Option Investor

Daily Newsletter, Monday, 04/09/2001

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The Option Investor Newsletter                   Monday 04-09-2001
Copyright 2001, All rights reserved.                        1 of 1
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MARKET WRAP  (view in courier font for table alignment)
        04-09-2001        High      Low     Volume Advance/Decline
DJIA     9845.20 + 54.10  9935.60  9775.80 1.00 bln   1939/1107	
NASDAQ   1745.70 + 25.35  1757.38  1710.76 1.44 bln   2103/1836
S&P 100   581.47 +  4.12   586.67   575.30   totals   4042/2943
S&P 500  1137.59 +  9.16  1146.13  1126.38           56.9%/43.1%
RUS 2000  441.67 +  7.01   442.81   434.93
DJ TRANS 2716.89 + 29.86  2748.67  2689.16
VIX        36.74 -  0.02    37.56    35.83
Put/Call Ratio      0.95

Ticking Towards Conviction

The holiday shortened trading week combined with a lack of
significant earnings warnings led to drifty action in the tape
today.  Volume on the Nasdaq finished at roughly 1.4 billion and
the trading activity on the NYSE was equally muted at roughly
995 million shares traded.  To put the aforementioned volume
figures into perspective, the 30-day average volume for the NYSE
is about 1.25 billion and roughly 2 billion for the Nasdaq.

The unusually light volume Monday stemmed from the fact that
market participants lacked conviction in placing bets on either
direction.  However, the bulls in this market might argue the
fact that Monday's trading was constructive in light of the
massive rally across the broader market averages last Thursday.
The term "consolidation" comes to mind.  Conversely, the bears
in this market might point to the continued deterioration in
fundamentals, especially in the tech sector, which I'll elaborate
upon below.  And the absence of deterioration on the fundamental
front Monday led to an absence of the bears.  However, we must
remember that stock prices generally turn higher six to nine
months ahead of a rebound in underlying fundamentals, which begs
the question: Will fundamentals in tech rebound in the next six
to nine months?

According to both Lehman Brothers and Salomon Smith Barney, the
ultimate rebound in the chip sector may be years away.  Dan
Niles, of Lehman Brothers, opined this morning that calendar
2001 would be the worst year ever for semiconductor companies.
Niles predicted a 20% decline in year-over-year revenues for
the chip sector, which would be the most severe pullback in the
semi business since 1985.  Meanwhile, Jonathan Joseph of
Salomon Smith Barney, who correctly predicted the downturn in
the chip sector last summer, cut his sales estimates for both
Intel (NASDAQ:INTC) and Advanced Micro Devices (NYSE:AMD).
Joseph said that sales in flash and communication chips could
have weakened more-than-expected during the quarter.

The cautious comments from Niles and Joseph concerning the
broader chip business sent the Philadelphia Semiconductor
Index (SOX.X) lower in Monday's session.  Although my examination
of the SOX may seem repetitive, I feel that it holds the key to
any rebound in the broader tech sector and, indeed, the Nasdaq
Composite (COMPX).  Semiconductors have become omnipresent in
both the commercial and consumer markets.  Furthermore, the SOX
correctly anticipated the downturn in the economy last year and,
it's my opinion, that the SOX will forecast a recovery in the
economy, hence my focus.

From a fundamental standpoint, the semi sector is in bad shape
as noted by Niles and Joseph Monday.  Additionally, the
technical standing of the SOX is weak, at best.  Although the
SOX did rebound towards the end of trading Monday on what
appeared to be short covering, it's floating just above its
52-week low at 453, which was traced last Wednesday.  Aside from
that level, the SOX doesn't have support until the 400 area.  On
the upside, resistance for the SOX is firmly located at the 500
and 525 levels.  Although it's a big range, I think the best way
to trade the SOX would a breakout above 500 or 525, or on a
breakdown below 450.

Within the SOX, traders will want to monitor shares of Intel,
AMD, Micron (NYSE:MU), Xilinx (NASDAQ:XLNX) and Broadcom
(NASDAQ:BRCM).  As far as the capital equipment makers go,
keep an eye on Applied Materials (NASDAQ:AMAT), KLA - Tencor
(NASDAQ:KLAC), Teradyne (NYSE:TER) and Novellus (NASDAQ:NVLS).
Finally, traders interested in the chip sector will want to pay
special attention to the Motorola (NYSE:MOT) earnings report
after the bell Tuesday.  The company has been the target of
rumors in addition to an analyst upgrade Monday morning.
Motorola's earnings report could be a telling metric insofar
as the current conditions in the semi sector...stay tuned!

Away from the tech sector, the speculation of an inter-meeting
rate cut resumed following last Friday's weaker-than-expected
employment report, which revealed the economy lost 86,000 jobs
during March.  According to most economists, as well as the
Federal Funds futures market, there exists about a 50%
probability of an inter-meeting rate cut by the Fed.  In my
opinion, those odds might be a little higher in light of the
continued deterioration in earnings and the bankruptcy debacle
surrounding Pg&E (NYSE:PCG).  But that's only speculation on my
part and, indeed, the whole idea of an inter-meeting rate cut is
just that: speculation.  Having said that, the only way to trade
an inter-meeting rate cut is after the fact.  But, if the Fed
does actually cut rates in the next week or two, traders can
capitalize on the event by focusing on the most interest rate
sensitive issues in the market, such as retail, cyclical and,
of course, financial stocks following the cut.

The financial stocks, as measured by the KBW Bank Sector Index
(BKX.X), did find a bid Monday in the wake of the Fed
speculation, but we didn't see participation by the bellwethers
of the group.  Shares of both Citigroup (NYSE:C) and J.P.
Morgan Chase (NYSE:JPM) finished higher by only a few cents
each.  We NEED to see this group advance if the broader market
is going to work higher.  I believe that continued weakness in
the BKX will lead to aggressive selling in the broader market,
including tech.  The BKX is still working lower in its two
month descending trend and now needs to breakout above
roughly 860 to break trend.  It just doesn't make sense to me
that the BKX is in a descending trend following a 150 basis
point reduction in interest rates.  The weakness in the BKX
is disconcerting from where I sit.  This chart is similar to
the one I put up last week, but the pivot point is moving lower
as is the trend.

Along with the BKX, the S&P 500 (SPX.X) continues to work lower
in its descending wedge, with a bottom in place at 1100.  Last
week, I mentioned that the double bottom at 1100 could've
been the retest of its relative lows following the spike in
the ARMS Index to extreme oversold levels.  I can't say
unequivocally if 1100 is the intermediate bottom for the SPX,
especially with the weakness in the BKX.  But, what I can say
is that traders should follow the break in the SPX when it
occurs, no matter the direction.

If 1100 gives way in the coming week or two, I think it would be
most prudent to short stocks or buy puts.  Conversely, if the SPX
breaks out of its descending trend, I think the most prudent
strategy would be to cautiously pursue quality stocks from the
long side.  And by quality stocks, I'm referring to those
companies who are most likely to rally near the beginning of a
benign monetary policy such as cylicals and retailers.  Examples
of two quality companies in terms of earnings and quality stocks
in terms of price are Alcoa (NYSE:AA) and Christopher & Banks
(NASDAQ:CHBS).  The former is a classic cyclical and the latter
is a young retailer (CHBS announces earnings on Wednesday).  I'm
not recommending my readers to go out and buy these stocks.
Rather, my aim is to reinforce that if traders are going to
approach this market from the long side, I think it's most prudent
to find quality companies and stocks in retail and cyclical
sectors for both trading and investing purposes.

Away from the technical metrics in the SOX, BKX and SPX that I
mentioned above, I'd like to turn my focus to the forthcoming
fundamental metrics in the form of earnings.  This week kicks
off first-quarter earnings season, with a big report due from
Motorola Tuesday after the bell.  Wednesday, we'll get guidance
from Yahoo (NASDAQ:YHOO) and Redback Networks (NASDAQ:RBAK).
And Thursday, we'll hear from Dow Jones (NYSE:DJ), Elantec
Semiconductor (NASDAQ:ELNT), First Data Corp. (NYSE:FDC) and
Rambus (NASDAQ:RMBS), among many others.  The market has been
awaiting guidance from both the old and new economy companies,
and we're going to get that guidance in the coming weeks.  What
the market wants to hear is that companies, especially in tech,
are beginning to gain visibility into their coming quarters.
That is, companies are regaining to ability to forecast future
sales and earnings.  Furthermore, the market wants to hear that
the inventory correction, which started in the chip companies,
is reaching bottom.  This earnings season is likely to be
telling and could be a pivotal point.  Make sure to tune into
Jim's analysis of the companies that report earnings this

On a final note, I'd like to revisit last Thursday's big
rally across the major market averages.  Last Thursday's
advance was obviously an initial rally attempt as it came
on relatively heavy volume, and surging prices.  If, in fact,
that rally marked a near-term bottom in the major market
averages (such as the SPX at 1100) we need to see a follow-
through rally in the coming days.  I think the follow-through,
if it comes, needs to have price action at least equal to what
we witnessed last Thursday.  But, in terms of volume, I think
the follow-through rally will need to exceed the trading
activity we saw last Thursday.  And so you know, trading on
the NYSE totaled 1.33 billion and on the Nasdaq, 2.27
billion last Thursday.  If we get the right catalyst (possibly
an earnings report) this week, we could see a follow-through
day, but just make sure that volume is exceptional before
committing capital to the long side.  I don't count Monday's
advance in the broader market averages as a follow-through
day, per se, as volume was weak, and price action lacked

Conversely, if the earnings reports this week disappoint, and
we get technical failures in the aforementioned technical
metrics (SOX, BKX, SOX), I think the path of least resistance
still favors the downside for the majority of the market.  As
much as I dislike that idea, it's my opinion.

On a quick tangent, I'd like to personally thank each and
every attendee at this past weekend's seminar here in Denver.
I had the pleasure to meet many people from around the world,
and received myriad insights into the market, trading,
investing and life in general.

Eric Utley
Assistant Editor

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CPN - Calpine Corporation $48.20 +1.20 (+1.20 this week)

Based in San Jose, Calif., Calpine Corporation is dedicated to
providing customers with reliable and competitively priced
electricity.  Calpine is focused on clean, efficient, natural
gas fired generation and is the world's largest producer of
renewable geothermal energy.  Calpine has launched the largest
power development program in North America.  To date, the
company has approximately 31,200 megawatts of base load capacity
and 6,500 megawatts of peaking capacity in operation, under
construction, and in announced development in 28 states and
Canada.  The company was founded in 1984 and is publicly traded
on the NYSE.

CPN has been in a powerful upward channel since early February,
riding on the momentum of an energy shortage in the United States
which is increasing the demand for power faster than the
power producers can currently supply it.  In an environment of
inventory corrections and earnings warnings, companies which
have stated that their earnings will be higher than previous
expectations are looking enticing to investors.  On March 29,
CPN's management team stated that the company expects to earn
net income of approximately $645 million in 2001, up from $345
million in 2000, with net income in the range of $1.80 per share.
This exceeds their previous estimates of $1.50 per share.  Since
then, CPN has announced several new projects under development.
The most powerful aspect of this play is the fact that many of
the independent power producers, including Calpine Corporation,
were knocked way down last Friday when Pacific Gas and Electric's
utility subsidiary filed for bankruptcy protection.  When
investors realize that CPN will likely only suffer minimal losses
as a result of this bankrupcy, and that the energy crisis will
lead to increased demand for energy in both the long term and
short term, CPN stock should be able to recupe the losses.  On
Monday, Moody's reaffirmed CPN's Ba1 senior unsecured debt
rating, and stated that, despite the increased uncertainty of
collecting accounts receivable from PCG, CPN has sufficient
liquidity in the near term for its expansion plans.  CPN has
11 power plants in California, which represent less than two
percent of CPN's capacity in operation.  CPN broke out of its
upward channel on Friday, but on Monday, CPN moved back above its
50 dma of $46.89 with a bullish spike up at the close.  Traders
can take positions at current levels, or at a move above $49
with strong volume.  Watch others in the power sector like AES,
and set stops at $45.  CPN announces earnings on April 26, and
traders can expect a powerful earnings run to possibly develop.
We will close positions if CPN closes below $45.

***April contracts expire in less than two weeks***

BUY CALL APR-45    CPN-DI OI=1983 at $4.70 SL=3.00
BUY CALL APR-47.50*CPN-DW OI=4345 at $3.30 SL=1.75
BUY CALL MAY-45    CPN-EI OI= 216 at $7.10 SL=5.00
BUY CALL MAY-50    CPN-EJ OI= 929 at $4.60 SL=3.00



TLAB - Tellabs, Inc. $32.16 -1.59 (-1.59 this week)

TLAB designs, manufactures, markets and services data, voice and
video transport, switching/routing and network access systems
that are used worldwide by public telephone companies,
long-distance carriers, alternate service providers, cellular
service providers, cable operators, government agencies and
utilities.  Through its various acquisitions, the company is also
able to offer voice-quality enhancement products for wireless,
satellite-based, cable communication and wireline
telecommunications, as well as managed high-speed transport
solutions which operate in Synchronous Digital Hierarchy and
Dense Wavelength-Division Multiplexing (DWDM) environments.

Investors in Networking stocks have no doubt heard the story over
and over again, that an economic slowdown leading to significant
decreases in capital expenditures on the part of Telecom
companies is to blame for the decrease in demand for networking
equipment.  That coupled with high levels of inventory on hand
are making earnings visibility spotty at best, with the only
certainty being that profit margins are narrowing.  While
shareholders are most likely tired of hearing this, and are
wondering when this news will be factored into the stock price,
there are two things to consider.  First, it appears that the
sellers continue to dominate trading action.  With price
declining on increasing volume, the downtrend remains intact.
Second, if fundamentals continue to worsen, then the market will
most likely continue to discount the bad news.  With that in
mind, TLAB was downgraded today by Robertson Stephens from a
Long-Term Attractive to a Buy rating.  It is not surprising that
analysts have turned sour on TLAB, given that the company has
warned twice in the past month over first quarter earnings
estimates.  Closing today down 4.71 percent on 2.8 times the ADV,
the stock made yet another 52-week low.  With earnings due April
17th after the market close, investors may exit before the event
in anticipation of weaker than expected numbers.  A break below
today's low of $31.90 may provide conservative traders with an
entry, but make sure the AMEX Networking Index (NWX) confirms
sector softness.  For the more aggressive, failed rallies as the
stock approaches resistance at $34, $35 and the 5-dma near our
closing stock price of $36 may be targets to shoot for.

***April contracts expire in less than two weeks***

BUY PUT APR-35*TEQ-PG OI=1112 at $4.40 SL=2.75
BUY PUT APR-30 TEQ-PF OI= 646 at $1.55 SL=0.75


STT - State Street Corp. $91.70 +1.98 (+1.98 this week)

State Street is a bank holding company and is one of the
world's leading specialists in serving institutional investors.
The company provides a full range of products and services for
portfolios of investment assets.  Customers include mutual funds
and other collective investment funds, corporate and public
pension funds, corporations, unions and non-profit organizations
both in and outside of the United States.

Financial stocks have been struggling to regain their footing
over the past week, after the Bank Sector index (BKX.X) rolled
over at its 200-dma last Monday.  Following its sector gradually
lower, STT is bumping its head on the 4-month descending
trendline ($92.50), and threatening to roll over again.  The
Chapter 11 bankruptcy filing from Pacific Gas and Electric (PCG)
isn't helping matters either as it is raising the spectre of
increased loan defaults throughout the sector, particularly
those firms with exposure to the unresolved California power
crisis.  Whether STT has any significant exposure there is
really immaterial; the bearish sentiment is likely to affect the
entire sector and drag our play lower, putting some nice profits
in our pocket in the process.  The technicals on STT don't look
stellar either.  While unable to break through the
above-mentioned trendline, the daily Stochastics have dropped
out of overbought and are headed south, albeit in a leisurely
manner.  Now that we are in the heart of earnings season,
investors' focus will turn to the results from the past quarter
and more importantly, to forecasts for the next one.  STT will
announce (or confess, depending on your perspective), on April
17th before the opening bell, and unless sentiment in the
Banking sector improves significantly over the next week, we
are looking for the stock to decline in anticipation.
Aggressive traders will want to target shoot new entries either
at the descending trendline, or resistance at $93-94, provided
the stock is unable to break through our stop at $94.  The
conservative approach may be best in this uncertain market, and
a drop through the $89 support level will be your trigger in
that case.  Remember to watch the action on the BKX.X, as
weakness there will almost certainly weigh on STT in the week

***April contracts expire in less than two weeks***

BUY PUT APR-95*STT-PS OI= 143 at $5.20 SL=3.25
BUY PUT APR-90 STT-PR OI=2570 at $2.55 SL=1.25
BUY PUT MAY-95 STT-QS OI= 120 at $7.70 SL=5.50
BUY PUT MAY-90 STT-QR OI=  99 at $4.90 SL=3.00
BUY PUT MAY-85 STT-QQ OI=1072 at $3.00 SL=1.50



AEP - call play
Adjust from $46 up to $47

MRK - call play
Adjust from $75 up to $76

WCOM - call play
Adjust from $17.50 up to $18

AMGN - put play
Adjust from $58 down to $57

LEH  - put play
Adjust from $63 down to $62

NSM - put play
Adjust from $24 down to $23

XLNX - put play
Adjust from $34 down to $33


No dropped calls tonight


HGSI $45.56 +3.12 (+3.12) Positive comments on Biotech stocks
over the weekend helped to lift the sector today.  While industry
earnings on a whole have the lower, the reason is being
attributed not to a slowing economy but rather, increased R&D
spending in an effort to strengthen pipelines.  For it's part,
HGSI ended the day up 7.35 percent.  Volume was less than 80
percent of ADV, but it should be noted that the stock has been
edging higher over the past few sessions.  With the 5-dma (now at
$42.43) acting as support today and the close above our stop
price of $44, we are dropping coverage of this put play.


Denver Seminar Reminiscences
By Molly Evans

The spring OIN options seminar in Denver is now a memory.
Hopefully our participants have gorged themselves on plenty
of intellectual food.  There was certainly plenty in the offering.
Undoubtedly, our attending subscribers are taking home several
new ideas and knowledge about how to be better traders and have
more confidence in themselves during the process.

Popular sessions included those by Dr. J - Jon Najarian who spoke
about his work and love as a professional floor trader at the CBOE
in Chicago.  Tom DeMark, a top-notch consultant to institutional
traders, kept participants entertained with his many lively
stories and interesting mathematical interpretations of market
retracements and targets.  The ever-delightful Dick Arms showed
us compelling evidence of the Arms Index's foray into bullish
territory and Steve Nison made everyone candlestick experts.

The staff lectures weren't too shabby either.  Of course, our
chief Jim Brown, Jeff Bailey, Buzz Lynn and Austin Passamonte
were the stars to spoon out healthy doses of technical analysis
know-how, confidence boosters and trading tales much to the
delight of a very sharp and judicious audience.  These
conferences are always a sensory overload and it takes a few
days to mull over the many items of exchange.  I trust that
the attendees are pleased with their experience and ready to
tackle the market with renewed vigor and poise.

It was of course, my privilege and honor to present a 45-minute
segment about the process of becoming an organized trader.  I
thought I might highlight a few of the concepts that were
discussed in that presentation.

The process of getting organized as a trader doesn't imply
anything about neatness.  It's rather about knowing where
the trader wants to go, what he wishes to accomplish.  There
should be well-defined and achievable goals to work toward.
Once these are ascertained, one creates his business trading
plan to guide him in money management and discipline in trading.

The Business Plan

The business trading plan has been discussed in Trader's Corners
articles by both Linda Schuepp and myself and can be found in
the archives of previous articles from around the New Year time
frame.  Basically, the business trading plan defines which markets
you will trade, what set of circumstances must be present for
you to enter a trade, what your stop loss guidelines are, how
you will exit the trade, how you manage your profits and combat
your weaknesses.  The business plan gives us a foundation for
action.  It takes the emotion out of trading.  Every conceivable
scenario and your reaction to it is addressed so that when it
happens in reality, you're not frozen for lack of knowing what
to do.

The business plan takes a lot of thought to compose.  It's not
easy to dictate your own rules.  There are always "what ifs"
and "except in this case" items.  That's fine but they should be
written down and included somehow in the plan.

The Daily Plan of Action

One should never be without a game plan.  A well-devised and
thoughtful analysis of market action should serve you well in
anticipating trades to be taken.  Where to start you wonder?
Write down at least twenty facts about the market.  Note the
high, the low, the open and the close of the previous day,
where the market finished - the lower, middle or top third
of its range, what news or economic reports might be impacting
the market, the VIX, the put/call ratios and anything else
that you use to guide your trading.  You should then arrange
these in order of importance and arrive at a determination of
market direction and trades that you will take once your entry
criteria are met.

Act as if you have to give a market report and objective guidance
to subscribers of your own fantastically insightful newsletter.
When you are right, and you will get better and better with
practice, your confidence will improve and lead you to better

Anytime that market action deviates from your road map, you
should just get out of the market until you're back in sync with
it.  Don't lose your capital while you're figuring it out.


Bookstores carry a nice assortment of lined journals for you
to write down your data collected for your daily plan or to
simply "talk" about your trading with a non-biased and ever-
available listening ear.  You might use it to record positive
self-affirmations to boost your morale and confidence.  The
journal can be utilized in whatever fashion you wish but it
should be a highly personal and accessible ally to promote your
personal success as a trader.


Everyone has their own method of tracking their trades I suppose.
Personally, I enter my own onto a spreadsheet.  The accountant
is made happier for having a cost-basis record of trades and
the trader has a viable record for evaluating their trades and
progress in trading.  I've included an example of a trader's
spreadsheet here.


Traders should have a definitive method for evaluating their own
progress in trading.  Whether it be the realization of goals, a
subjective determination of a grade for each trade, day or week,
some method of evaluation should exist.  At best, this provides
the trader with incentive to do better and boost confidence
and at worst, motivate him to reevaluate his methodology should
he be failing to improve.

To those of you I met and saw, the pleasure was mine.  To those
of you that couldn't make it, I hope this serves to motivate you
to serious thought about your methods and endeavors as a trader.
I do wish you all the very best.


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AMGN - Amgen $53.97 -0.47 (-0.47 this week)

Amgen is a global biotechnology company that discovers, develops
manufactures, and markets human therapeutics based on advances
in cellular and molecular biology.  The company manufactures and
markets four human therapeutic products, Epogen, Neupogen,
Infergen, and Stemgen.  Amgen uses wholesale distributors of
pharmaceutical products as the principal means of distributing
the company's products to hospitals, pharmacies and clinics.

Most Recent Write-Up

After climbing higher with the market bulls on Thursday, AMGN
attempted to clear its 10 dma of $57.87 on Friday before
rolling over with a surge of heavy volume.  This confirms the
pattern of rolling over from lower highs which AMGN established
the first week in March.  If the biotechnology sector, BTK.X
cannot break out of its own downward channel then the near
term outlook for AMGN will most likely be additional weakness.
BTK.X rolled over from 480 last week and 470 on Friday, and is
currently just below the 10 dma of 451.  If BTK.X starts to
fall below its current levels, AMGN may fall below $54.50, which
could be an entry point for conservative traders.  Alternatively,
a failed rally from the $56 level would establish another lower
high, and could be an aggressive entry point.  The next support
level is $52, and below that there is little support left until
AMGN’s 52-week low at $45.43 established on March 22.  We are
keeping stops tight at $58, so exit positions if AMGN closes
above this level, as it would break the pattern of lower highs.
Watch others in the sector like HGSI and DNA, as well as BTK.X
for an indication of sector strength.


Despite the seas of green in the Nasdaq Monday, shares of
biotech giant Amgen finished lower.  Its relative weakness could
portend lower prices Tuesday if the Nasdaq pulls back.  Watch for
the stock to drift lower from resistance at $54, and consider
entering at current levels early Tuesday if the Biotech Sector
Index (BTK.X) displays weakness.  Watch for the selling to
accelerate if AMGN approaches the $53 level, and consider taking
positions if that support area fails.

***April contracts expire in less than two weeks***

BUY PUT APR-60 YAA-PL OI=7194 at $6.90 SL=5.50
BUY PUT APR-55*YAA-PK OI=5980 at $3.40 SL=1.50
BUY PUT MAY-60 YAA-QL OI=1624 at $8.80 SL=6.00
BUY PUT MAY-55 YAA-QK OI=1690 at $5.80 SL=4.00


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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.

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Option Investor Inc
PO Box 630350
Littleton, CO 80163

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