Daily Newsletter, Wednesday, 04/27/2005
HAVING TROUBLE PRINTING?
Follow the Bouncing Ball
by OI Staff
Follow the Bouncing Ball
If you feel like you're watching a professional ping pong match from front row seats as you watch this market gyrate up and down over the past week, you're not alone. There's a major battle going on between the Big Bears and the Big Bulls, between those who believe we're starting the next bear market leg down and those who believe this year ending in '05 will be another bull market year. And these players have huge sums of money with which they're placing their bets. We little people are caught in the crossfire trying to eek out an existence in this market. It's a time to trade cautiously while we wait for the Big Kahunas to duke it so that we can then see who's left standing. My take on the fight so far? The bears are winning and I think they'll soon be serving steak tartar (personally I prefer mine with just Kosher salt and pepper--nice and juicy that way, but I digress).
We started the early morning with the March Durable Goods orders numbers and they weren't pretty. They showed the largest drop in 2-1/2 years (since September 2002), dropping -2.8% after economists were expecting a rise of +0.3%. This makes for three straight months of drops in durable goods orders after February was revised lower to a -0.2% decline from its previously reported +0.3% increase. Inventories rose +0.4% so a bit of a double whammy for producers. In order to reduce inventory they'll likely mark down prices which will only further depress sales, and margins. Core orders (capitial equipment used by businesses) dropped -4.7% after falling -2.5% in February, making it the largest drop since November 2003. Shipments of core capital goods also dropped and Transportation represented the largest drop in March's orders, down -7.8%. From a DOW Theory standpoint, as go the Trannies, so goes the market. The Transportation index reacted to this news and dropped hard in the morning before recovering to a little better than breakeven by the end of the day (another reflection of the bull vs. bear battle).
The weakening in the durable goods orders this year is sparking debate as to whether or not the manufacturing sector has been hurt by the December 31, 2004 expiration of a special tax break for business investment goods. Regional reports for the manufacturing sector have been mixed for April. There's also lots of debate about how this will affect the FOMC and its decision on interest rate increases. The consensus seems to be that the FOMC will not be dissuaded from raising interest rates at its meeting next week, May 3rd. There's still unanimous agreement that we'll see a +0.25% increase next week. It's after that increase that the real debate is raging. Looking inside the durable goods numbers, orders for civilian aircraft dropped -22.7%, military aircraft dropped -35.0%, motor vehicles dropped -2.4% (3rd straight month for a drop in vehicle orders), and all orders excluding transportation dropped -1.0%, the 2nd straight decline. Orders for computers dropped -7.8% and machinery dropped -7.6%. Orders for electronics increased +2.2% (communications equipment rose by +5.1%) and orders for primary metals increased by +1.0%--these were the only major categories to see increases. And lastly orders for defense capital goods increased by +5.2%, thanks to the military requirements.
So with the negative durable goods numbers, the market predictably reacted negatively in the morning, pulling the DOW down by a little over 70 points in the first 30 minutes of trading. And then the bulls couldn't stand it any longer and decided there were some good deals to be had. The rest of the day was spent in rally mode. This rally looks like it should continue into tomorrow.
Let's review some of today's charts, starting with the DOW:
DOW chart, Daily
The DOW went into freefall after bouncing from and then breaking below its 200-dma and the January low. It found support at the bottom of a parallel up-channel from last October's low, after briefly breaking below it, and has been attempting to rally back up. I say attempting because the bounce looks choppy and corrective which leads me to believe that once this bounce is completed, the DOW will break to new lows. We will likely see a continuation of today's rally into tomorrow and it could get above 10,300 so I would not be anxious to get short tomorrow, at least not in the morning. But once this leg up is finished, the larger correction from last week's low looks like it will be finished. There is a downtrend line from the March high sitting near 10,320 that I would watch carefully for resistance--it could be a good area to protect profits on longs and consider playing the short side from there.
SPX chart, Daily
SPX dropped below its uptrend line from August 2004 and its 200-dma's and has since come back to the scene of the crime. So far SPX has given its broken uptrend line and its 200-dma a kiss goodbye. This is bearish price action and the form of the bounce supports the idea that the decline is not finished. There's still the potential support area around 1110 which is the bottom of its longer term up-channel from August 2004's low. The October 2004 low near 1090 could also be a downside target for any further decline. If we get another leg up tomorrow in the current bounce from last week's low, the downtrend line from March 7th sits near 1172 but that broken uptrend line on this daily chart at 1165 could hold down any further rally.
Nasdaq chart, Daily
The Nasdaq (and the Russell 2000 small cap index) continues to have a more bearish pattern. After breaking down from its long term uptrend line from October 2002, the NAZ hasn't even been able to bounce back up to give it a kiss. It's been trapped in the same price range it was in last October 2004. Just as that consolidation lead to a rally out of it, I believe the current consolidation will lead to another leg down. The bottom of its current down-channel coincides with potential support at its September 2004 low near 1850. If that doesn't hold then the next support level is down at the August 2004 low near 1750. As for tomorrow, if the market rallies further, there's some good upside potential to 1950-1970.
SOX index, daily chart
The chippers don't look so chipper. The SOX broke below its long term uptrend line from October 2002 and has so far only managed to come up and give it a kiss goodbye (are you getting a similar picture about now?). The bounce in the SOX, like the broader markets, looks corrective and looks like it should head to new lows once this correction is finished. Like the broader market, the SOX appears ready to continue a little higher tomorrow but I would expect this broken uptrend line to continue to offer resistance (currently near 398).
The earnings picture continues to look mixed, depending on which sector the company is in. It continues to be a stock-picker's market in that regard. As usual it's also hard to accurately predict the market's reaction to earnings. We continue to see odd reactions at times to good/bad earnings reports. Follow your charts and you'll probably have better luck predicting what will happen to the stock. Speaking of sectors, it was a bit of a mixed bag today. The leaders in the plus column were the financial indices and then the healthcare and pharmaceuticals. The losers were lead by the XAU (gold and silver index), oil service and energy indices. Most everyone else had a near neutral day. Speaking of oil, the oil inventory numbers this morning sparked a sell-off in oil which in turn sparked a rally in equities. Crude oil inventories rose a much larger than expected 5.5M barrels (consensus was for +650K), which was the highest weekly jump since May 2002, the smaller than expected usage of 300K barrels in gasoline inventories (consensus was for a draw of 1.0M barrels) has relieved some of the nervousness about the impact of high gas prices on discretionary spending. But distillates fell 1.4M barrels, which was more than the 100K buildup that analysts had expected. The debate (which influences the debate on interest rates) continues about how much of an impact this commodity has on overall spending as we head into the summer driving months. Oil dropped from near $54 this morning to $51.70 by the end of the day and then dropped further to $51.35 this evening.
As cam be seem in oil's chart, price broke decisively back below its uptrend line from December 2004.
Oil chart, June contract, Daily
It looks like oil has a date with its 200-dma which coincides with it longer term uptrend line from the beginning of 2004, both around $47.50. One would think this kind of a drop, especially a price that trades below $50 would be bullish for equities. Lately, and certainly this month, oil and equities have trades in synch--both down. So it remains to be seen how well oil's price has an impact on equity prices.
Oil Index chart, Daily
No surprise, the oil index reflects the price of oil. After breaking below the bottom of its steep up-channel from December 2004, price rallied back up to give the broken trendline a kiss goodbye. It looks like it's dropping back into its longer term up-channel that price was in for much of 2004 before rallying strongly out of the channel in January 2005. Like oil, it looks like the index has a date with its 200-dma in its future. This also coincides with its longer term uptrend line.
Transportation Index chart, TRAN, Daily
The Trannies have been attempting to regain its 200-dma after breaking below them on April 14th. It's bounced above and below this important support/resistance level since then but the whole thing looks corrective and should lead to another leg down. Even though there was an end of day recovery in the index today, it doesn't look like it will lead to much. It could bounce a little more with the broader market tomorrow but it looks like the next leg down has already started.
U.S. Home Construction Index chart, DJUSHB, Daily
The home construction index actually looks similar to the oil index. After breaking below its steeper uptrend line and falling back inside its longer term up-channel that contained price since March 2003, price fought to get back up above the channel but finally fell away in early April. Like the rest of the market the current bounce looks corrective and should lead to another leg down. The 200-dma's should provide some support but if they eventually break, watch for a drop back down to its longer term uptrend line.
Euro chart, Daily
Lastly, the currencies are at an interesting point and this Euro chart shows the Euro ready to drop further which will have the US dollar rallying. After breaking below its uptrend line from Sept 2004, the Euro has been attempting to get back above that line but has repeatedly failed to do so. It looks like an impulsive decline from its last attempt a week ago. If the Euro drops below its recent low near 1.28, we could see an opposite trade in the US dollar as it rallies to new near term highs. And if that happens it may have a negative impact on the price of metals which seem to be in their own consolidating patterns since their December 2004 highs.
Since bellwether GE is widely regarded as a strong gauge of broad global economic conditions, and with Immelt saying the U.S. economy is "still pretty strong," his comments relieved some anxiety about the slowdown in the economy. It could be nothing more than GE trying to manage expectations but when GE speaks, people still listen. Interest rate-sensitive sectors like Financial (+1.3%) and Utility (+0.7%) attracted buyers today following better than expected earnings from AFLAC Inc. (AFL 39.63 +3.48) and First Energy (FE 42.87, +0.35). Treasuries shot higher this morning after reacting to the disappointing durable goods data as well as short-covering ahead of tomorrow's advance read on GDP. The resulting drop in bond yields helped the financials. Bonds pulled back some as the day wore on and the benchmark 10-year note closed up 7 ticks to yield 4.23%. Health Care (+0.9%) got a boost from strong Q1 reports from WellPoint (WLP 124.45 +6.42) and Becton Dickinson (BDX 58.73 +2.18). Even Technology gained ground, as Microsoft (MSFT 24.99 +0.23) bounced ahead of its Q1 report tomorrow after the bell (this could actually be a negative). And tech bellwether Intel (INTC 23.51 +0.19) offset overall losses in Software (-0.2%) and Semiconductor (-0.2). After the bell, investors had earnings from 99 companies to sift through.
Some big economic reports tomorrow morning could have an impact on initial direction in the morning. At 8:30 ET, an advance read on Q1 GDP (consensus 3.5%) and its chain deflator (consensus 2.1%), which is a key inflation measure, and the Labor Dept.'s release of weekly jobless claims (consensus 230K) will all be released. It could cause some gyrations early in the morning and you might need to be quick to follow that ping pong ball as it gets batted back and forth between the bulls and the bears. Don't get so close you end up getting a paddle upside the head. The increased volatility, while making for some great trading opportunities, is also fraught with danger. Trade carefully and quickly.
New Option Plays
by OI Staff
Call Options Plays
Put Options Plays
Websense - WBSN - close: 52.85 chg: +2.80 stop: 49.49
Websense, Inc., the world's leading provider of employee internet management solutions, enables organizations to optimize employee use of computing resources and mitigate new threats related to internet use including instant messaging, peer-to-peer, and spyware. By providing usage policy enforcement at the internet gateway, on the network and at the desktop, Websense products enhance productivity and security, optimize the use of IT resources and mitigate legal liability for our customers. (source: company press release)
Why We Like It:
We normally do not like to play a stock this close to earnings but the recent bullish bounce from support looks like an opportunity we don't want to miss. Shares of WBSN have been channeling higher for months with investors buying dips to the 100-dma or 200-dma's. You can see a similar pattern on the P&F chart where the stock reverses higher after testing its P&F trendline of support. WBSN recently hit that level of support on its P&F chart and began to bounce again. That trend of support coincided relatively close to its simple and exponential 200-dma's on its daily candlestick chart (and price support near $47.50). Now the MACD indicator is producing a new buy signal and short-term oscillators are also positive. Thursday's rally was fueled by its positive earnings news. The company beat estimates by 2 cents, beat on revenues and issued a positive outlook going forward. There is possible resistance in the $54.00-55.00 range and its P&F chart is technically in a sell signal but we believe that WBSN is turning around like it has so many times before. Traders have a choice to make when it comes to initiating new bullish positions. One choice would be to go long at current levels here. Another would be to wait for a possible dip back toward the $50.50-51.00 region and buy a bounce. A third option would be to look for a breakout over 54.50 or 55.00 to confirm the new bullish trend. Our target is the $59.50-60.00 range with an eight-week time frame.
We are suggesting the July strikes although Junes are available.
BUY CALL JUL 50.00 DQH-GJ OI= 76 current ask $6.00
BUY CALL JUL 55.00 DQH-GK OI=204 current ask $3.50
BUY CALL JUL 60.00 DQH-GL OI=202 current ask $1.80
Picked on April 27 at $ 52.85
Change since picked: + 0.00
Earnings Date 04/26/05 (confirmed)
Average Daily Volume = 751 thousand
In Play Updates and Reviews
by OI Staff
Avalonbay - AVB - close: 71.42 change: +0.90 stop: 67.49
Traders bought the dip toward $70.00 this morning. Today's bounce looks like another bullish entry point. No change from our previous update on 04/26/05 and 04/24/05. Our target remains the $75-76 range.
Picked on April 24 at $ 70.05
Change since picked: + 1.37
Earnings Date 04/21/05 (confirmed)
Average Daily Volume = 345 thousand
Golden West Fincl - GDW - close: 63.66 chg: +1.31 stop: 59.95
Banking stocks bounced pretty well today and helped lead the market's advance. Shares of GDW outperformed most of its peers with a 2.1 percent climb. More importantly GDW helped confirm the recent breakout over resistance. The company also announced a quarterly cash dividend of 6 cents per share payable on June 10th.
Picked on April 26 at $ 62.55
Change since picked: + 1.11
Earnings Date 04/20/05 (confirmed)
Average Daily Volume = 1.3 million
Nucor - NUE - close: 50.38 chg: -1.22 stop: 49.95
Commodity-related stocks are having trouble lately as investors worry about a slow down in the economy. Tomorrow morning's GDP report could prove to be a turning point for NUE. How investors respond to the GDP number could send NUE bouncing from support at the $50.00 level and its 200-dma or it could send NUE breaking down. We are still on the sidelines waiting for NUE to trade at our trigger of $55.05. More aggressive traders may want to consider going long here on a bounce from $50.00. If the GDP number is bad then nimble traders could open put plays on a breakdown below $49.00-48.50.
Picked on April xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 04/21/05 (confirmed)
Average Daily Volume = 3.3 million
Patterson Cos. - PDCO - close: 50.61 chg: +0.16 stop: 49.75
No change from our previous update on 04/26/05.
Picked on April 18 at $ 50.75
Change since picked: - 0.14
Earnings Date 05/19/05 (unconfirmed)
Average Daily Volume = 789 million
Adobe Systems - ADBE - close: 58.45 chg: -0.67 stop: 61.51
A couple of press releases and a new "out perform" rating were not enough to lift shares of ADBE today. The company announced that its Creative Suite 2 and its Photoshop CS2 are now shipping. Meanwhile CIBC started coverage on ADBE with an "out perform". We see no change from our previous update on 04/26/05.
Picked on April 26 at $ 59.12
Change since picked: - 0.67
Earnings Date 06/16/05 (unconfirmed)
Average Daily Volume = 3.3 million
CDW Corp - CDWC - close: 55.51 chg: -0.37 stop: 58.01
CDWC continues to show relative weakness. No change from our previous updates on 04/26/05 and 04/24/05.
Picked on April 24 at $ 55.68
Change since picked: - 0.17
Earnings Date 04/19/05 (confirmed)
Average Daily Volume = 920 thousand
Infosys Tech. - INFY - close: 56.60 chg: -1.64 stop: 62.51
INFY continues to show relative weakness and lost another 2.8 percent today on big volume. Traders should prepare for a possible oversold bounce at the $55.00 level but we would only see it as a speed bump on the way down. No change from our previous update on 04/26/05.
Picked on April 26 at $ 58.24
Change since picked: - 1.64
Earnings Date 04/14/05 (confirmed)
Average Daily Volume = 504 thousand
Lehman Brothers - LEH - close: 93.36 chg: +1.25 stop: 92.51
The financials rallied pretty broadly today and shares of LEH bounced from its 100-dma near $91. We are still on the sidelines waiting for LEH to breakdown and hit our trigger at $89.45. Until then we're just spectators. If LEH trades over $94 we'll probably drop this play. If LEH trades over resistance at $96 readers may want to consider bullish positions.
Picked on April xx at $ xx.xx <-- see TRIGGER
Change since picked: - 0.00
Earnings Date 03/15/05 (confirmed)
Average Daily Volume = 2.3 million
PACCAR Inc - PCAR - close: 67.27 change: +0.09 stop: 70.01
Ding! PCAR has hit our trigger/entry point to buy puts. The stock continued trading lower this morning and dipped to $66.12 before traders bought the dip. The stock got a boost from an analyst who upgraded PCAR to a "buy" with an $85 target. Fortunately the rally began to fade under the $68 level this afternoon. We are still bearish and traders who missed this morning's entry can look for another drop under $66.50 or $66.00 as a new bearish entry point.
Picked on April 27 at $ 66.45
Change since picked: + 0.82
Earnings Date 04/26/05 (confirmed)
Average Daily Volume = 1.0 million
Some chart patterns helpful to trading
by OI Staff
A Subscriber question got me thinking about some recent patterns seen in the indexes that suggested trading opportunities in the indexes. I will describe recent "flag" patterns, rounding tops, and the Head & Shoulder's top.
These patterns however can form either as part of an uptrend OR downtrend. They can either be REVERSAL type patterns like the rounding formation; either a rounding bottom or rounding top. The Head & Shoulder's (H&S) is also, most commonly, suggesting an upcoming reversal of trend; either an inverse H&S bottom or a H&S Top.
A flag pattern is usually a CONTINUATION type pattern. That is, a pattern that is a consolidation in an uptrend (bull flag) where a pullback is going to lead to a continuation of the existing UP trend; or a flag pattern that is a rebound that will lead to a continuation of an existing DOWN trend. So, there are bull and bear flags.
Either reversal patterns or continuation patterns suggest a new trading opportunity, an exit to an existing index option position or can suggest that the trade you are in is OK to stick with.
Flag patterns are fairly common continuation patterns and are considered bullish in an uptrend and bearish in a declining trend. I say "common", but they are most common in individual stocks, somewhat less so in the Indexes.
In technical analysis, continuation patterns are "consolidations" to the prior price swing. After an initial strong move up or down, there is typically a countertrend or sideways price movement before the trend renews itself and continues in the same direction as before the consolidation.
Flag patterns are relatively short-term sideways consolidations after a prior sharp move in prices. By short-term, I mean a matter of a few days or more, in the case of a daily chart; but not more than 10-12 trading periods, whether hours, days or weeks.
A flag patterns outline is formed by a series of relatively narrow price range sessions after this sharp and relatively short price spurt. Sometimes the more or less "straight up" or "straight down" nature of this spurt resembles a "flagpole" as is outlined in the chart below ...
You can draw parallel lines through the highs and lows (the back and forth movements) that occur near the end of the prior move. This could be a steep decline in the case of bear flag. If there is steep decline or advance, this is called the "flagpole" part of a bull or bear flag.
The flagpole sometimes will turn out to equal a minimum distance covered in the NEXT advance or decline, as measured from the breakout of the two parallel flag lines. Most often there is a slope to the lines in a direction OPPOSITE the direction of the dominant trend. The parallel lines however, can be parallel lines that go sideways.
The narrow ranges that comprise the price swings of the "flag", have tops and bottoms that allow drawing trendlines across the highs and lows. The two resulting trendlines will often slope in the opposite direction from the trend. You'll see examples where the two parallel lines cut through one or two highs or lows. The idea is to connect the most number of highs or lows; called an "internal" or best-fit trendline.
A flagpole is imagined when there is an especially steep move that takes place over 2-3 trading periods. The distance covered by the decline, noted as the "flagpole" above, will sometimes equal the distance covered by a next decline, as measured at the point where a next downswing penetrates the lower flag line seen at the green arrow in the S&P 500 (SPX) chart above.
MEASURING A FLAG OBJECTIVE -
The measurement implication for the height of a further move, after the breakout from the flag consolidation, is that a minimum upside or downside objective is equal to the height of the "flagpole" subtracted from the downside breakout of a bear flag.
In the case of the SPX chart above, this measuring rule of thumb implies an objective to around 1100. These price target objectives of course are not always met but there is at least usually good downside follow through on the second break. The 1100 area is also of course a likely major support.
However, chart patterns can't just be viewed in isolation. We can see on the RSI (Relative Strength Index) indicator shown on the bottom of the chart above that the S&P 500 is no longer overbought, arguing against a further decline of this magnitude; i.e., to the 1100 area.
The most significant technical consideration arguing against that much of a further decline is the fact that SPX has retraced around 66% of the last big advance. I'm inclined to BUY retracements that are between 62 and 66% of a prior big move, setting my exit point that is risking to just under the 66% retracement line. Relative to this small risk, there is good potential for a continuation of the major up trend. One key is to wait for a breakout below the low end of the flag before figuring there could be another down leg.
ANOTHER INDEX CHART WITH LOTS OF FLAGS ...
A ROUNDING TOP -
The Dow 30 (INDU) hourly chart, as shown below, formed this pattern before its last sharp decline. It was the S&P related index that most showed this kind of rounding formation. It also happened to form a Double Top, which is also a potent technical indication that the trend could reverse.
The tip off for a further decline is when prices start another waterfall type decline, about half way down the side of the implied circle. If the accelerated fall begins by piercing the low end of trading range (at the blue dashed level line), it is a good indication of the start of another down leg ...
The rounding top (or rounding bottom) is not seen all that much in the indices, but when it is the pattern has a high predictive value in suggesting that prices are going to have a sharp further move down, in this case.
Sometimes another measuring rule of thumb will work to make an educated guess for a downside target when a decline carries the same distance as the width of the sideways consolidation that preceded the fall. In the chart, above distance "b" equaled distance "a".
Long term and major rounding tops sometimes set up on weekly charts. A prime example is the major market top that is outlined in the S&P 100 (OEX) chart below ...
Never being one to NOT reinforce key technical principles, the OEX weekly chart above is also a good example of support, once broken, becoming resistance later on. This was the return to the "line" of prior support at the red down arrow.
Opps, I dream of going back to buy more puts at that major 2000 top! Sorry, let's go back to the present. A rounding top also formed in the hourly chart of the Nasdaq Composite (COMP) back in late-March to early-April as seen below ...
The pattern in the hourly COMP chart above could also be viewed as a Head & Shoulder's (H&S) Top. I will show this pattern (the H&S Top) on the Nasdaq 100 (QQQQ) tracking stock next.
THE HEAD & SHOULDERS PATTERN
The Head & Shoulders pattern may be one of best known chart formations. It's a pattern that is also a "reversal" type chart formation, signaling at least a temporary trend reversal. The H&S patterns are valuable as they have a pretty high reliability for signaling a top (or bottom) ahead of when that actually happens, giving some time to prepare for it with a trading plan, especially important with Index options.
The H&S pattern can develop over days or weeks in individual stocks or stock indexes; or, in any other timeframe such as on an hourly chart such as seen in the QQQQ chart below ...
The Head and Shoulders TOP formation is composed of 3 tops prior to a downside trend reversal -- the middle peak (the Head) stands above the first and last tops; the Left (LS) and Right Shoulders (RS) tend to form in approximately the same price area.
Head and shoulders top pattern, as is true of other top and bottom patterns like the rounding formation or double tops (or bottoms), are more likely to occur after a trend has been underway for some time.
The Head and Shoulders bottom is also called an INVERSE Head and shoulders and is a mirror image of the head and shoulders top. It is similar to a triple bottom in that there are 3 lows, but with the middle low (the Head) being lower than the left and right lows.
As shown above on the recent QQQQ chart, the distance from the top of Head to the dashed trendline called the neckline, once pierced, is ADDED to the point where the downside penetration occurs. This becomes a "minimum" downside objective.
If you were short QQQQ in the 36 area you probably don't want to cover shorts and exit your trade just because a minimum downside target was reached. However, the fact such a minimum downside objective was reached should put you on alert to exit as soon as there are signs of an upside reversal. This occurred at the upside penetration of the hourly down trendline at the red down arrow on the chart above.
This trade would have a profit of at least $2. Some traders will short just after what appears to be a right shoulder forms and could have gained more on the trade. Initial "risk" was small. As soon as the neckline was penetrated, an exiting (buy) stop should have been placed just above the down trendline.
That's all on recent bearish Index patterns. Spotting one of the top patterns, or seeing the bearish implication of the flag formation, could have led to some right (i.e., profitable) trading decisions.
Good Trading Success!
Please send any technical and Index-related questions for possible use in my next Trader's Corner article to firstname.lastname@example.org with 'Leigh Stevens' in the Subject line.
Today's Newsletter Notes: Market Wrap by Keene H. Little, Trader's Corner by Leigh Stevens, and all other plays and content by the Option Investor staff.
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