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Daily Newsletter, Thursday, 02/14/2002

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The Option Investor Newsletter                 Tuesday 02-14-2002
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)
************************************************************      
      02-14-2002           High     Low     Volume Advance/Decline
DJIA    10001.99 + 12.32 10052.29  9959.23 1.26 bln   1468/1624
NASDAQ   1843.37 - 15.79  1877.74  1840.78 1.66 bln   1367/2121
S&P 100   567.13 -  0.66   571.40   564.76   Totals   2835/3745
S&P 500  1116.48 -  2.03  1124.72  1112.30             
RUS 2000  470.75 -  5.58   477.36   470.75
DJ TRANS 2686.67 - 25.02  2721.71  2681.34
VIX        22.89 +  0.47    23.66    22.47
VXN        42.14 -  2.33    45.04    42.14
TRIN        1.27 
PUT/CALL    0.91
************************************************************ 

After A Month Off The Dow Returns To 10,000

The Dow struggled all afternoon after spurting above 10,000
shortly after the open. Nobody would have expected anything
different. From last Friday's low of 9580 to Thursday's high
of 10052 was very close to a +500 point gain which is almost
+5%. Entire years have passed without a 5% gain and the
profit taking we saw today was minimal. The Dow has not traded
over 10000 since slipping below that level on January 11th.
The Nasdaq however failed to hold above resistance at 1865 and
appeared weaker than the Dow even after some positive tech 
earnings.



 



 


Hewlett Packard lead the tech earnings parade on Wednesday
with earnings that beat the street but a number that they 
clearly said would not be repeated in this quarter. The revenue
for last quarter was only -4% below the same quarter last year.
The surprising results had analysts scrambling to find the funny
numbers in their earnings. Carly Fiorina said "I will metaphorically
and literally and in every other conceivable way tell you that 
these numbers are exactly what they seem to be: solid execution."
Carly, there may be hope for your CPQ acquisition after all!
HWP did say that they expected tech problems to continue because
corporations were holding to very tight budgets and waiting until
they see clear signs of a recovery to loosen those strings. Carly
said she was not yet convinced of a second half rebound in 2002 
tech spending. 

Following the HWP earnings on Wednesday was the DELL earnings
tonight. Unfortunately the Dell report was not quite as strong.
Dell met analyst's estimates of $.17 but also said they expected
their sales to drop -3% to -5% in this seasonally weak quarter.
They said they expected the PC market to drop -10% this quarter
but their volume to drop less than their competitors. They still
expected to meet the current estimates of $.16. Dell is taking
market share from GTW, CPQ and HWP and gave the credit to the
ads using "Steven" as their spokesperson. Dell has led an 
aggressive price war and the result is their average selling
price has fallen from slightly over $2,000 to near $1,700 while
their gross margins have remained flat. Dell's shares were also
flat in trading after the announcement.

About the only tech stock to blow away earnings this week was
NVDA which announced earnings of $.43 compared to analyst's
estimates of $.34 cents. Everything about the earnings was
positive but the stock got crushed in after hours. It was due
to their announcement that the SEC is looking into accounting
activities related to recording certain reserves and expenses
in the 4Q of 2000 and the first three quarters of 2001. This
review was spurred by a previously announced investigation of
alleged insider trading by some Nvidia engineers. The stock
closed at $62.23 in regular trading but fell to under $56 in
after hours.

INTU ended the day with only a slight gain after gapping open 
to $39.30 on earnings and a positive guidance. The problem was
a downgrade by SSB who said use this opportunity to sell into
strength. Normally the second and third quarters are best for
INTU but SSB thinks they are already overvalued.

Qwest hit a new two-year low after saying they were going to 
draw down $1 bil of their $4 billion bank line to payoff their
short term debt. It appears they have been turned down by the
commercial lenders for additional financing due to the various
bankruptcies of telecom companies like Global Crossing. Fearing
further depression in the telecom sector nobody wants to risk
additional funds on these stocks. Qwest closed at $7.49 down
from it high near $70 in 2000. AT&T also fell back to support
near $15.50. 

In the networking sector JNPR hit a new low under $11 after
a report by a market research firm said Juniper's market share
of the Internet communications market dropped -25% during the
last three months of 2001. While traders feel this sector 
can't get much lower we need to remember that bankruptcy is
still an option for several of the players. CSCO, who was the
beneficiary of the market share gains failed to rally on the
news because of the telecom woes mentioned above.

The banking sector struggled at resistance with JPM headed in
the opposite direction. The WSJ said that JPM appeared to have
the largest exposure to the $14.4 billion in unsecured loans
that Tyco drew down last week. Analysts estimate that JPM could
have $1 billion in exposure to Tyco. Let's see, Tyco, GX, KM,
ENE, Argentina, Japan. Is there anybody that JPM would not lend
to? Maybe PVN should consider a partnership with JPM and teach
them how to get creditors to put up deposits to secure loans.
Tyco issued an earnings warning on Wednesday saying higher
borrowing costs and accounting distractions had disrupted their
business. I wonder how many shares of TYC that JPM shorted when
they heard their credit line had been executed? Multiply that
times the $14.4 billion they drew down and you can see why
TYC fell -$4 from Wednesday's high.

In economic news Jobless Claims fell again to 373,000 and nearing
the recent low of 360,000 set back in January. The slowly improving
jobless market is another indicator that the economy may actually
be improving despite continued warnings from tech stocks that the
2Q will still be dreary. The pace of layoffs has also subsided 
as inventories of products have dwindled. The December inventory 
numbers announced today showed a drop of -.4% while sales were
flat. The inventory to sales ratio remained 1.39 for the third
straight month. Eventually there will be nothing left on the 
wholesaler shelves to sell and manufacturing will have to increase.
With the inventory ratios not at levels not seen since early 2000
many analysts feel the eventual pickup will be very strong when
it occurs.

Friday is decision day. With a weeklong rally behind us the odds
of it holding over a three day weekend are slim. Much of the 
activity this week has been short covering, for both stock and
option positions and program buying. With tomorrow being an
options expiration Friday much of the volatility has been due
to the market swing. When you realize that last Friday's lows
were the second lowest low in three months for the Dow and this
Friday's high was back over 10,000 you can see what has been
driving traders nuts. The "short the rally concept" that has been
working so well for a month undoubtedly took many shorts to the
cleaners this week. If you remember last Sunday I said wait for
the Nasdaq to move over 1875 before you could be sure the rally
was for real? The high today was 1877 after fighting resistance
at 1850 for three days. We are not out of the woods yet. The 
failure at 1875 and possible profit taking on Friday could put
us right back into the low 1800 trading range again. 

The S&P bounced exactly off resistance at 1125 (1124.72) and
pulled back on profit taking to regroup. Still with the Dow 
closing one tick over 10,000 and the S&P holding its ground
it is anybody's guess what will happen on Friday. With over 
+400 points of profit on the Dow but less than +75 on the
Nasdaq this week the major averages are trapped in a divergence
pattern. Tech is still weak and with Dell's warning today could
get weaker. Defensive issues are seeing buying as well as cyclicals.
The bottom line is that nobody has any confidence in the rally 
or the economy and nobody wants to buy here. Nobody except the
retail investor. Equity funds saw nearly $3.9 billion in cash
inflows for the week ended on Wednesday. Compared to the recent
outflows this is a flood of cash. You can easily see that this
cash helped power the recent rally. Some of this was the 459
cash from pension funds that hit the market on Monday. That 
spigot is now off and we will be back on our own for next week.
 
My best guess for Friday is a coin toss. Logically we should open 
with a spike up on final option short covering and then sell off 
on profit taking ahead of the three day weekend. However we all
know that if you want logic the markets are not the place to look.
Tighten up those stops and close the day with that winning feeling
if you get stopped out for a profit. 

Many of our readers have emailed in the past for a return of the
market posture section in graphical format. We listened and as
of today it is back in an improved format. Every index that we
follow is listed and by clicking on that symbol you can see
all the stocks that are in that index. Take a test drive here:

http://www.OptionInvestor.com/marketposture/021402.asp

Enter very passively, exit aggressively!

Jim Brown
Editor


********************
INDEX TRADER SUMMARY
********************

Pop, Chop & Drop
Austin Passamonte

So much for the large-range session in the last three days of 
expiration week, unless Friday is it. Meanwhile we have markets 
rising in total agony and unable to stay on their spiked high 
heels.

Looked a lot like expiration chrun today and the only decent 
scalps were a morning pop and afternoon drop. Individual traders 
who caught both turns once intraday charts confirmed fared well, 
and everyone else who pressed the action before its time did not. 
These are tough sessions to trade where one had better be content 
to take small chunks from defined moves or suffer the fate of 
numerous small to medium losses when jumping the gun.

Is this what we might expect again on Friday? Let's put on our 
day-trading hats, review intraday charts for now and revert to 
longer term this weekend. Fair enough? Here we go!

(60/30 Min Charts: QQQ)


 

It may not seem this way, but the NDX/QQQ has been in a small 
uptrend since last Friday afternoon. Currently at the bottom of 
this week-long channel and resting on support, it is poised to 
break or bounce. My guess is it bounces into the close on Friday 
absent any news that shocks the market down. Much like last 
Friday's short-covering afternoon, price action on support and 
stochastic values nearing oversold tip the odds toward bulls from 
what evidence we have to weigh tonight.

(60/30 Min Charts: OEX)


 

Ditto the S&Ps. Here we see the OEX sitting right on support and 
intraday charts about to turn bullish. It is extremely possible we 
see price action break below support early on, bounce and climb 
back above later on. These measures of resistance & support bear 
watching for short-term traders on Friday.

(60/30 Min Charts: BBH)


 

The sector that looks relatively strongest to me is still the 
Biotechs. The BBH is more oversold (intraday) than either index we 
looked at above and forms a bullish ascending triangle this week. 
A pop outside this triangle to the upside should run to 129 area, 
and traders gaming the long side near current levels could pick up 
nearly 10 index points if that happens.

Summation
It's been a choppy week like all bear-market rallies tend to be. 
They rise in agony and free fall in descent. Save for Monday, it's 
been a struggle every day since. Traders are best served to play 
small or not at all right now, as what appears to be easy money 
too seldom flies into an account with the same ease it can fly 
right out!

Best Trading Wishes,
austinp@OptionInvestor.com


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

Sentimental Observations
By Eric Utley

Romance was in the air Thursday morning.  Bulls were feeling the
love with another early day of strength in stocks.  But the day
turned into heartbreak when stocks headed south.  

Several things stick out to me from Thursday's session.  First,
gold stocks remained incredibly strong.  The XAU earned the
day's top performing sector, again, with its 2.23 percent pop.
From what I saw, it looked like a few shorts got caught trying
to press the XAU lower and a few buyers were seeking solace away
from equities.

The advance in the XAU came in conjunction with an advance in
bonds as signaled by the drop in yields across the curve.  The
benchmark 10-year Yield (TNX.X) can't seem to clear 5.05 mark,
which could portend further weakness in stocks if the liquidity
isn't there from bonds.

Late Thursday, in conjunction with its earnings release,
graphics chip maker NVIDIA (NASDAQ:NVDA) said that it was
conducting an internal review of accounting practices in
accordance with an inquiry from the Securities Exchange
Commission (SEC).  NVIDIA is the first high profile tech concern
that I can think of whose been the focus of an SEC investigation.
The stock reacted in the after hours session with a $7 drop
from its closing price.  I think this revelation will adversely
impact sentiment in the tech sector, which comes at an
interesting crossroads in the bullish percent data.

The Nasdaq-100 Bullish Percent ($BPNDX) flipped from bear
confirmed to bull alert yesterday, which had me starting to
grow some horns on tech stocks.  But before I get overtly
bullish, I want to see how the Nasdaq reacts to NVIDIA's
accounting review.  We'll address the bullish percent more in
the weekend review.

In the meantime, I hope that I don't see you at the Heartbreak
Hotel tonight, where they offer rooms for only one.

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

Market Averages


DJIA ($INDU)

52-week High: 11350
52-week Low :  8062
Current     : 10002

Moving Averages:
(Simple)

 10-dma:  9804
 50-dma:  9926
200-dma: 10074



S&P 500 ($SPX)

52-week High: 1383
52-week Low :  945
Current     : 1116

Moving Averages:
(Simple)

 10-dma: 1102
 50-dma: 1135
200-dma: 1161



Nasdaq-100 ($NDX)

52-week High: 2771
52-week Low : 1089
Current     : 1475

Moving Averages:
(Simple)

 10-dma: 1469
 50-dma: 1583
200-dma: 1600



Gold and Silver ($XAU)

The XAU benefited from what appeared to be another flight to
quality rally.  Its advance Thursday was in conjunction with a
bid in the bond market.  The advance in both gold stocks and
bonds reveals an aversion to the risk associated with stocks.

Leading gold stocks included Gold Fields (NASDAQ:GOLD) +7.68
percent -- GOLD's been a little rocket recently -- Harmony
Gold (NASDAQ:HGMCY) +7.30 percent, and Anglogold (NYSE:AU) +4.35
percent.

52-week High: 70
52-week Low : 46
Current     : 68

Moving Averages:
(Simple)

 10-dma: 66
 50-dma: 58
200-dma: 56


Fiber Optic ($FOP)

The ugly optical sector was the worst performing group of stocks
in Thursday's session.  Yes, this group stinks!  The FOP shed
4.73 percent on the day.  

Juniper (NASDAQ:JNPR) led the way down with a 16 percent drop
for the day after a report surfaced that Cisco (NASDAQ:CSCO) was
taking market share from the company.  We've been saying the same
thing for several months.  The premise behind my short
recommendation in Juniper at $16, yes $16, was in part due to its
loss of market share to Cisco.  If you missed that call two weeks
ago it was in the Option Investor Market Monitor.  Make sure to
tune in to that service if you don't already.

http://www.OptionInvestor.com/itrader/marketbuzz/

52-week High: 139
52-week Low :  94
Current     :  96 

Moving Averages:
(Simple)

 10-dma: 100
 50-dma: 115
200-dma: N/A

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

Market Volatility

The VIX slightly rebounded in Thursday's session, but is still
well below its 200-dma overhead at 27.  I've been using the
200-dma as a mean.  Judging by the distance of the VIX at
current levels from its 200-dma, I'd consider the market pretty
complacent in the present.

The VXN dropped to an all-time low today.  I don't know how
much of the VXN's drop can be attributed to complacency or
February options expiration.  Part of the drop could've stemmed
from positioning ahead of tomorrow's expiration.

CBOE Market Volatility Index (VIX) - 22.89 +0.47
Nasdaq-100 Volatility Index  (VXN) - 42.14 -2.33

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

          Put/Call Ratio  Call Volume   Put Volume
Total          0.91        640,595       582,739
Equity Only    0.67        504,071       338,964
OEX            1.52         28,148        42,911
QQQ            1.63         33,577        54,766
 
-----------------------------------------------------------------

Bullish Percent Data

           Current   Change   Status
NYSE          52      + 1     Bull Alert
NASDAQ-100    39      + 3     Bull Alert
DOW           53      + 0     Bull Correction
S&P 500       57      + 1     Bull Correction
S&P 100       59      + 0     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  0.94
10-Day Arms Index  1.27
21-Day Arms Index  1.28
55-Day Arms Index  1.23

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      1468           1624
NASDAQ    1367           2121

        New Highs      New Lows
NYSE      137             50
NASDAQ     93             45

        Volume (in millions)
NYSE     1,263
NASDAQ   1,661

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

Commitments Of Traders Report: 02/05/02

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

The prior week was fairly quiet in the S&P.  Commercials added
a few longs, while small traders added a few shorts.  No major
changes to report as you'll see the positions remained similar
to the prior week.

Commercials   Long      Short      Net     % Of OI 
01/22/02      342,841   394,041   (51,200)   (6.9%)
01/29/02      345,583   401,923   (56,340)   (7.5%)
02/05/02      347,583   401,569   (53,986)   (7.2%)

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
01/22/02      125,451     65,423   60,028     31.4%
01/29/02      128,826     63,127   65,699     34.2%
02/05/02      128,235     64,404   63,831     33.1%

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

Commercials added a few more shorts than longs in the last
week for a net gain in the group's bearish position.  Meanwhile,
small traders added longs and subtracted shorts.

Commercials   Long      Short      Net     % of OI 
01/22/02       30,671     34,103    (3,432)  (5.3%)
01/29/02       31,577     33,651    (2,074)  (3.2%)
02/05/02       32,357     35,405    (3,048)  (4.5%)

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
01/22/02       11,885     8,787     3,098     15.0% 
01/29/02        9,709     8,293     1,416      7.9%
02/05/02       10,416     8,173     2,243     12.1%

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 traders grew more bullish last week by adding to
their longs and taking away from their short positions.  The
result was a net increase in the bullish position by about
2,000 contracts.  Small traders, as they often do, went in
the opposite direction by growing more bearish.  The group
added nearly 1,000 shorts to their net bearish position.

Commercials   Long      Short      Net     % of OI
01/22/02       18,152    11,013    7,139     24.5% 
01/29/02       19,956    12,171    7,785     24.2%
02/05/02       21,868    12,068    9,800     28.9%

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
01/22/02        5,424     8,969    (3,545)   (24.6%) 
01/29/02        5,872     9,709    (3,837)   (24.6%)
02/05/02        5,764    10,528    (4,764)   (29.2%)

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 2/14/2002
Pop... Chop, Chop... Drop


News & Notes:
------------
Traders who weren't glued to their screens while patiently waiting 
for the perfect entry alignments today were never in the game, nor 
even the ballpark for that matter. Definitely an individual 
scalper's session and tough one at that. A nice pop near 10:00am 
and drop near 2:00pm offered quick but fleeting gains in both 
directions.


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


 

Lest we think the power of wedge consolidations is blarney, 
witness how price action behaved today. Broke to the upside, 
failed and came right back into the apex of the wedge to close. If 
chart signals roll up from overbought extreme and price action 
pops higher from this wedge, ATM call plays are in order for those 
who dare.


[60/30-Min Chart: SPX]


 

Ditto the SPX. I would look to get long this market on a bounce 
higher from current support, but further weakness could take the 
index back towards 1100 area as well. Feb option contracts ceased 
trading for the SPX and DJX tonight, and March options are now the 
front-month contract.



[60/30-Min Chart: QQQ]
 

The QQQ did not hold its wedge and broke down within to lower 
support instead. Calls on a bounce, but breaking lower from here 
could fall quite some distance indeed.


Summation:
---------
Last Friday was a significant rally when most expected a selloff 
into the weekend. Don't be surprised if the indexes pop higher on 
short covering again. I would look for call plays at/above current 
levels of support IF both 60/30 min charts stochastic values turn 
bullish from here. No triggers are listed for Friday, as it is a 
time for skilled players only. Those who cannot aptly trade with 
confidence for themselves should leave the broker bar parked and 
watch & learn from safety of the sidelines until Monday a.m. rolls 
around. Tough times suited for scalpers & gambler only right now!


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: 36 (QQQ-BJ)            Feb Calls: 99 (DJV-BA)  
Long: BREAK ABOVE                 Long: BREAK ABOVE 
Stop: None – 100% risk loss       Stop: None – 100% risk loss
                                

Feb Puts:  36 (QQQ-NJ)            Feb Puts: 98 (DJV-NT) 
Long: BREAK BELOW                 Long: BREAK BELOW 
Stop: None – 100% risk loss       Stop: None – 100% risk loss


=====


         OEX                         SPX
Feb Calls: 570 (OEB-BN)           Mar Calls: 1125 (SPT-CE)
Long: BREAK ABOVE                 Long: BREAK ABOVE none
Stop: None – 100% risk loss       Stop: None – 100% risk loss


Feb Puts: 555 (OEB-NK)            Mar Puts: 1100 (SPT-MT)
Long: BREAK BELOW none            Long: BREAK BELOW none
Stop: None – 100% risk loss       Stop: None – 100% risk loss



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


IS Position Trade Model: Thursday 2/14/2002
Split Decision


News & Notes:
------------
Dow up – Nazz down by the bell. Looks a lot like typical 
expiration noise keeping the indexes dancing, but no real sign of 
upward strength is evident right now. A large-volume session to 
the upside would have us more comfortable tracking open call 
plays, so for now we have stops tightened and capital preservation 
is our primary goal.


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


Summation:
---------
We will track Feb put option contracts following the 100% risk-
loss capital method in lieu of stops right into expiration. If the 
market dives this week they have a chance. If not, we took the 
maximum loss possible right at the point of entry so no harm done.

March contracts also use 100% risk capital. We have initiated 
stops at the point of entry now that slight gains accrued in order 
to manage capital from here.


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. 

*No entry targets listed means the model is idle at this time.


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


Open Plays:
----------
Feb Puts: 36 (QQQ-NJ)          Feb Puts: 96 (DJV-NR) 
Long: BREAK BELOW 36.00        Long: BREAK BELOW 96.50
Entry: 1.10                    Entry: 1.30
Stop:  none                    Stop: none

Feb Puts: 540 (OEB-NH)         Feb Puts: 1075 (SPQ-NO)
Long: BREAK BELOW 549.00       Long: BREAK BELOW 1083.00
Entry: 5.40                    Entry: 14.00
Stop:  none                    Stop:  none


QQQ                            SMH
March Calls: 36 (QQQ-CJ)       March Calls: 44 (SMH-CI) 
Long: BREAK ABOVE 36.25        Long: BREAK ABOVE 44.00
Entry: 2.10                    Entry: 2.15
Stop:  2.10                    Stop:  2.15

BBH                            HHH
March Calls: 125 (GBZ-CE)      March Calls: 30 (HHH-CF)
Long: BREAK ABOVE 117.75       Long: BREAK ABOVE 31.00
Entry: 2.10                    Entry: 2.50
Stop:  2.10                    Stop:  2.50

PPH                            OIH
March Calls: 95 (PPH-CS)       March Calls: 60 (OIH-CL)
Long: BREAK ABOVE 95.00        Long: BREAK ABOVE 56.75
Entry: 2.20                    Entry: 1.50
Stop:  2.20                    Stop:  1.50


Sector Share Trade Model: Thursday 2/14/2002
On Wobbly Hooves

News & Notes:
------------
The "rally" continued today with a Dow close +12 but Nasdaq –12 at 
the bell. A few of our long plays tracked hit their stop-loss 
points for tiny loss or modest gains in relation to entry. It is 
incredibly easy to scalp a few pointes here & there (especially in 
the SMH and BBH) but catching a significant move has proven to be 
elusive for the most part.


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


Summation:
---------
Management mode from here and likely into next Monday as 
expiration volatility will probably chop current plays around as 
markets gyrate these next two sessions. 


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:
----------------
None


Open Short Plays:
----------------
IYR Dow Jones U.S. Real Estate
Short: BREAK BELOW 80.00 
Stop:  Break Above 80.50 [hit]
Result: -0.50


Open Long Plays:
---------------
LONG
QQQ
Long: BREAK ABOVE 36.25
Stop: Break below 36.50 *

SMH
Long: BREAK ABOVE 44.00
Stop: Break below 45.00 *

BHH
Long: BREAK ABOVE 3.80
Stop: Break below 3.80 *

BDH
Long: BREAK ABOVE 14.00
Stop: Break below 13.90 [hit]
Result: -0.10

HHH
Long: BREAK ABOVE 31.00
Stop: Break below 30.25

IAH
Long: BREAK ABOVE 35.00
Stop: Break below 34.50

TTH Telecom
Long: BREAK ABOVE 39.00
Stop: Break below 38.00

OIH Oil Services
Long: BREAK ABOVE 56.75
Stop: Break below 57.00 *

MKH Market 2000+ Big Caps
Long: BREAK ABOVE 57.25
Stop: Break below 57.00 

IYH Healthcare
Long: BREAK ABOVE 59.75
Stop: Break below 60.00 

PPH Drugs
Long: BREAK ABOVE 94.75
Stop: Break below 96.00 [hit]
Result: +1.25

BBH Biotech
Long: BREAK ABOVE 117.75
Stop: Break below 120.00 [hit]
Result: +2.25

XLB Basic Technology
Long: BREAK ABOVE 22.00
Stop: Break below 21.50 *


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The Option Investor Newsletter                  Tuesday 02-14-2002
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:
*****

None


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

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

CALLS              Mon    Tue    Wed    Thr

UPS      56.95    1.43  -0.08  -0.02   0.27  Resistance at $57
ASYT     17.32    0.95  -0.29   0.78  -0.36  Needs the SOX.X
UNH      74.53   -0.03   1.16  -0.36  -0.67  Group consolidation
ESRX     52.43    3.08  -0.52  -0.61   0.43  Lookout, inside day
TRW      44.64    1.18  -0.16   0.94  -0.11  Solid performer
CTX      57.23   -0.04   1.28  -0.22   0.21  Entry on weakness
IBM     107.89    2.39  -0.85   1.50  -0.18  Tech pullback
SII      57.99    2.39  -0.78   1.04   0.78  New, energy play


PUTS

TLAB     13.01    0.69  -0.48   0.20  -0.52  Breakdown at $13
A        27.30    0.76  -0.58   0.70   0.44  Entry at resistance
KSS      69.50    1.69  -0.08   0.79   0.40  Watch the RLX.X
CHKP     30.88   -1.03  -1.25   0.38  -0.99  Break below $31
GNSS     45.00    0.92  -3.31   0.34  -2.19  New, next leg down?


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

CTX $57.23 +0.21 (+1.23) With the typical expiration week
volatility, it is no surprise that our CTX play has really gone
nowhere yet.  After the rebound earlier this week, the stock is
consolidating its recent gains near the $57 level, just above
the 20-dma at $56.80.  That should come as no surprise, as the
$56.75 has acted as both resistance and now support over the
past couple weeks.  Keep in mind that we are playing CTX due to
the solid performance both of the stock and its sector, the
Housing index (DJUSHB).  Note that while the DJUSHB hasn't
advanced since we began coverage of CTX on Tuesday, neither has
it fallen back either, keeping the bullish picture intact.
Look to initiate new positions on a rebound in CTX from the area
of its 20-dma, or else wait for it to rally through Wednesday's
highs near $58.40 along with bullish movement in the DJUSHB.
Keep stops set at $54.75.

ESRX $52.43 +0.43 (+2.38) After ESRX screamed higher on Monday,
it has been reassuring to see the stock do a bit of consolidation
before attempting another run at the $53-54 resistance level.
Given the sharp rally from the $45 level last week, we're
impressed with the stock's strength as it has been finding support
near $51.50.  Also helping to paint a picture of normal
consolidation is the fact that ESRX has seen rather light volume
over the past few days, indicating that investors are in no hurry
to exit the stock.  Additionally, the Health Care sector (HMO.X)
is holding up well, biding its time for another run at all time
highs.  Continue to take advantage of intraday dips near the $52
level to initiate new positions in anticipation of another run
at resistance.  We're raising our stop to $51.25, just below
intraday support.

TRW $44.64 -0.11 (+1.85) Market up or market down, investors in
the Defense stocks just refuse to be spooked.  The Defense
Industry index (DFI.X) is resting just below the $586 resistance
level, and looks ready to break out.  TRW is performing even
better, inching higher on a daily basis and getting closer to a
breakout over the $45 level.  Volume has been a bit anemic over
the past 2 days, so traders looking to play a breakout will want
to see increasing volume before chasing the stock higher.  If
playing TRW from the momentum side, look for confirmation of the
bullish tone from the DFI index breaking above its own
resistance.  Alternatively, look for intraday dips to the
$43.50-44.00 intraday support level to provide attractive entry
points.  We're raising our stop to $43.30, just below Tuesday's
intraday lows.

UNH $74.53 -0.67 (+0.10) Consolidation has been the name of the
game over the past 2 days, just like we expected.  Remember that
UNH tends to move sharply higher and then consolidate those gains
before repeating the process.  Tuesday saw the stock shoot to new
all-time highs and now the we are in that consolidation phase,
which can also be seen in the Health Care sector (HMO.X), as it
rests for another push towards its all-time highs near $503.  The
20-dma (currently $73.99) continues to provide support on the
intraday dips, providing entry points for new bullish entries.
So we can continue to use dips near $74 to initiate new positions,
keeping our stop in place at the $73.50 level, just below support
that has been holding for the past 2 days.  A drop below that
level would indicate the bulls have lost interest in the stock,
and have us moving to the sidelines.  Keep an eye on the HMO
index, as it will need to hold above the $485 support level and
advance back towards its highs in order for UNH to continue its
winning ways.

UPS $56.95 +0.27 (+0.60) UPS finished fractionally higher in
today's session despite the weakness in the Dow Jones Transport
Average ($TRAN).  The TRAN finished about 1% lower for the
day.  The out performance on the part of UPS was encouraging
and hopefully leads to more upside in the coming sessions.  The
stock is trading firmly above its longer term moving averages,
but still needs the broader market to move higher.  In an
advancing market, short-term traders might look for a move
above the $57 level on relatively strong intraday volume.
Those who entered on the dip down to the 200-dma late last
week might use such a move to book partial gains on positions.
In the event of market-related weakness pressuring UPS lower,
look for the stock to rebound from its 50-dma at $56.20 or
its 200-dma at $55.50.

ASYT $17.32 -0.36 (+1.08) Asyst announced this morning that it
had added three industry recognized leaders to its management
team.  The news may have helped the stock higher after its
short-term breakout in yesterday's session.  After witnessing
yesterday's advance, it's becoming evident that ASYT is one of
the stronger stocks in the broader semiconductor sector.
However, ASYT still needs participation from the SOX.X to move
higher.  We saw that in today's session as the stock pulled
back in concert with the SOX.X.  It remains very important to
monitor the action of the SOX.X when gaming entries and exits
in this play.  From here, if the SOX.X continues lower, look
for ASYT to find support down around the $16 to $16.70 area,
where traders can look for entries into new positions.  If
the SOX continues higher, watch for ASYT to breakout above the
$18 level where traders who entered on the dip can look for
exit points.

IBM $107.89 -0.18 (+2.90) IBM traded higher early this morning
off of the good news delivered by tech companies after the
bell Wednesday.  The stock was strong until the weakness in
the Nasdaq brought in selling pressure.  Traders need to keep
a close eye on the broader tech sector when gaming IBM.  The
stock tends to track the Nasdaq.  That said, a positive day
tomorrow in techland could carry IBM up to the $110 area.
Scalpers and day traders might look for IBM to firm up along
with the Nasdaq in tomorrow's session and watch for a run up
to the $110 area, which is the current site of the stock's
overhead 200-dma.  If weakness in tech continues, watch for
IBM to pullback on light volume down to the $106.50 to $107
area, where dip buyers can target shoot entries.


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

SII - Smith Int'l $57.99 +0.78 (+3.43 this week)

Smith International, Inc. is a worldwide supplier of products and
services to the oil and gas exploration and production industry,
the petrochemical industry and other industrial markets. The
Company provides a comprehensive line of technologically advanced
products and engineering services, including drilling and
completion fluid systems, solids-control equipment, waste
management services, three-cone and diamond drill bits, fishing
services, drilling tools, underreamers, casing exit and
multilateral systems, packers and liner hangers. 

Energy market participants have shifted their focus to rising
tensions between the U.S. and Iraq.  As a result, shares of
energy-related concerns have been rising.  Ever since President
Bush's State of the Union address, in which he described the
axis of evil, the energy market has caught a bid.  That's
because the market is focusing on the possible disruption of
supply from the Middle East if, in fact, military action is
taken.  In addition to the geopolitical issues currently,
recent data reveals that inventories are under control and
supporting a relatively higher price in the commodity.  The
Oil Service Index (OSX.X) is up by more than 5% so far this
week and could continue higher if tensions increase on the
military front in the Middle East.  SII is one stock in the
group that is trading strongly.  It recent broke above its
200-dma for the first time since last June and has been
steadily climbing higher.  Momentum traders can look for an
entry at current levels if the OSX.X continues higher in
tomorrow's session.  Those looking for a dip can wait for
weakness down around the 200-dma at $55, which is reinforced
by the 10-dma.  Our stop is in place at $54.50.

BUY CALL MAR-55*SII-CK OI= 520 at $5.10 SL=3.75 
BUY CALL MAR-60 SII-CL OI= 362 at $2.35 SL=1.25 
BUY CALL APR-55 SII-DK OI=1721 at $6.40 SL=4.75 
BUY CALL APR-60 SII-DL OI=3750 at $3.80 SL=2.25 

Average Daily Volume = 1.14 mln
 


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

TLAB $13.01 -0.52 (-0.53) TLAB finally rolled over in today's
session on heels of the weakness in the wireless and networking
segments of the market.  The stock appears technically weak
after the decline below the $13 level near the close.  We're
looking for follow-through to the downside in tomorrow's
session.  Watch for weakness in the Networking Sector Index
(NWX.X) and the Wireless Services Sector Index (YLS.X) for
confirmation that TLAB is heading lower.  A decline below the
$12.50 level could be used to further strengthen bearish
conviction in this play.

KSS $69.50 +0.40 (+2.80) KSS traded up to the $70 resistance
level that we were gaming and proceeded to rollover.  We
acknowledge that the stock traded above our coverage stop at
the $70.25 level on an intraday basis, but because it failed
to close above that level we're maintaining coverage going into
tomorrow's session.  The premise of this play remains intact.
The high valuation of this stock should prevent it from
breaking out to new highs.  We're looking for market related
weakness to pressure this stock near resistance back down to
recent lows.  Turn to the Retail Sector Index (RLX.X) early
tomorrow for insight into the group's short-term direction.
Weakness in the RLX should pressure KSS lower.  Target shoot
entries at current levels with tight stops just above $70,
or today's intraday high at $70.49.

A $27.30 +0.44 (+1.32) Approaching major resistance, shares of
A look like they are about to present us with an attractive entry
point.  Following the breakdown in the Networking sector (NWX.X)
last week that dragged A below the $27.50 support level (also the
site of the 38% retracement level of the fall rally), bullish
traders have been defending the stock, gradually raising it back
near that broken support level (now resistance).  So we are at a
pivotal point; either the stock will roll over near $27.50, or
break through that level, bringing our play to an unsuccessful
end.  Target new positions on a rollover from resistance, and
exit any open plays should our $28 stop be violated.  The NWX
can't seem to find any sustained buying interest as it broke back
under its 62% retracement level on Thursday, and that bearish
sentiment appears likely to drag A back towards recent support
near $25.

CHKP $30.88 –0.99 (-2.89) And the breakdown continues.  We were
attracted to our bearish CHKP play due to the stock's continued
weakness relative to the Software sector (GSO.X), which has been
underperforming the broader market.  Despite several attempts,
CHKP just couldn't get through the $37 resistance level in late
January, and really started rolling lower in early February.  On
Monday, the bulls attempted to push CHKP higher, but were
promptly turned back at the 50% retracement level of the Fall
rally ($34.50), which also happened to be the location of the
20-dma at the time.  Since then, the stock has continued to drift
lower, falling below the $62% retracement level ($30.99) Thursday
afternoon.  This is also a major level of support dating back to
October of last year, and the stock's behavior here will dictate
the play's longevity.  Intraday rallies continue to meet with
stiff selling, so we can use these failed rallies to initiate new
positions.  Intraday resistance now rests at $32.50, and then
again at $33.50, the new site of our stop.  Continued weakness
can be used for opening new positions, but lookout for an
oversold bounce.


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

GNSS – Genesis Microchip $45.00 -2.19 (-4.24 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.

Despite a rebound in the Semiconductor index (SOX.X) over the
past week, not every Chip stock is benefiting from the sector
strength.  Even strong performance in 2001 isn't enough to keep
the bulls buying when analysts issue unfavorable comments based
on their expectations for the future.  Last year, shares of GNSS
could seemingly do no wrong, posting one breakout to new highs
after another.  That picture has been reversed since early
January, as the stock has come under heavy selling pressure,
falling through one support level after another.  Reinforcing
the reasons behind the recent decline was a recent downgrade to
Neutral from Pacific Growth, as the firm stated that they believe
the company has "nearly maxed out its potential".  Investors
didn't take kindly to that comment and GNSS cratered all the way
to the $44 level before getting an oversold bounce.  We were
playing the stock at the time and pocketed a portion of those
gains before being stopped out on the rebound.  But the picture
is turning bearish again after GNSS topped out near the $50 level
and selling pressure appears to be on the rise.  Now back below
its 50% retracement level (of the September-January rally), the
stock appears to be setting its sights on a drop near the 62%
retracement at $40.79, just below meaningful support between
$42-43.  With daily Stochastics reversing downwards after barely
emerging from oversold, the picture looks decidedly bearish, a
point that is confirmed by the PnF chart, which is currently
giving a bearish price target of $25 after the sharp decline
earlier this month.  Intraday resistance now lies near $47.50
and then $48.50; a failed rally near either level would make for
an ideal entry point.  Given the stock's normal volatility, we
are initiating the play with a rather wide stop at $50.50, just
above the highs earlier this week.  Trading a breakdown could
be profitable as well, but be careful of an oversold bounce as
GNSS approaches the $41 level, which is just above the 200-dma.

BUY PUT MAR-45 QFE-OI OI= 569 at $4.80 SL=3.00
BUY PUT MAR-40 QFE-OH OI=1168 at $2.60 SL=1.25

Average Daily Volume = 3.08 mln



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book:  

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and clicking on the link to the book on its home page.

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


**********
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                  Tuesday 02-14-2002
Copyright 2001, All rights reserved.                        3 of 3
Redistribution in any form strictly prohibited.




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

TLAB - Tellabs $13.01 -0.52 (-0.53 this week)

Tellabs, Inc. designs, manufactures, markets and services
optical networking, next-generation switching and broadband
access solutions. The Company also provides professional
services that support its solutions. Products provided by
Tellabs include optical networking systems, broadband access
systems and next-generation switching systems.

Most Recent Update

TLAB finally rolled over in today's session on heels of the
weakness in the wireless and networking segments of the market.
The stock appears technically weak after the decline below the
$13 level near the close.  We're looking for follow-through to
the downside in tomorrow's session.  Watch for weakness in the
Networking Sector Index (NWX.X) and the Wireless Services
Sector Index (YLS.X) for confirmation that TLAB is heading
lower.  A decline below the $12.50 level could be used to
further strengthen bearish conviction in this play.

Comments

TLAB has traded between support at $13 and resistance at $14
for about the last two weeks.  The time for a breakdown may
be upon us.  With the consolidation in the past two weeks,
further sector and market weakness should pressure TLAB lower
going into the weekend.  Look for a decline below today's
intraday low at $12.90.

BUY PUT MAR-15*TEQ-OC OI=2520 at $2.35 SL=1.25
BUY PUT MAR-12 TEQ-OV OI= 977 at $0.75 SL=0.25

Average Daily Volume = 5.60 mln



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

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


No time to waste this week chit-chatting about markets.  So let's 
head straight for the next part of the Q-Chart series that can 
make the product simpler and easier to use with a few short key 
strokes.  For those just joining us, I'll forego covering old 
ground and you can play catch-up by reviewing the last five 
articles plus Austin's article on how to set up and screen for 
block trades

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

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

http://www.OptionInvestor.com/traderscorner/012402_1.asp

http://www.OptionInvestor.com/itrader/archive/traderscorner/031801_2.asp

http://www.OptionInvestor.com/traderscorner/013102_1.asp

http://www.OptionInvestor.com/traderscorner/020702_1.asp

Now, on with the milking!

Ever wonder how Jeff and Eric come up with some of those trades 0
that frequent the Market Monitor window during the trading day?  
It isn't magic.  It comes at least in part from the Hot List built 
right into Q-Charts.  Here's how you find it.  You can go to that 
little ball of fire icon that looks like the following:



 


Just click on the icon that looks like fire and you will get the 
following Hot Lists Menu to pop up.  It looks like this:



 


From here, just select the ones that look interesting.  
Personally, I like to look at all of these at one time or another.  
But my favorites for trading idea are generally found in point 
gainers, point losers, percent gainers, percent losers, volume, 
and volume rate.  You may wonder why I'm interested in volume.  
The logic is simple.  Volume tells me how much conviction might be 
behind a move.  The greater the volume, the more likely it is that 
institutions are involved in the movement.  

But let's look at point gainers for a quick demonstration.  To do 
so, we select US Stocks Point Gainers, then click on the OK 
button, which pops up the following quote sheet:



 


There are a few things to notice about this.  First of all, the 
menu bar at the top changes to show the word, "Hot List".  By 
clicking on it, you can change your preferences on the list like 
font style, color and size, as well as background color if you are 
so inclined.  I don't personally bother.

Second, the little fireball icon containing a file appears as a 
live icon (circled in red at the bottom of the left-hand column).  
By clicking on it, you can get the Hot List Menu to pop up again 
should you wish to add more hot lists to the screen.

Third and probably initially puzzling is that the list itself is 
the "live" window and consequentially, we lose our ability to draw 
on a chart, as shown by the grayed-out chart menu icons on the 
left-hand side of this chart.  However, by clicking on any chart 
(the upper left-hand corner chart in this instance), the selected 
chart comes to the forefront of the screen, partially covering the 
Hot List.  By clicking on any chart, it also brings back live 
drawing icons as we can see in the left-hand margin below:



 


Notice the partially covered hot chart and live drawing icons 
above.  


We can make the list permanent on our screen and always open, just 
drag and drop it to the desired location.  Once done, be sure to 
save the changes for the next session by going to the File menu, 
then selecting Save Workspace.  It looks as follows:



 


Remember too there are buckets of hot list from which to choose.  
That said, I wouldn't save any of these as permanent in the 
workspace since they are so easy to access through the Hot List 
icon.  But to each his/her own!

That was pretty simple right?  Good!  Because now we are going to 
put a twist on the same thing.  Only this time, instead of 
selecting the Hot List/fire ball icon, we'll select the double 
quote button, which looks like the following:



 


Click the button and here's what pops up for us - a blank screen 
with a bunch of potential.  While the detail isn't immediately 
important, note that we have new live icons:



 


A close up of the icons looks like this:



 


The buttons represent the Hot List, Option Chain, and Sector List 
in that order.  We've already done the Hot List.  The option chain 
is self-explanatory.  We just click it and an Option Chains window 
pops up that looks like this:



 


Whatever equity or index symbol we have on our Symbol Window in 
the upper left-hand side of our screen is the symbol that will 
appear in the Option Chains window.  We can change what appears in 
the Option Chains window without changing the charts behind it, 
but that is of little use in trying to get our option chain for 
symbol currently showing on our candle charts behind the window.  
You will rarely have good reason to change the symbol in the 
Option Chains window.  Click OK, and a new quote sheet with your 
chosen option symbols will appear as follows:



 


As noted in the gray recipient field above, we now have two quote 
sheets.  Feel free to eliminate the un-useful one.    You can also 
eliminate this extra step in when the Option Chains window pops up 
by clicking on the radio button labeled Insert in Current Quote 
Sheet as follows:



 


That way only the single quote sheet shows up.

OK, now for the fun part - Importing Sector Lists.  We'll wrap up 
tonight's lesson with this one.  Want to track stocks in certain 
sectors without having to do the research of finding equity 
components and then inputting them by hand?  Here's an EASY way to 
do it, though the list won't exactly match the index.  It isn't 
the S&P sector list components or the Phili Semiconductor Index, 
but it is Q-Charts selective picking of components that they think 
fit in the sector  They have removed most of the hard work with 
this feature.  Here's how to do it.

Click on the double Quote Sheet icon to get a blank quote sheet on 
the screen.  Then click on the Import Sector Lists icon.  Looks 
like this:



 


Be sure to click on the radio button that says Insert in Current 
Quote Sheet to eliminate the extras.  Each plus sign contains a 
list of sub-groups.  By clicking on it, we can expose them.  Once 
you see what you want (say mobile homes/RV's under Capital Goods), 
select it as follows, and then click on the OK button. . .



 


. . .and the components will automatically load into your quote 
sheet as follows:



 

Simple!  Do as many of these as you like.  Remember you can add 
new fields, headings, and headers to your heart's content.  Drag 
and drop (and also size them) them to any size and space you like.

Most of all, have fun and experiment with these things.  You can 
even build whole workspaces dedicated to nothing but sector lists.

Once again, so little time, so much to write.  Questions always 
welcome.  Until next time, happy charting!


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

Bears beware.  A squeeze is around the corner in tonight's two new 
watch list plays.


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**************
MARKET POSTURE
**************

Financials are at resistance.  Will they breakout?


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