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Daily Newsletter, Tuesday, 02/26/2002

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PremierInvestor.net Newsletter                 Tuesday 02-26-2002
                                                   section 1 of 2
Copyright  2001, All rights reserved.
Redistribution in any form is strictly prohibited.

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In section one:

Market Wrap:      Markets jittery ahead of Greenspan testimony.
Market Sentiment: Consumer surprise.
Play of the Day:  Going Long E-commerce!

-----------------------------------------------------------------
U.S. Market Numbers
-----------------------------------------------------------------
MARKET WRAP  (view in courier font for table alignment)
-----------------------------------------------------------------
      02-26-2002           High     Low     Volume Advance/Decline
DJIA    10115.26 - 30.45 10186.88 10033.75 1.31 bln   1798/1320
NASDAQ   1766.86 -  3.02  1788.75  1750.36 1.64 bln   1827/1642
S&P 100   562.67 -  1.11   566.98   559.47   Totals   3625/2962
S&P 500  1109.38 -  0.05  1115.05  1101.72             
RUS 2000  471.29 +  3.10   471.93   466.60
DJ TRANS 2808.30 + 30.91  2820.56  2771.16
VIX        23.57 +  0.29    24.58    23.10
VXN        44.77 +  0.70    46.12    43.97
TRIN        1.04 
PUT/CALL    0.82
-----------------------------------------------------------------

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

Markets jittery ahead of Greenspan testimony

Stocks ended today's session with mixed results as traders 
positioned themselves ahead of Fed Chairman Alan Greenspan's 
testimony in front of Congress.  

I wouldn't describer today's action as "volatile," but you could 
sense the uncertainty among traders.  On one sleeve you had this 
morning's lower than expected consumer confidence numbers tugging 
at a traders psyche, while the other sleeve was being stretched 
with bullishness from yesterday's stronger than expected existing 
home sales numbers.

Last week we mentioned how some "Fed-watchers" have noted that 
Mr. Greenspan likes to listen to business leaders on their 
perception of business and the economy, while he also favors the 
hard numbers that comes from reports such as existing home sales.  

Some will argue that consumer confidence isn't really a hard 
number, but simply a "perception" put into numerical form based 
on a series of questions asked of the consumer.  While a number 
is generated, that number is simply based off of the respondents 
answering to the survey questions.

It's that "tugging" of the shirtsleeves today between "hard 
numbers" and consumer "perceptions" that had many of the major 
averages showing gains early, then turning a bit sour after the 
10:00 AM consumer confidence release.

In the end, action looks bullish

By session's end, I'm left with a slight grin on my face.  The 
one sector that we follow that may indeed measure how the MARKET 
perceived today's consumer confidence number is the S&P Retail 
Index (RLX.X).  If I were a "sentiment trader/investor" (one that 
simply makes buy/sell decisions from broader market thought) then 
today's consumer sentiment reading that came in below consensus 
would have had me selling retail stocks.

But that's not what the MARKET did today.  In fact, the S&P 
Retail Index (RLX.X) rose 1.36% and was one of the stronger 
performing sectors on the day.  The Retail Index also rose to a 
new 52-week high!

Retail Index Chart - Daily Interval




With the Retail Index (RLX.X) trading a new 52-week high today, 
one wonders just what the MARKET is thinking.  Is there something 
in the future that the MARKET knows about that has this group of 
stocks trading so strong?  Both Wal-Mart (NYSE:WMT) $62.10 +2.39% 
and Home Depot (NYSE:HD) $51.51 -1.07% rank #1 and #2 
respectively in our hypothetical Dow Industrials portfolio that 
we put together dating back to the September 10th close.  Wal-
Mart (WMT) traded a new 52-week high today and that helped lead 
the RLX.X to new highs.

It's a dirty trick!

That's what bears are saying.  If that's the case, then here's 
another dirty trick that the MARKET may be playing on the bears.  
The Morgan Stanley Cyclical Index (CYC.X) built on yesterday's 
gains and are now challenging the most bearish trend I can create 
on its bar chart.  Action in these deeper cyclicals gives hint 
that the MARKET may be making some of the same bets we've talked 
about in recent months on how some of the deeper cyclicals would 
be the better bullish bets on economic recovery.

Morgan Stanley Cyclical Index Chart - Weekly Interval




The Morgan Stanley Cyclical Index (CYC.X) looks like it could 
blow up to the upside if tomorrow morning's economic data is 
positive and Mr. Greenspan's testimony doesn't contain the words 
"significant risks."  There are some technical in play here that 
look very similar to that found back in March/April/May of 1999.

Do you remember what was going on in late 1998?  That's when the 
"Asian flu" was running rampant and economies were crumbling in 
Asia.  It's also when the Russian's devalued their currency and 
the U.S. hedge fund Long Term Capital went bankrupt.  About 5-
months later after rebounding from their 1998 lows, the deep 
cyclicals powered to an impressive launch and May 1999 high near 
the 617 level.

Morgan Stanley Cyclical Index (CYC.X) components are (AA, CAT, C, 
CSX, DCN, DE, DOW, DD, ETN, FDX, F, GP, GT, HWP, HON, IR, IP, 
JCI, KRI, MAS, MMM, MOT, PTV, PD, PPG, R, S, UTX, X, WHR).

It seems like old times doesn't it?

Ahhhh, economic crisis and shocking bankruptcies brought on by 
mismanaged derivative strategies.  Mismanaged derivative 
strategies is partially responsible for the crumbling of Long 
Term Capital and it also helped in the unraveling of Enron.  It 
seems like old times doesn't it?  OK.  Maybe I'm playing a little 
bit of "devils advocate," but don't things seem somewhat similar 
today as they did back in late 1999?

What is also interesting is that the Fed was cutting interest 
rates in September, October and November of 1998 (cyclicals were 
tanking) to help pump liquidity into the U.S. economy to stem 
adverse impact of things that were taking place overseas and even 
here at home with Long Term Capital.  The last Fed rate cut came 
on November 17, 1998.

What happened between then and June 30th, 1999?  Nothing, except 
the Morgan Stanley Cyclical Index (CYC.X) shot higher along with 
the broader market averages.  It wasn't until June 30, 1999 that 
the Fed actually started raising interest rates at their FOMC 
meeting.

Watch the economic reports

Unfortunately I don't have a copy of Mr. Greenspan's speech, nor 
do I have tomorrow's durable goods orders where economists are 
expecting a 1.2% rise and I don't have the new home sales numbers 
that economists expect to come in at 939,000.

What traders and investors do have working in their favor 
tomorrow is that the two economic reports (durable good and new 
home sales) will be released at 08:30 AM, which is 1 hour before 
the stock markets open for trading here in the U.S.

A trader isn't going to be running any trades at the market open 
without some type of knowledge of what the economic data is.  The 
only wildcard will be Mr. Greenspan's testimony.

I'll make it a point tomorrow morning to get myself out of bed 
early and in the office and get the update out in plenty of time 
for traders to review.

I've also got some trades to run

Tomorrow could be a very bullish trading session.  There are 
signs from the more economically sensitive retailers, cyclicals 
and transports that these groups want to move higher.  At least 
this is where money has been flowing and on a strong economic 
number, sellers may be hard to find and we could see a strong 
move higher.

Tonight we're adding two bullish plays.  One is retailer Costco 
Wholesale (NASDAQ:COST) and the other is a component of the 
Morgan Stanley Cyclical Index in Phelps Dodge (NYSE:PD).  

Why these two stocks?  In brief, we feel both have controllable 
downside risk for those traders/investors that can't monitor 
tomorrows action on an hourly basis.

Ideally, we'd like subscribers to only initiate bullish positions 
in the stocks if the economic data is inline or stronger than the 
consensus estimates.  For our play list, we are going to put the 
trades on as of tonight's closing values and follow with stops as 
outlined.

We're also going to profile a bullish play in the "High 
Risk/Return" section in shares of Amazon.com (NASDAQ:AMZN).  

Amazon.com Chart - Daily Interval




For "technology" investors looking for a bit of retail backing, 
then shares of Amazon.com (AMZN) may be a surprise gainer 
tomorrow.  This long-forgotten high-flyer has been putting a bit 
of a "stealth move" on the market (me included) and today's 
trading was bullish.  you can see the break from a little pennant 
formation.  What we like even more is the point/figure chart 
would give a "bullish triangle" formation with a trade at $14.50.  
On the chart I note a volume spike from January 22nd on down 
volume (red spike) from $12.14-$12.80.  I'm thinking one reason 
that the stock didn't fill that gap higher on the recent decline 
was that there were some shorts that tried to short the gap 
higher on January 12th, and when they got the pullback from the 
$15.35 level, turned thankful and sat some bids.  The stock's now 
got some near-term momentum.  

If the economic data is positive we've got some trades ready to 
run.  If the data is negative then no harm done.  

From the bearish side (in case economic data is negative or 
Greenspan spooks the market) then I still like a bearish trade in 
tech bellwether Microsoft (MSFT).  The stock traded lower today, 
despite a 1.39% gain in the GSTI Software Index (GSO.X) and still 
right near our profiled bearish price of $58.05 (see play 
update/description).

Jeff Bailey
Senior Market Technician


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

Consumer surprise.
by Russ Moore

The markets were thrown for a loop with the release of the 
Conference Board’s consumer confidence index report. The index 
fell for the first time in three months, dropping to 94.1 from 
97.8 in January.

The surprise number had the major indices backpedaling, with the 
DOW shedding 100 points in less than 20 minutes. The blue chip 
ended the session with a loss of -0.3 percent. The NASDAQ dropped 
-0.2 percent and the NDX -0.5 percent.

Volume was light with the NYSE moving 1.29 billion shares and the 
tech index 1.65 billion. Winners held the edge over losers by a 
margin of 18/13 on the big board and 18/16 on the NASDAQ.

Gold put in a strong performance with retailers and airlines 
acting as the supporting cast. Software topped the tech side.

Today’s confidence index came on the heels of yesterday’s 
optimism survey. Both sentiment indicators seem to paint the same 
picture; a consumer/investor feeling a little less confident 
about both current, and future conditions. This week’s Greenspan 
speech may provide a temporary lift to the sagging spirits of 
many investors but what will it do for the all-important 
corporate CEO? 


VIX
Tuesday 02/26 close: 23.57


VXN
Tuesday 02/26 close: 44.82


10-yr Bonds
Tuesday 02/26 close: 4.92


Total Put/Call Ratio:  .82


Equity Option Put/Call Ratio:  .68


Index Option Put/Call Ratio: 1.76


===

NASDAQ 100 Index (NDX/QQQ)
52-Week High: 103.51
52-Week Low:   28.19
Current close: 34.88

Volume/Open Interest
Maximum calls: 40/130,181
Maximum puts : 37/138,253

Moving Averages
 10 DMA 35
 20 DMA 36
 50 DMA 38
200 DMA 39

Fibanocci Retracements
Relative High: 43.24 (12/06/01)
Relative Low:  34.97 (02/08/02)
38% 38.13
50% 39.11
62% 40.10

===

S&P 100 Index (OEX)
52-Week High:  834.93
52-Week Low:   491.70
Current close: 562.67

Volume/Open Interest
Maximum calls: 580/6,930
Maximum puts : 520/6,663

Moving Averages
 10 DMA  559
 20 DMA  559
 50 DMA  573
200 DMA  592

Fibanocci Retracements
Relative High: 600.80 (01/04/02)
Relative Low:  546.13 (01/30/02)
38% 567.00
50% 573.44
62% 579.99

===

S&P 500 (SPX)
52-Week High:  1530.01
52-Week Low:    965.80
Current close: 1109.40

Volume / Open Interest
Maximum calls: 1150/39,094
Maximum puts : 1100/43,929

Moving Averages
 10 DMA 1101
 20 DMA 1102
 50 DMA 1127
200 DMA 1155

Fibanocci Retracements
Relative High: 1176.97 (01/07/02)
Relative Low:  1077.78 (02/06/02)
38% 1115.67
50% 1127.37
62% 1139.27

==

DJIA (INDU)
52-Week High:  11,518.83
52-Week Low:    8,235.81
Current close: 10,115.26

Volume / Open Interest
Maximum Calls: 100/19,379
Maximum Puts    96/36,783

Moving Averages:
 10 DMA  9,950
 20 DMA  9,849
 50 DMA  9,921
200 DMA 10,044

Fibanocci Retracements
Relative High: 10,300.15 (01/07/02)
Relative Low    9,529.46 (01/30/02)
38%  9,823.86
50%  9,914.80
62% 10,007.28

==

Biotech Index (BTK)
52-Week High:  811.61
52-Week Low:   383.28
Current close: 495.40

Volume / Open Interest
Maximum Calls: 520/948
Maximum Puts:  520/929

Moving Averages
 10 DMA 497
 20 DMA 493
 50 DMA 533
200 DMA 542

Fibanocci Retracements
Relative High: 625.15 (12/06/01)
Relative Low:  450.20 (02/07/02)
38% 517.03
50% 537.67
62% 558.66

==

Semiconductor Index (SOX)
52-Week High: 1280.84
52-Week Low:   362.00
Current close: 534.66

Volume / Open Interest
Maximum Calls: 500/1,611
Maximum Puts:  500/1,937

Moving Averages
 10 DMA 540
 20 DMA 541
 50 DMA 544
200 DMA 547

Fibanocci Retracements
Relative High: 606.88 (01/09/02)
Relative Low:  499.09 (01/22/02)
38% 540.26
50% 552.98
62% 565.91

==

Pharmaceutical Index (DRG)
52-Week High:  455.28
52-Week Low:   339.49
Current close: 382.74

Volume / Open Interest
Maximum Calls: 400/300
Maximum Puts:  380/500

Moving Averages
 10 DMA 380
 20 DMA 376
 50 DMA 378
200 DMA 389

Fibanocci Retracements
Relative High: 403.83 (11/26/01)
Relative Low:  365.22 (02/08/02)
38% 379.93
50% 384.51
62% 389.17

*****

CBOT Commitment Of Traders Report: Friday, 02/22. 
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 
02/05/02     347,583   401,569   (53,986)   (4.3%)
02/12/02     355,276   412,868   (57,592)    6.6%
02/19/02     355,905   772,569   (60,759)    5.5%

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
02/05/02       128,235    64,404    63,831     1.1%
02/12/02       126,730    59,902    66,828     4.7%
02/19/02       130,856    63,311    67,545     1.1%

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 
02/05/02      32,357    35,405    (3,048)      2.5%
02/12/02      32,712    34,841    (2,129)    (30.1%)
02/19/02      33,871    35,690    (1,819)    (14.6%)

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
02/05/02       10,416     8,173    2,243     58.2%
02/12/02        9,009     7,415    1,594    (29.0%)
02/19/02        9,966     8,073    1,893     18.8%

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 
02/05/02      21,868    12,068    9,800     25.9%
02/12/02      26,811    16,488   10,323      5.3%
02/19/02      29,606    17,953   11,653     12.9%

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
02/05/02       5,764    10,528    (4,764)     24.2%
02/12/02       4,562    10,038    (5,476)     15.0%
02/19/02       4,654    10,431    (5,777)      5.5%

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        +67,545     +66,828        -60,759    -57,592

Total Open
Interest %       (+34.79%)  (+35.81%)      (-7.86%)   (-7.50%)
                 net-long   net-long       net-short  net-short


                     Small Specs             Commercials
DJIA futures     (Current) (Previous)    (Current) (Previous)
Open Interest
Net Value          -5,777     -5,476          +11,653   +10,323
Total Open
interest %       (-38.29%)    (-37.51%)      (+24.50%)  (+23.84)
                 net-short   net-short       net-long    net-long


                     Small Spec              Commercials
NASDAQ 100      (Current) (Previous)    (Current) (Previous)
Open Interest
Net Value         +1,893      +1,594       -1,819    -2,129

Total Open
Interest %        (+10.49%)   (+9.71%)     (-2.61%) (-3.15%)
                 net-long   net-long      net-short  net-short


What COT Data Tells Us
----------------------
Indices:.Commercial and Small Spec positions remain virtually 
unchanged this week.

Gold:.Ditto for the gold market as Commercials continue to hold a 
good supply of net-short contracts. Gold has come off its highs 
but still remains relatively strong. In the past, Commercial 
activity has been reasonably accurate in determining the price 
movement on the precious metal however, this time we're stumped. 

01/22 50,959 contracts net-short
01/29 31,515 contracts net-short
02/05 58,180 contracts net-short
02/12 62,223 contracts net-short
02/19 60,054 contracts net-short

Data compiled as of Tuesday 02/19 by the CFTC.




===============
PLAY-of-the-DAY
=================
(( new bullish play for our high-risk/reward section. ))


Amazon.com Inc. - AMZN - close: 14.40 change: +0.67 stop: 11.95

Company Description:
Amazon.com opened its virtual doors on the World Wide Web in July 
1995 and today offers Earth's Biggest Selection. Amazon.com seeks 
to be the world's most customer-centric company, where customers 
can find and discover anything they might want to buy online. 
Amazon.com and sellers list millions of unique new and used items 
in categories such as electronics, computers, kitchen and 
housewares, books, music, DVDs, videos, camera and photo items, 
toys, baby and baby registry, software, computer and video games, 
cell phones and service, tools and hardware, travel services, 
magazine subscriptions and outdoor living items. (source: company 
press release)

Why We Like It:
Amazon.com is a classic candidate for the high-risk/reward 
section.  Shares have a history of being volatile and that has 
not changed even though the share price is now in the teens 
instead of the triple-digit numbers of yesteryear.  We just added 
COST as a high-risk play to the Premier play list but decided 
that if COST was worth a bet on the retail sector then why not 
AMZN that looked a heck of a lot better.  Shares rocketed higher 
last month when the company reported earnings with an actual 
profit.  Of course the last six weeks have brought those numbers 
under a microscope (and much debate) but the stock price has 
still been able to maintain its gains even though they did fall 
back to retest support at $11.  Now shares appear to be in a new 
bullish trend and the strength in the RLX.X can't hurt either.  
Truthfully, the more we look at AMZN's chart the more we like it.  
We're not going to discuss the company's fundamentals and whether 
or not investors should be invested with such a high price-to-
earnings ratio (most sources still don't quote one) because on a 
short-term technical play they don't matter.  We're not 
"investing" in AMZN, we're "trading" AMZN.  Besides, recent 
investors are probably pretty happy with AMZN since the stock is 
up 31% year to date.

The stock broke out above the $14 level today and the MACD just 
turned bullish confirming the move.  Closing at the high for the 
day is always a bullish sign for the following morning but the 
stock could have resistance at the $15.50 level, which is the 
previous high from late January.  Probably the most bullish 
indicator/signal we can point to for AMZN is the point-and-figure 
chart.  The p-n-f chart is in an up trend but even more 
encouraging is the recent upside breakout of the triangular-
pennant style pattern.  You might recall that we've had 
tremendous success play downside breakouts of these point-and-
figure pennants so an upside breakout looks really attractive.  
We're going to start the play with a stop at $11.95, which is a 
bit wider and more heat than we normally prefer to take but our 
upside target is closer to $17.50 (or higher).  

Please note, that we are going to put a limitation on our entry 
for this AMZN play.  If the economic numbers are positive then we 
don't want to suffer from an exaggerated gap open Wednesday 
morning.  Therefore, we will NOT go long AMZN if the stock gaps 
up above $14.75.

Picked on February 26th at $43.47 
Gain since picked:          +0.00
Earnings Date            12/13/01 (confirmed)







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Do not duplicate or redistribute in any form.



PremierInvestor.net Newsletter                 Tuesday 02-26-2002
                                                   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/b26b_2.asp
=================================================================

In section two:

Net Bulls
  Bullish Play Updates: BBH
  Bearish Play Updates: MSFT, PMCS
  Closed Bearish Play:  CHKP

Stock Bottom / Active Trader
  New Bullish Plays:    PD
  Bullish Play Updates: APA, CNF, COL, FRX, HRB
  Bearish Play Updates: C, LEH
  Closed Bullish Play:  ABF

High Risk / High Reward
  New Bullish Plays:    AMZN, COST
  Bearish Play Updates: ADLAC

Split Trader
  Announcement:         DWL: 3-for-2 split announcement.
                        ESCA: 3-for-1 split announcement.
                        WRI: 3-for-2 split announcement.

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)


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

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

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

Biotech HOLDRs - BBH - close: 120.30 chg: +1.15 stop: 114.00

The biotech sector benefited from the tech rally on Monday, and 
shares of the BBH paralleled that rally, bouncing from $116.  The 
Biotech Index (BTK.X) actually outperformed the NASDAQ today, as 
bulls again attempted to crack resistance at $500.  Leading the 
biotech higher today were HGSI (+3.69%) after receiving an 
upgrade and bouncing from fresh 52-week lows; IMCL (+5.36%) which 
was on Monday's watch list, PDLI +5.59% and SEPR +7.97%.  The 
recent biotech strength and the BBH’s close over $120 are 
positive developments for our play, but with the aforementioned 
BTK.X resistance looming directly overhead, we’d like to see some 
additional upward movement before initiating new bullish plays.  
A positive market reaction to tomorrow’s Greenspan testimony 
could be just the catalyst needed to propel the BTK.X above the 
500 mark.  If this should occur, consider entries as the BBH 
moves above recent highs of $121.5, or Jeff’s original suggested 
entry point at $122.  We’ll be keeping our stop pegged at $114, 
but as we mentioned last Friday, more conservative traders may 
want to consider bailing out at $114.95.

Picked on February 20th at $120.00
Gain since picked:           +0.30
Earnings Date                  N/A





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

Microsoft - MSFT - close: 58.55 change: -0.53 stop: 61.01

Although shares of MSFT managed a bounce from recent lows at 
$57.15 on Friday, its failure to crack $60 bodes well for our 
short play.  We mentioned on Friday that this type of rally was 
possible in the near-term and aggressive players may want to look 
for new entries.  However, another move back under the $58 level 
may be the best bet.  Shares of the software giant underperformed 
the GSO.X software index today, which might be illustrative of 
the investor nervousness we spoke of last week.  Everyday is full 
of fresh news articles on MSFT with the latest discussing MSFT's 
move into the CRM software market which could really hurt Oynx 
(ONXS), Seibel (SEBL) and Pivotal (PVTL).  Plus we noticed the 
obligatory announcement about Bill Gates selling another one 
million shares.  Keep an eye on the Nasdaq.  If the index remains 
under the 1800 level then bears may be able to keep control of 
MSFT.

Picked on February 21st at $58.05 
Gain since picked:          -0.50
Earnings Date            01/17/02 (confirmed)




---

PMC Sierra - PMCS - close: 16.78 change: +0.23 stop: 17.26

Our PMCS play missed being stopped out by the smallest of margins 
this morning, as it traded up to $17.25 - A mere cent below our 
stop.  However, we were somewhat encouraged by the way shares 
proceeded to quickly drop back below the $17 level, which also 
thwarted an afternoon rally.  A glance at the relevant sectors 
reveals similar lack of conviction: An attempted SOX rally failed 
near the 540 level, while the NWX traded flat near $240.   A 
break below today’s low of $15.95 might allow traders a chance to 
jump on PMCS for a quick move to psychological support at $15 but 
we'd be careful when it comes to considering new short positions.  
However, for current position holders, the lack of any semblance 
of short-covering thus far leads us to believe that PMCS may 
indeed be heading lower yet again.  We’re keeping our stop firmly 
in place in order to protect existing profits.

Picked on February 15th at $20.71
Gain since picked:          +3.93
Earnings Date            01/24/02 (confirmed)





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

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

Check Point Software - CHKP - cls: 30.90  chg: +0.95 stop: 30.05

While we were encouraged by CHKP’s failure to break the $30 level 
during Monday’s tech rally, shares gapped up this morning and 
opened at $30.65.  This violated our stop, and took us out of our 
play with a loss of $3.17 due to the gap higher.  Its relative 
strength today versus the neutral NASDAQ mirrored similar 
strength in the Software Index (GSO.X).  Although we certainly 
wouldn’t be surprised to see CHKP roll over at the top of its 
descending channel, roughly $32, we’d prefer not to bet against 
the daily stochastics and MACD.  Both indicators have given 
bullish signals.  As an aside, we find it interesting as we look 
at the GSO.X and its performance in relation to CHKP.  The GSO.X 
had rebounded to the 160-resistance level and actually managed to 
close above it.  This is technically a bullish move but closing 
at 160.67 doesn't inspire a lot of bullish confidence in us for a 
software rally.  Likewise, shares of CHKP traded above the $30 
level but remains under its 15-dma, which has been resistance in 
the past.  If you turn bullish on the group, be cautious.  The 
largest component of the GSO.X index, Microsoft, is lagging 
behind.

Picked on February 21st at $27.48
Gain since picked:          -3.17
Earnings Date            01/15/02 (confirmed)





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

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

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

Phelps Dodge - PD - close: 37.43 change: -0.58 stop: 36.45

Company Description:
Phelps Dodge Corporation is the world's second largest producer 
of copper. The company also is the world's largest producer of 
continuous-cast copper rod and molybdenum, and is among the 
largest producers of carbon black and magnet wire. Phelps Dodge 
has operations and investments in mines and manufacturing 
facilities in 27 countries. (source: company press release)

Why we like it:
As outlined in Jeff Bailey’s Market Wrap tonight, the cyclical 
index (CYC.X) has been outperforming the broader market recently.  
Perhaps owing to the continuing positive economic data, stocks 
like Phelps Dodge have seen shares rise in anticipation of 
increased capital spending and the much-anticipated economic 
recovery.  What draws our attention to PD tonight is the imminent 
release of new home data before tomorrow’s trading session.  A 
number that is in-line with expectations (or surprises to the 
upside) should propel most cyclicals higher, but PD seems 
particularly well-positioned to take advantage due to their 
status as one of the world’s largest copper producers.  From a 
fundamental standpoint, PD stands to benefit from the new 
construction that accompanies economic growth.  If more new homes 
are being built, it follows that there must be an increased 
demand for copper products such as wiring and plumbing.  
Technically, a glance at the copper futures (hg02h) reveals 
another compelling reason to add this play: The price of the 
metal seems to have settled into a narrow wedge just about $70, 
right on an ascending trendline dating back to the lows from 
early November.  We suspect positive data may push the price of 
copper up to recent highs at $75.  For its part, PD has traded 
nicely after putting in a double-bottom in January, and lies on 
the bottom of its ascending trendline from its lows for that 
month.  It goes without saying that this is a speculative play 
based on a favorable reaction to the economic numbers released 
before the bell tomorrow.  While a favorable economic numbers can 
produce large gaps in certain issues, a listed stock such as PD 
is not as likely to gap open a large amount.  Look to open new 
positions on morning bullishness near current levels.  Our 
initial bullish target with be $44, although $40 will likely 
produce some resistance.  We’re starting this play with a stop at 
$36.45, just below the 100-hour-ma and the 15-dma that provided 
support when shares dipped last week. 

Picked on February 26th at $37.43
Gain since picked:          +0.00
Earnings Date            01/30/02 (confirmed)






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

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

Apache Corp - APA - close: 52.65 change: -0.53 stop: 48.99

The oil sector continues its rally from last week into Monday and 
APA was happy to comply with a 3% gain of its own (on Monday).  
Now the challenge lies with the sector as a whole which has 
paused at its 200-dma.  The oil service sector (OSX.X) managed to 
breakout above its 200-dma last week and we expect the OIX.X to 
do the same.  A positive move in the group should lift APA to the 
$55 level of resistance.  We're still considering a play in the 
OSX.X but might wait for one more day of declines before going 
long.  The intraday bottom above $52 in APA should be encouraging 
for investors and the stock still looks attractive at this level.  
Traders should take note that the April contract for sweet-light 
crude oil was very strong late in the day and oil stocks might 
react to the rally tomorrow but the commodity still has 
resistance at the $22 a barrel level.  

Picked on February 22nd at $51.57 
Change since picked:        +1.08
Earnings Date            01/31/02 (confirmed)




---

CNF Inc. - CNF - close: 31.85 change: +0.54 stop: 29.49 *new*

The Dow Transports led the way higher today with a +30 point 
gain.  This put the index above its resistance level at 2800, 
which is a very bullish development for the group.  Shares of CNF 
added another 1.7% on average volume of 322K.  The stock has 
rebounded higher the last two sessions as we expected but now 
faces resistance at $32 and its 50-dma.  Optimistically, the MACD 
is about to produce a bullish crossover and could foretell a new 
direction change for the stock.  However, don't be surprised if 
CNF dips back to $31 if the TRAN falls back due to profit taking.  
We are choosing to raise our stop to $29.49, which is just below 
the lows of last week.  An entry at $31 wouldn't hurt since we're 
targeting a move between $34 and $36.

Picked on February 22nd at $30.41 
Gain since picked:          +1.44
Earnings Date            01/28/02 (confirmed)




---

Rockwell Collins - COL - close: 22.53 change: -0.23 stop: 20.49

We found the trading action in COL interesting since one might 
have thought rumors of U.S. soldiers in Iraq might have driven 
renewed interest into the defense sector.  Checking some of the 
larger defense stock performances yielded a mixed result.  The 
pull back in the Dow Jones from Monday's rally was mirrored 
somewhat in shares of COL.  Unfortunately, COL didn't have quite 
the same late day rebound but it was a rebound nonetheless.  
We're still optimistic on the stock and see today's move as just 
a higher low in a bullish pattern coiling for a breakout above 
resistance at $23.  More aggressive investors can see this as an 
entry point if you don't want to wait for the breakout or close 
over $23.  Volume has been dropping the last couple of sessions, 
which is what bulls want to see on stock weakness.

Picked on February 15th at $22.50 
Gain since picked:          +0.03
Earnings Date            04/17/02 (unconfirmed)




---

Forest Labs - FRX - close: 79.62 change: -0.16 stop: 77.49

The last couple of sessions continue to paint a short-term 
bullish picture for the DRG.X as it builds on higher lows but it 
has yet to breakout above the 385 level.  A truly bullish move 
would need the group to trade above the 390 level, which also 
looks like resistance.  In contrast, FRX still looks a bit weak 
as the stock is slowly slipping lower to our support level at 
$78.  These lower highs for FRX make us cautious so we'd prefer 
to see the stock and volume pick up again before committing any 
new capital.  Because we feel the DRG.X could be a sector worth 
playing bullish a couple of us in the office discussed a rotation 
from FRX to another stock in the group.  Someone mentioned that 
MRK had recently broken out above the $60 mark and the last few 
sessions had allowed it to drift back to this support level, 
which could be a good entry point.  It made sense but the longer-
term strength is definitely in favor of FRX.  Chart readers may 
want to draw a trendline from the March 2001 lows on FRX through 
the September 2001 low and the December 2001 low.  Extend this 
line forward and you see that the $77.50 level should be support.  
Of course this support was violated intraday in November but 
shares quickly recovered.  If you want some confirmation, wait 
for the MACD to turn bullish before initiating a play.

Picked on February 15th at $82.58 
Gain since picked:          -2.96
Earnings Date            04/16/02 (unconfirmed)




---

H R Block - HRB - close: 50.06 chg: -0.72 stop: 49.74 *new*

This is it.  We have reached a decision point on HRB.  The 
question individual traders need to ask is whether or not they 
are comfortable with the unknown risk that might be hidden in 
HRB's earnings announcement tomorrow after the market close.  
Traditionally, the Premier Investor newsletter prefers to close 
our positions ahead of the report and avoid such unnecessary 
risks.  If you choose to follow that strategy then tomorrow is 
your day to look for an exit point before the closing bell.  If 
you choose not to completely close your position then one way to 
mitigate your risk is to sell half your position and then keep 
the other half with a tight stop.  We were correct in predicting 
a potential run up ahead of the announcement but now the question 
is what will HRB say in their conference call.  Many analysts are 
impressed with the turnaround current management has done with 
the company.  It's possible that HRB might offer strong guidance 
for the next quarter, which should reflect the next six weeks of 
tax season business.  However, one of my concerns is that shares 
have been so strong and so bullish over the last several months 
that even a good earnings report could spark a "sell the news" 
event.  Traders could take profits after the report if they don't 
see any reason to hold the stock for its next announcement.  We 
are choosing to hold over the report but we're going to raise our 
stop to $49.74, which should protect a gain of $2.73.  Our risk 
at that point is a gap down below our stop.

Picked on February 5th at $47.01 
Gain since picked:         +3.05
Earnings Date           02/27/02 (confirmed)





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

Citigroup Inc - C - close: 43.80 change: +0.01 stop: 45.05

Although Enron testimony continues to dominate financial news 
coverage (thus keeping accounting worries fresh in the minds of 
investors), Citigroup managed to join the Dow as it moved up 
yesterday on positive economic data.  Following a gap higher, 
shares continued to move up until bumping into the $44 level.  
Today’s session saw C trade up to $44 again on moderate volume, 
but once again shares were unable to crack that level.  The 15-
dma appears to be new overhead resistance for Citigroup.  
Although it should be noted that both the MACD and daily 
stochastics are looking bullish, we're still willing to see if 
bears can wrest control from the bulls and keep the bearish trend 
intact.  However, assuming we don't get stopped out in the next 
two sessions we will consider closing the play for lack of 
performance come Thursday.  If you are considering a bearish 
position you may want to wait until after Greenspan's testimony 
tomorrow and/or wait for shares to trade back under $43.  
Currently, the $42 level is acting as support.  On the other 
hand, an aggressive trader could consider an entry here near $44 
with a tight stop but we would definitely confirm direction 
before committing any capital.

Picked on February 21st at $42.80
Gain since picked:          -1.00
Earnings Date            01/17/02 (confirmed)


 
 
---

Lehman Brothers - LEH - close: 56.01 chg: -1.13 stop: 58.03

We captured some nice gains soon after initiating our play on 
LEH, but lately profits have been harder to come by.  Since 
bouncing from $54 last Friday, shares have been floating above 
the $56 level and displaying no real conviction either way.  
However, we like how LEH led the XDB.X broker/deal index lower 
today on increasing volume.  With the XBD.X's downtrend still 
intact, a move below $56 or $55 (based on your own 
aggressiveness) could provide an opportunity for new bearish 
entries.  While we’re unsure how stocks like LEH will react to 
tomorrow’s economic data, our current stop ensures that we’ll 
break even on this play.  

Picked on February 15th at $58.03 
Gain since picked:          +2.02
Earnings Date            12/20/01 (confirmed)






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

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

Airborne Inc - ABF - close: 17.80 change: -0.28 stop: 17.65

We're still surprised at the huge move in shares of ABF on 
Monday.  The transports and oil sector led the way this week but 
someone decided that they wanted a stake in ABF and they wanted 
in right away.  Volume on Monday was huge with 1.6 million shares 
compared to the average volume of just 370K a day.  We mentioned 
this in the Monday newsletter as well as a new stop at $17.65 to 
protect a 10% move in the stock price.  The stock opened higher 
this morning but profit taking hit as expected.  The stock 
dropped to $17.55 intraday before finding equilibrium between 
17.70 and 18.00 for most of the session.  This stops us out with 
a move of just $1.65 or +10.2%.  The Monday newsletter also 
mentioned an alternative way to play the move in the transports.  
We suggested taking profits in ABF this morning and opening a new 
position in FDX, which had just broken out above support.  If you 
look at FDX you'll notice that it traded higher by 1.4%.  The 
opportunity it still there but given the action in the Dow Jones 
today it may be best to way for a dip before considering a new 
bullish position in FDX.  Some of you might argue that UPS is the 
better play since they just reconfirmed guidance this afternoon 
and the stock gained 2.1%.  However, FDX has the stronger 
relative strength.

Picked on February 11th at $16.05 
Gain since picked:          +1.60
Earnings Date            02/01/02 (confirmed)






==================================================================
High Risk / High Reward (HR) section
==================================================================

============
HR New Plays
============

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

Amazon.com Inc. - AMZN - close: 14.40 change: +0.67 stop: 11.95

Company Description:
Amazon.com opened its virtual doors on the World Wide Web in July 
1995 and today offers Earth's Biggest Selection. Amazon.com seeks 
to be the world's most customer-centric company, where customers 
can find and discover anything they might want to buy online. 
Amazon.com and sellers list millions of unique new and used items 
in categories such as electronics, computers, kitchen and 
housewares, books, music, DVDs, videos, camera and photo items, 
toys, baby and baby registry, software, computer and video games, 
cell phones and service, tools and hardware, travel services, 
magazine subscriptions and outdoor living items. (source: company 
press release)

Why We Like It:
Amazon.com is a classic candidate for the high-risk/reward 
section.  Shares have a history of being volatile and that has 
not changed even though the share price is now in the teens 
instead of the triple-digit numbers of yesteryear.  We just added 
COST as a high-risk play to the Premier play list but decided 
that if COST was worth a bet on the retail sector then why not 
AMZN that looked a heck of a lot better.  Shares rocketed higher 
last month when the company reported earnings with an actual 
profit.  Of course the last six weeks have brought those numbers 
under a microscope (and much debate) but the stock price has 
still been able to maintain its gains even though they did fall 
back to retest support at $11.  Now shares appear to be in a new 
bullish trend and the strength in the RLX.X can't hurt either.  
Truthfully, the more we look at AMZN's chart the more we like it.  
We're not going to discuss the company's fundamentals and whether 
or not investors should be invested with such a high price-to-
earnings ratio (most sources still don't quote one) because on a 
short-term technical play they don't matter.  We're not 
"investing" in AMZN, we're "trading" AMZN.  Besides, recent 
investors are probably pretty happy with AMZN since the stock is 
up 31% year to date.

The stock broke out above the $14 level today and the MACD just 
turned bullish confirming the move.  Closing at the high for the 
day is always a bullish sign for the following morning but the 
stock could have resistance at the $15.50 level, which is the 
previous high from late January.  Probably the most bullish 
indicator/signal we can point to for AMZN is the point-and-figure 
chart.  The p-n-f chart is in an up trend but even more 
encouraging is the recent upside breakout of the triangular-
pennant style pattern.  You might recall that we've had 
tremendous success play downside breakouts of these point-and-
figure pennants so an upside breakout looks really attractive.  
We're going to start the play with a stop at $11.95, which is a 
bit wider and more heat than we normally prefer to take but our 
upside target is closer to $17.50 (or higher).  

Picked on February 26th at $43.47 
Gain since picked:          +0.00
Earnings Date            12/13/01 (confirmed)




---

Costco Wholesale - COST - cls: 43.47 chg: -0.93 stop: 42.74

Company Description:
Costco currently operates 385 warehouses, including 284 in the 
United States, 60 in Canada, 11 in the United Kingdom, five in 
Korea, three in Taiwan, two in Japan and 20 in Mexico. The 
Company also operates Costco Online, an electronic commerce web 
site, at www.costco.com. The Company plans to open 17 to 19 
additional new warehouses (including the relocation of three to 
four warehouses to larger and better-located facilities) prior to 
the end of its fiscal year ending September 1, 2002. (source: 
company press release)

Why We Like It:
Astute readers should note that COST was on the watch list last 
night as a stock to watch.  We had noted that shares were trading 
opposite to the rest of the sector, which had been rather 
bullish.  COST has now declined three days in a row while the 
sector was moving higher.  It is granted that WMT, as the biggest 
component of the RLX, had a lot to do with the recent strength of 
the group and was key in the RLX breakout above resistance today.  
In contrast, COST appeared to break down through the bottom of 
its ascending channel in Tuesday's trading.  This would normally 
make us bearish but we outlined in the watch list that a move to 
$43 would not be out of the question and a potential level of 
support.  We also outlined that aggressive traders may want to 
look for the beginnings of a bounce before evaluating any long 
positions.  It just so happens that once shares traded to the $43 
level volume began to pick up and a late-day bounce began to 
form.  We are still skeptical and cautious since the stock has 
been trading out of sync with the sector index but a long play 
with a tight stop should limit our exposure.  Why are we 
considering a long play on a recent under-performer?  We are 
betting on COST to play catch up with the rest of the group and 
buyers willing to step in near support.  If this occurs then our 
target will be the top of the channel near $48 (and possibly $50 
but that's pushing it).  The economic numbers tomorrow morning 
could be a real key.  If the numbers are positive and the market 
reacts bullish to them then COST may be a great trade tomorrow 
and going forward.  If the numbers are negative and/or Greenspan 
undermines the recent market strength then traders may do well to 
avoid COST.  We are starting with a tight stop at $42.74, which 
is seven cents below today's low.  This is one play where 
confirming stock direction could be extra important before 
pulling that buy trigger.

Picked on February 26th at $43.47 
Gain since picked:          +0.00
Earnings Date            12/13/01 (confirmed)






===============
HR Play Updates
===============

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

Adelphia Communications - ADLAC - cls: 21.76 chg: +0.12 stop: 22.55

We are altering our strategy on ADLAC.  We've been waiting for 
ADLAC to trade through our trigger price of $18.74 since the 15th 
of February.  Instead, the stock has slowly been inching higher 
with the recent market strength.  Unfortunately for the bulls, 
the lack of volume supporting the move makes the recent rally 
look very suspicious.  We've been calling the $22 level overhead 
resistance for days and the stock has been flirting with it for 
the last couple of sessions but has been unable to close over it.  
Therefore, we still think the trend is bearish despite the 
bullish crossover in the MACD.  We don't know how ADLAC will 
react to any positive or negative economic numbers with the home 
sales and the Greenspan testimony tomorrow.  To avoid any guess 
work we're going to adjust our trigger point and our stop.  Our 
new trigger to go short will be $20.99.  If shares trade at or 
below this number we'll go bearish with a stop at $22.55.  Part 
of the risk with this approach is that the Greenspan testimony 
tomorrow could produce unusual volatility during the day.  
Extreme volatility could both trigger us in the morning and stop 
us out later in the afternoon.  You the individual trader will 
need to make the judgement call on waiting for the trigger and or 
waiting for the market's reaction to any Greenspeak Alan might 
share with us.  Something else to keep an eye on are other stocks 
in the same sector like COX, CHTR and CVC.  These also appear to 
have rallied to resistance and could show further weakness.

Picked on February Xth at $xx.xx <-- see trigger 
Change since picked:       +0.00
Earnings Date           03/08/02 (unconfirmed)






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

===============
Announcement
===============

Escalade Offers Investors 3-for-1 Split

Escalade, Incorporated reported that at its regular meeting on 
February 23, 2002, Escalade's Board of Directors declared a 3 for 
1 stock split of Escalade Common Stock, no par value. The 
additional shares of Common Stock are to be distributed on March 
28, 2002 to shareholders of record on March 15, 2002.

Escalade's stock price was $20.13 on January 1, 2001 and reached a 
high recently on January 10, 2002 of $58.00. Based on the 
2,141,364 shares outstanding, there would be 6,424,092 shares 
outstanding immediately following the March 28, 2002 distribution.

The stock closed at $59.80 on Tuesday.  For a current quote,
click here:
http://user.financialcontent.com/pin1/quote.cgi?account=pin1&ticker=ESCA

About the company
Escalade is a diversified manufacturer and distributor of sporting 
goods such as table tennis tables, pool tables, basketball 
equipment, game tables, archery equipment, darting equipment, 
fitness products and office products such as paper folding, 
punching, and cutting products.
(company press release)


----


DeWolfe Announces 3-for-2 Split

After the market this evening, the board of DeWolfe Companies 
(DWL) declared a 3-for-2 stock split, payable March 28 to 
shareholders of record March 12.

The payable date for the split will be March 14th, with an 
effective date or distribute date of March 15th.  After the split, 
WLP will have approximately 127.6 million shares outstanding.

The stock closed at $18.39 on Wednesday.  For a current quote,
click here:
http://user.financialcontent.com/pin1/quote.cgi?account=pin1&ticker=DWL

About the company
DeWolfe is a provider of integrated home ownership service, 
engaged in providing sales and marketing services to consumers in 
connection with residential real estate transactions.


----


Weingarten Realty Announces 3-for-2 Split

The WRI Board of Trust Managers declared a 3 for 2 stock split 
effective in the form of a fifty percent common share dividend to 
shareholders of record April 1, 2002, payable April 15, 2002.

The Board of Trust Managers also declared a cash dividend of 
$.8325 per common share (pre-split) for the fourth quarter of 
2001, up from $.79 per common share for the fourth quarter of 
2000, a 5.4% increase.  The dividend is payable on March 15, 2002 
to shareholders o record on March 8, 2002.


The stock closed at $50.49 today.  For a current quote,
click here:
http://user.financialcontent.com/pin1/quote.cgi?account=pin1&ticker=WRI


About the company
Weingarten Realty Investors, a Texas REIT, acquires, develops and 
manages real estate, primarily anchored neighborhood and community 
shopping centers and, to a lesser extent, industrial properties



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

CMA     Comerica Inc               58.83     +0.91
MAY     May Department Stores      37.37     +0.92
NBR     Nabors Industries Inc      35.46     +0.66
LEN     Lennar Corp                56.18     +1.29
GR      Goodrich Corp              30.38     +1.19
PHM     Pulte Homes Inc            51.04     +2.14

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

PIR     Pier 1 Imports             19.40     +1.83
PRGN    Peregrine Systems Inc       8.52     +1.63
HC      Hanover Compressor         16.02     1.92
NCEN    New Century Financial      15.26     +1.11

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

WMT     Wal-Mart Stores            62.10     +1.45
UPS     United Parcel Service      58.31     +1.21
UTX     United Technologies        71.80     +1.75
OMC     Omnicom Group Inc          92.05     +2.26
MAS     Masco Corp                 28.60     +1.49

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

EEP     Enbridge Energy Partners   42.75     -2.85
MVSN    Macrovision Corp           23.38     -2.82
PRHC    Provice Healthcare Co      28.66     -4.19

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

ADS     Alliance Data              20.51     -0.37
FIF     Financial Federal Corp     29.99     -0.81




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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.

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Littleton, CO 80163

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