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Daily Newsletter, Friday, 10/26/2001

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PremierInvestor.net Newsletter          Weekend Edition 10-26-2001
                                                    section 1 of 3
Copyright  2001, All rights reserved.
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In section one:

Market Wrap: Friday's trading mixed, but week was bullish
Market Sentiment: A Respectable Day
Play-of-the-Day: Triple Top Buy Signal
Watch List: CTIC, ADPT, AMCC, AFC, NETA

------------------------------------------------------------------
U.S. Market Numbers
------------------------------------------------------------------
MARKET WRAP  (view in courier font for table alignment)
------------------------------------------------------------------
        WE 10-26         WE 10-19         WE 10-12         WE 10-7
DOW      9545.17 +341.06  9204.11 -140.05  9344.16 +224.39 +272.56
Nasdaq   1768.96 + 97.65  1671.31 - 32.09  1703.40 + 98.10 +106.50
S&P-100   567.98 + 14.18   553.80 -  6.98   560.78 + 11.40 + 16.28
S&P-500  1104.61 + 31.13  1073.48 - 18.17  1091.65 + 20.27 + 30.44
W5000   10185.53 +290.64  9894.89 -154.23 10049.12 +212.01 +274.18
RUT       438.65 + 12.95   425.70 -  2.89   428.59 + 13.62 + 10.10
TRAN     2247.58 + 73.30  2174.28 - 60.45  2234.73 + 25.31 + 15.43
VIX        30.53 -  5.31    35.84 -   .61    36.45 +  1.79 -   .53
VXN        56.91 - 12.37    69.28 +  3.30    65.98 +  2.63 -  1.84
TRIN        0.87             1.19             1.08            1.14
TICK        +828             +342             +283            +290
Put/Call     .53              .80              .76             .96  
------------------------------------------------------------------
WE= week ended

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

Friday's trading mixed, but week was bullish

Friday's trading session would be considered mixed, but biotechs 
and oil service stocks added to Thursday's big gains.  The 
Biotechnology Index (BTK.X) rose 3.2% to $577 and the Oil Service 
Index (OSX.X) gushed higher by 4.6% to $86.67.

The biotech's strength wasn't enough to pull the NASDAQ along for 
a ride as the NASDAQ Composite (COMPX) lost 6 points on the 
session to 1,768.  Software stocks (GSO.X) gave back some of 
Thursday's gains with a 2% decline to $156 and Internet stocks 
(INX.X) fell 4 points (-3.6%) to 115.  Networking (NWX.X) and 
Semiconductor (SOX.X) sectors fell fractionally.

For the week

The broader market averages all posted gains this week.  The 
broader NYSE Composite (NYA.X) rose 2.2% or 12 points to close at 
566.  The Dow Industrials (INDU) got back on track with a 341 
point gain (+3.7%) to 9,545.  The NASDAQ Composite rose 97 points 
(+5.8%) to 1,768, while the narrower NASDAQ-100 (NDX.X) jumped 
107 points (+7.9%) to 1,454.  The widely followed S&P 500 closed 
above the 1,100 level at 1,104, posting a 47 point gain on the 
week (+4.4%).  The narrower S&P-100 (OEX.X) rose 14 points 
(+2.5%) at 567.

In last Friday's Market Wrap we talked about options expiration 
and a sharp late session bullish move in the Biotech HOLDRS 
(AMEX:BBH).  While we thought that late session surge might be 
option expiration related, what took place this week in the 
biotech sector had some traders question any existence of a bear 
market.  The Biotech HOLDRS (BBH) jumped 10% to close at 132, 
while the Biotech Index (BTK.X) jumped 15% to close at 577.

Equally impressive this week was oil service stocks as 
represented by the Oil Service Index (OSX.X).  The group isn't 
perceived as "flashy," but this weeks action (the bulk of it 
taking place yesterday and today) looked like a gusher as the 
index rose 17% to $86.67.  

Dow Industrials Hypothetical Portfolio from Sept. 10 close





Last Friday we found 10 stocks above our green line, which 
represents a gain since the stocks September 10th close (day 
prior to terrorist attacks).  We've been using it as a way to 
indicate "altitude" of the Dow Industrials.  For a bullish Dow 
Industrials, the LOWER that green line moves, then the broader 
the Dow's rally and potentially more bullish the broader market 
should become.  This week we have the Dow Industrials adding 1 
net gainer with 11 stocks above the green line.  One could say, 
for every green stock added, we get a 3% rise in the Dow.  Well 
not exactly, but you get the idea.  

What's interesting and perhaps gives hint of a potentially 
"raging bull" in the making is the number of stocks that are 
within 1% of going green since their September 10th close.  

In our October 12th Market Wrap, the Dow Portfolio showed 15 
stocks up and 15 down.  That's as "bullish" and we've seen our 
portfolio as it relates to number of stocks above their September 
10th close.  At that time, the portfolio showed a net loss of 
2.98%.  One week later (Oct. 19th wrap) we had 10 stocks above 
green and the portfolio had fallen to a total loss of 4.98%.  

What equity bulls want to see take place during next week is to 
simply add some more stocks above the green level.  Remember, as 
that green level moves lower, then breadth begins to build from 
the bottom.  Strong buildings are built on strong foundations and 
that foundation starts at the 15th stock.  At the same time, we 
want to see some of those stocks at the top stay there!

Look at Wal-Mart (NYSE:WMT).  If nothing else, equity bulls need 
to take some time this weekend and go over and buy a candy bar 
from these guys.  That stock has held the #1 ranking in the Dow 
Portfolio for gains held for the past three weeks.  The stock 
didn't budge this week.  Last Friday, WMT closed at $53.01 and 
inched out a small gain this week at $53.42.  I think this week 
might be a telling week for Wal-Mart (WMT) near term.  The action 
here tells me that institutions have not been eager to sell the 
stock and take profits from this GIANT retailer.  So far they've 
held.  This hints that somebody think they may have gotten a 
bargain on the pullback in late September and think good things 
are still yet to come.  The stock has been stuck in a range of 
$55-$52 for the past two weeks and a break out of that range 
could bring on a meaningful move.

What I've done to the above portfolio chart is add a couple of 
different observations for subscribers to think about.  On the 
far left, next to the stocks symbol, I've continued to place the 
prior Friday's (Oct. 19th) "ranking" of field position.  On the 
far right, I've added two numbers separated by a comma (,).  
Those are the "field" position for that stock based on its 
ranking in our portfolio on October 12th and October 5th.  
Perhaps this gives you a good observation of rotation taking 
place, or a stock that has been on the move (up or down).

Example:  Look at SBC Communications (NYSE:SBC).  This week, the 
stock dropped again and now ranks #23.  Last week the stock 
ranked #10.  When you move over to the far left column, we see 
the stock had been ranked #13 after having fallen from an October 
5th ranking of #4.  

Look what happened to AT&T (NYSE:T) this week.  Ouch is right!  
Remember a couple of weeks ago we thought AT&T (T) was a bullish 
play near $17 as SBC had charged to the top of the leader board 
to a #1 ranking?  We felt the sector association of "telecom" 
would have T playing catch up.  That's exactly what happened from 
September 24th and the next 7 sessions as the stock gained nearly 
17% on its way to $20.  All of a sudden, SBC started slipping in 
ranking, then began falling rather quickly as it lost "ranking."  
Well... what appears to have helped AT&T (T) on its upward move, 
looks to have also helped it turn south this week.  

AT&T looks like the stock to trade.  Keep and eye on SBC, and 
whatever it does, it sure seems like AT&T like to follow with 
several sessions later.

Networking question

The action I've seen in AT&T along with SBC Communications has me 
wondering what's next for the Networking Index (NWX.X).  We added 
a bullish play in shares of Cisco Systems (NASDAQ:CSCO) Thursday 
night.  

In each of these companies latest earning's releases, there was 
mention of cutting back their IT spending.  I don't blame them.  
When you're trying to grow earnings in a rather lackluster sales 
environment, one way to do it is to cut costs and not build out 
or upgrade your infrastructure.  I think there's some 
"fundamental" risks going forward for many networking stocks.  
For this reason, were following Cisco Systems (NASDAQ:CSCO) with 
a tight stop at $16.75.  Right now, Cisco is not the "tech 
leader" it was a couple of years ago.  Our retracement bracket 
shows support at the $16 level, but I feel we need a bullish 
broader market to help Cisco (CSCO) power higher.

Cisco Systems Chart -





We couldn't resist a bullish play in shares of Cisco Systems 
(CSCO) based on the technicals of retracement.  The break 
Thursday above 50% retracement has us thinking that market makers 
may be backing off the stock as the S&P 500 (SPX) edges above 
it's 50-day moving average.  We're keeping a tight stop on the 
trade as we just don't want to take the heat down to 38.2% 
retracement of $15.93.  That would be an additional 82 cents a 
share away from our current stop of $16.75 or an additional 4.8%.  
If Cisco gets anywhere near the $19 level or our 61.8% 
retracement, we're going to get rather aggressive with the 
raising of our stop.  The 200-day moving average is declining at 
the rate of meteor falling to earth.  Any type of trade there and 
we'll be saying "seeeee-ya later!"

See you later!

That's what we did with our bullish trade in Symantec 
(NASDAQ:SYMC) "software" at the open of trading (see play update) 
when the stock gapped just below our stop of $58.95.  One reason 
for the tight stop is that Wednesday night we added another 
software stocks (NASDAQ:VRTS) to our bullish play list.  Both 
stocks traded lower on the session.

Our plan for managing the account, was by adding another software 
stock, we were going to try and build upon some of the 
bullishness happening in the software sector.  Dow component 
Microsoft (NASDAQ:MSFT) had gained ground in our Dow "ranking" 
for the third straight week and we had some decent profits going 
in Symantec (SYMC).  If the trend continued then fine, but first 
bit of weakness and we wanted to cut some exposure from a stock 
that had made a nice move higher like Symantec (SYMC), but was 
starting to look a little overextended on its chart.

And that leads us into the close of tonight's market wrap.  We're 
trying to "mix and match" and keep our commentary focused on what 
we're doing in the portfolio.  We can't cover everything that is 
going on in the market, but hopefully people are kind of getting 
an understanding of how we're trying to manage our "Play List" 
with what we're seeing in the market.

Trading an account does take strategy and purpose.  The scenarios 
are set up by what we see, or think we see taking place every 
day.  Each day builds on itself.  There are detours that need to 
be navigated and there are some sections of the highway where 
you'll experience a brief rain storm, but all of a sudden the sun 
appears and the birds are chirping (if you traded our bullish 
play in Protein Design Labs PDLI you know what I'm talking 
about.)

It's like planning a trip

Some traders/investors just get in the car and drive.  Not really 
having any destination in mind.  When we go to "grandmother's 
house" we know what route we need to take.  The market on the 
other hand may present some type of event or obstacle that we 
have never had experience with.  However, we can pull from some 
past experiences, understand what took place and try to reason 
things out.  

Next time you get in the car to go somewhere, think about all 
that you do to get to your destination.  Think of how analogous 
it is to trading.  If you're going to the store, you're planning 
for a short trip.  You have a goal in mind and a set of 
procedures to get there.  I've got my keys for the car, got my 
wallet with some money in it to buy the milk and I know where the 
store is.  When you get in the car, do you wear your seatbelt?

Going to the store is analogous with a "trade."  Just planning on 
a short trip.  When you're trading, you'd better have an 
achievable target that is reasonable considering the time you're 
going to be in the trade/car.  You'd better be wearing your 
seatbelt (have a stop loss placed on the trade) as you never know 
what you'll run into while you're in the car.  We don't put our 
seatbelts on with the thinking..."I'm going to probably run into 
a pole on the way to the market."  We don't put stops under our 
trades because we feel we're going to get stopped out before we 
reach our target for the trade either.  No, we do both as a way 
to try and protect ourselves against major damage.  

Investing, is more like taking a summer vacation to a far away 
place.  The longer you're gone from home, the more scenery and 
experiences you're going to have.  You can lose your luggage, 
lose our wallet/purse or have a flat tire.  If you don't have 
some type of backup plan or strategy for overcoming the 
obstacles, you're in trouble.  Whether you're shorting or buying 
stocks, we don't need to prepare for the pleasantries.  All we 
need to do then is follow that pleasantry with a stop to try and 
help assure a pleasant vacation before we're stopped out.

Set your goal, plan it, trade it and DRIVE!

What's your goal?  To simply make money isn't enough.  How much?  
Is the goal reasonable considering the amount invested?  What 
kind of benchmarks do you have to make sure you're on track to 
meet that goal?  If you're trading $10,000, is a $4,000 a month 
gain reasonable?

Do this over the weekend.  Define a goal and write it down on a 
piece of paper.  Then outline a "business plan" or roadmap if you 
will on how you plan on achieving that goal.  Does each trade 
offer you the proper risk/reward to achieve your goal.  If you're 
risking $1 for $1 in gain, your going to be looking at 50/50 
risk/reward.  If your stated risk/reward is minimum $1 risk/ for 
$3 reward, then you've got a chance of getting somewhere, but 
you'd better be relatively certain that the stock your trading 
has reasonable upside achievement of that $3 reward for every $1 
of risk you're willing to take.

Here's one of my goals.  I just found it and I want it!  But to 
get it, I know that I need to trade within my discipline.  I need 
to follow what I've mapped out in my business plan.  If my 
business plan says "you will not risk more than $1 for every $3" 
then I'm not canceling my stop because the trade isn't going the 
direction I thought it would.

Post your goal in a visible place as a constant reminder to keep 
you on track.  Deviate from your plan and you deviate from your 
goal.  It's a great way to trade/invest and really be true to 
yourself.  Wow!  Doesn't this car look nice?

Photo Courtesy of www.mustangweekly.com





I don't consider myself materialistic.  I drive the same 
1987 Toyota 4-Runner I bought in October of 1986 and have put all 
of the 250,000 miles on it myself.  But when I saw this "Forty-
Nine Ford," I quickly set a goal for a portion of my trading 
account.  This picture goes on top of the trading terminal and 
serves as a reminder of how discipline going forward will provide 
me with reward.

I have several goals and I've achieved some of them along the 
way.  Some goals are small (I've got one of the nicest goose and 
duck decoy collections you could conceivably imagine) and some 
goals are large (they will take time to achieve as the distance 
to travel is far).  We all have different goals and plans for 
achieving those goals.  No goal should be too lofty.  You can do 
anything you set your mind, goal and plan toward.

Live beyond your means; then you're forced to work hard, you have 
to succeed.  - Edward G. Robinson

Have a great weekend!


Jeff Bailey
Senior Market Technician


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

A Respectable Day
by Russ Moore

Split markets, but the bulls will take it. The tech rally ran out 
of steam as big cap tech stocks attracted some profit taking. The 
NASDAQ ended with a loss of -0.4 percent while the NDX gave back 
-1.6 percent. Blue chips carried the rally ball today with the 
DOW gaining +0.9 percent.

Volume was respectable with 1.20 billion shares moving on the big 
board and 1.98 billion shares changing hands on the NASDAQ. 
Market breadth was positive on the NYSE, as winners beat losers 
by an 18/13 margin. The NASDAQ, despite finishing in the red, 
also saw winners edge losers by a 19/17 count.

On the broader markets, biotechs continued to soar with a gain 
of +3.2 percent on the BTK. This index has been on fire of late, 
gaining +39 percent since 09/25. Other sectors on the rise 
included financial, oil service, oil, chemical, natural gas and 
cyclical. Tech sectors were seeing red with Internet, hardware 
and software leading the way down.

Michigan Sentiment held steady, moving from 81.8 to 82.7. New 
home sales fell one percent to 864,000, slightly better than 
expected.

The volatility indexes i.e. VIX/VXN, continue to fall and 
although both are still at relatively high levels, they have both 
moved to the bottom of their respective Bollinger Bands. These 
indexes are contrarian in nature, and when they release from 
their current levels and move north we will see stock indices 
reverse course.


VIX 
Friday 10/26 close: 30.53


VXN
Friday 10/26 close: 56.90


30-yr Bonds
Friday 10/26 close: 5.27


Total Put/Call Ratio: .53


Equity Option Put/Call Ratio: .44


Index Option Put/Call Ratio:  1.29


===

NASDAQ 100 Index (NDX/QQQ)
52-Week High: 103.51
52-Week Low:   28.19
Current close: 36.01

Volume/Open Interest
Maximum calls: 35/54,682
Maximum puts : 33/65,072

Moving Averages
 10 DMA 34
 20 DMA 33
 50 DMA 34
200 DMA 44

Fibanocci Retracements
Relative High: 51.95 (05/22/01)
Relative Low:  27.00 (09/21/01)
38% 36.60
50% 39.57
62% 42.59

===

S&P 100 Index (OEX)
52-Week High:  834.93
52-Week Low:   491.70
Current close: 567.98

Volume/Open Interest
Maximum calls: 560/5,177
Maximum puts : 480/7,987

Moving Averages
 10 DMA  559
 20 DMA  554
 50 DMA  560
200 DMA  621

Fibanocci Retracements
Relative High: 680.03 (05/22/01)
Relative Low:  480.07 (09/21/01)
38% 556.14
50% 579.65
62% 603.55

===

S&P 500 (SPX)
52-Week High:  1530.01
52-Week Low:    965.80
Current close: 1104.61

Volume / Open Interest
Maximum calls: 1100/17,499
Maximum puts :  950/21,792

Moving Averages
 10 DMA 1087
 20 DMA 1078
 50 DMA 1094
200 DMA 1205

Fibanocci Retracements
Relative High: 1315.93 (05/22/01)
Relative Low:   944.75 (09/21/01)
38% 1086.75
50% 1130.62
62% 1175.23

==

DJIA (INDU)
52-Week High:  11,518.83
52-Week Low:    8,235.81
Current close:  9,545.17

Volume / Open Interest
Maximum Calls: 94/22,113
Maximum Puts   92/24,116

Moving Averages:
 10 DMA  9,340
 20 DMA  9,230
 50 DMA  9,480
200 DMA 10,287

Fibanocci Retracements
Relative High: 11,350.05 (05/22/01)
Relative Low    8,062.34 (05/21/01)
38%  9,308.92
50%  9,693.99
62% 10,085.60

==

Biotech Index (BTK)
52-Week High:  811.61
52-Week Low:   383.28
Current close: 577.05

Volume / Open Interest
Maximum Calls: 620/  307
Maximum Puts:  420/1,571 

Moving Averages
 10 DMA 518
 20 DMA 494
 50 DMA 492
200 DMA 538

Fibanocci Retracements
Relative High: 811.61 (09/25/00)
Relative Low:  383.28 (03/22/01)
38% 546.22
50% 596.57
62% 646.71

==

Semiconductor Index (SOX)
52-Week High: 1280.84
52-Week Low:   362.00
Current close: 480.74

Volume / Open Interest
Maximum Calls: 570/ 503
Maximum Puts:  420/ 763

Moving Averages
 10 DMA 450
 20 DMA 431
 50 DMA 477
200 DMA 583

Fibanocci Retracements
Relative High: 710.78 (05/22/01)
Relative Low:  343.93 (09/27/01)
38% 484.50
50% 527.18
62% 570.57

==

Pharmaceutical Index (DRG)
52-Week High:  455.28
52-Week Low:   339.49
Current close: 394.13

Volume / Open Interest
Maximum Calls: 420/ 284
Maximum Puts:  400/1002

Moving Averages
 10 DMA 396
 20 DMA 395
 50 DMA 389
200 DMA 394

Fibanocci Retracements
Relative High: 448.43 (12/29/00)
Relative Low:  339.49 (03/22/01)
38% 382.22
50% 395.69
62% 409.03

*****

CBOT Commitment Of Traders Report: Friday 10/26
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.   

S&P 500
Commercials   Long      Short      Net     %Change 
10/09/01     369,049   407,804   (38,755)   (10.6%)
10/16/01     378,866   415,289   (36,423)   ( 6.0%
10/23/01     377,177   413,658   (36,481)     0.1%

 
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      %Change
10/09/01       122,292    74,539    47,753    (5.2%)
10/16/01       124,568    73,779    50,789     6.3%
10/23/01       127,016    71,212    55,804     9.9%
  
Most bearish reading of the year:  36,513 - 5/01/01
Most bullish reading of the year:  91,122 - 3/06/01

NASDAQ-100
Commercials   Long      Short      Net     %Change 
10/09/01      24,662    38,020   (13,358)   21.5%
10/16/01      27,398    40,397   (12,999)   (2.7%)
10/23/01      29,920    40,358   (10,438)  (19.7%)

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      %Change
10/09/01       11,948     7,012    4,936      20.0%
10/16/01       12,901     6,893    6,008      21.7%
10/23/01       11,567     6,934    4,633     (22.9%)

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
Commercials   Long      Short      Net     %Change 
10/09/01      24,873    10,194   14,679     16.2%
10/16/01      25,402    10,267   15,135      3.1%
10/23/01      25,568    11,832   13,736     (9.2%)

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
10/09/01       3,517    12,294    (8,777)     23.0%
10/16/01       4,514    12,104    (7,590)    (13.5%)
10/23/01       4,902    11,900    (6,998)     (7.8%)
 
Most bearish reading of the year:  (7,572) - 5/08/01
Most bullish reading of the year:   1,909  - 1/16/01


                    Small Specs               Commercials
S&P 500         (Current)  (Previous)     (Current) (Previous)
Open Interest
Net Value        +55,804     +50,789        -36,481     -36,423

Total Open
Interest %       (+28.15%)  (+25.61%)     (-4.61%)   (-4.59%)
                 net-long   net-long      net-short  net-short


                     Small Specs             Commercials
DJIA futures     (Current) (Previous)    (Current) (Previous)
Open Interest
Net Value          -6,998     -7,590          +13,736    15,135
Total Open
interest %       (-41.65%)    (-45.67%)      (+36.73%)  (+42.43%)
                 net-short   net-short     net-long    net-long


                     Small Spec              Commercials
NASDAQ 100      (Current) (Previous)    (Current) (Previous)
Open Interest
Net Value         +4,633      +6,008         -10,438    -12,999

Total Open
Interest %        (+25.04%)   (+30.35%)     (-14.85%) (-19.17%)
                 net-long   net-long      net-short net-short


What COT Data Tells Us
----------------------
Indices:.Another flat week as Commercials hold steady on their 
S&P net-short contracts.

Gold:.Commercials cut their short contracts in half this week. 
Gold has certainly cooled off in the last month; however, another 
switch to a net-long position could see gold on the rise once 
again.

9/25  36,638 contracts net-long
10/02 67,122 contracts net-short
10/09 64,729 contracts net-short
10/16 51,816 contracts net-short
10/23 25,191 contracts net-short

Data compiled as of Tuesday 10/23 by the CFTC.



=========================
Play-of-the-Day (Bullish)
=========================

NEW BULLISH PLAY
=================

Bemis Co. - BMS - close: 44.99 change: +0.58 stop: 42.10

Company Description
Bemis Company is a major supplier of flexible packaging and 
pressure sensitive materials used by leading food, consumer 
products, manufacturing, and other companies worldwide. 
(source: company press release)

Why We Like It:
Shares of BMS have been a big winner for investors over the 
course of the year.  From its January low under $30 to its recent 
highs near $45 the packaging business has been gracious to BMS 
shareholders.  The stock had started to see some profit taking in 
early September that turned to panic after the Sept. 11th 
attacks.  The stock plummeted to $36, just under its 200-dma.  
Fortunately, the rebound was quick and the stock has regained all 
of its losses.  Since then we've seen the stock digest its gains 
to re-establish support near $43.  

The company recently reported earnings October 23rd.  Results 
were a 3Q with earnings up 13 percent from the period a year 
earlier.  Total sales increased over six percent with its 
flexible packaging division, representing almost 80 percent of 
total sales, gaining nine percent.

The point-and-figure chart for BMS shows that the stock has 
produced a triple-top buy signal with its move to $45.  With the 
recent strength in the daily chart and the p-n-f chart we want to 
be ready for the next move up.  We're going to initiate the play 
with a stop at 42.10.  Any dips to $44 should be buyable and/or 
the stock over 45.00.

Picked on October 26th at $44.99
Gain since picked:         +0.00
Earnings Date              10/23 (confirmed)






==================================================================
WATCH LIST
==================================================================

The PremierInvestor.net watch list is not designed to be read
as full fledged stock picks.  Rather we would prefer to offer
it as an extra tool in today's investor toolbox.  Think of it
as a radar screen with your own radar operator pointing out
interesting developments, technical patterns or potential plays
that you may or may not have seen on your own.  Due to time
constraints we do glance at the news but rarely do we have 
time to fully read pertinent news stories, due background 
research and other necessary screens that investors should do
before making a decision.  A common exercise is to read the
entry, glance at the sector and other stocks in that industry
and then compare what's happening in the stock to what's 
happening in the broader market indices.  We hope you enjoy
the Watch List and that it proves to be a useful tool for your
own trading success.

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

Cell Therapeutics - CTIC - close: 34.01 change: +0.27

WHAT TO WATCH:  Yet another biotech we think has the "right stuff" 
that traders will want to watch.  The stock's recent trend, while 
strongly positive, doesn't seem quite as extended as some of its
sector-mates.  Shares recently closed over resistance at 32.50 and
have now brushed up against long-time resistance at $35.  A close
over $35 would be a buy signal on both the daily and point-and-
figure charts.




---

Adaptec - ADPT - close: 12.80 change: +0.55

WHAT TO WATCH:  You can probably guess by the name that we are looking
at another tech stock but did you know they produce storage access
solutions?  Yeah, neither did we.  The stock has seen an incredible
rise from its sub-$8.00 lows in early October to current levels.  
Thursday's close was crucial as it broke out above long-time resistance
at $12.00.  On Friday shares dipped back to $12.00 before taking off 
and adding another 4.48%.  The p-n-f chart also shows a breakout over
long-time resistance.  This one looks way to overbought to chase but
there are no signs of a slow down yet.  Aggressive traders only.




---

Applied Micro Circuits - AMCC - close: 12.97 change: -0.79

WHAT TO WATCH:  If you're looking for action in the semiconductor
sector keep an eye on AMCC.  Like many of its fellows it has rebounded
strongly from October lows but it currently rests near a pivotal
level at $13.00.  We might look for an intraday dip to 11.50 or 12.00 
as a potential long play with immediate resistance at $13 and $14.
Longer-term charts show the stock on a buy signal but should see 
resistance at $15.  




---

Allmerica Financial - AFC - close: 39.91 change: -0.29

WHAT TO WATCH:  According to the profile, AFC is a non-insurance
holding company that specializes in Risk Management and Asset
Accumulation.  I wonder if they advised their clients to get out
of their stock when it broke down under $50 last month?  Since that
time shares of AFC have tried to mount a comeback but sellers leaned
on it at $45 and have since pushed it back to its 52-week low near 
$40.  The close under $40 actually tempted us to short the stock
but with earnings coming up on Tuesday, Oct. 29th, we didn't want
to risk any surprises.  Keep an eye on it.  If earnings disappoint,
shares are likely to hit new lows again and again and again.




---

Network Associates - NETA - close: 20.43 change: +1.03

WHAT TO WATCH:  We've been watching NETA for awhile now and the 
stock is not a stranger to the watch list.  The breakout over
long-time resistance on October 11th came a day before the
company announced its earnings.  The report was favorable and
the stock has slowly traded higher ever since.  NETA, boosted
by a strong performance its subsidiary McAfee (NASDAQ: MCAF), has 
been a relative strength leader in the software sector for most of 
the month.  The move over $20 on Friday looks like another upside 
breakout and traders following software stocks should investigate.  
The long term bullish price objective is close to $27.  We would 
consider a stop just under $18.00.







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PremierInvestor.net Newsletter          Weekend Edition 10-26-2001
                                                    section 2 of 3
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 two:

Net Bulls
  New Bullish Plays:    MLNM, NVDA, SUNW
  Bullish Play Updates: CSCO, PDLI, VRTS
  Closed Bullish Plays: SYMC

Stock Bottom / Active Trader
  Long-Term Play:        SRV
  New Bullish Plays:     BMS
  New Bearish Plays:     HCR
  Bullish Play Updates:  CBRL
  Bearish Play Updates:  BMY, FNM
  Closed Bearish Plays:  CPN

Split Trader
  - none -

==================================================================
Net Bulls (NB) Tech Stock section
==================================================================

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

  ----------------
  New Bullish Play
  ----------------

Millennium Pharma. - MLNM - close: 27.07 change: +1.48 stop: 24.90

Company Description:
Millennium, a leading biopharmaceutical company, applies its 
comprehensive and integrated science and technology platform for 
the discovery and development of breakthrough therapeutic and 
predictive medicine products, with a goal of delivering 
personalized medicine. Through the industrialization of this 
gene-to-patient platform, Millennium is also striving to 
accelerate the process of drug discovery and development. 
Headquartered in Cambridge, Mass., Millennium currently employs 
more than 1,500 people.
(source: company press release)

Why We Like It:
Jumping on the biotech bandwagon now may seem like we're late to 
the party.  This is a valid concern but the strength shown by 
some of these biotech stocks is very compelling.  Shares of MLNM 
broke out above its price resistance at $25 on Thursday and on 
Friday broke above technical resistance at a 38.2% retracement 
level from the May highs to the September lows.  Our initial 
target is only $30 but we may be starting this play a day too 
early as more than one on our team expects the stock to pull back 
on Monday.  In truth this is exactly what we want it to do.  A 
dip to the $25.00 or $25.50 level could prove to be a profitable 
entry point to for the next big move up in biotechs.  We're going 
to start the play with a stop at 24.90 as we feel strongly that 
the $25 level should act as support.  Investors interested in the 
company's numbers should be encouraged by their latest earnings 
report.  MLNM's 3Q losses narrowed by 70 percent.  Last year the 
company lost 16 cents a share during the 3Q and this year 
estimates were for a loss of 15 cents.  On October 16th, MLNM 
turned in a loss of only 4 cents a share.  Obviously with any 
drug or biotech company they need to be developing a strong 
pipeline of treatments and MLNM expects to have a dozen products 
in clinical trials by the end of the year.  FYI, check out the 
point-and-figure chart.  The stock has strongly broken out above 
the descending bearish resistance line and shows a bullish price 
objective of $34.50.

Picked on October 26th at $27.07
Gain since picked:         +0.00
Earnings Date              10/16 (confirmed)




---

NVIDIA Corp - NVDA - close: 45.79 change: -3.52 stop: 43.80

Company Description:
NVIDIA Corporation, located in Santa Clara, CA, is the global 
leader in advanced graphics and multimedia processing technology 
for the consumer and professional computing markets. Its 2D, 3D, 
video and multimedia capabilities make NVIDIA one of the premier 
semiconductor companies in the world. NVIDIA offers a wide range 
of products and services, delivering superior performance and 
crisp visual quality for PC-based applications such as 
manufacturing, science, e-business, entertainment and education.  
(source: company press release)

Why We Like It:
I have to confess something to our readers.  The more and more I 
read about and report about the coming XBox from MSFT the more I 
think about actually buying one.  This is coming from a guy that 
hasn't bought a game console in about 10 years.  According to the 
reports the Xbox is going to have an Intel processor, a graphics 
card from NVIDIA, an 8 Gig hard drive and a built-in port for 
"fast" Internet access.  As the PR from MSFT goes, the Xbox can 
do more than just games.  Of course the play here is in NVDA.  
The company reported weeks ago that its premier spot as MSFT's 
graphics card supplier for the Xbox, among other products, has 
set NVDA with an extremely positive growth curve over the next 
few years.  On top of that, analysts have been speculating that 
the game industry itself has been on the verge of its next big 
multi-year expansion.  The markets are looking at less than three 
weeks before MSFT releases the Xbox on Nov. 15th.  That's just 
three days before Nintendo releases their GameCube, a rival high-
tech game console.  That's plenty of time for the excitement for 
this new product to keep the momentum in NVDA going strong.  
We're electing to start NVDA now with its 7% dip on Friday.  The 
last couple of weeks have seen the stock pause to digest its huge 
gains from the big rally from October 3rd.  After spending 
several days fighting to breakout over $45, the stock finally did 
it and quickly traded to serious resistance at $50.  
Thursday/Friday's test at $50 marks the third main try to 
overcome this resistance.  We feel the stock will pullback 
another day or two and then try and power back through the $50 
level.  Be aware the earnings are expected on November 8th, 2001. 

We would look for shares of NVDA to trade down to $45 or even $44 
before bouncing back to make its next rally attempt.  Thus we're 
going to initiate the play with a stop at 43.80.  Our initial 
target is only $50 but beyond that we expect shares to trade to 
$55.  We decided to glance at the point-and-figure chart and was 
astounded to see that the bullish price objective is about $90.  
Now don't tell Mr. Bailey but I think that's a bit too high.  
We'll have to wait and see.  Remember, even though we like the 
stock here, we'd rather see the stock dip first and begin to 
bounce before committing any money.  We've got a tight stop on 
because we don't want to suffer a drop to $40.

Picked on October 26th at $45.79
Gain since picked:         +0.00
Earnings Date              11/08 (confirmed)




---

Sun Microsystems - SUNW - close: 10.40 change: +0.41 stop: 9.50

Company Description:
Since its inception in 1982, a singular vision -- "The Network Is 
The Computer(TM)" -- has propelled Sun Microsystems, Inc. to its 
position as a leading provider of industrial-strength hardware, 
software and services that power the Internet and allow companies 
worldwide to take their businesses to the nth degree. Sun can be 
found in more than 170 countries.  (source: company press 
release)

Why We Like It:
In brief, we think shares of SUNW will play catch up if the tech 
rally continues.  The stock has really under performed the S&P 
500 and the Nasdaq recently and the stock could see a new flood 
of buyers if the bulls can climb the market's wall of worry.  
Because this is a short-term play and more of a momentum play at 
that we're not going to go into great detail about Sun's dismal 
earnings report a couple of weeks ago or there relatively recent 
lay off announcements.  Technically the stock has been making 
gains on stronger volume and the breakout above the $10 level was 
a crucial move for the bulls.  Relying on the rule that previous 
resistance should be new support we would expect any dip in SUNW 
to come back to the $10 level.  However, it would not surprise us 
to see shares dip as low as 9.50 which has acted as both support 
and resistance throughout October.  Hence, we're going to start 
the play with a stop at 9.40.  Keep an eye on the 50-dma 
(currently 10.70) which acted as resistance on Friday.  A dip to 
$10 would be a preferable entry point but we do like the stock 
here.  Traders looking for confirmation should wait for a close 
over the 50-dma.  Our target is $12.00.  

Picked on October 26th at $10.40
Gain since picked:         +0.00
Earnings Date              10/16 (confirmed)






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

  -----------------
  Bullish Play Updates
  -----------------

Cisco Systems - CSCO - close: 17.29 change: -0.45 stop: 16.75

Shares of CSCO spent much of Friday trading sideways after an 
early dip to 17.10 during the morning hour.  Considering how the 
Nasdaq traded much of the day sideways we're not surprised to see 
CSCO seeing a little profit taking after the strong 
Wednesday/Thursday combo.  In Thursday's write up we discussed 
buying the dip to $17 and we may get another chance on Monday.  
CSCO may see increased buying interest next week as investors 
gear up for its earnings report a week from Monday.  Odds are we 
will drop the stock on Friday and save ourselves the grief of an 
earnings surprise (assuming we aren't stopped out before then).  
In this weekend's wrap, Mr. Bailey briefly touches on a few 
concerns about the fundamental ebbs and flows in demand for 
CSCO's products.  We all know that IT spending has been in the 
dumps and won't get better anytime soon but when AT&T and SBC 
start talking about cutting costs bears start to drool over CSCO 
not making its numbers.  Hence the excitement and just as quick 
derailment of the rumor a few weeks ago about CSCO already 
meeting its quarterly estimates.  To sum up, Friday's trading 
looks like a low volume dip and we would consider new long 
positions with the stock over $17.  With the S&P 500 over 1100 
buyers might be able to get the next stage of this rally moving 
which will help CSCO's short-term direction.  Looking at the 
point-and-figure chart one can see that Friday's trading helped 
the stock breakout above the descending bearish resistance line 
for the 2nd time.  The first test of bearish resistance can 
normally fail to take hold and the second test/break like we have 
now should be indicative of a new trend forming.  In other words, 
the p-n-f chart shows a strong buy signal despite the fundamental 
issues we know exist.  Long-term investors should consider a stop 
closer to $15.50.  Since we're short-term traders we're not 
willing to risk that much capital.  Technically we see overhead 
resistance at $19 but due to expected momentum we're going to set 
our short-term target at $20. 

Picked on October 25th at $17.74
Gain since picked:         -0.45
Earnings Date              11/05 (not confirmed)




---

Protein Design Labs - PDLI - cls: 36.43 chg: +2.26 stop: 35.40 *new*

Biotech stocks powered higher for a third straight day in 
Friday's session.  This fueled PDLI's own third day of wins with 
another 6.6% gain.  If you have been reading Mr. Bailey's 
commentary about the biotech sector then you know that we expect 
the group to continue to lead with an upside target for the group 
over 600 (on the BTK).  Obviously this is not going to be a 
straight line and there will be dips and pullbacks to allow for 
profit taking a new entry points.  Now that the stock and the 
sector are up so much in the last few days the odds of a pullback 
soon are growing higher.  Currently the newsletter is up over 
5.60 points or almost 18.5% in PDLI since we picked it on the 
22nd of October.  Considering the strength of the sector we have 
elected to forego closing the play and have chosen to raise our 
stop instead.  When a stock goes ballistic like this it is hard 
to pick a meaningful level to place your stop that makes sense 
while not risking too much of your gains.  We have chosen to move 
our stop to 35.40 for two reasons.  Number one, the 35.40 level 
is just below the late day pullback around 1:30 pm ET in PDLI 
before the stock bounced higher into the close.  If we close the 
play at this level we can pocket a move of over 15%.  Reason 
number two, now that PDLI has powered above technical resistance 
at one of its retracement levels the next level of resistance is 
close to $40.  Thus we feel that we can risk a $1.00 (36.43 to 
35.40) to gain a potential $3.00 (really 3.50).  The remainder of 
our play in PDLI should go as follows.  First of all, we would 
not recommend any new positions until we actually see a 
significant pullback with a newly defined level of support.  
Current positions holders should raise their stops to where they 
feel most comfortable.  If we don't get stopped out then we will 
close the play if PDLI trades to $39.50 intraday.  There's no 
need to try to squeeze every penny between us and resistance at 
$40 so let someone else try to catch that last 50 cents.  FYI, 
did anyone using regression channel analysis notice the stock 
broke out through the top of its channel? Don't forget that the 
company is supposed to report earnings on Thursday, Nov. 1st.  We 
will likely drop the stock before the announcement if not stopped 
out first.

Picked on October 22nd at $30.75
Gain since picked:         +5.68
Earnings Date              11/01 (confirmed)




---

VERITAS Software - VRTS - close: 31.68 change: -3.17 stop: 30.00 

Um.. folks, when we said profitable traders should be taking 
profits, we didn't mean you had to take all of them!  Just 
kidding.  After Thursday's 10.5% move, Friday saw almost all of 
those gains erase with a 9% drop.  The GSO software index saw 
some profit taking in the sector as the index failed to penetrate 
resistance at 160.  MSFT tried to lead the group higher a few 
times during the day but ended fractionally down.  It's possible 
the leader in the group may need to retest $60 but if MSFT slips 
back to $60, then VRTS could slip back to $30.  VRTS remains 
above the 31.50 level and we could envision the stock slipping to 
31.00 if the sector doesn't pullback too far next week.  We would 
look to enter new long positions on a dip (as low as 30.25) but 
wait for the stock to start bouncing higher first.  With the stop 
at $30 traders should be able to reduce any potential risk to a 
minimum.  The good news is the S&P 500 managed to close over 
resistance at 1100 and could spark a market wide rally next week.  

Picked on October 22nd at $31.52
Gain since picked:         +0.16
Earnings Date              10/16 (confirmed)






===============
NB Closed Plays
===============

  -----------------
  Closed Bullish Plays
  -----------------

Symantec Corp. - SYMC - close: 57.49 change: -1.76 stop: 58.95 

No seventh day for SYMC.  After Thursday's strong close and brush 
with overhead resistance at $60 we felt that the six-day string 
of positive closes would eventually end.  And why not?  It would 
be normal for the stock to see some profit taking as short-term 
traders take some money off the table heading into the weekend.  
As we noted yesterday we were keeping an eye on MSFT as the 
biggest component of the software index.  The software index did 
end the day in the red failing to close over the 160 level.  MSFT 
also closed in the red but just barely after spending much of the 
day trading positive.  It is unfortunate that we were unable to 
close the play at our stop of 58.95.  The stock opened for 
trading on Friday at 58.64 before trading back to $60 and selling 
off again.  Instead of closing with a +9% move we end the play 
closer to 8.8% or +4.76 points.  We still like SYMC and today's 
dip was not overdone.  The software sector will be one to watch 
if the tech rally continues to push through the holiday season.  
It's possible SYMC could trade sideways a couple of days before 
breaking above the $60 level but we would be looking for a dip 
back to $55 as a potential new entry point to go long.

Picked on October 11th at $53.88
Gain since picked:         +4.76
Earnings Date              10/17 (confirmed)







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

=============================
AT New Long-Term Bullish Pick
=============================

Service Corp - SRV - close: 6.30 change: +0.37 stop: 5.35

Company Description
Service Corporation International is the largest provider of 
death care services in the world. As of June 30, 2001, SCI 
affiliates operated 3,385 funeral service locations, 506 
cemeteries and 185 crematoria in 17 countries on four continents. 
(source: company press release)

Why We Like It:
It may seem a little morbid to think of death care services as a 
growth industry but it is one business that we will have to face 
sooner or later (hopefully much much later).  The CEO of SRV 
recently referred to the sector as a stable industry (as in non-
volatile) and that SRV should be positioned for long-term growth.  
He may be right.  SRV is the largest company in this field even 
though they have been busy selling operations to pay down their 
substantial debt.  

It's true.  The company does not have the strongest balance 
sheet.  Yet on a positive note the company seems to be showing 
increases in comparable revenues.  It's my guess they don't get a 
lot of repeat business.  Looking at a long-term chart of the 
stock one can see it is trading as a mere shadow of its former 
self where the all-time high was north of $45 back in 1998.  
However, 2001 has not been a bad year.  Shares began the year 
near $1.75 and have more than tripled at its current levels.  It 
looks like investors are moving back into the stock as management 
continues to sell non-essential business to pay down its huge 
debt which at one time was near $3.3 billion.  

Looking at the chart one can see that the stock put in a 52-week 
high near $8.00 in August and has since slowly consolidated back 
towards its 200-dma.  The good news is the long-term moving 
averages have all turned positive which indicates the longer-term 
trend is now up.  The last six weeks have shown the stock to be 
consolidating between 6.50 and 5.50 with strong support at 5.50 
and two intraday dips to 5.40 during this time period.  Now that 
the MACD has turned positive we think its time for the stock to 
begin its next up cycle.  Looking overhead we see clear 
resistance at $7.00 and $8.00 with the $8.00 level showing up as 
resistance on the point-and-figure chart too.  

Despite this we are going to set our initial target at $8.00 and 
our ultimate target at $9.00.  Our initial stop is going to be 
5.35 or about 15% from our starting price.  At 5.35 we are below 
the six week lows and below the 200-dma currently at 5.43.  If we 
reach our goal of $8.00 we will have achieved better than a 26% 
gain and $9.00 would be over 42%.  Our time frame is four to six 
months.  We would look to enter here or any dip to $6.00 or 
$5.75.  Conservative traders looking for a little confirmation 
can wait for shares to close over $6.50, which is intermediate 
resistance.  Please be aware the company is expected to announce 
earnings in early November.  The date is unconfirmed.

FYI, if for some reason you don't like SRV but like the sector, 
check out STEI - one of Service Corp's competitors.

I hope I haven't offended anyone with my humor in what could be 
considered a depressing industry.  I apologize if you find my 
comments offensive as I realize people lose loved ones everyday.  
Recently I lost a family member and know what a burden that can 
be on a family.

Picked on October 26th at $ 6.30
Gain since picked:         +0.00
Earnings Date              11/06 (not confirmed)






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

  -----------------
  New Bullish Plays
  -----------------

Bemis Co. - BMS - close: 44.99 change: +0.58 stop: 42.10

Company Description
Bemis Company is a major supplier of flexible packaging and 
pressure sensitive materials used by leading food, consumer 
products, manufacturing, and other companies worldwide. 
(source: company press release)

Why We Like It:
Shares of BMS have been a big winner for investors over the 
course of the year.  From its January low under $30 to its recent 
highs near $45 the packaging business has been gracious to BMS 
shareholders.  The stock had started to see some profit taking in 
early September that turned to panic after the Sept. 11th 
attacks.  The stock plummeted to $36, just under its 200-dma.  
Fortunately, the rebound was quick and the stock has regained all 
of its losses.  Since then we've seen the stock digest its gains 
to re-establish support near $43.  

The company recently reported earnings October 23rd.  Results 
were a 3Q with earnings up 13 percent from the period a year 
earlier.  Total sales increased over six percent with its 
flexible packaging division, representing almost 80 percent of 
total sales, gaining nine percent.

The point-and-figure chart for BMS shows that the stock has 
produced a triple-top buy signal with its move to $45.  With the 
recent strength in the daily chart and the p-n-f chart we want to 
be ready for the next move up.  We're going to initiate the play 
with a stop at 42.10.  Any dips to $44 should be buyable and/or 
the stock over 45.00.

Picked on October 26th at $44.99
Gain since picked:         +0.00
Earnings Date              10/23 (confirmed)





  -----------------
  New Bearish Plays
  -----------------

Manor Care - HCR - close: 24.23 change: -0.08 stop: 25.25

Company Description
Manor Care, Inc., through its operating group HCR Manor Care, is 
the leading owner and operator of long-term care centers in the 
United States. The company's 58,000 employees provide high-
quality care for residents and patients through a network of more 
than 500 long-term care centers, assisted living facilities, 
outpatient rehabilitation clinics and home health care offices. 
Alliances and other ventures supply high-quality pharmaceutical 
products and management services for professional organizations. 
The company operates primarily under the respected Heartland, 
ManorCare and Arden Courts names. Manor Care is committed to 
being the preeminent care provider in the industry. 
(source: company press release)

Why We Like It:
In keeping with our philosophy of trying to short weak stocks in 
weak sectors our research has turned up HCR.  The nursing home 
company turned in earnings before the market open on Friday 
morning (10/26).  Net income rose over 50 percent with earnings 
of 30 cents besting estimates by a penny.  The market appeared to 
completely ignored the results and shares traded in a tight range 
to end the day virtually flat.  We think the stock appears to be 
near a short-term top and is due to rotate lower again.  Looking 
at the chart over the last few months shows the stock topped out 
in July before breaking down under support at $30 on August 16th.  
After the first change in direction the bulls tried to support it 
but could not get back above its 50-dma.  Since then the stock 
has continued to fall with a large bounce during the market wide 
rally two weeks after the Sept. 11th attack.  Sellers leaned on 
it again at its 50-dma and now the stock has spent several days 
below its 200-dma.  With the 200-dma at $25.00 we've elected to 
start the play with our stop just above this level at $25.25.  
Traders should confirm stock direction before starting a new 
position and if it trades above 24.75 be on caution.  The stock 
does have support at 22.50, which will be a key turning point for 
the stock's longer-term direction.  Our first target is 22.50 
with a secondary target of $20 once the bears have broken through 
support.  The longer-term point-and-figure charts show a bearish 
price objective of $16.00.  Keep an eye on the Healthcare index 
(HCX) which has under performed the broader market for the last 
four days and is about to produce a bearish MACD crossover.  If 
the group breaks down below 810 we could see a significant sell-
off.  

Picked on October 26th at $24.23
Gain since picked:         +0.00
Earnings Date              10/26 (confirmed)






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

  -----------------
  Bullish Play Updates
  -----------------

CBRL Group Inc - CBRL - close: 25.86 change: +0.28 stop: 24.60 

If you were looking to buy the dip on Friday you had to be quick.  
Right near the open shares of CBRL dipped to 25.16 before 
continuing its ascent.  The stock appears to be stair-stepping 
higher and fortunately that makes it easy for traders to adjust 
their stops.  Obviously its encouraging that this restaurant 
stock continues to set new 52-week highs but we would expect 
potential dips to still trade back to the 25.00 - 25.20 level at 
this time.  These dips may not occur so you'll need to make a 
decision on how much risk you're willing to take and adjust your 
stop.  There is more good news.  The move over $25 has helped 
establish a clear buy signal on the longer-term point-and-figure 
charts.  

Picked on October 12th at $24.36
Gain since picked:         +1.50
Earnings Date              11/21 (not confirmed)





  -----------------
  Bearish Play Updates
  -----------------

Bristol Myers Squibb - BMY - cls: 55.96 chg: -0.56 stop: 59.00 *new*

Slowly but surely shares of BMY continue to drift lower.  The 
chart is showing BMY in its third day of a bearish MACD 
crossover, which could begin to pick up speed.  We knew the $56 
level might be significant support and the battle between the 
bulls and the bears intensified as the stock traded in an 
extremely narrow range after the 10 o'clock hour on Friday.  
Looking at an intraday chart it looks like there is/are some big 
sellers really leaning on the stock.  We continue to feel that if 
the markets proceed in a bullish mode money will rotate out of 
defensive stocks like drugs and into other sectors.  The close 
under $56 is a tempting entry point for new shorts but traders 
should consider a tighter stop than the one we have listed if 
you're comfortable taking heat up to $59.00, our new stop.  We're 
close to reaching our first target of $55 and our second short-
term target is $51.  We don't feel these are too out of reach as the bearish price objective on the stock is close to $40.  

Picked on October 23rd at $58.02
Gain since picked:         +2.06
Earnings Date              10/23 (confirmed)




---

Fannie Mae - FNM - close: 80.95 change: +0.60 stop: 83.50

Our bearish trade in Fannie Mae is not performing to 
expectations.  Thursday was a turning point when the stock dipped 
to 78.80 multiple times before trading higher with the market.  
Now the stock has regained the $80 level and is back above its 
200-dma.  We would urge caution and only recommend new short 
positions once the stock trades back under $80.  The long-term 
bearish pattern is still developing and our stop at 83.50 should 
prevent any significant losses but we would still confirm stock 
direction before initiating a position.

Picked on October 19th at $80.99
Gain since picked:         +0.04
Earnings Date              10/15 (confirmed)





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

  -----------------
  Closed Bearish Plays
  -----------------

Calpine Corp - CPN - close: 25.00 change: +1.20 stop: 25.15

Scanning a number of energy stocks today continues to show a 
divergence of winners and losers but CPN fell in the winners 
category gaining over five percent by Friday's close.  The stock 
remains near the top of its descending regression channel and 
below its 50-dma.  At this point the stock still looks like it 
could trade to $20 as the MACD fast and slow moving averages have 
come together and could produce a bearish crossover on Monday.  
Today's move stopped us out at 25.15 about midday.  Watch the 
stock for a close above $27, which may indicate a new upward 
trend forming.  

Picked on October 24th at $23.65
Gain since picked:         -1.50
Earnings Date              10/25 (confirmed)








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Do not duplicate or redistribute in any form.



PremierInvestor.net Newsletter         Weekend Edition 10-26-2001
                                                   Section 3 of 3
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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charts and graphs, click here:
http://www.PremierInvestor.net/htmlemail/4864_3.asp
=================================================================

In section three:

Market Watch for Week of October 29th
   - Major Earnings
   - Stock Splits
   - Economic Reports

Trading Ideas
  Value Plays With Bullish Signals
  Breakout to Upside (Stocks $5 to $20)
  Breakout to Upside (Stocks over $20)      
  Breakout to Downside (Stocks over $20)      
  Recently Overbought With Bearish Signals (Stocks over $20

=================================================================


==================================================
Market Watch for the week of October 22nd
==================================================

  ------------------------
  Major Earnings This Week
  ------------------------

Symbol  Company               Date           Comment      EPS Est   

------------------------ MONDAY ------------------------

AFC     Allmerica Financial   Mon, Oct 29  After the Bell    0.47
AWK     American Water Works  Mon, Oct 29  ----- n/a -----   0.66
STD     Banco San. Cen. His.  Mon, Oct 29  ----- n/a -----    N/A
BVF     Biovail Corporation   Mon, Oct 29  ----- n/a -----   0.36
CAJ     Canon                 Mon, Oct 29  01:00 am ET        N/A
CSGS    CSG Systems Int.      Mon, Oct 29  After the Bell    0.53
DTE     DTE Energy            Mon, Oct 29  Before the Bell   0.43
ETS     Enterasys Net., Inc   Mon, Oct 29  After the Bell     N/A
HUM     Humana                Mon, Oct 29  Before the Bell   0.18
JP      Jefferson-Pilot       Mon, Oct 29  After the Bell    0.76
KG      King Pharmaceuticals  Mon, Oct 29  Before the Bell   0.26
KQIP    KPNQwest NV           Mon, Oct 29  Before the Bell  -0.17
MVSN    Macrovision           Mon, Oct 29  After the Bell    0.20
MCY     Mercury General       Mon, Oct 29  ----- n/a -----   0.52
MDP     Meredith              Mon, Oct 29  Before the Bell   0.15
MIR     Mirant Corporation    Mon, Oct 29  Before the Bell   0.65
NEM     Newmont Mining        Mon, Oct 29  Before the Bell   0.03
OCR     Omnicare              Mon, Oct 29  Before the Bell   0.25
OPWV    Openwave Systems      Mon, Oct 29  After the Bell   -0.03
IX      Orix                  Mon, Oct 29  ----- n/a -----    N/A
PGL     Peoples Energy        Mon, Oct 29  Before the Bell   0.08
QGENF   QIAGEN                Mon, Oct 29  After the Bell    0.04
RSG     Republic Services     Mon, Oct 29  After the Bell    0.34
SKYW    SkyWest               Mon, Oct 29  Before the Bell   0.27
TRI     Triad Hospitals       Mon, Oct 29  Before the Bell   0.07
UMC     Un. Microele. Cor.    Mon, Oct 29  ----- n/a -----  -0.04

------------------------ TUESDAY ------------------------

AGU     Agrium                Tue, Oct 30  After the Bell   -0.13
APPB    Applebee`s Int.       Tue, Oct 30  After the Bell    0.44
ARI     Arden Realty          Tue, Oct 30  After the Bell    0.76
ATTC    AT&T Canada           Tue, Oct 30  ----- n/a -----  -1.25
BTI     British Am. Tobacco   Tue, Oct 30  ----- n/a -----   0.50
CTL     CenturyTele. Ent.     Tue, Oct 30  ----- n/a -----   0.39
CB      Chubb                 Tue, Oct 30  ----- n/a -----  -1.18
BVN     Compania Minas Buen.  Tue, Oct 30  ----- n/a -----   0.27
CEFT    Concord EFS           Tue, Oct 30  Before the Bell   0.16
CNC     Conseco               Tue, Oct 30  Before the Bell   0.20
CAM     Cooper Cameron        Tue, Oct 30  Before the Bell   0.60
CVH     Coventry Health Care  Tue, Oct 30  Before the Bell   0.31
CVS     CVS                   Tue, Oct 30  Before the Bell   0.30
ENR     Energizer Holdings    Tue, Oct 30  Before the Bell   0.19
EPD     Enterprise Products   Tue, Oct 30  Before the Bell   0.59
EOP     Equity Off. Prop.     Tue, Oct 30  Before the Bell   0.81
FLR     Fluor                 Tue, Oct 30  After the Bell    0.50
FMS     Fresenius Med. Care   Tue, Oct 30  ----- n/a -----   0.24
GGP     General Growth Prop.  Tue, Oct 30  ----- n/a -----   1.23
GOLD    Gold Fields Limited   Tue, Oct 30  Before the Bell   0.06
HIG     Hartford Fin. Serv.   Tue, Oct 30  Before the Bell  -0.23
HSP     Hispanic Brdcst Co.   Tue, Oct 30  Before the Bell   0.07
HM      Homestake Mining      Tue, Oct 30  After the Bell    0.01
HMC     Honda Motor           Tue, Oct 30  ----- n/a -----    N/A
IM      Ingram Micro          Tue, Oct 30  After the Bell    0.02
K       Kellogg               Tue, Oct 30  ----- n/a -----   0.37
MFC     Manulife Financial    Tue, Oct 30  During the Market 0.30
MC      Matsushita Electric   Tue, Oct 30  ----- n/a -----    N/A
MENT    Mentor Graphics       Tue, Oct 30  After the Bell    0.11
MGG     MGM Mirage            Tue, Oct 30  Before the Bell   0.23
MITSY   Mitsui & Co Ltd       Tue, Oct 30  ----- n/a -----    N/A
NNDS    NDS Group plc         Tue, Oct 30  Before the Bell    N/A
NWL     Newell Rubbermaid     Tue, Oct 30  Before the Bell   0.33
NI      NiSource              Tue, Oct 30  ----- n/a -----   0.05
OMG     OM Group Inc.         Tue, Oct 30  Before the Bell   0.84
PB      Pan American Bev.     Tue, Oct 30  ----- n/a -----   0.22
PFGC    Performance Food      Tue, Oct 30  ----- n/a -----   0.34
PER     Perot Systems         Tue, Oct 30  Before the Bell   0.16
PG      Procter & Gamble Co.  Tue, Oct 30  Before the Bell   0.94
IQW     Quebecor World        Tue, Oct 30  Before the Bell   0.46
RCGI    Renal Care Group      Tue, Oct 30  After the Bell    0.38
RMD     ResMed                Tue, Oct 30  ----- n/a -----   0.24
RCL     Royal Caribbean       Tue, Oct 30  Before the Bell   0.73
SCI     SCI Systems           Tue, Oct 30  ----- n/a -----   0.11
SMG     Scotts                Tue, Oct 30  ----- n/a -----  -1.02
SRA     Serono S.A.           Tue, Oct 30  Before the Bell   0.13
SVM     ServiceMaster         Tue, Oct 30  Before the Bell   0.15
SCRI    SICOR                 Tue, Oct 30  Before the Bell   0.16
SUG     Southern Union        Tue, Oct 30  Before the Bell  -0.30
PZB     The Pittston Company  Tue, Oct 30  ----- n/a -----   0.20
TRP     TransCan. Pipe. Ltd.  Tue, Oct 30  ----- n/a -----   0.23
RIG     Transoc. Sedco Forex  Tue, Oct 30  Before the Bell   0.26
VZ      Verizon Comm.         Tue, Oct 30  Before the Bell   0.77
WSH     Willis Grp Hld Limit. Tue, Oct 30  Before the Bell   0.12
ZMH     Zimmer Inc.           Tue, Oct 30  Before the Bell    N/A

------------------------ WEDNESDAY ------------------------

ACE     ACE Limited           Wed, Oct 31  Before the Bell  -1.61
APCS    Alamosa PCS Hld. Inc. Wed, Oct 31  After the Bell   -0.42
ALA     Alcatel               Wed, Oct 31  Before the Bell  -0.13
AU      Anglogold Limited     Wed, Oct 31  Before the Bell   0.26
BLDP    Ballard Power Sys.    Wed, Oct 31  -----n/a-----    -0.24
BBV     Banc Bil Vizca Arg.   Wed, Oct 31  -----n/a-----      N/A
CCJ     Cameco                Wed, Oct 31  -----n/a-----      N/A
CFFN    Capitol Fed. Fin.     Wed, Oct 31  Before the Bell   0.26
CECO    Career Education      Wed, Oct 31  After the Bell    0.16
CRL     Charles River Lab.    Wed, Oct 31  After the Bell    0.24
CMCSK   Comcast               Wed, Oct 31  -----n/a-----    -0.38
CAL     Continental Airlines  Wed, Oct 31  Before the Bell  -2.24
DRE     Duke Realty Corp.     Wed, Oct 31  After the Bell    0.67
FIA     Fiat SPA ADR          Wed, Oct 31  -----n/a-----      N/A
FUJIY   Fuji Photo Film       Wed, Oct 31  Before the Bell    N/A
HE      Hawaiian Electric     Wed, Oct 31  After the Bell    0.74
HTV     Hearst-Argyle TV      Wed, Oct 31  -----n/a-----    -0.07
IRM     Iron Mountain         Wed, Oct 31  Before the Bell  -0.03
KMT     Kennametal            Wed, Oct 31  Before the Bell   0.43
MKL     Markel                Wed, Oct 31  -----n/a-----    -4.43
MX      Metso Corporation     Wed, Oct 31  -----n/a-----      N/A
ORN     Orion Power Holdings  Wed, Oct 31  Before the Bell   0.60
PPE     Park Place Enter.     Wed, Oct 31  Before the Bell   0.07
PIO     Pioneer Corporation   Wed, Oct 31  -----n/a-----      N/A
STR     Questar               Wed, Oct 31  During the Market 0.24
Q       Qwest Communications  Wed, Oct 31  Before the Bell   0.03
RDA     Reader`s Digest Ass.  Wed, Oct 31  Before the Bell  -0.04
REG     Regency Centers Corp. Wed, Oct 31  -----n/a-----     0.69
SLE     Sara Lee              Wed, Oct 31  Before the Bell   0.26
SUS     Storage USA           Wed, Oct 31  After the Bell    1.00
TNE     Tele Norte Leste Par. Wed, Oct 31  After the Bell   -0.09
TEVA    Teva Pharmaceutical   Wed, Oct 31  Before the Bell   0.53
WGL     WGL Holdings Inc      Wed, Oct 31  Before the Bell  -0.35


------------------------ THURSDAY ------------------------

AC      Alliance Capital Man. Thu, Nov 01  -----n/a-----     0.68
AT      Alltel Corporation    Thu, Nov 01  Before the Bell   0.75
CHTR    Charter Comm.         Thu, Nov 01  Before the Bell  -1.09
CLX     Clorox                Thu, Nov 01  Before the Bell   0.37
CNA     CNA Financial Corp.   Thu, Nov 01  Before the Bell  -0.94
CSC     Comp. Sciences Corp.  Thu, Nov 01  After the Bell    0.38
CBST    Cubist Pharm.         Thu, Nov 01  Before the Bell  -0.63
DAL     Delta Air Lines       Thu, Nov 01  During the Market-2.68
DVN     Devon Energy          Thu, Nov 01  Before the Bell   0.64
FSH     Fisher Scien. Int.    Thu, Nov 01  Before the Bell   0.29
FMC     FMC                   Thu, Nov 01  -----n/a-----     1.06
GENU    Genuity Inc.          Thu, Nov 01  -----n/a-----    -0.32
ICI     Imperial Chemical     Thu, Nov 01  Before the Bell    N/A
JEC     Jacobs Engineering    Thu, Nov 01  Before the Bell   0.85
JHF     John Hancock Fin. Ser.Thu, Nov 01  After the Bell    0.65
KTC     Korea Telecom         Thu, Nov 01  Before the Bell    N/A
LANC    Lancaster             Thu, Nov 01  -----n/a-----     0.56
LTR     Loews                 Thu, Nov 01  Before the Bell   1.01
MBI     MBIA                  Thu, Nov 01  Before the Bell   0.98
MTD     Mettler Toledo Int.   Thu, Nov 01  After the Bell    0.48
MND     Mitchell Energy       Thu, Nov 01  Before the Bell   0.75
NFX     Newfield Exploration  Thu, Nov 01  -----n/a-----     0.80
OKE     Oneok                 Thu, Nov 01  -----n/a-----     0.16
PTNR    Partner Comm.         Thu, Nov 01  Before the Bell    N/A
PWG     PowerGen plc          Thu, Nov 01  Before the Bell    N/A
PDS     Precision Drill Corp. Thu, Nov 01  Before the Bell   0.46
REY     Reynolds&Reynolds     Thu, Nov 01  -----n/a-----     0.35
RD      Royal Dutch Petroleum Thu, Nov 01  -----n/a-----     0.80
SC      Shell Transport       Thu, Nov 01  -----n/a-----     0.68
SWFT    Swift Transport       Thu, Nov 01  After the Bell    0.15
TLD     TDC                   Thu, Nov 01  Before the Bell    N/A
TDK     TDK                   Thu, Nov 01  Before the Bell    N/A
TZH     Trizec Hahn           Thu, Nov 01  -----n/a-----     0.56
VAR     Varian Medical        Thu, Nov 01  After the Bell    0.83
VNO     Vornado Realty Trust  Thu, Nov 01  -----n/a-----     1.00
WEN     Wendy`s International Thu, Nov 01  -----n/a-----     0.44

------------------------ FRIDAY ------------------------

AN      AutoNation            Fri, Oct 26  Before the Bell   0.24
CRE     CarrAmerica Realty    Fri, Nov 02  Before the Bell   0.82
CI      CIGNA                 Fri, Nov 02  Before the Bell   1.58
CGI     Commerce Group        Fri, Nov 02  After the Bell    0.73
EOC     Empresa Nacional      Fri, Nov 02  -----n/a-----     0.09
ENI     Enersis SA ADS        Fri, Nov 02  -----n/a-----     0.01
MAS     Masco                 Fri, Nov 02  -----n/a-----     0.32
PSC     Philadelphia Suburban Fri, Nov 02  -----n/a-----     0.33
UN      Unilever N.V.         Fri, Nov 02  -----n/a-----      N/A
UL      Unilever PLC          Fri, Nov 02  -----n/a-----      N/A
WBK     Westpac Banking       Fri, Nov 02  -----n/a-----      N/A



  -------------------------------
  Upcoming Stock Splits This Week
  -------------------------------

Upcoming Stock Splits This Week...

Symbol  Company Name          Splits  Payable    Executable
  
TUTR    PLATO Learning, Inc.  4:3     10/26      10/29



  --------------------------
  Economic Reports This Week
  --------------------------

While many investors remember the month of October for normally
being volatile and the time of painful market drops, it is more
correctly called the "bear-killer" month where bear markets 
usually meet there untimely end.  This time it looks like the
bottom came early in September due to the tragedy on the 11th.
There are numerous smaller economic reports this week but the
military action abroad, bioterrorism issues at home and another
week of earnings announcements will grab the headlines and 
investor focus.


Monday, 10/29/01
----------------
None


Tuesday, 10/30/01
-----------------
Consumer Confidence    Oct  Forecast:   95.0  Previous:   97.6


Wednesday, 10/31/01
-------------------
GDP-Adv.               Q3   Forecast:  -0.7%  Previous:   0.3%
Chain Deflator-Adv.    Q3   Forecast:   1.8%  Previous:   2.1%
Chicago PMI            Oct  Forecast:  43.0%  Previous:  46.6%


Thursday, 11/01/01
------------------
Initial Claims       10/27  Forecast:    N/A  Previous:   504K
Auto Sales             Oct  Forecast:   5.9M  Previous:   5.7M
Truck Sales            Oct  Forecast:   7.2M  Previous:   7.1M
Personal Income        Sep  Forecast:   0.1%  Previous:   0.0%
PCE                    Sep  Forecast:  -0.9%  Previous:   0.2%
Construction Spending  Sep  Forecast:  -0.7%  Previous:  -1.1%
NAPM Index             Oct  Forecast:  44.8%  Previous:  47.0%


Friday, 11/02/01
----------------
Average Workweek       Oct  Forecast:   34.0  Previous:   34.1
Nonfarm Payrolls       Oct  Forecast:  -275K  Previous:  -199K
Unemployment Rate      Oct  Forecast:   5.2%  Previous:   4.9%
Hourly Earnings        Oct  Forecast:   0.3%  Previous:   0.2%
Factory Orders         Sep  Forecast:  -0.9%  Previous:   0.0%





==================
  Trading Ideas 
==================

This section contains stocks that meet criteria which may make 
them of interest to long and short side traders.  These are not 
recommendations, nor have they been reviewed by PremierInvestor 
editors for investment potential.  However, each of them has 
technical and fundamental characteristics that make them worthy 
of further review by traders and investors looking for fresh ideas. 
New stocks will appear daily following the market close.  


--------------------------------- 
Value Plays With Bullish Signals 
--------------------------------- 
Ticker  Company Name               Close     Change 

UTX     United Technology          57.01     +2.54
BSC     Bear Stearns               57.95     +1.62
AYE     Allegheny Energy           36.06     +1.43
SUN     Sunoco Inc                 38.51     +1.04
GLM     Global Marine Inc          17.00     +0.76

--------------------------------------- 
Breakout to Upside (Stocks $5 to $20) 
--------------------------------------- 
Ticker  Company Name               Close     Change 

WCOM    Worldcom Inc               13.38     +1.07
AMKR    Amkor Technology Inc       13.41     +1.41
PWAV    Powerwave Technologies     16.20     +1.24
GNTA    Genta Inc                  14.40     +1.41
RSAS    Rsa Security               12.18     +2.68

--------------------------------------- 
Breakout to Upside (Stocks over $20) 
--------------------------------------- 
Ticker  Company Name               Close     Change 

DNA     Genentech Inc              56.22     +2.53
LMT     Lockheed Martin Corp       50.83     +1.93
BHI     Baker Hughes Inc           36.76     +1.74
AGN     Allergan Inc               74.69     +2.18
BR      Burlington Resources       38.90     +2.00

----------------------------------------- 
Breakout to Downside (Stocks over $20) 
------------------------------------------- 
Ticker  Company Name               Close     Change 

ELN     Elan Corp                  47.50     -2.40
VRSN    Verisign Inc               42.82     -10.52
STJ     Saint Jude Medical         71.50     -2.50
CEG     Constellation Energy       23.41     -2.83
ILUM    Illuminent Holdings        39.63     -9.18

------------------------------------------------------------ 
Recently Overbought With Bearish Signals (Stocks over $20) 
------------------------------------------------------------- 
Ticker  Company Name               Close     Change 

FIC     Fair Isaac & Co            47.95     -3.52
SCL     Stepan Co                  20.96     -0.09



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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:
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The Premier Investor Network.
Do not duplicate or redistribute in any form.




DISCLAIMER

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.

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