Option Investor

Daily Newsletter, Monday, 07/30/2001

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The Option Investor Newsletter                   Monday 07-30-2001
Copyright 2001, All rights reserved.                        1 of 1
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MARKET WRAP  (view in courier font for table alignment)
        07-30-2001        High      Low     Volume Advance/Decline
DJIA    10401.70 - 15.00 10440.50 10361.40  905 mln   1666/1428	
NASDAQ   2017.80 - 11.20  2039.01  2009.94 1.34 bln   1780/1969
S&P 100   618.89 -  1.27   621.73   616.80   totals   3446/3397
S&P 500  1204.52 -  1.30  1209.05  1200.41           
RUS 2000  484.71 -  0.30   485.54   481.34
DJ TRANS 2912.22 +  2.34  2918.06  2906.04
VIX        24.03 -  0.70    25.07    23.99
Put/Call Ratio      0.44
Resistance Holding, But Bulls Are Snorting

With a strong open this morning, it looked like the bulls were
going to take a serious run at resistance.  But their enthusiasm
faded almost as quickly as the sound of the opening bell and all
the broad market averages fell back from their opening highs.
Renewed rally attempts near the middle and end of the day were
likewise rebuffed by the bears, resulting in mild losses for the

The scorecard had the DJIA losing just 15 points, the NASDAQ
Composite giving up 11.20 and the S&P500 drifting lower by 1.30.
With such minor moves in the major indices, it might seem
unnecessary to include any of the associated charts, but the
daily chart of the big index (S&P500) looked too good to pass up.


Of all the major indices, it does the best job of showing a bear
market rally.  The lows have been continuing to move lower and
the highs are too.  On top of that, Stochastics are starting to
weaken and aren't even close to entering overbought territory.
Earnings season is already starting to wind down, and we have
yet to receive convincing news that the economy is on the mend.
The past 2 days have given us classic doji candlestick patterns,
which is a sign of investor decision.  This is precisely what we
saw in the markets today, with neither the bulls or the bears
able to gain a significant advantage.

Helping to keep the S&P500 under pressure were bearish comments
from CSFB before the open.  The brokerage firm cut earnings
estimates for the big index from $55.25 to $51.50 for FY01 and
from $62 to $59 for FY02.  Not to be left out, UBS Warburg and
JP Morgan also cut their earnings estimates for the S&P500,
citing the usual list of suspects; lack of earnings visibility,
strength in the dollar cutting into earnings from the big
multinationals and the overall economic weakness.  Yawn...no
news there!

So what DID happen in the markets today?  Remember Jonathan
Joseph at Salomon Smith Barney?  He was the first chip analyst
to start saying mean things about the Semiconductor sector last
summer, and incurred a lot of wrath from irate investors who
were long the sector.  Well this morning he was out saying nice
things about the chip industry again, saying he is now seeing
some support for his April upgrade of the Semiconductor sector.
Mr. Joseph cited relative stability in the spot market for
microprocessors and general firmness in DRAM prices.  Not a
glowing endorsement, but the bulls tried to rally the sector.
The SOX index did manage to hold above the $600 level, but owing
to the directionless overall market was able to do little more
than challenge the upper bound of its descending channel before
pulling back in the afternoon.


The SOX has been unable to sustain an upward move since topping
out in late April.  If the NASDAQ is going to manage a sustained
advance, it will need the Semiconductors to participate, not
just breaking out of the descending channel, but moving up to
challenge the $700 resistance level.

Retails stocks got a boost this morning from Walmart (NYSE:WMT)
as the discount retailer reported on the first wave of tax
refund checks.  The company stated that same-store sales growth
last week exceeded the 3-5% increase that was expected, driven
by the first batch of tax rebate checks arriving in mailboxes
across the country.  WMT's ploy of cashing the checks for free
seems to be paying off as 25-30% of the checks cashed are being
spent in the stores.  Investors ate it up, popping WMT up to
test the $56 resistance again at the open, then again at 2pm ET
and then a third time just before the close.  

The WMT enthusiasm helped the Retail sector continue its recent
advance, and the S&P Retail index finished the day just below
resistance in the $912-915 area (depending where you draw your
resistance line).  The consumer is still the anchor leg for our
economy, and if the WMT news is any indication, Joe and Jane
consumer are still behaving as though everything is just fine.
A serious advance in the broad markets will need to be
accompanied by a breakout of the RLX above current resistance
and then the $932 area.

The Software sector received another blow today, this time from
Adobe Systems (NASDAQ:ADBE).  The maker of computer graphics
programs issued a warning of sorts, saying they were on track
to meet their third quarter earnings target but might miss the
revenue target due to the weaker-than-expected economic
conditions, which are affecting all product segments.  That kept
the Software index (GSO.X) under pressure all day, holding the
index below the $200 resistance level.

Rounding out the list of sectors having a significant effect on
Monday were the Biotechs.  Friday's FDA panel rejection of
Aviron's (NASDAQ:AVIR) FluMist gave the BTK index the flu and
it led the list of losers on the NASDAQ, shedding 2.65%.

Looking at the market internals brings everything back into
perspective.   Volume was downright anemic at 905 million shares
on the NYSE and 1.34 billion on the NASDAQ.  Advancers outpaced
decliners on the NYSE, while decliners ruled the day over on the
NASDAQ.  But the margins were pretty thin.  It would be just as
accurate to say there was no strong bias in the market.  Welcome
to the dog days of summer, where light volume rules.  Earnings
season is winding down and while there have been some bright
points, they haven't been frequent enough to really change
investor sentiment and get the markets moving in  a renewed
bullish trend.  The pattern is the same regardless of what index
you look at.  Resistance is holding, but bullish traders are
becoming bolder and less fearful of each intraday dip. 

The economic calendar offers little hope for a market catalyst
either.  Tuesday brings the Personal Income report, Chicago PMI
and Consumer Confidence.  Cued up for the remainder of the week
are Auto and Truck Sales and the NAPM report on Wednesday and
then Initial Jobless Claims and Factory Orders on Thursday.
Rounding out the economic parade on Friday are Non-Farm Payrolls
and the Unemployment Report.

Despite the lack of a catalyst to the upside, bears need to use
caution in this market.  Dull and quiet would definitely
describe Monday's market action, and shorting a dull market can
be a recipe for disaster as dormant bulls charge forward.  Wait
for the market to show its true colors by either advancing or
selling off with conviction (read:volume).

Trade only when the reward/risk ratio is in your favor.

Mark Phillips
Research Analyst



The dog days of summer are upon us, and Jim Oberweis, President 
of Oberweis Asset Management, sums up the prevailing market 
sentiment, "The biggest thing on investors' minds is how busy the 
golf course is."  Paltry Volume of 1.3 billion on the Nasdaq 
echoes that sentiment.

Now that earnings season is drawing to a close, it's up to 
economic data to spur some market interest.  On the slate for 
this week is personal income, the Chicago Purchasing Managers 
Index, consumer confidence, and unemployment claims.  Now that we 
have enough rate cuts under our belt, investors want to see these 
numbers coming in better than they have in the past.  

Semiconductor Index Daily Chart


But can these economic numbers spark enough interest to push 
sectors past resistance?  The Semiconductor Index (SOX.X) was one 
of today's better performing sectors, up 0.65%, but look at the 
overhead resistance - downtrends, moving averages, retracement 
levels, and a stochastic that is quickly approaching overbought.  
That's asking a lot of economic data.  If the SOX can climb above 
615, it could be viewed as a small double bottom, but a trading 
range between 615 and 530 looks just as probable.  

Not all sectors have as much resistance converging in one area, 
but there is enough resistance nearby to limit the upside of most 
sectors.  Listless days like today don't help.

*************************Sector Watch****************************

            Weekly   Daily     Overbought    Support  Resistance 
            Trend    Trend      Oversold                         

DJIA        Bearish  Bearish    Oversold      10,200   10,600
NASD        Bearish  Bearish    Neutral        1,940    2,125
S&P 500     Bearish  Bearish    Neutral        1,170    1,205
Rus 2000    Bearish  Bearish    Neutral          465      485

Semis       Bearish  Bearish    Neutral          550      615
Biotech     Bearish  Bearish    Neutral          490      550
Internet    Bearish  Bearish    Oversold         140      170
Networking  Bearish  Neutral    Neutral          300      365
Software    Bearish  Bearish    Neutral          180      200
Banking     Neutral  Neutral    Neutral          625      670
Retail      Neutral  Bullish    Neutral          875      920
Drugs       Bearish  Neutral    Neutral          380      410

               Percent Change
            Last    Last    Last    Rel Strength   Point and 
           5 Days  10 Days 30 Days   vs S&P 500   Figure Signal
DJIA       (1.5%)   (1.2%)  (2.6%)    Neutral         Buy
NASD        1.5%    (0.6%)  (0.5%)    Neutral         Sell
S&P 500     1.1%     0.2%   (0.8%)      N/A           Sell
Rus 2000    0.4%     0.2%   (2.1%)    Neutral         Sell

Semis       8.6%     8.5%   (0.5%)    Neutral         Sell
Biotech     1.8%     6.0%  (11.3%)    Negative        Buy
Internet  (10.7%)  (14.8%) (19.2%)    Negative        Sell
Networking  0.4%     1.1%   (5.3%)    Neutral         Buy
Software    4.7%    (3.3%)  (7.2%)    Negative        Sell
Banking     1.6%     2.4%    4.5%     Positive        Buy
Retail      1.9%     2.6%    5.0%     Positive        Buy
Drugs       0.8%     4.0%   (2.6%)    Neutral         Sell



What's In Your Toolbox?
by Mark Phillips

Trading is no different from any other profession, in that we
need to utilize the appropriate tools of the trade.  Of course
we need a chunk of cash in our brokerage account.  We also need
a broker that provides good service for the type of trading we
do.  Attractive commission prices are good, but as many of you
know, good fills are at least as important.  What good would it
do you to save $10 on your commission, only to lose $200 because
of a lousy fill in a fast moving market?  Additionally, we need
a reliable and accurate data provider so we have good data on
which to base our trading decisions.

To process that data we need a workstation appropriate to our
trading approach.  A long-term trader/investor can get by with
a less sophisticated workstation than an agile day-trader, and
there are different levels of equipment needs spread between
these two extremes.  For all except for the most aggressive
short-term traders, a fast PC with a 17-inch monitor and a
reliable internet connection is probably sufficient for all of
the research and data processing necessary on a daily basis.

But that is really only the first step.  All it does is bring
the information to you and allow you to efficiently place
trades.  Where the rubber meets the road is in the set of tools
you use to decide which trade to take (what security and which
direction), when to place the trade and when to exit the trade
(either for a profit or loss).

The tools you use for this aspect of the process depend on the
types of trades you like to place, what your trading bias is
(what you expect from the market), and what strategies and
analysis tools you have found to be effective in the past.  And
therein lies the core of what I'd like to talk about today.
We've all seen the disclaimers from brokers, advisory services,
mutual funds and company prospectuses that state, "Past
performance is no guarantee of future results".  A trading
strategy will only remain successful so long as the market
conditions under which past successes occurred remains in force.
If we fail to recognize the change in market conditions, we will
be applying rules and decision-making processes that do not
apply to the current market.

Remember the runaway bull market of late 1999 and early 2000?
Simple bullish strategies prevailed and we could consistently
profit either by buying the dips or jumping onto breakout moves
to profit wildly.  Those of us that prospered in that market
developed a set of tools that allowed us to profit from the
current market conditions.  A run into earnings was nearly as
certain as the fact that the sun would rise tomorrow and split
runs were equally lucrative.  In essence we could look for
bullish chart patterns, buy the breakout or a dip and pocket
juicy profits as the stock rocketed to new highs.

Then came the early stage of the bursting of the dot-com bubble
and market conditions changed dramatically.  Those bullish
strategies of a few months before yielded only busted plays.
Many traders who failed to recognize the change in market
conditions watched like deer in headlights as their
once-infallible set of tools produced one losing trade after
another.  After the precipitous drop in the spring of 2000,
die-hard bulls continued to apply these broken tools and
strategies as the markets rose in agony throughout the summer.
They were easy pickings for bearish traders who had recognized
that the bull market would be a long time returning.

Along came Labor Day last year and with the rapidly slowing
economy, the tables were suddenly reversed.  Momentum trading
was working again, but to the downside.  Selling into the
rallies or selling the breakdowns worked equally well.  The
tools that had worked in the runaway bull market were applicable
again, but they had to be applied upside down.

This runaway bear market lasted for 7 months before the decline
was halted in early April of this year, thanks to the aggressive
moves of the Federal Reserve.  Too little, too late, in my
opinion, but it did serve to change the tide of market sentiment
and investors began to actually buy stocks again.  Long-dormant
bullish traders found their favorite momentum strategies working
again, at least for a couple months, as Alan Greenspan fueled
the buying with easy money.

The past couple months have seen market conditions change once
again as Easy Al's interest rate weapon has lost its
effectiveness and the economy has continued to weaken.  The
much anticipated second-half recovery seems to have been pushed
out to the first half of 2002...at least.  The result is that
the markets seem to have exhausted themselves both to the
downside and to the upside and there are few catalysts to drive
strong moves in either direction.  Doesn't that sound like a
recipe for a rangebound market?  It does to me, and one thing I
have been noticing over the past couple months is that
rangebound strategies (like buying stocks in oversold and
selling them in overbought) are working with greater

Here's a quick test you can do to see if my observations hold
any merit.  Scan through some of your favorite charts and look
for charts that have shown coiling action in recent months.  It
doesn't matter whether they have coiled for a breakout or a
breakdown.  When the stock finally poked through resistance or
dipped below support, did it result in a runaway move, or was it
a head-fake that resulted in a reversal?  Now look at the same
charts with your favorite oscillator displayed.  Is it just me,
or does it look like stocks are starting to trade off of
overbought and oversold levels once again?

Trading is a dynamic profession and one that is fraught with
peril for those that become complacent.  If the tools you are
using to trade are proving successful, then keep up the good
work.  But always keep a watchful eye on the big picture.  When
you start to notice that your winning trades are not coming as
easily, it could be an early warning that the underlying market
conditions are starting to change and that it is time to
re-evaluate what is in your toolbox.

On the other hand, if your trading strategies are not performing
as you would like, take a good look at the underlying market
conditions.  If you are applying momentum-based trading
strategies in a rangebound market or rangebound strategies in a
runaway market, you are likely to be disappointed with the
results...to put it mildly.  Perhaps it is time to take a trip
to the hardware store and acquire some new tools.

I'll be in the power-tool aisle!



No new calls tonight


No new puts tonight 


PPDI - put
Adjust from $67 down to $66 


No dropped calls tonight


No dropped puts tonight


PDII - Professional Detailing $63.12 -1.58 (-1.58 this week)

As a provider of sales and marketing services to the
pharmaceutical industry, PDII is divided into three operating
segments; Contract Sales, Product Sales and Distribution and
Marketing Services.  The company provides dedicated contract
sales services, sales, marketing and distribution services for
companies facing portfolio optimization challenges, and
commercial launch services for emerging and biotechnology
companies to independently launch new brands.  PDII also
provides marketing research and consulting services, as well as
medical education and communication services, through which
clients can access continuing medical education and
peer-to-peer promotions.

Most Recent Write-Up

The trading in PDII this week certainly didn't compare to last
Friday's excitement, but it looks like the bears are still in
control.  Volume has been similarly sedate, only a faint shadow
of last week's 15 times the ADV.  But fading the intraday
rallies continues to deliver attractive entry points for
vigilant and nimble traders.  Resistance is solidifying near
the $67 level, also the site of our stop.  With the highs
getting lower and the lows getting higher, we have the makings
of a neutral wedge.  The upper bound is sitting at $66.75, while
the lower border sits at $66.75.  Aggressive traders can
continue to target rollovers near the upper edge of the wedge as
they anticipate the eventual breakdown below the $64 level.
Those that would prefer to wait for confirmation before
taking a position, look for PDII to drop through the $64 level
on increasing volume.


While we can't exactly call it a screaming breakdown with volume
only hitting the daily average, PDII did continue lower on
Monday, falling below the $63 level for the first time since the
excitement on July 20th.  The late-day bounce did little to
convince us that there is any serious buying interest.  Lower
stops to $66 and target new entries on a drop under $61.50 (near
today's lows) or on a failed intraday rally near $65.  Once the
stock falls through $60, it looks like the bears are likely to
target $50 on the downside.

BUY PUT AUG-65*PKU-TM OI=43 at $6.50 SL=4.50
BUY PUT AUG-60 PKU-TL OI=61 at $3.60 SL=1.75

Average Daily Volume = 232 K


"Following are the Covered Call and Naked Put sections that were 
omitted from the weekend edition." 

Charting Basics: Trends, Moving Averages and Trading Volume
By Mark Wnetrzak

Last week's article on "Trading the Trend" in the Covered-Calls
section produced some interesting comments on the use of volume
analysis and moving averages to establish favorable candidates
for stock positions.  Since these indicators are excellent tools
for new traders, a review of their basic components is in order.

To be successful in the stock market, it's important to understand
how to evaluate historic trends.  In any exchange system based on
supply and demand, there are three primary stages or phases of
movement.  These three phases consist of a basing or range-bound
condition; an upward slope or growth stage and finally, a segment
where buying interest becomes exhausted.  Some experts refer to
these conditions as the accumulation, markup and distribution

The first step in any analysis is look beyond the daily gyrations
to identify the overall trend.  The changes in the rate of upward
and forward movement can be approximated with the smoothing effect
of a moving average.  The basic definition of a moving average is:
the mean price of a security or financial instrument at a specific
point in time.  With this type of analysis tool, a shorter time
span produces a more sensitive indication while a longer time
span reflects a smoother history.  There are a number of ways to
determine a primary trend but very few technical analysis tools
are as versatile as a moving average.  The moving average offers
an objective method for defining support and resistance and it
can also help isolate cycles and identify overbought or oversold
conditions.  Traders often use moving averages to render buy and
sell signals, based on multiple histories plotted on one chart.
The crossing of moving average lines, a major topic in the study
of Stochastics, is a very popular method of recognizing trend
Unfortunately, for a trader to depend solely on a moving average
is comparable to using the hour hand of a watch to check the time
of day.  It provides a good approximation of the time but offers
little guidance for specific appointments.  In market terms, a
moving average will help you discern whether the primary trend is
up or down but it does little to help you with timing entry and
exit points with regard to a particular issue.  To be profitable
on a consistent basis, you need to know where the instrument is
in its current cycle.  Is it in the accumulation phase, markup
phase or distribution phase?  The movement of a specific issue
is generally determined by the intensity with which the shares
are bought or sold.  One method of measuring this effect in a
prolonged trend is to use a moving average on transaction or
trading volume.

Trading volume, or the number of shares traded, is an important
indicator in interpreting market direction and stock price.  The
change in stock price is the result of supply and demand; those
who want to buy versus those who want to sell.  The key point is
that a rise or fall in price on a small volume of shares traded
is far less important than a move supported by heavy volume.  If
there is heavy trading on an upward movement, buyers control the
market, and their enthusiasm for the stock often pushes it far
beyond a reasonable value.  Experienced traders know that rising
volume generally accompanies any substantial change in a stock's
price and that is an important characteristic to be aware of when
when reviewing market trends.

When combined with a moving average of trading volume, a simple
moving average can help confirm that the market is transitioning
into a condition of accumulation or in the case of a failed rally,
a new distribution stage.  Of course, there are often chaotic and
choppy transition phases between each cycle or trend and those
can be very difficult to evaluate.  The type of indicators that
work best during transition periods include the Moving Average
Convergence-Divergence system (MACD), or exponential (weighted)
averages that are designed to be more sensitive to quick changes
in market direction.

Investors who develop a background in various technical analysis
tools can use intricate moving average combinations to formulate
different timing methods for entering and exiting the market.  One
popular entry technique is based on signals from a short-term MACD
and confirmation from the moving average of the volume indicator.
A number of exit strategies use the convergence between the price
action and the volume average or diversions among different moving
averages.  Blending diverse mixtures of indicators is one way to
discover the best system for your style of trading and for new
investors, this can create a unique set of tools and intuitive
techniques to help you profit in the market on a regular basis.

Good Luck!

Note:  Margin not used in calculations.

Stock  Price  Last   Call  Strike Price   Gain   Potential
Symbol Picked Price  Month Sold   Picked  /Loss  Mon. Yield

SEAC   18.06  27.18   AUG  17.50  2.15  *$  1.59   8.7%
NFLD   18.45  18.52   AUG  17.50  2.20  *$  1.25   6.7%
MCAF   14.31  17.00   AUG  12.50  2.70  *$  0.89   6.7%
TERN    6.12   5.49   AUG   5.00  1.60  *$  0.48   6.6%
FFIV   16.90  15.50   AUG  15.00  3.10  *$  1.20   6.3%
NPIX   11.15  10.20   AUG  10.00  1.65  *$  0.50   5.7%
HTCH   17.80  17.32   AUG  17.50  1.45   $  0.97   5.2%
VNT    24.22  23.50   AUG  20.00  5.10  *$  0.88   5.0%
CLPA    6.08   6.15   AUG   5.00  1.40  *$  0.32   5.0%
AHAA   34.80  38.00   AUG  30.00  6.10  *$  1.30   4.9%
DSPG   23.21  23.30   AUG  22.50  1.65  *$  0.94   4.7%
GZMO   12.80  11.83   AUG  10.00  3.40  *$  0.60   4.6%
RCGI   31.16  30.21   AUG  30.00  2.35  *$  1.19   4.5%
NFLD   17.51  18.52   AUG  15.00  3.10  *$  0.59   4.4%
LU      7.61   7.01   AUG   7.50  0.75   $  0.15   2.4%
CFLO    5.20   3.67   AUG   5.00  0.90   $ -0.63   0.0%
CVAS   11.80   8.11   AUG  10.00  2.35   $ -1.34   0.0%
PHSY   20.98  12.31   AUG  17.50  4.50   $ -4.17   0.0%

*$ = Stock price is above the sold striking price.


The Roller-coaster ride continues!  I just wish it was as much
fun as the Millennium Force at Cedar Point.  Seachange (NASDAQ:
SEAC) is causing a bit of call-buying remorse (as in I should
have just bought calls).  Keep a close watch on F5 Networks
(NASDAQ:FFIV), though it did rally strongly after Wednesday's
earnings report, it stalled a bit on Friday.  Network Peripherals
(NASDAQ:NPIX) is again testing the bottom of its trading range
and should be monitored closely.  It appears Hutchison Tech
(NASDAQ:HTCH) may resume its uptrend.  Well, Lucent Technologies
(NYSE:LU) did as expected and even weathered the Jds Uniphase
(NASDAQ:JSDU) earnings miss.  Monitor the position closely.
Cacheflow (NASDAQ:CFLO) has now moved below the June low and 
is testing the April low.  Exit now or wait for a bearish move
below the April low for confirmation?  Corvas International
(NASDAQ:CVAS) suffered from its drug testing delay and Pacificare 
Health Systems (NASDAQ:PHSY) was unable to complete a $1 billion 
debt package earlier this week; we will show the positions closed.

Positions Closed: Boston Communications (NASDAQ:BCGI), Digimarc 


Sequenced by Company
Stock  Last  Call Strike  Option  Last Open  Cost   Days  Target 
Symbol Price Mon. Price   Symbol  Bid  Int.  Basis  Exp.  Yield

CY     26.16  AUG 25.00    CY HE  1.95 3075  24.21   21    4.7%
ELNT   38.08  AUG 35.00   UET HG  4.10 476   33.98   21    4.3%
NBTY   15.45  AUG 15.00   NBQ HC  1.05 85    14.40   21    6.0%
PHTN   38.17  AUG 35.00   PDU HG  4.30 299   33.87   21    4.8%
POWI   22.22  AUG 20.00   QPW HD  2.85 44    19.37   21    4.7%
RFMD   29.33  AUG 25.00   RFZ HE  5.20 6348  24.13   21    5.2%
SPCT   15.49  AUG 15.00   QCS HC  1.25 112   14.24   21    7.7%

Sequenced by Target Yield (monthly basis)
Stock  Last  Call Strike  Option  Last Open  Cost   Days  Target 
Symbol Price Mon. Price   Symbol  Bid  Int.  Basis  Exp.  Yield

SPCT   15.49  AUG 15.00   QCS HC  1.25 112   14.24   21    7.7%
NBTY   15.45  AUG 15.00   NBQ HC  1.05 85    14.40   21    6.0%
RFMD   29.33  AUG 25.00   RFZ HE  5.20 6348  24.13   21    5.2%
PHTN   38.17  AUG 35.00   PDU HG  4.30 299   33.87   21    4.8%
CY     26.16  AUG 25.00    CY HE  1.95 3075  24.21   21    4.7%
POWI   22.22  AUG 20.00   QPW HD  2.85 44    19.37   21    4.7%
ELNT   38.08  AUG 35.00   UET HG  4.10 476   33.98   21    4.3%

Company Descriptions

LB-Last Bid price, OI-Open Interest, CB-Cost Basis or break-even 
point, DE-Days to Expiry, TY-Target Yield (monthly basis).

CY - Cypress Semiconductor  $26.16   *** Bottom Fishing ***

Cypress (NYSE:CY) provides high-performance integrated circuit
solutions to fast-growing markets, including data communications,
telecommunications, computation, consumer products, and industrial 
control.  Cypress's product portfolios include high-speed physical 
layer devices, network search engines, network coprocessors, net-
working-optimized and micropower static RAMs; high-bandwidth multi-
port and FIFO memories; high-density programmable logic devices; 
timing technology for PCs and other digital systems; and Universal 
Serial Bus controllers.  After reporting dismal earnings and
announcing job cuts a couple weeks ago, Cypress' shares surged
this week after the CEO, T.J. Rodgers said his bookings are up
for the second quarter in a row.   Rodgers said he has received
orders from customers that haven't ordered for months, and he 
believes the bottom has come and gone for his business.  For 
those investors who feel the same, this position offers a 
reasonable entry point to speculate on Cypress' future.  

AUG 25.00 CY HE LB=1.95 OI=3075 CB=24.21 DE=21 TY=4.7%

ELNT - Elantec   $38.08   *** Technical Breakout ***

Elantec (NASDAQ:ELNT) designs, manufactures and markets high 
performance analog integrated circuits primarily for the video,
optical storage, communication, and integrated DC:DC markets.
The Company targets high growth commercial markets in which 
advances in digital integrated circuit technology are driving
increasing demand for high speed, high performance and low power 
consumption analog circuits.  Elantec is another semiconductor
stock that reported dreary earnings a couple weeks ago.  The
company reported revenues of $20.5 million and a loss of $2.1
million, including several one-time charges.  Though the CEO
said there continues to be poor visibility, he feels that 
Elantec has largely stabilized and due to business improvements,
even anticipates a return to profit growth in the next quarter. 
We simply favor the bullish move above the May high and 150 dma
as analysts speculate on a turn-around in the industry.  

AUG 35.00 UET HG LB=4.10 OI=476 CB=33.98 DE=21 TY=4.3%

NBTY - Nature's Bounty  $15.45  *** A Record Third Quarter ***

Nature's Bounty  (NASDAQ:NBTY) is a leading vertically integrated
U.S. manufacturer and distributor of a broad line of high-quality,
value-priced nutritional supplements in the U.S. and throughout 
the world.  The Company markets more than 1,500 products under
several brands, including Nature's Bounty®, Vitamin World®,
Puritan's Pride®, Holland & Barrett®, Nutrition Headquarters®, 
American Health®, Nutrition Warehouse® and Dynamic Essentials®.
On Thursday, Nature's Bounty reported net sales of $204 million,
an increase of 18.5%, and net income of $13 million, or 20 cents
per diluted share, a 10.9% increase.  The company continues to
increase its market share in all channels of distribution and is
well positioned to capitalize when the industry recovers.  The
stock rallied to a new 52-week high as investors cheered the
results.  A conservative entry point on a bullish stock.

AUG 15.00 NBQ HC LB=1.05 OI=85 CB=14.40 DE=21 TY=6.0%

PHTN - Photon Dynamics  $33.17  *** Growing Smarter! ***

Photon Dynamics (NASDAQ:PHTN) is a leading global supplier of
yield management solutions for the display, electronics and glass
markets.  Photon Dynamics' patented image acquisition and image
processing, electro-optical design, and systems engineering
expertise are currently used for test, repair and inspection of
flat panel displays; inspection of cathode ray tube displays and
automotive glass; and inspection of printed wiring assemblies and
advanced semiconductor packaging.  PHTN develops systems that help
manufacturers collect and analyze data from the production line,
and quickly diagnose and repair process-related defects, thereby
allowing manufacturers to decrease material costs and improve
throughput to gain an incremental yield edge critical to success.
The company also recently completed the acquisition of privately
held Intelligent Reasoning Systems, a business that develops and
manufactures advanced, automated optical inspection (AOI) systems
utilizing its patented adaptive knowledge-based software.  Photon
says the acquisition will provide increased growth opportunities
in yield management for printed wiring assembly and high-density
interconnect (technologies in the electronics market.  In PHTN's
latest earnings report, cash flow was positive and their balance
sheet remains strong with over $100 million in existing capital
and related investments.

AUG 35.00 PDU HG LB=4.30 OI=299 CB=33.87 DE=21 TY=4.8%

POWI - Power Integrations  $22.22  *** More Bottom Fishing ***

Power Integrations (NASDAQ:POWI) is a leading supplier of high-
voltage analog integrated circuits for use in AC to DC power 
conversion, primarily for the cellular telephone, PC, cable 
and direct broadcast satellite decoder box market, and various
consumer and industrial electronics markets.  Here is another
company that reported bleak earnings a couple weeks ago but has
rallied after saying it has begun to see its business stabilize.
J.P. Morgan recently upgraded Power Integrations with a "buy"
rating and set a $25 per share price target.  We simply favor
the bullish technicals as POWI appears ready to break-out of
its Stage I base.  

AUG 20.00 QPW HD LB=2.85 OI=44 CB=19.37 DE=21 TY=4.7%

RFMD - RF Micro Devices $29.33   *** New Uptrend ***

RF Micro Devices (NASDAQ:RFMD), an ISO 9001-certified manufacturer,
designs, develops, manufactures and markets proprietary radio
frequency integrated circuits (RFICs) primarily for wireless
communications products and applications such as cellular and PCS
phones, base stations, wireless LANs, and cable television modems.
The Company offers a broad array of products - including amplifiers,
mixers, modulators/demodulators, and single-chip receivers, trans-
mitters and transceivers - representing a substantial majority of
the RFICs required in wireless subscriber equipment.  Two weeks
ago, RFMD posted an expected net loss though revenue grew 27.3% 
on a sequential basis (it declined from the year ago period).  
This week the company said it expects a return to profitability
in the second half of the year, and that revenues would grow about
10% in the September quarter.  The stock appears ready to resume
its uptrend and has now completed a short-term double bottom. 

AUG 25.00 RFZ HE LB=5.20 OI=6348 CB=24.13 DE=21 TY=5.2%

SPCT - Spectrian  $15.49  *** It's A Bottom Fishing Week ****

Spectrian (NASDAQ:SPCT) is a leading designer and manufacturer
of single carrier and multicarrier high-power RF amplifiers for
the worldwide wireless communications industry, utilized in both
wireless data and voice applications.  Spectrian supports AMPS,
CDMA, TDMA, GSM and 3G technologies for mobile and fixed wireless 
networks.  A familiar pattern now, Spectrian reported less than
spectacular earnings a couple weeks ago but has rallied recently
as investors look to the future.  The stock is forging a Stage I
base and the improving technicals suggest an upside resolution.
We simply favor the support area near the cost basis on this
speculative issue.  

AUG 15.00 QCS HC LB=1.25 OI=112 CB=14.24 DE=21 TY=7.7%



The following group of issues is a list of additional 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
and positions are suitable for your experience level, risk-reward
tolerance and portfolio outlook.  They will not be included in
the weekly portfolio summary. 

Sequenced by Target Yield (monthly basis)
Stock  Last  Call Strike  Option  Last Open  Cost   Days  Target 
Symbol Price Mon. Price   Symbol  Bid  Int.  Basis  Exp.  Yield

SAGI   15.41  AUG 15.00   UEJ HC  1.60 220   13.81   21   12.5%
NMTC   24.34  AUG 22.50   QEK HX  3.20 39    21.14   21    9.3%
OPWV   24.99  AUG 22.50   UGE HX  3.80 2076  21.19   21    9.0%
CSCO   19.06  AUG 17.50   CYQ HW  2.10 56284 16.96   21    4.6%
NETE   28.11  AUG 22.50   UPN HX  6.30 29    21.81   21    4.6%
EXTR   29.06  AUG 25.00   EUT HE  4.80 481   24.26   21    4.4%


Market Strategies: Income-Producing Instruments
By Ray Cummins

In any discussion about conservative investing techniques, the
subject of bonds is sure to arise and that topic surfaced in a
recent E-mail question.  The majority of investors regard bonds
as long-term, income-producing instruments or a "bearish" hedge
in volatile markets.  However, some types of bonds can be just
as productive as blue-chip stocks, depending on the quality of
the issue and the interest rate environment.

In simple terms, a bond is a pledge made to an investor by an
institution.  The issuing company promises to make scheduled
interest payments on the money it borrows from the investor.
When the bond matures, the institution is charged with repaying
the principal (the face value of the bond) in full.  In theory,
an investor receives interest income during the term of the bond
and a total repayment of the initial loan amount when the bond

Bonds represent one of the safest ways to store excess capital
and there are only two forms of risk with an investment of this
type.  The primary risk in bond ownership is the timely payment
of principle.  The quality of the issuing institution determines
the potential for loss and in the corporate bond market, there
are several grades of bonds.  The best private bonds are rated
AAA and as you might expect, they offer the lowest interest rates
because repayment is virtually guaranteed.  The system of grading
begins with AAA and continues through AA, AA-, A, A-, BAA, BBB,
BB, B, B-, CCC, and finally down to D with small differences for
each category.  The lower grades provide higher interest payments
in conjunction with poor credit ratings.  The "BBB" category is
considered the lowest group of "investment grade" bonds and below
that range, defaults are more prevalent.  The Federal Government
is the most credible issuer and their bonds are generally known as
treasuries.  The categories of treasuries include: Bills, which
mature in one year or less; Notes, which mature after one year but
less than ten years; and Bonds, which mature after ten years.  The
U.S. treasury market is considered the benchmark for bond ratings.

Another form of risk with bond ownership is the loss of potential
associated with rising interest rates.  As the cost of borrowing
increases, prices for bonds go down.  This inverse effect is the
primary concern for all bond investors, especially those who buy
long-term instruments, because the negative consequences are most
pronounced in the 10- and 30-year instruments.  One way to avoid
interest rate risk is to purchase short-term bills (or notes) and
retain them until they mature.  The downside of course, is the
rates for these investments are relatively low.

A decline in interest rates will boost the value of bonds but this
can create a new set of problems.  A most unpleasant event occurs
when a bond trades at 100% (par) of its face value.  At that point,
the instrument becomes "callable," meaning the borrower can buy
it back early, reducing the amount of interest paid and the return
on investment.  In layman's terms, if a bond is trading above 100%
of the face value and is "called," the owner will lose the current
market premium for the issue; the difference between par value and
the trading price of the bond.  Another dilemma arises when the
bond approaches maturity.  At the end of the term, the issuer pays
only the face value to redeem the instrument.  Obviously the value
of the bond will return to par (no excess premium) because traders
know the instrument will be repurchased in a short time.

As you can see, bonds and treasuries fulfill a useful role in the
financial markets, but they are not necessarily the best way to
achieve portfolio growth.  There are however, a number of other
unique vehicles that offer worthwhile opportunities for investors
who need current income, yet want to invest in companies that will
benefit from the bullish market trends.  Although this category of
investing is not well known, it can offer favorable annual returns
along with potentially high rewards for those that choose to learn
the fundamentals of the strategy.  More on that subject next week.

Good Luck!

                      *** WARNING!!! ***
Occasionally a company will experience catastrophic news causing
a severe drop in the stock price. This may cause a devastatingly
large loss which may wipe out all of your smaller gains. There is
one very important rule; Don't sell naked puts on stocks that you
don't want to own! It is also important that you consider using
trading STOPS on naked option positions to help limit losses when
the stock price drops. Many professional traders suggest closing
the position when the stock price falls below the sold strike or
using a buy-to-close STOP at a price that is no more than twice
the original premium from the sold option.


Stock  Price  Last   Call  Strike Price   Gain   Potential
Symbol Picked Price  Month Sold   Picked  /Loss  Mon. Yield

DTHK   14.21  14.44   AUG  10.00  0.30  *$  0.30  10.4%
NMTC   22.84  24.34   AUG  17.50  0.45  *$  0.45   9.7%
NMTC   23.00  24.34   AUG  17.50  0.55  *$  0.55   9.3%
APCS   16.93  15.45   AUG  15.00  0.55  *$  0.55   8.9%
SEAC   22.00  27.18   AUG  17.50  0.35  *$  0.35   8.0%
NTIQ   34.14  34.08   AUG  25.00  0.65  *$  0.65   7.6%
ICST   18.54  20.00   AUG  15.00  0.35  *$  0.35   7.2%
AHAA   33.47  38.00   AUG  25.00  0.55  *$  0.55   6.6%
PHTN   33.18  38.17   AUG  25.00  0.40  *$  0.40   6.2%
ZRAN   32.97  39.05   AUG  25.00  0.60  *$  0.60   6.0%
ILUM   30.30  29.97   AUG  25.00  0.40  *$  0.40   6.0%
AMZN   16.98  12.25   AUG  12.50  0.45   $  0.20   5.6%
AMZN   16.98  12.25   AUG  12.50  0.50   $  0.25   5.6%
CTXS   33.53  35.04   AUG  25.00  0.45  *$  0.45   5.5%
PCL    28.49  27.85   AUG  25.00  0.60  *$  0.60   5.1%
BRCM   41.00  43.88   AUG  25.00  0.40  *$  0.40   5.1%
AREM   17.75  11.19   AUG  12.50  0.70   $ -0.61   0.0%

*$ = Stock price is above the sold striking price.


It appears we may have overstayed our welcome with Amazon.com
(NASDAQ:AMZN) as the company's quarterly earnings report was
less than stellar and the key metric, Gross Profit, did little
to impress the analysts covering the issue.  Shares of AMZN fell
almost 30% last week after the company posted earnings that beat
expectations, but cautioned that it would see lower-than-expected
revenue in the coming months.  On the bright side, Amazon.com
announced a deal with AOL Time Warner to help it build a web-site
for America Online's 30 million users.  The terms of Internet and
media giant AOL-Time Warner's $100 million investment leaves open
a window for a quiet takeover of the online retailer, even though
analysts say such a prospect is unlikely.  Traders who remained
in the position have affirmed their interest in owning the issue.
The speculation play in Aremisoft (NASDAQ:AREM) has taken a turn
for the worse and Monday's move below the recent support area at
$14 was a very suggestive indication of things to come.  Traders
who did not exit on the 20% drop are likely to own the stock in
three weeks.  Alamosa Holdings (NASDAQ:APCS) is at a key moment
and should be monitored for any close below the sold strike ($15).

Positions Closed: Plug Power (NASDAQ:PLUG).


Sequenced by Company
Stock  Last  Call Strike  Option  Last Open  Cost   Days  Target 
Symbol Price Mon. Price   Symbol  Bid  Int.  Basis  Exp.  Yield

AFCI   26.30  AUG 22.50   AQF TX  0.35 74    22.15   21    7.2%
HLIT   15.08  AUG 12.50   LOQ TV  0.40 230   12.10   21   15.0%
IDTI   36.14  AUG 30.00   ITQ TF  0.70 1143  29.30   21   11.2%
KOPN   15.01  AUG 12.50   KQO TB  0.35 107   12.15   21   13.2%
NMTC   24.34  AUG 20.00   QEK TD  0.45 20    19.55   21   11.1%
SAGI   15.41  AUG 12.50   UEJ TV  0.30 8     12.20   21   12.2%
SEAC   27.18  AUG 22.50   UEG TX  0.40 2     22.10   21    8.8%

Sequenced by Target Yield (monthly basis)
Stock  Last  Call Strike  Option  Last Open  Cost   Days  Target 
Symbol Price Mon. Price   Symbol  Bid  Int.  Basis  Exp.  Yield

HLIT   15.08  AUG 12.50   LOQ TV  0.40 230   12.10   21   15.0%
KOPN   15.01  AUG 12.50   KQO TB  0.35 107   12.15   21   13.2%
SAGI   15.41  AUG 12.50   UEJ TV  0.30 8     12.20   21   12.2%
IDTI   36.14  AUG 30.00   ITQ TF  0.70 1143  29.30   21   11.2%
NMTC   24.34  AUG 20.00   QEK TD  0.45 20    19.55   21   11.1%
SEAC   27.18  AUG 22.50   UEG TX  0.40 2     22.10   21    8.8%
AFCI   26.30  AUG 22.50   AQF TX  0.35 74    22.15   21    7.2%

Company Descriptions

LB-Last Bid price, OI-Open Interest, CB-Cost Basis or break-even 
point, DE-Days to Expiry, TY-Target Yield (monthly basis).

AFCI - Advanced Fibre Communications  $26.30  *** A Big Day! ***

Advanced Fibre Communications (NASDAQ:AFCI) develops, manufactures
and supports telecommunications access products and services that
enable telecommunications companies and other service providers to
connect their central office switches to end users for voice and
high-speed data communications.  The company's products include
integrated multi-service access platforms, integrated access
devices, network management systems, indoor and environmentally
hardened outdoor cabinets for the portion of the telecommunications
network between the service provider and their customers, often
referred to as the "local loop," or "last mile."  Advanced Fibre's
stock rallied on Friday after the telecommunications systems maker
reported strong second-quarter results and made positive comments
about the future.  Analysts at Lehman Brothers, U.S. Bancorp Piper
Jaffray, WR Hambrecht, J.P. Morgan H&Q and Pacific Growth Equities
increased future earnings estimates and several brokerages raised
their price targets for AFCI's share value, based on the bullish

AUG 22.50 AQF TX LB=0.35 OI=74 CB=22.15 DE=21 TY=7.2%

HLIT - Harmonic  $15.08  *** On The Move! ***

Harmonic (NASDAQ:HLIT) designs, manufactures and markets digital
and fiber optic systems for delivering video, voice and data
services over cable, satellite, telco and wireless networks.
Harmonic's products fall into two principal groups, Broadband
Access Networks Products and Convergent Systems Products.  In
addition, the company provides Professional Services and Systems
Support to its customers worldwide.  Last week, Harmonic posted
favorable results for the most recent quarter with net sales of
$49.3 million, up 22% from $40.3 million in the previous quarter.
During the period, the company made the first volume shipments of
its next-generation digital systems, including the new NSG for
video-on-demand and MV50 encoder.  The CEO said he was pleased
with their strong execution and improved operating performance,
despite a continued weak capital spending environment.  Based on
the recent bullish activity, it appears investors agree with an
optimistic outlook for the company.

AUG 12.50 LOQ TV LB=0.40 OI=230 CB=12.10 DE=21 TY=15.0%

IDTI - Integrated Device Tech.  $36.14  *** New Trading Range! ***

Integrated Device Technology (NASDAQ:IDTI) designs, develops,
manufactures and markets a broad range of high-performance
semiconductor products.  Applications for the company's products
include: data networking and telecommunications equipment, such
as routers, hubs, switches, cellular base stations and other
devices; storage area networks; other networked peripherals and
servers; and personal computers.  IDT fabricates substantially all
of its semiconductor wafers using advanced CMOS process technology
in the company's own fabrication facilities.  IDTI assembles or
packages the majority of its products in manufacturing facilities
in Malaysia and the Philippines, where it also conducts product
test operations.  The semiconductor sector is receiving some new
attention among technology buyers and this issue has one of the
better technical patterns in the group.  Speculate on its future
movement with this conservative position.

AUG 30.00 ITQ TF LB=0.70 OI=1143 CB=29.30 DE=21 TY=11.2%

KOPN - Kopin   $15.01   *** Big Mover! ***

Kopin (NASDAQ:KOPN) manufactures advanced semiconductor materials
and miniature flat panel displays.  Kopin uses its proprietary
technology to design, manufacture and market products used in
wireless communications and high-resolution portable consumer
electronics applications.  They produce two types of performance
components; a heterojunction bipolar transistor wafer and also
some unique CyberDisplay products.  Kopin's HBT transistor wafer
product consists of an array of vertically oriented transistors
that its customers use primarily to produce integrated circuits
for wireless communications products.  Current applications of
the company's CyberDisplay products include viewing images in
camcorders and digital cameras, and the company is targeting new
applications such as reading e-mail and browsing the Internet
using wireless handsets, pagers and other consumer electronics
devices.  Kopin shares rallied Friday after CIBC World Markets
upgraded the issue to a "Buy" rating with an $18 target, based
on an expected 20% sequential growth over the next two quarters.

AUG 12.50 KQO TB LB=0.35 OI=107 CB=12.15 DE=21 TY=13.2%

NMTC - Numerical Technologies  $24.34  *** Rally Mode! ***

Numerical Technologies (NASDAQ:NMTC) is a commercial provider of
proprietary technologies and software products that enable the
design and manufacture of sub-wavelength semiconductors.  The
company offers a comprehensive solution that enables the basic
production of smaller, faster and cheaper semiconductors using
existing equipment.  This solution enables its customers and
industry partners to realize increased return-on-investment, and
deliver new high-performance semiconductors more quickly.  The 
company's patented phase-shifting technology, combined with its
proprietary optical proximity correction and process modeling
technologies form the foundation of its sub-wavelength solution.
NMTC recently announced record revenues and profitability for the
second quarter of 2001.  Revenues were amazing at $11 million, an
increase of 147% compared with the second quarter of last year and
an increase of 13% over the previous quarter.  There has also been
some speculation the company will announce a major design win from
Advanced Micro (NYSE:AMD) and that is likely the reason for the
high-volume rally on Friday.

AUG 20.00 QEK TD LB=0.45 OI=20 CB=19.55 DE=21 TY=11.1%

SAGI - Sage  $15.41   *** Second Chance Entry! ***

Sage (NASDAQ:SAGI) is a leading provider of digital display
processors, enabling superior picture quality for a variety of
consumer technology and PC-display products ranging from web
appliances to TVs and flat panel monitors.  Sage is developing
products that bring the home theater experience to the mass
consumer and PC-display market through digitally enhanced TV,
projection displays, DVD players and internet appliances.  NEC
Corporation has recently selected Sage's Jaguar processor for
their new Valuestar monitors.  SAGI made another powerful move
on Friday and the rally is in conjunction with bullish activity
in their industry sector.  Sage also recently announced sales
growth of 21% compared to last quarter and an increase in IC
revenue of 49% sequentially.  In early July, the issue was added
to the Russell 2000 Index and this position offers a favorable
cost basis in the issue at a price near recent technical support.

AUG 12.50 UEJ TV LB=0.30 OI=8 CB=12.20 DE=21 TY=12.2%

SEAC - SeaChange  $27.18  *** New Trading Range! ***

SeaChange (NASDAQ:SEAC) develops, manufactures and sells systems 
that automate the management and distribution of both short-form 
video streams (advertisements) and long-form products (movies),
and related services and movie content to television operators, 
telecommunications companies and broadcast television companies. 
In May, SeaChange reported record revenues of $30.2 million, up
35% and net income of $182,000 or $0.01 per share.  SeaChange
believes it has established itself as the leader in Video-on-
Demand as it recorded a record $11.0 million in revenue.  The
company continues to improve its product, recently shipping its
new IMC 4000 video server configurations.  In early July, Adams
Harkness initiated coverage of SEAC with a "buy" rating and on
Friday, SEAC shares rallied on news of an LA Times report that
Vivendi Universal has inked deal to license its movies to cable
operators for new video-on-demand services.  According to the
article, the agreement could make video-on-demand films viable.
We favor the bullish technical indications as SEAC has recently
moved to a new, 6-month high on heavy volume.

AUG 22.50 UEG TX LB=0.40 OI=2 CB=22.10 DE=21 TY=8.8%



The following group of issues is a list of additional 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
and positions are suitable for your experience level, risk-reward
tolerance and portfolio outlook.  They will not be included in
the weekly portfolio summary. 

Sequenced by Target Yield (monthly basis)
Stock  Last  Call Strike  Option  Last Open  Cost   Days  Target 
Symbol Price Mon. Price   Symbol  Bid  Int.  Basis  Exp.  Yield

ONIS   24.75  AUG 20.00   EMU TD  0.80 1435  19.20   21   19.5%
NPSP   31.11  AUG 25.00   QKK TE  0.85 398   24.15   21   17.1%
TQNT   23.07  AUG 20.00   TQN TD  0.65 1383  19.35   21   13.8%
AFFX   25.95  AUG 22.50   FIQ TX  0.70 239   21.80   21   13.3%
IMPH   47.06  AUG 45.00   QPH TI  1.50 80    43.50   21   11.9%
PCS    26.90  AUG 25.00   PCS TE  0.55 2642  24.45   21    8.5%


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