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Daily Newsletter, Thursday, 07/05/2001

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PremierInvestor.net Newsletter                 Thursday 07-05-2001
                                                    section 1 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
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In section one:

Market Wrap: Internet turnaround looks to be all talk 
Market Sentiment: Post-Holiday Hangover 
Play-of-the-Day: QLogic QLGC (Bearish)
Watch List: Chips and Taxes

-----------------------------------------------------------------
U.S. Market Numbers
-----------------------------------------------------------------
MARKET WRAP  (view in courier font for table alignment)
-----------------------------------------------------------------
         7-5-2001        High      Low     Volume Advance/Decline
DJIA    10478.05 - 91.25 10567.64 10461.14  .93 bln   1377/1690	
NASDAQ   2079.91 - 60.69  2130.96  2079.83 1.32 bln   1339/2320
S&P 100   628.65 -  9.99   638.55   628.51   totals   2716/4010
S&P 500  1219.32 - 15.21  1234.45  1219.15             
RUS 2000  492.34 -  4.10   496.83   492.14 
DJ TRANS 2811.68 +  3.46  2820.86  2789.71 
VIX        22.72 +  1.77    23.22    22.12 
Put/Call Ratio      0.66
-----------------------------------------------------------------

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

Internet turnaround looks to be all talk by Jeff Bailey

Lately, there has been a lot of talk in the media that the 
Internet sector is turning around and that it has seen a bottom.  
Traders that "bought" this idea a month ago might be questioning 
some of what they've read or heard lately.  If the Internet 
stocks have put the worst behind them, then I'd be watching the 
CBOE Internet Index (INX.X) and the 173 level over the next 
couple of sessions.

CBOE Internet Index (INX.X) - last six months



The short-term trend is still up for the CBOE Internet Index 
(INX.X), but if this group of stocks truly is turning the corner 
then I think things need to hold together at the 173 level or 161 
at the minimum.  It's fairly evident that the recent rally to the 
185 was met with selling and in my mind, that shouldn't have been 
such a showstopper for this group of stocks if all were well and 
the sky was the limit.  You don't need to trade Internet stocks 
to necessarily learn from them.  I like to monitor the group just 
to get an idea of how aggressive market participants are.  When 
the group is on fire and acting well (above the 185 level) the 
broader NASDAQ was also acting well.  But when the group started 
having problems on the failed rally to 225 and then again at 185 
this index hints that the MARKET just isn't very aggressive on 
the buy side right now.  This can change in just one trading 
session as a catalyst can present itself, but right now traders 
need to be willing to cut and run from long positions on the 
first signs of weakness.

I think today's action in shares of Citrix Systems (NASDAQ:CTXS) 
are an excellent example of how "lack of aggressiveness" affected 
this stocks performance.  This stock was profiled as bullish in 
the Stockbottom portion of the newsletter at $30.14 on June 20th, 
but a properly placed stop at $33.20 took traders out of the 
stock just ahead of today's decline.

Citrix Systems Chart - last six months



On Tuesday, shares of CTXS triggered our stop and today the stock 
pulled right back to our original entry level.  What took eight 
days to happen on the upside took about two days of declines to 
erase.  This is often times what happens when a market lacks 
aggressive buyers and then profit-taking steps in.  While shares 
of CTXS are not a component of the CBOE Internet Index (INX.X), 
perhaps a trader does believe that the INX.X is a good index to 
monitor as it relates to the pulse of market aggressiveness.

In my view, I want to monitor the INX.X and see how it acts near 
current levels.  Right now, bearish traders get the distinct 
feeling that the bulls are hiding and this give bears free reign 
to do as they like.  While many Wall Street analysts say the 
Internets have turned a corner, right now it doesn't look like 
the market is "buying it."  At least not very aggressively.  I'd 
look for a break above the 186-190 level in the INX.X to signal 
that the market is once again starting to see some aggressive 
buyers come to the table.  At that time, I'd consider looking 
long some Internet related stocks too.


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

Post-Holiday Hangover by Jeffrey Canavan

Traders must have stayed up too late watching fireworks, and came 
into work tired, grumpy, and looking to sell some stocks.  

They were greeted with the news that earnings from Federated 
Department Stores and British telecom equipment maker Marconi 
would come up significantly shy of expectations.  So what.  We've 
been able to shake off earnings warnings before, and some stocks 
have actually gained when the announced poor earnings.  So why 
would a high-end retailer and a foreign telecom company have a 
negative impact?  Scuttlebutt has it that this confirms the 
worries over a global slowdown, and waning consumer spending.  
Call me crazy, but a reduction in the amount of Armani suits sold 
at Bloomingdale's isn't a true gauge of consumer spending.  But 
if Federated's warning is truly predicting a reduction in 
consumer spending, which makes up two-thirds of the nation's 
economy, it could have a serious impact on market psychology.  
Next weeks retail sales data could set the tone.

A more immediate blow to market psychology could be the latest 
earnings warnings from AMD and EMC.  Advanced Micro Devices 
drastically lowered earnings expectations from 27 to 3 cents a 
share, and is trading down $5 in after hours.  EMC is going to 
come up 14 cents shy of expectations, and is getting whacked to 
the tune of $3.  The markets reaction tomorrow should tell us if 
the market sentiment is starting to turn more bearish, or if we 
can put on our bullish blinders and close out the week flat or 
mildly lower.

The VIX is also telling us the tide may be turning.  After 
setting a low of 20.29, the VIX has climbed 2.5 points in the 
past two days to 22.72.  The move isn't that significant, but 
keep an eye on resistance at 23.50.  The last time this fear 
gauge climbed above that level, the S&P 500 lost 4% in 3 days.  

When we add it all up it looks like the markets head lower 
tomorrow, but we should get a clearer picture once everyone gets 
back from their extended holiday and back in the game.

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

Market Volatility - The VIX is slowly starting to creep high.  
Watch for a break above $23.50 as a potential bearish signal.

VIX   22.72
VXN   49.44

Put/Call Ratio - Still neutral, but put volume is starting to 
pick up.

Total            .66
Equity Only      .65
OEX             1.07
QQQ              .85

Bullish Percent Data - No changes
           Current   Change   Status
NYSE          42       -      Bull Alert
NASDAQ-100    50       -      Bull Alert
DOW           44       -      Bear Confirmed
S&P 500       54       -      Bear Alert  

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

10-Day Arms Index  1.20  

Readings above 1.25 are bullish, and readings below .85 are 
bearish.  These signals don't occur often and tend be early, but 
when the do, they can signal significant market turning points.

        Advancers     Decliners
NYSE      1376           1693
NASDAQ    1337           2322

A 10-day moving average of the Nasdaq Adv/Dec line is starting to 
set up a bearish trend, and is on the brink of falling into 
negative territory.

        New Highs      New Lows
NYSE        87            48
NASDAQ      58            70

The trend of news highs compared to new lows remains in a bullish 
trend, but that trend could be tested soon.

Advisory Sentiment   Bullish   Bearish  
                       48%      30%


Commitments Of Traders Report: 06/26/01
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. 

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
-No significant changes in the S&P 500.  Institutions remain net 
bearish, and increased that stance only slightly last week. This 
should translate into the S&P 500 bouncing between 1200 and 1240 
until this number budges one way or another.

Commercials   Long      Short      Net     % Of OI  
6/12/01      353,074   423,257   (70,183)   ( 9.04%)    
6/19/01      301,376   371,121   (69,745)   (10.37%)    
6/26/01      307,889   379,955   (72,066)   (10.48%)    

Most bearish reading of the year: (111,956) - 3/6/01
Most bullish reading of the year: ( 41,144) - 5/1/01

Small Traders   Long      Short      Net      % of OI
6/12/01        167,720   100,610    67,110     25.01%
6/19/01        128,296    56,038    72,258     39.20%
6/26/01        130,914    56,269    74,645     39.88%

Most bearish reading of the year:  36,513 - 5/01/01
Most bullish reading of the year:  91,122 - 3/06/01
 
NASDAQ-100
-Institutions added more long positions last week than they did 
short positions.  They remain net short, but are slowly getting 
more bullish.
  
Commercials   Long      Short      Net     % of OI  
6/12/01       33,586    44,234    (10,648)  (13.68%)    
6/19/01       23,480    34,097    (10,617)  (18.44%)    
6/26/01       26,263    35,690    ( 9,427)  (15.22%)    

Most bearish reading of the year: (15,521) - 3/13/01
Most bullish reading of the year:  (1,825) - 1/02/01

Small Traders  Long      Short      Net      % of OI
6/12/01        18,374    16,264    2,110       6.09%
6/19/01        14,284     8,403    5,881      25.92%
6/26/01        10,519     6,064    4,455      26.86% 

Most bearish reading of the year:  (1,028) - 1/02/01
Most bullish reading of the year:   8,460  - 3/13/01


DOW JONES INDUSTRIAL
-This is probably the most surprising data of the week.  
Institutions have actually turned net bearish on the Dow for the 
first time since 3/20/01.  May that's why the Dow is having 
trouble getting above 10,600.

Commercials   Long      Short      Net     % of OI  Open Interest
6/12/01       24,724    18,485    6,239     14.4%     37,886
6/19/01       12,346    10,470    1,876      8.2%     22,611
6/26/01       11,371    12,759   (1,388)    (5.8%)    23,163    

Most bearish reading of the year: (8,322) - 1/16/01
Most bullish reading of the year:  8,925  - 5/22/01

Small Traders  Long      Short      Net      %Change
6/12/01        5,332     9,637    (4,305)    (28.76%)
6/19/01        3,844     7,555    (3,711)    (32.56%)
6/26/01        4,756     6,341    (1,585)    (14.28%)

Most bearish reading of the year:  (7,572) - 5/08/01
Most bullish reading of the year:   1,909  - 1/16/01
-----------------------------------------------------------------


===============
Play-of-the-Day
===============

QLogic QLGC $57.37 -$1.74 Stop: $62.00

Original Comments When Selected:

QLogic chips, switches and adapters help keep data flowing 
between computers and storage devices.  Although the company 
sells components for IDE and storage area network (SAN) Fibre 
Channel technologies, the bulk of their sales come from their 
SCSI (small computer system interface) adapters used to manage 
communication inside a computer with its hard disks, scanners 
and tape drives.  Principal customers include Fujitsu (30-percent 
of sales), Sun Microsystems (13-percent), Dell, IBM and Compaq. 

In May, the firm reported that fourth-quarter earnings, 
adjusted for a sales discount to Sun Microsystems, increased 55-
percent from the year ago period to 27-cents per share.  Analysts 
had forecast earnings between 25 to 29 cents per share according 
to First Call.  Gross revenue rose 55-percent from the previous 
year to $100.5 million.  For the year, the company earned $1.03 
per share on sales of $358 million.  For the fiscal first-quarter 
ending in June, the company is projected to earn 23-cents per 
share on sales of $95 million.  In the year ago quarter, the 
company earned 21-cents per share on revenue of $77 million.  The 
consensus estimate of analysts for the current fiscal year is for 
the company to earn $1.05 on sales of $422 million.  This gives the 
shares a P/E of 61.

Qlogic shares have been on a roll since the early April low of 
$17.81.  However, the past two days have shown signs of a topping 
pattern.  Each day has produced a failed test of resistance at 
the 200-day moving average currently at $65.81.  After reaching a 
$66.16 high about midday last Friday, the shares faded badly into 
the $63.60 close.  Monday was more of the same with a midday high 
of $65.67 slumping into a $62.53 close.  The trend of failed highs
and tests with lower closes suggests selling sentiment is on the 
rise.  Conservative traders can wait for additional bearish 
confirmation with a close below $60 on volume in excess of 6.6 
million shares traded.  If the shares can produce this $60 break 
we have a bearish price objective in the range of $54 to $47.     

Updated Comments:

It is not often when we have a repeat Play-Of-The Day selection, 
but a big earnings warning from storage sector leader EMC makes 
this a no-brainer.  Late-Thursday, storage sector leader EMC 
announced it was missing analyst's consensus estimates of 17-cents 
per share in a big way.  They reported second-quarter earnings 
would be only 4 to 6-cents per share.  Although QLogic has not 
warned, it is a near certainty the shares will get hammered on 
this news.  The trick will be finding an entry point.  In 
Thursday's after-market trading, QLogic shares were trading as 
low as $52.80 after closing the day at $57.37.  The $52.50 level 
represents support, so traders will need to wait for either an 
oversold bounce after the open to present a more attractive entry, 
or a high-volume break of $52.50.  After $52.50, the next level of 
support is $47.50.  We will move our stop to a loose $62.00 to 
ensure we stay in the black, but not get whipsawed out of this 
volatile Bearish selection.

Picked on July 2nd at $62.53
Gain Since Picked:     $3.42
Earnings Date           N/A (Not Confirmed)
 



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

NVDA - Nvidia Corp  $83.26 -6.51

WHY WE LIKE IT:  Nvidia is the premier name in semiconductors used 
for computer graphics.  Their chips are used in most of the major 
gaming consoles such as Microsoft's new xBox and Sony's Playstation. 
They are also the most popular among PC tech fanatics.  This company's 
market leading share of the hot game console business area makes it 
truly resistant to the economic problems.

POTENTIAL TRIGGER EVENT:  Since early June these shares have 
bounced repeatedly between approximately $83 and $100.  One again 
they are approaching $83.  A bounce off of this level on high 
volume may suggest the shares are ready for return trip to the top
of the trading channel.

 


===

HRB - H&R Block Inc.  $66.60 -0.70

WHY WE LIKE IT:  There is no denying that the trend on HRB has
been bullish ever since it took off on Nov. 30th, 2000.  While
there has been a few bumps in the road it has certainly turned
in an enviable performance over the last several months.  

POTENTIAL TRIGGER EVENT:  On Monday the shares spike was too much 
too chase and we were waiting for a pullback to present a more 
favorable buying opportunity.  Three consecutive weak days kept 
us on the sidelines.  So we continue to wait for the first sign of
a bullish up tick.  The shares have support at 65 and a bounce back 
to 65 before the next leg up would make a good entry point.  
Split traders should know that HRB has a 2:1 split coming on 
August 1st which can't hurt investors' enthusiasm for the stock.  





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Do not duplicate or redistribute in any form.


PremierInvestor.net Newsletter                Thursday 07-05-2001
                                                   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/3122_2.asp
=================================================================

In section two:

Split Trader
  New Plays: No new ST play
  Play Updates: ATK, BSYS, ESI
  Closed Plays: ICOS.

Net Bulls
  New Plays: Emulex EMLX (Bearish)
  Play Updates: YHOO, AMAT
  Closed Plays: No closed NB plays

Stock Bottom / Active Trader
  New Plays: AstroPower APWR (Bearish)
  Play Updates: No new updates 
  Closed Plays: BEAS, MEDI, TJX


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

============
ST New Plays
============

===============
ST Play Updates
===============

  -----------------------
  Split Candidate Updates
  -----------------------

Alliant Techsystems ATK Close: $87.50 Change: +0.49 Stop: $84.00

No change in our outlook for ATK shares.  ATK was pulling back 
on light volume, but has found support near $87.00.  Thursday saw 
a bullish move on better than average volume of 239k.  We are 
maintaining our stop below the $85 support level at $84.00. 

Picked on June 29th at $89.90
Gain since picked:      (2.40)
Earnings Date            N/A (Not Confirmed)




===

The BISYS Group BSYS $59.90 -1.10 Stop: $58.50 new

The Bullish technical picture became more bearish when the bulls 
pushed the shares to Tuesday's session high of $62.04, but failed 
to hold most of those gains.  Bears built on this weakness to 
drive the shares lower on Thursday.  If the bulls don't take 
control on Friday, then it is time to close this play and move 
on.  We are moving our stop up to $58.50.  This is just below the 
session lows of the past four days and a move lower is sufficient 
to confirm the rising bearish sentiment.

Picked on June 28th at $59.91
Gain since picked:      +1.09
Earnings Date            N/A (Not Confirmed)




====

ITT Educational Services  ESI $43.90 Change:0.00  Stop: $41.88

No change in the stock price and no change in our bullish 
outlook.  We are leaving our stop at $41.88.

Picked on June 12th at $43.70
Gain since picked:       0.20
Earnings Date            N/A (Not Confirmed)





========================
Closed Split Trader Play
========================

ICOS Corp.  ICOS $62.66 Change:-2.23  Stop: $62.00

The sweetest technical picture you could imagine changed abruptly.
These was no company specific news to account for the change 
in bias, but the session low of $59.62 was sufficient to trip our 
$62.00 stop.  This is unfortunate as the drop was on low volume 
and related to weakness in the overall biotech sector rather than 
the company itself.  If the volume does not pick up this suggests 
the drop will be short-lived and we may be looking at a good 
buying opportunity.  For now, strong support exists near $59.00 
and we will maintain a watch with the intention of jumping back 
in once the bears have spent their energy. 

Picked on July 3rd at $64.89
Gain since picked:     (2.66)
Earnings Date           7/26 (Not Confirmed)





==================================================================
Net Bulls (NB) section
==================================================================

============
NB New Plays
============

  ---------------
  New Short Plays
  ---------------

Emulex Corporation EMLX $35.82 -1.87  Stop: $41.00

The company makes equipment for Fibre Channel-based storage area 
networks (SAN).  SAN's connect multiple data storage devices in a 
network.  Hooking together devices enables systems to have redundant 
copies of data so that the failure of one device does not bring 
the whole system down.  It also makes it easy to increase capacity 
by adding new devices rather than replacing existing ones with 
larger more expensive units.  Corporations' insatiable demand for 
storing information made the data storage sector one of the last 
to feel the pain of the weakening economy.  Many investors have 
closely monitored the sector believing it will be one of the first 
to recover.  However they may have jumped the gun a bit.  

The prospect of an economic recovery drove Emulex shares from 
$11.81 on April 4th to $49.55 on May 22nd.  Since then, each rise 
and fall of investor optimism about recovery has brought a 
corresponding movement in Emulex shares.  But mostly, the shares 
have weakened as the prospect of a late 2001 recovery fades.  The 
most recent rise ran out of gas over the last 5 trading sessions 
with failed repeated attempts to break resistance at $40.00.  In a 
classic topping pattern, each attempt was on lower volume 
reflecting the dropping conviction of Emulex longs.  Thursday's 
drop with a volume pop suggests the bulls have given up and ceded 
control to the bears.  Next up should be a test of support at 
$30.00 that last survived a test on June 18th.  Perhaps this time 
the level won't hold.  If so, weak support exists at $27.50 and 
more significant support in the area of $22.50 to $23.50.

Analysts expect the firm to earn 63-cents a share on sales of $247 
million for the fiscal year ending June 2001.  In addition they 
forecast the company will earn 54-cents per share on revenue of 
$300 million in 2002.  They earned 38-cents on $140 million in 2000.
This gives the stock a current P/E of 113, a forward one of 69 
for 2001 and 80 for 2002.  The estimated 78-percent growth in sales 
from 2000 to 2001 is impressive but is deceptive since their fiscal 
year ends in June.  This means it includes sales from the days of 
a healthier economy.  The projected 23-percent increase from 2001 
to 2002 seems more in line with the state of the economy and this 
number does not justify the current stock price.

Picked on July 5th at $48.59
Earnings Date           8/02 (Not Confirmed)





===============
NB Play Updates
===============

  -----------------------
  NB Bullish Play Updates
  -----------------------
Yahoo! Inc. YHOO $19.19 -0.62  Stop: $17.25

No change in outlook for Yahoo shares as they continue to dance 
just short of the important $20.00 to $20.50 resistance level.  
Our long-standing entry recommendation stands - traders should wait 
for a break over $21 before taking a position.  This breakout 
would confirm bullish momentum and place resistance levels at 
$25.94 and $30 square in our sights.  If this break does not 
occur, the shares are liable for a pullback and in that case 
weak downside support is at the 50-day moving average of $19.14 
and stronger support at $17.50.

Picked on June 25th at $19.77
Gain since picked       (0.58)
Earnings Date            7/11 (Not Confirmed)
 



===

Applied Materials AMAT $48.68 -1.55 Stop: $48.10

A slew of earnings warnings hit late Thursday.  The most damaging 
for AMAT shares was semiconductor manufacturer AMD.  This may 
put a solid stamp of bearish bias on AMAT shares.  We are 
maintaining our stop nearby at $48.10.  

Picked on June 22nd at $49.05
Gain since picked       (0.37)
Earnings Date            8/14 (Not Confirmed)





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

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

  ---------------
  New Short Plays
  ---------------

AstroPower APWR $48.59 -1.61 Stop: $53.00

The Newark, Delaware-based AstroPower is the largest manufacturer 
of solar electric power products based in the U.S. with a 24-percent 
share of the domestic market.  This places them just behind industry 
leader Siemens Solar (37-percent) and almost even with BP 
(25-percent).  The company makes photovoltaic solar cells, modules 
and panels.  Their proprietary manufacturing process allows them 
to continuously produce silicon sheets and make the cells virtually 
any size.  European sales account for over 50-percent of sales.  
The company has been active in developing partnerships with 
homebuilders such as U.S. Homes, Shea Homes and Pardee Homes, to 
install solar systems into new homes.  

On a fundamental basis, AstroPower shares are expensive.  Although 
2001 revenue growth of 59-percent is certainly healthy, it is not 
high enough to justify a forward P/E of 87 for 2001 and 52 for 2002. 
Particularly when compared to the industry average P/E of 32.  
Still, AstroPower financial performance is impressive.  After 
earning 27-cents per share on sales of $46.6 million in 2001, 
analysts forecast the firm will earn 53-cents on sales of 
$74 million in 2001 and 93-cents on $107 million in 2002.  The 
company has a strong balance sheet with $86 million in the bank 
and no long-term debt.

The reason for this Bearish selection is a sharp deterioration of 
the technical picture for APWR shares.  Although the shares rallied 
from the session low of $36.25 on June 20th to reach a high of 
$54.99 last Friday the 29th, it was still within a larger downtrend 
that extended back to May 18th.  To confirm a bullish reversal of 
that downtrend required the shares to break the upper trend line at 
$52.00.  The June 29th high and subsequent $52.14 close represented 
a failed attempt to break that trend  line.  Since then, profit 
taking has set in and selling pressure has been on the rise with 
three consecutive losing sessions on increasing volume.  A 
one-minute chart of trading on Thursday seals the bearish case with 
weak downward pressure throughout with little resistance by the 
bulls.  Downside support exists at $47.50 and we would recommend 
waiting for a move through this level before taking a position.  
The following level of support is the 200-day moving average of 
$39.94.

Picked on July 5th at $48.59
Earnings Date           7/31 (Not Confirmed)




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

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

Bea Systems BEAS $27.42 -2.59 Stop: $28.25

A number of late-breaking tech earning warnings has broken the 
back of many bullish run including BEAS.  Bea Systems is a 
favored play among analysts looking for a company most likely to 
be an early beneficiary of an economic recovery.  As such it is 
a volatile play, investors, pile on given the slightest hint of 
good economic news and jump off at the first hint of danger.  
Recent earnings warnings are being taken as a sign of economic 
troubles so investors are selling.  We closed out this play when 
it hit our stop at $28.25.

Picked on June 17th at $30.80
Gain since picked       (3.38)
Earnings Date            7/11 (Not Confirmed)
 



===

Medimmune Inc. MEDI $43.39 -3.18 Stop: $42.50

The biotech sector took a turn for the worse and MEDI shares went 
along for the ride.  Although the shares came within a whisker of 
our stop, the turn for the worse came on high volume of 2.9 million 
shares.  This has so dramatically changed the technical picture for 
these shares that we decided to stem the bleeding and ended this 
play at the close.  

Picked on June 21st at $47.48
Gain since picked       (4.09)
Earnings Date            8/14 (Not Confirmed)




===

TJX Companies TJX $31.95 -0.98 Stop: $31.70

A sharp down turn encountered our $31.70 stop.  Significant support
remains at $31.75.  After an initial steep decline at Thursday's 
open the shares respected this level.  This gives hope that the 
shares will resume their longstanding bullish trend.

Picked on May 13th at $34.25
Gain since picked      (2.55)
Earnings Date           8/14 (Not Confirmed)





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