out just yet, the
company has a ton of cash on hand and one of the best management
teams in business.  But, until the IPO market really heats up
again, I don't see a major catalyst to move CMGI higher.  Of
course, the stock is a good candidate for a swing trader or a
momentum play as you've probably seen CMGI on the OIN call list a
few times.  Before buying the stock for a long-term investment, I
think CMGI needs to prove its business model can consistently
generate profits going forward.  If there's one thing Wall Street
loves it's profits!




----------------------------

Sawtek - SAWS

I would be interested in your analysis of this volatile stock.
Intra-day swings in Sawtech are quite large, but the pattern
seems to be up.  Your thoughts?  Thanks. - Brian

SAWS got its name from its surface acoustic wave (SAW)
technology.  SAWS manufactures electronic signal processing
components using its SAW technology, which are used in a variety
of systems, most notably Code Division Multiple Access (CDMA).
CDMA might sound familiar, it's the thing that made QCOM famous
last year.  Essentially, SAWS makes a little chip that goes into
cell phones.  A lot of SAWS success hinges on the acceptance of
CDMA technology as the wireless standard.  And as you might have
noticed with QCOM lately, the acceptance of CDMA is a hot topic
on Wall Street right now.  But, SAWS success doesn't completely
rest upon the further deployment of CDMA.  The company has
several products which are used in the building of GSM stations,
and used in a variety of radio frequency applications.
Additionally, the company offers custom designs to both the
military and space markets, which can be a lucrative job.

For a high-flying tech concern, SAWS fundamental are great.  The
company has virtually zero debt, and healthy cash position on its
balance sheet.  What's more, SAWS has shown consistent earnings
growth for its last six quarters.  The company is expected to
grow its bottom-line by nearly 29% over the next five years.
Given its expected earnings growth rate, SAWS is trading at an
attractive level right now.  The risk, of course, is what becomes
of the CDMA debate.  Looking at SAWS chart, you can see the stock
broke away from its up-trend when the QCOM debacle began.
Investors, may have oversold SAWS, but you might want to wait for
the stock to cool off before jumping in.




----------------------------

DISCLAIMER:
This column is an information service only.  The information
provided herein is not to be construed as an offer to buy or
sell securities of any kind.  The Ask the Analyst picks are not
to be considered a recommendation of any stock or option but an
information resource to aid the investor in making an informed
decision regarding trading in options.  It is possible at this
or some subsequent date, the editor and staff of The Option
Investor Newsletter may own, buy or sell securities presented.
All investors should consult a qualified professional before
trading in any security.  The information provided has been
obtained from sources deemed reliable, but is not guaranteed
as to its accuracy.



***********
OPTIONS 101
***********

The Lazy Man's Way
By David Popper

A Barron's TV commercial shows a man laying on a float in a pool.
The commentator says "the market goes up, you make money."
"The market goes down, you make money."  The implication is that
if you buy Barron's you will learn "THE SECRET."  Guess what, I
have read Barron's for three years and have never learned this
secret.  In fact, I have never found tradable information in
Barron's or in the Wall Street Journal, Fortune, Business Week or
most other publications.  The only way that I have received
timely tradable information is by reading OIN, other sites and
reading Investor's Business Daily.  These aids, however, are only
aids.  They will give you an understanding as to which stocks are
currently moving and give you an idea of the economy.  Even these
aids cannot substitute for your own hard work.

At times, I do not have the time to spend all day exclusively on
the market.  Therefore, during these times, I lower my
expectations and place myself in a position where I can truly
make money if the market goes up or down.  How can I do that?
When I know that I will be very busy for an extended period of
time, I employ a system that has four parts:

1. Build
2. Cover
3. Scrape
4. Wait

Below, I will describe the system:

1) Build.  Suppose I realize that I will be too busy to watch the
market for the next six months.  I would select great stocks (high
relative strength, high earnings) and write a six month call on
the stock.  Typically, I will get a 25% premium.  For example, I
bought CHKP at $220 per share and wrote a January 2001 $220 call
(YKEAU for $60).  This means that I have downside protection to
$160 and even if I am called out, it will be the same as if I sold
the stock at $280.  Furthermore, I am not stuck in the play until
January because if the stock really roars, the extrinsic value of
the call will evaporate quite rapidly.  At that point, I would be
able to buy the call back and begin a new play.

2) Cover.  Instead of buying the stock back at that point, I may
instead choose to cover my position by buying a $220 put for a
small amount of money.  Once that put is in place, there is no
longer any downside risk.  The profit I make will be the
difference between the call premium and the put premium.  For
example, if CHKP were to run to $300, the $220 put may be worth
$12 to $15.  By buying the put, I have locked in the difference
between $60 (the price in which I sold the call) and $15 (the
price in which I bought the put) and have eliminated absolutely
all of the downside risk at that point.  The advantage of having
the put in place is that markets these days tend to be quite
volatile.  The put insures not only downside protection but
allows you to be profitable in the event we have the typical
late summer dive that has occurred over the past two years.

Obviously, there is any number of ways to play it if the market
were to tank after the July earning run.  You could buy back the
call on a dip and wait for the stock to rebound.  You could sell
a put on a dip and wait to buy it back on a rebound.  You could
do both.  In other words, in this scenario, if the market goes up,
you will make money.  If the market goes down, if played properly,
you will make money.

3) Scrape.  If you are trading in the market to obtain current
cash flow, once the put is in place, you have the opportunity to
scrape your now risk free profits off of the top and use that
money any way you choose.

4) Wait.  Once both the put and the call are in place, you are
now profitable.  There is no need to press the market, just simply
wait for the next extreme move either to the high side or the low
side to take your next action.

Again, this is just one of many strategies that are employable.
This strategy still maintains a healthy return in light of the
effort required to implement it.  Obviously, if you have more
time, more aggressive strategies could be more lucrative.

Contact Support



**********************
PLAY OF THE DAY - CALL
**********************

TIBX - TIBCO Software $104.75 +5.81 (+15.69 this week)

TIBCO's ActiveEnterprise enables businesses to connect resources
with customers and automatically deliver event-driven information
across networks and the Web in real-time.  The company also
offers e-commerce, consulting, and support services.  Customers
license the software to integrate, personalize, and distribute
content.  TIBCO is enhancing its business-to-business trading
capabilities.  Reuters owns more than 60% of the company, and
Cisco holds a minority stake of 7%.

Most Recent Write-Up

Some analysts argue that the B-2-B sector is fading.  TIBX likes
to think otherwise.  TIBX has been on rally since bottoming in
early May, and is showing few signs of letting up.  Of course,
surpassing earnings estimates by 300% helps the cause for a
company's stock price.  And that's exactly what TIBX did last
Wednesday when the company reported its second quarter results.
TIBX reported 30% sequential revenue growth, and told analysts to
raise their estimates for this year and the next.  Wall Street
took the cue from TIBX as a slew of analyst upgrades and upward
earnings revisions hit the wires the next day.  It's is no small
feat for a business services company to surpass estimates by
such a wide margin, especially while many of its B-2-B brethren
languish in losses.  The current market is saying, "Show me the
money".  And for the companies that deliver, Wall Street rewards
accordingly.  On top of TIBX's earnings momentum, the stock
received further fuel Monday when Yahoo unveiled its new
corporate information portal.  The new venture will enable
corporate users to integrate content from their intranets with
news and information from Yahoo.  TIBX said it had deepened its
standing agreement with Yahoo, and will provide services and
software to create the new portal.  The announcement caused TIBX
to gap higher Monday morning, and to continue to rally into
Tuesday.  Despite the overwhelming weakness in the broad Net
sector, TIBX marches higher.  Look for an entry point if TIBX
clears the ever-important $100 level Wednesday morning.  If the
profit takers return from hibernation,look for TIBX to find
support first at $95, and lower at $90.  Consider a bounce off
support for a possible entry.

Comments

The good news continues for Tibco.  Today they announced both
new products and new alliances.  This helped propel the stock
up above $100 on good volume with a great trend.  That trend
is what has driven us to make TIBX the Play of the Day.  We
want to capitalize on this move.  Of course, we have seen big
gains this week so prepare to exit when TIBX breaks its recent
uptrend line.  Fortunately, there is no resistance in site for
awhile as you will note on the chart.

BUY CALL JUL- 90 PIW-GR OI=256 at $19.25 SL=14.25
BUY CALL JUL- 95 PIW-GS OI=160 at $16.00 SL=12.00
BUY CALL JUL-100 PIW-GT OI=477 at $12.00 SL= 9.00
BUY CALL AUG-100*PIW-HT OI=378 at $17.50 SL=13.00
BUY CALL NOV-105 PIW-KA OI= 14 at $24.00 SL=17.25

SELL PUT JUL- 95 PIW-SS OI= 11 at $ 5.00 SL= 7.25
(See risks of selling puts in play legend)

Picked on June 27th at   $98.94    P/E = N/A
Change since picked       +5.81    52-week high=$147.00
Analysts Ratings      4-0-1-0-0    52-week low =$  6.56
Last earnings 05/00   est= 0.01    actual=  0.04
Next earnings 09-21   est= 0.12    versus= -0.01
Average Daily Volume = 1.74 mln
/charts/charts.asp?symbol=TIBX



*****************************************
BIG CAP COVERED CALLS & NAKED PUT SECTION
*****************************************

As fear of the Fed wanes, earnings take center stage!

The market rallied today amid a recovery in leading technology
issues and renewed strength in blue chip stocks.  Networking,
computer software and hardware and biotech issues dominated the
bullish activity even as the Federal Open Market Committee was
completing its two-day meeting to determine the country's cost
of borrowing.  The Federal Reserve's decision to leave interest
rates unchanged generated optimism among investors that the
current policy of monetary tightening may have ended for the
short term.  As expected, the central bank left the overnight
funds rate at 6.5%, 175 basis points above the level from which
the FOMC initially began its policy of inflation-fighting rate
hikes in June 1999.  Unfortunately, in the report released at
the conclusion of the meeting, the Fed said economic risks are
still weighted toward inflation pressures.  The stock market's
historical pattern of bearish activity after Fed meetings will
also weigh heavily on traders as we move into the core of the
earnings season.  The question is whether the trend will repeat,
after today's solid performance, when it becomes obvious to
investors that another rate hike is inevitable.


Summary of Previous Picks:

Covered Calls: (Margin would double the listed Monthly Return)

Stock  Strike Strike Cost   Current Profit  Monthly
Symbol Month  Price  Basis  Price   (Loss)  Return

ELON    JUL    60    54.69   60.25   $5.31   6.7%
ENZ     JUL    50    46.25   72.44   $3.75   6.7%
ABSC    JUL    55    50.75   68.81   $4.25   5.8%
SDLI    JUL   210   193.81  287.94  $16.19   5.8%
NEWP    JUL    65    60.87  108.25   $4.13   5.6%
IWOV    JUL    70    66.38   94.25   $3.62   5.5%
HGSI    JUL    90    83.38  145.38   $6.62   5.5%
AETH    JUL   180   170.88  201.00   $9.12   5.4%

Naked Puts:

Stock  Strike Strike Cost   Current Profit  Monthly
Symbol Month  Price  Basis  Price   (Loss)  Return

ENZ     JUL    45    42.50   72.44   $2.50  14.0%
ELON    JUL    50    47.75   60.25   $2.25   9.1%
TECH    JUL    95    92.94  140.00   $2.06   7.9%
NEWP    JUL    55    53.31  108.25   $1.69   7.7%
AFFX    JUL   140   137.12  171.75   $2.88   7.0%
PDLI    JUL   105   102.12  171.00   $2.88   6.9%
ABSC    JUL    45    43.44   68.81   $1.56   6.9%
BRCD    JUL   105   101.75  173.00   $3.25   6.8%
PDLI    JUL   125   122.37  171.00   $2.63   6.8%
HGSI    JUL    75    72.62  145.38   $2.38   6.4%
RBAK    JUL    78    75.12  159.69   $2.38   6.4%
IWOV    JUL    60    58.81   94.25   $1.19   6.3%
SDLI    JUL   170   164.87  287.94   $5.13   6.3%
AETH    JUL   150   147.25  201.00   $2.75   6.2%
MLNM    JUL    80    77.81  134.00   $2.19   6.0%
GLW     JUL   200   195.87  264.72   $4.13   5.5%
NVDA    JUL    55    54.03   68.50   $0.97   5.4% Adj 2-1 Split
CHKP    JUL   145   142.00  215.78   $3.00   5.3%

Naked Calls:

Stock  Strike Strike Cost   Current Profit  Monthly
Symbol Month  Price  Basis  Price   (Loss)  Return

AMCC    JUL   140   142.50   92.81   $2.50   9.7%
RFMD    JUL   150   151.75   84.38   $1.75   7.8%
BRCM    JUL   220   222.00  188.00   $2.00   5.2%

New Candidates:

This following group of plays is simply a list of candidates to
supplement your search for profitable trading positions.  As
with any investment, you must decide if the selections meet your
criteria for potential plays.  Only you can know what strategies
are suitable for your skill level, risk-reward tolerance and
portfolio outlook.  In addition, we recommend that you avoid any
strategy or technique in which you are not completely comfortable
with the potential loss, the necessary adjustments and the common
entry-exit strategies.

***************

BULLISH PLAYS - Covered Calls & Naked Puts

***************

BRCM - Broadcom  $188.00  *** On The Rebound! ***

Broadcom develops highly integrated silicon solutions that enable
broadband digital data transmission to the home and within the
business enterprise.  Their products enable the high-speed
transmission of data over existing communications networks, most
of which were not originally intended for digital data
transmission.  Using proprietary technologies and advanced design
methodologies, Broadcom has designed and developed integrated
circuits for some of the most significant broadband
communications markets, including the markets for cable set-top
boxes, cable modems, high-speed networking, digital broadcast
satellite and terrestrial digital broadcast and xDSL.

The Broadcom recovery began on June 20, following the broadband
specialist's addition to the Standard & Poor's 500 Index.  The
developer of broadband digital transmission of voice, video and
data, will represent the technology sector on the index.  The
issue replaces GTE, a company in the communications services
sector, which is being acquired by Bell Atlantic.  The date of
BRCM's inclusion in the index was not announced but the share
value is expected to rise because funds that track the S&P 500
must adjust their core holdings to reflect the issues in the
index.

BRCM - Broadcom  $188.00

Action    Month &  Option  Open     Closing  Cost     Monthly
Req'd     Strike   Symbol  Interest Price    Basis    Return

Sell Put  JUL 140  RDW SH  617       1.38   138.62     4.7%
Sell Put  JUL 145  RDW SI  641       2.13   142.87     7.1% ***
Sell Put  JUL 150  RDW SJ  1063      2.69   147.31     8.8%
Sell Put  JUL 160  RDU SK  412       3.88   156.12    10.0%

Chart =
 /charts/charts.asp?symbol=BRCM

*****

CIEN - Ciena  $162.94  *** On The Move! ***

CIENA operates in the optical networking equipment market.  They
offer products for telecommunications service providers worldwide.
CIENA's customers include long distance carriers, competitive
local exchange carriers, Internet service providers and wholesale
carriers.  CIENA's LightWorks architecture enables next-generation
optical services and increases the efficiency of service-provider
networks by simplifying the network and reducing the cost to
operate it.

Networking issues are HOT and the recent Ciena rally began last
month after the company announced they agreed to a new multi-year
contract with Qwest (Q).  Ciena officials said Qwest will buy
equipment that improves the capacity and management of its network,
including an optical transport system and optical core switch.  A
spokesman for the company said the pact could be worth hundreds of
millions of dollars over the next 18 to 24 months.  Analysts are
bullish on the deal and PaineWebber initiated coverage of Ciena
with a "buy" rating; price target $175.  The brokerage issued a
very positive report with bullish forecasts and the technical
history agrees with the fundamental outlook.

CIEN - Ciena  $162.94

Action    Month &  Option  Open     Closing  Cost     Monthly
Req'd     Strike   Symbol  Interest Price    Basis    Return

Sell Put  JUL 125  UEE SE  371       1.06   123.94     4.2%
Sell Put  JUL 130  UEE SF  438       1.69   128.31     6.5% ***
Sell Put  JUL 135  UEE SG  360       2.56   132.44     8.5%

Chart =
 /charts/charts.asp?symbol=CIEN

*****

IDPH - Idec Pharmaceuticals  $126.63  *** Biotechnology Binge! ***

IDEC Pharmaceuticals is a biopharmaceutical company engaged
in the research, development and commercialization of targeted
therapies for the treatment of cancer and autoimmune and
inflammatory diseases.  Their initial commercial product,
Rituxan, and its most advanced product candidate, Zevalin are
used in the treatment of certain B-cell non-Hodgkin's lymphomas.
They are also researching drugs for the treatment of various
other diseases (such as psoriasis, rheumatoid arthritis and
lupus).

Idec Pharmaceuticals rallied $11 today after the company said it
has signed an agreement with Japan's Taisho Pharmaceuticals to
collaborate in developing antibody therapeutics for the treatment
of inflammatory and autoimmune diseases.  The multi-year agreement
is valued at $35 million and IDEC will work to develop monoclonal
antibodies with the intent to complete Phase I and II trials.  The
collaboration allows the company to expedite global development of
anti-MIF antibodies of steroid-dependent diseases, such as asthma
and glomerulonephritis.  The news comes in the wake of two recent
upgrades from Dain Raushcer Wessels and Banc of America Securities.
Last week, Dain Raushcer Wessels raised its 12-18 month target on
IDEC Pharmaceuticals to $150.  Biotechnology analyst Andrew Milne
believes that growth for the company's Rituxan cancer treatment
will continue to fuel revenues going forward and he also sees
supplemental label approvals coming during the second half of the
year.

Our opinion is simply that Idec Pharmaceuticals is an industry
leader and a biotechnology stock we would love to have in our
long-term growth portfolio.

IDPH - Idec Pharmaceuticals  $126.63

Action    Month &  Option  Open     Closing  Cost     Monthly
Req'd     Strike   Symbol  Interest Price    Basis    Return

Sell Put  JUL 95   IDK SS  231       1.13    93.87     5.6%
Sell Put  JUL 100  IDK ST  85        1.88    98.12     9.1%
Sell Put  JUL 105  IDK SA  38        2.88   102.12    11.9%

Chart =
 /charts/charts.asp?symbol=IDPH

*****

ISSX - ISS Group  $93.94  *** Trading Range? ***

ISS Group is a worldwide provider of e-business security
management solutions.  Their Adaptive Security Management
approach to information security protects distributed
computing environments, such as internal corporate networks,
inter-company networks and electronic commerce environments,
from attacks, misuse and security policy violations, while
ensuring the confidentiality, integrity and availability of
proprietary information.  ISS delivers a comprehensive security
management solution through its SAFEsuite security management
platform coupled with 24 hour remote security monitoring
through their managed security services offerings, consulting
and education services.

The Internet security industry is growing exponentially and based
on new research from Frost & Sullivan, "Network Security Markets:
Intrusion Detection Systems," the potential market is expected to
explode from $62 million in 1999 to $1.7 billion in 2006.  The
expansion will come from the use of the Internet for communication
and commerce.  Fortunately, Internet Security Systems is one of
the leading providers of intrusion detection solutions for the
world wide web and the company is poised to benefit from the
future growth of the industry.  Internet Security Systems was
recently awarded one of the top honors for companies that
demonstrate the diligence, perseverance and dedication required to
develop a successful business plan and excel in the increasingly
competitive global marketplace.  The award also highlights their
ability to provide businesses and government agencies the tools to
conduct e-business safely and protect digital assets.

Technically, the issue appears to be successfully completing a
consolidation phase and we expect the share value to benefit
significantly from the next market rally.

ISSX - ISS Group  $93.94

Action    Month &  Option  Open     Closing  Cost     Monthly
Req'd     Strike   Symbol  Interest Price    Basis    Return

Sell Call JUL 80   ISU GP  107      17.13    76.81     5.5% ***

Sell Put  JUL 70   ISU SN  39        1.00    69.00     6.7% ***
Sell Put  JUL 75   ISU SO  60        1.88    73.12    12.0%
Sell Put  JUL 80   ISU SP  37        3.13    76.87    15.5%

Chart =
 /charts/charts.asp?symbol=ISSX

*****

MERQ - Mercury Interactive  $94.44  *** Own This One! ***

Mercury Interactive is a provider of integrated performance
management solutions that enable businesses to test and
monitor their Internet applications.  Their software and hosted
services help e-businesses improve the user experience by
enhancing the performance, availability, and reliability
of their Web sites.  By using Mercury Interactive's solutions to
identify and assess performance problems, e-businesses can
increase their ability to attract and retain customers, and
improve their competitive advantage.  A wide range of businesses
use their products, including America Online, Jobs.com, Ariba,
Cisco Systems, Ford Motor Co. and Walmart.

Mercury Interactive is another issue that began to rally after
Standard & Poor's said it would add the Internet software testing
company to its closely watched S&P 500 market index.  Mercury
Interactive is replacing Milacron (MZ), which will take its place
on the S&P Small-Cap 600.  The effective date for the move is after
the close of trading today, June 28.  Based on the recent trend,
our outlook for the issue is neutral to bullish and the current
upward momentum should propel the share value well clear of our
target cost basis.  In the event of further consolidation, this
company would certainly be a candidate for any long-term portfolio.

MERQ - Mercury Interactive  $94.44

Action    Month &  Option  Open     Closing  Cost     Monthly
Req'd     Strike   Symbol  Interest Price    Basis    Return

Sell Put  JUL 70   RQB SN  49        0.88    69.12     5.9%
Sell Put  JUL 72.5 RQB ST  50        1.19    71.31     7.8% ***
Sell Put  JUL 75   RQB SO  128       1.63    73.37    10.5%
Sell Put  JUL 80   RQB SP  146       2.88    77.12    14.5%

Chart =
 /charts/charts.asp?symbol=MERQ

*****

RBAK - Redback Networks  $159.69  *** Internet Software ***

Redback Networks is a provider of advanced networking systems
that enable carriers, cable operators and service providers to
rapidly deploy high-speed access to the Internet and corporate
networks.  Their Subscriber Management System (SMS) connects and
manages large numbers of subscribers using any of the major high
speed access technologies including digital subscriber line,
cable and wireless.  Redback sells its products through a direct
sales force,resellers and distribution partners.

Redback became the latest network telecom company to enter the
industry's metropolitan sector, announcing new plans to begin
shipping technology acquired from its subsidiary, Siara Systems.
Redback is hoping to utilize its network expertise in from high
speed, broadband connection equipment and subscriber management
systems in the metropolitan networks for residential customers.
Siara makes technology that ties older metro networks to Internet
services, speeding the plentiful fiber-optic connections in most
major cities.  Analysts say the market for new, metropolitan area
networking equipment could reach $5 billion in the next few years
and Redback intends to be part of that growth.

Redback Networks also recently announced a strategic alliance with
Internet infrastructure provider AsiaInfo (ASIA) to speed up the
roll-out of broadband services throughout China.  Redback plans to
integrate its subscriber management system with AsiaInfo's customer
management and billing software.  Together they will offer carriers,
Internet service providers and cable operators in China a product
that enables them to acquire and manage broadband subscribers and
to speed up broadband providers' ability to introduce and test new
services for consumers.

RBAK - Redback Networks  $159.69

Action    Month &  Option  Open     Closing  Cost     Monthly
Req'd     Strike   Symbol  Interest Price    Basis    Return

Sell Put  JUL 110  BUK SB  350       1.06   108.94     4.2%
Sell Put  JUL 115  BUK SC  190       1.50   113.50     5.9% ***
Sell Put  JUL 120  BKK SD  530       2.06   117.94     8.0%

Chart =
 /charts/charts.asp?symbol=RBAK

*****

TIBX - Tibco Software  $104.75  *** An OIN Favorite! ***

Tibco Software produces e-Business infrastructure software
products that enable business-to-business, business-to-consumer
and business-to-employee solutions.  Tibco's software products
enable businesses to link internal operations, business partners
and customer channels in real-time.  Their software allows
multiple distinct applications, Web sites, databases and other
content sources to be integrated and managed within a common
framework.  Their products also enable enterprises to extend
their information technology infrastructures and business
processes across the Internet to conduct all forms of electronic
business using the Internet.  TIBX is enhancing its business-to-
business trading capabilities and Reuters owns more than 60% of
the company.

One of our fellow research analysts suggested that we include
this issue in our section.  The stock is currently listed in the
"calls" section of the newsletter and we have reprinted the
original narrative on the company for your benefit.

Some analysts argue that the B-2-B sector is fading.  TIBX likes
to think otherwise.  TIBX has been on rally since bottoming in
early May, and is showing few signs of letting up.  Of course,
surpassing earnings estimates by 300% helps the cause for a
company's stock price.  And that's exactly what TIBX did last
Wednesday when the company reported its second quarter results.
TIBX reported 30% sequential revenue growth, and told analysts to
raise their estimates for this year and the next.  Wall Street
took the cue from TIBX as a slew of analyst upgrades and upward
earnings revisions hit the wires the next day.  It's is no small
feat for a business services company to surpass estimates by
such a wide margin, especially while many of its B-2-B brethren
languish in losses.  The current market is saying, "Show me the
money".  And for the companies that deliver, Wall Street rewards
accordingly.  On top of TIBX's earnings momentum, the stock
received further fuel Monday when Yahoo unveiled its new
corporate information portal.  The new venture will enable
corporate users to integrate content from their intranets with
news and information from Yahoo.  TIBX said it had deepened its
standing agreement with Yahoo, and will provide services and
software to create the new portal.  The announcement caused TIBX
to gap higher Monday morning, and to continue to rally into
Tuesday.  Despite the overwhelming weakness in the broad Net
sector, TIBX marches higher.  Look for an entry point if TIBX
clears the ever-important $100 level Wednesday morning.  If the
profit takers return from hibernation, look for TIBX to find
support first at $95, and lower at $90.  Consider a bounce off
support for a possible entry.

With its impressive rally over the past week, TIBX charged right
into split territory.  The company has more than enough shares to
announce a split.  If the stock continues on its ascending path,
we may be hearing from the Board of Directors in the coming
weeks.  With a stellar earnings report, and a new contract with
Yahoo, a split could be the catalyst to take our play to the
next level.

TIBX - Tibco Software  $104.75

Action    Month &  Option  Open     Closing  Cost     Monthly
Req'd     Strike   Symbol  Interest Price    Basis    Return

Sell Put  JUL 80   PIW SP  173       1.06    78.94     6.4% ***
Sell Put  JUL 85   PIW SQ  116       1.94    83.06    10.6%

Chart =
 /charts/charts.asp?symbol=TIBX

***************

BEARISH PLAYS - Naked Calls

***************

SSTI - Silicon Storage Tech  $78.50  *** Failed Rally? ***

Silicon Storage Technology is a supplier of flash memory
semiconductor devices for the digital consumer, networking,
wireless communication and Internet computing markets.  Flash
memory is nonvolatile memory that does not lose data when the
power source is removed and is capable of electrically erasing
selected blocks of data.  Silicon Storage offers over 40 products
based on its SuperFlash design and manufacturing process
technology.  Licensees of its SuperFlash technology include
IBM, Motorola, Samsung, and Seiko-Epson, as well as many others.
These companies primarily use this technology in semiconductor
devices that integrate flash memory with other functions on a
single chip.

The majority of leading technology stocks have performed very
well in the period prior to the Fed's decision on interest
rates but there are few issues that failed to rally during the
bullish activity.  SSTI was one of those issues and there is a
significant amount of technical damage to repair before a new
recovery can begin.  Silicon Storage Tech is certainly one of
the top companies in the Semiconductor group but for now the
issue is simply trying to find solid footing in this volatile
market.

We will use the current consolidation period to benefit from
overpriced option premiums with these relatively conservative,
bearish positions.  The probability of the share value reaching
our sold strikes appears rather low but there is always the
possibility of a recovery rally so monitor the position daily for
changes in technical character.

SSTI - Silicon Storage Tech  $78.50

Action    Month &  Option  Open     Closing  Cost     Monthly
Req'd     Strike   Symbol  Interest Price    Basis    Return

Sell Call JUL 110  SSU GB  541       2.81   112.81    20.1%
Sell Call JUL 115  SSU GC  352       2.25   117.25    16.6%
Sell Call JUL 120  SSU GD  984       1.81   121.81    13.7%
Sell Call JUL 125  SZZ GE  115       1.38   126.38    10.7% ***
Sell Call JUL 130  SZZ GF  436       1.00   131.00     7.9%

Chart =
 /charts/charts.asp?symbol=SSTI



***********
IN THE NEWS
***********

WorldCom Considers Exiting the Long-Distance Biz
By Matt Paolucci

After yesterday's U.S. Department of Justice suit to block the
proposed $115 billion merger between the nation's second
(WorldCom) and third (Sprint) largest long-distance providers,
sources say WorldCom is considering ridding itself of the
consumer long-distance business entirely.

The sale or spin off WorldCom's long-distance consumer unit
would certainly cement the Company's decision not to get into
the wireless business, a concern the DOJ had before rendering
its decision.

At the same time, a spin off would also remove one of AT&T's
main competitors in the consumer business. This may not be
what the DOJ wants, especially if it's trying to create a more
competitive playing field. AT&T already has a 53 percent share
of the long-distance market.

One option is that WorldCom's consumer business may end up
being sold to another company that still provide stiff
competition for AT&T. Potential buyers include Germany's
Deutsche Telecom (DT), which has been looking for ways to
enter the U.S. market. France Telecom (FTE) and America Online
(AOL) are names that have also been bantered around as
possible suitors.

Exiting the long distance market would definitely boost
WorldCom's future growth rate. Consumer long-distance revenue,
which comprise only $8 billion of the company's $37 billion in
annual revenue, has grown at a measly 1 to 2 percent per year.

Yet another reason to eliminate the consumer business is so
WorldCom can focus on its corporate-oriented data, Internet
and international sales, which bring in some $18 billion in
annual revenue and have been growing more than 30 percent
annually. The company's overall growth rate, which has been
dragged down since the MCI acquisition, would most likely
increase to over 15 percent per annum.

Sure, the main reason WorldCom wanted to merge with Sprint was
to get into the wireless business, but there are other fish in
the sea. Among the names of companies with wireless assets
include VoiceStream Wireless (VSTR) and Nextel Communications
(NXTL). Keep in mind, wireless has always been a highly
capital intensive business.

It wouldn't be the craziest idea in the world. Many analysts
have long expected WorldCom CEO Bernard Ebbers to get out of
the consumer business, where most pundits expect the price per
minute of long distance eventually will reach zero.

WorldCom, at this point, is better suited to go after the more
lucrative business customer market, whose demands include
bundled and more specialized services, such as high-speed data
access and 800-number services.

How a spin off of WorldCom's long-distance would be structured
is not clear. One possibility, WorldCom would keep ownership
of its long-distance network (not the customers) and sell the
MCI brand name and its customer base to another company,
allowing WCOM to exit the business as a retail seller of
long-distance services, and operate as a wholesaler.

Perhaps WorldCom would give the buyer of its long-distance
business a discount for sending their traffic through
WorldCom's network, allowing WCOM to maintain high amounts of
network traffic throughout the day, instead of only during
business hours.

According to people close to the company, the best bet for
WorldCom is probably to further position itself to capitalize
on the higher-margin  markets for data, Internet and
international traffic. The company has already spent billions
building its own networks in Europe and Asia.

Shares of WorldCom, down more than 30 percent for the year,
were solidly higher in afternoon trading, up $5.06 at $44.75.



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