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Daily Newsletter, Friday, 04/05/2002

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PremierInvestor.net Newsletter          Weekend Edition 04-05-2002
                                                    section 1 of 3
Copyright  2001, All rights reserved.
Redistribution in any form is strictly prohibited.

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In section one:

Market Wrap:      Networkers get reality check as Nortel sinks lower.
Play-of-the-Day:  Quick and Dirty. (bearish)
Watch List:       CCU, VRSN, WLP, ITT, CAG and Much More!
Market Sentiment: Sentiment Check.

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U.S. Market Numbers
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MARKET WRAP  (view in courier font for table alignment)
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        WE 4-5           WE 3-29          WE 3-22          WE 3-15
DOW    10271.64 -132.30 10403.94 - 23.73 10427.67 -179.56  + 34.74
Nasdaq  1770.03 - 75.32  1845.35 -  6.04  1851.39 - 16.91  - 61.37
S&P-100  564.02 - 13.85   577.87 -  2.22   580.09 - 11.04  +  1.29
S&P-500 1122.73 - 24.66  1147.39 -  1.31  1148.70 - 17.46  +  1.85
W5000  10551.43 -224.31 10775.74 -  1.12 10776.86 -127.83  + 14.02
RUT      497.76 -  8.70   506.46 +  4.07   502.39 +  3.27  -   .73
TRAN    2778.41 -139.55  2917.96 + 40.69  2877.27 - 74.27  - 58.70
VIX       21.13 +  1.81    19.32 -  0.30    19.62 -  1.15  -  0.84
VXN       40.85 +  4.57    36.28 -  1.28    37.56 -  2.70  -  1.36
TRIN       1.67             0.84             1.12             0.56
TICK       +341             +793             +647             +855 
Put/Call    .78              .79              .66              .64 
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WE= week ended

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

Networkers get reality check as Nortel sinks lower

For the bulk of the week it was the software stocks that got 
rubbed lower as earning's warnings riddled the sector and shook 
some software bulls into selling.  Today, it was the data storage 
and networking stocks to suffer the fate of earnings season after 
last night's earning's warning from data-storage maker McData 
Corp. (NASDAQ:MCDT) $9.72 -22.54% on first quarter earnings, 
citing further order reductions in March by its biggest customer 
EMC Corp. (NYSE:EMC) $11.12 -5.03.

While most of the damage was done or factored in at the opening 
of trading, networking stocks with a telecom "theme" found 
willing sellers after Moody's Investors Service cut Nortel's 
(NYSE:NT) $3.75 -11.55% credit rating to junk status.  The 
Canadian-based telecom-equipment provider's stock sunk to a 6.5-
year low on volume of 35.4 million shares.

Nortel Networks Chart - Daily Interval




The market can sure be unforgiving.  While my "Nortel looks 
toppy" comments were in relation to where Lucent's (NYSE:LU) 
$4.53 -1.3% stock was trading that night today's trade at $3.75 
in NT is a reality check on how out of favor this group of stocks 
are.  One might also have argued that they are all a "buy" as a 
contrarian indicator.  As ironic as it may be, we noted on March 
12th that Moody's had just downgraded Nortel's long-term debt to 
Baa3 from Baa2.  Evidently Moody's still hasn't seen any 
fundamental turn in things if they are downgrading their debt 
further.

That commentary from the March 12th wrap 
http://www.PremierInvestor.net/markets/marketwrap/031202_1.asp 
may be worth reviewing.  It may also help us with the thinking 
that Juniper Networks (NASDAQ:JNPR) $11.42 -7.22% "looks a little 
toppy."

Juniper Networks Chart - Daily Interval




When I reviewed my March 12 "Market Wrap" today, I see that I had 
evidently has "second thoughts" to some bullish comments in 
Juniper Networks (JNPR) after the March 12th debt downgrade in 
fellow telecom-networker Nortel (NT).  That was up at the $13.57 
level.  Since that update, JNPR hasn't seen the "light of day" 
from that level and looks lower.  This makes some sense 
technically as it pertains to the "group."  If NT follows LU 
lower, then I've got to think that JNPR will do the same.  My 
thinking then continues on as LU and NT both traded below their 
past 52-week lows.  One little "burp" about an earning's 
shortfall or any type of debt downgrade on the stock has me 
thinking a revisit to the lows too.  A trader doesn't necessarily 
need to see the stock take out the $8.90 level to make some 
bearish money either.  A target to "cover to soon" would be fine 
at $9.00.  If achieved, that would be a 21% decline (gain for a 
bull) from current levels.  Juniper (JNPR) is scheduled to report 
earnings on April 11, after the close of trading.  Consensus 
estimates are for the company to report break-even earnings 
($0.00 a share).

It's this type of trade that a bear may see what I'm pointing to 
in shares of Juniper (JNPR), but be "risk averse" and not willing 
to short such a volatile stock at lower levels.  If so, the turn 
to the options market and only risk what you can afford to lose!

For instance, if the "play" is for the company to either warn, 
disappoint, or caution on the future (using the action in LU and 
NT from the past to support such a thought) then a trader could 
buy the April $10 puts (JUXPB) which currently trade $0.30 per 
contract (cost would be $30.00 for 1 contract, or $300 for 10 
contracts) and gives you (the owner of those puts) the RIGHT TO 
SELL THE STOCK OF JNPR FOR $10.00.  The MAXIMUM you could lose in 
the option is what you put into it.  

If the stock trades your target of $9.00 then the April $10 puts 
would be worth close to (could be more) $1.00.  A $300 investment 
could then be worth $900.00 if the stock trades the $9.00 level.  
Remember, you could lose the $300.00, but that's also pretty 
close to the dollar "risk" if you were to short 200 shares at 
$11.42, with a stop at $12.60 (risking $1.18 x 200 share = $236).  
The "protection" a more "risk averse" bear gets from the option 
is in the case of an "upside surprise" from Juniper on earnings.  
If the stock gapped higher a trader in the stock has to deal with 
the consequences.  With the options, your assessing the risk and 
taking it all up front with the option.  Remember, if the stock 
is trading at $15 after earnings, then you only have the RIGHT to 
sell it at $10, but not the OBLIGATION, therefore you would not 
do anything.  Just another way that options can help you 
manage/limit your risk.  

Down week for most stock sectors as cash rotated to Treasuries

The market looks more defensive at the end of this week as the 
major market averages all finished lower on a week-to-week basis.  
Losses in the major market averages seem to have found cash 
flowing into the Treasury bond market as investors moved cash 
toward the perceived safety of bonds.

Tensions in the Middle East had crude oil prices on the rise.  
The result of higher oil prices had transportation stocks under 
pressure.  The Dow Transportation Average (TRAN) 2,778 -0.18% in 
today's trading fell -4.8% this week.  The Dow Transportation 
Average (TRAN) is one of the "sectors" that we want to monitor 
for strength/weakness to get a feel for the potential 
strength/weakness of the underlying economy.

With energy prices on the rise, it then becomes somewhat 
"unclear" if the bearish action this week is a reflection of the 
market's outlook on the economy, or just a reflection of the more 
negative impact that higher fuel prices have on this sector.  

In an attempt to get a different perspective, this week I've 
added the Morgan Stanley Cyclical Index (CYC.X) to our weekly 
sector watch spreadsheet.  This will help give us another "key 
sector" to also monitor that included stocks that are not just 
"transportation" specific.  This group is also sensitive to 
energy prices, but the cost of fossil fuel prices (oil and 
natural gas) do not carry the "weight" of cost/expense to a 
company's bottom line as much as fuel prices will impact a 
transportation company's bottom line.

To perhaps confirm this line of thinking, we would perhaps note 
that the Airline Index (XAL.X) fell -4.8% in the latest week, 
matching the 4.8% decline in the Dow Transports (TRAN).  
Meanwhile the Morgan Stanley Cyclical Index (CYC.X) managed to 
gain 1.31% today, while falling just 2.4% during the week.  The 
relative strength of the Cyclical Index (CYC.X) may then give us 
the broader feel of the deeper cyclicals.  

It has been my belief and trading scenario that the deeper 
cyclical stocks should be the better performing stocks in the 
event of economic growth out of a recession.  It has also been my 
belief that the more "risk averse" bullish trader should 
concentrate some of their efforts in these deeper cyclical stocks 
if they are playing the scenario for economic growth.  

If you would like to see a detailed list of components for the 
Dow Transportation Average, please visit the CBOE website at 
http://www.cboe.com/Common/PageViewer.asp?SEC=4&DIR=OPIndexComp&F
ILE=djia-2.doc.  Unfortunately, the AMEX website does not give us 
a list of sector components for the Morgan Stanley Cyclical Index 
(CYC.X), but subscribers can visit Moby Data's website at 
http://www.mobydata.com/.  Click "Data" and then "Index 
Components" to get a list of various indexes.  I will note that 
Moby Data does not do the greatest job in keeping the indexes 
"current" but will give you an idea of composition.

Weekly market averages/sector performance




I've put a "check mark" by the Cyclical Index (CYC) that is the 
new addition to our weekly sector watch.

What becomes more evident as we get into the year, is that the 
"lower" end of the list, which I've tried to arrange with the 
more economically sensitive sectors or deeper cyclical are still 
showing some decent gains since their December 31st closes.

What may be a bit concerning to "economic bulls" is the congruent 
pullbacks in the Airlines, Transports, Oil, Oil Service, Natural 
Gas, Forest Paper and Cyclical Indexes this week.  

We've seen in the past how the negative performance in the tech 
stocks will impact market psychology as all the hopeful bulls in 
those groups continue to see bearish results.  It could well be 
that these groups or at least a portion of them pulled back on 
profit taking as the market bias towards these stocks was soured 
by the weakness in the technology sectors (Biotech, Software, 
Semiconductor, Networking, Internet, Disk Drive, Wireless, Fiber 
Optic, Combined Telecom, N. Amer. Telecom).

As market psychology continues to sour from some "tech whippings" 
it has tended to bring negativity or at least a greater tendency 
toward selling in the groups where profits still remain.

Unfortunately, this is simply a "fact" of how markets tend to 
trade.  Markets are very "psychological" at times and when 
investors start finding losses build in a part of their 
portfolios (lack of stop losses).  Then as those losses build, 
the logical next step is to sell the winners.  The selling of the 
winners then gives the temporary "feeling" of short-term success 
and that "I've beat the market," which helps to ease the pain 
(temporarily) of the ongoing losses in those stocks the investor 
hopes will come back.  Some do "come back," while others will 
not.

I can perhaps "back this up" by pointing to this weeks action in 
the benchmark 10-year YIELD ($TNX.X).  You will note that the 10-
year YIELD (10-year on spreadsheet) fell this week, and rather 
sharply at that (remember, YIELDS fall as a bond's price rises 
due to buying).  All we've been hearing about lately is that the 
markets are spooked by the thought of the Fed raising interest 
rates to put a lid on any type of problems that could be created 
from inflation.  If that is the case, then why is anyone in their 
right mind buying Treasury bonds, which would suffer under a Fed 
policy of raising interest rates?

One reason that the MARKET would be buying bonds is for perceived 
"safety."  We could argue that the MARKET might do this due to 
tensions in the Middle East.  We could also argue that the MARKET 
is worried about earnings season, which is now upon us.  We could 
also argue then that earnings are a concern as the economy isn't 
as strong as everyone thinks it is.

Well, I wouldn't try to argue with any of those points.  Why?  
Because I could probably blow holes in all of them, at least for 
now.

One thing I have been rather "adamant" about is that the deeper 
cyclicals are where bulls should be focusing for bullishness 
consistency or gains.  The scenario has been that this group of 
stocks would be the early benefactors of an economic recovery.  
Only when they see earnings flow to the bottom line and coffers 
begin to fill with cash will they begin increasing their 
technology budgets.

With that said, we need to review the chart of the Morgan Stanley 
Cyclical Index (CYC.X) as perhaps see just how important today's 
trading was and how it may well guide bullish and bearish traders 
in the future.  Scenario stated:  "The cyclicals will be our clue 
to bullish economic activity, or at least the MARKET'S forward 
looking perception."

Morgan Stanley Cyclical Index (CYC.X) - Daily Interval




The current trend is still upward and it is interesting to see 
that the Cyclical Index (CYC.X) did "bounce" from the upward 
trend today.  We will also note that the rising 50-day (more 
intermediate term moving average) also may have helped serve as 
technical support.  A purely objective view would have a bull 
feeling that he/she won the battle today.  

For all the "talk" from some that the economy is headed back in 
the tank, then we would go back to the "old" downward trend (red 
line streaking across the chart) that dates clear back to a high 
found on May 10, 1999, that was later attached to the January 10, 
2000 high.  A market technician would say that this was the 
longer-term downward trend.  It now looks to have been firmly 
broken to the upside and has slowly lost its "resistance" type of 
impact on things.  One might then think, "If an old downward 
trend has been broken, then perhaps this group is in the early 
phase of a bullish longer-term move."

The current downward trend is from the recent relative peak found 
near the 600 level (psychologically a round number), but 
technically close to an old upward trend dating back to a spike 
lower from October 18, 2000.  Ironically, that October 18 low was 
violated for only one trading session!  That session came right 
at the extreme lows found on September 21st of last year, just 
days following the terrorist attacks here in the U.S.

One has to wonder who in their right mind would have bought this 
group of stock under such stressful conditions and times of 
worry.  And why would anyone in that same state of mind still be 
a willing buyer at the upward trend?  A market technician that 
believes "the trend is your friend" might do such a thing and so 
might a market participant that believes the economy is still in 
an early phase of recovery, but still having growth prospects in 
the future.

One of the "key" indices I will be following closely this week 
and next and monitoring upward trend on is the Cyclical Index.  A 
break much below the 560 level would be a break of trend and put 
my scenario for economic growth at risk.

Now.  Some would perhaps jump to the conclusion that I'm "overly 
optimistic."  To the contrary.  If you've been a subscriber for a 
while, some have labeled me an eternal "technology bear."  (See 
Nortel and Juniper Networks above.)

How could this analysis in the Cyclicals help a "technology stock 
trader?"  My current thinking is if the cyclicals break upward 
trend, then technology stocks could really be in for another leg 
lower.

A tech bull that reviews the spreadsheet from our weekly tracking 
can't help but look at the "Since 12/31/01" column and keep their 
fingers crossed that the deeper cyclicals march higher and 
hopefully pull technology stocks along for the ride.

And that observation then could become "key" for technology 
bears.  If my scenario for a recovering economy were partially 
pegged to the deeper cyclicals, then I would think bullishness in 
the group (holding of upward trend) might have the technology 
stocks finding buyers.  Further bullishness from the cyclicals 
may well serve as an "alert" for technology bears to be 
tightening down their stops and implementing some good risk 
management.

The Treasury bond action will also be important.  You can look at 
the weekly gains/losses and perhaps draw the conclusion that the 
lower Treasury YIELD this week may have had a greater impact on 
the technology sectors than any other.

It sure didn't seem to impact the health care stocks as a group 
did it? (RXH and HMO).  These are less "economically" sensitive 
groups and Middle East tensions have little impact on our 
healthcare decisions.

The Dow Transportation Average (TRAN) has seen weakness in 3 of 
the past four weeks.  This has concerned many subscribers, as 
this is one of our "key" indexes we felt would trade bullish 
under the scenario of a recovering economy.  Are the declines due 
to higher fuel prices, or a less robust economic growth picture?  
Who knows?  I've read and listened to both arguments and each 
makes sense.  It's just easier for a market technician like 
myself to put the scenario's together (bullish or bearish) and 
play the trends.

Dow Jones Transportation Average Chart - Daily Interval




The similarities between the transports and cyclicals really 
stands out.  I'm not doing anything "tricky" with the trends 
either.  Just anchoring to a base, then attaching to a relative 
low (for upward trend) or high (for downward trend).  I will note 
that the transports did break below their 50-day MA.  This is 
different than we see in the cyclicals.  This may also give some 
credence to the thought that fuel prices are indeed having an 
adverse affect on the transports.  There's a lot of crisscrossing 
of trends and moving averages near the 2,650 level.  If the 2,600 
level is violated to the downside and the cyclicals were to also 
break upward trend, then the scenario for economic growth would 
be at risk!  The reason I'm "fudging" a bit on the 2,600 level is 
the relative low before a surge higher, and potential 
"psychological" level of support at the round numbers.  If we end 
up playing some more transports to the bullish side and want to 
correlate a trade against this index, then I would want to try 
and correlate a stop with the transports at 2,600.

Let's talk briefly about risk and the bullish percent indicators 
from the point and figure charts.  As mentioned in the past, the 
bullish percent levels for the transports are high.  According to 
Dorsey/Wright and Associates (www.dorseywright.com) the 
transportation bullish percent reading is 72.60%.  Levels above 
70% for any sector or index is considered "overbought."  However, 
I have noted in the past that the transports reached a level of 
90% bullishness back in August of 1997!  It is also interesting 
to note that this reading reached a high just recently of 74%, 
but this decline we've seen in price action recently now has the 
reading at 72.6%.  There have been very few sell signals 
generated thus far.  At the same time, it then becomes clear how 
important it can be for traders in the group to be honoring the 
stops we profile in the bullish plays.  To put things in 
perspective, the bullish percent reading for this group was as 
low as 18% back in late September.

Don't forget the Utilities!

The Utilities Index (UTY.X) didn't make positive gains this week, 
but they held their ground with an unchanged reading.  The recent 
decline in Treasury YIELDS didn't have the bullish impact I 
thought it might, but it's still very early.  Perhaps the MARKET 
just doesn't see YIELDS moving much lower.

It may also be that institutions are bidding some stocks in the 
group, but have yet to get aggressive on the buy side.  Should 
YIELDS hit a "magic level," it could flip a switch for strong 
buying in the group.  My scenario for a catalyst in the higher 
dividend YIELDing utilities is that a drop in Treasury prices may 
have the utility stocks serving as a "safe haven" among equity 
funds that have to buy stocks in their portfolios based on their 
prospectus.

With some of the Enron chatter and potential impact on utilities 
moving a bit further into history, institutions may indeed warm 
up to the sector if broader stock market declines come about.  
They sure sold the group when risk was perceived to be high due 
to Enron.  I'd want to shy away with any of the utilities that 
were even "mentioned" as potential "Enron sufferers" and stick 
with those names in bullish trends.  Those that aren't 
"overextended" on their charts may provide the best trading 
moves.  The stock I've mentioned before that I like as bullish is 
shares of Ameren (NYSE:AEE) $42.17 -0.42%.  For the week, AEE 
fell 6-cents and traded in line with the Utility Index (UTY.X).  
Another stock we mentioned as bullish, but I was not willing to 
"chase" was TXU Corp. (NYSE:TXU) $55.05 -0.34%.  The stock set 
yet another 52-week high today.

TXU Corporation Chart - Daily Interval




This chart perhaps becomes the "blue print" for what utility 
bulls should be looking for.  A BIG base of consolidation and 
then look for the break out of the base.  Wait for the break!!!  
If a trader had "jumped the gun" at anytime before the $50 level 
was broken in TXU, they were wasting their time and their money!  
Once that $50 level was broken, demand took over and the stock 
trades a regression channel like most wouldn't believe.  Heck, 
that looks like a trend for some technology stocks back in the 
good old days!

Yes, they eventually end.  But if we were all long at $50.01 we 
wouldn't care all that much now would we?  We would all be 
snugging a stop to profitability at $54 and checking the mail for 
that dividend check!

For a complete list of the Utility Index (UTY.X) components you 
can visit the Philadelphia Exchange website at 
http://www.phlx.com/products/utycomp.htm

Wow!  It's 03:00 AM EST and there's still so much more I'd like 
to write about.

You've got the most important stuff here.  Watch the deep 
cyclicals and the transports as discussed.  Keep an eye on those 
Treasury YIELDS this week.  They still seem to be serving as a 
very good indicator of the MARKETS perception of risk toward 
stocks.

I'll make it a special point to try and discuss the things we 
talked about again this week and in tonight's wrap.

Have a great weekend and get some rest!

Jeff Bailey
Senior Market Technician


=========================
Play-of-the-Day (Bearish)
=========================
(( new high-risk/reward short play ))

Juniper Networks - JNPR - close: 11.42 change: -0.89 stop: 12.60

Company Description:
Juniper Networks leads the industry in turning network innovation 
into the profitable delivery of edge, core, mobile, and cable 
Internet services at scale for the New Public Network.
(source: company press release)

Why We Like It:
We've been waiting for a short play opportunity on CSCO for a few 
weeks now but recent developments make JNPR an attractive 
candidate for what could be a quick in-and-out play.  The end of 
March was not kind to the networking/telecom group as JNPR pre-
announced that Q1 earnings would be lower than expected.  Which, 
as one analyst put it, should not have been a surprise with the 
negative news and capex cuts all quarter.  JNPR's management said 
that Q1 revenues would be lower amid "cautious spending" by 
customers.  Projects and equipment buys continue to be pushed 
back and delayed.  In other sources we've noted several analysts 
who think CSCO is really stealing marketshare from JNPR as well.  
JNPR is set to announce earnings on April 11th.  Normally, we do 
not hold over an earnings announcement, however, as this is a 
high-risk play we might decide to hold over and see if they guide 
lower for Q2 and/or offer no guidance, which might be interpreted 
as the same thing.  Since shares of the JNPR have failed at its 
50-dma and the MACD is about to rollover just under the zero 
line, our upside risk should be limited.  Mr. Bailey had a number 
of comments about JNPR in his wrap and we encourage you to look 
over them.  Keep in mind that Jeff didn't know we were adding 
JNPR as a play this weekend.  Our profit target will be a move to 
the $9 area and we'll start with a stop loss at $12.60, which is 
just above the 50-dma.

Picked on April 5th at $11.42
Change since picked:    +0.00
Earnings Date        04/11/02 (confirmed)
 





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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.

STOCKS WORTH WATCHING
---------------------------------

Clear Channel Communications - CCU - close: 51.57 change: +1.69

WHAT TO WATCH: Media stocks (with the exception of poor hapless 
AOL) have been outperforming the market recently, and CCU is one 
of the stronger stocks in the group.  We considered it as a long 
play recently, but were hesitant to chase the stock higher after 
it broke above resistance at $50 in mid-March.  Sure enough, 
shares ran up to $55 and pulled back to retest the previous 
resistance.  Now that we've gotten a bounce from $50, CCU looks 
like it may resume its upward trend.  The oscillators also 
support this outlook: Daily stochastics have just emerged from 
oversold and the MACD is curling higher.  Low-risk entries can be 
considered at current levels with a stop under the 200-dma at 
$49.37.  The top of the channel is likely to be near $57.50 to 
$60.00.




---

VeriSign, Inc - VRSN - close: 24.35 change: +0.15

WHAT TO WATCH: The GSO.X software index was crushed for a 12.1% 
loss this week.  Driving the sector lower was negative news from 
CHKP and PSFT, weakness in MSFT, and an overall bearish NASDAQ.  
Security software stocks have been especially weak, and that 
trend only accelerated this week after the CHKP lowered Q1 
estimates.  The stock has broken below support at $25 and looks 
to be headed for a retest of near-term lows near $22.  VRSN 
traded an "inside day" today, which offers an action point to 
evaluate entries.  If shares trade below today's low of $24.12, a 
short position could be initiated with a stop just above today's 
high of $24.80.  We would expect support at the $22 level but the 
stock might be able to reach $20.00 given the right environment.
  



--- 

Wellpoint Health Network - WLP - close: 66.02 change: +1.11

WHAT TO WATCH: The HMO.X health provider index has been on fire.  
It's been hitting all-time highs on a daily basis, and today's 
close at 523 was no exception.  Of all the sectors we watch, only 
the HMO.X and its companion, the RXH.X healthcare index, were 
higher this week.  WLP is mirroring the sector action and also 
tagged an all-time high today.  The 1.7% move was sufficient to 
push the stock well above resistance at $65.  As long as the 
sector continues higher, we think WLP should do the same.  
Bullish positions can be considered at current levels, but be 
aware that the HMO may consolidate near the top of its ascending 
channel at 530 and appears to be in need of a pull back.  You 
might want to watch WLP for a pull back as well.  




---

I T T Industries - ITT - close: 64.82 change: +1.07

WHAT TO WATCH: This is one conglomerate that has been able to out 
perform the market for the last 2.5 months.  Shares have been on 
fire.  Needless to say, the stock is very overbought but the 
recent pull back in mid-March was met with new buyers when shares 
hit the $60 level.  Now the stock appears poised to breakout 
above the $65 level and make a run for $70.  More adventurous 
traders might consider it for a short-term play but do so only 
with a good stop.  Earnings are expected on April 24th.




---

Conagra Foods - CAG - close: 25.40 change: -0.24

WHAT TO WATCH: Shares of CAG have been very strong both before 
and after their recent earnings report.  The company reported 
almost a 50% jump in profits so you can imagine the positive 
reception for the stock price.  Shares have been in rally mode 
with strong volume supporting the climb and Thursday the stock 
broke out to new 52-week highs.  Traders might want to consider 
bullish positions if CAG pulls back to the $25 level.  Actually, 
with shares being overbought, the stock could consolidate a few 
days sideways but as long as it remains above $25.00 it looks 
like a decent play.  More adventurous types could target shoot 
dips to $24 but be sure to look for that bounce first.





=============
MORE TO WATCH
=============

RYL  - We like the home builders and RYL is one of the leaders
       when it comes to relative strength.  A low interest rate
       environment should drive home sales this summer.  We 
       would consider this a decent play with a stop just under
       $90.  

LEN  - We also like Lennar, although it looks a lot weaker than
       RYL above.  However, with the pull back to support, you
       could buy more shares and risk the same 4% with a stop
       just under $50.

AET  - This is another insurance stock but it looks like it's
       ready for a breakout over $40.  It might be good for a 
       short-term play, but the stock looks overbought.

RKT  - This stock looks VERY interesting.  Shares tried twice to
       break through $22 in March, then pulled back to 
       consolidate.  The recent rally has been on strong volume
       and they closed above $22.  

BMS  - The daily chart looks pretty similar to our new play in
       MHK.  Shares have been consolidating near the 50-dma and
       MACD is about to produce a bullish crossover.  Consider 
       a trigger just above $55 for a bullish play.

BLI  - Some of the retail stocks have been doing well and BLI is 
       one of them.  The recent pull back was met with new buying
       and now shares have hit new relative highs.  

YUM  - Tricon Global has been somewhat resistance to the recent 
       weakness in the market and a move over $60 looks inviting.

SBUX - This one looks a lot more bullish on the PnF chart but the
       daily chart looks less extended.  Could be a possible play
       with a close over $24.50.

GR   - Aerospace/Defense has been a strong group and we would 
       consider GR a potential candidate with a close over $32.50.

IOM  - This long forgotten stock is making a comeback.  High risk
       traders could buy this with a tight stop and aim for a move
       to PnF resistance at $13.00.  However, a better entry point
       might be a dip to $9.75 or $10.00.

CMCSK - Watch this one for another close under $30, however, we 
       would probably wait or use a trigger under $28.90 before 
       we would go short.

SFA  - Consider this one a potential short with a trigger between
       $19.99 and $19.89.  Target would be $16.00.

EDS  - This is another good looking tech short with a breakdown
       under support on both the daily and PnF charts.  The high
       volume looks like conviction by the sellers.



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

Sentiment Check
By Eric Utley

The sector scorecard finished mixed in last Friday's session.
Obviously the same thing could be said for the major averages.
The only real sectors where we saw concentrated buying efforts
were the consumer-related groups and financials.  The HMO Index
(HMO.X) bucked the weakness in the broader health care group to
earn the day's best performing sector spot.  Elsewhere, some
cyclical groups finished fractionally higher.

Weakness was evident in the broader energy sector, with both the
Oil Index (OIX.X) and Oil Service Index (OSX.X) falling 1.01
percent.  Then there was the ubiquity of selling in tech.
Networking (NWX.X) was hammered, so was Optical (FOP.X) and
Hardware (GHA.X).

The fear gauges of the market finished mixed last Friday.  The
CBOE Market Volatility Index (VIX.X) closed lower, while the
Nasdaq-100 Volatility Index (VXN.X) finished higher.  The
divergence mirrored what we observed in the broader market.
Concerning the VIX, despite its recent pop, it's still pretty
darn low.  Accordingly, so is fear.

The put/call ratios have been ticking higher in light of the
weakness in stocks, but the QQQ number finished dangerously
low last Friday despite the 1.12 percent drop in the underlying.
There, too, we see signs of complacency.

Last week we saw several interesting developments in the
bullish percent data.  Most interesting was the reversal in
the Dow Jones Industrial Average Bullish Percent ($BPINDU) into
Bear Alert.  Then Friday, the S&P 100 Bullish Percent ($BPOEX)
reversed into Bull Correction.  Clearly, the bearish case is
strengthening through what the bullish percent data reveal.

The only major bullish data point in this weekend's sentiment
indicators is the extreme nature of the 5-day ARMS Index,
which is back above the magical 1.50 mark.  In recent weeks,
when the indicator gets above 1.50, we've seen a very short
term pop in the market, but nothing of substance.

Finally, the new high/new low index has brought about a lot
of questions from readers.  The divergence from the broader
averages has been of special concern.  My only explanation is
that there are a lot of small and mid cap stocks, which are
not included in the major market averages, that continue
hitting new yearly highs.

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

Market Averages


DJIA ($INDU)

52-week High: 11350
52-week Low :  8062
Current     : 10272

Moving Averages:
(Simple)

 10-dma: 10328
 50-dma: 10163
200-dma:  9964

S&P 500 ($SPX)

52-week High: 1316
52-week Low :  945
Current     : 1223

Moving Averages:
(Simple)

 10-dma: 1137
 50-dma: 1128
200-dma: 1138


Nasdaq-100 ($NDX)

52-week High: 2071
52-week Low : 1089
Current     : 1377

Moving Averages:
(Simple)

 10-dma: 1428
 50-dma: 1465
200-dma: 1525


Health Care ($HMO)

The HMO was the best performing sector in last Friday's trading.
The index finished 1.87 percent higher to a new all-time high.

Sector leaders included First Health Group (NASDAQ:FHCC), Humana
(NYSE:HUM), Mid Atlantic Medical (NYSE:MME), Anthem (NYSE:ATH),
and WellPoint (NYSE:WLP).

52-week High: 524
52-week Low : 366
Current     : 524

Moving Averages:
(Simple)

 10-dma: 510
 50-dma: 490
200-dma: 437


Networking ($NWX)

The NWX was the worst performing sector in last Friday's session.
The index finished 5.54 percent lower, not too far off of its
52-week low.  Nortel's (NYSE:NT) debt downgrade was to blame.

Individual losers included Nortel, Extreme Networks (NASDAQ:EXTR),
Juniper Networks (NASDAQ:JNPR), JDS Uniphase (NASDAQ:JDSU), and
ONI Systems (NASDAQ:ONIS).

52-week High: 503
52-week Low : 201
Current     : 225

Moving Averages:
(Simple)

 10-dma: 238
 50-dma: 262
200-dma: 295

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

Market Volatility

The VIX reversed lower in last Friday's session after nearly
reaching its 50-dma in Thursday's trading.  A trade back below
20 would be worrisome for the bulls.

The VXN finished higher in last Friday's session, but well off
of its daily highs.  The index traced an inside day as well.

CBOE Market Volatility Index (VIX) - 21.11 -0.66
Nasdaq-100 Volatility Index  (VXN) - 40.82 +0.60

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

          Put/Call Ratio  Call Volume   Put Volume
Total          0.78        442,326       343,742
Equity Only    0.70        378,323       263,981
OEX            0.54         12,255         6,618
QQQ            0.45         70,125        31,833
 
-----------------------------------------------------------------

Bullish Percent Data

           Current   Change   Status
NYSE          64      + 0     Bull Confirmed
NASDAQ-100    45      + 0     Bull Correction
DOW           67      + 0     Bear Alert
S&P 500       72      + 0     Bull Confirmed
S&P 100       72      - 1     Bull Correction

Bullish percent measures the number of stocks in an index 
currently trading on a buy signal on their point and figure 
chart.  Readings above 70 are considered overbought, and readings 
below 30 are considered oversold.

Bull Confirmed  - Aggressively long
Bull Alert      - Cautiously long
Bull Correction - Pause or pullback in upward trend
Bear Alert      - Take defensive action if long
Bear Confirmed  - High risk if long, good conditions for shorting
Bear Correction - Pause or rebound in downtrend

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

 5-Day Arms Index  1.59
10-Day Arms Index  1.36
21-Day Arms Index  1.20
55-Day Arms Index  1.22

Extreme readings above 1.5 are bullish, and readings below .85 
are bearish.  These signals don't occur often and tend be early, 
but when the do, they can signal significant market turning 
points.

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

Market Internals

        Advancers     Decliners
NYSE      1867           1258
NASDAQ    1574           1882

        New Highs      New Lows
NYSE      141             38
NASDAQ    155             51

        Volume (in millions)
NYSE     1,106
NASDAQ   1,353

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

Commitments Of Traders Report: 04/02/02

Weekly COT report discloses positions held by small specs
and commercial traders of index futures contracts at the 
Chicago Mercantile Exchange and Chicago Board of Trade. COT data 
can be found at www.cftc.gov.

Small specs are the general trading public with commercials being 
financial institutions. Commercials are historically on the 
correct side of future trend changes while small specs tend 
to be wrong.  

S&P 500

S&P commercials grew even more bearish during the most recent
reporting period, although by a smaller rate than the period two
weeks ago.  The group shed more longs than shorts for a small
increase in the group's net short position.  Small traders didn't
get any more bullish since reaching their yearly high, but they
didn't get any more bearish neither.  The group's position
remained near the yearly bullish high.

Commercials   Long      Short      Net     % Of OI 
03/19/02      322,938   410,494   (87,556)  (11.9%)
03/26/02      317,671   410,186   (92,515)  (12.7%)
04/02/02      313,294   406,337   (93,403)  (13.0%)

Most bearish reading of the year: (111,956) -   3/6/01
Most bullish reading of the year: ( 36,481) - 10/16/01

Small Traders Long      Short      Net     % of OI
03/19/02      145,262     43,066  102,196     54.3%
03/26/02      148,111     40,409  107,702     57.1%
04/02/02      149,449     43,139  106,310     55.2%

Most bearish reading of the year:  36,513 - 5/01/01
Most bullish reading of the year: 107,702 - 3/26/02
 
NASDAQ-100

Nasdaq commercials grew less bearish last week by reducing
their net short position by about 3,000 contracts.  Small
traders went in the opposite direction with a significant drop
in their net bullish position.

Commercials   Long      Short      Net     % of OI 
03/19/02       24,792     33,699    (8,907)  (15.2%)
03/26/02       25,275     33,880    (8,605)  (14.5%)
04/02/02       26,211     31,840    (5,629)   (9.7%)

Most bearish reading of the year: (15,521) -  3/13/01
Most bullish reading of the year:   7,774  - 12/21/01

Small Traders  Long     Short      Net     % of OI
03/19/02       11,637     5,527     6,110     35.6%
03/26/02       12,760     6,264     6,496     34.1% 
04/02/02       10,615     7,769     2,846     15.5%

Most bearish reading of the year:  (9,877) - 12/21/01
Most bullish reading of the year:   8,460  -  3/13/01

DOW JONES INDUSTRIAL

Dow commercials grew slightly more bullish last week by adding
a few longs and maintaining their short position.  The net long
position increased by fewer than 1,000 contracts.  Small traders
dumped a few longs, resulting in an increase to the group's net
short position.

Commercials   Long      Short      Net     % of OI
03/19/02       20,858    13,283    7,575     22.2%
03/26/02       17,973    12,539    5,434     17.8% 
04/02/02       18,717    12,549    6,168     19.7%

Most bearish reading of the year: (8,322) -  1/16/01
Most bullish reading of the year: 15,135  - 10/16/01

Small Traders  Long      Short     Net     % of OI
03/19/02        4,651    10,367    (5,716)   (38.1%)
03/26/02        5,818     9,308    (3,490)   (23.1%) 
04/02/02        5,192     9,007    (3,815)   (26.9%)

Most bearish reading of the year:  (8,777) - 10/12/01
Most bullish reading of the year:   1,909  -  1/16/01



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Do not duplicate or redistribute in any form.


PremierInvestor.net Newsletter          Weekend Edition 04-05-2002
                                                    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 Bearish Plays:     HGSI, MU
  Bullish Play Updates:  SNE
  Bearish Play Updates:  BCE, BRCM, CSCO, ISSX
  Closed Bearish Plays:  CVG, RETK

Stock Bottom / Active Trader
  New Bullish Plays:     ACF, MHK
  New Bearish Plays:     AGN
  Bullish Play Updates:  DOL, OHP
  Closed Bullish Plays:  CAH, PSS

High Risk/Reward
  New Bearish Plays:     JNPR
  Bullish Play Updates:  HIG, LUV
  Bearish Play Updates:  QCOM

Long-Term Plays
  New Non-tech Play:     UNM
  Non-tech Updates:      HC, PETM, SPLS

Split Trader
                         APOL: 3-for-2 split announcement
                         UOPX: 4-for-3 split announcement
                         

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

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

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

Human Genome Sciences - HGSI - cls: 19.05 chg: -1.09 stop: 20.45

Company Description:
Human Genome Sciences is a company with the mission to treat and 
cure disease by bringing new gene-based drugs to patients. 
(source: company press release)

Why We Like It: 
The first sign of trouble for the biotech sector came on Tuesday, 
when the biotech index (BTK.X) closed under support at 500.  
Bears took the opportunity to pile on, and the index finished the 
week with a 7.4% loss.  It's now threatening to test its near-
term lows near 450.  We like HGSI as a short because it has 
already broken below recent lows.  The $20 support level was 
abandoned today, as shares lost 5.4% to close at levels not seen 
since 1999.  With no visible support levels, we think this play 
offers a favorable risk/reward setup.  Entries can be evaluated 
on a move below $19.  This would create a double-bottom sell 
signal on the p-n-f chart. The biotech selling was fast and 
furious this week, so we wouldn't be surprised to see shares of 
HGSI rebound. If is the case, a failed rally at $20 could also be 
a good time consider getting short.  Our initial stop for this 
play is $20.45, just above today's high.  Regression channel 
users will note that a channel tool placed on the stock when the 
trend changed to bearish in late November puts the bottom of the 
channel near $17.50 to $16.00.  This will be our initial target 
area and we'll re-evaluate as the play moves along.  Editor's 
note: the one thing about shorting biotech stocks is that you 
ALWAYS need a stop.  You never know when some company is going to 
announce they have discovered a cure for cancer.  It may be an 
exceptionally small risk but it's still a risk.  Even if it's a 
false alarm, you won't want to be short during the explosion 
higher.

Picked on April 5th at $19.05 
Gain since picked:      +0.00
Earnings Date        02/14/02 (confirmed)
 



---

Micron Technology - MU - close: 29.85 change: -0.74 stop: 32.05

Company Description:
Micron Technology, Inc., and its subsidiaries manufacture and 
market DRAMs, very fast SRAMs, Flash Memory, other semiconductor 
components and memory modules. (source: company press release)

Why We Like It: 
The SOX.X semiconductor index is currently resting on support 
near 570.  While the sector didn't suffer the sharp selling that 
hit software and networking last week, it may just be a matter of 
time.  According to Dorsey Wright, the SOX.X went "bear 
confirmed" yesterday.  This doesn't guarantee that the sector 
will tank, but it does indicate that risk is weighted to the 
upside.  We think MU is a good candidate to take advantage of 
semiconductor-sector negativity.  The stock has been weak since 
breaking its 100-day and 200-day MA's on Tuesday.  Today shares 
gave up 2.4% and finished at its lowest close YTD while also 
closing under the $30 round-number support level.  The p-n-f 
chart looks especially bearish.  MU is currently on a quadruple 
bottom selling signal and has broken its bullish support at $32.  
Bearish entries can be considered on continued weakness from 
current levels, or on failed rallies to $31.  Those wanting to 
confirm bearish sector sentiment could wait for the SOX.X to 
break below support at 570.  Our initial stop is at $32.05, 
slightly above Wednesday's high.

Picked on April 5th at $29.85 
Gain since picked:      +0.00
Earnings Date        03/21/02 (confirmed)
 




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

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

Sony Corp (ADR) - SNE - close: 51.50 change: -1.21 stop: 47.99

SNE continued yesterday's slide and lost 2.3%, while the Nikkei 
also finished in the red.  The light volume behind today's 
decline indicates there was little conviction in the selling. In 
last night's update we mentioned that a pullback to $51.50 could 
offer a potential entry point.  Now that this has occurred, 
traders can jump on with relatively low risk by placing a stop 
just under the $50 support level.  On the same token, 
conservative traders could also enter on a bounce from $50.  
Please note that we are leaving our stop under the $48 level for 
now.

Picked on April 4th at $53.01
Gain since picked:      -1.51
Earnings Date        04/25/02 (unconfirmed)
 




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

B C E Inc. - BCE - close: 17.60 change: -0.27 stop: 18.26 *new*

There has been no improvement in the telecom group from Thursday.  
As a matter of fact, the breakdown in the IXTCX combined telecom 
index continues and a retest of the 160 support level looks 
imminent.  In the meantime, shares of BCE traded lower on Friday 
but once again appeared to find support near the $17.40 area.  
The question now is can this support level hold with the sector 
falling lower next week.  If shares bounce we would look for 
possible resistance at $18.00 or its 10-dma at $18.06.  We're 
going to lower our stop to $18.26, which should protect a 5% gain 
in the play.  Short-term traders should probably be looking for 
the exits while we will continue to lower our stops with the 
expectation that BCE might be able to trade $15.00 in the next 
couple of weeks.

Picked on March 22nd at $19.40
Gain since picked:       +1.80
Earnings Date         04/24/02 (unconfirmed)
 



---

Broadcom Corp - BRCM - close: 32.60 change: -1.76 stop: 35.75 *new*

Wall Street appears to be growing more concerned with chips 
stocks and the SOX closed down 8 points to just above the 570 and 
50-dma support levels.  With a number of chip stocks trading just 
above support, like Intel hovering above the $30 level and its 
200-dma, we suspect that investors may take any negative earnings 
comments as an excuse to take profits from the 2002 strength the 
sector has enjoyed so far.  This could mean a retest of the 500 
support level for the chip sector (SOX.X).  Granted, some of the 
chip equipment and fabrication makers look stronger they could 
also see profit taking with the expectation they will lead the 
rebound higher once the industry turns around.  Meanwhile, BRCM, 
which has exposure to the telecom industry, is likely to suffer 
the brunt of both weakness in chips and the telecom group.  
Shares of BRCM lost five percent on Friday and posted a bearish 
engulfing candlestick.  This is the lowest close in five weeks 
for the stock and a test of support near $30 looks inevitable.  
Traders need to decide whether they want to look for the exits 
and cover for a gain as the stock approaches $30 or hang on and 
see if the overall weakness expected in the group might produce a 
move closer to the $25 level for BRCM.  We have not decided yet 
ourselves but we are going to lower our stop to $35.75, which is 
breakeven.  Once the play moves into a gain of 10% or higher 
we'll adjust our stop to protect a 5 to 6 percent gain.  

Picked on March 25th at $35.75
Gain since picked:       +3.15
Earnings Date         04/17/02 (confirmed)
 



---

Cisco Systems - CSCO - close: 16.15 change: -0.72 stop: see text

All of the negative factors hitting the telecom and networking 
industry we have been outlining these last couple of weeks 
finally came to weigh on shares of CSCO this Friday.  The stock 
lost over four percent right after touching its 50-dma near the 
$17.00 level.  With the stock's MACD just beginning to show signs 
of a rollover from under the zero line, we feel somewhat 
confident that a bearish trade might eventually pay out for CSCO.  
After waiting this long for a move to occur we're going to stick 
to our guns and wait for shares to hit our trigger point of 
$15.90.  However, don't forget that we have a limit on the 
downside.  If for some reason CSCO gaps below the $15.50 mark, we 
will not enter the play.  Our initial target was for a quick move 
to the $14.25 level but we may re-evaluate this and consider a 
lower target with the new developments hitting the telecom and 
networking sectors.  In the meantime, if you just can't wait, 
check out our new high-risk play on JNPR this weekend.

Picked on March xth at $xx.xx <- See text
Gain since picked:      +0.00
Earnings Date        05/07/02 (unconfirmed)
 



---

Internet Security - ISSX - cls: 20.36 chg: -0.54 stop: 22.58 *new*

Readers following this sector already know that security stocks 
were hit hard when CHKP warned this week that Q1 earnings would 
be below estimates.  The whole niche of stocks have been under 
pressure for days but there appears to be no let up of sellers.  
With the GSO.X software index under its February low and under 
the psychological level of 150 combined with the lack of 
leadership from MSFT and other big name software stocks, we don't 
see a lot of support of the group as a whole.  ISSX is hovering 
near the $20 support level but we're not sure it's going to 
survive.  The stock attempted a rally on Friday morning with a 
strong spike up to the $22 level but bears quickly pounced and 
the rest of the day was spent closer to the $20 mark.  The 
longer-term picture painted by the point-and-figure chart is not 
optimistic for ISSX.  The bearish vertical count from the 
February sell signal points to a $15 price target.  However, the 
newer and fresh bearish vertical count and current column of O's 
is projecting a $7 price target for ISSX.  This last target could 
be a challenge since the stock should have very strong support at 
$10.  The $15 level seems more attainable and shares do have some 
support there from mid-October 2001.  The company just confirmed 
that they would announce earnings on Tuesday, April 16th, after 
the close around 4:00 p.m. ET.  If we're still in the play by 
then we'll likely close our positions to avoid any surprises with 
their announcement even though we don't expect any good news.  
The new cautious tone for security stocks was reinforced again on 
Friday with ISSX receiving a downgrade from a strong buy to a 
market perform.  There are a number of ways for traders to manage 
their risk here.  More conservative traders could use the 5-dma 
near $21.45, which has been acting overhead resistance for two 
weeks, as a guide to place their stop.  Doing so should protect a 
gain of 5%.  Or traders could use the 50-hour-ma near $22.00, 
which would coincide closely with Friday's high to place their 
stop.  Because we anticipate a strong downside move in the short-
term future we don't want to be stopped out prematurely so the 
newsletter will lower our stop to breakeven at $22.58.  However, 
as soon as ISSX closes under the $20 level we'll probably tighten 
our stop significantly.

Picked on March 26th at $22.58 
Gain since picked:       +2.22
Earnings Date         04/16/02 (confirmed)
 




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

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

Convergys Corp - CVG - close: 29.88 change: +0.84 stop: 30.01

The NWX.X networking index took 5.5% beating today after MCDT 
lowered its Q1 outlook for the second time and NT's debt rating 
was slashed by Moody's.  One would think that this would 
translate into a negative day for CVG, but that wasn't the case.  
As a matter of fact, the stock managed to rally almost 3%.  The 
bulls managed to overrun resistance at $29.50 and $30.00.  Our 
stop at $30.01 was also violated, which extracted us from this 
play with a $1.02 loss.  In addition to today's relative 
strength, the MACD and stochastics are both looking bullish.  At 
this point it appears CVG has more upside potential but it will 
have to break through both its 50 and 200-dma's near $31 first.

Picked on April 1st at $28.99 
Change since picked:    -1.02
Earnings Date        01/24/02 (confirmed)




---

Retek Inc. - RETK - close: 25.64 change: +2.48 stop: 25.01

We were feeling pretty good about the way this short play had 
progressed.  RETK dropped sharply after giving up support at $25, 
which was good for more than a 7% gain from our entry point.  
This prompted us to lower our stop to just above break-even last 
night.  As it turns out, it's a good thing we did.  The stock 
added 10.7% on Friday and moved well above our stop at $25.01, 
which took us out with a loss of two cents.  We were unable to 
find anything in the news today that might have been a catalyst 
for the rally.  There was an upgrade by BAC on Thursday but RETK 
didn't react to it.  Shares may run into resistance at the 
converging 100-day and 200-day MA's near $26.75.  However, 
software is full of weak stocks and we'd rather look elsewhere 
for bearish trades if this one can fight the trend.

Picked on April 3rd at $24.99 
Gain since picked:      -0.02
Earnings Date        01/22/02 (confirmed)






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

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

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

Americredit - ACF - close: 42.13 change: +2.95 stop: 38.49

Company Description:
AmeriCredit Corp. is the largest independent middle-market auto 
finance company in North America. Using its branch network and 
strategic alliances with auto groups and banks, the company makes 
auto loans to consumers who are typically unable to obtain 
financing from traditional sources. AmeriCredit has one million 
active loan customers throughout the United States and Canada and 
more than $12 billion in managed auto receivables. The company 
was founded in 1992 and is headquartered in Fort Worth, Texas. 
(source: company press release)

Why We Like It:
A couple of months ago, market pundits were projecting doom and 
gloom for shares of ACF.  The company, known for its high-
interest car loans to consumers with less than sterling credit 
ratings, has done booming business in 2001.  Their loan portfolio 
had ballooned by about 50% to more than $12 billion.  Now with 
the economic slowdown starting to affect loan repayments analysts 
were correctly calling for caution on the stock.  It made a lot 
of sense.  If ACF was having trouble collecting payments then 
cash flows could be seriously jeopardized.  The markets knew this 
and the short-interest on the stock was growing.  When shares 
started to spike higher in March, bears just saw it as a better 
entry point to short it more.  We've been watching ACF since 
early March waiting to see if the rally would have enough 
strength to power it through the 200-dma.  We're sure that 
stunned shorts were speechless when the stock broke through the 
200-dma mid-March.  Fortunately for the bears, the $40 level, 
which was the top of the window from the gap down in September, 
was just above it and has been a lid on shares for four weeks.  
Now shares of ACF have rallied above huge resistance on twice the 
average volume and we think shorts are gonna get squeezed!  You 
can argue all you want about the company's fundamentals and we 
won't disagree since we're just trying to play any short squeeze 
and the technical breakout.  From different sources we suspect 
that there is anywhere from 23 to 30 million shares short on the 
stock with only 84 million shares outstanding.  Average volume is 
about 2.6 million a day.  If the bears panic we think ACF might 
be able to shoot up to the $50 level before rolling over again.  
We don't plan to be in the play too long as ACF is set to 
announce earnings on Monday, April 15th, after the close.  We're 
going to start the play with a stop at $38.49, which is just a 
bit wider than we would prefer but still less than our 10% 
guideline.  A dip to $40 would be playable but we don't expect 
one to occur.  We will exit the play if ACF trades at $49.75 or 
above.  Interested traders can look for a new report on shares 
short that is due to come out on Monday or Tuesday this week 
(sorry, it only comes out once a month).

Picked on April 5th at $42.13 
Gain since picked:      +0.00
Earnings Date        04/15/02 (confirmed)
 



---

Mohawk Industries - MHK - close: 61.80 change: +1.50 stop: 58.49

Company Description:
Mohawk is a leading supplier of flooring for both residential and 
commercial applications and a producer of woven and tufted 
broadloom carpet, rugs and ceramic tile. The Company designs, 
manufactures and markets premier carpet brand names and a broad 
line of home products including rugs, throws, pillows and 
bedspreads.  (source: company press release)

Why We Like It:
The housing boom has been very profitable for carpet maker 
Mohawk.  The stock has done very well but shares have pulled with 
profit taking in the housing stocks through the month of March.  
It appears the stock has bottomed near its 50-dma, which 
coincides with the MACD beginning to curl into a bullish pattern 
near the zero line.  We like the positive 2.4% gain on Friday 
that put the stock back above the $60 level of potential 
resistance.  The next few months look good for MHK.  Market 
commentators believe the Fed may be on hold for a while before 
they increase interest rates and with summer coming up, a prime 
time for home sales, the housing group is likely to continue its 
bullish pace with mortgage rates still relatively near historic 
lows.  Of course with people buying and building new homes, there 
will be a growing need for carpet.  We are initially going to 
target a move to the $70 level and start with a stop at $58.49.

Picked on April 5th at $61.80 
Gain since picked:      +0.00
Earnings Date        02/06/02 (confirmed)
 




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

Allergan - AGN - close: 58.40 change: -1.48 stop: 62.01

Company Description:
Allergan, Inc., headquartered in Irvine, California, is a 
technology- driven global health care company providing eye care 
and specialty pharmaceutical products worldwide. Allergan 
develops and commercializes products in the eye care 
pharmaceutical, ophthalmic surgical device, over-the- counter 
contact lens care, movement disorder, and dermatological markets 
that deliver value to its customers, satisfy unmet medical needs, 
and improve patients' lives. (source: company press release)

Why We Like It:
We hate to say it but drugs may not be the safe-haven they are 
normally thought this time around.  The recent earnings bomb 
unloaded by the likes of Bristol Myers Squibb has put the whole 
sector into a bearish spiral and we've noticed a very large 
number of technical breakdowns across the board for both drug and 
biotech issues.  One such stock that is hitting new 52-week lows 
is AGN.  We wanted to add AGN on Thursday night but just ran out 
of time.  Fortunately, shares did not get away from us but the 
2.4% decline on Friday was made with very strong volume.  
Furthermore, by waiting shares of AGN merely confirmed the 
breakdown under the September lows of $60.00.  The PnF chart 
doesn't look any better and is showing a bearish triangle 
breakdown.  Traditionally, playing a PnF triangle breakout 
(either way) is a high-odds success play if the "market" is 
moving the same direction.  This would appear to be the case.  We 
have broader market weakness in the Dow, Nasdaq and S&P...we have 
weakness in the DRG.X and the BTK.X and AGN just broke heavy 
support.  Sounds like all the cards are stacked in favor of the 
bears.  Which of course makes us skeptical since nothing is 
supposed to be too obvious.  We like it as a play and we're 
targeting an initial drop to the $50 area but traders may want to 
leg into this play half a position at a time.  Failed rallies at 
$60 work just as well as continued weakness.  We'll start with a 
stop at $62.01, which is just above Thursday's high.

Picked on April 5th at $58.40 
Gain since picked:      +0.00
Earnings Date        04/22/02 (unconfirmed)
 




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

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

Dole Food CO. - DOL - close: 30.76 change: +0.04 stop: 30.31

Volume was tepid on Wall Street today, and DOL really exemplified 
the lack of interest.  The stock traded only 72K shares...that's 
the lightest volume day YTD.  As you might expect, the range was 
also very narrow.  Last night we strongly considered dropping DOL 
but instead tightened our stop to $30.31.  The recent trading 
pattern isn't necessarily weak, but we'd rather have our money in 
stocks that are not trading sideways.  If DOL breaks higher next 
week look for a move over $31.46 to consider going long.  Unless 
this occurs we wouldn't be looking for entries at current levels.  
Those investors willing to take a longer-term, three month to six 
months, might want to consider entries near the $30 level or near 
the 50-dma.  The latter would be a good place to use a stop loss.

Picked on March 1st at $30.94
Gain since picked:      -0.18
Earnings Date        01/31/02 (confirmed)




--- 

Oxford Health - OHP - close: 41.37 change: +0.54 stop: 39.90

Of all the sectors we watch, only two finished the week with 
gains:  The HMO.X health provider index and RXH.X healthcare 
index.  The latter saw a new near-term high today, while the 
HMO.X closed at an all-time high of 523.  Given the sector 
strength, you'd expect that OHP would also be trading all-time 
highs.  Unfortunately, that stubborn resistance at $42 just won't 
give way.  The latest two sessions were actually spent 
consolidating below this level.  Today's 1.32% gain made up lost 
ground from Thursday, but shares didn't come close to testing the 
$42 level.  Due to the inability of OHP to rally over resistance, 
we're tightening our stop to $40.45, just under yesterday's low. 
That should protect a 5% gain.  As far as gaming new entries, 
wait for a move over $42.  This would obviously be a positive 
technical development, but keep those stops tight.  The HMO.X is 
quickly approaching the upper end of its regression channel at 
530, at which point we expect some sector consolidation.  Check 
out this weekend's watch list for other healthcare stocks on the 
move.

Picked on March 8th at $38.55
Gain since picked       +2.82
Earnings Date        02/05/02 (confirmed)





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

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

Cardinal Health - CAH - close: 68.28 change: -1.81 stop: 67.49

Despite gains in both the HMO.X health provider index and RXH.X 
Healthcare index, CAH was unable to maintain support at $70.  The 
stock dropped all the way to an intraday low of $67.10 before 
closing for 2.6% loss.  The stock bounced near the bottom of its 
ascending channel, but due to the possible resistance at $70 we 
wouldn't recommend opening positions at current levels.
We couldn't find any company-specific news to explain today's 
weakness, but it may have something to do with the fact that CAH 
has a good deal of exposure to the pharmaceutical business.  Drug 
stocks have been weak since BMY announced an earnings warning 
earlier this week. 

Picked on March 22nd at $70.05
Gain since picked:       -2.56
Earnings Date         04/23/02 (confirmed)




--- 

Payless Shoesource - PSS - close: 60.13 change: +0.04 stop: N/A

That's it...We're giving PSS the boot!  The stock had ample time 
to perform, and it's done nothing but trade sideways.  Today's 
weakness compared to the RLX.X retail index was the last straw.  
We're dropping it as of the closing price of $60.13.  A case 
could be made that shares are coiling for a big move as the MACD 
drifts toward the zero line.  Of course Murphy's law will dictate 
that PSS will post a strong rally next week just to spite us.  
Traders who have lasted this long and not yet willing to give up 
might want to consider raising their stop to just under the 50-
dma currently at $59.12.

Picked on March 15th at $61.74
Change since picked:     -1.61
Earnings Date         02/22/02 (confirmed)






==================================================================
HIGH RISK/HIGH REWARD (HR) section
==================================================================

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

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

Juniper Networks - JNPR - close: 11.42 change: -0.89 stop: 12.60

Company Description:
Juniper Networks leads the industry in turning network innovation 
into the profitable delivery of edge, core, mobile, and cable 
Internet services at scale for the New Public Network.
(source: company press release)

Why We Like It:
We've been waiting for a short play opportunity on CSCO for a few 
weeks now but recent developments make JNPR an attractive 
candidate for what could be a quick in-and-out play.  The end of 
March was not kind to the networking/telecom group as JNPR pre-
announced that Q1 earnings would be lower than expected.  Which, 
as one analyst put it, should not have been a surprise with the 
negative news and capex cuts all quarter.  JNPR's management said 
that Q1 revenues would be lower amid "cautious spending" by 
customers.  Projects and equipment buys continue to be pushed 
back and delayed.  In other sources we've noted several analysts 
who think CSCO is really stealing marketshare from JNPR as well.  
JNPR is set to announce earnings on April 11th.  Normally, we do 
not hold over an earnings announcement, however, as this is a 
high-risk play we might decide to hold over and see if they guide 
lower for Q2 and/or offer no guidance, which might be interpreted 
as the same thing.  Since shares of the JNPR have failed at its 
50-dma and the MACD is about to rollover just under the zero 
line, our upside risk should be limited.  Mr. Bailey had a number 
of comments about JNPR in his wrap and we encourage you to look 
over them.  Keep in mind that Jeff didn't know we were adding 
JNPR as a play this weekend.  Our profit target will be a move to 
the $9 area and we'll start with a stop loss at $12.60, which is 
just above the 50-dma.

Picked on April 5th at $11.42
Change since picked:    +0.00
Earnings Date        04/11/02 (confirmed)
 




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

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

Hartford Financial Svc - HIG - cls: 69.12 chg: +0.62 stop: 66.04

The relative strength HIG had displayed all week paid off on 
Friday.  The Dow Jones finished with a small gain, while HIG 
outperformed and added 0.90%.  The stock is benefiting from 
overall bullishness in the insurance sector.  Wall Street seems 
to think that rising premium rates will translate into continued 
growth for insurance stocks.  ALL, MET, PGR, and PRU are all 
breaking to new near-term highs.  HIG hit a near-term intraday 
high of $69.47 before pulling back to close at levels not seen 
since last summer.  Our initial profit target of $70 is now 
within striking distance.  This level will likely act as 
resistance, and conservative traders may want to consider taking 
their money off the table as HIG approximates this level.  
However, in light of the impressive sector strength we're looking 
for a break above psychological resistance at $70.  This would 
also create a double-top breakout on the p-n-f chart.  If shares 
do breakout above the $70 level we are anticipating a quick move 
to the $72.50 area, where we will consider closing the play for a 
gain.  More patient investors may want to hang on and see if HIG 
can reach $75 or higher.  Traders looking for an entry could open 
positions on a close above $70.  The PI newsletter is currently 
up 5.1% on this play.

Picked on March 13th at $65.74
Gain since picked:       +3.38
Earnings Date         01/28/02 (confirmed)
 



---

Southwest Airlines - LUV - cls: 18.51 chg: -0.43 stop: 17.99

The XAL.X airline index traded flat on Friday, as investors 
avoided taking any new positions ahead of what could be a news-
heavy weekend.  AMR, DAL, NWAC, and UAL all declined, while LUV 
surrendered most of yesterday's gains and lost 2.3%.  It's 
interesting to note that crude oil (cl02k) traded lower for the 
second day in a row.  Airlines will likely head higher if that 
trend continues.  Of course, the wild card in this scenario is 
how things play out in the Mid East.  Assuming nothing causes oil 
to skyrocket higher, traders looking for entries can consider 
going long on a move over today's high of $19.17, which is just 
over the 100-dma.  A dip to the $18.20 may also present a very 
favorable buying opportunity since it has been support for the 
last couple of weeks.  Besides, entering near $18.20 would reduce 
your risk to less than a 25 cents.  It would not hurt to confirm 
positive sector sentiment so watch for the XAL.X to move over its 
200-dma at 101.62.  

Picked on April 4th at $18.94
Gain since picked:      -0.43
Earnings Date        04/18/02 (unconfirmed)
 




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

QUALCOMM - QCOM - close: 35.91 change: -0.69 stop: 38.21 *new*

QCOM continued its pattern of relative weakness today, as it led 
the NASDAQ lower and lost nearly 2%.  The intraday trading action 
was decidedly bearish.  QCOM briefly moved over $37 this morning, 
only to have the bears jump on immediately.  Shares dropped as 
far as $35.59, which is a new near-term low.  The IXTCX combined 
telecom index looks weak as well, and is approaching support at 
160.  At this point it looks the stock could retest its February 
lows near $32-$33.  However, nothing goes down in a straight 
line, and we wouldn't be surprised to see QCOM bounce back to the  
$37.00 to $37.50 levels before heading lower.  Daily stochastics 
are also buried in oversold.  Of course, they can stay pinned 
there indefinitely.  If today's low is broken, the next obstacle 
will be psychological support at $35.  Conservative traders might 
want to consider taking their money off the table if the stock 
bounces from this level.  PI is currently up 9% on this play.  In 
order to protect ourselves, we're going to lower our stop to 
$38.21.  This is just above the 10-dma, which has pressured the 
stock over the past two weeks.  More conservative traders should 
feel free to use a tighter stop to protect their gains.  Keep an 
eye on the IXTCX.  The combined telecom index fell through 
support at the 170 level this week and a test of support at 160 
looks imminent. 

Picked on March 25th at $39.47
Change since picked:     +3.56
Earnings Date         04/24/02 (unconfirmed)






==================================================================
Long-Term Plays (LT) section
==================================================================

============
LT New Plays
============

  -----------------
  New Non-Tech Play
  -----------------

Unumprovident Corp - UNM - close: 28.48 change: +0.38 stop: 26.89

Company Description
The subsidiaries of UnumProvident Corporation offer a 
comprehensive, integrated portfolio of products and services 
backed by industry-leading return-to-work resources and 
disability expertise. UnumProvident is the leader in income 
protection, providing insurance and services to individuals, both 
directly and through their employers. UnumProvident has more than 
100 years of experience in creating innovative solutions that 
protect the rewards of work: paychecks, assets and lifestyles. 
UnumProvident was named one of Fortune's top ten most admired 
insurance companies. UnumProvident Corporation has operations in 
the United States, Canada, the U.K., Japan, and elsewhere around 
the world. (source: company press release)

Why We Like It:
When it comes to economic and earnings uncertainty, it appears 
Wall Street might be turning to the insurance sector as a safe 
haven to park some money.  UNM is one of the larger accident and 
health insurers and shares rallied strongly after the Feb. 6th 
earnings report.  We think the stock makes an intriguing play for 
a longer-term bullish position.  If money is rotating into the 
sector then UNM might benefit as it is significantly less 
expensive than many of its counterparts.  UNM has a trailing 12-
month P/E of just 11.7 while the sector average is 25 and the S&P 
average is 31.  The stock recently bounced off support near 
$27.00, which is the second time shares have done so since early 
February.  Friday's close over potential resistance at $28 and 
its 50-dma look like a good signal to go long.  MACD confirms the 
move with a fresh bullish crossover.  We also checked the point-
and-figure chart, which is showing the stock working on a bounce 
from its rising bullish support.  We suspect shares might be able 
to trade to the $35 level in the next three to four months but 
UNM does have some old resistance at $33.  Therefore our three-
month target will be $33.00 or about 15.7 percent from current 
levels.  We will start the play with a stop at $26.89, which is 
about 5.5 percent from our entry.  Traders can expect some 
resistance between $29.70 and $30.00.  

Picked on April 5th at $28.48
Gain since picked:      +0.00
Earnings Date        05/07/02 (not confirmed)





===============
LT Play Updates
===============

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

Hanover Compressor - HC - close: 18.80 change: -0.73 stop: 15.99

An interesting day for HC on Friday.  The stock pulled back as we 
expected it to but during the regular trading day shares never 
traded below the $19.00 mark.  Yet somehow, right at the close, 
shares of HC went from $19.02 to $18.80.  Therefore, we have to 
take the gap down at $18.80 as our entry price.  If you read our 
long-term play description on Wednesday, then you know that we 
would prefer to pick an entry price near $18.50 or even closer to 
the $18.25 to $18.00 level since we view $18 as strong support 
for shares of HC.  As an individual investor you might consider 
waiting to see if HC continues to pullback a bit before jumping 
in.  As discussed in the original write up, we are initiating the 
play with a stop at $15.99.  More conservative investors may want 
to wait for HC to close over the $20 and 100-dma level of 
resistance before committing any capital.  

Entered on April 5th at $18.80
Gain since picked:       +0.00
Earnings Date          June/02 (not confirmed)





---

PETsMART - PETM - close: 13.98 change: +0.03 stop: 13.25 *new*

Nothing to complain about here.  The slow climb higher has gone 
on unabated in shares of PETM, which seem unaffected by the 
broader market weakness.  The stock is without a doubt severely 
overbought but it appears there are no sellers.  One could expect 
profit taking at any time and a likely cause would be a broker 
downgrading the stock on a valuation call.  Because of this we 
are going to inch up our stop to $13.25, which is under the 15-
dma - a level of support for the last five weeks.  We are 
reverting to short-term strategies to protect profits but long-
term investors can still play the stock.  However, investors 
looking for new entries should probably do so only on pullbacks 
to the 50-dma, currently near $12.00.  If this occurs you may 
want to watch it for a day or two for signs it is not the 
beginning of a more prolonged bout of profit taking.  While we 
keep the play open we're altering our strategy on the exit side.  
We suspect that the $15.00 level might be resistance just as the 
$14.00 level has been this week.  Therefore, we'll close the play 
if PETM can trade to $14.90 assuming we're not stopped out first.

Picked on January 25th at $10.32
Gain since picked:         +3.66
Earnings Date            June/02 (not confirmed)





---

Staples, Inc - SPLS - cls: 20.64 chg: +0.54 stop: 18.44 

Wow, what a difference a couple of days can make.  We were 
somewhat cautious on Wednesday with the stock hovering above its 
50-dma.  Fortunately, buyers have chosen to step back into the 
stock and the current bullish pattern on the point-and-figure 
chart is still unbroken.  Speaking of the PnF chart, SPLS is 
still showing a bullish vertical target of almost $30.00.  We're 
probably not going to hang on to it long enough to get there but 
we wouldn't mind taking our money off the table near the $25.00 
mark.  Doing some research this weekend turned up a growing trend 
of strength for a lot of the smaller office supply stocks.  If 
fund managers are putting money to work in the group then SPLS is 
likely to be a magnet for a lot of that dough.  The MACD is about 
to produce a bullish crossover and stochastics are looking very 
positive.  Friday is a new closing high for the stock and the 
rally came on stronger volume of almost 5 million shares.  New 
entries might be considered here but you may want to use a 
tighter stop than the one currently used by the newsletter.

Picked on January 4th at $18.44
Gain since picked:        +2.20
Earnings Date           June/02 (unconfirmed)





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

Split Announcements
-------------------

Apollo declares 3-for-2 split for APOL 4-for-3 split for UOPX

Apollo Group Inc. (Nasdaq: APOL) announced today that it had 
authorized a 3-for-2 split of both its Class A and Class B common 
stock.  Furthermore, they gave the green light on a 4-for-3 split 
of its University of Phoenix Online common stock (Nasdaq: UOPX).

The split will come in the form of a stock dividend and will be 
distributed on April 25, 2002 to stockholders of record on April 
15, 2002.  Fractional shares will be paid in cash.

APOL also split 3:2 in 1998 and 2001.  UOPX also split 3:2 in 
2001.

APOL closed at $52.09 on Thursday, while UOPX closed at $39.20. 

For current quotes, click here:
http://user.financialcontent.com/pin1/quote.cgi?account=pin1&ticker=APOL
http://user.financialcontent.com/pin1/quote.cgi?account=pin1&ticker=UOPX

About the company
Apollo Group Inc. has been providing higher education programs to 
working adults for over 25 years. Apollo Group Inc., operates 
through its subsidiaries The University of Phoenix Inc., Institute 
for Professional Development, The College for Financial Planning 
Institutes Corp., and Western International University Inc. 
(source: company press release)



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PremierInvestor.net Newsletter         Weekend Edition 04-05-2002
                                                   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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In section three:

Market Watch for Week of April 8th
   - 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 April 8th
==================================================

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

Symbol  Company               Date           Comment      EPS Est

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

AMB    AMB Property           Mon, Apr 08  After the Bell    0.62
FVB    First Virginia Banks   Mon, Apr 08  -----N/A-----     0.85

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

ABT    Abbott Laboratories    Tue, Apr 09  Before the Bell   0.54
DNA    Genentech              Tue, Apr 09  After the Bell    0.22
INFY   Infosys Tech Lmtd      Tue, Apr 09  After the Bell    0.33
MTG    MGIC Investment Corp.  Tue, Apr 09  Before the Bell   1.47
MSM    MSC Industrial Direct  Tue, Apr 09  Before the Bell   0.12
RIMM   Research InMotion Lmtd Tue, Apr 09  After the Bell   -0.15
TRMK   Trustmark Corporation  Tue, Apr 09  -----N/A-----     0.46

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

BRO    Brown & Brown          Wed, Apr 10  After the Bell    0.28
COGN   Cognos                 Wed, Apr 10  After the Bell    0.22
STZ    Constellation          Wed, Apr 10  After the Bell    0.62
SSP    E.W. Scripps           Wed, Apr 10  Before the Bell   0.53
IYCOY  Ito-Yokado             Wed, Apr 10  -----N/A-----      N/A
RI     Ruby Tuesday           Wed, Apr 10  -----N/A-----     0.32
SIGY   Signet Group           Wed, Apr 10  Before the Bell   2.20
STI    SunTrust               Wed, Apr 10  Before the Bell   1.18
TGS    Transportadora de Gas  Wed, Apr 10  After the Bell    0.03
YHOO   Yahoo!                 Wed, Apr 10  After the Bell    0.02

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

ACN    Accenture              Thu, Apr 11  Before the Bell   0.22
ARA    Aracruz Celulose S.A.  Thu, Apr 11  -----N/A-----     0.06
BBT    BB&T                   Thu, Apr 11  Before the Bell   0.66
CMH    Clayton Homes          Thu, Apr 11  -----N/A-----     0.21
CBH    Commerce Bancorp       Thu, Apr 11  -----N/A-----     0.42
CYT    Cytec Industries       Thu, Apr 11  After the Bell    0.26
DCLK   DoubleClick            Thu, Apr 11  After the Bell   -0.04
DJ     Dow Jones              Thu, Apr 11  Before the Bell   0.08
ELNT   Elantec Semiconductor  Thu, Apr 11  After the Bell    0.11
FDC    First Data             Thu, Apr 11  Before the Bell   0.63
FULT   Fulton Financial       Thu, Apr 11  -----N/A-----     0.39
HIB    Hibernia Corporation   Thu, Apr 11  -----N/A-----     0.37
JNPR   Juniper Networks       Thu, Apr 11  After the Bell    0.00
MDC    M.D.C Holdings         Thu, Apr 11  Before the Bell   0.97
MI     Marshall & Ilsley      Thu, Apr 11  During the Market 1.03
MERQ   Mercury Interactive    Thu, Apr 11  After the Bell    0.10
NET    Network Associates     Thu, Apr 11  After the Bell    0.07
PIR    Pier 1 Imports         Thu, Apr 11  Before the Bell   0.51
PKX    POSCO                  Thu, Apr 11  -----N/A-----      N/A
SWY    Safeway                Thu, Apr 11  Before the Bell   0.67
SM     Sulzer Medica          Thu, Apr 11  -----N/A-----      N/A

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

BLK    BlackRock              Fri, Apr 12  Before the Bell   0.46
SPOT   PanAmSat               Fri, Apr 12  -----N/A-----     0.09
SGR    Shaw Group The         Fri, Apr 12  -----N/A-----     0.49


  -------------------------------
  Upcoming Stock Splits In The Next Two Weeks...
  -------------------------------

Symbol  Company Name              Ratio    Payable     Executable

MKC     McCormick & Co            2:1      04/05       04/08
ALLY    Alliance Gaming           2:1      04/08       04/09
THQI    THQ Inc                   3:2      04/09       04/10
DHI     D.R. Horton               3:2      04/09       04/10
DKWD    D&K Healthcare            2:1      04/11       04/12
MMSI    Merit Medical             5:4      04/11       04/12
AVD     American Vanguard Corp    4:3      04/12       04/13
AMAT    Applied Materials         2:1      04/15       04/16
WRI     Weingarten Realty Invstor 3:2      04/15       04/16
CATY    Cathay Bancorp            2:1      04/16       04/17
ADSK    Autodesk                  2:1      04/17       04/18
PGR     Progressive Corp          3:1      04/19       04/20
MASB    MASSBANK                  3:2      04/19       04/20
FSBK    First South Bancorp       3:2      04/19       04/22


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

Earnings will begin to take center stage again as Wall Street
eagerly or maybe apprehensively awaits the Q1 numbers.  There
may be a few more pre-announcements for those companies 
announcing later in the cycle but they should subside.  Finally,
this coming Friday is full of major economic reports with the
PPI, Retails Sales and the Sentiment for April.

==============================================================
                       -For-           
Monday, 04/08/02
----------------
Wholesale Inventories(DM)Feb  Forecast:   0.0%  Previous:   -0.2%


Tuesday, 04/09/02
-----------------
.. None ..


Wednesday, 04/10/02
-------------------
.. None ..


Thursday, 04/11/02
------------------
Initial Claims (BB)    04/06  Forecast:    N/A  Previous:    460K
Export Prices ex-ag.(BB) Mar  Forecast:    N/A  Previous:    0.0%
Import Prices ex-oil(BB) Mar  Forecast:    N/A  Previous:   -0.5%


Friday, 04/12/02
----------------
PPI (BB)                 Mar  Forecast:   0.6%  Previous:    0.2%
Core PPI (BB)            Mar  Forecast:   0.1%  Previous:    0.0%
Retail Sales (BB)        Mar  Forecast:   0.5%  Previous:    0.3%
Retail Sales ex-auto (BB)Mar  Forecast:   0.4%  Previous:    0.2%
Mich Sentiment=Prel (DM) Apr  Forecast:   97.3  Previous:    95.7



Definitions:
DM=  During the Market
BB=  Before the Bell
AB=  After the Bell



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

WM      Washington Mutual Inc      35.71     +1.08
ACF     Americredit Corp           42.13     +2.95
STR     Questar Corp               27.50     +0.93
AHMH    American Home Mtg Holdings 16.85     +0.74

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

UNTD    United Online Inc           9.03     +1.28
TREE    Lendingtree Inc            15.15     +1.36

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

GUC     Gucci Group                93.85     +1.65
ASD     American Standard Cos      72.65     +2.26
POT     Potash Corp                66.00     +1.26
CPS     Choicepoint Inc            59.05     +1.89
AJG     Arthur J. Gallagher & Co   34.97     +1.34
GETY    Getty Images Inc           34.68     +6.28
GRTS    Gart Sports Company        34.98     +5.18

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

V       Vivendi Universal          35.20     -1.15
EDS     Electronic Data Systems    52.85     -1.20
WPI     Watson Pharmaceuticals     24.20     -1.35
CSGS    CSG Systems Intl. Inc      24.55     -1.23

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

AMHC    American Healthways Inc    25.93     -0.48
CSS     CSS Industries Inc         32.09     -0.31



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