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Daily Newsletter, Thursday, 04/25/2002

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PremierInvestor.net Newsletter                          04-25-2002
                                                    section 1 of 2
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In section one:

Market Wrap:      M, I, Ceeee .... see ya real soon....
Play-of-the-Day:  Beating Estimates
Market Sentiment: Is Fear Creeping Back into the Markets?

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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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        04-25-2002        High      Low     Volume Advance/Decline
DJIA    10035.06 +  4.63 10039.56  9926.57 1526 mln   1641/1504	
NASDAQ   1713.70 +  0.36  1724.01  1697.27 1788 mln   1611/1942
S&P 100   540.69 -  1.17   542.71   537.31   totals   3252/3446
S&P 500  1091.48 -  1.66  1094.36  1084.81           
RUS 2000  508.85 +  1.53   509.07   503.31
DJ TRANS 2726.43 + 51.69  2732.16  2660.17
VIX        22.97 +  0.29    23.96    22.47
VXN        40.41 +  0.23    42.51    39.87
Put/Call Ratio      0.78
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===========
Market Wrap
===========

M, I, Ceeee .... see ya real soon....

K, E, Y.... Why?  Because we wanted to surprise you!  
M, O, U, S, E.  MICKEY MOUSE!  The Walt Disney Company (NYSE:DIS) 
$25.00 +1.95% pulled a "Mickey Mouse" on investors just prior to 
the close of trading and announced earnings that beat 
expectations.  Almost like an "in your face" type of move to 
disbelievers that were short the stock, Disney (DIS) reported 
earnings of $0.13 a share, which was better than consensus 
estimates of $0.10 a share.

Walt Disney Chart - Daily Interval



Shares of Disney (DIS) traded as low as $23.68 earlier today as 
earlier market weakness and broader market action had most bulls 
rather nervous.  Longer-term however, the technicals from the bar 
chart are starting to shape up and beginning to look bullish.  

The technicals and observations from the bar chart are perhaps 
indicative of Disney's tone in tonight's brief commentary from 
their conference call.  The company says its seeing "early signs 
of improvement" in the advertising market, but it will take some 
time to see a complete turnaround in its ABC unit.  The positive 
notes had the company saying that theme park bookings are running 
better than year ago levels.

I'm starting to warm up to Mickey on a longer-term basis.  
Psychological resistance comes at $25.00.  Hey, $25.00 is about 
as "round" as you can get and this $25 number has really show up 
in recent weeks.  Technically however, I think the $25.89 or $26 
(also a round number) really comes into play.

The other day, a subscriber asked me about some stocks that might 
be good long-term investments (12-18 year time horizon) for a 
child's college fund.  Right now, I can't think of a better long-
term stock for a child's education fund than Disney.  The 
technicals are there and note how the stock hit what looks to be 
a "bottom" just after the terrorist attacks!  Look at that 
volume!  I'm guessing there were perhaps some parents out there 
that also had DIS in the kids college fund, watched it go from 
$13 back in 1994 to over $40 in 1998 and then back down to $20 on 
September 11th and finally did something about it.  They may have 
sold it, told the kid he/she was going to the community college 
this year and Harvard was not in the books.

Now, NEVER put all of the kids college fund or even your own 
investment capital in just one stock.  With Disney still below 
its bearish resistance on the point and figure chart, I'd be just 
confidence enough right now to start legging into the stock with 
the recent break of longer-term downward trend (from the bar 
chart) and follow with a stop at the rounding 200-day MA.  I like 
to invest longer-term (gradually building a position) in stocks 
where the technicals seem to depict what the company is saying 
about the future.  It's when the technicals DIVERGE from what the 
company is saying that we need to be very concerned.

Say Cheese!

Disney's before market close earnings report wasn't the only 
surprise dropped on the market today.  Subscriber e-mail has me 
looking for yet another level of resistance for the HMO Index 
(HMO.X) which surged to yet another 52-week high at $610!  While 
our play list doesn't have an HMO stock on it, there's still some 
subscribers hanging in there on recently profiled HMO stocks.

Instead of "trying to pick a top" on each of them, I'll try again 
and this time we're going to really get outlandish!  I'll call it 
the "triple-decker stacked regression."

Morgan Stanley Healthcare Index (HMO.X) - Daily Interval



Wow!  NEVER underestimate the power of supply and demand.  
Today's action in the HMO's was fueled by Wellpoint Health 
(NYSE:WLP) $74.84 +4.7% reporting better than expected earnings.  
This good news had the HMO's blowing through our recently added 
"2nd" level of stacked regression.  I sure hope there aren't some 
bears trying to short these upper levels of regression.  Strange 
things can happen when no overhead supply remains.

Now I've added a "3rd" stacked regression (interesting close near 
the mid-point), which now gives bulls another target to be 
shooting for.  

I've also "rolled up" retracement to try and get another 
"crisscross" from a retracement/regression line that also fits 
with past trading.  We can see how the brief periods of 
consolidation (533 and 584) are perhaps indicative of some 
institutions "legging out" of some partial positions (taking 
profits) and when they're done, demand takes over again, 
outstrips supply and its off to the races once again.  There's 
also going to be the bears trying to pick a top, then turn into 
buyers on the breaks higher as they cover their losses, making 
for the rather impressive moves higher.

Eventually this will end as risk/reward becomes too unfavorable.  
I will note that the bullish vertical count from the point and 
figure chart of 565 was exceeded several days ago.  The first 
sell signal on the point and figure chart would be at $570 (on 
the $5 box scale).  At this point, a bull that's been long for a 
couple of weeks or months could care less, it's the bears that 
are short and looking for the pullback that are most concerned.  
For those still long a stock(s) in this group, just keep raising 
your stops to levels where you are satisfied with a profit and 
let things play out.  Monitor your "like stock" with the index 
and if you start seeing DIVERGENCE (your stock acting bearish 
relative to the index) then be on the alert for potential price 
declines in your holdings!

Always use a stop

If you're short any stock, regardless of market conditions, 
always use a stop.  The HMO rally is impressive, but for those 
that have been trading/investing for a while, we've seen it too 
many times.  It doesn't matter what "type" of stock you're short 
(healthcare, networking, internet, software, cyclical) when the 
MARKET hungers for it, strange things can happen.

We don't want any trader to be "afraid" to short a stock, but the 
above chart of the HMO Index is also a reminder that any stock, 
regardless of sector association needs to be traded with 
discipline.

Alarming divergence!

It was a rather "wild" day today and just before the close of 
trading I was looking for some DIVERGENCE and saw that shares of 
Macromedia (NASDAQ:MACR) $21.66 +23.7% were really bucking the 
trend.  Usually when I go through the % gainer list of stocks 
they are mostly filled with $1 or $2 stocks that are up 25-50 
cents.  

What's interesting about Macromedia's gain today is that the only 
news I could find was that Thomas Weisel (an investment firm) 
upgraded the stock to "attractive" from "market perform" due to a 
recently reported "solid" Q4 and the belief that the new product 
cycle looks promising. (Note:  the word "solid" was their word 
not mine)  

On April 24th (Wednesday) after the bell, MACR reported a Q4 loss 
of $0.10 a share, which beat consensus estimates looking for a 
loss of $0.14 a share.  Reported revenues of $75.6 million were 
also better than the consensus estimate of $72.7 million.  The 
company did say it expected a return to profitability in the June 
quarter and sees sequential revenue growth, or roughly $83 
million.

Macromedia Chart - Daily Interval



There was some impressive volume in today's trading for MACR.  
Back in January, the stock had fallen sharply from a high near 
$27 and the $21.17 level was violated to the upside on 1.4 
million shares volume.  I think that "rally attempt" was met with 
selling by bulls "getting out" on the rally after a shocking drop 
to the $17's (I don't blame them, I would have too).  Now we see 
the same level of trading take place ($21), but volume has really 
shown a pickup.  To me, this is very "obscure" as if somebody 
knows something that isn't being said.

I've asked our play writers to add MACR to our "watch list," for 
now, but I think an aggressive bull might want to play this stock 
as bullish, with a stop just below $17.47 (that's some heat to 
take, but if you'll trade light in a partial position then that 
reduces the risk in your account/trade).  

Is it a short squeeze?  The March 8th short interest data shows 
just 1.4 million shares short, roughly 1.92 short ratio based on 
925K average daily volume.  But that doesn't mean short interest 
hasn't increased (since March 8th) on the consolidation sideways 
from $17.47-$21.17 and looking for a break of $17.47 to collapse 
to $14.76.  Well, that hasn't happened and if shorts have built 
in the stock, they might be in trouble.

Somebody (the MARKET) has been supporting the stock at $17.47.  
That's pretty evident from the chart and worth understanding.  
Don't let the $27.17 0% retracement fool you with regards to 
potential upside either.  It serves as a good trading target, but 
shares of MACR traded the $120 level back in July of 2000.  A 
break above the $28.00 level would have the stock breaking out of 
a long-term base dating back to April 2001.

Macromedia Chart - $1 & $0.50 box



The point and figure chart MACR is also compelling and looking 
bullish.  Today's trade at $21 sets off a spread-triple-top buy 
signal that takes place "outside" of downward trend.  A "patient" 
bull would like to look for entry on a pullback near the $19 
level (tie that in with bar chart's 50% retracement).  A more 
aggressive bulls takes the stock long here on the thought he/she 
might not get a pullback.

Again, you can "lessen" risk in your trades by implementing some 
trade management and trading 1/2 positions, then build the 
position as the trade unfolds.

Brokers under pressure

Broker/dealers were under pressure for most of the day, but later 
in the day selling picked up after the Wall Street Journal 
reported that the Securities Exchange Commission (SEC) has 
launched a formal investigation into the stock research practices 
of Wall Street Analysts.  The probe follows a face-to-face 
meeting between SEC Chairman Harvey Pit and New York Attorney 
General Eliot Spitzer yesterday afternoon.  Some expect 
enforcement action to result from the examination.

Last night, we added two bearish plays that may be impacted by 
future developments from today's Wall Street Journal report.  
Each stock J.P Morgan (NYSE:JPM) $34.39 -2.39% and Merrill Lynch 
(NYSE:MER) $42.50 -4.8% gapped lower at the open and recovered 
slightly from their session lows.

What I want to make "known" to traders of these stocks is that I 
feel MRL is a much weaker stock than JPM and both reside at 
different ends of the "snake" so to speak.  In essence, MER is at 
the "tail" of the snake, while JPM is more at the "head" of the 
snake.  The reason we profiled both of them is the we felt the 
"snake" as a whole was looking sick.

Here's what I'm looking at and the point and figure charts do a 
very good job (I think) of showing "field position" of each as it 
relates to each other and the technicals we are trading on the 
bigger picture.

Merrill Lynch Chart - $1 box



Merrill Lynch (MER) has been in the news a lot lately regarding 
and found itself getting "headlines" regarding potential SEC 
investigation.  The long column of O's (supply) keeps getting 
longer and we thought a break of the $45 level could have bulls 
pulling the plug on the stock.  A short-term trader would be 
pretty happy if the stock traded $38 or $37 and willing to lock 
in a gain.  The current bearish vertical count of $27 (could grow 
if column of O gets longer) will strike "fear" into a bull's hear 
if he/she is uncertain of today's SEC news.  

J.P. Morgan Chart - $1 box



Several sessions ago, JPM broke above its 200-day moving average.  
I was watching the stock closely.  I was also aware that the 
stock was trading at its bearish resistance trend, often times 
closely watched and traded by institutional money managers.  
Based on market conditions and weakness found in some of the 
"broker/dealers" and drift back below JPM's 200-day MA, we 
thought the stock was a good risk/reward bearish play.

Note how much "weaker" the p/f chart is of MER compared to JPM.  
Almost as if they're at two ends of the spectrum (or the snake's 
body).  

I don't know what will come from today's news that the SEC might 
be pressing things regarding misleading brokerage 
upgrades/downgrades or what firms might be scrutinized the most 
(if at all).  

Traders that are short either of these stocks can expect some 
volatility due to the uncertainty of today's news.  How big might 
the fines be?  We don't know.  The fine, if they ever come to 
fruition might even be covered by some type of insurance and have 
little impact.

Just trade the technicals and the trading plan as outlined by 
yourself or the play updates we post in the play list.

If I see something intraday that I think a trader should be doing 
with either of these trades, I will mention it in the intraday 
wraps (most likely at the 01:00 update).  If you're a subscriber 
to the OptionInvestor.com site, I will also make comments in the 
market monitor regarding both stocks!

Today's action

Treasury bonds finished the session relatively unchanged, and 
much like stocks, YIELDS did recover from their lows.  This 
action from the bond market gives us a very short term 
perspective that money wasn't rushing toward bonds.  Money has 
been moving toward bonds in recent sessions, but today's action 
didn't look like the MARKET was fleeing to safety.  

The Dow Industrials were interesting to watch as it really 
oscillated back and forth from the psychological 10,000 level.

The broader NYSE Composite (NYA.X) 579.97 -0.19% closed below its 
200-day moving average (582.43) for the second consecutive 
session.  This needs to be monitored and understood as bearish 
due to this index of stocks being heavily institutionally owned.  
There are no market makers holding inventories of these stocks 
(not to the level that NASDAQ stocks are) and is thought by many 
to be the "true" market.  The 50-day moving average is starting 
to roll up at $590 and now becomes a closely watched level of 
potential resistance.

Market breadth was about as mixed as trading and really reflects 
the observations we've made about "uncertainty" and expected 
volatility.

Many sectors of the market remain technically bearish and caution 
is advised.

Under current market conditions, strict adherence to stops is a 
must.  This goes for both bullish and bearish traders!

Jeff Bailey
Senior Market Technician


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

Titan Corp - TTN - close: 21.98 change: +0.31 stop: 20.99*new*

Company Description:
Headquartered in San Diego, The Titan Corporation creates, builds 
and launches technology-based businesses, offering innovative 
technical solutions. For more than 20 years, Titan has provided 
comprehensive information systems solutions and services to the 
Department of Defense and intelligence agencies. Today, three of 
Titan's four core businesses develop and deploy communications 
and information technology solutions and services for both 
government and commercial customers. (source: company press 
release)

- ORIGINAL WRITE UP: April 12th, 2002 -

Why We Like It:
These days it's a bit difficult to find a tech stock that's 
threatening to break to new near-term highs, but TTN fits the 
bill (that's near-term as in relative, not 52-week highs). Recent 
strength in the stock can be attributed to the fact that TTN 
provides services to both the commercial and defense sectors. A 
scan of news releases for the company shows four defense 
contracts have been awarded in the month of April; The most 
recent being a $103M IT contract from the Air Force that was 
announced today. This propelled shares of TTN higher by 5.6 
percent and set up what could be an attractive entry point. The 
stock closed right at the $21 resistance level, which has kept a 
lid on every attempted rally since early February. The 200-dma at 
$21.18 provides additional resistance. We think the recent flurry 
of contracts could power the stock above this level, but want to 
verify a breakout first. For this reason, we're going write this 
play with a trigger at $21.26. If TTN trades at or above this 
level, we'll go long with a stop at $19.74. This should prevent 
us from getting trapped in a reversal. P-n-f chartists may notice 
that the stock has bearish resistance at $22. This would be 
logically be the next level of resistance after the 200-dma, but 
we think the momentum created by the breakout above $21 will be 
enough to carry it though $22. Such a move would also create a 
double-top breakout on the p-n-f and put our profit target of 
$25.50 within reach (although expect resistance at $24). Be sure 
to monitor events in the Mid East, as a deterioration of the 
regional tensions (can it get much worse?) could spotlight the 
defense sector even more.

- Most Recent Update: April 25th, 2002 -

The pull back in TTN may be over.  The defense contractor and 
information technology company reported Q1 earnings after the 
bell today and the revenue numbers were impressive.  According to 
their press release TTN's Q1 revenues were $340.5M vs. $239.1M 
the year before.  That's a 42 percent increase.  Pro forma 
operating income rose 33 percent to $23.5M and pro forma net 
income rose 62 percent to $9.1M with earnings per share rising to 
12 cents.  The estimates were for 10 cents.  If you missed the 
two bounces at the $21.50 level, traders got another chance today 
before the stock shot higher in the last hour of the day.  We 
didn't see any after hours activity but expect the stock do 
perform well tomorrow.  We are still targeting a move to $25.50 
but short-term traders may want to consider taking profits if TTN 
hits $24.00, which could be resistance.  We are going to move our 
stop to $20.99 but conservative traders might be able to get away 
with $21.45 if they felt the need to.

- Play-of-the-Day Comments: April 25th, 2002 -

TTN reported earnings today after the bell.  The company 
announced an EPS result of 12 cents/share for Q1, versus the 
Multex estimate of 10 cents.  Revenues rose over 42% on a 
year/year basis.  We have yet to see any brokerages weigh in on 
the news (do their opinions even matter anymore?), but it 
certainly sounds bullish to our ears.  We're looking for a 
positive reaction to power shares above near-term resistance at 
$22.50.  This would clear the way for a test of the $24 level.

Picked on April 15th at $21.26
Gain since picked:       +0.72
Earnings Date         04/25/02 (confirmed)
 





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

Is Fear Creeping Back into the Markets?
By Kent Barton

It never ceases to amaze me how quickly the consensus changes 
when it comes to forecasting the market.  A mere six weeks ago, 
the talking heads on CNBC were falling all over themselves in 
predicting a bottom in tech spending and all-time highs on the 
Dow.  The institutions sure seemed to agree, as evidenced by the 
way the markets were shooting higher with reckless abandon.  Of 
course, in hindsight it's pretty clear that the rally in late-
February/early-March was a combination of short covering and hey 
the economy is turning around event.  The current earnings cycle 
has made it blatantly obvious that IT spending will not be 
improving anytime soon, and the Dow is mired in a month-long 
downtrend.  Suddenly, those optimistic forecasts seem at-odds 
with reality.

Don't look now, but the VIX is now at levels not seen since 
February.  The recent move higher could be attributed to a number 
of factors, including skittishness in the oil market, nervousness 
over tensions in the Mideast, a plethora of SEC investigations 
(the latest of which is targeting Wall Street brokerages), and 
earnings-induced volatility.  Whatever the reason for the recent 
move higher, it appears the tried-and-true "sell when the VIX is 
low" axiom is still intact.

Traders who shorted the market when the VIX dropped below 20 in 
late March are likely now sitting on some nice gains:  The NASDAQ 
has dropped 7.1% since the VIX.X bottomed out on March 28th, 
while Dow has shed 3.5%.  Of course, that doesn't mean there 
aren't any strong sectors.

The bullish percentage data reveals where the strength is - and 
it sure isn't in four-lettered stocks.  The NDX just reverted 
back to bear confirmed after briefly shifting to bull confirmed.  
Breakdowns in the software, biotech, and semiconductor groups all 
suggest that there may be more downside ahead.  On the other 
hand, the NYSE is firmly in bull confirmed territory.  Moves 
higher in the healthcare and homebuilding sectors have helped to 
offset losses in brokerage and cyclical stocks.

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

Market Averages


DJIA ($INDU)

52-week High: 11350
52-week Low :  8062
Current     : 10035

Moving Averages:
(Simple)

 10-dma: 10156
 50-dma: 10277
200-dma:  9935

http://www.optioninvestor.com/charts/financial.asp?ticker=$INDU

S&P 500 ($SPX)

52-week High: 1316
52-week Low :  945
Current     : 1091

Moving Averages:
(Simple)

 10-dma: 1111
 50-dma: 1128
200-dma: 1130

http://www.optioninvestor.com/charts/financial.asp?ticker=$SPX

Nasdaq-100 ($NDX)

52-week High: 2071
52-week Low : 1089
Current     : 1302

Moving Averages:
(Simple)

 10-dma: 1358
 50-dma: 1424
200-dma: 1497

http://www.optioninvestor.com/charts/financial.asp?ticker=$NDX

Health Provider ($HMO)

The HMO was the day's best performing sector during Thursday's
session.  The index tacked on 5.7% to finish at an all-time 
closing high of 610.  Boosting the sector today was Wellpoint 
(WLP), which rose sharply after reporting strong earnings.  Other 
sector performers included PacifiCare (PHSY), Trigon Healthcare 
(TGH), and Oxford Health (OHP).

52-week High: 611
52-week Low : 366
Current     : 610

Moving Averages:
(Simple)

 10-dma: 567
 50-dma: 510
200-dma: 449


Broker/Dealer ($XBD)

The XBD was the worst performing sector on Thursday, declining by 
2.3% after the SEC announced a probe of Wall Street analysts.  
This news only exacerbated the selling in an already-weak sector.

Leading the group lower were Morgan Stanley (MWD), Merrill Lynch 
(MER), and Goldman Sacs (GS).

52-week High: 570
52-week Low : 317
Current     : 455

Moving Averages:
(Simple)

 10-dma: 485
 50-dma: 498
200-dma: 475

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

Market Volatility

The Market Volatility Index (VIX.X) received a shot in the arm 
this morning after news of an explosion in NYC briefly spooked 
the market.  Although traders quickly shrugged off the news, the 
VIX.X finished higher for the fourth session in a row.  

The VXN finished fractionally higher and is now above the $40 
level, which had kept a lid on the index over the past week.

CBOE Market Volatility Index (VIX) - 22.97 +0.29
Nasdaq-100 Volatility Index  (VXN) - 40.41 +0.23

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

          Put/Call Ratio  Call Volume   Put Volume
Total          0.78        593,336       463,701
Equity Only    0.68        527,689       360,122
OEX            1.15         10,312        11,912
QQQ            0.96         30,310        29,329

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

Bullish Percent Data

           Current   Change   Status
NYSE          64      + 0     Bull Confirmed
NASDAQ-100    33      - 4     Bear Confirmed
DOW           53      + 0     Bear Alert
S&P 500       64      - 1     Bear Alert 
S&P 100       60      - 1     Bear Alert

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  1.36
10-Day Arms Index  1.15
21-Day Arms Index  1.33
55-Day Arms Index  1.19

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      1655           1518
NASDAQ    1613           1934

        New Highs      New Lows
NYSE      152              56
NASDAQ    149             109

        Volume (in millions)
NYSE     1,513
NASDAQ   1,972

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

Commitments Of Traders Report: 04/16/02

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

The spread between S&P commercials and small traders narrowed
during the most recent reporting period.  Commercials added a
few more longs than shorts, resulting in a small reduction in the
group's net bearish position.  Meanwhile, small traders added
quite a few short positions, coming off of the group's yearly
high in bullishness.

Commercials   Long      Short      Net     % Of OI
04/02/02      313,294   406,337   (93,403)  (13.0%)
04/09/02      320,101   411,075   (90,974)  (12.4%)
04/16/02      322,578   411,245   (88,667)  (12.1%)

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
04/02/02      149,449     43,139  106,310     55.2%
04/09/02      151,237     47,678  103,559     52.1%
04/16/02      150,529     50,424  100,105     49.8%

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 during the most recent
reporting period.  The group added a number of long positions,
while maintaining last week's short position.  Net, however, the
group is still bearish.  Small traders went in the opposite
direction by adding more shorts than longs, for a decrease in
the group's net bullish position.

Commercials   Long      Short      Net     % of OI
04/02/02       26,211     31,840    (5,629)   (9.7%)
04/09/02       28,985     35,221    (6,236)   (9.7%)
04/16/02       32,024     35,723    (3,699)   (5.5%)

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
04/02/02       10,615     7,769     2,846     15.5%
04/09/02       11,640     8,353     3,287     16.4%
04/16/02       12,458    10,572     1,878      8.2%

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 less bullish during the most recent reporting
period by reducing their number of longs and increasing their
number of shorts.  The group's net bullish position dropped by
about 1,100 contracts.  Small traders added slightly more longs
than shorts for a reduction in the group's net bearish position.

Commercials   Long      Short      Net     % of OI
04/02/02       18,717    12,549    6,168     19.7%
04/09/02       19,393    13,445    5,948     16.7%
04/16/02       19,080    14,267    4,813     14.4%

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
04/02/02        5,192     9,007    (3,815)   (26.9%)
04/09/02        5,459     9,340    (3,881)   (26.2%)
04/16/02        5,644     9,448    (3,804)   (25.2%)

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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PremierInvestor.net Newsletter                          04-25-2002
                                                    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/d25b_2.asp
=================================================================

In section two:

Net Bulls
  Bullish Play Updates:  SNE, TTN
  Bearish Play Updates:  BRCM, CA, KRON, SRNA

Stock Bottom / Active Trader
  Bullish Play Updates:  CTEC, PHM
  Bearish Play Updates:  JPM, MER, V
  Closed Bullish Plays:  ISLE
  Closed Bearish Plays:  PATH 

High Risk/Reward
  New Bullish Play:      AMAT (was an NB long play)
  Bullish Play Updates:  AMZN, GNCMA, PVN
  Bearish Play Updates:  CVC
  Closed Bullish Plays:  HIG

Split Trader
                         
                         UCBI: 2-for-1 split announcement
                         AAON: 3-for-2 split announcement
                         BKNW: 5-for-4 split announcement
                         CNTL: 3-for-2 split announcement
                         COCO: 2-for-1 split announcement
                         CPS:  4-for-3 split announcement
                         KSWS: Pre-announced 2:1 coming!


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) Tech Stock section
==================================================================

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

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

Applied Materials - AMAT

We have not yet been triggered on our AMAT long play.  However, 
due to the pull back in shares, we are changing our entry 
strategy and have moved AMAT to the High Risk/Reward section of 
the play list.  Please seek tonight's comments in the HR section 
of the newsletter or website.


---

Sony Corp (ADR) - SNE - cls: 56.00 chg: +2.02 stop: 51.25*new*

Traders following the SNE play have probably noted a strong 
correlation between the chart of SNE and the chart of the NIKKEI 
index.  This might be about to change, but first a little update.  
The NIKKEI dropped about 64 points to 11,672 after hitting new 
relative highs on Wednesday.  Investors appeared to be waiting to 
hear earnings reports from the ten largest Japanese consumer and 
industrial electronics makers.  A few of the bigger announcements 
that came out after the Japanese market closed were Sony Corp 
(SNE), NEC (NIPNY) and Fujitsu (FJTSY).  The numbers in SNE's 
earnings report were somewhat discouraging but shares gapped 
higher in the U.S. markets after management confirmed 
expectations that profits would be higher this year.  SNE's 
fiscal year end results fell across all groups due to a slow in 
its main electronics business with operating profits falling 40 
percent.  The year ending March 31st, 2002 turned in operating 
profits of Y134.6 billion but SNE expects next year to more than 
double that with guidance of Y280 billion.  Most of the numbers 
noted above were from a Dow Jones report and you might see 
additional news articles with alternative numbers.  What's 
important to us, is that shares have rallied higher and buyers 
might be more willing to commit now that the earnings picture is 
clearer.  After shooting higher at the open, the ADR shares did 
trade down throughout the day but rallied higher again towards 
the close.  We are going to raise our stop to $51.25, which is 
just below the rising 50-dma.  More conservative traders could 
probably place their stop under last Friday's lows near $53.00.  
The stock does have some resistance at $57 but we would expect 
bulls to bust through it.  New entries might be considered on 
pull backs but do so carefully.  We mentioned above that the 
connection between SNE and a chart of the NIKKEI might change.  
We feel the overall pattern will remain closely tied together but 
with the positive earnings guidance, SNE could out perform to the 
upside.  Our initial target of $60 seems much more attainable but 
we're not quite willing to enter an official exit point just yet.

Picked on April 4th at $53.01
Gain since picked:      +2.99
Earnings Date        04/25/02 (unconfirmed)
 



---

Titan Corp - TTN - close: 21.98 change: +0.31 stop: 20.99*new*

The pull back in TTN may be over.  The defense contractor and 
information technology company reported Q1 earnings after the 
bell today and the revenue numbers were impressive.  According to 
their press release TTN's Q1 revenues were $340.5M vs. $239.1M 
the year before.  That's a 42 percent increase.  Pro forma 
operating income rose 33 percent to $23.5M and pro forma net 
income rose 62 percent to $9.1M with earnings per share rising to 
12 cents.  The estimates were for 10 cents.  If you missed the 
two bounces at the $21.50 level, traders got another chance today 
before the stock shot higher in the last hour of the day.  We 
didn't see any after hours activity but expect the stock do 
perform well tomorrow.  We are still targeting a move to $25.50 
but short-term traders may want to consider taking profits if TTN 
hits $24.00, which could be resistance.  We are going to move our 
stop to $20.99 but conservative traders might be able to get away 
with $21.45 if they felt the need to.

Picked on April 15th at $21.26
Change since picked:     +0.72 
Earnings Date         04/25/02 (confirmed)
 




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

Broadcom Corp - BRCM - close: 35.03 change: +1.02 stop: 36.76

We were triggered in our BRCM short play on Wednesday as shares 
fell lower as the SOX posted its fifth loss in a row.  The index 
managed a meager gain today and held its 200-dma but we don't put 
any faith in its precarious grip on support.  The rebound in BRCM 
was a bit more surprising as shares rallied strongly from its 
morning lows.  Traders could keep an eye on the 50-dma (36.36) 
and look for failed rallies as potential entry points for new 
shorts.  If the SOX does produce an oversold bounce then BRCM 
could rally to resistance.  Investors will also want to take note 
that BRCM's CEO is expected to speak on Monday, April 29th at 
4:00 PM ET in the Merrill Lynch Hardware Technology Conference in 
San Francisco.  Positive or negative comments at these events can 
produce moves in the stock price.

Picked on April 24th at $34.84 
Gain since picked:       -0.19
Earnings Date         04/17/02 (confirmed)
 



---

Computer Assoc. - CA - close: 18.63 change: +0.19 stop: 20.26

The rollover in shares of CA continues.  The stock actually 
traded under the $18 level today before rebounding for a small 
gain.  It would appear that traders are keying in on the 10-dma 
as very short-term overhead resistance.  Our strategy comments 
from Tuesday still apply.

Picked on April 18th at $18.49 
Gain since picked:       -0.54
Earnings Date         05/14/02 (unconfirmed)
 



---

Kronos Inc. - KRON - close: 39.79 change: +0.42 stop: *text*

Shares of KRON traded in a fairly narrow range but despite some 
intraday strength they remain under both its 200-dma and the $40 
level.  We have not yet been triggered and wait for a move at or 
below $38.79 to create a short play.  If and when that occurs 
we'll start with a stop loss at $43.01.  

Picked on April xth at $xx.xx <- see text 
Gain since picked:      +0.00
Earnings Date        04/23/02 (confirmed)
 



---

SERENA Software - SRNA - close: 13.91 change: -0.89 stop: 16.51

Shares of SRNA look more and more like the GSO.X each day.  Both 
are hitting new relative lows and both look like they are aiming 
for a re-test of their September lows.  There has not been any 
recent news on SRNA but the close under $14.00 is good news for 
the bears.  Yes, shares are short-term oversold and if they do 
bounce we would look for the $15 level to act as resistance.  
According to the PnF chart, the recent declines have produced a 
bearish catapult breakdown.  

Picked on April 23rd at $14.94 
Gain since picked:       +1.03
Earnings Date         02/21/02 (confirmed)
 




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

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

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

Cholestech Corp - CTEC - close: 19.57 change: -0.11 stop: *text*

Close, but no cigar.  CTEC briefly traded to a new near-term high 
of $19.86 but couldn't quite muster a test of the $20 resistance 
level.  This leaves our long play un-triggered.  The way CTEC 
steadily trended higher after a morning dip suggests that it may 
make another run at resistance tomorrow.  A move over 368 for the 
RXH.X healthcare index could be just what CTEC needs to break 
above $20.  Remember that our trigger is $20.05 and we'll start 
with a stop at $17.49.

Picked on April Xth at xx.xx <- see text
Gain since picked:     +0.00
Earnings Date       04/24/02 




---

Pulte Homes - PHM - close: 53.55 change: -0.70 stop: 52.34

Homebuilding stocks traded with a slight negative bias yesterday 
after new home sales for March came in at 878K, which was weaker 
than the estimate of 884K.  As we suspected might be the case, 
profit-taking hit PHM after shares failed to move over the $55 
resistance level.  PHM and the DJUSHB homebuilding index have 
both stalled near the midline of their ascending regression 
channels.  The technical picture for the index is slightly 
stronger, since it's already trading at near-term highs.  Due to 
the overhead resistance in PHM, entries at current levels demand 
an aggressive strategy.  Traders can minimize their risk by 
waiting for another bounce from the $53 level.  We'll also be 
keeping an eye on the 10-year note (TNX.X), which has attracted 
some buying attention with week.  A continued decline in bond 
yields (and subsequent decline in mortgage rates) could spark 
another rally in the homebuilding sector.

Picked on April 15th at $50.13 
Gain since picked:       +3.42
Earnings Date         04/23/02 (confirmed)





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

J.P. Morgan - JPM - close: 35.03 change: -0.86 stop: 38.01

Yesterday's weakness in shares of JPM carried over to today's 
session, courtesy of a report before the bell that said the firm 
may face civil charges for taking excessive IPO commissions in 
1999-2000.  The stock gapped lower and proceeded to trade flat 
for most of the session.  At 3:00 news hit the wires that the SEC 
was launching a probe of market analysts.  JPM traded to a low of 
$34.49 before rebounding into the close.  The technical picture 
is downright ugly.  Not only is JPM trading under its 200-dma but 
the MACD and daily stochastics are also looking bearish.  We 
wouldn't be surprised to see a test of the 50-dma at $33.83 in 
the near-term, and traders might want to consider going short on 
a move below today's low.  Note our picked price has been changed 
to today's opening price to reflect that fact that the stock 
gapped down this morning.

Picked on April 24th at $35.40
Gain since picked:       +0.37
Earnings Date         04/17/02 (confirmed)
 



---

Merrill Lynch - MER - close: 42.50 change: -2.15 stop: 47.57

It was a bad day to be bullish on the brokerage sector.  Existing 
negative sentiment in the group was accelerated this afternoon 
after the SEC announced that they would be conducting an 
investigation into the practices of Wall Street analysts.  The 
XBD.X broker/dealer index, already reeling from a steep loss on 
Wednesday, shed another 2.32 percent.  MER, having gapped down 
this morning, also sold off on the news but rebounded off its 
lows into the close.  Backing today's 4.8 percent decline was 
strong volume of 17M.  That's more than twice the average.  As 
far as gauging new entries, traders can look for a rollover near 
today's high of $43.73 or the $45 level.  Those with a short-term 
approach could take bearish positions on a move below today's 
low, but be aware that the $40 level may provide support.  Note 
that due to the gap lower, our initial picked price is today's 
opening price of $43.72.  Short-term traders may want to actually 
target the $40 level and cover.  We're going to see if the bad 
news can actually force MER to retest its September lows (or at 
least the $35 level).

Picked on April 24th at $43.72
Gain since picked:       +1.22
Earnings Date         04/17/02 (confirmed)
 



--- 

Vivendi Universal - V - close: 33.14 change: -0.21 stop: 36.01

V just can't seem to find a bid.  The stock performed a post-
earnings decline of 21-cents today and is now within striking 
distance of all-time lows of $31.20.  Given the lack of buyers, 
it appears this level could be within reach.  Short-term traders 
could consider entries if V breaks below today's low of $32.80, 
while a rollover near $33.50 to $34.00 would present a more 
favorable risk/reward scenario.

Picked on April 24th at $33.35
Gain since picked:       +0.21
Earnings Date         04/24/02 (confirmed)





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

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

Isle of Capris - ISLE - close: 20.29 change: -1.12 stop: 19.62

ISLE spent the majority of today's session recovering from a 
morning dip.  Things were looking good until 2:00 PM, when the 
stock was broad-sided with a flood of sell orders.  Volume shot 
higher as the stock spiked to a low of $19.11.  This move 
violated our stop at $19.62, which closed this short play for a 
net loss of $0.88.  Although the decline was very brief we must 
still honor our stop loss.  We couldn't find any news to explain 
the sudden move lower, but the stock quickly bounced back after 
testing the bottom of its ascending channel.  In any case, 
today's 5.23 percent loss doesn't bode well for bulls.  Despite 
the trading action the up trend is still intact and more 
aggressive plays can keep it on their watch list.  Just for 
kicks, check out a chart of ISLE with a 40-dma.  Notice where 
buyers are supporting the stock?

Picked on April 19th at $20.50
Gain since picked:       -0.88
Earnings Date         02/14/02 (confirmed)





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

AmeriPath, Inc. - PATH - cls: 25.86 chg: +0.86 stop: 25.51

Bullish caution flags were raised earlier this week after PATH 
began outperforming the healthcare index (RXH.X).  Yesterday's 
trading saw a failed rally that came within six cents of our stop 
at $25.51.  The stock moved well above that level today, which 
closed this play for a loss of $1.59.  PATH tacked on 3.4 percent 
despite a flat day on the RLX.X.  It appears that bulls might be 
frantically looking for anything in the group that isn't 
overextended and are now willing to place their bets on PATH 
despite its weakness.  We would not recommend any short positions 
at this time.  

Picked on April 19th at $23.92
Gain since picked:       -1.59
Earnings Date         04/30/02 (confirmed)






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

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

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

Applied Materials - AMAT - close: 25.23 change: +0.23 stop: 20.89

It has been days now that the Premier Investor Newsletter has 
been looking for and discussing a pull back in shares of AMAT as 
a preferable entry point to go long.  The recent dip under the 
50-dma and today's trading around $24.50 to $25.00 looks like a 
great dip to support at the bottom of its ascending regression 
channel (we would encourage you to use a standard regression 
channel from the September lows).  It would seem now is the time 
to put our "money" where our mouth is (using a hypothetical 
portfolio of course).  

Previously, we had AMAT on the bullish tech stock play list but 
we were never triggered as shares never traded at $27.20 or 
above.  Yet now that the sector has pulled back we believe 
traders might get a favorable entry point as AMAT slips with the 
sector movement.  The challenge is that while buying AMAT between 
$24 and $25 looked good a few days ago, the deterioration in the 
SOX has suddenly soured our stomach on going long AMAT at this 
level.  Investors should use a market, sector, stock focus when 
evaluating plays because the vast majority of a stock's movement 
is market and sector related.  Yet AMAT is a good example of how 
a strong stock, who has seriously been out performing the sector, 
will still get dragged down as the group moves lower.  The belief 
follows that when the sector turns around then AMAT will out 
perform to the upside.  This all sounds well and good but both 
Jeff and I look at AMAT's chart and feel like we're about to try 
and grab a falling knife.  Hence the move from the tech list to 
the high risk/reward list.

This is our plan.  We're going to set an entry range on AMAT and 
if shares trade anywhere inside it we'll "go long" but by doing 
so we have to give the stock some room to move if the SOX keeps 
slipping.  Traders who follow this strategy have to be willing to 
take some heat or just sit back and wait for a bottom and 
turnaround to reappear.  Given that the SOX had fallen five days 
in a row, today's less than 1 percent gain does not offer us a 
lot of confidence.  The chip index is less than one point above 
its 200-dma.  Is the group short-term oversold?  Yes.  Can it 
continue to breakdown?  Absolutely.  If the SOX moves lower 
tomorrow, then a re-test of the 500 level of support seems like a 
sure thing.  Now how do we apply this to AMAT?

With the expectation that the SOX is doomed to trade lower, then 
we are going to use an entry range of $22.99 to $22.00.  Odds are 
good we'll get triggered at the $22.99 side of the range but when 
we do we'll start the play with a stop loss at $20.89, which is 
below the Feb. 22nd low.  AMAT would have to cross its 200-dma 
before we got stopped out.  Traders should feel comfortable 
adjusting the entry range to their own style.  Maybe yours is 
between $22.49 and $21.50.  Maybe you'd rather wait to see if 
AMAT trades to its 200-dma first.  Whatever you do, we would 
suggest you look at a PnF chart of the SOX to give you 
perspective on the chip sector's strength.  FYI: AMAT has set its 
earnings date for Tuesday, May 14th, 2002.

Picked on April xth at $xx.xx <- see text
Change since picked:    +0.00 
Earnings Date        05/14/02 (confirmed)
 




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

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

Amazon.com - AMZN - close: 16.85 change: +0.06 stop: 15.64

As you probably know, Wall Street has responded very positively 
to AMZN's Q1 earnings report from Tuesday night.  The 19 percent 
gain from Wednesday came on very strong volume so we raised our 
stop to $15.64.  The MACD has finally crossed the zero line and 
the stock looks like it is straining to breakout above resistance 
at $17.00.  We would still shy away from new long positions at 
this time but aggressive traders could still look for a bounce at 
$16.00 or a close and consolidation above $17.00.  Short-term 
traders can probably begin to take profits while we are aiming 
for a move to the top of the ascending channel between $18.50 and 
$19.00.

Picked on April 17th at $14.35
Gain since picked:       +2.50
Earnings Date         04/23/02 (confirmed)




---

General Communication - GNCMA - cls: 9.99 chg: -0.06 stop: *text*

You wouldn't have noticed by the action in the stock price but 
GNCMA announced its Q1 results on Wednesday.  EBITDA numbers show 
revenues and earnings at $88.2M and $25.1M respectively.  This 
was an increase of 14 percent in revenues and 27.4 percent in 
earnings.  Since there was no reaction to the announcement we 
didn't bother searching for the diluted earnings per share.  The 
chart pattern still looks bullish as if GNCMA wants to rally 
higher but just can't get over resistance and its 200-dma.  If it 
does breakout, our trigger to go long is $10.31.

Picked on April xth at $xx.xx <- see text
Gain since picked:      +0.00
Earings Date         04/25/02 (confirmed)




---

Providian Financial - PVN - cls: 7.59 chg: -0.26 stop: *text*

We continue to sit and wait for PVN to trade through our trigger 
point but the way shares are moving it could be a while yet.  
Weakness in the financials has been weighing on PVN and the stock 
has fallen back below the $8.00 level.  The month long trading 
range between $7.00 and $8.50 is still intact but if PVN falls 
under the $7.00 level we'll drop it.  Our trigger remains at 
$8.51.

Picked on April xth at $xx.xx <- see text
Gain since picked:      +0.00
Earnings Date        05/06/02 (confirmed)





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

Cablevision - CVC - close: 24.75 change: -1.48 stop: 27.51*new*

The pain is intensifying for shareholders of CVC.  The stock 
declined 5.6 percent today and is now trading at all-time lows.  
We couldn't dig up any news to explain the selling.  CVC is just 
plain weak, and can't seem to find buyers at current levels.  
Without any technical support to buoy the stock, we're expecting 
shares to continue lower in the near-term.  Short-term traders 
may want to consider taking profits near the bottom of the short-
term channel at $22.  We're going to keep the play open and look 
for a move to the next psychological support level of $20.00, 
which would be the mid-line of the long-term downward regression 
channel.  Due to today's decline, we're also going to tighten our 
stop to $27.51.  This will force CVC to trade above both 
yesterday's high and the midline of the short-term regression 
channel

Picked on April 22nd at $26.24
Gain since picked:       +1.49
Earnings Date         05/02/02 (confirmed)
 




===============
HR Closed Plays
===============

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

Hartford Financial - HIG - close: 68.07 change: -1.13 stop: 68.24

Wednesday's close over $69 had us thinking that HIG could make 
another run at the $70 resistance level, but shares quickly 
reversed course during today's session.  En route to a 1.6 
percent loss on the day, the stock violated our stop-loss at 
$68.24.  This closed our short play with a gain of 3.8 percent.  
Those with a longer-term approach may want to note that HIG is 
currently trading near the bottom of its ascending regression 
channel, which is bolstered by the 50-dma.  Of course, it's going 
to take some serious bullish conviction to push HIG above $70.  
More aggressive traders who believe it will get over $70 could 
see this dip to the 50-dma as an entry point.  Shares have not 
closed under the 50-dma (currently 67.65) in five months.

Picked on March 13th at $65.74
Gain since picked:       +2.50
Earnings Date         04/22/02 (confirmed)






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

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

Summary.  (for details, scroll down)

UCBI: 2-for-1 split announcement
AAON: 3-for-2 split announcement
BKNW: 5-for-4 split announcement
CNTL: 3-for-2 split announcement
COCO: 2-for-1 split announcement
CPS:  4-for-3 split announcement
KSWS: Pre-announced 2:1 coming!

-----

United Community announces 2-for-1 split, declares dividend

United Community Banks, Inc (NASDAQ: UCBI) announced this 
afternoon that its Board of Directors had authorized a 2-for-1 
stock split.

The split will come in the form of a 100% stock dividend and will 
be distributed on May 29, 2002 to stockholders of record on May 
15, 2002.  A regular quarterly dividend of $.0625/share (post 
split) was also announced, and will be payable on July 1, 2002 to 
stockholders of record on June 14, 2002.  This represents no 
change from the previous quarter's dividend.

UCBI began trading on the Nasdaq in March of this year, and has 
moved up roughly 34% from its opening price of $41.00.

Shares closed at $55.00 on Wednesday.  For a current quote,
click here:
http://user.financialcontent.com/pin1/quote.cgi?account=pin1&ticker=UCBI


About the company
Headquartered in Blairsville, GA, United Community Banks is the 
third-largest bank holding company in Georgia. At March 31, 2001, 
United had assets of $2.9 billion and operated 50 banking offices 
located throughout north Georgia, metro Atlanta, and western North 
Carolina. (source: company press release)


-----

AAON offers a cool 3-for-2 split.

It's been nine days since AAON, Inc. (Nasdaq: AAON) announced its 
Q1 numbers and shares have been on a strong rally higher since 
Wall Street heard the numbers.  This morning before the bell, 
AAON's Board of Directors announced a 3-for-2 stock split in the 
form of a 50% stock dividend.

The shareholder record date will be May 17th, 2002.  Cash will be 
offered for fractional shares that result from the split.  The 
company says that after the split, AAON will have close to 13.2 
million shares outstanding.

The payable date for the split will be Tuesday, June 4th, 2002.  
Therefore, we would expect shares to begin trading at their post-
split price on Wednesday, June 5th.  

Shares of AAON last split 3-for-2 in 2001.

Shares closed at $32.18 on Wednesday.  For a current quote,
click here:
http://user.financialcontent.com/pin1/quote.cgi?account=pin1&ticker=AAON


About the company
AAON Inc. manufacturers and markets rooftop air conditioning and 
heating equipment for commercial and industrial markets.(source: 
company press release)


-----


Another bank stock, another split announcement (BKNW)

Before the bell this morning, Bank of the Northwest (NASDAQ: BKNW) 
announced that a 5-for-4 stock split had been approved by its 
Board of Directors.  

The split will be issued on May 24, 2002 to shareholders of record 
on May 10, 2002.   

BKNW has risen over 38% this year, but trades on a low average 
volume of 2600 shares/day.  The stock most recently split in July 
2001, when shares split 11:10.

BKNW closed at $21.50 on Wednesday.  For a current quote,
click here:
http://user.financialcontent.com/pin1/quote.cgi?account=pin1&ticker=BKNW


About the company
Bank of the Northwest is a Portland based full-service commercial 
bank that provides exceptional banking services in four distinct 
markets: Commercial Banking, Private Banking, Professional Banking 
and Real Estate Banking. (source: company press release)


-----


Cantel Medical declares 3-for-2 stock split

Before the market opened today, Cantel Medical Corp. (NASDAQ: 
CNTL) announced that its Board of Directors had declared a 3-for-2 
stock split.

The split will come in the form of a stock dividend and will be 
payable May 14, 2002 to shareholders of record on May 7, 2002.   

This will be the first split for CNTL since the company began 
trading in 1992.  The recent rise in the stock price has reflected 
a similar move in the RXH.X healthcare index, which is currently 
trading at all-time highs.

CNTL closed at $26.64 on Wednesday.  For a current quote,
click here:
http://user.financialcontent.com/pin1/quote.cgi?account=pin1&ticker=CNTL


About the company
Cantel Medical Corp., a healthcare company, is a leading provider 
of infection prevention and control products, specialized medical 
device reprocessing systems and sterilants, diagnostic imaging and 
therapeutic medical equipment primarily focused on endoscopy, 
hollow fiber membrane filtration and separation technologies for 
medical and non-medical applications and scientific 
instrumentation. (source: company press release)


-----


COCO investors score a 2-for-1 split

Before the bell on Thursday, Corinthian Colleges, Inc. (Nasdaq: 
COCO) announced a 2-for-1 split with its Q3 earnings report.  

The shareholder record date will be May 9th, 2002 while the 
payable date will be May Tuesday, May 28th, 2002.  

Shares of COCO last split 2:1 in the fourth quarter of 2000.

Traders will note that COCO has been in a very steady up trend 
from its September lows and the positive announcement today has it 
trading at new 52-week highs.

Shares closed at $53.25 on Wednesday.  For a current quote,
click here:
http://user.financialcontent.com/pin1/quote.cgi?account=pin1&ticker=COCO


About the company
Corinthian Colleges, Inc. is one of the largest for-profit post-
secondary education companies in the United States. As of April 1, 
the Company operated 61 colleges in 20 states, including 17 in 
California, 12 in Florida. Corinthian serves the large and growing 
segment of the population seeking to acquire career-oriented 
education to become more qualified and marketable in today's 
increasingly demanding workplace environment. 
(source: company press release)


-----


ChoicePoint offers a 4-for-3 stock split

At a regular meeting of the Board of Directors this afternoon, 
ChoicePoint Inc. (NYSE: CPS) announced a 4-for-3 stock split.

The split will come in the form of a 33 percent dividend, to be 
paid on June 6, 2002 to shareholders of record on May 16, 2002.

Shares last split in March 2001, a 3-for-2 offering.  YTD, the 
stock is higher by 10.4%.

CPS closed at $56.00 on Wednesday.  For a current quote,
click here:
http://user.financialcontent.com/pin1/quote.cgi?account=pin1&ticker=CPS


About the company
ChoicePoint is the leading provider of identification and 
credential verification services for making smarter decisions in 
today's fast-paced world, serving the information needs of 
business, government and individuals. ChoicePoint is committed to 
protecting personal privacy and promoting the responsible use of 
information to help create a safer world.
(source: company press release)


-----


KSWS pre-announces a 2:1 split coming soon.

This morning, K-Swiss, Inc. (Nasdaq: KSWS) announced its Q1 
earnings report and shares have rallied higher on the news.  We 
noticed that farther down in the Q1 report, management pre-
announced that they would offer a 2-for-1 stock split.

The KSWS press release stated that the company had filed with the 
SEC in its proxy statement a proposal to increase the number of 
authorized shares from 18 million to 36 million.  If the company's 
shareholders approve this at the annual shareholders meeting on 
May 23rd, 2002, then the Board of Directors would immediately 
issue a 2-for-1 split following the meeting.  They also noted that 
the Board was likely to approve a quarterly cash dividend increase 
to $0.01 per share on a post-split basis.

Since we've never heard of a shareholder vote not approving an 
increase in authorized shares, odds are good KSWS will announce a 
2:1 split on May 23rd, 2002.

KSWS last split its shares 2:1 in mid-1999.

Shares closed at $43.45 on Wednesday.  For a current quote,
click here:
http://user.financialcontent.com/pin1/quote.cgi?account=pin1&ticker=KSWS


About the company
K-Swiss Inc. designs, develops and markets athletic footwear for 
high performance sports use and fitness activities. The Company 
presently offers footwear for court, casual and children's 
categories.  (source: company press release)



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

CBSS    Compass Bancshares         34.60     +0.58
CYN     City National Corp         55.97     +1.79
TNT     Tatneft ADS                16.76     +0.89
WHES    W-H Energy Services Inc    24.52     +1.02
SWM     Schweitzer Mauduit Intl    28.25     +1.05
SPAR    Spartan Motors Inc         11.48     +1.07

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

SBSA    Spanish Broadcasting Sys   16.50     +1.48
PBY     Pep Boys                   19.10     +1.35
MVK     Maverick Tube Corp         17.38     +1.13
ALTH    Allos Therapeutics Inc      8.34     +1.54
SPLX    Simplex Solutions          17.39     +5.09
LTUS    Garden Fresh Restaurant    13.35     +1.20

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

SNE     Sony Corp                  56.00     +2.02
UNH     Unitedhealth Group Inc     87.00     +1.01
WLP     Wellpoint Health Network   74.84     +3.36
GSF     GlobalSantaFe Corp         35.11     +1.75
APA     Apache Corp                58.33     +1.19
ATH     Anthem Inc                 71.20     +3.45
ABC     AmerisourceBergen Corp     75.60     +4.00

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

TYC     Tyco Intl Ltd              20.75     -5.15
MWD     Morgan Stanley Dean Witter 48.13     -2.86
MMC     Marsh & Mclennan Cos      102.86     -1.22
MER     Merrill Lynch              42.50     -2.15
GS      Goldman Sachs Group Inc    77.21     -2.28
GIS     General Mills Inc          45.30     -3.77

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

CEG     Constellation Energy Group 30.60     -1.23
RKY     Adolph Coors Co            64.70     -1.30
HTHR    Hawthorne Financial Corp   29.71     -1.20
ACF     Americredit Corp           44.00     -1.25
BKH     Black Hills Corp           34.11     -0.53


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