Option Investor
Newsletter

Daily Newsletter, Wednesday, 07/05/2000

HAVING TROUBLE PRINTING?
Printer friendly version
The Option Investor Newsletter                Wednesday  7-05-2000
Copyright 2000, All rights reserved.                        1 of 1
Redistribution in any form strictly prohibited.

To view this email newsletter in HTML format with imbedded
charts and graphs, click here: 
http://www.OptionInvestor.com/htmlemail/070500_1.html

Posted online for subscribers at http://www.OptionInvestor.com
******************************************************************
MARKET WRAP  (view in courier font for table alignment)
******************************************************************
       7-05-2000           High     Low     Volume Advance Decline
DOW    10483.60 -  77.10 10572.70 10463.20 1,008,255k 1,492  1,445
Nasdaq  3863.10 - 128.83  3950.19  3859.20 1,338,105k 1,618  2,446
S&P-100  783.37 -  12.66   796.01   782.11    Totals  3,110  3,891
S&P-500 1446.23 -  23.09  1468.63  1442.42            44.4%  55.6%
$RUT     518.25 -   5.79   524.02   517.50
$TRAN   2770.13 +  65.30  2780.00  2708.79
VIX       23.63 +   1.30    24.13    23.28
Put/Call Ratio       .55
******************************************************************

Looks Like The Catalyst Is Earnings Warnings, Not Earnings

It became very clear today that earnings concerns will be the next
focal point.  Or should I say nail-biting, hair-pulling stress of
the month.  Well, I hope that your Independence Day festivities 
were more relaxing than today's market action, as the hangover 
for the market was unmistakable.  High-profile profit warnings 
added to a lurking employment report due Friday and we've got 
ourselves a nervous market.  The elusive "summer rally" that many
analysts have been predicting continues to be a phantom menace.
Everything that the bulls wanted to see after Monday's gains 
proved to be non-existent.  And it's this lack of follow-through 
which keeps the markets in a shackled range.

A trio of culprits came to market today warning the Street of 
profit shortfalls.  That was enough to set the tone for the day.
Entrust(ENTU) led the bleeding today when they announced that 2nd
quarter would come in closer to 2 cents a share, off 75% from 
Street estimates of 8 cents.  Investors wasted no time in selling 
the stock as ENTU gapped down almost $37.  It just goes to show
that in a cranky, nervous market, bad news is not tolerated.  The 
Plano, TX, security software company said that the downfall lies
strictly in deal closing delays, not in a loss of business.  
Timing is everything and traders wasted none as ENTU lost 52%, 
closing at $36.69, down $40.44.

Also dragging down the NASDAQ was BMCS, another software company.
Indicative of lagging revenue growth, BMCS warned that fiscal 
first-quarter profits would be as much as 57% below previous
year's results.  The blame:  weakness in mainframe sales.  CEO
Max Watson said, "We attribute the shortfall in mainframe license
revenues to a lack of a sufficient number of customers committing
to enterprise transactions."  No sugar-coating there.  This is a
significant shortfall as BMCS lowered its guidance to $0.18 - $0.21 
per share, in comparison to analyst expectations of $0.46.  If 
you cross the Street like that, you will be punished.  BMCS lost
almost 40%, shedding $14.19 to close at $21.31.  The entire 
software sector fell in sympathy, with the Computer Software 
Index(CWX.X) off 6.37% for the day.

The third spoiler was Computer Associates(CA).  Shares of CA 
plunged 43%, or $22.19, as the company warned that disappointing
sales in their mainframe business and overseas revenue problems
would severely hurt earnings.  CA halved its first-quarter 
earnings prospects to between $0.26 and $0.31 per share while 
the Street was looking for $0.55.  This growing trend may just
be the beginning of a bigger problem that is shaking investors'
confidence.  IBM, one of the largest mainframe providers, felt 
the heat as well, falling $5.50 to $104.  CA closed today at
$28.94, a level not seen since Sept '98.

By now, the question is not "was the NASDAQ down?" but rather, "by 
how much?"  It was an ugly day for techs, as buyers were nowhere 
to be found, except for one fleeting moment.  If you look at the 
NASDAQ 60-min chart below, you will see that buyers did lift the
index for one-hour between 11:30 and 12:30 EDT.  I would be 
willing to bet that was a product of the sellers being out to 
lunch.  As you can see, after their sirloin and martini lunch, 
the NASDAQ went to the floor.  There wasn't a lot to be excited
about today.  We are approaching a key support level of 3850 and
will need to see a bounce from there to maintain a pattern of 
higher lows.  If we can get that bounce, a higher high could take
the NASDAQ back over 4000.  Failure to breakout above 4000 could
mean we will be sitting in limbo until September.  With increasing
earnings fears spreading through markets, Friday's Employment 
Report may be the saving grace.  Or it may be the straw that breaks
the NASDAQ's back.  The markets are at a very precarious point 
right now, and it can be seen in their behavior as of late.  The 
NASDAQ gave up 128 points, ending the day at 3863.  


 

Another negative for the NASDAQ was Salmon Smith Barney's industry
forecast for the Semiconductor Sector.  Analyst Jonathan Joseph
downgraded the sector, stating that the current supply shortage 
may be nearing an end and that price wars may result later in the
year.  Having led the NASDAQ throughout June, the Semis have been
coming off their recent highs since June 22nd.  The SOX.X lost 
9% today on the news.  Semiconductor stocks fell across the board
as a result:  RMBS(-10.19), LSCC(-9.25), AMAT(-9.13), AMD(-9.00), 
KLAC(-8.25), XLNX(-7.19), and INTC(-5.25).  Today's selloff has 
brought most of these stocks down to support and to the levels at
which they started the month of June.  This may provide a very 
good buying opportunity.  Both Chase HQ and Deutsche Banc think 
so as they came out in defense of Semiconductor stocks, saying 
that Salmon Smith Barney was premature in downgrading the sector.

The only sector to buck the trend today was the Biotechs.  These
high-fliers continue to attract buyers, especially when the Semis
lose favor.  The Biotech Index(BTK.X) climbed almost 5%, keeping
its uptrend intact.  Highlighting the sector was:  HGSI(+12.19),
INCY(+9.31), AMGN(+5.31), and SEPR(+4.75).  

On the NYSE, techs and oil stocks slid on barely 1 bln shares as
the INDU finished down 77 points at 10483.  With all eyes on 
the markets' reaction to the warnings, traders left more to be 
desired as many blue-chips were sold.  In addition to IBM, 
mentioned above, HWP dropped $4.63.  The big news on the floor
was the weak oil stocks.  With crude near recent highs, one would
think that investors are throwing money at oil stocks.  Yet, 
that's not the case.  Saudi Arabia's announcement on Monday that 
they would increase output by 500,000 bpd, effective immediately, 
put a damper on the buying that oil service stocks have enjoyed
over the past month.  Concern for the sector revolves around the
high valuation of many of these stocks, some of which have had
impressive gains recently.  Although price relief at the pumps 
isn't expected until September, initiatives by OPEC nations to 
ease the exorbitant price of oil are enough to slow down the 
buyers.  Taking hit in the oil sector today were:  BPA(-4.44),
SLB(-4.31), P(-3.75), CHV(-3.44), and XOM(-2.63).  

The INDU continues to waver in its trading range, yet it managed
to hold its head above the 10300 level.  That is the red alert
level, DEFCON 5.  In the chart below, the INDU is under the force
of a strong downtrend.  Under the current market nervousness, any
breakout move to come will need to be convincing.  On the upside,
the INDU will have to come up with some heroic efforts to break
this dominating trend.  To the downside, we will be watching the
10300 support level cautiously.  It continues to be the same old
story for the INDU and we wish it would just make up its mind.     


 

All in all, the market today continued to bring down my bullish
spirit.  Just when we think we might be getting out of the woods,
the follow-through that everyone anticipates does not materialize.
Tomorrow's trading will be dominated by the uncertainty of Friday's
employment report.  The question is will we get some good news on
the earnings front tomorrow, or more warnings to rain on our 
parade?  Rangebound trading is difficult and wearing.  At this
point, a move either way would at least give us something to hang 
our hats on.  After today's selloff, bargain hunters may help with
a bounce from support.  Yet, I cannot stress enough that when you 
have profits in front of you, take them, no matter how big.  
They add up and sure beat holding a loser.  

Matt Russ
Asst. Editor 



**********************ADVERTISEMENT******************************
FREE! FREE! FREE! FREE!

Investor's Business Daily - Free Two Week Trial! 
No obligation! No invoices! And nothing to cancel! 
Limited time offer! Click Here!

http://ibd.infostreet.com/cgi-bin/freeoffer.cgi?source=ARZOJES
*****************************************************************
      


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

I Loved Holidays When I Was A Kid
By Eric Utley

I don't like them anymore!  I've grown cynical in recent years,
and the Independence Day celebration reminded me of my distaste
for holidays.  Now don't get me wrong, my dislike of holidays has
nothing to do with the motive for celebration.  It has everything
to do with the fact that the stock market closes about a dozen
times a year in observation of various holidays.  I don't like it
when the stock market closes during the weekday.  Getting through
the weekend is hard enough!  Ok, I'll admit I have a problem.  I
eat, breath, and sleep - stocks.  Call me a capitalist, but I
love the stock market!  But enough with my infatuation for
finance, let's get serious.  The passing of July 4th marks the
midway point of the year.  Since we are entering into the second-
half of the trading year, now may be a good time to revisit your
strategies and goals as a trader or investor.  Where do you want
to be by the end of the year?  How much money do you want to
make?  I've found that if I continually ask myself these types of
questions that I stay focused on my long-term goals as a trader
and adhere to my strategies.  Whether you want to double your
account by year's end, or make, say, 5% per week, I strongly urge
you to write down your goals on a piece of paper.  By doing so, I
believe you will approach your trading in a different fashion and
view each individual trade as a means to your ultimate goal.  It
has improved my trading, and I know it can do the same for our
OIN readers.

All of you savvy OIN readers have been sending in many excellent
requests recently.  I'm amazed by the broad knowledge that many
of you display in your e-mails.  Continue to impress me by
sending your requests to Contact Support.
Please put the symbol in the subject line of the e-mail.

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

Exicte@Home - ATHM

Can somebody there, explain to me or help me understand that if
broadband is the next wave of the Internet, why the #1 broadband
leader ATHM, is trading AT BOOK VALUE, and so undervalued when
the parts: @home, Excite, Matchlogic, @work, and all their
international ventures, not to mention the explosive growth rate
in subscribers figured properly?  Please, Please, Please if you
are able, comment on ATHM.  Thanks. - Steve

Steve, you have obviously done your research on ATHM, I will try
to provide you with some intelligent answers to your question.
First off, Book Value (net asset value of a company's securities)
does not mean much to technology investors.  Tech investors
want momentum and earnings growth.  And, earnings are far-off for
ATHM investors.  ATHM began tumbling last April after the company
said it would move away from profitability and focus on acquiring
market share.  ATHM was expected to earn about 10 cents per share
during fiscal 2000 before the strategy shift last April.  Now it
doesn't look like ATHM will make money for another year or two.
ATHM's shift to going after market share came at a terrible time.
More than anything, investor's currently want profits.  Also,
ATHM paid about $780 mln for Bluemountain.com last year, an
online greeting card company.  The purchase of Bluemountain
turned out to a big mistake for AHTM.  The greeting card company
has done nothing but lose money.  For those two reasons, a shift
in strategy with immediate losses, and a poorly timed
acquisition, tarnished ATHM's credibility on Wall Street, and the
stock has suffered ever since.  As for Excite, analysts are
having a hard time placing a value on that portion of ATHM.  With
online advertising expected to decline, I don't see Excite
doing much for the share price of ATHM.

You're right about the explosive growth of subscribers.  ATHM is
expected to add about 1.9 mln customers this year to bring the
total to about 3 mln users.  However, the company is in danger of
meeting its 2000 subscriber goals due to a shortage in cable
modems.  That issue has also plagued the stock.  There is
something positive to be said about ATHM.  Many analysts agree
that high-speed Internet access via cable modems will beat out
DSL services.  And since ATHM is one of the leading cable
Internet access providers the stock should do well over the
long-term.  It gets down to whether or not ATHM can execute well
enough over the next several years.  The sooner the company
achieves profitability, the better.  On a personal note, I've
been waiting for six months now to sign up for ATHM's high-speed
Internet services at my residence.  Every time I call ATHM they
say it should be available soon.  I know of dozens of people in
my neighborhood who are waiting for high-speed Internet access
to become available.  The demand for ATHM's services is there,
the company just needs to deliver.  With such high demand
anxiously awaiting ATHM’s service it’s hard to ignore the
potential for the stock.


 

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

EMC Corporation - EMC

Please give me your short and long term outlook on EMC.  Thanks.
- Bobbie

Please comment on EMC.  Do you think it is advisable to buy leaps
(Jan 02 Calls at a strike price of 80)?  Thanks. - Jackie

Last time I checked, EMC was one of the best performing stocks on
the NYSE over the last ten years.  I think the stock has returned
somewhere around 50,000% to shareholders over the last decade.
The company provides hardware and software products that enable
customers to store electronic information.  In English, EMC helps
businesses store stuff on the Internet.  In essence, EMC is the
oldest Internet infrastructure play.  Many computer industry
executives and analysts believe that the conventional PC will
become extinct in the coming years as consumers move to smaller
and more versatile electronic computing devices.  If that
happens, consumers will need more and more space on networks to
store data.  That means more information is going to be stored on
the Internet rather than the big box sitting on top of your desk.
If the analysts are right, EMC is positioned better than any
other company to take advantage of the shift away from PCs and to
the Internet for data storage needs.  The company has a
tremendous management team that garners Wall Street's approval,
and continues to execute with maximum efficiency.

Clearly, EMC is the leader in data storage, and with earnings
growth north of 30%, the stock warrants the consideration for a
long-term investor.  I’m sorry Jackie, I can’t give you specific
play recommendations, but I can tell you that EMC’s future looks
promising.  However, the risk with owning EMC is very similar to
other leading tech stocks such as CSCO and INTC.  And that is,
does 30% EPS growth warrant a 150 multiple?  That said, the stock
is not cheap.  And expensive stocks are typically more volatile
in treacherous markets such as the current environment.  If you
don't mind the volatility, EMC is worth considering for a
long-term investor.  In the near-term, the company's earnings
announcement in two weeks could be the catalyst to take the stock
higher.  EMC has been consolidating its most recent gains over
the past two weeks.  The stock made a nice run after splitting
2-for-1 in early June, and could be building the base for its
next leg up.  However, the fact that EMC is a bellwether in the
Tech sector requires cooperation from the broader market. 


 

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

Micron Technology - MU

Hello Eric, I loved the fish story as it relates to summer stock
trading.  Can you give me your advise on MU.  I keep following
entry points and exit points from OIN and other emails and I
STILL GET BURNED.  Any advise?  I LOVE THE OIN FORMAT AND STYLE!
THANKS FOR PROVIDING SUCH GREAT INFO IN SUCH A HUMOROUS FORM!
Thanks. - Betty

Well Betty, thank you for such encouraging comments.  Your
accolades mean a great deal to myself and the rest of the OIN
staff.  After giving such nice comments Betty, I wish I had
better news about MU to give you.  You probably heard the news
Wednesday morning that Salomon Smith Barney analyst Jonathan
Joseph downgraded the entire Semiconductor sector to a Neutral
rating.  Joseph's actions sent a shockwave through the entire
sector Wednesday morning after he said he expected the robust
demand for chips to slow in the coming six months.  However,
Jonathan Joseph is only one person, ultimately the market will
dictate the direction of the semis.  We heard a host of analysts
come to the defense of the group Wednesday afternoon, which makes
trading the semis all the more difficult.  This could be the
inflection point that many on Wall Street have been warning
about.  Or, this could be an incredible buying opportunity if the
chip stocks rebound.  For obvious reasons, the Semiconductor
sector moves in tandem, so watch the group movement closely to
game MU.  We'll know more in the coming days.

In defense of MU, the last I heard from Lehman analyst Dan Niles
is that he was still bullish on MU, and he's one analyst that can
make you money when you listen to him.  MU already reported
better-than-expected earnings a week ago, so the catalyst for the
stock will be if the other semis deliver excellent profits as the
second quarter earnings season commences.  But, I would be
cautious with MU in light of the bearish comments Wednesday.  The
next two days will be telling times for the Semiconductor sector
and should reveal more answers.  To address your problems with
entry points Betty, I offer this.  Like Jim has mentioned before,
OIN providers you with the groundwork for trades, it's up to the
individual to manage risk and employ strategies.  When picking
entry points I suggest that you study what drives your decision
making when entering a trade.  Study destructive patterns in your
trading, and try to eliminate those nuances.  If a strategy is
not working for you, make slight adjustments until you find
something that is comfortable and that works.  Above all, don't
forget to have fun!  Learn to enjoy trading and do the right
things consistently, and the profits will follow as an
afterthought.


 

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

SanDisk - SNDK

Could you tell me your opinion on SNDK?  It's been taking a
beating recently. - Felicia

SanDisk commands nearly 30% of the flash-memory market.  SNDK
manufactures removable memory cards that are used to store data
in consumer marketed devices such as digital cameras, cell
phones, and MP3 players.  Flash-memory is unique because it can
store twice the normal data capacity, it's relatively cheap, and
easily reprogrammed.  SNDK expects the market for flash-memory
cards to grow to $10 bln in five years, that's about a 50% annual
rate of growth from 2000 sales figures.  The beating that you
mentioned Felicia stems from concerns over slowed growth in
handsets.  And, of course, the downgrade from Salomon Smith
Barney didn't help SNDK's cause Wednesday.  But, the selling may
be somewhat overdone in SNDK.  Many analysts have been saying for
the past week that SNDK does not depend solely upon the cell
phone market for sales.  The company is more diversified into
other market segments.  Furthermore, the same analysts expect
the demand for flash-memory to pick-up going into the end of
the year, despite the bearish comments on the chip stocks made
Wednesday.

In similar fashion to MU, and rest of the Semi sector for that
matter, I would approach SNDK with caution in the near-term.  The
stock looks a little weak after Wednesday's blood-letting.  The
bearish analysts comments were particularly harsh on flash-memory
makers Wednesday.  Silicon Storage (SSTI), a competitor of SNDK,
was absolutely hammered Wednesday.  It's a little surprising that
Salomon Smith Barney was so hard on the flash-memory makers
considering that many analysts believe flash-memory chips are
far less volatile than other semiconductors.  At any rate, SNDK
has a tremendous outlook for the next three to five years with
the growth of flash-memory applications, being that the company
is the market leader, the stock should do quiet well over the
long-term.  Expect more volatility, and 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
***********

A Victim No Longer
By David Popper

Two years ago, between May and October, I made absolutely no 
money.  I felt fortunate that I made no money because at least I 
did not lose money.  The market was in a trading range.  When it
appeared to break to the upside, I jumped in.  When the run was 
over and the stock dipped, I jumped out.  In a very real sense, I 
was buying high and selling low.  This is not the action that 
promotes sterling returns.  After two or three rounds of being 
whipsawed, I became like the proverbial deer in the headlights.  
That is, I doubted every trade.  

I also stood in total fear every time an economic report was due,
because I was often fully invested and stood to lose with a 
negative report.  I was confused.  My whole idea of actively 
trading was to be in charge of my own account.  I believed that
passively investing in a mutual fund made you a victim of the 
whims of the market, and that it made more sense to "make things
happen."  After a year of trading, I had spent many hours trying 
to be the captain of my own ship and was still a victim to the 
whims of the market.  I understood that trading takes time and 
having a busy professional career did not allow me the time to get 
good quickly.  I also realized that short-term trading was a game 
unto itself and a majority of traders lose.  At the same time, the
allure of the market beckoned.  From a distance, it appears that 
the market can be tamed and that wonderful profits can be obtained.  
If only a better approach can be taken.  

The first thing I did was to analyze how I reacted during a trade.  
I realized that for me, purchasing more than 300 shares of a stock
caused me great delight when the stock went up but also great 
consternation when the stock went down.  In other words, it became
emotional.  I also learned that I did not like to see my bottom 
line dip and I tended to look at that bottom line too often.  
After a lot of struggle, I finally achieved a strategy which was 
a correct fit for me.  

My strategy has two components.  The first component was discussed 
in last week’s article.  I use one-half of my funds and purchase 
great stocks (high earnings per share, high relative strength, in 
a hot sector of the economy) and will sell calls which will expire 
in four to six months.  Typically, I will receive between 20% and 
25% premium.  This affords me tremendous downside protection and 
gives me a comfortable return.  Think about it.  A 20% return
earned three times a year is 60%.  A 25% return earned twice a 
year is 50%.  Compare this to any bank account, CD or mutual fund.
After these calls are in place, I can take whatever action is 
appropriate with them as time goes on.  These actions were 
described last week.  With the other half of my capital, I simply 
wait for a market extreme that happens from time to time.  For 
example, when the NASDAQ "dipped" 500+ points in April, I took
advantage of the situation to sell out-of-the-money puts.  Others 
took advantage of the situation to sell in-the-money puts.  They
made more profit than I, however, I had more safety than they 
did.  Still others bought the stock on the major dip and rode it
ten to thirty points on the rebound.  In short, market extremes 
yield quick profits.  

When these two strategies are combined, your return may equal 
between 50% and 100% per year.  If that is not enough, you could 
still position trade a very small amount of stock to earn five to 
ten point profits on a daily or weekly basis.  This, of course,
enhances your profit even more.  The beauty of this system, 
however, is that it allows you to make healthy returns with much 
less risk.  It also allows you to take advantage of market 
volatility, instead of being a victim to that very volatility.  
It also allows you to day trade for extra profits without a lot 
of extra risk.  In short, I am no longer a victim of volatility. 
Instead, I welcome it and profit from it. 

Contact Support 



**************
TRADERS CORNER
**************

COT Report: Uncovering The Clues
By Austin Passamonte

We left our visit on Monday covering behavior of commercial
traders in the financial world.  To recap, we suggested that 
they’re usually on the winning side of market moves but buy
and sell too early for us to trade accordingly.  Let’s figure 
out how to use this info for our advantage.

First, have you ordered your FREE two-week trial to Investor’s
Business Daily from OIN’s link?  If not, please do so tonight.
For no other purpose, you’ll find free instruction and info 
inside that I couldn’t imagine trading equities without.

Within the IBD pages that cover futures and futures options 
there should be an offer for yet another free trial; this one
for a commodity market charting service.  The reason I direct
you to IBD is the fact that this free trial is available 
through them.  You’ve got to like the price we’re paying for 
all of this material so far!

Once you receive the chart service via mail or internet, most 
weekly charts within will graph all trader activity at the 
bottom.  Solid lines, dashed lines and dotted lines each 
representing a different group will be plotted above and below
a horizontal line value of zero.  This is our first step in 
tracking the trader’s footsteps.

The biweekly COT report and data are included within and  
available separately but offer little insight unless graphed 
and charted for relationship comparison as you’ll soon see.

Focus on the lines for commercial and small speculator traders 
for now, ignoring activity of the large specs.  It’s common for 
commercial positions to remain net long or short over long periods 
of time, especially on the short side.  Small specs will gyrate 
up and down much more.

Remember that we said small traders (the public) are nearly 
always wrong at the ends of a market move while commercials
are usually correct?  What if we look for situations where the
two groups are diametrically opposed - might that be a deck
stacked in our favor?

These signals do not come along very often.  A few times each
year is a lot.  However, if you catch the trend change near
it’s beginning and ride the move towards the peak, your 
account can grow several hundred percent.  This is not chicken-
pick intraday action;  it is trend-following major market
moves for big wins when opportunity presents itself.

We cannot use this info on a daily basis.  Watching the 
action and saying, "Oh boy, the commercials shed a few open
short contracts last week, time for me to go long" is futile. 
That’s not how it works.  The best signals come from extreme 
degrees of short or long percentage from each group.  I pay 
attention every time commercial traders get net long or short 
the greatest amount within the last twelve months.  This tells 
me that they are accumulating (long) or distributing (short)
more than they have in the past year.  Something’s up! 

Once I see this happen, it’s time to watch what small specs are 
doing.  If the time comes where commercial traders are heavily
positioned one way while small specs are extreme the opposite, a 
trend reversal may be in the offing. 

Contrarian sentiment states to do the opposite of the majority’s
opinion to win.  The majority happens to be small traders and
also market advisors.  If these people are extreme while the 
trend-enders are opposite extreme, something must give.  Where 
would you like to place your bets?

As always, I never want you to take my word for this blindly.
It is critically important for you to spend 60 minutes once in 
your life to analyze a handful of charts and draw your own 
conclusions.  You’ll believe your results much more than mine.
I do have an inkling of what you will discover, though.

Here’s an easy exercise for you to do; pick out any commodity
price chart at random that graphs COT positions along the
bottom.  I don’t care what the market is, could be collard 
greens for all that matters.  Using a highlight marker on paper, 
locate the commercial activity line and fill in each zone 
above or below the zero line where they were net long or short
to 12 month extremes.

Now, find the small spec line and repeat the same thing.  It 
should take you less than five minutes per page to do this.
Circle the points where each group was the farthest apart in 
market sentiment.  What happened as they moved back towards the 
zero line eventually?  For those of you who haven’t tried this 
yet, you’ll see the market usually peaks or bottoms right there 
and reverses in favor of commercial sentiment as they move to 
the other side of zero line.

Here’s an example.  We are tracking soybeans and weekly charts 
show prices at yearly highs of seven cents.  Small spec sentiment 
is at a 12 month high to the net-long side, but commercial 
net-short positions are at an opposite extreme.  I don’t care what 
the weather forecast is, how many acres are planted or which 
biotech firms are using soy extracts to cure disease; when the
commercials switch from extreme short back towards the long side, 
that market is coming down.

You see, they already sold their soybean contracts short at
prices considered above fair value.  Now they need to cover
those shorts at lower prices in order to profit. The massive 
positions they incurred took awhile as distribution occurred. 
Eventually, it’ll be time once more to accumulate when prices
are lower. 

Who do you think bought soybeans like crazy as prices rose from 
6 cents to 7 cents?  That’s right, small and large specs.  You 
can be sure the media touted soaring bean prices and the $5,000 
per contract increase was justified by every bullish pundit.  
Still, the commercials quietly sold that rally starting from 
6 cents and ceased near 7 cents.  They held their contracts 
until prices stalled at the 7 cent range and slipped back to 6
where the giants quietly began buying from theredown below 
5 cents to rake in massive profits.
 
All we had to do was watch the action and jump in when the time 
was right.  We could clearly see when commercial net-short 
percentage peaked and then began to shrink as the market likewise
peaked and failed. 

The activity line on a weekly futures chart would be nearing that 
zero mark where they would then switch over to the long side.  
This is our clue that the market is now coming under commercial 
accumulation as they expect prices to be lower than when they 
distributed.  Make sense?

Using our various short-term technical tools, we fine tune our
entry points to the short side and confirm the new direction is
now underway.  Let’s hitch a ride on the soybean market down as 
the public sells it off back to commercials.

I chose soybeans as our example in hopes you would focus on
the concept instead of it’s underlying.  DELL or RMBS might have
met with some bias, I’d guess.  This same concept can be used
to track broad markets and individual stocks to a much lesser
extent.  Bloomberg’s "money flow" shows the sentiment of block
trades 10,000 shares or more versus current price action to
predict whether a stock is under accumulation or distribution
by large specs.

Looking at the S&P 500 futures chart today shows commercials
net short to a greater degree than they have been in years. 
At the same time, small specs are wildly long.  What might that 
indicate?  Well, the broad market seems to be under commercial 
distribution in a big way.  We can interpret that by saying 
they are selling this market into someone’s hands while 
expecting prices to be high.  Who’s doing all that buying?
Simple...look at the graph to determine what group is greatest
net long.

Make no mistake, the commercials will eventually switch over
from net short to the long side.  It could be quite some time
as they roll current futures contracts over to distant months
while a summer rally pushes the market even higher. 

Nevertheless, the time will come when they move to cover those 
shorts, and you can be sure market prices will fall in their 
favor.

Personally, I don’t care what the analysts are touting in the 
media or how fundamental news bolsters new highs being reached. 
When this setup completes the cycle, I will be looking to cover 
longs and buy puts with impunity.  It might take awhile and we 
may all fatten up on a nice summer rally in the interim, but 
when this reversal indicator triggers, I suggest you at least be 
aware.  Rest assured, we’ll keep you posted at every turn in the 
Market Sentiment section of OIN.   

Next Monday, I’ll share with you a simple short-term and long-term
trading model we’ve been tinkering with that you may find helpful. 
Your input will be greatly appreciated to fine-tune this tool to 
the utmost.  Can’t wait to visit with you then!

Best Trading Wishes, 

Contact Support



***********************ADVERTISEMENT************************
Get a NextCard Visa, in 30 seconds!
1. Fill in the brief application
2. Receive approval decision within 30 seconds
3. Get rates as low as 2.9% Intro or 9.9% Fixed APR 
http://www.nextcard.com/index6.html?ref=aff0049911
************************************************************



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

GLW - Corning Inc. $255.00 -18.50 (-14.88 this week)

Corning provides communications technology at light speed.  The
materials pioneer is one of the world's top makers of fiber-optic
cable, which it invented more than 20 years ago.  Corning's
Telecom unit, which accounts for about 50% of sales, makes optical 
fiber and cable and photonic components.  The company's Advanced 
Materials unit makes industrial and scientific products, including
semiconductor materials.  Its Information Display segment makes 
glass products for TVs, VCRs, and flat-panel displays.  Corning
operates 40 plants in 10 countries.
 
Most Recent Write-Up

The bulls and bears duked it out over GLW Friday. The result was 
a tie. But, the bulls have definitely been winning the war. And 
no wonder, considering GLW is the leading provider of optical 
cable in the blistering hot fiber optic area. GLW has made quite
a run so far this year, in fact, the stock is one of the best 
performing names on the NYSE year-to-date. Analysts feel that the 
stock has at least $100 more upside potential this year. Which 
doesn't sound too bad for those of us on the long side of things. 
Furthermore, with GLW trading at such high levels, many are 
expecting a split announcement from the fiber optic giant, 
including us at OIN. Given its high-profile status on Wall Street,
a split announcement may have a significant impact on our play. 
What has attracted investors to GLW so far this year is the 
company's explosive earnings growth. What's more, GLW's 
fundamentals rival those of any other company operating in the 
fiber optic business. The stock trades at a healthy multiple, but 
relative to the likes of JDSU and SDLI, GLW is fairly cheap. GLW's
 relatively low P/E explains why analysts expect the stock to 
continue to climb this year and expand its multiple. There are 
little, if any, signs of demand slowing for GLW's fiber optic 
cable. And the robust business GLW is enjoying is the catalyst 
that can take our play higher. With GLW trading at such high 
levels the stock is volatile, to say the least. An aggressive 
trader might look to the intra-day dips for entry points. GLW has
 support at the $260 level, which may provide an entry if the 
stock bounces from that level. For our more conservative readers, 
look for an entry if GLW can clear resistance near its 52-week 
high at $270. 

Comments

GLW felt the NASDAQ pain today as profit-takers locked in their
gains.  The trend has been steady for GLW and the stock continues
to find support at its 10-dma, currently $256.  It closed at $255 
in NY trading, yet it is trading up in after-hours at $257.63.  
With this said, we will be looking for a bounce from the 10-dma.    
Today's selloff took almost 6% off the share price.  A NASDAQ
bounce and bargain hunting could help GLW continue its uptrend.

BUY CALL JUL-250 GRJ-GJ OI=1354 at $15.00 SL=11.75
BUY CALL JUL-260*GRJ-GZ OI=1035 at $10.00 SL= 7.50
BUY CALL JUL-270 GWD-GN OI=1668 at $ 6.13 SL= 4.25
BUY CALL AUG-260 GRJ-HZ OI= 812 at $21.88 SL=17.00
BUY CALL AUG-270 GWD-HN OI= 355 at $17.38 SL=13.50

Picked on June 6th at   $217.25    P/E = 113
Change since picked      +37.75    52-week high=$277.88
Analysts Ratings      8-5-0-0-0    52-week low =$ 54.56
Last earnings 04/00   est= 0.55    actual= 0.64
Next earnings 07-24   est= 0.67    versus= 0.49
Average Daily Volume = 2.97 mln




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

From Independence Day celebrations to earnings warnings...

The market tumbled today amid weakness in technology stocks and
profit-taking in industrial issues.  Semiconductor and computer
stocks led the Nasdaq lower following a slew of revenue warnings
and negative comments from industry analysts.  The biotech sector
was the only positive group in the composite index.  The broad
market slumped as oil service shares plunged after a drop in oil
prices but airline and transportation stocks rose on the bearish
outlook for crude supplies.  Advances in cyclical and financial
issues helped the Dow retain a portion of Monday's gains with
retail, drug, and paper stocks topping the blue-chip average.
Abby Cohen, chief investment strategist at Goldman Sachs, made
the headlines with a report on the earnings prospects of capital
goods companies.  Goldman commented that while the rate of profit
growth may have peaked in the first quarter, she expects many more
periods of moderate revenue gains.  Several factors, Cohen said,
likely contributed to favorable, but slower profit growth in the
sector: higher materials costs, limited pricing flexibility and
dollar strength.  Her belief is similar to that of many other
analysts, who contend that earnings growth overall will continue
to be healthy in the coming year.  I wish they had made those
opinions more conspicuous during today's widespread sell-off.

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

ENZ     JUL    50    46.25   70.19   $3.75   6.7%
ABSC    JUL    55    50.75   70.03   $4.25   5.8%
SDLI    JUL   210   193.81  275.31  $16.19   5.8%
NEWP    JUL    65    60.87   96.13   $4.13   5.6%
IWOV    JUL    70    66.38  118.31   $3.62   5.5%
ISSX    JUL    80    76.81   97.00   $3.19   5.5%
HGSI    JUL    90    83.38  153.50   $6.62   5.5%
AETH    JUL   180   170.88  189.00   $9.12   5.4%
ELON    JUL    60    54.69   54.50  -$0.19   0.0% **

** CA collateral damage? Breaking 150 dma = close?

Naked Puts:

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

ENZ     JUL    45    42.50   70.19   $2.50  14.0%
ELON    JUL    50    47.75   54.50   $2.25   9.1%
TECH    JUL    95    92.94  142.50   $2.06   7.9%
MERQ    JUL  72.5    71.31   94.38   $1.19   7.8%
NEWP    JUL    55    53.31   96.13   $1.69   7.7%
BRCM    JUL   145   142.87  221.69   $2.13   7.1%
AFFX    JUL   140   137.12  171.44   $2.88   7.0%
PDLI    JUL   105   102.12  163.69   $2.88   6.9%
ABSC    JUL    45    43.44   70.03   $1.56   6.9%
BRCD    JUL   105   101.75  178.94   $3.25   6.8%
PDLI    JUL   125   122.37  163.69   $2.63   6.8%
ISSX    JUL    70    69.00   97.00   $1.00   6.7%
CIEN    JUL   130   128.31  164.81   $1.69   6.5%
HGSI    JUL    75    72.62  153.50   $2.38   6.4%
TIBX    JUL    80    78.94  109.50   $1.06   6.4%
RBAK    JUL  77.5    75.12  150.25   $2.38   6.4%
IWOV    JUL    60    58.81  118.31   $1.19   6.3%
SDLI    JUL   170   164.87  275.31   $5.13   6.3%
AETH    JUL   150   147.25  189.00   $2.75   6.2%
MLNM    JUL    80    77.81  123.50   $2.19   6.0%
RBAK    JUL   115   113.50  150.25   $1.50   5.9%
IDPH    JUL    95    93.87  130.25   $1.13   5.6%
GLW     JUL   200   195.87  257.63   $4.13   5.5%
CHKP    JUL   145   142.00  210.56   $3.00   5.3%
NVDA    JUL    55    54.03   54.56   $0.53   2.9% **

**  Adj 2-1 Split - moving towards support and 150 dma?


Naked Calls:

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

SSTI    JUL   125   126.38   83.94   $1.38  10.7%
AMCC    JUL   140   142.50  100.81   $2.50   9.7%
RFMD    JUL   150   151.75   83.19   $1.75   7.8%
BRCM    JUL   220   222.00  221.69   $0.31   0.8% **

**  Buy-to-cover or is it rolling over?

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

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

AKAM - Akamai Technologies  $115.19  *** On The Rebound! ***

Akamai Technologies provides a global delivery service for
Internet content, streaming media and applications that improves
Website speed, quality, reliability and scalability and protects
against Website crashes due to demand overloads.  Akamai markets
its services to large businesses and other businesses with an
Internet focus.  They deliver Internet content and applications
through a global server network.  Akamai's services are easy to
implement and do not require its customers or their Website
visitors to make any hardware or software modifications.

Akamai shares rose this week following positive comments from
analysts after meeting with company officials.  The positive
response was attributable to Akamai's intended pursuit of new
international opportunities to provide its services, as well as
its intention to introduce at least one additional service per
quarter.  Akamai recently joined with C-SPAN to provide coverage
of Democratic and Republican political conventions.  Akamai will
produce, encode and deliver the streaming audio and video not
only to C-SPAN but to other sites syndicating the programming
from C-SPAN.

AKAM is another industry-leading issue that has begun to stage a
recovery from the punishing sell-off in technology stocks earlier
this year.  Now the company is regaining institutional favor and
the block-volume buying has increased in recent sessions.  Our
outlook for the issue is neutral-to-bullish and any market rally
should propel the share value well clear of our cost basis.  In
the event of further consolidation, this company would certainly
be a candidate for any long-term portfolio.

AKAM - Akamai Technologies  $115.19

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

Sell Put  JUL 95   RWU SS  166       1.25    93.75     8.8% ***
Sell Put  JUL 100  RWU ST  240       2.25    97.75    12.9%
Sell Put  JUL 105  RWU SA  125       3.63   101.37    17.5%

Chart =
 

******

INCY - Incyte Genomics  $95.06  *** Big Rally! ***

Incyte Genomics, formerly known as Incyte Pharmaceuticals, is a
provider of genomic information-based products and services.
These products and services include database products, genomic
data management software tools, and related services.  Incyte
focuses on providing an integrated platform of information
technologies designed to assist pharmaceutical and biotechnology
companies and academic researchers in the understanding of
disease and the discovery and development of new drugs.

Incyte and Eli Lilly recently announced an expanded agreement in
which the two companies will collaborate on accelerating the
development of therapeutic proteins.  Under the expanded agreement,
Lilly and Incyte will focus on the identification and selection of
secreted molecules that are strong candidates for new therapeutic
protein development.  Lilly will also obtain options to license
multiple therapeutic protein patents from Incyte.  In the past,
Lilly has used Incyte's database in its drug development efforts
and this new pact provides evidence of the valuable intellectual
property contained in Incyte's growing portfolio of more than 500
issued and allowed patents on full-length genes, including 134
issued patents on therapeutic proteins.  The agreement is expected
to help INCY increase future therapeutic protein discovery efforts
and maintain their leadership position in delivering important
therapeutic proteins to the market.

Incyte has also entered into a major genomic research partnership
with Baylor College of Medicine.  Scientists at Texas Children's
Cancer Center, a joint program of Baylor and Texas Children's
Hospital, will work with Incyte to conduct gene expression studies
and determine the role of genes in the prevention, diagnosis, and
treatment of cancers commonly affecting children.

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.

INCY - Incyte Genomics  $95.06

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

Sell Call JUL 75   IPQ GO  5        22.00    73.06     5.0% ***
Sell Call JUL 80   IPQ GP  430      18.50    76.56     8.5%

Sell Put  JUL 70   IPQ SN  79        1.19    68.81    11.2% ***
Sell Put  JUL 75   IPQ SO  70        2.06    72.94    18.6%
Sell Put  JUL 80   IPQ SP  32        3.25    76.75    23.6%

Chart =
 

******

INSP - InfoSpace  $57.13  *** Stage I Base ***
   
InfoSpace is a global Internet information infrastructure
services company.  InfoSpace provides enabling technologies to
Web sites, merchants, and wireless devices.  Their affiliates
utilize and distribute these services via PCs and a network of
wireless and other non-PC devices including cellular phones,
pagers, television set-top boxes, and online kiosks.

In April, INSP announced its fourth consecutive profitable
quarter, with revenues of $19 million, up from $5.3 million.
Verizon, Vodaphone, ATT Wireless and all of the regional bells
have purchased the INSP wireless platform, contributing to INSP’s
profitability.  With the recent recovery in Internet Information
Providers, investors are speculating on other issues in the group
and it appears this stock is in a neutral-to-bullish trend for the
near-term.  If INSP can capitalize on their many partnerships
in the wireless realm, there could be substantial upside potential
for the company in the near future.  Our position is optimistic
with little downside risk and favorable reward.

INSP - InfoSpace  $57.13

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

Sell Call JUL 50   OHY GJ  2187      9.00    48.13     7.4% ***
Sell Call JUL 52.5 OHY GX  210       7.25    49.88    10.0%

Sell Put  JUL 47.5 OHY SE  310       1.00    46.50    13.4% ***
Sell Put  JUL 50   OHY SJ  2963      2.00    48.00    21.5%
Sell Put  JUL 52.5 OHY SX  135       2.50    50.00    22.9%

Chart =
 

******

IWOV - Interwoven  $118.31  *** Split Rally? ***

Interwoven is a provider of enterprise-class Internet content
management software.  The company's flagship product, TeamSite,
controls the development, management and deployment of business
critical Web sites.  Interwoven solutions are based on a unique,
inclusive content architecture that empowers all contributors
and leverages diverse Web assets including XML, Java, rich html,
multimedia and database content.  TeamSite is available for both
the Sun Solaris operating system and Microsoft Windows platform.

In early June, Interwoven announced that its Board of Directors
approved a two-for-one stock split, to be effected in the form
of a stock dividend to shareholders of record on June 22, 2000.
The stock split will occur on-or-about July 14 and it appears
that traders are anticipating an upcoming rally.  Analysts may
have supplemented the recovery as the shares of Interwoven were
upgraded in early June by Dain Rauscher Wessels.  The brokerage
upped the issue to "strong buy-speculative" with a new 12-month
target price of $140 a share.  Thursday's move above a recent
trading-range top near $95 suggests the issue is poised for a
continued rally into the low 120's.  Our position offers another
conservative entry point on a fundamentally sound company with
a bullish technical outlook.

IWOV - Interwoven  $118.31

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

Sell Put  JUL 90   IUW SR  42        0.94    89.06     7.3% ***
Sell Put  JUL 95   IUW SS  22        1.75    93.25    12.9%
Sell Put  JUL 100  IUW ST  123       2.75    97.25    16.5%

Chart =
 

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

BEARISH PLAYS - Naked Calls

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

AMD - Advanced Micro Devices  $75.25  *** Sector Downgrade! ***

Advanced Micro Devices is a worldwide semiconductor manufacturer.
Their products include a wide variety of industry-standard
integrated circuits used in product applications such as data and
network communications equipment telecommunications equipment,
consumer electronics, personal computers and workstations.

Advanced Micro Devices is poised for growth but recently, the
stock has come under selling pressure with other semiconductor
issues as the group was downgraded after gains earlier in the
week.  Salomon Smith Barney analyst Jonathan Joseph downgraded
the entire semiconductor sector to "neutral" from "outperform"
and also downgraded ratings on a number of individual companies
after referring in a report to "evidence of a trend reversal in
decelerating industry unit shipments."  Obviously, the company
is fundamentally sound but for now the technical picture is less
than outstanding.  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 issue
daily for changes in technical character.

AMD - Advanced Micro Devices  $75.25

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

Sell Call JUL 90   AMD GR  9921      1.88    91.88    20.7%
Sell Call JUL 95   AKD GS  7919      1.19    96.19    13.9% ***

Chart =
 

******

DITC - Ditech Corporation  $84.19  *** Technicals Only! ***

Ditech designs, develops and markets equipment used in building
and expanding telecommunications and cable communications networks.
The company's products fall into two categories: echo cancellation
equipment and devices that enable and facilitate communications
over fiber optic networks.  Ditech's echo cancellation products
eliminate echo, which is a significant problem in existing and
emerging networks.  The company's optical communications products
enable the implementation of wavelength division multiplexing
technology, which is becoming more widely adopted by service
providers to address network capacity constraints.  The company's
optical communications products are designed to function either as
stand-alone products or as a complete system known as the Optical
Path Solution.  The majority of Ditech's revenue is derived from
sales of its echo cancellation products.

The DITC price trend reflects a pronounced negative divergence
from the long-term moving average (200-day) line and the recent
downtrend has endured successively lower highs and lower lows,
on increasing selling pressure.  With today's drop, the issue
has again failed to recover after a recent consolidation and for
now it appears the stock has little chance of reaching our sold
positions.

DITC - Ditech Corporation  $84.19 

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

Sell Call JUL 105  DUI GA  71        1.56   106.56    16.1%
Sell Call JUL 110  DUI GB  139       0.94   110.94    10.1% ***

Chart =
 

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

NEUTRAL PLAYS

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

SDLI - SDL Inc.  $275.31  *** Jim's Favorite Strategy! ***

SDL, Inc. is a provider of solutions for optical communications
and related markets.  Their products power the transmission of
data, voice, and Internet information over fiber optic networks
to meet the needs of telecommunication, dense wavelength division
multiplexing (DWDM), cable television and metro communications
applications.  Their solutions enable customers to meet the need
for increasing bandwidth by expanding their fiber optic networks
more quickly and efficiently than by using conventional
electronic and optical technologies.  Its revenue comes from two
principal markets: fiber optic communications and industrial
laser products.

This play is simply based on the current price or trading range
of the underlying stock and its recent technical history.  The
probability of profit from these positions is also higher than
other plays in the same strategy based on disparities in option
pricing.  Technically, we favor the issue for a bullish position
and have decided to sell premium for credit and use the earned
income to offset any losses on the downside, in the event we are
required to accept assignment of the stock.  If the price of the
issue moves through the current resistance area near $310, we
will buy the stock to cover our sold options.

SDLI - SDL Inc.  $275.31 

NEUTRAL CREDIT-STRANGLE (sell call - sell put)

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

Sell Call JUL 330  QJV GA  1406      4.25   334.25    13.5%
Sell Call JUL 340  OSL GH  106       2.75   342.75     9.0%
Sell Call JUL 350  OSL GJ  522       1.63   351.63     5.5% ***

Sell Put  JUL 215  QZL SC  106       1.50   213.50     5.0% ***
Sell Put  JUL 220  QZL SD  258       2.06   217.94     6.9%
Sell Put  JUL 230  QJV SF  359       3.38   226.62     9.4%

Chart =
 



*****************************ADVERTISEMENT************************
FFFOOOOUUUUURRRRR!!!!!

Golf Digest is the most preferred golf publication.  
Only $1.48 per issue,63% off the news stand price.  
Learn how to Cure your slice, and other valuable lessons!

http://www.OptionInvestor.com/tracking.asp?co=OIGolfDigest6302000
****************************************************************** 



*******************
FREE TRIAL READERS
*******************

If you like the results you have been receiving we 
would welcome you as a permanent subscriber.

The monthly subscription price is 39.95. The quarterly
price is 99.95 which is $20 off the monthly rate.


We would like to have you as a subscriber. You may 
subscribe at any time but your subscription will not 
start until your free trial is over.

To subscribe you may go to our website at 

www.OptionInvestor.com

and click on "subscribe" to use our secure credit 
card server or you may simply send an email to

 "Contact Support" 

with your credit card information,(number, exp date, name)
or you may call us at 303-797-0200 and give us the 
information over the phone.

You may also fax the information to: 303-797-1333



***********
DISCLAIMER
***********

This newsletter is a publication dedicated to the education 
of options traders. The newsletter 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 
newsletter 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 accuracy or completeness.
The newsletter staff makes every effort to provide timely 
information to its subscribers but cannot guarantee specific 
delivery times due to factors beyond our control.

DISCLAIMER

Option Investor Inc is neither a registered Investment Advisor nor a Broker/Dealer. Readers are advised that all information is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All opinions, analyses and information included herein are based on sources believed to be reliable and written in good faith, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. In addition, we do not necessarily update such opinions, analysis or information. Owners, employees and writers may have long or short positions in the securities that are discussed.

Readers are urged to consult with their own independent financial advisors with respect to any investment. All information contained in this report and website should be independently verified.

To ensure you continue to receive email from Option Investor please add "support@optioninvestor.com"

Option Investor Inc
PO Box 630350
Littleton, CO 80163

E-Mail Format Newsletter Archives