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Daily Newsletter, Thursday, 01/24/2002

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The Option Investor Newsletter                Thursday 01-24-2002
Copyright 2001, All rights reserved.                       1 of 3
Redistribution in any form strictly prohibited.


Posted online for subscribers at http://www.OptionInvestor.com
************************************************************
MARKET WRAP  (view in courier font for table alignment)
************************************************************
       1-24-2002           High     Low     Volume Advance/Decline
DJIA     9796.07 + 65.11  9856.97  9734.21  1.5 bln   1736/1380
NASDAQ   1942.58 + 20.20  1959.93  1936.34  1.8 bln   2037/1530
S&P 100   575.09 +  1.46   579.40   573.63   Totals   3773/2910
S&P 500  1132.15 +  3.97  1139.50  1128.18
RUS 2000  479.73 +  2.28   481.33   477.45
DJ TRANS 2747.21 -  8.42  2797.35  2746.97
VIX        22.77 -  0.89    23.45    22.39
VXN        47.37 -  0.78    48.69    46.84
TRIN        0.81
Put/Call Ratio       .46
*************************************************************

Greenspan Giveth What He Previously Took Away

The Fed chairman went back on camera today and tried to gracefully 
eat his previous words on the state of the economy. The markets gained
on the expectations that he would be more bullish but the comments
left much to be desired. Earnings continue to be a problem as mixed
results and continued lowered guidance takes the excitement out of
investor expectations.



 



 



 



 

It was a Greenspan morning and an earnings afternoon. Greenspan may 
have taken out the "significant risks ahead" comment from his speech
but he stressed that "markets assume a FAR more rapid recovery than
is likely." He did say "the economy has stabilized" and "GDP
growth is close to zero." Each of those comments were soothing to 
the markets but not encouraging to investors straining to find some
positive signs to justify being bullish. Greenspan, long known for
choosing his words very carefully and with great eloquence was 
surprisingly down to earth in his retraction. How long the soothing
words will prop up the weak markets remains to be seen. One factor
that will influence them to some extent is the doubt that the Fed
will cut rates again next week. The positive comments Greenspan did
make, implied that the Fed's work was done and there would not be
any more cuts. The Fed funds futures fell from a 70% chance last
week to a mere 25% chance today. On an ironic note Greenspan said
he did not think the economy would snap back as fast as investors
expected because it had not dropped as far as it could have. 
Considering the comments from many fortune 500 companies that this
was the worst and fastest drop in decades, his comments are even
more surprising. Assuming he was talking about the GDP drop below
zero he may be right but the drop from near 6% growth at the high
was catastrophic for those involved. Nearly two million workers
became unemployed as a result and more are being added every day.
Not as bad, compared to what Alan?

After the Greenspan speech investor focus returned to earnings and
there were plenty available for investors to watch. Nokia surprised
analysts with better than expected sales in the 4Q but said soft
demand in the wireless sector would impact profits for the 1Q. They
expect the demand to rebound later in the year and set a growth
target of +15% for the year. They lowered guidance for 1Q to between
$.13-$.15 and said sales could be down -6% to -10%. 

Adding to the wireless problems was a warning from QCOM that continued
weakness in the economy would produce lower revenues in the current
quarter. QCOM announced earnings of .23, which was inline with 
estimates, but said 1Q results could drop -3% to -6%. The weak guidance
for 1Q from both QCOM and NOK could help push the sector, which was
upgraded Wednesday, back into a dive.

Fiber optics maker JDSU was probably the most bearish with their
earnings announcement when they said they were unsure if the current
quarter would be the bottom. Correct, not the last quarter but the
current quarter. This means they see the possibility of another drop
in the telecom/networking sector in front of us, not behind us. They
announced a loss of -.19 per share compared with estimates of a two
cent loss. The nineteen cents contained some complicated cost moves
and tax deferrals and cannot be compared equally to the estimates but
with any analysis it was larger than expected. 

Gateway also announced earnings after the bell and announced that
they were cutting another 2,250 jobs and closing some 19 Gateway
Country stores. GTW said it earned two cents per share but revenue
fell to $1.1 billion from $2.4 billion last year. Many analysts
are questioning Gateway's future as Dell and a HWP/CPQ combination
could continue to spell trouble. Lower end computer sales have
stalled which was a profit point for Gateway even though they claim
they focus on higher end systems. Analysts had expected a one-cent 
loss before GTW preannounced on Jan-7th that they would likely post
a profit. GTW rose slightly in after hours trading on the better
than expected results but the future remains cloudy. They are 
forecasting no additional cuts in 2002 and finished the year with
$1.2 billion in cash. Ted Waitt, CEO, said they were more competitive
than ever and after the announced cutbacks were stable and ready
for growth.

Other companies which announced included LLY, SGP and BMY which
led the drug group with inline earnings. Dow component MCD met
estimates with declining sales and Eastman Kodak beat the street
by a penny but warned for 2002. EMC posted a smaller than expected
loss of three cents per share against analyst estimates of a seven
cent loss. They said the price war with IBM was not going to drive
them out of business but reiterated another 2140 employees would
lose their jobs by midyear. They said current quarter sales would
be about 5% below last quarters as customers remained cautious 
about IT spending. 

PeopleSoft beat estimates of .16 cents with profits of .18 cents
but the shares lost ground in after hours after saying they would
buy MMTM for $90 million in cash. They claimed it would not have
any material impact on future results. PSFT had spiked to a close
of 38.43 today after hitting lows of $32 on Tuesday. It fell back
to $35 in after hours. 

Other tech earnings included SEBL, which beat the street by four
cents last night and helped power the software sector today. 
Lehman said corporate IT software decisions were improving and
upgraded the sector. MUSE announced earnings inline with estimates.
Several other software firms already beat estimates including
RATL, BARZ and WEBM. 

RIMM shot up on news that it was in a pact with Nextel to produce
a BlackBerry wireless email device with voice and data capabilities.
The device would not be available until the fourth quarter but the
stock jumped +2.33 on volume of over eight million shares. Chip
stock LSI Logic jumped nearly +10% after saying its 1Q loss will
be smaller than expected and KLAC was flat after beating estimates
but posting a drop in sales. 

Jobless claims surprised everyone with another drop for the third
week in a row and added another layer of doubt that the Fed will
cut rates again. At 376,000 the claims fell to their lowest rate
since July. Continuing claims also fell to 3,458,000 its third
consecutive decline and the lowest rate since Sept-22nd. During
past recessions claims peaked at the end of the recession and 
began falling as the economy entered the recovery period. Using
this as an indicator it would point to a bottom in the fourth
quarter. 

As you can see there is a mix of news good and bad but nowhere
except in the software sector is there a rash of positive guidance.
The chip sector saw an increase in orders of +7% in December but
the book-to-bill ratios remained anemic at .78, which means they
are only booking 78 cents of orders for every $1.00 of product
shipped. Nearly 25% of all shipments are still being made out of
existing inventory which is still positive but shows no need to 
ramp up production. Seasonal demand is expected to slow even 
further in the 1Q which will delay any recovery in this sector 
even farther. 

We also have Greenspan alluding to another possible pullback in
the economy, creating a double dip, before returning to upward
growth. This is troubling for investors as institutional types
may start hoarding cash for the next dip and create a self
fulfilling prophecy. 

The problem as I see it is the continued uncertainty about if or
when the recovery begins. There is still doubt. The rally we saw
today was clearly Greenspan driven but may not have any staying
power. The levels we saw earlier this week may not hold on any
retest. We got the trading bounce we were expecting from very
oversold to flat again. The put/call ratio moved into bearish
territory at .48, the TRIN is bearish at .80 and the VIX collapsed
in only one day from highs near 26 to lows at 22.50. The major
indexes all rallied only to bounce off overhead resistance from
the last week. There was no conviction and as evidenced by the 
afternoon drop there were plenty of traders willing to sell into
the rally. We are nearing that time each quarter when most 
earnings runs have finished and investors have little incentive
to buy stocks. The post earnings depression begins to settle in
and those stocks with strong runs begin to sell off. Take ACS
for instance, which closed at $92 today from a pre-earnings close 
of $108 and they even announced a 2:1 stock split. How quickly 
stocks become unloved after the excitement of earnings fades. 

Friday we face weekend event risk again and traders may choose to
take profits and move to the sidelines to see what develops. That
sounds like a good plan to me. I would raise my exit stops to 
Dow 9750 and Nasdaq 1925. Should those levels break I would be
worried about the stronger levels at 9700/1900 providing another
bounce like we had this week. The FOMC meeting next week should
not provide any news we did not hear today and only a surprise
rate cut would be of interest. I would not count on that so we
remain focused on earnings as the smaller companies get their
turn in the spotlight. Repeat, long above 9750/1925, short below
9700/1900.

Enter very passively, exit aggressively!

Jim Brown
Editor

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MARKET SENTIMENT
****************

More On The $NDX And ARMS Index
By Eric Utley

Thursday's advance in the Nasdaq-100 ($NDX) resulted in a
marginal improvement of internals.  Separately, the ARMX Index
slipped out of extreme territory.

The Nasdaq-100 Bullish Percent ($BPNDX) added three stocks
Thursday to bring the reading to 42 percent.  Stocks on sell
signals still out number buy signals by 8, but that gap narrowed
in Thursday's trading from a relative low Wednesday at 39.  While
still early to decisively draw a conclusion, we're starting to
see some internal repair take place in the tech sector.  That
trend could very well reverse in tomorrow's session judging by
the market's reaction to several key tech reports tonight,
including Qualcomm (NASDAQ:QCOM) and PeopleSoft (NASDAQ:PSFT),
although there were positives such as PMC-Sierra (NASDAQ:PMCS).

The ARMS Index, which went into short-term oversold readings
last Friday, reversed back towards its mean in Thursday's
session.  The bounce that the ARMS Index was predicting came
yesterday and followed-through today, which reinforced that the
5- and 10-day readings we were using are intended for short-term
trading.  Very short-term in this case.

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

Market Averages


DJIA ($INDU)

52-week High: 11350
52-week Low :  8062
Current     :  9796

Moving Averages:
(Simple)

 10-dma:  9845
 50-dma:  9936
200-dma: 10105



S&P 500 ($SPX)

52-week High: 1383
52-week Low :  945
Current     : 1132

Moving Averages:
(Simple)

 10-dma: 1136
 50-dma: 1144
200-dma: 1166



Nasdaq-100 ($NDX)

52-week High: 2771
52-week Low : 1089
Current     : 1609

Moving Averages:
(Simple)

 10-dma: 1583
 50-dma: 1609
200-dma: 1613



Software Sector ($GSO)

The $GSO was the best performing sector within the technology
industry group Thursday.  The $GSO finished 3.28 percent higher
on the backs of Siebel Systems (NASDAQ:SEBL), i2 (NASDAQ:ITWO),
and Rational Software (NASDAQ:RATL).  A mix of upbeat earnings
reports was the primary catalyst behind the advances in the
aforementioned.

However, after the bell Thursday, two high-profile software
companies issued profit warnings.  Those two: PeopleSoft
(NASDAQ:PSFT) and Verisign (NASDAQ:VRSN).  Both stocks are
larger components of the $GSO and were down substantially in
the evening session.

52-week High: 341
52-week Low : 112
Current     : 193

Moving Averages:
(Simple)

 10-dma: 190
 50-dma: 182
200-dma: 185


Biotechnology Sector ($BTK)

The $BTK was the worst performing sector during Thursday's
session, finishing with a 2.18 percent loss.  Heavyweight Genzyme
(NASDAQ:GENZ) was responsible for part of the group's weakness.
The company said that it expected its earnings for fiscal 2002 to
be at the low-end of previous estimates.  Shares of Genzyme dropped
by 6 percent Thursday.

Applied Biosystems (NYSE:ABI), although not a component of the $BTK,
added to the weakness among biotech shares.  The company issued
a profit warning late Wednesday night.  Shares finished 25 percent
lower.

52-week High: 676
52-week Low : 382
Current     : 530

Moving Averages:
(Simple)

 10-dma: 538
 50-dma: 575
200-dma: 545


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

Market Volatility

After the last two days of strength in stocks, the VIX fell back
down to the lower-end of its trading range.  Plain and simple,
there's not a lot of fear in the options market currently.

Same goes for the VXN.  The Nasdaq-100 fear gauge dropped by 3
points in the last two sessions.

CBOE Market Volatility Index (VIX) - 22.77 -0.89
Nasdaq-100 Volatility Index  (VXN) - 47.37 -0.78

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

          Put/Call Ratio  Call Volume   Put Volume
Total          0.46        787,788       361,179
Equity Only    0.39        712,495       275,407
OEX            0.92         10,560         9,677
QQQ            0.79         45,196        35,951
 
-----------------------------------------------------------------

Bullish Percent Data

           Current   Change   Status
NYSE          53      + 0     Bull Alert
NASDAQ-100    42      + 3     Bear Confirmed
DOW           60      + 0     Bull Correction
S&P 500       61      + 0     Bull Correction
S&P 100       63      + 2     Bull Correction

Bullish percent measures the number of stocks in an index 
currently trading on a buy signal on their point and figure 
chart.  Readings above 70 are considered overbought, and readings 
below 30 are considered oversold.

Bull Confirmed  - Aggressively long
Bull Alert      - Cautiously long
Bull Correction - Pause or pullback in upward trend
Bear Alert      - Take defensive action if long
Bear Confirmed  - High risk if long, good conditions for shorting
Bear Correction - Pause or rebound in downtrend

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

 5-Day Arms Index  1.03
10-Day Arms Index  1.34
21-Day Arms Index  1.29
55-Day Arms Index  1.13

Extreme readings above 1.5 are bullish, and readings below .85 
are bearish.  These signals don't occur often and tend be early, 
but when the do, they can signal significant market turning 
points.

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

Market Internals

        Advancers     Decliners
NYSE      1736           1380
NASDAQ    2037           1530

        New Highs      New Lows
NYSE      117             17
NASDAQ    104             23

        Volume (in millions)
NYSE     1,502
NASDAQ   1,864

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

Commitments Of Traders Report: 01/15/02

Weekly COT report discloses positions held by small specs
and commercial traders of index futures contracts at the 
Chicago Mercantile Exchange and Chicago Board of Trade. COT data 
can be found at www.cftc.gov.

Small specs are the general trading public with commercials being 
financial institutions. Commercials are historically on the 
correct side of future trend changes while small specs tend 
to be wrong.  

S&P 500

Commercial traders grew less bearish last week by adding to their
long positions and subtracting from the short position.  The net
drop in the group's short position amounted to roughly 7,500
contracts.  Small traders reduced their net long position by
about 4,000 contracts.

Commercials   Long      Short      Net     % Of OI 
12/28/01      338,288   407,017   (68,729)   (9.2%)
01/08/02      333,742   398,286   (64,544)   (8.8%)
01/15/02      340,005   397,024   (57,019)   (7.7%)

Most bearish reading of the year: (111,956) -   3/6/01
Most bullish reading of the year: ( 36,481) - 10/16/01

Small Traders Long      Short      Net     % of OI
12/28/01      127,419     55,576   71,843     39.3%
01/08/02      130,335     60,780   69,555     36.4%
01/15/02      129,987     64,311   65,676     33.8%

Most bearish reading of the year:  36,513 - 5/01/01
Most bullish reading of the year:  91,122 - 3/06/01
 
NASDAQ-100

Nasdaq commercial interests reduced their net bearish position
in the most recent reporting period by more than 5,000 contracts.
The group both added longs and dropped shorts.  Small traders
adopted a neutral stance, with a net long position of only 448
contracts.  Small traders added more than 3,000 short positions,
while essentially maintaining the prior period's long position.

Commercials   Long      Short      Net     % of OI 
12/28/01       29,801     37,497    (7,696) (11.4%)
01/08/02       30,786     38,913    (8,127) (11.7%)
01/15/02       32,068     34,859    (2,791) ( 4.2%)

Most bearish reading of the year: (15,521) -  3/13/01
Most bullish reading of the year:   7,774  - 12/21/01

Small Traders  Long     Short      Net     % of OI
12/28/01       10,649     5,913     4,736     28.6% 
01/08/02       10,073     6,404     3,669     22.3%
01/15/02       10,230     9,782       448      2.2%

Most bearish reading of the year:  (9,877) - 12/21/01
Most bullish reading of the year:   8,460  -  3/13/01

DOW JONES INDUSTRIAL

Commercial interests maintained their total long position from the
prior reporting period.  The group added about 1,200 contracts
to the total short position for a decline in their net bullish
position.  Small traders went in the opposite direction by
closing a number of short positions for a decline in their net
bearish stance.

Commercials   Long      Short      Net     % of OI
12/28/01       15,820     7,553    8,267     35.7% 
01/08/02       15,921     7,981    7,940     33.2%
01/15/02       15,866     9,175    6,691     26.7%

Most bearish reading of the year: (8,322) -  1/16/01
Most bullish reading of the year: 15,135  - 10/16/01

Small Traders  Long      Short     Net     % of OI
12/28/01        3,368     8,668    (5,300)   (44.0%) 
01/08/02        4,380     9,188    (4,808)   (35.4%)
01/15/02        4,979     8,747    (3,768)   (27.5%)

Most bearish reading of the year:  (8,777) - 10/12/01
Most bullish reading of the year:   1,909  -  1/16/01

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

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***********************
INDEX TRADER GAME PLANS
***********************

IS Swing Trade Model: Thursday 1/24/2002
The Struggle Continues


News & Notes:
------------
Another stutter-step for the markets as they continue to have 
great difficulty mounting a sustained move in either direction.


Featured Markets:
----------------
[60/30-Min Chart: OEX]


 

Looking at yesterday’s chart, we see the upper range of our 60 
minute chart around 577.00. The OEX was able to penetrate that 
level today, but only for a brief time before retreating back down 
to the 575.00 mark before leveling off.


[60/30-Min Chart: SPX]


 

Ditto for the SPX as it too made poked through the upper channel 
line before falling back to the 1132.00 level. The SPX has its’ 
50DMA at 1144.00 which could pose a serious challenge if we see a 
continuation of today’s mini-rally.


[60/30-Min Chart: QQQ]


 

Same story with the Q’s. This index continues to be hampered by a 
mixed bag of earnings reports in the tech sector.


Summation:
---------
We'll track put play entries on a break below Wednesday's close in 
all indexes should that happen tomorrow. A move below these levels 
could give us a decent move.


Trade Management:
----------------
Option traders may choose listed In-The-Money (ITM) or Out-The-
Money (OTM) contracts by personal preference. They are selected 
based on volume, open interest and "Delta" values in that order. 
Our preference is usually OTM contracts except for the last few 
days of expiration when ATM or ITM contracts are preferred.

Entry triggers are points where plays are tracked when price 
action breaks above for calls or below for puts. Stops are the 
exact opposite of that. Sell targets are points to exit based on 
index levels or %gain on option contract price as noted.

*No entry targets listed mean the models are idle at that time.


New Play Targets:
----------------
         QQQ                          DJX
Feb Calls: 40 (QQQ-BN)            Feb Calls: 98 (DJV-BT)  
Long: BREAK ABOVE - NONE          Long: BREAK ABOVE - NONE
Stop: Break Below                 Stop: Break Below 
                                

Feb Puts:  38 (QQQ-NL)            Feb Puts: 96 (DJV-NR) 
Long: BREAK BELOW 38.40           Long: BREAK BELOW 9,725 Dow
Stop: Break Above 39.75           Stop: Break Above 9,900 Dow 


=====

         OEX                         SPX
Feb Calls: 580 (OEY-BP)           Feb Calls: 1150 (SPT-BJ)
Long: BREAK ABOVE - NONE          Long: BREAK ABOVE - NONE
Stop: Break Below                 Stop: Break Below 


Feb Puts: 570 (OEB-NN)            Feb Puts: 1100 (SPT-NT)
Long: BREAK BELOW 573.50          Long: BREAK BELOW 1128.00
Stop: Break Above 577.00          Stop: Break Above 1135.00 



Open Plays:
----------
None


IS Position Trade Model: Thursday 1/24/2002
Another Half-Day Rally.


News & Notes:
------------
Markets looked poised for a nice run today but as has been the 
case of late, failed to sustain the momentum into the close. 


Featured Plays:
--------------
None


Summation:
---------
We’re still waiting for daily oscillators to make their way to 
overbought before we attempt buy-an-hold put plays. With 20PMA’s 
lurking overhead, we could see significant resistance and an 
opportunity to play the downside in the not too distant future.


Trade Management:
----------------
Option traders may choose listed In-The-Money (ITM) or Out-The-
Money (OTM) contracts by personal preference. They are selected 
based on volume, open interest and "Delta" values in that order. 
Position Trade model usually tracks OTM contracts with several 
weeks of time premium left until expiration for buy & hold plays.

Entry triggers are points where plays are tracked when price 
action breaks above for calls or below for puts. Stops are the 
exact opposite of that. Sell targets are points to exit based on 
index levels or %gain on option contract price as noted.

*No entry targets listed mean the models are idle at that time.


New Play Targets:
----------------
None


Open Plays:
----------
DJX
Feb Puts: OTM 98 (DJV-NT)
Long: 2.00
Stop: 1.50

SPX
Feb Puts:  OTM 1125 (SPT-NE)
Long: 24.60
Stop: 13.00

RTH
Feb Puts: ITM 41 (RTH-NR)
Long: 1.60
Stop: 0.90

XLI
Feb Puts: ITM 28 (XLI-NB)
Long: 1.00
Stop: 1.00


Sector Share Trade Model: Thursday 1/24/2002
Close, But No Cigar

News & Notes:
------------
Even Mr. Greenspan couldn’t get the markets to move and stick. 
Today’s session gave us another early run followed by afternoon 
malaise. Several of our short plays were stopped out but we did 
manage to open two new positions on the IYR and IYF.

Featured Plays:
--------------
(Weekly/Daily Charts: RKH)


 


The banking sector had a nice move today however, we can see that 
we are now sitting with both the weekly and daily Stochastics in 
overbought territory. The daily chart is pushing the upper range 
of its’ recent trading range and could be set to rollover. We’ll 
adjust our short play trigger for this one and see how it plays 
out.


Summation:
---------
We have little problem hitting plays for a point or three gains on 
frequent basis but have yet to catch a runaway break either way. 
We'll keep plugging away when weekly/daily charts line up and a 
market break will eventually carry us away!


Trade Management:
----------------
Entry triggers are points where plays are tracked when price 
action breaks above for calls or below for puts. Stops are the 
exact opposite of that. Sell targets are points to exit based on 
index levels or %gain on share price as noted.

No entry targets listed mean the model is idle at that time.

* Asterisk means stop-loss level changed since prior posting


New Play Targets:
----------------

1/24
XLF Financial SPDR
Short: BREAK BELOW 26.00
Stop:  Break Above 28.00

IYF Dow Jones U.S. Financial
Short: BREAK BELOW 80.00
Stop:  Break Above 83.00

IYR Dow Jones Real Estate
Short: BREAK BELOW 79.75
Stop:  Break Above 82.00

IYG Dow Jones Financial
Short: BREAK BELOW 90.00
Stop:  Break Above 93.00

FFF Fortune 500
Short: BREAK BELOW 80.00
Stop:  Break Above 82.00

RKH Regional Bank HOLDR
Short: BREAK BELOW 113.50
Stop:  Break Above 116.00

Open Short Plays:
----------
01/02
XLI
Short: BREAK BELOW 27.70
Stop:  Break Above 26.00 

01/14
SPY S&P 500 SPDR 
Short: BREAK BELOW  114.80 
Stop:  Break Above  113.00 [hit]
Result: +1.80

DIA Dow Industrial Diamond
Short: BREAK BELOW  99.00 
Stop:  Break Above  97.50 *

SMH Semi-Conductor HOLDR
Short: BREAK BELOW 45.00 
Stop:  Break Above 42.00 [hit]
Result: +3.00

HHH Internet HOLDR
Short: BREAK BELOW 34.00 
Stop:  Break Above 34.00 

01/15
IAH Internet Architecture HOLDr
Short: BREAK BELOW 39.00 
Stop:  Break Above 38.00 *

XLY Cyclical Transport SPDR
Short: BREAK BELOW 28.00 
Stop:  Break Above 28.00 [hit]
Result: Par

XLV U.S. Consumer SPDR
Short: BREAK BELOW 27.00 
Stop:  Break Above 27.00 *


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The Option Investor Newsletter                 Thursday 01-24-2002
Copyright 2001, All rights reserved.                        2 of 3
Redistribution in any form strictly prohibited.


****************
PICKS WE DROPPED
****************

When we drop a pick it doesn't mean we are recommending a sell
on that play. Many dropped picks go on to be very profitable.
We drop a pick because something happened to change its
profile. News, price, direction, etc. We drop it because we
don't want anyone else starting a new play at that time.
We have hundreds of new readers with each issue who are
unfamiliar with the previous history for that pick and we
want them to look at any current pick as a valid play.


CALLS:
*****

None


PUTS:
*****

PCSA $27.65 +1.63 (+2.80) After stumbling to new lows earlier
this week, shares of PCSA caught a burst of buying volume on
Wednesday, that continued on Thursday after cell-phone maker
NOK reported better than expected earnings.  While the stock
handed us some gains earlier in the week as it declined to new
yearly lows, we have to drop the play tonight as the stock
pushed through and held above our $26.50 stop.


***********************************************************
DAILY RESULTS
***********************************************************

Please view this in COURIER 10 font for alignment
*************************************************

CALLS              Tue    Wed    Thr  

MRVL     43.86    1.08  -0.68   1.01  New highs in last five days
PVN       4.14   -0.64   0.14   0.10  Entry point near support???
TGH      71.99    0.01   0.05   0.52  Strong sector, come on $72
LPNT     37.00    0.48   0.55   1.20  Take profits at 200-dma??
LLL      96.30   -1.67   0.58   3.84  Defense shares breakout!!!
PNC      62.63   -0.13   0.32   1.18  Broke above the 200-dma
LTR      60.70    0.52  -0.04   0.07  Trading sideways, waiting..
MMM     109.46   -0.38   1.04   2.00  New, asbestos fears cease


PUTS

ADRX     63.25   -0.47   1.59   1.17  Pressure from the BTK.X
THQI     44.73   -0.73  -0.22   2.65  Sector, near $45 resistance
PCSA     27.65   -2.87   4.02   1.63  Dropped, wireless rebound
IVGN     59.30    0.00   3.29  -0.25  Rolled at $60, watch BTK.X
SMTC     33.50   -1.70   0.57   0.62  Rebound, time for an entry
SGR      20.75   -0.81   0.59   1.35  Short covering rally
NTIQ     28.73   -0.35  -1.36  -2.61  New, software selling
GNSS     55.36   -8.48   0.98  -3.32  New, bad news building


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Note: Options involve risk. Risk disclosure: 
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**************************************************************


********************
PLAY UPDATES - CALLS
********************

LPNT $37.00 +1.20 (+2.23) Health Care bulls picked up the pace
on Thursday on the heels of solid earnings from UNH, and our
LPNT play took advantage of the buying interest, finally pushing
through the $37 resistance level.  That puts the recent breakout
over the $35 level on much stronger footing, allowing us to
raise our stop to that level.  It was encouraging to see LPNT
push through the 200-dma on Thursday and any follow through on
Friday could provide a decent entry point for momentum players.
But with the stock's deeply overbought condition (it has been up
all except for 1 of the last 10 days), we would expect to see a
bit of profit taking in the near term.  That will likely give us
our next attractive entry on a dip and bounce from the $36 area.
Continue to monitor the HMO index for confirmation of sector
strength, noting that it pushed through its own resistance on
Thursday, closing at a new 8-month high.  Resistance for the
HMO.X comes in at the $480 level, the site of the June highs.


LTR $60.70 +0.07 (+0.55) We're still waiting to see if LTR is
going to be able to continue its recent bullish run.  After
breaking out above the $60 level last week, the stock has been
consolidating for its next move.  Posting 3 doji candle patterns
in as many days is not a healthy sign, but so far the stock is
managing to hold its ground.  A rebound from the vicinity of the
$59.50 support level (with the 10-dma just below at $59.37)
should make for an attractive entry, although right now we'd
prefer to see renewed signs of strength with a rally through the
$61.50 level.  Don't forget that the company reports earnings
next Thursday before the opening bell, so we only have 4 more
trading days for the play to deliver results.


PVN $4.14 +0.10 (-0.40) After stumbling a bit earlier this week,
our PVN play found enough of a bid to claw its way back over the
$4.00 level.  But the conviction has been lacking, as seen by
the rollover Thursday afternoon.  We're still looking for the
stock to stage a bullish move towards the $6.70 level ahead of
its earnings report, now scheduled for January 31st.  While dips
near recent support are buyable, we don't want to get caught
catching a falling knife.  Look for a renewed bounce from the
$3.90 level or a rally back above the $4.30 level to usher you
into new positions.  Our stop remains in place at $3.90.


TGH $71.99 +0.52 (+0.58) Back at resistance.  After last week's
push to new highs, profit taking has hit shares of TGH a couple
times, both times resulting in a fresh entry point as the stock
rebounded from just above the $70 level.  With the HealthCare
index (HMO.X) breaking out to new recent highs, the spillover of
that bullish sentiment should enable TGH to break out to new
highs of its own in the near term.  What's the catalyst?
Earnings, pure and simple.  TGH is due to report its quarterly
results on February 8th, and judging by the market's positive
reception of UNH's earnings this morning, TGH just may have some
room to run.  Another successful test of the $70 level would be
a great entry, but we'd prefer to see support near $71 hold on
the next dip, confirming that buying interest is growing.  Of
course, if you want to wait for confirmation of buying interest
before playing, you'll want to see TGH clear its intraday highs
from last week at $72.40 before adding new positions.  We're
raising our stop to $70 tonight.


MRVL $43.86 +1.01 (+1.41) Quite frankly, we were a little
disappointed with MRVL's inability to trade higher during
yesterday's strong technology market.  The stock once
again pulled back to its 10-dma, now at $41.51, so there was
at least an opportunity to enter new plays on the weakness.  The
stock's relative strength showed up again in today's session as
it rebounded to a new relative high at $44.94.  Those traders who
entered MRVL plays down around the $38.50 to $39 range might
consider future strength up near the $45 level as a possible exit
point to book short-term gains.  The stock's five session trend
is well intact, with new relative highs traced in each of the last
five consecutive sessions.  With that trend, the most favorable
entries may continue showing up on weakness near support, such as
the 10-dma.  The strategy going forward will remain entering new
positions on weakness and exiting those plays on strength to new
relative highs in the trend.  Continue to monitor the SOX.X for
insights into MRVL's sector, as well as sentiment in the broader
technology space through the Nasdaq.  Our coverage stop has been
raised up to $41.50, just beneath the 10-dma.  Traders with open
positions might consider a tighter stop depending upon entry
points.


LLL $96.30 +3.84 (+2.75) Banc of America initiated coverage on
LLL with a buy rating yesterday morning.  The analyst endorsement
helped the stock to rebound just above its 10-dma and finish
fractionally higher for Wednesday's session.  In Thursday's
session, bullish earnings reports from industry peers and
favorable government official comments pushed the Defense Sector
Index (DFI.X) to a 3.55% gain.  General Dynamics (GD) reported
a very strong earnings report for the fourth-quarter.  And
Alan Greenspan commented about the forthcoming spending boom on
defense products and services.  For its part, LLL shot above
short-term resistance on relatively active volume.  The stock
gained more than 4% on the day.  Traders who entered on the dip
during yesterday's session might consider booking short-term gains
after LLL's spike higher today.  The stock reversed more than $5
from its Wednesday low to Thursday high.  As for new positions,
it may be most prudent to wait for a pullback to support.  The
first area to look for a bounce is between the $94 and $94.50
levels.  Below, the 10-dma now sits at $91.31, which another site
to consider entries on any future extended pullback.  Momentum
traders can consider scalping a quick trade on a breakout above
the $98.07 level if sector and market conditions permit such a
trade.  Our stop has been raised to $91.20.


PNC $62.63 +1.18 (+1.37) PNC broke out above its 200-dma during
Thursday's session.  The close above the 200-dma is PNC's first
since late last August.  Volume picked up as PNC climbed higher
throughout the day.  Trading activity totaled 1.46 million shares
on the day, about 500 thousand more than the stock's 30-day
average trading volume.  The volume was there to support the
move, now we need to see follow-through into Friday's session.
Traders who entered on the dip yesterday down to the 10-dma
might look to book quick gains on further strength in tomorrow's
session.  Turn to the Bank Sector (BKX.X) for insight into the
sector price action.  The BKX.X has minor resistance between
the 875 and 880 levels.  A breakout in the BKX.X could carry
PNC higher in the short-term.  Look for resistance in PNC to
materialize between the $64 and $65 levels, where an exit point
might be found.  If the market and/or the BKX.X pullback in the
coming sessions, look for PNC to find support first at its
200-dma, which now sits below at $62.18.  Below the 200-dma, a
bounce from the $60.50 to $61 levels is possible for an entry.
Our coverage stop has been raised to $60.50.


**************
NEW CALL PLAYS
**************

MMM - MN Mining & Manufacturing $109.46 +2.00 (+2.66 this week)

Minnesota Mining & Manufacturing (3M), an integrated enterprise,
is engaged in the research, manufacturing and marketing of
products related to its technology in coating and bonding for
coated abrasives. Characterized by substantial inter-company
cooperation, 3M's business has developed upon the research and
technology of its original product, coating and bonding.

Asbestos fears appear to be subsiding.  The rebound in recent
days among industrial big caps reveals as much.  MMM reported
its fourth-quarter results early to squelch the asbestos-related
fears.  OIN was playing the stock as a put as fears heightened,
but it appears that sentiment has drastically shifted in the
last week.  During the company's conference call last week,
officials down played the fears over asbestos exposure.  MMM
reiterated that in over the past 20 years, the company had
settled or had dismissed more than 200,000 asbestos-related
cases, with the average settlement for each case under $1,000.
The company also stated that it had substantial insurance to
cover future claims.  Investors took the company's guidance to
heart and have been buying shares since last week.  Traders
looking to get in on the return to rationality can watch for
a breakout above the $110 level in the coming sessions.
Confirm such a momentum-based entry with an advance past the
200-dma, currently overhead at $111.73.  Also, make sure to
watch for strength in the Dow ($INDU) before entering on
future strength.  Traders who prefer to enter on pullbacks
near support can look first for a bounce from the $108 level
on any market-related weakness.  If weakness persists, look
for a rebound from $105, which is the site of our coverage
stop initially.  We'll target the $115 to the upside over the
next several weeks, market conditions permitting.

BUY CALL FEB-105 MMM-BA OI= 859 at $6.90 SL=5.75
BUY CALL FEB-110*MMM-BB OI=1343 at $3.50 SL=1.75
BUY CALL FEB-115 MMM-BC OI=1298 at $1.35 SL=0.75
BUY CALL MAR-110 MMM-CB OI= 186 at $4.80 SL=3.25

Average Daily Volume = 1.85 mln



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


*******************
PLAY UPDATES - PUTS
*******************

ADRX $63.25 +1.17 (+2.29) ADRX closed above that $62 short
term resistance level in Wednesday's session, which most
likely lead to a short covering rally into today's session.
Volume was modestly more active in today's session in
conjunction with the rise in price, although ADRX did
rollover into the end of the day on sympathy with the
broader market and the Biotechnology Sector (BTK.X).  The
BTK.X finished more than 2% lower in today's session.  Should
it continue lower, ADRX will most likely fall under continued
selling pressure.  The today did however offer an entry point
near the $65 resistance level for those who like to enter put
plays near resistance.  Those who took entries on today's
intraday rollover near the $65 level might consider a stop
just above the 200-dma at $65.65.  Target exits down around
the $61 level from today's entries.  Conversely, momentum
traders can continue watching for that big breakdown below the
$60 level.  Be patient and make sure to confirm increased
volume and sector weakness before entering on a breakdown
below $60.


SGR $20.75 +1.35 (+1.13) SGR traded higher in today's session
out of sympathy with the strong day in the energy market.  The
utility sector finished fractionally higher as well.  The
rebound in today's session could set-up favorable entry points
near resistance in the coming trading days.  The stock finished
just short of its 10-dma in today's session.  The 10-dma
currently sits at the $20.94 level.  Look to the 10-dma first
for a possible rollover entry point.  Watch the broader energy
measures, such as the $UTIL, OSX.X, and OIX.X for sector
sentiment before gaming a rollover at the 10-dma.  Above the
10-dma, watch for SGR to encounter resistance at the $21.25
level, which is the current site of our coverage stop.  It's
also the lower end of the stock's gap lower on January 16.  If
the stock weakens before testing the aforementioned resistance
levels then look for a decline back below the $20 level.

IVGN $59.30 -0.25 (+3.04) Despite the recent rebound in the
Biotech sector (BTK.X), the bears found plenty to pick on today.
In a picture perfect technical reversal, the BTK rolled down
from the $545 resistance (prior support) level on Thursday.
This is significant, as $545 is the site of both the 200-dma and
the 38% retracement of the indexes gains from September through
December.  While IVGN managed to rebound from its lows on
Thursday, it was unable to build on its Wednesday rally, once
again finding resistance at the $60 level (the site of our stop).
This looks like a good level to initiate new positions IF the
stock rolls over on increasing volume.  Further weakness in the
BTK will just add to the factors in our favor.  Alternatively,
traders may want to wait for the stock to reverse its recent
rebound and drop through the $55 support level.  Earnings are
due out next Wednesday after the close, so with only 4 days left
to play, this is only a play for short-term traders.

SMTC $33.50 +0.62 (-0.51) The sharp decline in shares of SMTC
caught our attention as the stock fell below its 200-dma earlier
this week.  Given the stock's oversold condition, we were
looking for some sort of bounce before initiating new positions
and it looks like that process has begun.  The past 2 days have
seen some decent buying volume on the back of the rebound in the
overall Semiconductor sector (SOX.X).  It was interesting to note
that although the SOX was up sharply at the open on Thursday,
most of those gains evaporated by the closing bell.  This
weakness is reflected in the tepid advance in SMTC, which
couldn't really make any headway after the opening gap.  Even
NOK's solid earnings report this morning wasn't enough to inspire
the bulls, highlighting SMTC's inherent weakness.  Intraday
resistance at $34 is still intact, with the 200-dma at $33.68
holding back the bulls.  We've lowered our stop to $35.50, and
would consider new positions if the rebound runs out of steam and
rolls over from below the $35 level.  Those waiting for further
weakness will want to see SMTC take out the $32 support level
before playing.

THQI $44.73 +2.65 (+1.70) Is our bearish play on THQI coming to
an end?  Or was today's rally just a sympathetic move due to the
strength in the Software sector (GSO.X)?  That's a hard one to
call right now, but the 6% rally on Thursday is not a good sign
for the bears.  Couple that with the fact that the rebound came
off the $42 support level and daily Stochastics are now pointing
solidly northward, and we may have to close the play this
weekend.  On the bearish side of the coin, THQI has yet to push
through the $45 resistance level, so we may be looking at the
next entry point in the making.  Use a rollover from the $45
level to initiate new positions, but keep in mind that a close
above $46 will have us closing the play this weekend.  A better
approach might be to wait for the stock to move back under the
$43 level (the top of this morning's gap up) before adding new
positions.  


*************
NEW PUT PLAYS
*************

GNSS – Genesis Microchip $55.36 -3.32 (-10.82 this week)

Genesis Microchip designs, develops and markets integrated
circuits that receive and process digital video and graphic
images.  Its integrated circuits are typically located inside a
display device and process images for viewing on that display.
The company also supplies reference boards and designs that
incorporate its proprietary integrated circuits.  GNSS is
focused on developing and marketing image-processing solutions
and targets the flat-panel computer monitor and other potential
mass markets.

All good things must come to an end, and one of last year's
best-performing Semiconductor stocks is rapidly retracing its
gains.  Even the rebound in the Semiconductor sector (SOX.X)
over the past 2 days wasn't sufficient to halt the stock's
slide, as it fell to its lowest level since late November.  GNSS
is the name, and heavy volume has been the game so far this week.
Last week's stellar earnings report (beating estimates by a
hefty 8 cents) appears to have prompted a "sell the news"
reaction and investors are falling all over themselves trying to
get out of the stock before it falls any further.  Closing
Thursday's session just above $55, it's hard to believe that
GNSS was testing new all time highs near $72 less than 2 weeks
ago.  Supply is definitely in control here, and the PnF chart is
currently forecasting a drop back to the $37 level, the current
site of the 200-dma.  It won't likely happen all at once, now
that the initial drop is out of the way, so we can look for an
oversold bounce to provide optimal entries.  The $60 level has
been providing resistance on rally attempts over the past 2 days,
so another failed rally near that level looks good for initiating
new positions.  A drop below the 38% retracement ($53.80) of the
stock's September-January rally will provide another entry
opportunity.  Look for the stock to find support on its way down
at $50, then $47.30 (50% retracement) and then again at $43.  So
long as supply remains in control, we can use oversold bounces
from these levels to initiate new positions on the way down.
Set initial stops at $61.

BUY PUT FEB-60 QFE-NL OI= 838 at $7.30 SL=5.25
BUY PUT FEB-55*QFE-NK OI= 853 at $4.40 SL=2.75
BUY PUT FEB-50 QFE-NJ OI=1407 at $2.45 SL=1.25

Average Daily Volume = 2.72 mln


NTIQ – NetIQ Corporation $28.73 -2.61 (-4.32 this week)

Operating in the e-Business marketplace, NTIQ is a provider of
eBusiness infrastructure management software that enables
organizations to optimized the performance and availability of
Windows 2000 and Windows NT-based systems and applications.
Its AppManager suite detects and identifies bottlenecks, lags
in e-mail response time, and other network problems; the
software then makes the necessary corrections and issues the
appropriate reports.  NTIQ's customers include AT&T, Dell
Computer, Charles Schwab, General Electric, Pfizer, and
Microsoft.

Not everything in the Software sector is finding buying interest.
Even though the GSO index rebounded sharply from the $180 level
on Wednesday and is up more than 7% in the past 2 days.
Conversely, our new play, NTIQ has discovered the effects of
gravity, as it plummets back to earth.  Despite beating earnings
estimates by 4 cents when they reported Tuesday afternoon, the
stock has since given up more than 12% on very heavy volume and
the selling volume is still increasing, more than doubling the
ADV on Thursday.  NTIQ closed at the low of the day, falling
below both the 200-dma ($30.30) and the 50% retracement of its
gains between late September and early January.  Given the
stock's rapid descent so far this week, an oversold bounce would
not be out of the question.  The quality of that bounce will give
us a good indication of how much weakness still exists in the
stock.  We're looking to initiate new positions on a bounce and
rollover from the vicinity of the $31 level, which is now
resistance (failed support) and the site of the 38% retracement.
Alternative entries can also be considered as NTIQ drops below
the $28 support level, provided selling volume remains heavy.
Keep an eye on the GSO index, as a rollover there could add to
the downward pressure currently being experienced by NTIQ.  Based
on the vertical count on the PnF chart, NTIQ appears destined to
test and possibly violate its September lows near $19.  Set stops
at $32.

BUY PUT FEB-30*CQT-NF OI=107 at $3.20 SL=1.50
BUY PUT FEB-25 CQT-NE OI= 78 at $1.00 SL=0.50

Average Daily Volume = 1.38 mln



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BARRON'S SAYS OPTIONSXPRESS HAS "a lot of bang for the buck"

* IRA Accounts Available
* 8 different FREE options pricing, strategy, and charting tools
* Real-Time Buying Power, Account Balances or Cancels
* EASY screens for spreads, collars, covered calls or 
butterflies!
Go to http://www.optionsxpress.com/marketing.asp?source=oinvestor013

Note: Options involve risk. Risk disclosure: 
http://www.optionsxpress.com/welcome_risk_index.htm
**************************************************************


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

Please read our disclaimer at:
http://www.OptionInvestor.com/page/oin/aboutus/disclaimer.html


**************************************************************
ADVERTISING INFORMATION

For more information on advertising in OptionInvestor Newsletter,
or any Premier Investor Network newsletter please contact:

Contact Support
The Option Investor Newsletter                 Thursday 01-24-2002
Copyright 2001, All rights reserved.                        3 of 3
Redistribution in any form strictly prohibited.


*********************
PLAY OF THE DAY - PUT
*********************

ADRX - Andrx $63.25 +1.17 (+2.29 this week)

Andrx formulates and commercializes controlled-release oral
pharmaceuticals using its proprietary drug delivery technologies.
Andrx markets and sells Catria XT and Dilitia XT, its generic or
bioequivalent versions of Cardizem CD and Dilacor XR.

Most Recent Update

ADRX closed above that $62 short term resistance level in
Wednesday's session, which most likely lead to a short covering
rally into today's session.  Volume was modestly more active in
today's session in conjunction with the rise in price, although
ADRX did rollover into the end of the day on sympathy with the
broader market and the Biotechnology Sector (BTK.X).  The
BTK.X finished more than 2% lower in today's session.  Should
it continue lower, ADRX will most likely fall under continued
selling pressure.  The today did however offer an entry point
near the $65 resistance level for those who like to enter put
plays near resistance.  Those who took entries on today's
intraday rollover near the $65 level might consider a stop
just above the 200-dma at $65.65.  Target exits down around
the $61 level from today's entries.  Conversely, momentum
traders can continue watching for that big breakdown below the
$60 level.  Be patient and make sure to confirm increased
volume and sector weakness before entering on a breakdown
below $60.

Comments

ADRX's rebound today was not supported by any news event.  That
leads us to believe that the stock traded higher on short
covering.  There's not doubt that more than a few bears were
looking for the breakdown below $60 earlier this week, and they
may have grown nervous early this morning and decided to cover.
With weakness mounting in the BTK.X, look for further sector
selling to pressure ADRX in tomorrow's trading.  Entries at
current levels might better position traders for a breakdown
below $60 if it comes.

BUY PUT FEB-65*QAX-NM OI=2325 at $4.50 SL=2.50
BUY PUT FEB-60 QAX-NL OI=1454 at $2.15 SL=1.25

Average Daily Volume = 1.54 mln



************************Advertisement************************* 
GREAT TECHNOLOGY, LOW RATES AT OPTIONSXPRESS

* EASY screens for spreads, collars, covered calls or 
butterflies!
* FREE REAL-TIME quotes and custom option chains
* $1.50 Per Contract (10+ contracts) or $14.95 Minimum. No Hidden 
Fees.
* ZERO minimum deposit required to open an account
Go to http://www.optionsxpress.com/marketing.asp?source=oinvestor010

Note: Options involve risk. Risk disclosure:
http://www.optionsxpress.com/welcome_risk_index.htm
**************************************************************


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

Milking Q-Charts, Part III, An Owner's Manual
Buzz Lynn
buzz@OptionInvestor.com

Is anybody getting bored with this stuff yet?  Judging by reader 
e-mail, I'd say not.  Reader's write:

"Hi Buzz - Enjoy your Q-Charts setup very much. I have used Q-Charts 
since I subscribed to OIN for many years. . .

Sarah"

"Hey Buzz - Feel free to provide more info like this everyday of the 
week on Q-Charts.  Even though I use it there are all kinds of items I'm 
not aware of.  Keep up the good work.

Kevin"

Thanks Sarah and Kevin for writing in.  I appreciate the kind words.  
However, there were plenty of frustrations too - mostly having to do 
with frozen or delayed data feeds.  Let's just say Q-Charts has its 
perpetual challenges.  Thus I offer this trouble-shooting tip before we 
get started this week - two of them in fact.  First, if the charts are 
not "painting" or filling in bars, a Q-Chart server change may solve the 
problem.  Same thing if you are experiencing a slow or dead data feed.  
Press "Ctrl" + "Alt" + "n" simultaneously to accomplish the change.  The 
fix is not instant and may take a few seconds while Q-Charts changes the 
server to which you are connected.  

Second, and assuming a few repetitive server changes are not solving the 
problem, simply shut down the program and re-launch it - a pain in the 
posterior, but a functional solution nonetheless.  One of those two will 
usually solve the problem 95% of the time.  For the remaining 5%, 
sometimes the program just doesn't work that well.  If that's the case, 
don't fight it and keep checking back.  Eventually, it will right 
itself, but not without major inconvenience. . .just the way it is.

Now in fairness to Q-charts, that 5% is a pretty rare occurrence.  I use 
QC every day and have had access completely denied for a significant 
periods only twice in the last year, though any denial is greatly 
unwelcome in the middle of a trade.  For the most part, it does what 
it's suppose to do - the best charting capabilities and functionality 
for the $$$ readily available in the market.

Now on with the show.  We started this Q-Chart usage series two 
weeks ago.  If you missed the first two weeks, check them out 
here.

http://www.OptionInvestor.com/traderscorner/011002_1.asp

http://www.OptionInvestor.com/traderscorner/011702_1.asp

When we left off last week, we had just finishing setting up 
multiple charts within the same workspace.  As noted then, our 
mission this week was to add quote sheets.  So let's get started 
setting up quote sheets!  Wahoo!  Party hats and horns!  Can’t you 
just feel the electricity in the air?  (Hopefully not while 
experiencing a thunderstorm)  Here goes.

Veterans, please bear with us for the benefit of those new to our 
site, but our objective here is to save our fingers from the 
tedium of typing in a symbol for every single stock and indicator 
that we could ever want to watch during the course of the day.  
Isn’t there an easier to way than to type in “SPX.X” 1,782 times 
in the course of the trading day?  What about all those index 
symbols and market statistics too?  Ultimately we can see the need 
to have symbols in a list on which to click so we don’t 
repetitively type our fingers to the bone.

Starting where we left off last week, this is the basic layout we 
created:


 


Now let’s add our starting form.  First, go to View in the upper 
tool bar and make sure you have “Quotes Toolbar” checked.  Like 
the other tool bars, you can move it anywhere on your screen by 
dragging and dropping.  I like to keep it out of the way and tend 
to push all toolbars to the left side and/or the top of the 
charting section.  My objective is to maximize as much real estate 
on the screen as possible.  It looks like this.



 


After selecting Quotes Toolbar and moving it where you want it, 
click on the double-quote button as shown below.



 


A new quote screen will pop up so that your whole screen looks 
like the following:



 


Now it’s time to fill in the blanks with the symbols of your 
desire.  First, place your cursor in the very first light gray 
cell on the left just below the blue title line (You’ll know you 
have it right when the reciprocating arrows icon shows up.), then 
right click.    Highlight instrument, then symbol, and left click.  
It looks like this:



 


After completing that, you will have an appropriately titled 
column.  I like to add the company or symbol name, bid, ask and 
volume too.  You can really add anything you like.  To add 
additional column headers, follow the same instructions as you did 
in creating the first column, but select the new titles you want 
to head each additional column, by right clicking the second 
column, then, third, etc.  You can add as many as you like or can 
keep track of.  For simplicity I have limited the fields as 
follows:

Symbol:  See above

Title:  Gives the name of the company of instrument.  Right click, 
then highlight “Instrument”, then “Title”.  Finish with a left 
click.

Last:  Price of the last trade or reading.  Right click, highlight 
“Prices”, then “Last”.

Net:  Net change since the open.  Right click, “Prices”, “Net”.

Bid:  Current bid.  Right click, “Bid/Ask”, “Bid”.

Ask:  Current ask.  Right click, “Bid/Ask”, “Ask”.

Volume:  Cumulative volume for the day.  Right click, “Prices”, 
“Volume”.

65-Day Avg.:  Average daily volume over last 65 days:  right 
click, “Indicators”, “65-Day Avg Vol”.

Our appropriately fielded blank quote sheet now looks like this:



 


Now the easy part  - fill in the blanks.  Place your cursor in the 
upper left hand dark gray box (just below symbol for our purposes 
here) and type in the symbol.  Then hit the Enter key.  Say we 
first selected the S&P-500, or SPX.X.  By typing in SPX.X in the 
first box described just above, then hitting Enter, the whole row 
will fill in all data that is labeled in the header.  Just think, 
one symbol, all that information.  As noted earlier, we are 
limited only by the information we want to keep track of.

Here’s our quote sheet after the first entry:


 


Now enter symbols to your heart’s content.  Be sure to put in your 
favorites like SPX.X, OEX.X, NDX.X, INDU, QQQ, SOX.X, VIX.X, 
QQV.X, VXN, $TICK, $TRIN, stock symbols of your favorites, etc.

It will look like this (or as long you care to make it) when 
complete.  Also, bid and ask prices will fill in during regular 
market hours.  



 

You say all that data won’t fit into one field (see Title field)?  
No worries.  Just place your cursor on the black line between the 
header names in the top row until you see the side-to-side white 
arrow appear.  Then just drag and drop to size as we’ve done 
above.

The only thing left to do is appropriately size the quote sheet 
and place it in the desired place on our screen. Size it by 
placing the cursor in the lower left hand corner of the “Quote” 
screen until the diagonal arrow appears, then drag and drop to 
size.



 


Once you have the perfect size. Grab the blue bar at the top and 
move it wherever you like on the screen.  The finished product 
will look like this:



 


There you go!  Now all you have to do to get a chart for any of 
your symbols on the right is to click on the symbol you want from 
the symbol column.  Poof!  Instant 60/30-min chart setup on your 
selection!  Sure beats typing all day!  

For those feeling a bit more adventuresome, and now that you have 
a quote sheet at your disposal (plus you can create another one), 
experiment a bit with the "Import Sector Lists" and "Load Symbol 
File" buttons on the menu bar.  It will save you even more typing 
and research.  They look like this.



 


Until next time when we uncover some easy and helpful tips for 
faster use, happy charting!


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