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Daily Newsletter, Monday, 07/15/2002

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The Option Investor Newsletter                   Monday 07-15-2002
Copyright 2002, All rights reserved.                        1 of 2
Redistribution in any form strictly prohibited.

Posted online for subscribers at http://www.OptionInvestor.com
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MARKET WRAP  (view in courier font for table alignment)
*******************************************************************
      07-15-2002          High     Low     Volume Advance/Decline
DJIA     8639.19 - 45.34  8681.90  8244.87  1.93 bln    916/2358
NASDAQ   1382.62 +  9.12  1382.70  1315.30  2.04 bln   1328/2159
S&P 100   457.17 -  1.74   458.91   436.09   Totals    2244/4517
S&P 500   917.93 -  3.46   921.39   876.46             
RUS 2000  409.08 -  4.20   413.28   396.98
DJ TRANS 2434.44 - 46.33  2481.12  2342.30
VIX        39.29 +  0.96    43.76    38.92
VXN        68.76 +  2.76    69.48    66.30
TRIN        0.77
PUT/CALL    0.87
*******************************************************************

It Must be Magic; It happened All By Itself!

Markets took a nosedive toward earth today, but miraculously 
recovered in the last hour and a half.  Bulls jumped for joy, as 
all but 45 points of today's 420-point loss at the bottom were 
recovered.  Shoot!  Another great opportunity to reach an absolute 
bottom was missed.  Drat!

See, I think markets can't bottom until bulls are a forgotten 
species.  Sure, there can be trading rallies like we saw today.  
But with a dollar that reached parity with the Euro for the first 
time in two years (very weak, that dollar), P/E ratios still 
completely out of whack, with bullish/bearish sentiment still 
registering much bullishness by analysts (see Barron's), with the 
delusional still thinking this market is bound for the good old 
days just as soon as the economy turns around, and with traders 
jumping on the Buy signal when the Dow touched its September 21 
low (and CNBC still on the air (big grin)), we are not there yet.  
Values will still fall.  I still build my personal ark, even 
through this bit of sunshine, in hopes that it produces a nice 
crop of grain for my journey.

I can already hear many calling me a heretic - "Burn him!  He's a 
witch!"  (OK, a warlock).  But consider this: these markets have 
yet to see a single 90% down volume day (the whole day, not just 
part of it), which has typified substantial bottoms for over 70 
plus years.  A real, long-term bullish trend (secular) has never 
been established without first going through a 90% down day.  

I also might point out that for the long-term (secular) markets to 
be pronounced bullish, the index in question must close higher 
than the previous day.  Despite a nearly 400-point recovery, today 
was still a loss. . .still bearish.  More to keep reality in 
check, the A/D line was 2:1 negative, the Dow Transports were far 
off from confirming the Dow Industrial's move, and were it not for 
the semiconductors, NASDAQ would not have been in the green by the 
close.

Bulls deserve some good news too, which leads us to focus on the 
cyclical markets.  As long as we remember that we're speaking of 
the short-term when we write "cyclical" - and there CAN be a short 
term bull within a long-term bear market - today's rally holds a 
lot of promise for the bulls.  Even if the Dow did close 45 points 
negative, it still managed an incredible recovery from within 7 
points (8244 today) of the September 21 closing low of 8235.  
That's a heapin' lotta bull swingin'.  And that it came nearly at 
the September lows with most oscillators deep in the oversold 
boundary.  Like the title says, "It must be magic!"

When we consider the Dow lost nearly 700 points last week, if we 
include the minus 440 points today, that's over 1100 lost points 
in six trading days.  Even for Fundamentals Guy, that's too darn 
bearish and just begging for relief.  With oscillators oversold, 
any touch of support with the slightest hesitancy by the bears to 
carry it further would surely spark a rally.  And rally it did, 
with volume to boot - 1.93 bln shares on the NYSE and over 2 bln 
on the NASDAQ (320 mln from WCOME)

Now I can't say if this will last for just 1 day, 1 week, 1 month 
or longer.  Likely we will even see a retest within that same time 
frame.  I remain militantly agnostic on today's action.  I don't 
know and neither does anyone else.  But in the words of the 
outstanding Jim Grant, founder of Grant's investor and sometimes 
Forbes columnist, "When one's most unconventional thoughts [this 
is a secular bear market] are repeated all day long as revealed 
truth on the stock market cable shows, a decision is in order - to 
think more highly of the TV set or reappraise the ideas."

"We have learned a few things since 1991," Grant concludes, 
"foremost of which is that markets can do anything. We absolutely 
do not rule out a fabulous equity trading rally".  

That said, all three major indexes are looking pretty much the 
same, so I won't break them all down individually today.  Shall we 
take a peek?

Dow industrial chart - INDU (weekly/daily/60 min):



NASDAQ chart - COMPX



S&P 500 chart - SPX



For the Dow and the S&P, I love those huge hammers formed on the 
daily chart with today's action.  NASDAQ's was really good and 
even finished green.  With the exception of the Dow, the 50 dma 
(magenta) and the 200 dma (gray) have a very noticeable separation 
that cannot go on forever.  Since oscillators oscillate, it only 
makes sense that this should soon begin a reversal if the rally is 
to have any meaning.  Speaking of oscillators, on a broad scale, 
we saw some nice upturns today, especially on the 60-min charts.  
It will take a while for the weekly to register and the daily has 
barely begun to flash bullish.  But on the daily, we've seen that 
before only to see it reverse into a nosedive again too.  I won't 
be counting these chickens before they hatch.  But again, those 
bullish hammers will lend some temporary strength.

The caveat:  Just as the bearish move over the last 14 weeks has 
been severe, as was today's drop from the open, the one hour and 
twenty minute recovery was equally severe.  We all know the drill.  
Nothing goes up or down in a straight line, and in times of 
turmoil, the candles can bounce like crazy, as we saw today.  So 
for you bullish traders, prepare for downdrafts and more tests of 
the September lows in the coming days.  For you bears, be 
exceptionally careful, lest you be gored - and if a bear took the 
rest of the day off after seeing a 400+ point decline on the Dow, 
that bear played a very expensive day of hooky.  

The point is that this is a very volatile market and both bulls 
and bears can be whipsawed like crazy.  How so?  Merely a look at 
the VIX of 39.29 and a high today nearing 44 ought to convince 
anyone that prices are anticipated to be anything but stable.  
Lots of fear and lots of optimism.  Bulls are emboldened now and 
bears need to think defensive.  Yet there remain angry bears and 
bulls have yet to regain supreme confidence.  Where the two meet 
is turmoil, aka volatile markets.  Traders should love the teeth 
and horns.

One other thing - there are new signs that the economy is again 
beginning to weaken.  Note that business inventories rose 
unexpectedly when announced today, and car sales were weak when 
announced last week.  That doesn’t spell recovery.  Yet the 
markets overlooked that out of sentiment.  There is mounting 
evidence that the economy and the stock market are independent 
mechanisms where markets can rise drastically in the face of bad 
economic news.  Likewise, markets can fall even if the economy 
appears to be improving, as was touted for the last 14 or so 
weeks.  Stock market leads the economy?  "I don't think so, Tim."  
Beware that fallacy about to be touted again if we see more gains 
in coming days.  It just aint so any more.

See you at the bell.

Buzz.


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

WILD RIDE!
by Leigh Stevens

TRADING ACTIVITY AND OUTLOOK - 

A wild ride today - some of the influences included continued 
selling from investors that had reached their "cry uncle" point, 
continued shorting by traders in the Dow stocks who thought the 
Dow Industrial Average would reach its September low, the 
influence of a weak dollar, disappointment that Bush had no "new" 
proposals to shore up the economy and rein in corporate misdeeds 
and fears of bearish earnings surprises this week.  What brought 
the market back from a 400 point deficit at one point related to 
short covering, bargain hunting once the Dow was near its post 
9/11 lows and the influence of the Nasdaq indices as tech buying 
interest was evident all day.  

If you kept your "cool", it was a great buying opportunity near 
the lows, even in the July Index options expiring at the end of 
the week. An example - the July OEX 450 calls went from around 
5.00 to over 12.00 late in the day. Nice trade if you grabbed it. 
I don't usually play such close-by options, but it seemed that 
these were crying out to be bought for a short-term pop.  

I covered a short position in QQQ only to watch the Q's drop to 
my 23.80 downside target at one point - but then I was out with a 
small profit and not short when the stock then soared to 25.57 by 
the close.  The Nasdaq held so steady through the NYSE sell off, 
you had to figure that the S&P would come back at some point and 
it did in a big way, with the OEX rallying over 20 points from 
its low in the 436 area, in the final hour and a half - a huge 
intraday swing - the biggest this year in terms of the Dow 
certainly.  

S&P 100 (OEX) Index - Daily/Hourly charts:


447-449 is where I anticipated near support in my Sunday 
commentary - WRONG! But, if you bought this area, you fared OK by 
the close.  The alternative was to buy the "breakout" above the 
recent high at 466. It appears that the OEX has put in at least 
an interim bottom - a real "V" type bottom by the way.  

A funny thing happened on the way to this bottom, whether it’s a 
"final" one or only an interim low - the index fell out of "bed"!  
The channel bed that is, as a new divergent and lower downtrend 
price channel was traced out using the 464 and 449 (down) swing 
lows as initial (trendline) points - along with today's hourly 
lows, through which to draw a steeper downtrend line; see the 
dashed dark green parallel channel lines.  

OEX by the close was back in the channel it was declining in 
previously however. I just did not extend the dashed magenta 
lower line - too many lines clutter the chart picture as it 
starts to look like a wild laser game.   

The 466 prior recent high is expected resistance ahead, as is 
468-470, at the top envelope line and the top of the steeper 
downtrend channel. Major resistance is expected at 490, at the 
upper line of the "broader" channel and the area of the 21-day 
moving average currently.  

I anticipate OEX support in the 449-550 area, lows prior to 
today's; below 450, 445 is support. Purchases are suggested on 
pullbacks into the 445-450 zone.    

S&P 500 (SPX) Index - Hourly chart:



In SPX, I was "looking at buying calls in the 900 area, 
especially if the index showed an oversold reading again on the 
hourly oscillators". We got that and then some!  The lower hourly 
envelope line was a better guide to where to buy today - at that 
point, given the oversold extreme in both stochastic models, the 
only "trick" was to take slow breaths and to NOT PANIC! 

I think we're back to where 900-901 will be near support.  
Resistance looks to be around 940-941. I'd rather buy the next 
pullback then sell the first rally given the impressive 
turnaround action of today.    

Dow Index (1/100: $DJX.X) - Daily/Hourly charts:



The big story of the day was the Dow Industrial average intraday 
decline that took it quite close finally to its prior weekly, 
post 9/11, lows - see the weekly chart above.  A big rebound from 
this low in the first day of the week, but with 4 more days to go 
in an index options expiration week - stay tuned for how DJX 
finishes!

DJX is back into its "main" hourly downtrend channel, between the 
two dashed lines - but not before its traced out a divergent 
lower channel relative to its prior (down) swing low at 86.  

The 88 area now looks to be near resistance; then, at 88.9-89.3, 
at the prior swing lows, which can now be assumed to be a zone of 
further selling interest.  

Support is anticipated now on pullbacks to the 85-84.8 area. A 
classic "V" bottom is what presents itself in today's action.  
Usually, prices do not immediately retrace back to the bottom of 
the "V".     

Nasdaq 100 Trust Stock (QQQ) Daily/Hourly charts:

A suggestion I made on our (intraday) Market Monitor today was to 
cover short QQQ stock/long puts when the stock was holding quite 
steady above 24.50, as the S&P indices kept falling. The Q's did 
end up at one point falling the 100 points further from its 
Friday close per my thought on my weekly (Sunday) wrap that: "The 
likelihood seems greater for the stock to move a dollar lower 
than a dollar higher, from Friday's 24.8 close. And, we got the 
close above 25.5 that I thought would be a "bullish turn".



Significant technical resistance lies at the cluster of rally 
highs noted on the chart above in the 26.5-26.8 area.  QQQ closed 
at my upper envelope line (4%) relative to the 21-hour moving 
average (not shown on the chart). I anticipate further upside 
progress, but not another immediate new up "leg" ahead of key 
earnings - INTC (Intel) reports after the close on Tuesday; IBM 
on Wednesday and MSFT (Microsoft) on Thursday. 

We may have another shorting opportunity on a move to the 27 area 
if that develops - 27.0 is the September low. What was support or 
a low then, now may "become" significant resistance. 

Major support or buying interest has shown up now several times 
on dips under 24, especially to around 23.50-23.60. QQQ near 
support looks to be around 24.50 - a dip into this area offers a 
buying opportunity in my estimation.    


Leigh Stevens
Chief Market Strategist 
lstevens@OptionInvestor.com


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

THE SECTOR BEAT - 7/15
by Leigh Stevens

Some of the sectors that we had loved to "hate" and culled out of 
our portfolios, are rebounding now, especially the 
Semiconductors, Fiber optics (FOP), Networking, Wireless, 
Boxmakers, Biotech and the Telecoms. 

UP THE MOST on Monday -


 

DOWN THE MOST on Monday -

There has been a tendency for rotational corrections to set in 
the market sectors, with the (sector) "themes" that were in favor 
during the past months, now being dumped to some extent in favor 
of buying sectors that may now offer relative bargains. 

It is simple to which sectors I am talking about - former ones 
that used to show up on the stock sectors that were often UP the 
MOST on the day, such as Gold stocks, Oils, Oil Services, Forest 
products and the small cap S&P and Russell 2000, have now "flip 
flopped" into the list of stock groups that are DOWN the MOST.  



 


SECTOR TRADE RECOMMENDATIONS & REVIEW -

NEW TRADE RECOMMENDATION(S) -

NONE

OPEN TRADE REC(S) -

NONE


OPEN POSITIONS - 

Long HHH at 21.50  
(Internet HOLDR's)
Stop: 20.00

Long SMH at 28.30   
(Semiconductor HOLDR's) 
Stop: 27.00 

 
TRADE LIQUIDATIONS -
 
Sold IJS at 78.50 on stop, versus entry at 81.60 
(S&P 600 Small Cap Value fund iShares)



RECENT SECTOR HIGHLIGHT(S) -

Boxmaker Index - Computers ($BMX.X) 
STOCKS: AAPL; CPQ; DELL; GTW; HWP; IBM; SNE; SUNW; UIS; VRTS  

The computer makers, as a group are more or less holding above, 
especially on a closing basis, the sector index's Sept. low. If 
this continues, look at the individual stock charts for similar 
patterns, suggest looking at call possibilities for some of these 
stocks. 
UPDATE: 7/14

Defense Index; Amex ($DFI.X)
STOCKS: ATK; BA; COL; DRS; EASI; EDO; ERJ; ESL; FLIR; GD; INVN; 
ITT; LLL; LMT; NOC; OSIS; RTN; SSSS; TDY; TTN; UIC

I estimated that DFI would fall to 565 at a "minimum". Now, it 
looks even as though the sector could fall all the way back to 
the early-year relative low around 508.  The sector index needs 
to close above 565 to make it look like the sector was no longer 
in free fall and could rebound. 
UPDATE: 7/14

Financial Index; NYSE ($NF.X)
STOCKS: This index is composed of all the financial stocks on the 
NYSE; e.g., banks, insurance, etc. 


The Financial Index has completed a 62% retracement of its Sept. 
to spring run up. Now what? It's generally been the case in past 
down markets, that there is little hope for a NYSE/S&P type rally 
until and unless the financial stocks are participating - this 
sector tends to function as a "bellwether" for the NYSE market.  
If 535 does not hold and a rebound begin, there is a potential 
next for the NF index to fall to the 520 area - 517 is the 75% 
retracement level. (If 517 is exceeded, I anticipate a retest of 
the prior low at 483.) 
UPDATE: 7/14

Gold & Silver Sector Index ($XAU.X)
STOCKS: ABX; AEM; AU; FCX; GOLD; HGMCY; MDG; NEM; PD; PDG; SIL

I thought that perhaps XAU was regaining its footing and would 
have another up "leg", but the pattern continues to have a 
bearish cast. The recent (up) swing high reversed at a level 
below the previous rally peak - and, this top appears to be 
"contained" by a down trendline off the XAU top at 89.  I am 
inclined to sell rallies until and unless the above trendline is 
decisively penetrated. 

The gold bulls must not be looking at the charts or seeing what 
I'm seeing - plus, those who favor gold as a political 
uncertainty hedge, forget that the cessation or subsiding of 
these threats always leads to gold sinking back to where its 
fundamentals justify the price to be, which appears to be at and 
under $300 the oz. Absent significant INFLATION, gold has no 
higher fundamental justification for sustained high prices. 
UPDATE: 7/14

Internet Index; CBOE ($INX.X)
AMZN; AOL; CHKP; CMGI; CNET; CSCO; DCLK; EBAY; ELNK; EXPE; FMKT; 
HLTH; HOMS; INKT; INSP; JNPR; OVER; RNWK; TMCS; YHOO

The Internet stock sector index has "leveled" off and is trending 
more sideways now, than lower.  Whether this will lead to another 
rally back to resistance at the upper end of its downtrend 
channel, but it’s a possibility.  

If you look at some of the individual stocks, they appear to be 
doing the same - perhaps most everyone who wants to/is going to 
sell these stocks has done so for the most part. 
UPDATE: 7/14

Networking Index ($NWX.X)
STOCKS: ADCT; ADPT; ALA; AV; BBOX; CIEN; CMVT; COMS; CSCO; EXTR; 
FIBR; GLW; HLIT; JDSU; JNPR; LU; NT; ONIS; RBAK; RSTN; SBL; SCMR; 
SONS; TALX; TLAB

Technology and networking in a "wired" world are still important 
businesses. The recent rebound in the Networking stocks as a 
roup is either a "dead cat" bounce or the cat has a few "lives" 
left. However, resistance at the upper trend channel boundary and 
as implied by the 50-day moving average at 179.9, is about the 
maximum I can see NWX doing for a while.  

140 is near support and the "pivotal" point - a move to below 
this level would suggest that the stocks are again sinking due to 
too little buying interest still.   
UPDATE: 7/14

Semiconductor Sector Index ($SOX.X)
STOCKS: AMAT; AMD; CMOS; CREE; IDTI; INTC; KLAC; LLTC; LSCC; 
LSI; MOT; MU; NSM; NVDA; NVLS; PMCS; RMBS; TER; TXN; XLNX

Same comments - A close above 400-405 is needed to suggest that a 
more substantial turnaround (than short-covering) in the SOX 
was underway. However, the recent rebound does appear to have 
gotten a bit of traction as the market anticipates perhaps a 
better earnings picture presented by Intel and other chip makers 
in the earnings reporting period ahead. Intel reports on Tuesday. 
Stay tuned! 
UPDATE: 7/14

Software Index; Goldman Sachs ($GSO.X)
STOCKS: ERTS; INFA; INKT; INTU; ISSX; ITWO; IWOV; JDEC; MANU; 
MENT; MSFT; MUSE; NATI; NOVL; NTIQ; ORCL; PMTC; PRGN; PRSF; PSFT; 
RATL; RETK; REY; RHAT; RNWK; SEBL; SNPS; SY; SYMC; TIBX; VIGN; 
VRTS; WEBM; WIND; YHOO

We're still seeing the minor bullish price/RSI divergence with 
the RSI indicator as it trends higher during which prices fell 
and then moved sideways. Meanwhile, the software HOLDR's have 
been trending sideways in possible "basing" action. Time will 
tell on this.  

The "lead" for GSO may come from Microsoft this week, which 
reports on Thursday after the close. A move in the sector stock 
SWH above $30 would be a bullish breakout.  Conversely, if 25.00 
is penetrated, especially on a closing basis, more weakness would 
appear to lie ahead.
UPDATE: 7/14

Telecoms Index; No. American ($XTC.X)
STOCKS: AT; BLS; FON; LU; LVLT; MCIT; NT; NXTL; Q; SBC; T; TMX; 
VZ; WCOM

Well, every dog has its day and this is no exception.  Telecom 
has been in an unrelenting downtrend, but there is usually a 
price reached that reflects a "value" proposition.  Maybe this 
group is somewhat "fairly" priced now, perhaps it’s a short-
covering bounce - but there is either a rally here that makes 
more shorting attractive or the sector is going to have a bit 
more upside follow through, say back up to resistance implied by 
its 50-day moving average at 473.  This is a key area - every 
prior approach to this level was followed by a reversal this 
year.
UPDATE: 7/14


Leigh Stevens
Chief Market Strategist
lstevens@OptionInvestor.com


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The Option Investor Newsletter                   Monday 07-15-2002
Copyright 2002, All rights reserved.                        2 of 2
Redistribution in any form strictly prohibited.


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Stop Losses based on the option price or the stock price.
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*****************
STOP-LOSS UPDATES
*****************

NVDA - call
Adjust from $16 up to $17.50

AMGN - put
Adjust from $37 down to $34.50


*************
DROPPED CALLS
*************

MMM $118.89 -1.98 (-1.98) Nervous bulls woke up to another
disaster this morning as the broad market opened weak and grew
worse until shortly after 2:30pm ET.  This was clearly reflected
in the action in MMM, as the $120 level fell to the bearish
assault at the open and the $119 level fell shortly thereafter.
Trading below $115 at its low, MMM managed an impressive rally
with the rest of the market, but notably finished fractionally
below our $119 stop.  The PnF chart provides the incentive we
need to stick with our discipline, as it shows a fresh sell
signal today, with the bearish price target set at $104.  It is
truly amazing how the picture can change so drastically in one
day, but MMM now makes a poor bullish candidate.  Any positions
that were opened last week should have been stopped out this
morning.  Use a continuation of today's rebound to close out
any remaining positions.


************
DROPPED PUTS
************

LXK $52.00 +1.49 (+1.49) Considering the heavy selling in the
broad market this morning, LXK was looking like a good drop
candidate tonight just based on its relative strength.  Even
with the NASDAQ Composite trading down by more than 50 points
in the early afternoon, the bears just couldn't pressure LXK
below $49.50.  The strong afternoon rebound off the lows
propelled the stock right through our $51.50 stop, giving us
the conviction we need to drop the play.  Use a profit-taking
dip in the morning to close out any remaining short positions.


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

AMGN – Amgen, Inc. $31.10 -3.20 (-3.20 this week)

The biggest of the Biotech big guns, AMGN makes and markets
therapeutic products for hematology, oncology, bone and
inflammatory disorders, as well as neuroendocrine and
neurodegenerative diseases.  Anti-anemia drug Epogen and immune
system stimulator Neupogen account for about 95% of sales.  Its
Infergen has been commercialized as a treatment for hepatitis C,
and Stemgen is approved for stem cell therapy in Australia,
Canada, and New Zealand.  The company has a strong pipeline of
new drugs in various stages of development as well as research
and marketing alliances with Hoffman-La-Roche and
Johnson & Johnson.

Most Recent Write-Up

Despite Friday's modest rally (+2.5%) in the Biotechnology sector
(BTK.X), eager bulls were unable to stave off the sharp afternoon
selloff.  Market-wide in its scope, it dragged the index down near
its opening value before mercifully permitting a bit of a bounce
in the final hour.  As expected, AMGN rallied with the BTK in the
morning, but weakness started cropping up here much earlier.  The
high of the day was posted by 11am and then the remainder of the
day was a series of lower highs and lower lows.  Despite the
late-day rebound off the lows, AMGN finished fractionally lower,
showing some bearish divergence from the BTK.  It is interesting
to note that the stock found resistance right at the $35 level
before rolling over, giving us clear confirmation that the bears
are still in charge.  Even if another round of short-covering
surfaces next week, AMGN has some formidable resistance looming
at $36, which will be unlikely to fall to the bulls without a
solid broad-market rally.  Use failed rallies at $35 or $36 to
initiate new positions, keeping stops set at $37.  A
volume-backed drop below $32.25 will be required to satisfy
entry requirements for momentum traders.

Comments

Following the early drop in the broad market, AMGN fell at the
open before stabilizing throughout the day.  The stabilization
was a bit disconcerting for the bears, but their perseverance
paid off at the end of the day.  With the rest of the market
rallying strongly off its lows, AMGN took a big nose dive in
the final 10 minutes following FTC approval of the IMNX
acquisition.  Traders apparently didn't like the news and sold
the stock hard, with AMGN coming to rest near the $31 level.  A
little bit of follow through to the downside and we'll likely be
testing that $25 support level, dating back to late 1998 and
early 1999.  Look to initiate new positions on an oversold rally
back to the $32.50-33.25 area.  That should provide strong
resistance.  We are lowering our stop tonight to $34.50

*** July contracts expire this week ***

BUY PUT JUL-32 AMQ-SZ OI=1278 at $1.75 SL=0.75
BUY PUT AUG-32 AMQ-TZ OI=1138 at $3.50 SL=1.75
BUY PUT AUG-30 AMQ-TF OI=2923 at $2.25 SL=1.00

Average Daily Volume = 14.0 mln



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