The Option Investor Newsletter Tuesday 12-23-2003 Copyright 2003, All rights reserved. 1 of 3 Redistribution in any form strictly prohibited. In Section One: Wrap: The Last Hurrah? Futures Markets: Rejection at the Highs Index Trader Wrap: Latest additions helped fuel NASDAQ-100 gains Market Sentiment: All Hail Santa's Arrival Posted online for subscribers at http://www.OptionInvestor.com ************************************************************ MARKET WRAP (view in courier font for table alignment) ************************************************************ 12-23-2003 High Low Volume Adv/Dcl DJIA 10341.26 + 3.26 10375.93 10296.15 1.40 bln 1784/1028 NASDAQ 1974.78 + 18.98 1974.78 1952.44 1.30 bln 1996/1057 S&P 100 543.42 + 1.14 544.13 541.36 Totals 3780/2085 S&P 500 1096.02 + 3.08 1096.95 1091.73 W5000 10657.14 + 37.56 10658.72 10607.84 RUS 2000 555.03 + 5.66 555.03 548.37 DJ TRANS 3006.61 + 1.34 3006.87 2985.95 VXO 15.57 - 0.63 16.39 15.30 VIX 16.49 - 0.45 17.40 16.29 VXN 23.49 - 1.26 25.11 23.31 52wk Highs 491 52wk Lows 13 PUT/CALL 0.76 TRIN 1.02 ************************************************************ The Last Hurrah? by Keene Little Bulls will hate me tonight, bears will love me. For those of you who don't follow me in the Futures Monitor, a little background might help you understand the reasons for my opinions. I follow Elliott Wave Theory. I will not bore you to tears with wave counts but you should know that I am neither a bull nor a bear. I can't afford to be either because every time I form a strong bullish or bearish opinion I usually lose money. It's that forest-for-the- trees problem. Instead I let price tell me what it's doing and use EW analysis to give me some clues as to what might be next. I will admit that I have a bearish view of the market for the long term but I try to follow the wave pattern to tell me each day whether I should be going long or short. My analysis below is based on what these patterns are telling me. I use trend lines, fibonacci levels, oscillators and a slew of other technical indicators to help me identify turning points in the market. I think a major turning point is upon us. But first let's look at what happened today. After cycling up and down during the night between 1093.75 early last night and 1090.50 early this morning, the S&P e-mini futures ran up slightly into the 8:30 reports but then worked their way lower to the open--the e-mini futures made an immediate low of 1090.25 at the 9:30 open. After the initial pop in the morning, we worked our way lower and by the late afternoon we came back to that number, literally, before bouncing again into the close. All in all, it was an uneventful day, at least from a price perspective. The early morning economic reports did little to excite today's market. Overall, they were good numbers but just not exciting numbers. The University of Michigan Sentiment was revised to 92.6 from the previously reported 89.6 (consensus was 91.0). GDP final for Q3 was 8.2%, no change from previously reported. Monthly Mass Layoffs was 1438 compared to 1532 in November. Personal income for November was +0.6% while personal spending was +0.4%. The expectation for spending growth had been +0.7% so this number was a little disappointing. Even though this spending growth was the fastest spending growth since August, the fact that their income was up +0.6% means the consumer could have spent more! Where are those consumers when you need them most? Don't they realize they need to go into greater debt during this holiday period to support this economy? The slower retail sales reported yesterday tell us the consumer is not willing to do this. So there was no excitement with all these numbers. In fact the pre-market futures dropped slightly after all these announcements. At the opening kick-off, there was a fair amount of volatility and the market ran higher in the first hour of trading. From there the market back-pedaled the rest of the day. It was a slow grind south as some of yesterday's gains were returned. But as seems to be happening a lot lately, the mid-afternoon rally kicked into gear and we saw a fairly steep rally as we headed into the close. The only indexes to make new highs for the day were the techies and the small caps. It looked like some good short-covering going on there. Check out the run in the Russell 2000 in the last hour of trading. Too many eager shorts I'd say. I guess everyone got excited about RIMM's 3rd-quarter earnings announcement that was double the analysts' expectations. They also doubled the outlook for the 4th quarter. Micron Technology added to the excitement by increasing their earnings expectation by 3%. So if those two companies are doing well it must mean all tech stocks are doing well, so BUY was the word! As sectors go, the Computer Hardware, Multimedia, Telecom, Semiconductor, Biotech, etc. indexes ran up roughly 1.0% to 3.3% today. Looks like what people did not want for the past two weeks, they wanted it back today. The gold indexes also bounced strong today, but got back only a little of what they've given up since the beginning of December. At the other end of the market were the Oil Service, Energy, Oil and Natural Gas indexes which took the biggest drubbing today, down 1.9%, 1.0%, 0.7% and 0.5%, respectively. I've seen evidence that oil prices may well have peaked at last week's price of about $33.50/barrel. Projections are for oil prices to sink back down to $20 some time next year (it closed at $31.75 today). Now that would be a nice Christmas present for next winter for all of us paying high prices at the pump and for our heat. For the DOW, it had a middle-of-the-road day today. It showed greater weakness relative to the NAZ which was a different behavior from what we've seen most of this month. Of the 30 components, 17 gained ground today, so only about half the companies were pulling their share of the load today. But nearly half of those 17 hit new 52-week highs today, as did the S&P 500, which hit 1096.95 today, a high not seen since May 2002. As I'll discuss below, this 1096 level is very important and may be a rally high, or very near to it. The DOW components hitting their 52-week highs were Alcoa, Boeing, Caterpillar, DuPont, Exxon Mobil (interesting as their sector was hit hardest), Honeywell and Procter & Gamble. Market internals were actually stronger than the closing numbers would indicate. Advancing/declining issues and advancing/declining volume were positive all day. Seems like we had slow bleeds interspersed with buying spurts, so the buying was stronger but "they" were letting the market settle back each time so "they" could buy cheaper products. Just a guess. Overall market volume was below average, but no surprise there. Looking at the major indexes, we see an overbought and extended market. Deja vu all over again, harking back to the days in late 1999, early 2000. My guess is that the result of this over- exuberance will be the same as it was then. Longs need to suck up your stops tight to get as much out of this as you can. Bears are salivating for their turn at the food table. Bears have been getting their paws slapped for trying to sneak a bite before it's their turn. The bulls are pretty full and looking sleepy so it's almost time to rotate positions. Let's look at the major indexes: The DOW daily: The DOW weekly: S&P 500(SPX) daily Zeroing in a little closer, here's the Nasdaq-100 chart. So far the high put in on December 3rd has not been exceeded, nor do I think that it will. We're very close though, so just a little more rally would do it. NDX 120-min chart: Now I know a lot of people are going to look at my bearish comments as proof I've lost my marbles. Everyone knows that the Santa Claus rally goes through the end of the year and into the first week or two of January. I will admit that my opinion about the market topping right here is causing me some consternation due to this "belief" that we will rally. Too many people expect it and will make it happen. Ah, therein lies the rub. How many times have we seen high expectations for the market, only to then be surprised? Didn't everyone expect a sell-off to occur in the normally bearish period of September-October, especially after the strong rally we had seen since the spring? What happened? We rallied. Then everyone was expecting November to see a strong sell-off since we hadn't taken a breather in 8 months. What happened? We dropped a little but ended the month nearly back to even. Now everyone is expecting Santa to not disappoint us. What will happen? Mr. Elliott is telling me to pull my stops up tight and that we may have an opportunity to short this market like we haven't seen since early 2000. But what about all that new money that will be coming into the market in the beginning of January? Surely it will drive the market higher since it's unlikely to make it into money market funds. If the market starts down, as I suspect it will, my expectation is that we will indeed see a rally in January. It might even bring the market all the back up to the highs we're currently seeing. But for the EW count I'm showing to stay intact, once we tip over we will not make new highs in January. In fact you may be witnessing highs that won't be seen again for, well, let's just say a very long time. But that's for another discussion. Tomorrow morning we have a couple of economic reports. At 8:30 am we have Durable Goods Orders for November. Forecast is +1.5% while the market consensus is +0.6% (October was +3.3%). Initial Unemployment claims will also be reported at 8:30 am. Forecast and market consensus is 355K (353K was the prior number). New Home Sales for November is reported at 10:00 am. Forecast is 1.14M while market consensus is 1.11M (prior number was 1.105M). I don't see anything earth shattering in these economic numbers so it's tough to tell how it might affect the market. My expectation, based on EW analysis and fibonacci levels (along with the myriad bearish divergences) is that we could see an initial move up at the open but it will be short-lived as I believe it will mark the tippy top of this market. For the bears, consider shorting any opening move higher. For the bulls, decide how much you're willing to give back. I could be wrong on this (wouldn't be the first time, not by a long shot), so only you can decide where you want your stop. Bears, don't get overly enthusiastic such that you lose your discipline. This market has defied most technical indicators for a long time now. Keep your stops tight and don't let your "belief" get in the way of sound money management. Good luck to everyone in their trading tomorrow. Have a great night and I'll see some of you in the Futures Monitor tomorrow for a shortened day of trading (market closes at 1:00 pm). Let's see what Ms. Market serves up in the morning. ***************************** 2003 Year End Renewal Special ***************************** TOP 50 STOCKS for 2004 SPECIAL INVESTOR GUIDE What better bonus could we give you than the potential to double or triple your money in 2004? Each Option Investor analyst picked their favorite stocks for 2004 out of our universe of 4500 and applied their technical and analytical skills to deciding how best to profit from them. Some will be straight stock ownership, some long term calls or puts and some with various combinations of strategies. There are actually more than 50 stocks presented as there were so many profitable picks we added a few extra. 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Bonds were negative and metals lightly positive as the US Dollar Index moved sideways, trading both sides of 88. Daily Pivots (generated with a pivot algorithm and unverified): Note regarding pivot matrix: The support, pivot and resistance levels above are derived from the high, low and closing price levels by a simple mathematical formula. They are not intended to be predictive of market turning points or to serve as targets, but rather represent the range retracement levels as generated by the pivot algorithm. Do not think of them as market "calls" or predictions. Like any technically-derived indicator or price level, the pivot matrix values should be regarded as decision points at which to evaluate current market conditions. Visit us in the Futures Monitor for our realtime views of the various markets covered here. 10 minute chart of the US Dollar Index The US Dollar Index continues to grind along its bear market lows, and it appears that the other US asset classes are waiting for a resolution of the current dollar "bounce or break" conundrum. With bonds, equities, the CRB and metals all toppy and the US Dollar Index looking bottomy, one wonders whether a dollar bounce will result in dollar denominated assets correcting. I believe it will, but the charts will have to tell us. Daily chart of February gold February gold was fractionally higher but traded firm throughout the day, printing a marginally higher low at 409.60 and climbing to a high of 412 to close near unchanged above 411. The move brought gold one step closer to the apex of the bear wedge, as the daily cycle oscillators continue to diverge lower. Like the equity indices, gold looks like a top waiting to happen at or near current levels, but until that occurs, the daily price action continues to be bullish. Daily chart of the ten year note yield The Fed added another doozy of a repo today, replacing the expiring 5.25B with a fresh 9.25B overnight repo. The treasury auction of 2 year notes was well-received, generating a bid-to- cover ratio of 2.12, no doubt supported by the Fed's dealers. 10-year notes, however, gapped up and closed above the rising pennant trendline, adding 10.5 bps to close at 4.269%. Particularly on a day when the Fed has injected so much liquidity into the system, a selloff that sharp in treasuries is an ominous sign. Daily NQ candles The NQ was the strongest of the equities today, rising better than 1% and printing a high at 1451.50, within 10 points of the year high. The lack of significant pullback and the strengthening daily cycle upphase leads me to expect a test of that high, except for the trouble brewing in the shorter 30 minute timeframe below. 30 minute 20 day chart of the NQ The 30 minute NQ rose from the open and stayed above yesterday's close throughout the session. However, it printed bearish divergences on the stochastics and Macd, with a 30 minute cycle downphase in progress on the intraday double top. If the end-of- session bounce carries into tomorrow morning, then the bulls may be able to steal this play from the bears. That possibility is currently just a slight uptick in the downphasing oscillators on this timeframe. With the 30 minute cycles currently fighting the daily cycle upphase, we have a perfect recipe for chop tomorrow. Add to that the light volume today, and tomorrow's shaping up to be a wonderful day to stay out of the market. Support below is at 1437-40, followed by 1425-30. Daily ES candles The ES traded both sides of unchanged today but higher close at 1093, +.25, with the daily cycle oscillators trending higher in overbought territory. Like with February gold, the ES looks toppy and dangerous, but until it breaks, it remains within an uptrend. Lower wedge support at 1084 seemed like a long way down today, with the intraday low printed at 1090.25. 20 day 30 minute chart of the ES The 30 minute ES sports a sharper bearish divergence than that on the NQ, but it also has left the door open to an opening bounce for tomorrow. The break below wedge support was a classic bear trap, so much so that most traders with whom I correspond barely even shrugged at the trendline break. With the daily cycle oscillators toppy but inching higher, the 30 minute cycle downphase is perfectly juxtaposed. The break could bring a directional move, but I'm expecting low volume rangebound frustration for tomorrow's abbreviated session. 150-tick ES The intraday ES hugged the unchanged line throughout the day, but left a daily cycle downphase looming on the short cycle oscillators. With Keltner support just below at 1091.25, tomorrow is shaping up for more sideways drift. Daily YM candles The YM was notably weaker than its peers closing in the red after leading to the downside throughout the session. The daily cycle upphase looks longest in the tooth here, with the 10 day stochastic flatlined in overbought territory. The intraday high was a new 52 week high at 10353, and that level was quickly rejected, leaving a doji shadow in its wake. Support begins at the low of the day at 10274. 20 day 30 minute chart of the YM I'm getting used to being surprised by the Dow. The weakness today was long overdue, but the bounce at the first lower Bollinger band support of 10274 appears to be trying to abort the 30 minute cycle downphase early in its run. If the bounce follows through tomorrow morning, the bulls could get another crack at the highs. Like today, tomorrow is looking to be another light volume session with perfectly juxtaposed cycles. Thankfully, it's an abbreviated session, and I don't expect to see any action of any particular significance. With any luck, the bulls will give it another try, and leave us with a synchronous topping setup across our multiple timeframes. ------------------------------------------------------------ Quit paying fees for limit orders or minimum equity No hidden fees for limit orders or balances $1.50 /contract (10+ contracts) or $14.95 minimum. Zero minimum deposit required to open an account Free streaming quotes Go to http://www.optionsxpress.com/marketing.asp?source=oetics24 Note: Options involve risk. Risk disclosure: http://www.optionsxpress.com/welcome_risk_index.htm ------------------------------------------------------------ ******************** INDEX TRADER SUMMARY ******************** Latest additions helped fuel NASDAQ-100 gains In the OptionInvestor.com March 12, 2003 01:00 PM EST update, we noted the NASDAQ's announcement of changes being made to the NASDAQ-100 Index (NDX.X) 1,448.17 +1.14% and one of eight newly added stocks to this index, Research in Motion (NASDAQ:RIMM) $69.61 +51% helped the recently lagging NDX and its Tracking Stock (AMEX:QQQ) $35.84 +0.75% play catch up to the other major indices, in what otherwise was a rather quiet pre-holiday trade. NASDAQ-100 Heatmap - 12/23/03 Close I've captured today's closing percentage changes of the 100 components of the NASDAQ-100 from the NASDAQ market site, which shows RIMM's incredible gain after the company reported upside earnings that shocked Wall Street. According to NASDAQ's December 22nd update, Research in Motion (RIMM) carried a very fractional 0.3156% weighting in the NASDAQ-100. Traders and investors can view daily updated weightings of the various components by clicking this http://dynamic.nasdaq.com/dynamic/nasdaq100_activity.stm Using the above NASDAQ-100 Heatmap, I've also highlighted in PINK, the other 7 additions to the NASDAQ-100 Index, which also showed some above average gains in today's session and helped breath some renewed life into this actively traded index. If there would be one thing I take away from today's trade, its that "overvalued" and "undervalued" are most likely opinions, that are subject to the MARKET's confirmation. Many investors trader may have felt RIMM's valuation was stretched before Monday evening's quarterly earnings report, and similar opinions may be carried over to the broader market as well. It's a day's trade in RIMM, which always has kept a trader from over leveraging in a trade (biting off more than we might be able to chew if the trade moves against us). After writing this morning's 09:00 Update and quickly analyzing RIMM's point and figure chart, I'm not sure there were many bulls, even those long the stock, that thought RIMM would do what it did today. I certainly didn't! Market Snapshot / Internals - 12/23/03 Close Today's internals and hourly price measurements show slight divergence from recent sessions, where the broader NASDAQ Composite (COMPX) 1,974.78 +0.97% and broad smaller-cap Russell- 2000 Index (RUT.X) 555.03 +1.03% showed some strength. While it has been a very bullish year for the small cap RUT.X and they have not shown as much lag as the COMPX and NDX/QQQ relative to the INDU/SPX/OEX in recent weeks, they're just off their 12/02/03 52-week high of 557.42. Aside from the NDX/QQQ or broader COMPX making new 52-week highs, traders might monitor the smaller-cap RUT.X for further strength above the 558.00 level as an alert to buyers becoming more aggressive, or willing to take on what some might deem a higher degree of risk. Here again, the perception, or thought that smaller cap stocks, which have had a very bullish year, might have "stretched valuations" similar to RIMM, where the RUT.X breaking to a new 52-week high, might have that fundamental evaluation not being confirmed by the MARKET. While it would be way out of line to think EVERY stock could be as undervalued by the MARKET as RIMM appeared to be prior to today's trade, the seed may have been planted. Despite improved demand for today's 2-year note auction, where the government auctioned off $26 billion of these shorter-dated notes at 1.95% yield, with a bid to cover ratio of 2.15 versus 1.75 last month, Treasuries were hit with selling with the benchmark 10-year YIELD ($TNX.X) jumping 10.5 basis points to 4.269%. Some bond traders cited longs that bought on the recent heightened concern regarding terrorism got squeezed out of their trades, in today's light volume trading session. Some bond traders cited the upward revision to the University of Michigan's index of consumer sentiment (revise up to 92.6 from 89.6) also putting a squeeze on shorter-term bond bulls. Pivot Analysis Matrix - In PINK, I've marked today's HIGHS for the INDU, DIA, SPY and BIX.X, which did see trade at their WEEKLY R1s. It would be my thinking, that there might be some institutional computers selling at these levels, but at 52-week highs, would be selling to provide liquidity to a market that simply lacked supply for buyer's demand. The Dow Industrials (INDU) was the only major index (not a tracker like the DIA, SPY, QQQ) to see a trade at its WEEKLY R1, and the INDU did trade a session low of 10,296.15 after it traded its WEEKLY R1. I'm going to show an intra-day chart of the INDU, where my analysis is that this trade at WEEKLY R1 may indeed have had some pre-holiday selling, or distribution take place, but intra-day observation of the INDU's comeback to the close still hints to me that there may be bulls still looking for some holiday gains. The test becomes... can the STRONG INDU continue to lead a charge. I look forward to reading tonight's Market Wrap from Keene Little, where in tonight's Futures Monitor, Mr. Little wrote... "I will offer up some more details in the market wrap tonight, but I think tomorrow will be easy--short the opening high. I believe one more leg higher, but not by much, will end this rally. The interesting thing is that the YM may not make a new high, or if it does, ES will get taken higher than I expect. I had expected ES and NQ to make a new high, but will be watching very closely for NQ to stay below its Dec 3rd high of 1455.50. NQ had a steeper pullback going into the close, which is making that pattern a little more difficult to figure out what's going on with it. Did it already make its high just before the end of the day? Not sure but will be watching that one closely." For those that may not be familiar with futures talk, the YM is the Dow futures, the ES is the S&P 500 futures, and the NQ is the NASDAQ futures. I don't want traders to think I'm "calling Keene to the mat." He's talking about futures, and a 30, 40 or 50-point move in the futures market is MUCH different than that in the cash market. Dow Industrials (INDU) Chart - 15-minute intervals I like reading "both sides of the story" and getting a bullish and bearish view, then test the thoughts on why I should do something. While Keene Little will lay out his scenario, I'm more bullish than Mr. Little as the current path of least resistance is up and past INDU "tops" have yet to hold as resistance. While history is no guarantee for future trade, the Stock Trader's Almanac has noted that the INDU has traded up 8 of the last 12 years on the day before Christmas. The day after Christmas (Friday) the INDU has traded up 9 of the last 11 years. For a BEAR to get a BULL'S attention would be to break below the DAILY S1 tomorrow, where show bulls the weakness below DAILY S2 and correlative 38.2% in the WEEKLY pivot retracement. For strength? I've lost track at this point, but another 52-week high would be a place to look for further strength. S&P 500 Index (SPX.X) Chart - 15-minute intervals I can perhaps see what Mr. Little is looking for when he thinks traders will/should "sell the open." I've marked this on the SPX 15-minute interval chart above, where on Monday, the SPX jumped in the first 30-minutes of trade and traded back from there. Now here at least, I see the WKLY R1 possibly serving up some resistance, but today's sell program alert, which did have the SPX falling to a session low. Was this a sign that the top is in, or an institutional computer providing liquidity to a market, which was trading at a 52-week high? NASDAQ-100 Tracking Stock (QQQ) Chart - Daily Intervals While I profiled a bearish trade in QQQ February puts, this morning's break above $35.69 and that little zone of resistance which had been keeping the QQQ in check, didn't hold back some of the bullishness that may have been brought on by RIMM. I still think the QQQ VERY dependent on INDU/SPX/OEX strength to continue to find a bid, and NASDAQ new high/new lows not nearly as impressive as that found at the NYSE, so I'm not seeing a great deal of bullish leadership at this point. Certainly it makes sense that the NASDAQ, which is still off its prior 52-week highs wouldn't be showing as many new 52-week highs at this points, but this is the ONLY major index that would show any sign of a top being formed. Jeff Bailey ------------------------------------------------------------ optionsXpress has "...a lot of bang for the buck."--Barron's $1.50 /contract (10+ contracts) or $14.95 Min. No hidden fees Easy screens for spreads, collars, or covered calls! Contingent, Stop Loss, Trailing stop, or OCO 8 different online tools for options pricing, strategy, and charting Go to http://www.optionsxpress.com/marketing.asp?source=oetics25 Note: Options involve risk. Risk disclosure: http://www.optionsxpress.com/welcome_risk_index.htm ------------------------------------------------------------ **************** MARKET SENTIMENT **************** All Hail Santa's Arrival - J. Brown Markets made merry with yet another bullish close and new highs for the DJIA and the S&P 500. However, this time it was the NASDAQ's turn to outpace its rivals with nearly a one percent gain. Bulls certainly ruled the day with the advance-decline line hitting almost 18 to 10 on the NYSE and 2 to 1 on the NASDAQ. New highs soared again on the NYSE and up volume strongly out paced down volume on both exchanges. Much of the talk today was about the low volume and it's expected to get worse tomorrow (Christmas Eve) and Friday. The markets close early both sessions and the majority of market participants will be absent. Santa has indeed delivered thus far for 2003 and he has inspired investors to buy the dip (yet again), which drove the indices from minor losses to gains in the last couple of hours of trading. The Dow and the SPX may be overbought but we can probably expect the trend to continue tomorrow and Friday. It is interesting to note that the Dow's bullish percent data has turned ominously into a "bear confirmed" pattern. That means the internals of the index are weakening and it should set up for the first quarter correction we're all expecting. Wednesday does bring the November durable goods report and economists are looking for a gain. Analysts are also looking for strong numbers in the new home sales data out tomorrow. ! Holiday schedule note: The Market Sentiment column will be absent over the Christmas holiday and will resume again on Tuesday, December 30th, 2003. ----------------------------------------------------------------- Market Averages DJIA ($INDU) 52-week High: 10375 52-week Low : 7416 Current : 10341 Moving Averages: (Simple) 10-dma: 10147 50-dma: 9848 200-dma: 9177 S&P 500 ($SPX) 52-week High: 1096 52-week Low : 788 Current : 1096 Moving Averages: (Simple) 10-dma: 1077 50-dma: 1055 200-dma: 984 Nasdaq-100 ($NDX) 52-week High: 1453 52-week Low : 795 Current : 1448 Moving Averages: (Simple) 10-dma: 1416 50-dma: 1412 200-dma: 1264 ----------------------------------------------------------------- If the historical trends for a bullish second half of December come true then look for these volatility indices to remain or extend their current lows. CBOE Market Volatility Index (VIX) = 16.49 -0.45 CBOE Mkt Volatility old VIX (VXO) = 15.57 -0.63 Nasdaq Volatility Index (VXN) = 23.49 -1.26 ----------------------------------------------------------------- Put/Call Ratio Call Volume Put Volume Total 0.76 585,116 442,008 Equity Only 0.58 489,783 282,026 OEX 1.12 14,103 15,837 QQQ 1.46 35,861 52,297 ----------------------------------------------------------------- Bullish Percent Data Current Change Status NYSE 75.6 + 0 Bull Confirmed NASDAQ-100 67.0 + 2 Bear Confirmed Dow Indust. 76.6 - 3 Bear Confirmed S&P 500 81.8 + 1 Bull Confirmed S&P 100 81.0 + 0 Bull Correction Bullish percent measures the number of stocks in an index currently trading on a buy signal on their point and figure chart. Readings above 70 are considered overbought, and readings below 30 are considered oversold. Bull Confirmed - Aggressively long Bull Alert - Cautiously long Bull Correction - Pause or pullback in upward trend Bear Alert - Take defensive action if long Bear Confirmed - High risk if long, good conditions for shorting Bear Correction - Pause or rebound in downtrend ----------------------------------------------------------------- 5-dma: 0.88 10-dma: 0.91 21-dma: 0.99 55-dma: 1.07 Extreme readings above 1.5 are bullish, and readings below .85 are bearish. These signals don't occur often and tend be early, but when they do, they can signal significant market turning points. ----------------------------------------------------------------- Market Internals -NYSE- -NASDAQ- Advancers 1783 1997 Decliners 1027 1057 New Highs 410 169 New Lows 9 6 Up Volume 852M 918M Down Vol. 528M 360M Total Vol. 1402M 1301M M = millions ----------------------------------------------------------------- Commitments Of Traders Report: 12/16/03 Weekly COT report discloses positions held by small specs and commercial traders of index futures contracts at the Chicago Mercantile Exchange and Chicago Board of Trade. COT data can be found at www.cftc.gov. Small specs are the general trading public with commercials being financial institutions. Commercials are historically on the correct side of future trend changes while small specs tend to be wrong. S&P 500 Finally! The commercials are finally putting some money to work and we're seeing strong increases in both long and short positions. New longs soared about 50K contracts while new shorts jumped about 40K contracts. Overall, commercials remain net short. Small traders have also increased their net short positions but remain net long. Commercials Long Short Net % Of OI 11/18/03 393,893 414,442 (20,549) (2.5%) 12/02/03 394,531 414,223 (19,692) (2.4%) 12/09/03 396,882 420,859 (23,977) (2.9%) 12/16/03 448,103 460,670 (12,567) (1.4%) Most bearish reading of the year: (111,956) - 3/06/02 Most bullish reading of the year: 18,486 - 6/17/03 Small Traders Long Short Net % of OI 11/18/03 147,842 80,047 67,795 29.7% 12/02/03 154,788 85,776 69,012 28.7% 12/09/03 172,178 99,484 72,694 26.8% 12/16/03 172,947 113,704 59,243 20.7% Most bearish reading of the year: (1,657)- 5/27/03 Most bullish reading of the year: 114,510 - 3/26/02 E-MINI S&P 500 We are seeing the same surge of activity in the e-minis. Commercial traders opened another 35K long contracts but opened 72K new short contracts, tipping the scales from long to short. In contrast the retail traders reduced their shorts and opened another 35K longs. Commercials Long Short Net % Of OI 11/18/03 249,286 264,083 (14,797) (2.9%) 12/02/03 283,199 268,833 14,366 2.6% 12/09/03 294,006 288,385 5,621 1.0% 12/16/03 330,273 361,316 (31,043) (4.5%) Most bearish reading of the year: (354,835) - 06/17/03 Most bullish reading of the year: 133,299 - 09/02/03 Small Traders Long Short Net % of OI 11/18/03 95,119 61,975 33,144 21.1% 12/02/03 119,555 77,609 41,946 21.3% 12/09/03 142,173 76,171 66,002 30.2% 12/16/03 177,193 73,694 103,499 41.3% Most bearish reading of the year: (77,385) - 09/02/03 Most bullish reading of the year: 449,310 - 06/10/03 NASDAQ-100 Again, we're seeing new money from the commercial traders. NDX futures have seen a bump in net longs and net shorts from both professionals and small traders. Commercials remain net short and small traders remain net long. Commercials Long Short Net % of OI 11/18/03 35,608 49,689 (14,081) (16.5%) 12/02/03 35,569 48,552 (12,983) (15.4%) 12/09/03 39,612 51,443 (11,831) (13.0%) 12/16/03 61,343 73,153 (11,810) ( 8.8% Most bearish reading of the year: (21,858) - 08/26/03 Most bullish reading of the year: 9,068 - 06/11/02 Small Traders Long Short Net % of OI 11/18/03 32,034 10,356 21,678 51.3% 12/02/03 21,594 9,429 12,165 39.2% 12/09/03 25,842 10,228 15,614 43.3% 12/16/03 28,676 15,197 13,479 30.7% Most bearish reading of the year: (10,769) - 06/11/02 Most bullish reading of the year: 19,088 - 01/21/02 DOW JONES INDUSTRIAL Commercials are hedging their bets on the DJ futures. Both longs and shorts saw a bump of about 3K contracts each. Meanwhile, small traders have turned decidedly bearish. The surge of new shorts has produced the most bearish reading in the DJ futures since 2001. Commercials Long Short Net % of OI 11/18/03 20,746 11,080 9,666 30.4% 12/02/03 21,128 12,379 8,749 26.1% 12/09/03 20,378 11,934 8,444 26.1% 12/16/03 23,509 13,880 9,629 25.8% Most bearish reading of the year: (8,322) - 1/16/01 Most bullish reading of the year: 15,135 - 10/16/01 Small Traders Long Short Net % of OI 11/18/03 5,655 8,607 (2,952) (20.7%) 12/02/03 6,667 9,302 (2,635) (16.5%) 12/09/03 6,858 12,006 (5,148) (27.3%) 12/16/03 9,497 19,633 (10,136) (34.8%) Most bearish reading of the year: (10,136) - 12/16/03 Most bullish reading of the year: 8,523 - 8/26/03 ----------------------------------------------------------------- ------------------------------------------------------------ WINNER of Forbes Best of the Web Award optionsXpress voted Favorite Options Site by Forbes Easy screens for spreads, collars, or covered calls Free streaming quotes Real-time option chains, charts + calculators Go to http://www.optionsxpress.com/marketing.asp?source=oetics21 Note: Options involve risk. 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The Option Investor Newsletter Tuesday 12-23-2003 Copyright 2003, All rights reserved. 2 of 3 Redistribution in any form strictly prohibited. In Section Two: Dropped Calls: None Dropped Puts: None Call Play Updates: ADI, GD, GILD, HOV, QCOM New Calls Plays: YHOO Put Play Updates: CTSH, NSM New Put Plays: None ! Holiday Schedule Notice ! Please note that the Option Investor Newsletter will not be publishing any new option plays or updated option plays on Thursday, December 25th through Sunday, December 28th. **************** PICKS WE DROPPED **************** When we drop a pick it doesn't mean we are recommending a sell on that play. Many dropped picks go on to be very profitable. We drop a pick because something happened to change its profile. News, price, direction, etc. We drop it because we don't want anyone else starting a new play at that time. We have hundreds of new readers with each issue who are unfamiliar with the previous history for that pick and we want them to look at any current pick as a valid play. CALLS: ***** None PUTS: ***** None ------------------------------------------------------------ We got trailing stops! Trade online with trailing stops at optionsXpress, at no extra cost Trailing stops based on the option price or the stock price Also place Contingent, Stop Loss, and "One Cancels Other" orders $1.50 /contract (10+ contracts) or $14.95 Minimum--NO Hidden Fees! Go to http://www.optionsxpress.com/marketing.asp?source=oetics23 Note: Options involve risk. Risk disclosure: http://www.optionsxpress.com/welcome_risk_index.htm ------------------------------------------------------------ ******************** PLAY UPDATES - CALLS ******************** Analog Devices - ADI - close: 44.84 change: +0.47 stop: 43.00 After last week's sharp rebound from the bottom of the rising channel, ADI has been struggling to make any upward progress, repeatedly turned back by the falling 10-dma ($45.13). While the stock is still holding above the lower channel line, the rebound is clearly losing strength. Fortunately, our $45.75 trigger has not yet been satisfied, meaning that we're still on the sidelines, waiting for ADI to prove itself to us. We still want to wait for that trigger to be hit, preferably in concert with the Semiconductor index (SOX.X) making a convincing move above the $500-505 resistance zone. We initially specified our trigger based on the position of the 50-dma, and since it has now moved up to $45.77, we're going to raise our trigger to $45.80. Once through that price point, our first upside objective remains the $48 resistance and then we can turn our attention to the potential of the stock to reclaim its early December highs near $50. Picked on December 18th at $45.12 Change since picked: -0.28 Earnings Date 2/17/04 (unconfirmed) Average Daily Volume = 3.33 mln --- General Dynamics - GD - close: 89.14 chg: +0.48 stop: 83.49 *new* Shares of GD continue to drift higher but honestly the stock is not moving as fast as we'd expected it to. The media buzz over the heightened state of alert has lifted the DFI defense index but GD seems to be drifting behind. It's nothing bulls should be alarmed about. The stock's bullish trend is still very much intact. We'd still consider bounces from its 10-dma (currently near 86.50) or move over $90 as potential entry points. Meanwhile the U.S. Navy has awarded another $63.5 million in defense contracts to GD this week for work on the Trident submarines and the USS Seawolf. We're going to inch up our stop loss to $83.49. Picked on December 21 at $88.78 Change since picked: + 0.36 Earnings Date 01/21/04 (unconfirmed) Average Daily Volume: 1.0 million Chart = --- Gilead Sciences - GILD - cls: 59.47 chng: -0.15 stop: 56.00*new* The continued bullish tone in the markets on Monday helped GILD to edge above its descending trendline/H&S neckline just below $60 and then on Tuesday, the stock pushed through to an intraday high of $60.48. That's where the lack of holiday volume came into play and the stock dropped sharply to hit an intraday low just above $58.50. That dip was enough for the bulls to come out to play again and we saw the stock rebound into the close, ending very near break even for the day and the week. With this morning's push through the $60 level, GILD was triggered to live status. Momentum entries above today's intraday high still look viable, but we'd really prefer to enter on a pullback and rebound near $58, where the 10-dma ($58.29) and 20-dma ($57.97) converge. There should be strong support down at the 50-dma ($56.79) and then again at the bottom of the rising trendline at $56.50, which gives us the confidence to raise our stop to $56 tonight. Picked on December 21st at $59.40 Change since picked: +0.07 Earnings Date 1/27/04 (unconfirmed) Average Daily Volume = 4.24 mln --- Hovnanian - HOV - close: 89.90 change: +0.91 stop: 83.50 *new* Hmm... HOV isn't performing as expected either. The DJUSHB homebuilders index broke out above the 600 level on Monday and confirmed the move with another small gain today. In contrast HOV continues to struggle with resistance at the $90 level and appears to be under performing some of its high-flying kin. Shares of HOV did trade above $90 earlier today, pulled back on some selling and then started edging higher again. We're not too concerned but it does raise a caution flag. We are encouraged by the fresh double-top bullish breakout on its P&F chart created today. Short-term traders might want to consider new positions above $90 or the 90.17 mark (today's high). If the markets unexpectedly pull back then look for a bounce from the $87.50 level (or above). We're going to raise our stop to $83.50. This is a little wide but until HOV gives us a confident close over $90 we're going to give it some room. Picked on December 16 at $87.49 Change since picked: + 2.41 Earnings Date 12/08/03 (unconfirmed) Average Daily Volume: 827 thousand Chart = --- Qualcomm, Inc. - QCOM - cls: 53.52 chng: +1.27 stop: 50.75*new* As expected, yesterday's breakout above the top of the rising channel was technically significant for our QCOM play, as the stock built on those gains today to end near $53.50, its best close in over 2 years. That breakout solidifies the bullish view and has bulls eyeing the $55 level (our initial target), quite possibly by the end of the week. While volume is likely to be light the rest of the week, it is certainly clear that QCOM is in favor with the bulls. Price is too close to that initial target to recommend new entries on strength, but a pullback to confirm support near $51.50-52.00 can certainly be considered. If QCOM does manage to rally up near the $55-56 area before the end of the week, conservative traders should definitely lock in some gains and then possibly look for a new lower entry point. Note that we've raised our stop to $50.75 tonight, just below Monday's intraday low and the 10-dma ($50.83). Picked on December 11th at $50.14 Change since picked: +3.38 Earnings Date 2/04/04 (unconfirmed) Average Daily Volume = 9.26 mln ************** NEW CALL PLAYS ************** Yahoo! - YHOO - close: 43.68 change: +1.08 stop: 41.49 Company Description: Yahoo! Inc. is a leading provider of comprehensive online products and services to consumers and businesses worldwide. Yahoo! is the No. 1 Internet brand globally and the most trafficked Internet destination worldwide. Headquartered in Sunnyvale, Calif., Yahoo!'s global network includes 25 world properties and is available in 13 languages. (source: company press release) Why We Like It: The markets still have a good two or three weeks left of untamed bullishness with the seasonal late December and early January buying spree. A lot of that money gets thrown to the tech sector and some of it is bound to land in the realm of Internet stocks. Most of the brokers who cover the Internet group rank YHOO as one of their top picks. While I won't claim YHOO is a strong fundamental play it can be a sentimental one. Investors expectations are pretty strong for 2004 and plenty will be placing their bets in the next few weeks. Looking at YHOO's chart we see a three-month consolidation that is strongly hinting at a bullish breakout. Actually, it sort of looks like a rather ugly reverse head-and-shoulder pattern with a neck line between $44 and $45. Since $45 is round-number psychological resistance, conservative traders can probably play it safer by placing the neckline there. We're going to use a TRIGGER at $45.01 to open this play. More aggressive players can probably consider positions now but YHOO has struggled with $44.00, 44.25, 44.50 and 44.75 in the last three months. Plus, a move over $45.00 should produce a new quadruple top breakout on YHOO's point-and-figure chart. Coincidentally, if you look at YHOO's P&F chart you'll see the stock has a habit of sucking in shorts with false bearish breakdowns before reversing course. Meanwhile, YHOO's technicals are all positive with stochastics, RSI and momentum turning higher and its MACD producing a fresh buy signal today. Once we are TRIGGERED at $45.01 we'll start the play with a stop at $41.49. Our first target is $50.00 but we suspect YHOO might be able to surpass it. Suggested Options: We don't plan on holding YHOO calls longer than January's expiration so our favorite strike is the January 42.50's. BUY CALL JAN 40.00 YHQ-AH OI=11472 at $4.30 SL=2.15 BUY CALL JAN 42.50 YHQ-AV OI=10786 at $2.40 SL=1.20 BUY CALL JAN 45.00 YHQ-AI OI=20785 at $1.15 SL= -- BUY CALL FEB 40.00 YHQ-BH OI= 84 at $5.10 SL=3.00 BUY CALL FEB 42.50 YHQ-BV OI= 385 at $3.50 SL=1.75 BUY CALL FEB 45.00 YHQ-BI OI= 153 at $2.25 SL=1.13 Annotated chart of YHOO: Picked on December 23 at $xx.xx <-- see trigger Change since picked: + 0.00 Earnings Date 01/14/03 (unconfirmed) Average Daily Volume: 12.3 million Chart = ------------------------------------------------------------ VOTED one of "Best Online Brokers" (4 stars)--Barron's optionsXpress's "order-entry screens...go far beyond... other online broker sites"--Barron's 8 different online tools for options pricing, strategy, and charting Access to options specialists via email, phone or live chat online Real-Time Buying Power, Account Balances or Cancels Go to http://www.optionsxpress.com/marketing.asp?source=oetics22 Note: Options involve risk. Risk disclosure: http://www.optionsxpress.com/welcome_risk_index.htm ------------------------------------------------------------ ******************* PLAY UPDATES - PUTS ******************* Cognizant Tech. - CTSH - cls: 44.59 chng: +1.43 stop: 46.50 As good as CTSH was looking for a downside break last week, it is now looking pretty grim for the bears. The stock caught another solid bounce from $41 and this time found some follow-through buying to push it through the 10-dma ($43.98). Not only that, but the stock continued to rise, actually spending some time above the 50-dma (44.75) before pulling back at the end of the day to end just below that mark. CTSH has some formidable resistance to deal with in the form of the 50-dma, historical resistance (broken support) in the $44.50-45.00 area and then the descending trendline ($45.10) from the high on December 3rd. If that resistance is broken, then we'll have a clear reversal of trend. A rollover below $45 can be used for aggressive entries, maintaining stops at $46.50. More conservative traders would need to wait for a break back under $44 before considering new entries. Picked on December 16th at $42.70 Change since picked: +1.89 Earnings Date 1/20/04 (unconfirmed) Average Daily Volume = 988 K --- National Semiconductor - NSM - cls: 39.80 chng: +1.26 stop: 41.40 Working its way back to resistance, NSM is back to tapping the $40 resistance level in concert with the Semiconductor index (SOX.X) testing its own resistance at $500. This is shaping up to be a serious battle between the bulls and the bears, as buyers keep stepping in to buy the dips, but there is strong resistance just overhead at $40, reinforced by the 50-dma ($40.61) the 20- dma ($40.80) and the 30-dma ($40.94), not to mention horizontal resistance at $41.25. Traders looking for a fresh entry point can still consider a rollover below all this strong resistance, but must rigidly adhere to our $41.40 stop in case of a breakout. Momentum entries should not be attempted until NSM breaks back under the $38 level, preferably with the SOX once again testing its own support in the $475 area. The conservative approach for traders not already in the play would be to wait until next Monday to enter the play. Picked on December 9th at $38.70 Change since picked: +1.10 Earnings Date 3/04/04 (unconfirmed) Average Daily Volume = 3.80 mln ************* NEW PUT PLAYS ************* None ------------------------------------------------------------ WINNER of Forbes Best of the Web Award optionsXpress voted Favorite Options Site by Forbes Easy screens for spreads, collars, or covered calls Free streaming quotes Real-time option chains, charts + calculators Go to http://www.optionsxpress.com/marketing.asp?source=oetics21 Note: Options involve risk. Risk disclosure: http://www.optionsxpress.com/welcome_risk_index.htm ------------------------------------------------------------ ********** DISCLAIMER ********** Please read our disclaimer at: http://www.OptionInvestor.com/page/oin/aboutus/disclaimer.html ************************************************************** ADVERTISING INFORMATION For more information on advertising in OptionInvestor Newsletter, or any Premier Investor Network newsletter please contact: Contact Support
The Option Investor Newsletter Tuesday 12-23-2003 Copyright 2003, All rights reserved. 3 of 3 Redistribution in any form strictly prohibited. In Section Three: Play of the Day: CALL - HOV Watch List: Our Christmas Watch List ********************** PLAY OF THE DAY - CALL ********************** Hovnanian - HOV - close: 89.90 change: +0.91 stop: 83.50 *new* -Company Description- Hovnanian Enterprises, Inc. was founded in 1959 by Kevork S. Hovnanian, Chairman, and is headquartered in Red Bank, New Jersey. The Company is one of the nation's largest homebuilders with operations in Arizona, California, Maryland, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia. The Company's homes are marketed and sold under the trade names K. Hovnanian, Washington Homes, Goodman Homes, Matzel & Mumford, Diamond Homes, Westminster Homes, Fortis Homes, Forecast Homes, Parkside Homes, Brighton Homes, Parkwood Builders, Summit Homes and Great Western Homes. As the developer of K. Hovnanian's Four Seasons communities, the Company is also one of the nation's largest builders of active adult homes. (source: company press release) - Most Recent Update (Tuesday, Dec. 23, 2003) - Hmm... HOV isn't performing as expected either. The DJUSHB homebuilders index broke out above the 600 level on Monday and confirmed the move with another small gain today. In contrast HOV continues to struggle with resistance at the $90 level and appears to be under performing some of its high-flying kin. Shares of HOV did trade above $90 earlier today, pulled back on some selling and then started edging higher again. We're not too concerned but it does raise a caution flag. We are encouraged by the fresh double-top bullish breakout on its P&F chart created today. Short-term traders might want to consider new positions above $90 or the 90.17 mark (today's high). If the markets unexpectedly pull back then look for a bounce from the $87.50 level (or above). We're going to raise our stop to $83.50. This is a little wide but until HOV gives us a confident close over $90 we're going to give it some room. - Play of the Day Comments - The DJUSHB index has broken back above the 600 level and we're expecting some follow through on the move. HOV should play a little catch up once it absorbs current resistance at $90.00. - Suggested Options - Bullish traders should probably consider the January and February calls. Our time frame is short-term, just 2-3 weeks, so our choice is the January 90's. BUY CALL JAN 85 HOV-AQ OI= 876 at $6.70 SL=4.50 BUY CALL JAN 90*HOV-AR OI=1428 at $3.40 SL=1.75 BUY CALL JAN 95 HOV-AS OI=1020 at $1.40 SL=0.75 Annotated Chart: Picked on December 16 at $87.49 Change since picked: + 2.41 Earnings Date 12/08/03 (unconfirmed) Average Daily Volume: 827 thousand Chart = ------------------------------------------------------------ optionsXpress has "...a lot of bang for the buck."--Barron's $1.50 /contract (10+ contracts) or $14.95 Min. No hidden fees Easy screens for spreads, collars, or covered calls! Contingent, Stop Loss, Trailing stop, or OCO 8 different online tools for options pricing, strategy, and charting Go to http://www.optionsxpress.com/marketing.asp?source=oetics25 Note: Options involve risk. Risk disclosure: http://www.optionsxpress.com/welcome_risk_index.htm ------------------------------------------------------------ ************** TRADERS CORNER ************** Our Christmas Watch List ! Holiday Schedule Notice: The OI watch list will be absent during the holidays and should resume the week after Christmas. --- Amazon.com - AMZN - close: 52.48 change: +2.59 WHAT TO WATCH: AMZN actually produced some decent volume on today's rally given the Christmas holiday. The stock has broken its declining trend of lower highs that began in mid-October. Shares have also bounced three times from the 38.2% Fibonacci retracement level of its April to October run. Bullish traders might want to target a move to $60 if AMZN can break above its simple 50-dma. Also watch for resistance just above $57.00. Chart= --- Nextel Communications - NXTL - close: 27.00 change: +1.08 WHAT TO WATCH: NXTL added more than 4% today as the sector rose amid speculation of future M&A activity. This is almost a fresh three-year high for the stock and shares are still in their rising channel. This might be a breakout worth chasing to the $30 level. If you prefer to buy the dip, hope for a bounce from the $26.00-26.50 region. Chart= --- Lehman Brothers - LEH - close: 75.69 change: +0.69 WHAT TO WATCH: Shares of LEH are helping lead the XBD broker- dealer index back toward its highs. LEH has closed strongly above resistance at $75 and is about to hit new 2 1/2 year highs above $76.25. The stock's chart appears to have formed a cup and handle formation. We strongly considered adding LEH to the play list as a call at current levels with a target of $80 to 82.50. Chart= --- NVIDIA Corp - NVDA - close: 21.96 change: +0.86 WHAT TO WATCH: NVDA is another stock we strongly considered for a short-term bullish play. Shares have been consolidating sideways and with double-bottom near 19.50 the stock now looks ready to breakout above the $22.25 mark. Bullish traders could use this level to set a trigger and then target a move to $25-26. Chart= ---------------------------- RADAR SCREEN - more to watch ---------------------------- AMAT $22.33 +0.33 - AMAT has been consolidating in a deep bull flag (if you're optimistic) or a descending bearish channel. Whatever the case a breakout above the 50-dma and/or the 23.00- 23.25 level could be a bullish entry point. MXIM $48.86 +0.63 - MXIM is another chip stock in a bull flag- style consolidation. Look for a move above $50 to consider bullish positions. BRCM $34.64 +0.75 - Yet another chip stock but this one has already started to break out of its consolidation. A move above $35.00 could be an entry point. ERTS $47.23 +1.21 - The close just above its simple 50-dma is encouraging and the stock is definitely on the rebound. FDX $68.99 -0.31 - There has been no dead cat bounce after FDX closed under $70 last week. Shares are slowly slipping lower. We're cautious on any bearish plays because this is a tough time of year to be bearish but FDX looks headed for a test of its 200- dma near $65. BBY $49.50 -0.95 - BBY is another tempting bearish candidate. The close under $50 is encouraging (to consider short positions) but the stock has currently produced a short-term double-bottom at 48.50. A break down from there and it's an easy drop to its 200-dma near $45.00. ------------------------------------------------------------ WINNER of Forbes Best of the Web Award optionsXpress voted Favorite Options Site by Forbes Easy screens for spreads, collars, or covered calls Free streaming quotes Real-time option chains, charts + calculators Go to http://www.optionsxpress.com/marketing.asp?source=oetics21 Note: Options involve risk. Risk disclosure: http://www.optionsxpress.com/welcome_risk_index.htm ------------------------------------------------------------ ********** DISCLAIMER ********** Please read our disclaimer at: http://www.OptionInvestor.com/page/oin/aboutus/disclaimer.html ************************************************************** ADVERTISING INFORMATION For more information on advertising in OptionInvestor Newsletter, or any Premier Investor Network newsletter please contact: Contact Support
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