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Daily Newsletter, Wednesday, 05/28/2003

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The Option Investor Newsletter                Wednesday 05-28-2003
Copyright 2003, All rights reserved.                        1 of 2
Redistribution in any form strictly prohibited.


In Section One:

Wrap: Five-Day Winning Streak?
Futures Wrap: Distribution
Index Trader Wrap: See Note
Weekly Fund Family Profile: The Managers Funds & Managers AMG Funds


Posted online for subscribers at http://www.OptionInvestor.com
*******************************************************************
MARKET WRAP  (view in courier font for table alignment)
*******************************************************************
      05-28-2003           High     Low     Volume   Adv/Dcl
DJIA     8793.12 + 11.77  8854.53  8773.93 1.85 bln 1628/1222
NASDAQ   1563.24 +  6.55  1571.85  1553.70 2.03 bln 1835/1302
S&P 100   479.65 +  0.66   483.15   478.38   Totals 3463/2524
S&P 500   953.22 +  1.74   959.39   950.12
W5000    9103.85 + 16.85  9156.47  9077.63
RUS 2000  430.48 +  2.77   431.34   427.71
DJ TRANS 2411.06 -  5.76  2426.01  2408.96
VIX        22.00 +  0.23    22.51    21.55
VXN        30.22 +  0.94    30.30    29.09
52wk Highs  416
52wk Lows    11
PUT/CALL   0.70
*******************************************************************

Five-Day Winning Streak?

Barely.  I spotted a headline about the five-day winning streak
when preparing for this article.  Indices closed in the green
today, but only minimally, with the DJI closing up 11.80 points,
the COMPX up 6.55 points, the SPX up 1.74 points, and the OEX up
66 points.  Across the indices, daily charts sported doji's.  In
the case of the two S&P's and the DJI, those doji's formed
gravestone doji's, doji's with a long upper shadow and no or
little lower shadow.

Doji's at resistance raise the possibility of a three-candle
reversal signal known as an evening-star pattern, but that pattern
requires confirmation from tomorrow's trading.  We'll look at that
possibility later when we examine the charts.

This morning brought no hint of possible reversals, however.
Before the bell, the release of the durable goods number showed
April orders falling 2.4%, more than the expected 0.9% drop.
Market participants ignored the report and its internals.  Those
internals revealed that April orders for core capital goods, those
excluding defense goods and civilian aircraft, fell 3% from
March's rise of 4.7%.  While some felt that the small decrease was
reassuring after March's gain, perhaps that core number should be
the focus of more attention. It's a leading indicator for the
producers' durable equipment (PDE) component of the GDP.  With the
PDE the largest component of business investment, today's number
provides a glimpse into GDP growth in the coming quarters.  That
glimpse was not particularly reassuring.

Orders for motor vehicles and parts dropped 3%, causing orders for
all transportation equipment to fall 5.4%.  Orders for civilian
aircraft soared 48.6%, but orders for military aircraft dropped
26.4%.  Perhaps these results prompted the Dow Jones
Transportation Index's 5.79 drop on the day, one of the few
indices to lose ground.

Of particular interest to Fed watchers was the 0.1% drop in
unfilled core orders.  When that number rises, companies must
increase production to meet the orders, but with a drop in the
number, companies do not need to ratchet up production.  The drop
was minimal, but when testifying last week, Federal Reserve
Chairman Alan Greenspan mentioned the previously rising unfilled
core orders as a sign that the economy was recovering.

Although one source characterizes the durable goods number as
being a market mover, that didn't happen today.  If global markets
had primed the U.S. markets for a drop yesterday morning, they did
the opposite today.  The Nikkei climbed 1.4% and European markets
traded in the green, already challenging important resistance as
U.S. markets opened.  Bonds dropped and the dollar rose ahead of
the 9:30 open of the U.S. markets.  Later, the FTSE 100 closed
above the key 4000 level, at 4071, and both the CAC 40 and DAX
closed above 2900.

U.S. markets opened in the green, although perhaps more modestly
than the performances of global markets and overnight U.S. futures
led market participants to expect.  Volume patterns confirmed the
bullish tenor of the markets, with strong volume and with
advancers leading decliners.  Other intermarket relationships
confirmed the bullish tenor, too.  By 11:45 ET, indices broke
through important resistance levels to trade at what would become
their day's highs.

The Wilshire 5000 broke through 9100, trading as high as 9156.47.
The DJI broke through 8850, trading as high as 8854.50; and the
SPX broke through 950, trading as high as 959.39, just below the
960-965 zone traders awaited.  The COMPX achieved a 1571.85 high,
and the NDX a 1181.93 high.  As Jeff pointed out, the BIX also
traded over 300, reaching a day's high of 301.42.

As I mentioned in last night's wrap, though, bullish traders had
reason to remain watchful, even in a seemingly bullish
environment.  As the markets moved into the lunchtime lull, a
sudden decline sent them toward support levels.  The markets tried
twice more during the afternoon to reach those highs again, but
failed each time.  The DJI closed just below 8800, the BIX just
below 300, and the OEX just below 480.  The SPX managed a close
just above 950, the COMPX a close just above 1520, and the
Wilshire a close just above 9100.

Those frequent inclusions of the word "just" were not accidental
or a sign of lackadaisical editing, but rather were intended to
emphasize the tenuousness of today's closes.  There was nothing
tenuous about volume patterns, however.  Today's volume amounted
to a strong 3.5 billion, with 1.5 billion shares traded on the
NYSE and 2 billion on the Nasdaq.  Advancers led decliners by
identical 19:14 ratios on both the NYSE and Nasdaq.  Up volume led
on both the NYSE and the Nasdaq, although on the NYSE, up volume
began losing ground to down volume as the day progressed.  By
day's end, up volume was a neutral 1.2 times down volume on the
NYSE.  New highs numbered 605 against 18 new lows.

Sector gainers today were led by the Dow Jones US Home
Construction Index (DJUSHB, up 3.12%).  The airline index ($XAL,
down 2.90%) led the decliners.

Noteworthy stocks included Costco (COST, 37.35, up 1.43 or 4%), up
after reporting Q3 earnings that rose 18% and sales that rose 11%.
The earnings surprised to the upside, while sales came in slightly
below forecasts.  Krispy Kreme Doughnut (KKD, 34.18, up 2.32 or
7.3%), the short-seller's nightmare stock, jumped after reporting
Q1 net income of $.22/share, above estimates and the year-earlier
$.15/share.  Sales increased 24%.  Chip-maker Rambus (RMBS, 17.55,
up 1.11 or 6.75%) rose after a judge dismissed a shareholder suit
against the company.

Toll Brothers (TOL, 28.50, up 1.05 or 3.83%) gained after Q2 net
income climbed to $.72/share, higher than the expected $.68/share.
Demand increased for TOL after weather conditions improved in
April and May, and the war with Iraq concluded, the company said.
Traders should note that this is a peak season for real-estate
sales.

Notable decliners included Altria Group (MO, 41.33, down .76 or
1.81%), falling despite the declaration of a regular quarterly
dividend of $0.64/share; and Semtech (SMTC, 15.40, down 1.50 or
8.88%) down after reporting that Q1 net income declined while
orders increased.  Office Depot (ODP, 13.20, down $.50 or 3.65%)
guided analysts to expect Q2 earnings of $.16-.18, rather than the
average prediction of $.18.  A company spokesperson reported no
signs of significant economic improvement in North America or
Europe.

Last night, I began a study of the charts with a look at the
Wilshire 5000, and that seems the appropriate place to start
tonight, too, beginning with the daily chart rather than the
weekly chart.

Daily Chart of the Wilshire 5000:




Last night's study of this chart determined that the Wilshire 5000
had nestled underneath the resistance provided by the violated
ascending red trendline and the horizontal resistance at 9100.
That remains true, with today's candle nudging up underneath that
resistance, too.  However, today's candle is a small-bodied candle
with a relatively long upper shadow, a potential reversal signal.

Another change appears on the chart.  Last night, I mentioned that
the oscillators had been forming a pattern of lower highs, and
that traders could use a break or continuation of that pattern as
a guide to entering trades today.  RSI broke through that pattern
this morning, confirming today's early rise.  However, RSI has now
flattened, and the 5(3)3 stochastics did not break through their
pattern of lower highs.  Both now move further toward overbought
levels.

Daily ADX continued to flatten while buying pressure continued to
rise and selling pressure continued to fall.  The changes in this
chart's aspect prove subtle, but demonstrate increased risks to
those in bullish plays across the markets, I believe.

Weekly oscillators and ADX (not shown) confirm these conclusions,
with weekly RSI now fully in territory indicating overbought
conditions and higher than at previous moves to 9100.  Weekly
5(3)3 stochastics and ADX flattened.  The Wilshire's chart leads
me to conclude that although I felt comfortable entering a bullish
daytrade early this morning due to the positive market tenor, I
would feel less comfortable tomorrow.  Even today, I followed that
trade with raised stops, letting the market take me out at a small
profit.

These chart developments do not preclude the possibility of
further upside.  The potential reversal signal requires
confirmation tomorrow, confirmation that will not be determined
until tomorrow's close.  However, at this point, bullish traders
might take steps to guard profits while bearish traders should
remain aware that confirmation has not yet occurred.  Those
seeking bearish trades might seek confirmation, then, in market
action and in intermarket relationships such as the performance of
bonds and volume patterns, always prepared to exit on strength.

Although the retracement levels cluttered the chart, I included
Fibonacci levels on the chart to show where a typical retracement
might take the Wilshire 5000 if the index turned down from current
levels.  The rally proved stronger than many expected, and now
market wisdom predicts a shallow pullback.  That shallow pullback
should still retrace 1/3 to 1/2 of the rally, however.  Market
participants might begin looking for a steadying on a Wilshire
5000 move to its simple 200-dma at 8620, its 38.2% retracement of
the rally at 8525, or its 200-ema at 8379, just above the 50%
retracement at 8330.  Of course, should the Wilshire confirm the
break above 9100 by producing two or three daily closes above that
level or a 3% move above it, bullish sentiment might carry the
Wilshire toward 9325, at which point those retracement values
would need to be recalculated.

I've also included Fibonacci retracement values on the daily SPX
chart.

Daily chart of the SPX:





Like the Wilshire, the SPX daily candle demonstrates a potential
reversal signal, with the SPX printing a gravestone doji at
resistance.  Unlike on the Wilshire's chart, the RSI did not
confirm today's move by a break through the pattern of lower
highs.  The daily 5(3)3 stochastics also did not break above their
pattern of lower highs.  ADX remains flat this week despite the
increase in prices, showing that the upside trend does not yet
regain strength.

I reiterate the same cautions here as I did with the Wilshire.
The potential reversal signal remains a potential signal only
until tomorrow's trade either confirms or negates that potential.
However, this potential reversal signal, the failure of the
oscillators to break above that pattern of lower highs, and the
positioning of those oscillators in overbought territory confirm
the risk to those carrying bullish trades.

The Fibonacci retracement levels show that if tomorrow's trading
onfirms the reversal signal, a 38.2% retracement would take the
index to the 894 level.  On a pullback, traders might first begin
looking for strength on a move down to the 200-ema at 911, the
38.2% retracement at 894, the 200-sma at 885, or the 50%
retracement at 874.

If the SPX should instead continue to move up, as is possible,
traders should add today's high to possible resistance levels, as
well as the known 960-965 resistance.  Although a breakout above
those levels appears unlikely at the moment, that breakout would
see next resistance near 990 and then near 1000.

The OEX daily chart shows similar characteristics:  a gravestone
doji, a flattening of RSI at the trendline delineating the pattern
of lower highs, a failure of the 5(3)3 stochastics to break
through its own trend of lower highs, and a flattening of the ADX.
However, the daily ADX may be turning up slightly, although the
movement proves far from conclusive as yet.  The 5(3)3 stochastics
still move up, however, as do the 21(3)3's, with the longer-term
21(3)3's not yet in territory indicating oversold conditions.

On a pullback from current levels, traders should watch for
strength or a steadying on a move down to the 200-ema at 461, the
38.2% retracement at 452, the 200-ema at 448, or the 50%
retracement at 442.  If the OEX should instead break above the
current range, traders should add today's high to resistance
levels to watch, as well as the known 487-490 and 500 levels.  A
move above 500, although appearing unlikely at the current time,
might see a move up to next strong resistance near 550.

A discussion of the OEX would not be complete without a mention of
the VIX, as one reader reminded me today.  The VIX and VXN gained
today.  The volatility indices sometimes do gain on a day when the
indices trade near key support or resistance, as some fearfulness
creeps into trading.  Last week, the VIX touched the lower line of
a descending trendline that has defined VIX lows since last July,
and has begun moving up and away from that line, but it has not
yet reached the sub-20 levels that marked the August and March
lows for the VIX.  Therefore, it's difficult to ascertain whether
the VIX will continue up from current levels as indices turn down
from resistance or follow the trendline down to the sub-20 level
while the indices maintain levels above key resistance.

As I did last night, I'm using the DJX's chart as a proxy for the
DJI's, since Q-chart's DJI chart skipped some of the daily
candles.

Daily chart of the DJX:




The DJX chart features the same gravestone doji under resistance
as seen in the other charts.  RSI flattens just beneath the line
indicating overbought levels, at an equal high as that made during
lower price highs.  If this action continues, it indicates bearish
divergence.  The fast line of the 5(3)3 stochastics poked above
the trendline of lower highs, but the slow line has not confirmed.
ADX appears to have cupped up, but remains below the key 20 that
indicates a trending rather than a rangebound market.  Buying
pressure has been moving up, but may be showing a tendency to
flatten.

These chart details lead me to reach the same conclusion as that
reached with the other indices.  If the DJI should confirm that
evening-star formation, traders should begin watching for next
strength or a steadying on a move to the 200-ema at 8502, the
combined 200-sma and 38.2% retracement level at 8306, or the 50%
retracement level at 8138.  I would also add historical support
levels at 8200 and 8250 to this list.

If the DJI should instead move up, traders should look for next
resistance at today's high, 8880, 9000, and 9050.  Although a move
above those resistance levels appears unlikely, such a move might
initiate a new leg up, sending the DJI toward 9375.

Yesterday, I noted the potential for a bullish right triangle
formation on the NDX, although other writers have noted different,
equally valid formations.  On the following chart, I've indicated
one possible top for the NDX bullish triangle, although as I
stated yesterday, I would consider a 1160-1190 resistance zone for
this top rather than the specific 1160 resistance.

Daily chart of the NDX:




On this chart, you'll encounter the same aspects as found on the
other charts:  a doji at resistance, RSI and stochastics staying
beneath a pattern of lower highs, RSI flattening, and ADX
remaining flat.  Buying pressure may be flattening after its
recent climb, too.

If the potential evening-star formation is confirmed, traders
should look for next strength or a steadying near the intersecting
historical resistance at 1100 and the 38.2% retracement at 1089,
the 200-ema and rising blue trendline at 1081, and the 50%
retracement at 1060.

If the NDX should instead move up, next resistance might be found
at 1190 and the round-number resistance at 1200.  Although an
extended move up appears unlikely without a pullback occurring
first, a move over 1200 might see a next leg initiated, with a
rise to 1300 then made possible.  As with the other indices,
however, the risks now shift to those in bullish positions, while
those seeking bearish trades should remain aware that the
potential evening-star formation has not yet been confirmed.

The appetite for tech stocks may continue, however.  After the
bell, Agile Software (AGIL, 8.10, up 0.38 or 4.92%) reported
higher sales, resulting in a narrowing of the Q4 net loss from the
same-period loss reported last year.  That loss was $.06/share,
less than last year's $.39/share.  This report beat expectations.
Although after-hours trading often proves unreliable, AGIL added
to its gains in after-hours trading, with bids and asks of 8.95 x
9.05 at the time this article was written.

Tech Data (TECD, 26, down 0.33 or 1.25%) extended its losses in
after-hours trading, however, after reporting a smaller-than-
expected net profit of $.38/share, 40% less than last year's
$.60/share. At the time this article was written, bids and asks
were 24.76 x 25.

Tomorrow's economic calendar includes releases of initial and
four-week jobless claims, Q1 preliminary GDP, corporate profits,
the help-wanted index, natural gas inventories, chain deflator,
and money supply.  Initial claims will be released before the bell
and will be closely watched.  The preliminary chain deflator and
Q1 preliminary GDP will also be released before the bell, while
the help-wanted index will be released at 10 ET.

Previous four-week jobless claims numbered 428,000.  The previous
initial claims were 433,000, and I've located predictions that
vary from 420,000 to 435,000 for the current number.

Although gross domestic product measures economic activity, of
intense interest in the current climate, the preliminary Q1 GDP
number to be released tomorrow might be discounted as old news, as
the market has often discounted numbers collected while the U.S.
dealt with the Iraq situation.  The prior number was for 1.6%
growth, with the forecasts for the current number between 1.8-1.9%
growth.

Earnings to be released tomorrow include Take-Two Interactive
Software (TTWO, 26.25, up 1.26 or 5.04%) and Chico's (CHS, 21.60,
up 0.59 or 2.81%) before the bell; and McData Corporation (MCDT,
11.05, down 0.45) and J.D. Edwards & Company (JDEC, 12.02, up 0.59
or 5.16%) after the close.

See you tomorrow morning!

Linda Piazza


************
FUTURES WRAP
************

Distribution
Jonathan Levinson

Daily Pivots (generated with a pivot algorithm and unverified):

Figures rounded to the nearest point:

           R2     R1    Pivot   S1     S2
DJIA      8888   8840   8807   8760   8727
COMPX     1581   1572   1563   1554   1545
ES03M      964    958    953    947    943
YM03M     8882   8827   8791   8736   8700
NQ03M     1196   1185   1175   1165   1155

Or consolidation.  Today's was a tense session, with equity
futures trading just under their critical resistance levels and
above recent support levels throughout the session.  Equities
were either consolidating their recent gains and building support
above resistance-turned-support, or being distributed near the
top to latecomers to the rally.  We won't know until either the
buyers or sellers exhaust themselves.

The session opened strong, dipped to its near lows immediately
thereafter, chopped along in a range before setting the lows of
the day, bounced to the highs, and then spent the afternoon in a
range between the opening extremes.  It was the perfect way to
shake out bulls and bears alike without posting any meaningful
progress in price.

The US Dollar showed its first strength in days, and not
surprisingly, the fed drained intervention money from the market
for the first time in days as well, refunding yesterday's
expiring 7.5B overnight repurchase agreement with a 4.75B 6-day
repo, for a net drain of 2.75B on the day.  The US Dollar Index
was trading the 93.44 level as of this writing.


15 minute chart of the US Dollar Index





Daily chart of June gold




June Gold got sold on the strength in the US Dollar Index, finding
support just below 360 at the horizontal line profiled here last
night.  It closed back at the level of this morning's breakdown,
the upper horizontal s/r line.  The commodity futures index, the
CRB, finished down 1.69 at 235.77.

I've focused on the charts of the long term NDX and SPX cash
indices, because the long term picture is currently in play.

5 year chart of the NDX cash (log scale)




On both the NDX and SPX (see below), we see the long term head
and shoulders necklines being tested.


Daily NQ3M candles




On the daily NQ3M contract, yesterday's horizontal breakout level
was tested successfully, with the NQ closing above the 1170 level
despite an intraday low of 1165.50.

The uptrend in the oscillators has so far held true.  This would
look like a "homefree" for the bulls, and indeed it might be, but
the long term head and shoulders neckline and descending
trendline have yet to be seriously tested.

30 minute 20 day chart of the NQ3M




Today's activity added nothing to the 30 minute candle chart
profiled last night, with today's action only consolidating
yesterday's gains and printing a marginal new high at the open.
Note that the oscillator uptrends are still intact, but it will
take a big launch higher to avoid violating them tomorrow
morning.


5 year SPX cash (log scale)




The 960 level went unchallenged today.  The descending upper
trendline reinforces that level as the critical line for bulls.
As with the NDX, this level has yet to be seriously tested.


Daily ES3M candles




On the daily chart, the ES3M 950 level was retested and held,
which is a bullish sign.  The daily candle appears as a
gravestone doji, a bearish print, but rests on support.  The
oscillator uptrends are intact, though on the 30 minute candles,
a break of the shorter cycle uptrends appears imminent if it is
not already in progress:

20 day 30 minute chart of the ES3M





Daily YM3M candles





Nothing to add on the YM daily or 30 minute candles.  We see the
same setup as for the NQ and ES contracts.

20 day 30 minute chart of the YM





As discussed in the intraday Market Monitor, treasuries traded
weakly all through the session, with yields up strongly until
their 3PM EST close.  The selling in bonds seemed to relent as
the session wore on, commensurate with the stochastic downphases
picking up steam on the 30 minute NQ, ES, and YM stochastics.
This points to weakness for equities at the open.  Whether
treasuries are trying to recouple to equities, or are simply
leading a pullback in equities remains an important question for
which I do not yet have an answer.


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

Check the Site Later Tonight For Jeff's Index Trader Article
http://members.OptionInvestor.com/itrader/marketwrap/iw_052803_1.asp


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**************************
WEEKLY FUND FAMILY PROFILE
**************************

The Managers Funds & Managers AMG Funds

The Managers Funds and Manager AMG Funds are no-load fund groups
providing investors with access to some of the world's top money
managers.  Instead of seeking to enhance value through stock and
bond selection, Managers Funds seek to enhance value by picking
the most qualified managers in their respective investment areas
and putting them under one umbrella.

According to The Managers Funds website (www.managersfunds.com),
this approach is designed to create a dynamic investment process
that can offer significant advantages over traditional funds and
is often available only to institutions and affluent individuals.
The Managers Funds have low minimum initial investments of $1,000
or $2,000 and average operating expenses relative to other funds.

Managers AMG Funds (www.amg.com) is a collaborative effort among
The Managers Funds LLC and Affiliated Managers Group, Inc. (AMG).
Managers AMG Funds is a no-load fund family managed/distributed
by AMG subsidiary, The Managers Funds LLC and sub-advised by AMG
investment affiliates.  The fund family is comprised of different
funds with distinct investment management objectives, strategies,
risks and policies.  These funds have minimum initial investment
requirements of $5,000 or $25,000.

Affiliated Managers Group Inc. (NYSE: AMG) is an asset management
company, which through internal growth of existing affiliates and
through investments in new affiliates now collectively manages in
excess of $68 billion in total assets (March 31, 2003).  The firm
offers approximately 150 investment products across a broad range
of investment styles and distribution channels today.  Our report
this week looks at both The Managers Funds and Managers AMG Funds
groups.

Fund Overview

The Managers Funds lineup is comprised of 14 no-load mutual funds
investing across the three major asset classes (stocks, bonds and
cash).  Eight additional funds are available through Managers AMG
Funds, making a total of 22 no-load fund products to select from.
That's a pretty good selection of money managers, the majority of
which aren't accessible elsewhere in the retail fund marketplace.

   The Managers Funds: Equity Funds
   Value (MGIEX), Large-Cap Value
   Capital Appreciation (MGCAX), Large-Cap Growth
   Special Equity (MGSEX), Diversified Small Company
   Small Company (MSCFX), Diversified Small Company
   International Equity (MGITX), Developed International Equity
   Emerging Markets Equity (MEMEX), Emerging Markets Equity
   U.S. Stock Market Plus (MGSPX), Enhanced S&P 500 Index

   The Managers Funds: Fixed Income/Money Market Funds
   Money Market (MGMXX), Money Market
   Short Duration Government (MGSDX), Short-Term Government Bond
   Intermediate Duration Government (MGIDX), Intermediate Gov't
   Intermediate Bond (MGSIX), Intermediate Diversified Bond
   Total Return Bond (MTRFX), Intermediate Investment-Grade Bond
   Bond (MGFIX), Longer-Term Diversified Bond
   Global Bond (MGGBX), Global Investment Grade Bond

   Managers AMG Funds (All Equity Funds)
   Systematic Value (MSYSX), Large-Cap Value
   Rorer Large-Cap (MRLCX), Large-Cap Value
   Rorer Mid-Cap (MRMCX), Mid-Cap Value
   First Quadrant Tax Managed Equity (MFQTX), All-Cap Blend
   Frontier Growth (MFRGX), Mid/Large-Cap Growth
   Frontier Small Company Value (MGFVX), Small-Cap Value
   Essex Aggressive Growth (MEAGX), All-Cap Growth
   Burridge Small Cap Growth (MBRSX), Small-Cap Growth

The Affiliated Managers Group (AMG) funds are an interesting lot.
Essex Aggressive Growth Fund (MEAGX), an all-cap growth fund sub-
advised by Essex Investment Management LLC, is the first fund in
the family.  It started operations on November 1, 1999 and seeks
to provide long-term capital appreciation through investment in a
diversified portfolio of securities.  Rorer Asset Management LLC
is sub-investment adviser of two value-driven funds, one mid-cap
oriented and one large-cap oriented.  Frontier Capital Management
Company LLC serves as sub-adviser of Frontier Small Company Value
Fund (MGFVX) and Frontier Growth Fund (MFRGX), a pro-growth style
fund investing in mid-cap and large-cap sectors.  For more detail
see the www.amg.com website.

The Managers Funds sport two Morningstar 5-star rated funds - the
Managers Bond Fund (MGFIX) and the Managers Intermediate Duration
Fund (MGIDX).  Managers Bond Fund is managed by bond guru, Daniel
Fuss, an executive vice president, director, and managing partner
of Loomis Sayles & Company.  Loomis Sayles has served as the fund
subadvisor since its 1984 inception.  Daniel Dektar, a principal,
executive vice president and director of Smith Breeden Associates
Inc., has been manager or co-manager of the Managers Intermediate
Duration Fund since it started operations in 1992.

Four more funds have above average or 4-star Morningstar ratings,
as follows:

  Morningstar 4-Star or 5-Star Rated Funds:

  5 Stars, Managers Bond Fund (MGFIX)
  5 Stars, Managers Intermediate Duration Government (MGIDX)
  4 Stars, Managers Short Duration Government (MGSDX)
  4 Stars, Managers U.S. Stock Market Plus (MGSPX)
  4 Stars, Managers Special Equity (MGSEX)
  4 Stars, Managers Emerging Markets Equity (MEMEX)

These funds may be your best bets on a risk-adjusted return basis
but you may find other funds in the Managers Funds lineup to meet
your financial goals and objectives.  Note that the Managers U.S.
Stock Market Plus Fund, subadvised by John Sprow of Smith Breeden
Associates, is an enhanced stock index fund that actively manages
a short duration bond portfolio and maintains positions in equity
(S&P 500) futures, options and similar instruments.  Sprow has 11
years of experience managing the fund.  Over that time, Sprow has
enhanced value over the S&P 500 index on a gross return basis but
on a total return basis (net of expenses), returns slightly trail
the equity index benchmark.

In the next section, we tell you which funds we like the best now
and why.

Our Favorite Funds

While we feel there are some Managers AMG Funds worth looking at,
the higher initial investment minimums of $5,000 and $25,000 make
them less affordable to the average retail investor.  Thus, we'll
let you explore them further at your leisure.  The funds we favor
the most now come from The Managers Funds group, and have initial
investment minimums of just $1,000 or $2,000.

If you are seeking a high level of current income, there are good
options to consider here.  The Managers Short Duration Government
(MGSDX) and the Managers Intermediate Duration Government (MGIDX)
funds have been managed or co-managed by Daniel Dektar with Smith
Breeden Associates for 11 years.  Both government securities fund
products have above average risk relative to their category peers
but in actuality, the funds are inappropriately categorized.  For
example, Managers Short Duration Government Fund looks more risky
relative to its category peers (ultra short-term bond funds), but
should be classified with other short-government bond funds.  The
Managers Intermediate Duration Government Fund seems riskier than
its category peers (short-term bond funds), but should be grouped
with other intermediate-government bond funds.

  Trailing 3-Year Average Annual Total Returns (May-27-03):
  +5.9% Managers Short Duration Government (MGSDX)
  +9.6% Managers Intermediate Duration Government (MGIDX)
  +8.9% Morningstar All Government Bond Fund Average

  Trailing 3-Year Average Standard Deviations (Volatility):
  1.5% Managers Short Duration Government (MGSDX)
  2.9% Managers Intermediate Duration Government (MGIDX)
  3.7% Morningstar All Government Bond Fund Average

You can see that over the past three years, the two Smith Breeden
sub-advised government bond funds have produced competitive total
returns for investors while actually minimizing risk (volatility)
relative to the broad universe of government bond funds according
to Morningstar.  If you can tolerate the slightly higher level of
risk (volatility) of mortgage-backed securities, the intermediate
government fund has generated the better returns of the two Smith
Breeden sub-advised funds over time.  For the 10-year period thru
April 30, Managers Intermediate Duration Government Fund produced
an annualized total return of 6.9%, 0.7% a year better on average
than the Lehman Brothers 1-5 Year Government index, using numbers
from Morningstar.

Investors seeking a high level of income through investment in a
diversified portfolio of fixed income securities may want to look
at the Managers Bond Fund (MGFIX) managed by Daniel Fuss, Loomis-
Sayles & Company, for 19 years, amassing a fine long-term record.
While Smith Breeden seeks to enhance value through their mortgage
backed securities expertise, this fund seeks to add value through
investments in medium-grade corporate bonds offering higher yield
and total return potential (than high-grade bonds).  The strategy
produces more volatility than the two Smith Breeden funds, but in
the long run, it has excelled at producing superior total returns
for investors.

For the 10-year period through April 30, 2003, Managers Bond Fund
sports an annualized total return of 8.5%, 1.2% a year on average
greater than the Lehman Brothers Aggregate Bond index, and strong
enough to rank in the 1st percentile of the Morningstar long-term
bond fund category.  Fuss' trailing 10-year returns also outpaced
the average general bond fund (+6.1%) by a wide margin, according
to Morningstar.  The fund takes on more credit risk than a lot of
investment-grade bond funds, but over time shareholders have been
well compensated.

We also like Managers U.S. Stock Market Plus Fund (MGSPX) managed
by John Sprow, Smith Breeden Associates, since 1992.  It seeks to
provide a total return exceeding the S&P 500 Index without taking
additional stock market risk.  Sprow invests primarily through an
actively managed short duration fixed-income portfolio while also
maintaining active positions in S&P 500 futures or swaps, options
and similar instruments.  As we saw with the two government funds
sub-advised by Smith Breeden, the firm is capable of adding value
over time, so over time, this enhanced equity index fund strategy
is capable of producing excess returns to the S&P 500 index.  Due
to the fund's expense ratio (0.88%), total returns slightly trail
the S&P 500 index.

Over the 10-year period through April 30, the Managers U.S. Stock
Market Plus Fund produced an average annual total return of 9.3%,
ranking in the 27th percentile (near first quartile) of the large
blend fund category, per Morningstar.  If you do not want to risk
losing money because of poor stock selection, this enhanced stock
index fund may be worth considering further.  PIMCO has a similar
"stock plus" enhanced index strategy that you may want to compare
this fund against.

Conclusion

We suspect that if you delve further into the Managers Funds and
Managers AMG Funds lineups, you'll find other funds and managers
worth looking at.  Considering they provide different funds with
distinct investment management objectives, strategies, risks and
policies, investors have a broad variety of funds to select from,
some of which you may not find elsewhere (in the retail market).

The Managers Funds home page is www.managersfunds.com.  For more
information on Managers AMG Funds, go to the www.amg.com website.

Steve Wagner
Editor, Mutual Investor
steve@mutualinvestor.com


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

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The Option Investor Newsletter                Wednesday 05-28-2003
Copyright 2003, All rights reserved.                        2 of 2
Redistribution in any form strictly prohibited.


In Section Two:

Stop Loss Updates: ACS
Dropped Calls: None
Dropped Puts: MTG
Play of the Day: Put - HDI
Spreads, Combinations & Premium Selling Plays: A "Real" Summer
Rally?!?
Watch List: Software, Banks & Burgers

Updated on the site tonight:
Market Posture: Markets Pause



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


*****************
STOP-LOSS UPDATES
*****************

Affiliated Computer Services - ACS - close: 44.57 change: -1.93

NEW STOP: We're lowering our stop on ACS to $48.01.  More
conservative traders could use today's high, which is still above
the 200-dma.


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

None


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

M G I C Investment Corp - MTG - close: 47.91 change: +2.46 stop: 47.00

As a mortgage insurer who deals significantly with Fannie Mae (FNM) and
Freddie Mac (FRE) one would suspect that a big move in one might affect
the other.  Well FNM and FRE have been strong these last two sessions
and it looks like the bears just got tired of holding the bulls near
the $45 level in MTG.  The stock gapped up (a small bit) and
immediately traded higher on decent volume.  While technically still
under resistance at $48.00-48.25 we're stopped out with the move over
$47.00,  our new stop from Tuesday's newsletter.  There was not MTG
specific news we could uncover to explain the move.

Picked on May 15th at $45.21
Change since picked:   +2.71
Earnings Date       07/15/03 (unconfirmed)
Average Daily Volume: 1.1 million
Chart link:



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


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

Harley Davidson - HDI - close: 41.39 change: -0.66 stop: 43.75

Company Description:
Harley Davidson is best known for its popular line of touring,
custom and performance motorcycles. The Motorcycle and Related
Products division designs, and sells the popular line of
motorcycles, as well as a complete line of motorcycle parts,
accessories and general merchandise. HDI's other segment,
Financial Services, engages in the business of financing and
servicing wholesale inventory receivables and consumer retail
installment sales contracts (primarily motorcycles).
Additionally, this division acts as an agency for certain
unaffiliated insurance carriers to provide property/casualty
insurance and extended service contracts to motorcycle owners.

Why we like it:
In the wake of the 9/11 attacks, the major auto manufacturers
ushered in a series of incentives to keep consumers buying their
products. In the past 20 months, these companies have figured out
that they can't relax the incentives without losing market share.
At the same time, they are finding that they can't raise prices
enough to offset the additional costs, with the result that
profits have been falling. Investors couldn't help feeling that
they were experiencing a bout of deja vu on Friday as shares of
HDI were down sharply following a research note out from UBS
Warburg. In a survey this weak of 20 dealers, the firm learned of
a financing promotion being offered across the US - 0% down on V-
Rods. So it appears that the spending slowdown in the consumer
sector is even starting to be felt by manufacturers of high-end
products that have normally been more economically insensitive.

The price chart speaks volumes, with Friday's 5.7% decline
slicing through the $42 support level, the 50-dma ($41.73) and
the ascending trendline from the March lows (currently $41.25).
While the selloff wasn't quite enough to create a new PnF Sell
signal, it was close. For that development, HDI will need to
trade $40, and Friday's intraday low was $40.24. The gap left
behind on Friday should present solid resistance in the $42.25-
43.00 area, and a reaction bounce anywhere near that level would
be a gift of an entry point. More realistically, we'll likely
have to settle for a bounce failure near the 50-dma. Due to the
fact that HDI has already penetrated its lower Bollinger band,
chasing the stock lower at this point does not make sense -- we
need to wait for the rebound first. Once below $40, HDI will
likely find some mild support near $39 on its way to our eventual
target in the 436-37 area, where the stock found support in March
and April. Our stop is initially set at $43.75, just above
Thursday's intraday high and the 10-dma.

Tuesday's Update (May 27th, 2003):
After the steep sell-off in shares of HDI last Friday, we had a
pretty good idea there was an oversold rebound in store and
Tuesday's action certainly didn't disappoint. The stock made up
all of its intraday losses from Friday on the morning ramp,
trading as high as $42.48 before drifting along in a listless
sideways manner for the remainder of the day. The question now is
whether that gap from Friday will in fact provide the firm
resistance it should or if that was just a resting point. Entries
on weakness in that gap still look attractive, with a stop at
$43.75, which is above the top of Thursday's price range, as well
as the rolling lower 20-dma (currently $43.63). Buying puts into
strength isn't the approach we're looking to employ here.
Remember to wait for signs of weakness before taking the plunge.

Play of the Day Comments:
Well, we initially wanted a bounce back towards the 50-dma to buy
puts near resistance.  We got it.  Then we wanted to see
resistance at the bottom of the gap down hold.  It did.  Now we
have further weakness on decent volume.  It smells like a put
entry point to us.  Keep a tight stop on the play and see where
she rides.  The first obstacle is support at $40.00.

Suggested Options:
Short-term traders will want to focus on the June 42 Put, as it
will provide the best return for a short-term play. Those looking
for a larger move down below the $40 level will want to utilize
the July 40 Put, which provides greater insulation from the
spectre of time decay.

BUY PUT JUN-42 HDI-RV OI=4125 at $2.10 SL=1.05
BUY PUT JUN-40 HDI-RH OI=3567 at $0.90 SL=0.45
BUY PUT JUL-40 HDI-SH OI=2363 at $1.60 SL=0.80

Picked on May 25th at   $40.81
Change since picked:     +0.58
Earnings Date         07/16/03 (unconfirmed)
Average Daily Volume = 2.65 mln
Chart link:



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The land adjoins a 600-acre pasture where Jimmy Hendrix held his
last concert. Look out the windows in the early morning and you'll
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*********************************************************************


**********************************************
SPREADS, COMBINATIONS & PREMIUM-SELLING PLAYS:
**********************************************

A "Real" Summer Rally?!?
By Ray Cummins

Stocks continued higher Wednesday with the broader equity markets
enjoying a fifth consecutive session of gains as investors showed
their optimism over an improving economic outlook.

The blue-chip Dow industrials added 11 points to 8,793, its best
close in 4 months, on strength in Citigroup (NYSE:C), American
Express (NYSE:AXP), Hewlett-Packard (NYSE:HPQ), Disney (NYSE:DIS),
and McDonald's (NYSE:MCD).  The NASDAQ composite rose 6 points to
an 11-month high at 1,563 amid buying pressure in networking and
computer hardware shares.  The S&P 500 index added 2 points to 953,
despite selling activity in paper, oil services, gold, telecom,
and utility issues.  About 1.5 billion shares were traded on the
New York Stock Exchange while 2.0 billion shares swapped hands on
the NASDAQ.  Advancers outpaced decliners by almost 4 to 3 on both
the Big Board and the technology exchange.  U.S. treasuries slid
lower as traders took profits from the recent rally.  A benchmark
10-year note priced at 101-21/32 at the close, down 2/32, with its
yield at 3.43%, up from 3.42% on Tuesday.

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

SUMMARY OF CURRENT POSITIONS - AS OF 5/27/03

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

The following summary is a reasonable account of the positions
previously offered in this section.  However, no representation
is being made as to the actual performance of a position and in
fact, there are frequently large differences between the summary
results and those of our subscribers, due to the variety of ways
in which each play can be opened, closed, and/or adjusted.  In
addition, the summary might not be completely representative of
the manner in which the average trader would react to changing
conditions in a position and to the options market in general.
The editor of this section does not take actual positions in any
published plays and the summary comments are simply a service to
help new traders understand when positions might be opened and
closed.  In most cases, actions taken based on the commentary
would be far too late to be effective, thus it is not intended
as a substitute for personal trade management nor does it in
any way replace your duty to diligently monitor and manage the
positions in your portfolio.


MONTHLY YIELD FOR UNCOVERED OPTIONS: MAXIMUM & SIMPLE

The Maximum Yield (listed in the summary and with "naked" option
selling plays) is the greatest possible profit available in the
position.  This amount, expressed as a percentage, is based on
the initial margin requirement as determined by the Board of
Governors of the Federal Reserve, the U.S. options markets and
other self-regulatory organizations.  Although increased margin
requirements may be imposed either generally or in individual
cases by various brokerage firms, our calculations use the widely
accepted margin formulas from the Chicago Board Options Exchange.
The "Simple Yield" is based on the cost of the underlying issue
(in the event of assignment), including the premium from the sold
option, thus it reflects the maximum potential loss in the trade.


Naked Puts
**********

Stock  Strike Strike  Cost Current   Gain    Max   Simple
Symbol  Month  Price Basis  Price   (Loss)  Yield  Yield

APPX     JUN    17   16.85  34.01   $0.65   8.35%  3.86%
AVID     JUN    22   22.10  31.19   $0.40   4.47%  1.81%
BBY      JUN    32   31.60  36.32   $0.90   5.14%  2.85%
COF      JUN    37   37.80  46.93   $0.70   4.58%  1.85%
IMCLE    JUN    15   14.65  24.60   $0.35   5.04%  2.39%
MRVL     JUN    20   19.50  31.99   $0.50   6.28%  2.56%
SFNT     JUN    20   19.65  30.94   $0.35   4.36%  1.78%
OVTI     JUN    20   19.45  33.60   $0.55   6.28%  2.83%
APPX     JUN    25   24.55  34.01   $0.45   6.54%  1.83%
ANPI     JUN    22   22.25  29.51   $0.25   4.20%  1.12%
JCOM     JUN    25   24.55  36.35   $0.45   6.55%  1.83%
MO       JUN    37   36.60  42.09   $0.90   5.92%  2.46%
MRVL     JUN    22   22.10  31.99   $0.40   6.03%  1.81%
OVTI     JUN    22   22.05  33.60   $0.45   7.31%  2.04%
SHFL     JUN    20   19.70  26.00   $0.30   4.90%  1.52%
SNDK     JUN    27   26.90  34.43   $0.60   6.56%  2.23%


Naked Calls
***********

Stock  Strike Strike Cost  Current   Gain    Max   Simple
Symbol Month  Price  Basis  Price   (Loss)  Yield  Yield

DPMI     JUN    22   22.85  19.60   $0.35   5.35%  1.53%
PPDI     JUN    30   30.60  26.75   $0.60   4.82%  1.96%
BSTE     JUN    50   50.60  42.00   $0.60   5.13%  1.19%
ICST     JUN    25   25.30  23.77   $0.30   6.06%  1.19%
DCX      JUN    32   32.95  31.14   $0.45   4.46%  1.37%
IGEN     JUN    42   43.25  36.12   $0.75   9.75%  1.73%


Put-Credit Spreads
******************

Symbol  Pick   Last   Month L/P S/P Credit  C/B    G/L  Status

BJS     38.63  40.61   JUN   32  35  0.25  34.75  $0.25  Open
LEH     65.32  70.30   JUN   55  60  0.55  59.45  $0.55  Open
DNA     56.09  63.85   JUN   50  55  0.50  54.50  $0.50  Open
BIO     56.70  57.82   JUN   50  55  0.45  54.55  $0.45  Open
BZH     76.70  80.95   JUN   65  70  0.45  69.55  $0.45  Open


Call-Credit Spreads
*******************

Symbol  Pick   Last   Month L/C S/C Credit  C/B    G/L   Status

APC     44.40  49.74   JUN  50  47   0.35  47.85 ($1.89) Closed
DVN     46.50  52.55   JUN  55  50   0.55  50.55 ($2.00) Closed
FRX     51.18  51.17   JUN  60  55   0.50  55.50  $0.50   Open
KKD     31.45  31.86   JUN  40  35   0.65  35.65  $0.65   Open
ATK     51.65  51.36   JUN  60  55   0.45  55.45  $0.45   Open
FNM     71.60  72.30   JUN  80  75   0.45  75.45  $0.45   Open
IP      36.13  37.52   JUN  40  37   0.30  37.80  $0.28   Open

Krispy Kreme (NYSE:KKD) will be "one to watch" as the company
announces quarterly earnings Wednesday morning.  International
Paper (NYSE:IP) and Fannie Mae (NYSE:FNM) also deserve attention
in the recent "bullish" environment.  Short-term resistance for
all of these stocks is near their respective (sold) strikes.  As
noted in last week's summary, Anadarko Petroleum (NYSE:APC) and
Devon Energy (NYSE:DVN) were on the "early exit" list and these
spreads have been closed (for losses smaller than the summary
reflects) due to further upside activity.


Synthetic Positions
*******************

Symbol  Pick   Last   Month    L/C   S/P   Credit   M/V    Status

GYI     32.43  37.61   JUL     35    30    (0.10)   3.20    Open?

Getty Images (NYSE:GYI) has performed beyond all expectations,
achieving sizable profits well in advance of the July options
expiration.


Debit Straddles
***************

Symbol  Pick   Last   Month    L/C   L/P    Debit   M/V    Status

SNE     24.74  26.10   JUN     25    25     2.90    2.70   Closed

The "Reader's Request" straddle has been closed to limit losses.


Questions & comments on spreads/combos to Contact Support
**************

NEW POSITIONS

This following group of plays is simply a list of candidates to
supplement your search for profitable trading positions.  As with
any new investment, you must decide if the selections meet your
criteria for potential plays.  Only you can know what strategies
are suitable for your personal skill level, risk-reward tolerance
and portfolio outlook.  In addition, we recommend that you avoid
any trading techniques in which you are not completely comfortable
with the potential capital loss, the necessary adjustments, and
the common entry-exit strategies.  The positions with "*" will be
included in the weekly summary.  Those with "TS" (Target-Shoot)
are below our minimum monthly return, but may offer a favorable
entry price with a limit order, due to the daily volatility of
the underlying issue.

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

BULLISH PLAYS - NAKED PUTS

All of these issues have robust option premiums and relatively
favorable technical indications.  However, current news and market
sentiment will have an effect on these stocks, so review each play
thoroughly and make your own decision about its future outcome.

WARNING: THE RISK IN SELLING UNCOVERED OPTIONS IS SUBSTANTIAL!

The sale of uncovered puts entails considerable financial risk,
far more than the initial margin or collateral required to open
a position.  The maximum financial obligation for the sale of a
naked put is the strike price (of the underlying stock) that is
sold.  Although this obligation is reduced by the premium from
the sale of the option, a writer of puts should have the cash or
collateral equivalent of the sold strike price in reserve at all
times.  In addition, there is one very important rule when using
this strategy: Don't sell puts on stocks that you don't want to
own!  Why?  Because stocks occasionally experience catastrophic
declines, exponentially increasing the margin maintenance and
possibly causing a devastating shortfall in your portfolio.  It
is also important that you consider using trading stops on naked
option positions to help limit losses when a stock's price falls.
Many professional traders suggest closing the position when the
underlying share value moves below the sold strike, or using a
"buy-to-close" stop order at a price that is no more than twice
the original premium received from the sold option.

**************
ANPI - Angiotech  $29.74  *** Popular Stent-Coating Maker ***

Angiotech Pharmaceuticals (NASDAQ:ANPI) is engaged in the fusion
of medical device technologies and pharmaceutical therapies.  The
company's first product was a drug-coated stent.  Angiotech's goal
is to develop other products to enhance the performance of medical
devices and biomaterials through the use of pharmatherapeutics.
In September 2002, the company and Cohesion Technologies, agreed
to a merger in which Cohesion will merge with a subsidiary of
Angiotech, with Cohesion continuing as a wholly owned subsidiary
of the company.

ANPI - Angiotech  $29.74

PLAY (sell naked put):

Action    Month &   Option    Open    Last  Cost    Max.  Simple
Req'd     Strike    Symbol    Int.    Price Basis  Yield  Yield

SELL PUT  JUN 22.5  AUJ RX     913    0.50  22.00  10.3%   2.3% *
SELL PUT  JUN 25    AUJ RE   4,520    0.90  24.10  14.8%   3.7%


**************
CELG - Celgene  $32.30  *** Bullish Biotech! ***

Celgene (NASDAQ:CELG) is a commercial-stage biopharmaceutical
company.  The company is primarily engaged in the discovery,
development and commercialization of small molecule drugs that
are designed to treat cancer and immunological diseases through
gene and protein regulation. Small molecule drugs are man-made,
chemically synthesized drugs that, because of their relatively
small size, can typically be administered orally.  The firm's
drugs are designed to modulate multiple disease-related genes,
including cytokines (which are proteins) such as Tumor Necrosis
Factor alpha, or TNF(alpha), growth factor genes such as those
that control angiogenesis, blood vessel formation and apoptosis
genes.  Because the company's drugs can be administered orally,
they have the potential to advance the standard of care beyond
current injectible protein drugs that inhibit TNF (alpha) and
other disease-causing cytokines.

CELG - Celgene  $32.30

PLAY (sell naked put):

Action    Month &   Option    Open    Last  Cost    Max.  Simple
Req'd     Strike    Symbol    Int.    Price Basis  Yield  Yield

SELL PUT  JUN 22.5  LQH RX     732    0.25  22.25   4.9%   1.1% TS
SELL PUT  JUN 25    LQH RE   6,477    0.55  24.45  10.4%   2.2% *
SELL PUT  JUN 30    LQH RF   7,609    1.95  28.05  20.5%   7.0%

Editor's note: Celgene (NASDAQ:CELG) traded lower after-hours on
news of a $300 million offering of convertible notes, due 2008,
to qualified institutional buyers.  Traders should wait for the
price to stabilize on Thursday before initiating new positions
in the issue.


**************
CREE - Cree Incorporated  $22.98  *** Choice Chip Stock! ***

Cree (NASDAQ:CREE) is engaged in the development and manufacture
of compound semiconductor materials and electronic devices made
from silicon carbide (SiC), and a developer and manufacturer of
optoelectronic and electronic devices made from gallium nitride
and related materials.  The company also produces radio frequency
power transistor components and modules for wireless infrastructure
applications using silicon-based bipolar and laterally diffused
metal oxide semiconductor process technologies.  Cree operates its
business in two segments, the Cree segment, which consists of its
SiC-based products and research contracts, and the Cree Microwave
segment, which consists of RF transistors and RF transistor modules
based on a silicon platform.

CREE - Cree Incorporated  $22.98

PLAY (sell naked put):

Action    Month &   Option    Open    Last  Cost    Max.  Simple
Req'd     Strike    Symbol    Int.    Price Basis  Yield  Yield

SELL PUT  JUN 20    CVO RD   5,738    0.35  19.65   7.1%   1.8% *
SELL PUT  JUN 22.5  CVO RX   1,973    0.95  21.55  13.0%   4.4%


**************
IMCLE - ImClone  $24.12  *** Drug Stock Speculation! ***

ImClone Systems (NASDAQ:IMCLE) is a biopharmaceutical firm whose
mission is to advance oncology care by developing a portfolio of
targeted biologic treatments designed to address the medical needs
of patients with a variety of cancers.  The company's lead product,
Erbitux, is a therapeutic antibody that inhibits stimulation of
epidermal growth factor receptor upon which certain solid tumors
depend in order to grow.  In addition to the development of its
lead product candidates, the company conducts research in a number
of areas related to its core focus of growth factor blockers, as
well as cancer vaccines and angiogenesis inhibitors.  IMCL has also
developed diagnostic products and vaccines for certain infectious
diseases.

IMCLE - ImClone  $24.12

PLAY (sell naked put):

Action    Month &   Option    Open    Last  Cost    Max.  Simple
Req'd     Strike    Symbol    Int.    Price Basis  Yield  Yield

SELL PUT  JUN 17.5  QCI RW   3,131    0.35  17.15   8.9%   2.0% *
SELL PUT  JUN 20    QCI RD   2,121    0.90  19.10  18.5%   4.7%
SELL PUT  JUN 22.5  QCI RX     593    1.80  20.70  24.2%   8.7%


**************
JCOM - j2 Global Communications  $35.01  *** Volatile Issue! ***

j2 Global Communications (NASDAQ:JCOM) provides outsourced value
added messaging and communications services to individuals and
businesses throughout the world.  The company offers faxing and
voicemail solutions, Web initiated conference calling, document
management solutions and unified messaging services.  j2 Global
markets its services principally under the brand names eFax and
jConnect.  The company delivers its services through its global
telephony/Internet protocol network, which spans more than 600
cities in 18 countries across five continents, including four
capital cities in Latin America where j2 Global is in the process
of launching its unique service.

JCOM - j2 Global Communications  $35.01

PLAY (sell naked put):

Action    Month &   Option    Open    Last  Cost    Max.  Simple
Req'd     Strike    Symbol    Int.    Price Basis  Yield  Yield

SELL PUT  JUN 30    JQF RF   1,090    0.75  29.25  10.2%   2.6% *
SELL PUT  JUN 35    JQF RG     248    2.55  32.45  20.4%   7.9%


**************
MIK - Michael's Stores  $36.23  *** Earnings Speculation! ***

Michaels Stores (NYSE:MIK) is an arts and crafts specialty retailer
providing materials, ideas and education for creative activities.
The company operates 770 Michaels retail stores in 48 states, as
well as in Canada, offering a products for the do-it-yourself home
decorator and arts and crafts supplies.  The company also operates
over 150 Aaron Brothers stores in nine states, with photo frames,
a full line of ready-made frames, custom framing services and a
wide selection of art supplies.  In addition, the company owns and
operates Star Wholesale, a single-store wholesale operation located
in Dallas, Texas, offering merchandise primarily to interior
decorators/designers, wedding/event planners, florists, hotels,
restaurants and commercial display companies.  Quarterly earnings
are due on May 29, 2003.

MIK - Michael's Stores  $36.23

PLAY (sell naked put):

Action    Month &   Option    Open    Last  Cost    Max.  Simple
Req'd     Strike    Symbol    Int.    Price Basis  Yield  Yield

SELL PUT  JUN 32.5  MIK RZ     547    0.45  32.05   5.3%   1.4% *
SELL PUT  JUN 35    MIK RG     661    1.25  33.75  11.4%   3.7%


**************
MERQ - Mercury Interactive  $39.20  *** A New 5-Month High! ***

Mercury Interactive (NASDAQ:MERQ) is a provider of integrated
performance management solutions that enable businesses to test
and monitor their Web-based applications.  Its software products
and hosted services help Global 2000 companies enhance the user
experience by improving the performance, availability, reliability
and scalability of their Web-based applications.  Its many hosted
services provide its customers with a cost-effective solution that
quickly meets business needs without dedicating significant time
and internal resources.  Its integrated performance management
solutions enable customers to more quickly identify and correct
problems before users experience them.  The company also provides
outsourced load testing and Web performance monitoring services
that complement its software products.

MERQ - Mercury Interactive  $39.20

PLAY (sell naked put):

Action    Month &   Option    Open    Last  Cost    Max.  Simple
Req'd     Strike    Symbol    Int.    Price Basis  Yield  Yield

SELL PUT  JUN 35    RQB RG   1,873    0.40  34.60   4.5%   1.2% *
SELL PUT  JUN 37.5  RQB RT     636    0.90  36.60   8.0%   2.5%


**************
OVTI - OmniVision  $34.20  *** Rally Mode! ***

OmniVision Technologies (NASDAQ:OVTI) designs, develops and sells
high performance, high quality and cost efficient semiconductor
imaging devices for computing, telecommunications, industrial,
automotive and consumer electronics applications.  The company's
main product, an image sensing device called a CameraChip, is used
to capture an image in cameras and camera-related products in a
range of imaging applications such as personal computer cameras,
digital still cameras, security and surveillance cameras, personal
digital assistant cameras, mobile phone cameras, and cameras for
automobiles and toys that incorporate both still picture and live
video applications.

OVTI - OmniVision  $34.20

PLAY (sell naked put):

Action    Month &   Option    Open    Last  Cost    Max.  Simple
Req'd     Strike    Symbol    Int.    Price Basis  Yield  Yield

SELL PUT  JUN 25    UCM RE   1,051    0.35  24.65   6.4%   1.4% *
SELL PUT  JUN 30    UCM RF     527    0.90  29.10  11.5%   3.1%


**************
SEPR - Sepracor  $23.00  *** 52-Week High! ***

Sepracor (NASDAQ:SEPR) is a research-based pharmaceutical company
dedicated to treating and preventing human disease through the
discovery, development and commercialization of pharmaceutical
compounds, including product candidates directed toward serving
unmet medical needs.  The firm's proprietary compounds are either
single-isomer or active metabolite forms of existing drugs, which
Sepracor refers to as improved chemical entities, or new chemical
entity compounds, which are unrelated to current products.

SEPR - Sepracor  $23.00

PLAY (sell naked put):

Action    Month &   Option    Open    Last  Cost    Max.  Simple
Req'd     Strike    Symbol    Int.    Price Basis  Yield  Yield

SELL PUT  JUN 17.5  ERQ RW   2,130    0.15  17.35   4.2%   0.9% TS
SELL PUT  JUN 20    ERQ RD   6,137    0.60  19.40  11.7%   3.1% *
SELL PUT  JUN 22.5  ERQ RX   1,116    1.45  21.05  18.9%   6.9%


**************
TTWO - Take-Two Int. Software  $26.25  *** On The Move! ***

Take-Two Interactive Software (NASDAQ:TTWO) is an integrated
developer, marketer, distributor and publisher of interactive
entertainment software games and accessories for the personal
computer, PlayStation, PlayStation2, Nintendo Game Boy Color,
Nintendo GameCube, Nintendo Game Boy Advance and the Xbox.  The
company publishes and develops products through various wholly
owned subsidiaries including Rockstar Games, Rockstar Studios,
Gathering of Developers, TalonSoft, Joytech, PopTop, Global Star
and under the Take-Two brand name.  The company maintains sales
and marketing offices in Cincinnati, New York, Toronto, London,
Paris, Munich, Vienna, Copenhagen, Milan, Sydney and Auckland.

TTWO - Take-Two Int. Software  $26.25

PLAY (sell naked put):

Action    Month &   Option    Open    Last  Cost    Max.  Simple
Req'd     Strike    Symbol    Int.    Price Basis  Yield  Yield

SELL PUT  JUN 22.5  TUO RX   1,557    0.35  22.15   6.5%   1.6% *
SELL PUT  JUN 25    TUO RE   1,767    0.95  24.05  12.3%   4.0%


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

BULLISH PLAYS - CREDIT SPREADS

These candidates are based on the underlying issue's technical
history or trend.  The probability of profit in these positions
may also be higher than other plays in the same strategy, due to
small disparities in option pricing however, each play should be
evaluated for portfolio suitability and reviewed with regard to
your strategic approach and trading style.

***************
PLMD - PolyMedica  $37.08  *** Favorable Earnings! ***

PolyMedica (NASDAQ:PLMD) is a provider of direct-to-consumer
medical products and services, conducting business through its
Chronic Care, Professional Products and Consumer Healthcare
segments.  The company sells diabetes supplies and products,
and provides services to Medicare-eligible seniors suffering
from diabetes and related chronic diseases through its Chronic
Care segment.  Through its Professional Products segment, it
provides direct-to-consumer prescription respiratory supplies
and services to Medicare-eligible seniors suffering from chronic
obstructive pulmonary disease.  It also markets, manufactures
and distributes a broad line of prescription urological and
suppository products.  PolyMedica markets prescription oral
medications not covered by Medicare to its existing customers
through its Professional Products segment.

PLMD - PolyMedica  $37.08

PLAY (less conservative - bullish/credit spread):

BUY  PUT  JUN-30.00  PM-RF  OI=2162  ASK=$0.30
SELL PUT  JUN-35.00  PM-RG  OI=4779  BID=$0.95
INITIAL NET-CREDIT TARGET=$0.65-$0.70
POTENTIAL PROFIT(max)=15% B/E=$34.35


**************
CHIR - Chiron  $44.12  *** New Trading Range? ***

Chiron Corporation (NASDAQ:CHIR) is a global pharmaceutical firm
that is focused on developing products for cancer and infectious
disease.  Chiron continues to build upon its cancer franchise,
which has three dimensions, including immune system modulators,
monoclonal antibodies and novel anti-cancer agents.  In the area
of infectious diseases, the company has a range of products.  The
company commercializes its products through three business units,
which include biopharmaceuticals, vaccines and blood testing.
Chiron Biopharmaceuticals discovers, develops, manufactures and
markets a range of therapeutic products.  The company's products
include Betaseron, TOBI, Proleukin, PDGF for Regranex products
and Procleix HIV-1/HCV Assay.

CHIR - Chiron  $44.12

PLAY (less conservative - bullish/credit spread):

BUY  PUT  JUN-40.00  CIQ-RH  OI=1816  A=$0.35
SELL PUT  JUN-42.50  CIQ-RV  OI=4758  B=$0.70
INITIAL NET-CREDIT TARGET=$0.35-$0.45
POTENTIAL PROFIT(max)=16% B/E=$42.15


**************
UNH - UnitedHealth Group  $95.46  *** 2-For-1 Split Coming! ***

UnitedHealth Group (NYSE:UNH) forms and operates markets for the
exchange of health and well being services.  Through its family
of businesses, the company helps people achieve optimal health
and well being through all stages of life.  The firm's revenues
are derived from premium revenues on insured (risk-based) products,
fees from management, administrative and consulting services and
investment and other income.  It conducts its business primarily
through operating divisions in the following business segments:
Uniprise; Healthcare Services, which includes the UnitedHealthcare
and Ovations businesses; Specialized Care Services, and Ingenix.

UNH - UnitedHealth Group  $95.46

PLAY (conservative - bullish/credit spread):

BUY  PUT  JUN-85.00  UHB-RQ  OI=2068  A=$0.45
SELL PUT  JUN-90.00  UHB-RR  OI=4430  B=$0.95
INITIAL NET-CREDIT TARGET=$0.55-$0.60
POTENTIAL PROFIT(max)=12% B/E=$89.45


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

BEARISH PLAYS - NAKED CALLS

Based on analysis of option pricing and the underlying stock's
technical background, these positions meet our fundamental
criteria for bearish "premium-selling" strategies.  Each issue
has robust option premiums, a well-defined resistance area and
a high probability of remaining below the target strike prices.
As with any recommendations, these positions should be carefully
evaluated for portfolio suitability and reviewed with regard to
your strategic approach and personal trading style.

WARNING: THE RISK IN SELLING UNCOVERED OPTIONS IS SUBSTANTIAL!

The sale of uncovered calls entails considerable financial risk,
far more than the initial margin or collateral required to open
the position.  The maximum financial obligation for the sale of a
naked option is the strike price (of the underlying stock) that
is sold.  Although this obligation is reduced by the premium from
the sale of the option, a writer of options must have the cash or
collateral equivalent of the sold strike price in reserve at all
times.  The simple fact is: stocks often experience large price
swings, exponentially increasing the margin maintenance and very
possibly causing a devastating shortfall in your portfolio.  It
is also important that you consider using trading stops on naked
option positions to help limit losses when a stock price moves in
a volatile manner.  Many professional traders suggest closing the
position when the underlying share value moves beyond the sold
strike, or using a "buy-to-close" stop order at a price that is no
more than twice the original premium received from the sold option.

***************
IGEN - IGEN International  $35.79  *** Premium-Selling Only! ***

IGEN International develops and markets products that incorporate
its proprietary electrochemiluminescence (ORIGEN) technology,
which permits the detection and measurement of various biological
substances.  ORIGEN provides a combination of speed, sensitivity,
flexibility and throughput in a single technology platform.  The
product is incorporated into instrument systems and other related
consumable reagents, and IGEN also offers assay development and
services used to perform analytical testing.  Products based on
ORIGEN technology address the Life Sciences, Clinical Testing and
Industrial Testing worldwide markets.

IGEN - IGEN International  $35.79

"SPECULATIVE" PLAY (sell naked call):

Action     Month &   Option    Open   Last  Cost    Max.   Simple
Req'd      Strike    Symbol    Int.   Price Basis  Yield   Yield

SELL CALL  JUN 42.5  GQ FV    1,598   0.40  42.90   6.6%    0.9% *
SELL CALL  JUN 40    GQ FH    4,826   0.85  40.85  10.3%    2.1%
SELL CALL  JUN 37.5  GQ FU    2,501   1.50  39.00  14.1%    3.8%


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

BEARISH PLAYS - CREDIT SPREADS

All of these positions are favorable candidates for "bear-call"
credit spreads, based on the current price or trading range of
the underlying issue and its recent technical history or trend.
The probability of profit from these positions may be higher
than other plays in the same strategy, due to disparities in
option pricing.  However, current news and market sentiment will
have an effect on these issues, so review each play individually
and make your own decision about its future outcome.

**************
AZO - Autozone  $83.74  *** Post-Earnings Slump! ***

AutoZone (NYSE:AZO) is a specialty retailer of automotive parts
and accessories primarily to do-it-yourself customers.  During
the fiscal year ended August 31, 2002, the company operated 3,068
auto parts stores in the United States and 39 in Mexico.  It also
sells parts and accessories online at autozone.com.  Each auto
parts store carries an extensive product line for cars, vans and
light trucks, including new and remanufactured automotive parts,
maintenance items and various accessories.  AutoZone also has a
commercial sales program in the United States, AZ Commercial,
which provides commercial credit and prompt delivery of parts and
other products to local, regional and national repair garages,
dealers and service stations.  In addition, the company sells
automotive diagnostic and repair software through ALLDATA and
through alldatadiy.com.

AZO - Autozone  $83.74

PLAY (conservative - bearish/credit spread):

BUY  CALL  JUN-95.00  AZO-FS  OI=1365  ASK=$0.15
SELL CALL  JUN-90.00  AZO-FR  OI=3441  BID=$0.60
INITIAL NET-CREDIT TARGET=$0.45-$0.55
POTENTIAL PROFIT(max)=9% B/E=$90.45


**************
ITW - Illinois Tool Works  $62.61  *** Resistance At $65? ***

Illinois Tool Works (NYSE:ITW) is a manufacturer of engineered
products that include plastic and metal components and fasteners.
The company also designs and manufactures specialty systems such
as industrial packaging equipment and plastic and steel strap,
welding equipment and consumables and equipment and consumables
that multi-pack cans and bottles for the food industry.  Illinois
Tool Works is also involved in leasing and investments including
mortgage-related activities, equipment leasing, affordable housing
limited partnerships, property development, and a venture capital
fund.  The firm has approximately 600 operations in 44 countries.

ITW - Illinois Tool Works  $62.61

PLAY (conservative - bearish/credit spread):

BUY  CALL  JUN-70.00  ITW-FN  OI=778  ASK=$0.20
SELL CALL  JUN-65.00  ITW-FM  OI=644  BID=$0.60
INITIAL NET-CREDIT TARGET=$0.45-$0.55
POTENTIAL PROFIT(max)=9% B/E=$65.45


**************
MMM - 3M Corporation  $125.01  *** Range-Bound Conglomerate? ***

3M Company (NYSE:MMM), formerly known as Minnesota Mining and
Manufacturing Company, is an integrated enterprise characterized
by intercompany cooperation in research, manufacturing and sale
of products.  3M's business has developed from its research and
technology in coating and bonding for coated abrasives, the
company's original product.  Coating and bonding is the process
of applying one material to another, such as abrasive granules
to paper or cloth (coated abrasives), adhesives to a backing
(pressure-sensitive tapes), ceramic coating to granular mineral
(roofing granules), glass beads to plastic backing (reflective
sheeting) and low-tack adhesives to paper (repositionable notes).
The company conducts business through six operating segments:
Industrial Markets; Transportation, Graphics and Safety Markets;
Health Care Markets; Consumer and Office Markets; Electro and
Communications Markets, and Specialty Material Markets.

MMM - 3M Corporation  $125.01

PLAY (conservative - bearish/credit spread):

BUY  CALL  JUN-135.00  MMM-FG  OI=2797  ASK=$0.20
SELL CALL  JUN-130.00  MMM-FF  OI=5006  BID=$0.60
INITIAL NET-CREDIT TARGET=$0.45-$0.50
POTENTIAL PROFIT(max)=9% B/E=$130.45


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

SEE DISCLAIMER - SECTION 1

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


**********
Watch List
**********

Software, Banks & Burgers

Adobe Systems - ADBE - close: 35.68 change: +0.33

WHAT TO WATCH: Despite a couple of recent downgrades shares of ADBE
have rebounded from their simple 50-dma and appear ready for an assault
on the $40.00 level, which is long-time resistance.  A move over $36.00
might offer an easy trigger point to go long unless you prefer the dip
in which case a move to $34.50 might be a good option.  Short-term
resistance is $38.00, the early May highs.  The company recently
reaffirmed Q2 estimates.

Chart:



---

Oracle Corp - ORCL - close: 13.26 change: +0.61

WHAT TO WATCH: Microsoft's biggest rival in the database industry,
ORCL, gained 4.8 percent on rumors of a potential deal with a Russian
company.  Whispers on the street say the deal is worth more than $150
million.  We're watching the $13.25-13.50 level, which has been
resistance since March 2002.  A breakout above this area could forecast
a move to next resistance at $15.00 and beyond that $17.00.

Chart:



---

Citigroup - C - close: 41.14 change: +0.96

WHAT TO WATCH: Wow!  Today's move in shares of C mark an upside
breakout on both the daily and weekly charts.  This money center bank
might be able to trade up near the $45.00 area.  However, chart readers
will notice the descending trendline on C's weekly chart and it
suggests that getting past $45.00 could be a very tough challenge.
Fortunately for the bulls, the PnF chart looks much more encouraging.

Chart:



---

McDonald's Corp - MCD - close: 18.26 change: +0.49

WHAT TO WATCH: Whether you think MCD serves the best food or the worst
food on earth you can't ignore that they serve a lot of it.  Shares
have rebounded from the mad cow scare last week and while the mad cow
affect may not be over MCD has been resilient.  We still believe this
entire industry (fast food) could be headed into the same sort of
litigation that has mired the tobacco sector but that could be years
away.  Right now MCD appears to be rebounding from support and bullish
traders might want to trade the (very ugly) channel toward the $20
mark.  There is minor resistance at $18.75.

Chart:



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

Markets Pause

To Read The Rest of The OptionInvestor.com Market Watch Click Here
http://www.OptionInvestor.com/marketposture/mp_052803.asp


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