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Daily Newsletter, Wednesday, 06/20/2001

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PremierInvestor.net Newsletter                Wednesday 06-20-2001
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In section one:

Market Wrap: Average or above average?
Market Sentiment: The Times They Are A-Changin'
Watch List: GILD, VSEA, RATL, DNA

-----------------------------------------------------------------
U.S. Market Numbers
-----------------------------------------------------------------
MARKET WRAP  (view in courier font for table alignment)
-----------------------------------------------------------------
        06-20-2001        High      Low     Volume Advance/Decline
DJIA    10647.33 + 50.66 10702.07 10563.86 1.34 bln   1828/1269	
NASDAQ   2031.24 + 38.58  2032.67  1973.70 1.53 bln   1927/1816
S&P 100   634.05 +  7.39   635.74   625.48   totals   3755/3085
S&P 500  1223.14 + 10.56  1225.61  1210.07           54.9%/45.1%
RUS 2000  495.86 +  7.13   495.87   487.25
DJ TRANS 2665.30 +  4.72  2670.41  2634.39
VIX        23.86 -  1.06    25.28    23.70
Put/Call Ratio      0.56
-----------------------------------------------------------------

===========
Market Wrap
===========

Average or above average?

From time to time, I think it's very helpful for traders and 
investors to simply try and make things as simple as possible.  
When I first started to learn about technical analysis I started 
out very simple using some very basic charting tools to ascertain 
and even "rank" sectors based on where they were trading as it 
related to their 50-day and 200-day moving averages.  We often 
times point to these moving averages as somewhat of a benchmark 
to measure against.  

From time to time, I get e-mail where the subscriber is 
"confused" because the technical analysis is too complex.  So, 
lets take a very basic approach and lets rate some of the major 
indexes and even sectors against their 50-day and 200-day moving 
averages.  For this analysis, lets assume the 200-day moving 
average is the LONG TERM and the 50-day is INTERMEDIATE TERM.  In 
our analysis, lets also conclude that an index trading above its 
50-day and 200-day MAs is stronger and perhaps building strength.  
Let's also assume then that a 50-day MA trending above the 200-
day and headed higher is an indication of strength.  

Let's start with the Dow Industrials and rate it first, then 
compare some other indexes to get a better feel for sector/market 
strength and where our money has the best chance to grow should 
the moving averages continue in current direction.

Dow Industrials Chart - last eleven months



 

A trader or investor looking for similarities as it relates to 
current trading in the Dow Industrials might key in on how the 
moving averages look very similar to how they looked back in 
September of 2000.  Back then as they are today, the 50-day MA is 
just above the 200-day.  The only difference right now is that 
the Dow Industrials have not closed too far below the 200-day MA 
and I'd interpret this as somewhat bullish.  I can make note of 
this today and perhaps understand that trading much below the 
recent lows for this index, say 10,560 would be an alert to 
further weakness.  Should I see the index start trying to get 
back above the 50-day MA at 10,815 this would differ GREATLY from 
September of 2000 and would indicate that bullishness continues 
to build.

S&P 500 Index - last eleven months


 

I remember when I was a kid my mother used to say, "Jeff, you 
keep hanging around with that James Brown character and you're 
going to get into trouble."  My mother was talking about guilt by 
association and often times that same type of association can be 
drawn with certain stocks in an index.  If we understand the make 
up of the S&P 500 and the components of it we can perhaps draw 
the conclusion that there are more technology stocks in the SPX 
than in the Dow Industrials.  That doesn't mean there aren't some 
technology stocks that might not show promise, but we can see the 
SPX does look weaker than the Dow Industrials based simply on its 
moving averages.

NASDAQ Composite Index - last eleven months



 

Much like the S&P 500, the NASDAQ Composite would rank low on 
bullishness relative to its moving averages.  I'd also make a 
side note of how this index has had more of a tendency in recent 
sessions to violate the previous day's low.  While this index 
probably has more upside short-term than the Dow Industrials, 
that upside doesn't come without RISK!  That risk is the amount 
of downside that could also be experienced.  I hear my mom still 
saying... "If you hang around that James Brown you're going to 
get into trouble."

Now, does this mean I swear off my friendship entirely with my 
imaginary friend NASDAQ Composite?  No, not entirely, but if I 
limit the amount of time I stick with him until he grows out of 
his childish and dangerous ways, then I stand a better chance of 
making something out of my account.  Here's a friend that also 
lives in the same neighborhood as Mr. NASDAQ, but its chart shows 
some of the qualities that my mom would have rather had me hang 
out with during my younger years when I was most impressionable.

Biotechnology Index Chart - last eleven months



 

But mom, you don't understand.  Not all of my friends with long 
black hair are a bad influence.  While it is true that 
biotechnology stocks are considered more aggressive investments, 
a trader simply "judging" the group against its moving averages 
would probably come to the conclusion that this group is looking 
stronger than the S&P 500 and the NASDAQ Composite.  There are a 
lot of traders and investors that feel the only way they can make 
a lot of money in the market is to invest or trade in high growth 
potential areas of the market.  If this is you, then look for 
stocks in this group to have a better chance short-term for 
showing gains.  My argument for looking long some biotech stocks 
is this.  If the NASDAQ and S&P 500 were going to head higher, 
then I'd expect the Dow Industrials to show technical strength 
going forward.  If this happens, then look for the technically 
stronger Biotechnology Index (BTK.X) to lead the way.  If we 
believe (at least I believe) that the strong stocks lead an 
advance and lag a decline, then biotech would be the better place 
for aggressive traders to be focusing.

As simple as the above analysis seems, test it against what we've 
seen happen with the Networking Index (NWX.X) in the past eight 
sessions.  In that time frame, the NWX.X broke back below its 
DOWNWARD trending 50-day MA, which was below its DOWNWARD 
trending 200-day MA and has declined some 23%.  In the last eight 
trading sessions the BTK.X has declined 3.3%, but today's close 
above the 200-day MA at least gives some type of bullish bias to 
this group of stocks.  Based simply on moving averages, a trader 
might at least give some stocks in this group a shot.

Start pulling up some charts, but don't reinvent the wheel.  If 
you like the above outline of simply comparing stocks against 
their 50-day and 200-day MA's, then judge some biotech stocks on 
the same principles.  Don't go buying biotechnology stocks that 
are trading below their 50-day and 200-day MA's.  Try finding 
stocks that are trading as strong if not stronger than the 
MARKETS and SECTORS that you're measuring against.  Here's some 
biotech stocks to perhaps be looking long that look strong 
compared to the moving averages we've described.

Don't load the truck up and put all your faith in a newfound 
friend.  Just like you would do with a new friend, make that 
friend earn your trust.  Give them a little rope to begin with 
and if they treat you right, then begin committing more to that 
friendship (in the form of your hard earned money.)  BGEN, BIO.A, 
CEPH, CHIR, CRL, DP, EMBX, ENZN, GENZ, GILD, GLGC, ICOS, IDPH, 
IGEN, IMCL, KNDL, OSUR, REGN, SCIO, SERO, SFC, SP, VYSI, XOMA.  
What I did here is simply screen these stocks for strong relative 
strength verses the Dow Industrials and looked for stocks where 
their 50-day MA (intermediate-term trend) was above their 200-day 
MA (longer-term trend).  Don't be surprised if you see some of 
these stocks show up in our watch list soon!


Jeff Bailey
Senior Analyst



================
Market Sentiment
================

The Times They Are A-Changin'
By Jeffrey Canavan 

Yesterday I thought that cautiously optimistic was a good 
way to describe the current market sentiment, but it might 
be time to remove the word cautious. 

By all rights the slew of earnings warnings we received 
should have sent the markets tumbling this morning, but 
after a brief sell off, stocks managed to stage a small 
rally. Sellers then tried to fight back and push the 
markets lower, but buyers were able to step in and save the 
day. 

The market sentiment must be improving, because the same 
type of news in February or March would have easily dropped 
the Nasdaq 50 points, and the VIX would have spiked up to 
37. Instead the Nasdaq finished up 38 points, and the VIX 
fell another point to 23.86. 

I wouldn't exactly use the word bullish to describe the 
current situation, but you can start to see the buyers 
lining up on the sidelines waiting for something to give 
them a reason to buy. At the same time, only a fool would 
rush in right now and load up on networking or telecom 
stocks under current conditions. 

The line it is drawn
The curse it is cast
The slow one now
Will later be fast
As the present now
Will later be past
The order is rapidly fadin'
And the first one now 
Will later be last
For the times they are a-changin' 

Apologies to Bob Dylan 

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

VIX 
Wednesday 06/20 close: 23.66


VXN
Wednesday 06/20 close: 54.52


30-yr Bonds
Wednesday 06/20 close:  5.66


Total Put/Call Ratio: .60


Equity Option Put/Call Ratio: .51


Index Option Put/Call Ratio:  1.32

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

NASDAQ 100 Index (NDX/QQQ)
52-Week High: 103.51
52-Week Low:   33.60
Current close: 42.77

Volume/Open Interest
Maximum calls: 50/93,940
Maximum puts : 40/54,266

Moving Averages
 10 DMA 44
 20 DMA 45
 50 DMA 45
200 DMA 61

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

S&P 100 Index (OEX)
52-Week High:  834.93
52-Week Low:   548.16
Current close: 634.05

Volume/Open Interest
Maximum calls: 650/4,891
Maximum puts : 600/6,346

Moving Averages
 10 DMA  638
 20 DMA  647
 50 DMA  645
200 DMA  685

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


S&P 500 (SPX)
52-Week High:  1530.01
52-Week Low:   1081.19
Current close: 1223.14

Volume / Open Interest
Maximum calls: 1275/13,024
Maximum puts : 1200/24,791

Moving Averages
 10 DMA 1237
 20 DMA 1254
 50 DMA 1245
200 DMA 1311

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


DJIA (INDU)
52-Week High:  11,518.83
52-Week Low:    9,047.56
Current close: 10,647.33

Volume / Open Interest
Maximum Calls: 114/ 6,915
Maximum Puts   108/17,707

Moving Averages:
 10 DMA 10,801
 20 DMA 10,918
 50 DMA 10,815
200 DMA 10,624

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


CBOT Commitment Of Traders Report: Friday 06/15
Weekly COT report discloses positions held by small specs
and commercial traders of index futures contracts on the 
Chicago Board Of Trade. 

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 are not. 
Extreme divergence between each signals a possible market turn in 
favor of the commercial trader's direction.   

                    Small Specs               Commercials
S&P 500         (Current)  (Previous)     (Current) (Previous)
Open Interest
Net Value        +67110     +77601        -70183     -77490
Total Open
Interest %       (+25.01%)  (+33.61%)    (-9.04%)   (-10.71%)
                 net-long   net-long      net-short  net-short


                     Small Specs             Commercials
DJIA futures     
Open Interest
Net Value          -4305      -4251          +6239     +5829
Total Open
interest %      (-28.76%)    (-35.39%)      (+14.44%)  (+14.71%)
                 net-short   net-short     net-long    net-long


                     Small Spec              Commercials
NASDAQ 100      
Open Interest
Net Value         +2110      +1155         -10648    -11335
Total Open
Interest %        (+6.09%)   (+5.43%)     (-13.68%) (-18.42%)
                 net-long   net-long      net-short net-short


What COT Data Tells Us
-----------------------------------------------------------
	
Indices: Commercials did lighten their net-short positions on the 
S&P but not by a notable amount. 

Gold: Commercials continued to lessen their net-short positions 
dropping 32,000 contracts since May 29. Inflation concerns may 
usher in a new wave of buyers and it looks like the Commercials 
are thinking along those lines.

5/15: 13,915 contracts net-short
5/22: 65,250 contracts net-short
5/29: 68,443 contracts net-short
6/05  42,314 contracts net-short
6/12  36,544 contracts net-short

Data compiled as of Tuesday 06/12 by the CFTC.




==========
Watch List
==========


GILD - Gilead Sciences, Inc. $57.44 +5.48  

Gilead Sciences, Inc. is an independent biopharmaceutical company 
that seeks to provide accelerated solutions for patients and the 
people who care for them. The Company discovers, develops, 
manufactures and commercializes proprietary therapeutics for 
challenging infectious diseases (viral, fungal and bacterial 
infections) and cancer. While the biotech index (BTX) sits 
precariously above the 50-dma, shares of GILD have bounced very 
nicely off of theirs, confirming support near the $47.25 level 
and potentially clearing the way for a retest of recent highs. 
Today, shares cleared even more resistance by vaulting past both 
the 10 & 21 dma's ($51.53, $52.95), and now look poised to make a 
run towards the 52-week highs at $60.00. The last time GILD was 
at these levels, Prudential felt compelled to downgrade its stock 
based on valuation concerns, as the firm had a $55.00 price 
target on the stock. Opinions are very high on the street about 
GILD, with the FDA expected to review and approve its tenofovir 
DF, an HIV treatment within six months. The potential for the 
drug is huge, to say the least, but the fact that Gilead Sciences 
is not projected to make a profit this year, nor in 2002, has 
probably been holding back the stock. Back to the chart, the 
price action today could definitively be viewed as a volume 
reversal, with more than 68% more shares changing hands than is 
typical. The 10.5% gallop higher seems overdone, however, which 
is why we are placing the stock on the watch list versus playing 
it. Even though the market showed strength today, the broad bias 
still appears to weak, and gains seen could well have been shorts 
covering their positions. We'll watch GILD for a pullback and 
bounce off of the $54.50 mark, where we would be interested in 
picking up some for a long position.

 


---

VSEA - Varian Semiconductor Equipment, Inc. $37.14 +0.48  

Varian Semiconductor Equipment Associates, Inc. designs, 
manufactures, markets and services semiconductor processing 
equipment used in the fabrication of integrated circuits. As a 
leading supplier of ion implantation systems the Company has 
shipped over 2,600 systems worldwide, more than those of all 
other competitors combined and to virtually every major 
semiconductor manufacturer in the world. More than one factor 
prompted the decline in share prices for VSEA today. First and 
foremost, Dan Niles' downgrade before the bell of Intel certainly 
didn't help the group as a whole. Throw in Infineon Technologies 
AG, Europe's second-largest chipmaker saying that they expect to 
report a loss before taxes and interest of as much as $512 
million in the quarter through June as sales slump 30 percent, 
and you have the ingredients for disaster. Shares of VSEA have 
broken all levels of support as the slew of downgrades and bad 
reports have rocked the sector, even though the company focuses 
primarily on the life sciences business, deriving about 56% of 
its sales from scientific instruments. While Varian was one of 
the rare tech companies that actually guided Wall Street's 
earnings estimates up two cents a share to $1.50 for the fiscal 
year ending in September, the chart is screaming sell, and we 
want to pay attention in order to potentially profit from this 
move towards lower ground. While stochastic readings made a 
bullish cross below the 20-plot yesterday, a  potentially bullish 
signal, would still be interested in getting short the stock on a 
break and close below $35.00, which would clear the way for a 
trip to the 200-dma at $32.10, a decent gain of 8.69%.

 


---

RATL - Rational Software, Inc. $26.95 +1.80  

Rational Software Corp. is a provider of integrated solutions 
that automate the software development process. The Company's 
integrated solutions include unified tools, software engineering 
best practices, and services that allow customers to successfully 
and efficiently develop and deploy software. We find it very 
interesting that Prudential Securities upped their price target 
on RATL to $24 from $15 on 6/14, as the stock was trading between 
$23 and $24. Considering their recent actions on our above watch 
list of VSEA, wouldn't one expect the broker to downgrade the 
stock soon, considering share are now trading north of $26.00? 
More important to our watch listing the stock this evening is the 
clearing of resistance today in the form of both the 10 & 21 
dma's ($25.30, $25.47). Also of note is the impressive close at 
$26.95, a mere $0.30 off of the day's high print.  Shares appear 
to have put in a double top between late May and early June near 
the $28.00 level, and thus a clearing of this resistance point 
should free the way for RATL to make an assault on the mid-$30's. 
Yesterday's $2.30 addition came on very healthy volume of 5.5 
million shares, but participation waned a bit today, coming in at  
only 3.3 million shares changing hands, a reason for concern. 
Oscillating indicators are showing a mixed picture, with 
stochastics providing bullish guidance at 76 (%K) while the 
slower moving MACD is still below the trigger line, but plotted 
in positive territory at 0.30. With many analysts now beginning 
to believe that the software sector could lead the Nasdaq leader 
out of the spending glut, RATL is in a sweet spot should things 
start to turn the corner. A close above $28.00  and we would be 
foolish not to give RATL a shot as a long.	

 


---

DNA - Genentech, Inc. $55.78 +3.24  

Genentech, Inc. is a biotechnology company that uses human 
genetic information to discover, develop, manufacture and market 
human pharmaceuticals that address significant unmet medical 
needs. The Company manufactures and markets nine protein-based 
pharmaceuticals and licenses several additional products to other 
companies. Shares of DNA provide a very attractive snapshot on 
the daily chart, including a bullish engulfing pattern and a 
break above all shorter and medium term resistance. While the 
stock has been mired in a trading range between $46 and $57 since 
mid-May, the stubborn nature of the biotech index to hold support 
of its 50-dma in the recent Nasdaq sell-off displays excellent 
relative strength, indicative of a bullish bias in the sector. 
Expectations are very high for a drug in development called 
Tarceva, viewed to be one of the most exciting compounds
in oncology and expected to be a blockbuster drug for Genentech. 
With the company believed to have one of the best risk-to-reward 
profiles of any stock in biotechnology, the fact that the 
technical picture is drastically improving only sweetens the pot 
for a potential long position. A closing north of $57.00 should 
be the signal that uncertainty in DNA has gone the way of the 
dinosaurs, setting up for a run towards major resistance at the 
200-dma ($63.90). Stochastics made a bullish crossover yesterday, 
continuing their northerly ascent towards the 80-plot today. 
Volume was less than enthusiastic, however, with 1.8 mln shares 
changing hands, only in-line with the 30-day average trend. With 
a little more participation, DNA should achieve our target 
settlement of $57.00, at which point we would gladly add the 
company as a new long recommendation. Should the BTK.X manage to 
close north of 607 (200-dma), we might also add stock in 
anticipation of a run in the group.

 





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Do not duplicate or redistribute in any form.


PremierInvestor.net Newsletter                Wednesday 06-20-2001
                                                    section 2 of 2
Copyright  2001, All rights reserved.
Redistribution in any form is strictly prohibited.

The entire newsletter is best viewed in COURIER 10 for alignment
=================================================================
To view this email newsletter in HTML format with imbedded
charts and graphs, click here:
http://www.PremierInvestor.net/htmlemail/4105_2.asp
=================================================================

In section two:

Split Trader
  Closed Plays: MTG (candidate)

Stock Bottom / Active Trader
  New Plays: CTXS (Long)
  Play Updates: BEAS (Long)
  Closed Plays: T, BEBE (Longs)


=================================================================
Split Trader (ST) section
==================================================================


===============
ST Closed Plays
===============

  ----------------------
  Candidate Closed Plays
  ----------------------

MTG - MGIC Investment, Inc.  $73.85 s/l $72.50

The bids in MTG looked to have transformed themselves into asks 
in the first few minutes of the session Wednesday, with shares 
trading as low as $72.37, compromising our raised stop loss 
trigger at $72.50, as well as the 10-dma at $72.83. However, 
buyers quickly surfaced, driving MTG to a positive close by $0.45 
at days end. Our fifteen day stint with MTG results in a $2.13 or 
3.0% gain for readers. With biotech and software starting to get 
trader's attention, we may have exited at an opportune time. 

Picked on May 31st  @  $70.37
CLOSED OUT @           $72.50

Plus/Minus = +2.13 or + 3.0% 
Best Change = +3.48 or + 4.9%







==================================================================
Stock Bottom / Active Trader (AT) section
==================================================================

============
AT New Plays
============

  New Long (Bullish) Play
  ------------------------

CTXS - Citrix Systems, Inc. $30.14 +1.95  s/l $26.50

Sector - Software & Programming

Citrix Systems, Inc. is one of the leading suppliers of 
application delivery and management software and services that 
enable the effective and efficient enterprise-wide deployment and 
management of applications. The company's products permit 
organizations to deploy and manage applications without regard to 
location, network connection, or type of client hardware 
platform.

Recent upgrades, a potential bottom in the GSTI software index 
(GSO.X) and a fresh convergence of the 50 & 20 dma's all add up 
to reasons why Citrix Systems, ticker CTXS, gets the nod for a 
new long position this evening. Lets start with the fundamentals. 
A once high flyer, CTXS crushed its own groove back in June of 
2000 by saying that they would miss earnings estimates for the 
quarter and year-end. Traders and investors alike liquidated the 
stock en mass after the warning, but more recently, the pain that 
was felt has subsided and institutions have started to nibble at 
shares of this up-n-comer in software. Earnings are again on the 
rise, a merit badge for management considering the current 
economic environment. Citrix is slated to earn 0.18 cents per 
share this quarter and 0.74 cents for the year, EPS growth rates 
of 75 and 19.6 percent, respectively.  Yesterday, CSFB upgraded 
the company to Buy from Hold, saying that they believe the market 
for Citrix's products continues to accelerate, and the Windows XP 
upgrade cycle should only benefit the company further. Taking a 
look at the chart, the accumulation appears to be underway. 
Wednesday, CTXS tacked on $1.95 or 6.9% in heavy participation. 
7.3 million shares changed hands versus the 4.2 million 30-day 
trend, 83% more than the typical monthly average. Last Friday, we 
saw a bullish convergence of the 50 & 21 dma's, indicative of 
both the longer-term trend and potential upside for the stock. 
MACD readings also show a bullish crossover of the trigger line, 
with firmly positive plots achieved in the session today. As for 
an entry in the stock, one could assume that a break and close 
above the $31.00 level would prove lucrative when initiating a 
long position in shares, with only slight resistance at $32.00 
and $33.50 in route to our near term objective of $35.00.  With 
the GSO index managing to find support near 200 due to bullish 
guidance from ORCL Monday, software could indeed lead the Nasdaq 
out of the rut it has found itself in once again. Our stop loss 
trigger for the trade has been set at $26.50, a level that would 
negate recent strength and re-affirm control to the bear camp.

Average Daily Volume = 3.9 mln 
52-week:  High = $37.18 Low = $14.25
Next Earnings 07-18 est = 0.18 versus = 0.10






===============
AT Play Updates
===============

  -----------------
  Long Play Updates
  -----------------

BEAS - BEA Systems $30.74  +1.67   s/l $25.00

BEA was again named to Business Week's annual Information 
Technology 100, the ranking of the world's best-performing 
technology companies. This was the second year in a row that the 
software provider made the listing, and its ranking for 2001 rose 
9 positions to 63 from 72 in 2000. Looking at the chart, shares 
are still struggling to hold onto recent support near $28.00, and 
the bounce off of this level yesterday was likely spurred by 
Oracle's better than expected, albeit cost reduction driven 
earnings report. The $0.63 gain achieved Tuesday resulted in a 
bullish cross of %K and %D on the fast stochastics oscillator, 
and the pattern played out perfectly with the additional $1.67 
price increase today. When we added the stock as a long Sunday, 
we anticipated some near term weakness, and still expect that to 
be the case. However, if the GSO.X can scratch and claw its way 
back above the 225 mark, BEAS should make a run towards the mid-
$30's again. Our stop loss remains $25.00.

Next Earnings: 8/14/2001





===============
AT Closed Plays
===============

  ----------------
  Closed Long Play
  ----------------

T - AT&T Corporation $20.12 -0.14

Considering the constant flood of bad news coming from the 
telecom sector, we are amazed that AT&T held on as long as it 
did. The inevitable finally came today, with shares losing just 
enough ground to trigger our stop loss down at $20.00 in the 
first 20 minutes of trading. While the stock holding on near 
$20.00 could signal a decent risk/reward trade from here for 
bullish traders, the underlying negativity in the sector tells us 
to stay away, and we're taking our 9.3% hit and moving on to 
bigger and better ideas. Perhaps the company's spin off of AT&T 
Broadband later this fall will entice investors back into Ma 
Bell.

Picked on June 8th  @ $22.07
CLOSED OUT @          $20.00

Profit/Loss = -2.07 or  -9.3% 
Best Profit = -0.07 or  +0.3%





---


BEBE - BEBE Stores, Inc.  $27.90 s/l $28.25

Despite taking a loss of $2.55 or 8.2%, we are pleased that we 
ratcheted up our stop loss trigger with the update of BEBE 
Tuesday evening. The bearish cross seen Tuesday in the MACD 
oscillator played out to a tune, with BEBE also compromising in 
the 21-dma ($28.33), and closing a mere penny off of the day's 
low. The bull party in BEBE certainly looks to be over, and we 
would not be surprised to see shares trade to the $25.50 level 
before finding support.

Picked on June 8th  @   $30.80
CLOSED OUT @            $28.25

Plus/Minus  = -2.55 or  - 8.2% 
Best Change = +2.30 or  + 7.4%









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