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 ================================================================= To view this email newsletter in HTML format with imbedded charts and graphs, click here: http://www.PremierInvestor.net/htmlemail/3122_1.asp ================================================================= 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. ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright © 2001 PremierInvestor.net. and The Premier Investor Network. 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) ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright © 2001 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
Option Investor Inc is neither a registered Investment Advisor nor a Broker/Dealer. Readers are advised that all information is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All opinions, analyses and information included herein are based on sources believed to be reliable and written in good faith, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. In addition, we do not necessarily update such opinions, analysis or information. Owners, employees and writers may have long or short positions in the securities that are discussed.
Readers are urged to consult with their own independent financial advisors with respect to any investment. All information contained in this report and website should be independently verified.
To ensure you continue to receive email from Option Investor please add "firstname.lastname@example.org"
Option Investor Inc