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  Jeff Bailey   12/22/20,  4:45:35 PM
Closing internals at this Link

  Linda Piazza   12/22/20,  3:55:40 PM
We are seeing the OEX climb into the close, changing that doji or small-bodied daily candle into one with a more bullish aspect. The OEX appears to be in the process of establishing support above the midline of Friday's big white candle and using that as a base from which to climb. OEX 544-546 looms overhead, but nothing has stopped the OEX for the last 9 months, and perhaps nothing will until 560, the 38.2% retracement of the decline from its March, 2000 level.

  Jeff Bailey   12/22/20,  3:53:46 PM
Trimble Navigation (TRMB) $34.39 +1.14% Link ... I saw this article Link this weekend when checking up on TRMB. Can't remember who, but somebody was bullish on Deere (DE) $66.99 -0.16% Link because grain prices were strong. Might be the same for TRMB.

  Jeff Bailey   12/22/20,  3:40:58 PM
Dow Industrials (INDU) 10,321.03 +0.41% ... at this rate (40-points per day) should just about get to 10,500 by New Year Eve.

  Linda Piazza   12/22/20,  3:40:40 PM
Without a strong move up in the last 20 minutes of trading, that second doji or else a small-bodied candle may be seen on the daily chart after all. As I'm studying that daily chart, I'm also noticing how far the OEX has outstripped its moving averages. With ADX now above 30, we should probably be paying more attention to how the OEX behaves in relationship to those moving averages than to the oscillator behavior. So, as I'm watching, I'm building a scenario that might see the OEX trade sideways for a number of days, then reach down to test either its 10-dma at 533.11 or its 21-dma at 526.77. Its 72-ema is tracking its rising trendline pretty well, so at some point, it's going to need to retrace all the way back to that trendline, too. By mid-January, that trendline will be at 522 or so. If the OEX remains strong, it will find support there. If not . . . well, it's not so strong after all.

  Ray Cummins   12/22/20,  3:37:24 PM
Spreads/Combos & Premium-Selling -- Portfolio Activity: Today's Leaders

As the broader market drifts ever-so-slightly higher, blue-chip shares continue to spearhead the bullish activity. Our portfolio is being dominated by Meritage (NYSE:MTH) and Winnebago (NYSE:WGO), however Chicago Mercantile Exchange (NYSE:CME) is also enjoying limited upside. Among the technology issues, Qualcomm (NASDAQ:QCOM) is the standout performer while Intuit (NASDAQ:INTU) and Netflix (NASDAQ:NFLX) deserve honorable mention. On the downside, Digital River (NASDAQ:DRIV) has dropped below our break-even point ($22.15) in the speculative debit spread, thus the position will be closed. One other issue warrants attention: Capital One Finance (NYSE:COF) is testing resistance near the sold (call) strike at $60 in our bearish credit spread. We are monitoring the issue closely as it rides the "upgrade wave" from last week and a move above $61 would be a potential early-exit signal for conservative traders.

  Linda Piazza   12/22/20,  3:25:38 PM
Although we saw some days lately when the OEX tried to make gains without the cooperation of the BIX or the SOX, the BIX today lends its strength to the OEX. At 336.53 as I type, the BIX has just achieved a new high not seen since May, 1999 if I'm looking at the monthly chart correctly.

  Linda Piazza   12/22/20,  3:20:36 PM
A look at the European markets show that the FTSE closed up 11.70 points or 0.27%, at 4424.00. The FTSE's trading was mostly flat today, too, after about midday. The CAC 40 closed down 5.98 points or 0.17%, at 3496.06, not quite able to maintain 3500. The CAC traded on either side of the flat line most of the day after opening near its low of the day. The DAX closed down 21.48 points or 0.55%, at 3876.94, dropping the last couple of hours of trading, but staying off its low of the day.

  Linda Piazza   12/22/20,  3:13:43 PM
Studying the OEX weekly chart more closely, I do see some past S/R levels hitting between 439.90-441.66, with 440.80 looking to be the most important of the numbers within that range. Those levels were being hit on a weekly open, close, or intraday high or low basis in October 2001, and April and May of 2002. They didn't seem as significant as 544-546, which saw some swing highs and lows, but they have proven significant over the last several days. Perhaps it's just that any gains past any resistance will be a little slower now.

  Jeff Bailey   12/22/20,  3:05:32 PM
03:00 Internals at this Link

  Linda Piazza   12/22/20,  3:05:30 PM
We should look at the positive side of this low volatility. At this rate, we'll be able to buy ATM SPX options for $2.00 at the first of next month's option expiration cycle.

  Linda Piazza   12/22/20,  3:02:33 PM
The GSO.X has continued to perform well, today climbing above its 30-minute 21-pma. At 150.63 as I type, this software index is just below the 151.05 high reached last week, the high for this month.

  Jane Fox   12/22/20,  2:57:19 PM
TRIN is printing new daily lows.

  Linda Piazza   12/22/20,  2:50:32 PM
The OEX slipped a little below the 540.24 level that marked a 50% retracement of the move immediately preceding the pullback, but it does appear to be trying to steady now at 540. The Keltner channels show support there, too. The five-minute candle bodies have grown smaller as the OEX approaches that level, but it's unclear whether the support will hold. Today so far remains a small range day, the second in a row. Today's first five minutes covered a relatively large range, so we should perhaps make note that there's not always a correlation between the size of that first five-minute range and the ultimate trading range for the day.

  Linda Piazza   12/22/20,  2:34:33 PM
Talk about low volatility! What's the VXO? 11? Actually, it's 16.51. The current slight pullback on the five-minute OEX chart could be a bull flag, but if so, it should break to the upside before it retraces more than half the previous movement, at about 440.24.

  Jane Fox   12/22/20,  2:27:31 PM
According to a Federal Reserve staff study, the federal subsidies given to Fannie Mae and Freddie Mac are far higher than any previous estimates but the two government-chartered companies do little to increase home buying or decrease mortgage rates. The study, done by staff economist Wayne Passmore, estimates that Fannie Mae and Freddie Mac's participation in the secondary mortgage markets only lower costs for borrowers by an average of 0.07 percentage point. Previous estimates have placed the reduction in mortgage costs at about a quarter of a percentage point.

  Jeff Bailey   12/22/20,  2:26:30 PM
02:00 Internals at this Link

  Linda Piazza   12/22/20,  2:22:21 PM
After having rolled down beneath the 60-minute 100-pma this morning, the SOX is now rolling down beneath the 30-minute version. However, it's got support just below near 487.00, with that support having held (with the exception of minor breaches) for the last several days.

  Jonathan Levinson   12/22/20,  2:16:21 PM

  Linda Piazza   12/22/20,  2:14:24 PM
I look at the OEX daily chart and see that strong ADX confirming that we're now seeing a trending market. Then I glance at the candles themselves and see a doji for Friday and something near that so far on today's candle, and that's not signaling strength, at least so far. I'm frankly surprised, however, that the OEX appears to be struggling so much with the 540 level. Once past 536, I thought it might move rather quickly up toward 544-446.

  Linda Piazza   12/22/20,  2:07:33 PM
It may be time for a pullback on a five-minute basis on the OEX. The Keltner channels show support near 540.25 and stronger support near 539.95.

  Linda Piazza   12/22/20,  1:52:27 PM
Right on time at 1:45 EST, the OEX broke above the top of the symmetrical triangle on its five-minute chart. Now the question remains as to whether the OEX can sustain the upside break or whether this was just a stop-running push of the type we typically see during this period of time. Traders should wait for a push above the day's high before considering it confirmed.

  Linda Piazza   12/22/20,  1:47:26 PM
The OEX daily ADX level has been rising since early December. That ADX level currently measures 30.96, which tells us that we may no longer be able to trust bearish signals given by the oscillators such as stochastics and RSI. Any bearish signals now may be merely signaling consolidation. Of course, reversals can and do occur while the ADX level is high, but it warns us to be wary of drawing too many conclusions when we see a bearish kiss on stochastics, for example.

  Jonathan Levinson   12/22/20,  1:42:32 PM
The put to call ratio is up to 1.05 now, VXO 16.72.

  Linda Piazza   12/22/20,  1:36:52 PM
I've mentioned a few times lately that there doesn't appear to be much actual resistance in the OEX 540 level on the basis of the monthly chart, but that resistance does begin to show up between 544-546 on the monthly chart.

  Linda Piazza   12/22/20,  1:28:16 PM
Contrary to what was seen only a few minutes ago, Keltner resistance is now converging a bit more than it had earlier, between 539.80-540.11, hinting that resistance is strengthening on a very short-term basis. There's some support just under the current level, however, but if 539.50 support doesn't hold, the OEX begins to look a little weaker, as it would have moved into the bottom half of the largest channel.

  Linda Piazza   12/22/20,  1:22:59 PM
The OEX five-minute chart shows a symmetrical-triangle setup. When these form after a rise, as has happened, the usual presumption is that they'll break out in the direction in which they were headed before the consolidation--so up. However, we've seen a whole lot of false breaks lately and I would note that we're coming right up on the typical 1:35-1:55 stop-running time of day. Be careful, because a downside break could be nothing more than a test of support before the OEX heads up again. Ditto an upside break.

  Jonathan Levinson   12/22/20,  1:10:18 PM
Absolutely, Linda. I'm thinking of as many ways to ignore those readings as I can, but I've tightened my stops just in case.

  Linda Piazza   12/22/20,  1:06:53 PM
If I'm ever in a bearish position, and Jonathan starts warning about those high put-to-call ratios as he's doing now, I start getting nervous. I haven't noted how they might be related to the Monday after opex, though. Have you, Jonathan?

  Jeff Bailey   12/22/20,  1:06:35 PM
01:00 Internals internals at this Link

  Jonathan Levinson   12/22/20,  1:05:17 PM
Another put to call reading of 1.03, VXO 16.65.

  Linda Piazza   12/22/20,  1:03:21 PM
Like the OEX, the BIX is trying to find support on its 30-minute 21-pma while oscillators flat-line. The SOX sits on the 60-minute version. The SOX, however, rose again this morning to test its 60-minute 100-pma and turned down from that test, so it's not all looking good here.

  Ray Cummins   12/22/20,  1:00:36 PM
Spreads/Combos & Premium-Selling -- Portfolio Activity: Qualcomm (NASDAQ:QCOM)

Shares of the CDMA giant are testing a recent resistance level near $52, up $1.05 at $52.08. There is no news to explain the rally but last week, Qualcomm was named the winner of the "2003 Best Financially Managed Company" by the Fabless Semiconductor Association for its outstanding financial performance. Apparently, investors have finally had time to read the article as they are supporting the issue in its bid for a new 52-week high. Our "premium-selling" position is bullish at $45, however there are also favorable (put) option prices at $47.50 and $50 for the January expiration period.

  Linda Piazza   12/22/20,  1:00:28 PM
Surprise, surprise. I'm signing back on to find 30-minute and 60-minute oscillators flattening, while the OEX hovers just above its 30-minute and 60-minute 21-pma's. Haven't we been here before? A lot? I note that the advdev line is negative, but trying to stabilize over the last ninety minutes. I note that Keltner support is spread out, but less spread out than resistance. This looks like an index getting ready to try another move higher, but I haven't watched long enough to be sure that these charts are telling the whole story.

One of the things I've been doing while offline is downloading the newest Q-charts version. Have you tried it? We now have a daily and weekly pivot button, a SAR feature, and some others. I'm actually looking forward to some of these low-volume not-great-trading days, so I can experiment. I'm particularly interested in the SAR, and want to test SAR exits on the Donchian system I'm been watching.

  Jeff Bailey   12/22/20,  12:48:04 PM
Milennium Pharma (MLNM) $18.08 +2.2% ... stock jumps from $17.85 on 400,000 shares in last 5-minutes.

  Ray Cummins   12/22/20,  12:45:15 PM
Spreads/Combos & Premium-Selling -- Portfolio Activity: Winnebago (NYSE:WGO)

The king of recreational motor-coaches is "rolling on down the road" today, up $1.34 at $68.48. The activity puts WGO shares at a new "all-time" high and the upward momentum shows no signs of slowing. Our current position in the issue (JAN-$50P/$55P) is comfortably profitable, however traders may have a new opportunity to sell "premium" at the $60 strike (near technical support) if the stock price consolidates in the near-term.

  Jeff Bailey   12/22/20,  12:42:31 PM
Century Aluminum (CENX) $21.30 +14.2% Link trades sharply higher and new 52-week high. Nearing bullish vertical count of $26.00.

After pullback to $34, Dow component Alcoa (NYSE:AA) $37.80 +1.3% making new 52-week high this morning.

  Ray Cummins   12/22/20,  12:29:51 PM
Spreads/Combos & Premium-Selling -- Portfolio Activity: Meritage (NYSE:MTH)

Another "new" spread candidate is enjoying upside activity today and this time, we welcome the rally. Shares of MTH are up $1.84 at $67.21 and the buying pressure is likely due to the company's announcement concerning an acquisition. Meritage said this morning it will purchase the homebuilding assets of Orange County-based Citation Homes of Southern California, a privately held builder of quality single-family homes. The transaction is expected to close in early January 2004 and Citation's homebuilding revenue of $39 million (in 2002) suggests a positive addition to the bottom line for Meritage in the coming year. The "target" opening price for our position (JAN-$55P/$60P) was not observed, however a viable net credit was available for conservative traders early in the session.

  Ray Cummins   12/22/20,  12:16:08 PM
Spreads/Combos & Premium-Selling -- Portfolio Activity: Research In Motion (NASDAQ:RIMM)

Shares of RIMM are trading higher ahead of the company's earnings quarterly report, due this evening after the closing bell. The stock is currently up $1.48 at $46.25 and a move to the top of the recent trading range (near $47) is not "out of the question" if the market turns higher in the afternoon session. Another catalyst for the bullish activity may be the NASDAQ 100 rebalancing, which takes effect today and includes Research in Motion as one of the new additions. Our outlook for the issue is neutral to slightly bearish and Sunday's call-credit spread will certainly provide some excellent gains if the announcement is perceived as less than outstanding. However, traders are encouraged to participate in the play only if they can tolerate the potential for an upside surprise. The company is expected to report EPS of $0.17 for the current quarter and $0.49 for fiscal 2003.

  Jeff Bailey   12/22/20,  12:11:26 PM
12:00 Internals at this Link

  Ray Cummins   12/22/20,  11:51:51 AM
Spreads/Combos & Premium-Selling -- E-mail Replies: Strategy Selection

More thoughts on the "butterfly" spread: Ideally, one would try to establish a butterfly spread when the stock is near the middle strike price, in the area of "maximum profit" if the stock remains relatively unchanged. A second consideration is achieving the smallest debit possible, in order to limit risk. Some traders will try to obtain a smaller (initial) debit by taking an opinion on the underlying stock, but it is probably best to stay as neutral as possible on the issue until you are familiar with the strategy. A neutral outlook will lead to slightly higher opening costs but will also offer a better chance (theoretically) of making money if the underlying remains relatively unchanged. With regard to adjustments, the butterfly spread has limited risk by its construction so there is generally little to do in the way of follow-up trades. However, if the underlying experiences a large move prior to expiration, a trader may want to close the profitable spread in the position near its maximum potential and thus be able to capitalize on the issue's return to the previous trading range, should that eventually occur.

  James Brown   12/22/20,  11:39:12 AM
Shares of E W Scripps (SSP) are not reacting much to Deutsche bank starting coverage with a "buy". Shares are only up 41 cents to 94.07. The stock does have a nice longer-term trend of higher lows. Bullish traders might consider a bounce from $93.00 with a tight stop or look for a breakout over current resistance at $95.00. -- no comment on last week's SSP acquisition announcement of Summit America Television (SATH) known for its Shop At Home network.

  James Brown   12/22/20,  11:34:46 AM
UBS has upgraded chip stock Varian Semiconductor (VSEA) to a "buy" this morning. The oscillators look good (RSI, stochastics, even the MACD is about to turn bullish). Yet VSEA appears to have pretty tough resistance at its 50-dma near the $45 level and again at 47.50. If you're bullish, consider a bounce off $40 with a very tight stop or a breakout above $45.00.

  Ray Cummins   12/22/20,  11:34:45 AM
Spreads/Combos & Premium-Selling -- E-mail Replies: Strategy Selection

Regarding "neutral-outlook" spread strategies: You might also consider a "butterfly" spread. A butterfly spread is a non-directional position that includes both a bullish and a bearish spread and it works well with a stock (or index) that doesn't experience much of a net change in price prior to expiration. It usually requires a relatively small investment and has limited risk, however profits are limited as well. One consideration is that it can be costly in terms of commissions so you should consider playing the strategy with a low cost (discount) brokerage.

There are three strike prices involved in a butterfly spread. With calls (and it can also be done with puts), the butterfly spread consists of buying one call at the lowest strike price, selling two calls at the middle strike price, and buying one call at the highest strike price. The maximum amount of profit is realized when the stock price is at the strike price of the written calls. The risk is limited both to the upside and to the downside, and it is equal to the net debit required to establish the spread. For a profit graph of the butterfly spread, go to:Link

  James Brown   12/22/20,  11:32:12 AM
A final settlement between the PDLI & DNA patent dispute sent shares of PDLI jumping again but resistance at $17.50 turned back the rally for the fourth time this month. If PDLI can breakout above this level the next major resistance is the $19 mark.

  James Brown   12/22/20,  11:25:46 AM
Terror Threat & Retail - It may have been said already but the raised terror threat level is not good news for any struggling retailers hoping to squeeze any sales out of the last-minute holiday rush. Thankfully, the elevation came this close to Christmas, otherwise it could have seriously influenced the critical holiday shopping season. Granted I don't expect it to prevent desperate shoppers from hitting the stores (I'll be one of them) but it might influence those who are already done from spending a lot of extra time at the malls, even if it is just on a subconscious level.

  Ray Cummins   12/22/20,  11:23:46 AM
Spreads/Combos & Premium-Selling -- E-mail Replies: Strategy Selection

(condensed) Hi Ray, I have started thinking about some strategies for 2004 (suggested by you and Linda). Since I expect the market to trade mostly in a range for the next few months, it seems like neutral combinations might be a good approach. One of the best methods I can come up with is the "Condor" using out-of-the-money credit spreads. What do you think about this type of trade? Is it feasible with indexes? TY

The "Condor" strategy you mentioned (which I like to call a credit-spread strangle) is popular among professional traders and it can definitely be used with indexes such as the S&P 100 Index (OEX). In fact, it may be one of the safest spread strategies for "premium-sellers" and it works well with OEX options because they: [1] Are liquid -- they have good open interest and daily volume, even in the OTM options. [2] Have robust option "premiums" -- even in the front-month calls and puts [3] Have small bid/ask spreads to reduce slippage, and [4] Are not prone to "gapping" price changes because the OEX has relatively controlled directional moves that allows timely exit and adjustment trades.

  James Brown   12/22/20,  11:18:23 AM
A new "strong buy" rating for Mentor Graphics Corp (MENT) is enough for a 2.75% gain but not enough to break the stock's descending channel. Currently MENT is still under its all its major moving averages (30,50,200-dma). A positive breakout from the channel above the $15.00-15.50 region might be worth another look, until then Bears are in control.

  Jonathan Levinson   12/22/20,  11:14:47 AM
The put to call ratio is up to .72, VXO 16.67.

  James Brown   12/22/20,  11:14:10 AM
Panera Bread Co (PNRA) might deserve a place on your watch list. The stock has rebounded from the $35.00 level and is currently charging into resistance at the 39.50-40.00 region with its 50-dma at 40.15. If you squint at the daily chart is almost looks like a short-term reverse head-and-shoulder pattern. Bullish traders can look for a move above $40. The easy target would be $45.00 but watch for some resistance at $42.50. Bears might want to consider a failed rally under $40 again but look for a move back under its 200-dma (currently 38.50).

  Jeff Bailey   12/22/20,  11:09:31 AM
11:00 Internals at this Link

  James Brown   12/22/20,  11:08:56 AM
E D O Corp (EDO) is up nearly 10% this morning after Raymond James upgraded the stock to a "strong buy". The defense/aerospace stock has resistance in the $24.00-24.50-25.00 levels on its weekly chart but aggressive bulls might consider chasing a move over $24.00.

  Jonathan Levinson   12/22/20,  11:05:40 AM
MSFT just printed a low of the day.

  Ray Cummins   12/22/20,  10:53:51 AM
Spreads/Combos & Premium-Selling -- E-mail Replies: "Watch" list?

What criteria do you use to place a stock on your watch list and what would then initiate a determination to close that position? Example: today [Sunday] you placed NPSP on your watch list.

Hello Again...The criteria for putting a candidate on the "watch" list is generally a change in technical character (either in the individual stock, its industry group, or the overall market) but occasionally, it may also be due to fundamental issues or significant news/events. In the case of NPSP, the failed rally (at resistance near $33) and subsequent retreat to the previous short-term support level (NOV high near $30) suggests a pause, or possible reversal, in the recent bullish trend. The decision to close a (potentially) losing position should be based on your personal outlook for the underlying issue as well as your risk tolerance with regard to the strategy being applied. Of course, a trading plan is very helpful in this regard as it establishes pre-determined entry and exit points, based on profit targets and loss limits. Hope that helps...

  Jonathan Levinson   12/22/20,  10:38:35 AM
The 2nd put to call reading of the day is .64, at the low end of neutral territory, with the VXO up 3.55% to 16.62.

  Jonathan Levinson   12/22/20,  10:37:25 AM
Johathan, What source do you use to get your news so fast. I'd like to get it.

I have a LOT of windows open all the time and correspond with many traders- no single source- but I bring everything I get to the MM as soon as I see it, and Jim subscribes to some very expensive wires- many don't appreciate what a great deal the MM is on this basis alone.

  Jonathan Levinson   12/22/20,  10:12:55 AM
The put to call ratio for the first half hour of trading was .50, very low, while the VXO is currently 16.53.

  Jeff Bailey   12/22/20,  10:02:29 AM
Honeywell (HON) $31.98 +0.5% Link ... Positive article on HON in this weekend's Barron's. Barron's positive despite company's warning last week that pension would hurt the bottom line by $0.30. According to the article, the company's longer-term prospects haven't changed and trades at 20.8-times 2004 earnings estimates. Barron's sees the shares inexpensive compared with other multi-industry giants.

Honeywell's PnF chart is bullish after breaking above longer-term bearish resistance trend at $28. Vertical count is bullish to $49.

  Jonathan Levinson   12/22/20,  10:00:40 AM
When is this going to happen? Link

  Jonathan Levinson   12/22/20,  9:59:54 AM
The Fed has added a generous 5.25B overnight repo, so at least someone in the market is taking the terrorist threat seriously. No expiries today, so that $5,250,000,000 is a net addition.

  Linda Piazza   12/22/20,  9:55:56 AM
As the OEX tested horizontal support and the 30-minute 21-pma this morning, it also tested an ascending trendline built off the 12/10 low. This trendline now crosses at about 538. Thirty-minute RSI, CCI, and MACD all look bearish, but MACD has not crossed below signal. The 60-minute versions look weak, too, but we've all watched what bullish sentiment can do to bearish oscillators. As I study the 30-minute and 60-minute charts, I see that although 535-536 and 531-533 provided some slight resistance, the strongest resistance was lower, in the 527-529 zone, so that's where we could also expect the strongest support should the OEX 30-minute and 60-minute indicators ultimately prove correct in predicting direction. (Note: As I type, some of those oscillators are already improving in outlook, moving up as the price does, too.)

I'll be offline part of today upgrading equipment so that I have the best possible information to offer.

  Jeff Bailey   12/22/20,  9:50:16 AM
NASDAQ-100 Index (NDX.X) 1,433.4 +0.5% ... has a new look with some new names. I see Garmin Ltd. (GRMN), one of the new additions, leads the list of gainers on the NASDAQ-100 heatmap. Link

  Linda Piazza   12/22/20,  9:45:40 AM
The OEX currently tests the 30-minute 21-pma.

  Linda Piazza   12/22/20,  9:35:14 AM
Over the first five minutes of trade, the OEX ranged from 540.26 to 538.66. The OEX is obviously below the midpoint of that range, showing weakness in the earliest trade, but is moving up quickly as I type.

  Jeff Bailey   12/22/20,  9:35:02 AM
Esperion Therapeutics (ESPR) $34.69 +52.8% ... being acquired by Pfizer (PFE) $34.17 -0.29%.

  Linda Piazza   12/22/20,  9:31:25 AM
The OEX moves immediately down toward the 538 first support.

  Jane Fox   12/22/20,  9:24:50 AM
The NYSE is prepared to make an effort to try and get back some of the money already given to Mr Dick Grasso, former NYSE Chairman. Initially, interim NYSE Chairman John Reed was only concerned with ensuring Mr. Grasso didn't receive the $48 million in retirement pay and another $9.7 million in severance pay. But a report that is sharply critical of the payment plan indicates there is evidence to support repayment of $50 million to $100 million. A move, if it should occur, is sure to spark a showdown between the board and Mr. Grasso, who is considering a lawsuit of his own.

  Jeff Bailey   12/22/20,  9:08:39 AM
09:00 Update at this Link

  Linda Piazza   12/22/20,  7:13:42 AM
Good morning. After a weak opening, the Nikkei closed up 87.97 points or 0.86%, at 10,372.51. End-of-year window dressing and some positive economic reports were credited with sending blue chips higher on a thin-volume day ahead of tomorrow's holiday. October's All-Industries Index gained 0.8% from the year-ago level, with that number considered a reliable measure of GDP growth. Exports did decline, however, but that didn't stop the automakers from gaining on a media report that by 2005 they would sell more autos overseas than in Japan. Banks remained weak, and techs were mixed.

Other Asian bourses were mostly higher, although South Korea traded down 0.82%. The Taiwan Weighted gained 1.32% and Singapore's Straits Times gained 0.68%. Hong Kong's Hang Seng gained 0.94%. China's Shanghai Composite gained an enormous 3.23%.

If Asia's markets did not react to the raised terror concerns in the U.S., those concerns are being credited with holding European markets down. Most trade flat. The euro's strength against the dollar and a lackluster outlook by European IT group Atos Origin also impacted trading. Discussions on CNBC Europe and in newspapers center on Italian dairy group Parmalat and its inability to account for an ever-growing amount of funds. Today, newspapers report that Citigroup and Bank of America may be investigated as part of the fallout of the Parmalat scandal.

As of this writing, the FTSE 100 has gained 6.40 points or 0.15%, to trade at 4418.70. The CAC 40 has gained 1.92 points or 0.05%, to trade at 3503.96. The DAX has gained 0.44 points or 0.01%, to trade at 3898.86.

  Jim Brown   12/21/20,  6:06:03 PM
2003 Annual Renewal Special

OptionInvestor's TOP 50 Stock Picks for 2004

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  OI Technical Staff   12/21/20,  6:05:44 PM
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Disclaimer: Stocks discussed in the Market Monitor are for educational purposes only and any analysis is not meant to imply a recommendation for or against that stock. The analysts in this forum as on any other website are prohibited by the SEC from giving any specific advice to ANY individual trader. All information posted is for ALL readers and is not meant to be directed to any individual. Our analysts cannot answer any email questions regarding any specific stock. Please do not ask and please do not take offense if requests are denied.

Results posted in the Market Monitor are hypothetical and OIN does not claim that any reader achieved these exact results. Due to the lag time between research, writing, posting, uploading, reading and execution there will be differences between the actual signal given and the fill achieved by the reader. Fills may be better or worse but in many cases they will be different. The writers will make every effort to give advance notice of intended signals and indicate potential price targets. Your individual results may vary depending on your activity level and aggressiveness. This forum is intended as an education service only. Trading involves risk and should not be attempted by anyone not ready to accept this risk. By acting on any signal in this forum you agree and personally accept this risk.


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