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Daily Newsletter, Friday, 04/26/2002

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PremierInvestor.net Newsletter          Weekend Edition 04-26-2002
                                                    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:      This week was reality check for tech.
Play-of-the-Day:  New 10-month Highs (bullish).
Watch List:       SRCL, DGX, SLB, CYMI, WSM, PG, BDK and much more!
Market Sentiment: Ugly Week.

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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 4-26          WE 4-19          WE 4-12           WE 4-5
DOW     9910.72 -346.39 10257.11 + 66.29 10190.82 - 80.82  -132.30 
Nasdaq  1663.89 -132.94  1796.83 + 40.64  1756.19 - 13.84  - 75.32 
S&P-100  532.37 - 27.42   559.79 +  6.05   553.74 - 10.28  - 13.85 
S&P-500 1076.32 - 48.85  1125.17 + 14.16  1111.01 - 11.72  - 24.66 
W5000  10208.26 -426.79 10635.05 +129.08 10505.97 - 45.46  -224.31 
RUT      501.50 - 15.90   517.40 +  1.94   515.46 + 17.70  -  8.70 
TRAN    2722.63 - 74.24  2796.87 - 78.16  2875.03 + 96.62  -139.55 
VIX       24.64 +  4.34    20.30 -  1.79    22.09 +   .96  +  1.81 
VXN       42.24 +  2.89    39.35 -  3.46    42.81 +  1.96  +  4.57 
TRIN       1.82             1.18             1.03             1.67
TICK       +367             -492             +460             +341
Put/Call    .87              .79              .99              .78
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WE= week ended

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

This week was reality check for tech

Saying it was a rough week for technology bulls would be an 
understatement.  Despite economic data released today that showed 
the economy grew a robust 5.8% annual rate in the first quarter 
of the year, the fastest growth in more than two year, technology 
stocks suffered their biggest weekly losses since September.

Technology bulls ran for the exits on Friday after the 5.8% GDP 
growth showed that inventory building added 3.1% of the robust 
gains and government spending grew 7.9%.  What seemed to shock 
technology bulls was that IT spending fell 4.7% despite a 20.3% 
increase in spending on computers.

Also released today were the final University of Michigan 
Consumer Sentiment numbers.  This was a revised number from an 
earlier reported reading of 94.5.  Today's number showed a slight 
revision lower to 93 and got a marginally negative response from 
traders.  In the grand scope of things, the slight revision lower 
shouldn't have had that much of an impact on things.

This week seemed like a week of broken technical support levels 
and broken promises.  While I'd like to say this week's action 
was one of capitulation, there are still enough money managers 
touting the theme that technology stocks are poised to lead the 
economy.

Conversely, it's been our thought for sometime that technology 
stocks, the bulk of them anyway, won't have a prayer of recouping 
half of the last 2-year's losses unless the deeper cyclicals and 
those closest to benefiting from a more robust industrial sector 
build earnings to the bottom line.  Once their bottom lines start 
to firm and grow, then the confidence will be there to start 
spending once again on renewed technology.

Investor psychology looked battered today and this will make 
market analysis more difficult than it has been in the past.  It 
has become obvious to some that the "recovery" in the NASDAQ 
Composite (COMPX) seen earlier this year, was a combination of 
massive short covering and high expectations of IT spending.

I say that "psychology looked battered" as today's GDP number 
should have at least given some "hope" to technology bulls.  At 
least there was growth!

Some investors think the act of shorting stocks makes stocks go 
down.  That is simply not true.  The only thing that makes a 
stock's price decline is from a holder of a security having more 
of it to sell than a willing buyer is able/willing to buy.  The 
up tick rule for shorting (to sell a stock short, somebody must 
provide an up-tick/buy order for the short to be established) 
prevents a short seller from driving a price down.

If bulls are looking to point fingers (and many are if you read 
my e-mail) that short sellers are simply trying to raid the 
markets, then they should point the finger at other bulls who are 
cutting and running on the stronger than expected GDP numbers.

It's almost "unbelievable" to me how harsh the selling was this 
week and it will eventually be the bears that end up saving some 
bulls from themselves.  As mentioned earlier this week, short 
interest has risen sharply in the past month and eventually that 
shorted stock will need to be bought back.

The point I'm trying to get across to some investors is that its 
not the act of short selling that is driving prices down.  It's 
not our play list of bearish trades that had stock prices 
falling.  It's simply a matter of bulls selling to avoid erosion 
of gains or further losses based on perceived risk or 
uncertainty.

I tabulated the recent week's mutual fund inflows into equities 
from TrimTabs and dating back to the week ending Wednesday, March 
20 to the week ending April 17 (4-weeks total) inflows to 
equities increased by $14.7 billion.

Note!  Each weekly report showed an increase in fund and not a 
decrease.  Bears took some heat and had some conviction in order 
to withstand these types of inflows.  The week ending April 17th 
(during tax deadline when most individual retirement account are 
were funded) saw a net increase of $6.9 billion.

The dynamic taking place right now looks to be what I'd try to 
describe as "early capitulation."  For short interest to be 
building like it has, there were plenty of bulls giving the up 
ticks for the shorting to occur.  Obviously bears have had the 
conviction and were able to withstand the buying.

Today's action looked like a chance for technology bulls to 
"admit a wrong" and some bulls waited until the last minute to do 
it!  Almost as if they were biting their lower lip the entire 
session, looking for something good to happen, but when it didn't 
with just minutes to go in trading, a strong round of selling was 
seen in some technology stocks.  It was really prevalent in the 
bigger names too.  I noted this action in the market monitor at 
OptionInvestor.com when volume really came into Cisco Systems 
(NASDAQ:CSCO) $13.91 -4.66% when the stock was trading $14.03 
just three minutes before the close.  

Cisco Systems Chart - Daily Interval




The opening of trading for CSCO was bullish, as the better than 
expected GDP number provided some bullishness.  At 10:00 EST, the 
University of Michigan final April number was released (CSCO 
trading $14.75) that showed a slight revision lower to 93 from 
94.5.  By session's end, it was a "steady" drift lower for Cisco 
(CSCO) and the broader market averages.  The pickup in volume and 
rather precipitous drop into the close looked to be the bull's 
saying, "maybe next week, but I'm out of here."

Weekly market averages/sector performance




This weeks action is rather "startling" to some, but this is 
perhaps an excellent representation of things we've talked about 
in the past.  I'm going to take a moment, starting from the top 
of the weekly market averages and talk about some things that 
happened, which I think drives home some points we've talked 
about in the past.

The NASDAQ-100 (NDX) 1,250 -3.9% got smacked today.  Note the 
weekly decline of 10.8%.  That's about 1/2 of this year's total 
decline.  That's the "risk" we've been attempting to avoid by 
from the long side simply by staying away from many four-lettered 
technology stock (four or five letters in a stock symbol depicts 
the stock is listed on the NASDAQ).  If we're going to try 
trading a 4-lettered stock bullish, my mandatory requirement is 
that it needs to have strong relative strength and there had 
better be some type of upward trend or lofty bullish vertical 
count associated with the stock's technicals.

The Semiconductor Index (SOX.X) 514.73 -4.4% also got hit to the 
downside.  This has been the strongest sector of technology and 
this week's 13% decline from a "leader" is typical of how even a 
strong sector has trouble swimming against a powerful tide of 
selling.  We've talked before how investors will hold their 
losers and sell their winners to get that feeling of 
gratification that they've actually "beaten the market."  This 
week's action in the semis is the textbook result of that in my 
opinion.  I've talked about Applied Materials (NASDAQ:AMAT) 
$23.77 -5.78% as one stock in the group I would not have a 
problem trading bullish in.  We've now set a different "trigger" 
on the trade and looking for entry when the stock is falling (see 
play description).

I know.... I'm "hesitant" too, but by golly, some of us wanted to 
buy the bugger when it was going up.  If you're a subscriber that 
has taken some of our bearish trades this month, you should have 
"padded" your account a bit with some gains and can now "afford" 
to take a little heat if the play is triggered.  If "buying a 
pullback" isn't part of your trading style, then be even more 
patient and look for the stock to try and base a little and give 
you the trade setup you are comfortable with.  I've talked before 
about traders/investors writing little notes in a logbook they 
keep from day to day.  Did you make any notes regarding AMAT when 
it was trading up at the $27 level?  What were your thoughts 
then?

Networking, Internet, Disk Drive and Wireless all fell about the 
same in percentage terms this week.  Now look at each of their 
"Since 12/31/01" losses.  Here we see the NWX.X, INX.X and YLS.X 
all having terrible years, but they didn't get "flushed" that bad 
this week.  Trade these groups very careful this coming week.  
The Networking, Internet and Wireless sectors have been the 
weaker sectors of technology and their more "lesser" declines 
this week begins to hint that they may be short-term sold out 
(thus the green arrows I placed by them, despite trading lower).  

Ah, that Disk Drive Index (DDX.X) 95.91 -1.53.  They saw some 
selling today and this week they were down 9.5%.  In recent weeks 
I've pondered, "something is going on bullish" in the group that 
I couldn't quite understand.  Earlier in the wrap I mentioned the 
GDP data disclosed, "IT spending fell 4.7% despite a 20.3% 
increase in spending on computers."  I think some of the 
bullishness we had noted in the group may indeed have been 
disclosed in the "20.3% increase in spending on computers" as 
many stocks in this sub-sector manufacture and sell various 
components or add-ons for PC's.

SanDisk Chart - $1 & $0.50 box




I think current levels are an excellent point for an options 
trader to trade light in some July $17.50 calls (SWQGW) offered 
$1.75 (costs you $175 for the RIGHT, but NOT the obligation to 
buy 100 shares of stock on or before July 19th when the option 
would expire).  In last Friday's wrap, I wanted to monitor the 
stock early in the week and look for a potential "bear trap" but 
that didn't happen, or at least not the "little" bear trap I was 
looking for.  I (maybe not you) would feel comfortable exposing 
less capital to risk in an options trade on this test of bullish 
support trend at $16.50, but not as eager to risk a greater deal 
of capital ($1,650 for 100 shares) at this time.  The stock 
trades ABOVE trend on both the point and figure chart (above) and 
the bar chart (trend at around $15.50).  This stock isn't as 
"institutionally" watched as Applied Materials (AMAT) will be, 
thus I'm taking a more cautious approach at bullish trend right 
now.  I will also note that the bullish support trend on the 
point and figure chart is rather "young" (not very long) and may 
NOT have the impact that a longer trend would be expected to 
have.  Still, it doesn't hurt to get familiar with a stock prior 
to a potential trade.  Relative strength versus the NASDAQ-100 is 
strong "longer-term," but currently showing some relative 
weakness.  Again, a reason to be cautious, but the stock has 
shown some favor/strength on a longer-term basis.

Back to the sectors I then simply note that Fiber Optic (FOP.X) 
and Combined Telecom (IXTCX) both got drilled again this week.  
They both remain big "losers" on the year-to-date basis too.  
Still some good shorts on the rallies when levels of technical 
resistance are approached.

Brokerage stocks fell sharply this week due to uncertainty 
regarding potential SEC scrutiny.  No word yet on the possible 
outcome, but will undoubtedly create volatility.  Don't be 
surprised to see the market generate rumors about candidates, 
etc.  PremierInvestor.net will not speculate on potential 
candidates.  However, if a "rumor" does come up that IMPACTS 
trading, we will attempt to report it, but that is it.

And finally, though I didn't mark it, I want to quickly mention 
that the 10-year YIELD is very close to where it left off at the 
end of 2001.  What I want to point out here as it relates to my 
past thoughts of the Treasury YIELD action giving us insight as 
to the MARKET'S perception of "risk" in regards to YIELD versus 
growth from stocks is this.... Let's imagine that based on the 
exact YIELD found at the end of 2001, that the money sitting in 
Treasuries is exactly the same amount that was there at the end 
of last year (I agree, this is not an EXACT ASSUMPTION, but to 
imagine where money is going or has gone).

With YIELD very close to where it was at year's end, how can any 
analyst out there try and have you or I believe that the 
technology stocks are going to drive the economic recovery?  Does 
the MARKET believe this?  Look at the "Since 12/31/01" column and 
tell me the MARKET is listening to some of these analysts!

For me, I've always been a believer in trying to stick with a 
longer-term trend or developing trend that is taking place in the 
MARKET.  Yes, long-term trends end and if you're not 
protecting/assessing risk, you can get crushed.  However, I do 
not consider a 4-month (Since 12/31/01) all that long of a trend 
to measure by, but with each passing week, we continue to see 
some groups continue to perform better than others.  And as time 
passes, the groups that have been performing the best, distance 
themselves further from those that have under performed.  

It's interesting to go back and look at last week's tall sheet.  
To some it seemed like they missed a major buying opportunity it 
technology stocks.  However this week's tally for most tech (and 
even some non-tech) shows that bulls didn't miss too much at all.  
Amazon.com (NASDAQ:AMZN) $16.91 +0.53% excluded of course!

Next week

A slow creep toward Treasuries this week has me on the alert for 
a potential short covering rally.  This rally may actually come 
early in the week, but its always so tough to tell.  Personally, 
I'm not in any "hurry" to cover bearish play's currently open, 
except perhaps Cablevision Systems (NYSE:CVC) $23.70 -4.24.  

Our strategy of snugging down stops when a play gets gains of 7% 
or more has been working well and helps the trader systematically 
reduce risk from the account and build cash for other 
opportunities, has been working well.

As it stands now the bearish play list closed plays have easily 
out gained the bullish list of closed plays for this month and 
with the decline in the broader market averages, this isn't a 
surprise.  However, our bullish play list is still holding long 
(some subscribers are too) Amazon.com (AMZN) and if that play 
were close out at tonight's profiled stop of $15.90 (see play 
update) our bull list would be down about $400 (excluding 
commissions).  

While our goal is to always show gains by the end of the month in 
each bullish and bearish portion of the play list, if a broker 
had told me today that he/she had run 21 trades, with $5,000 
placed in each trade, I'd feel somewhat relieved that I haven't 
gotten taken to the cleaners.

The month's not over yet and we're on the alert!  Stay 
disciplined and look to short weak stocks and buy the strong 
ones!

Have a great weekend

Jeff Bailey
Senior Market Technician


=========================
Play-of-the-Day (Bullish)
=========================
(( new non-tech long play ))

Smith Intl. Inc - SII - close: 71.29 change: +0.57 stop: 65.49

Company Description:
Smith International, Inc. is a leading worldwide supplier of 
premium products and services to the oil and gas exploration and 
production industry, the petrochemical industry and other 
industrial markets through its four principal business units - M-
I, Smith Bits, Smith Services and Wilson. (source: company press 
release)

Why We Like It:
The challenge with playing stocks in the oil producing or oil 
service sector like SII is that the crisis in the Mid-East could 
have the price of oil and shares of SII fluctuating wildly.  
However, since there does not seem to be any apparent end in 
sight for the Israeli military actions, the price of oil per 
barrel has recovered from its mid-month dip and is moving higher 
again.  This has several stocks in the oil services sector 
breaking out to new highs.  We like SII due to its technical 
strength but first a comment on its fundamentals.  Earlier this 
month SII pre-warned that a 27 percent drop in N. American-based 
drilling activity would probably cause a year over year loss in 
Q1 earnings.  The expected decline wasn't too severe and the 
numbers SII offered with Q1 revenues estimated to come in at 
$830M and earnings in the low 60-cent per share range were not 
far from analysts estimates.  The stock did fall the first half 
of April but bottomed at the $60 level and has since rebounded 
strongly.  With the pre-announcement out of the way, there 
probably won't be an overreaction to their earnings report, which 
is due out on Thursday, May 2nd, 2002.  Conservative traders may 
still want to avoid holding over but at this time we will 
probably hold over the report.  The stock made strong advances 
two weeks ago on very good volume and the Thursday-Friday action 
this week was encouraging.  SII broke out over heavy resistance 
at $70 and then pulled back to bounce from this level mid-day 
Friday.  MACD is positive, momentum is positive while the 
stochastics look overbought.  However, a glance at the point-and-
figure chart shows SII producing a quintuple-top breakout to the 
upside.  There is no serious overhead resistance until the $85 
level from Q1 and Q2 of 2001 but we would expect some selling 
pressure at $80.  Be sure to play with a stop as overseas 
conflicts could affect share price movement drastically.  We will 
initiate our play with a stop at $65.59, which is near the 50-
dma.

Picked on April 26th at $71.29 
Gain since picked:       +0.00
Earnings Date         05/02/02 (confirmed)
 





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

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

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

Stericycle - SRCL - close: 66.20 change: -0.09

WHAT TO WATCH: We honestly wanted to play SRCL as a bullish trade 
this weekend.  Shares are in a nice long-term up trend.  The 
bounce off the bottom of its regression channel in April 
coincided with a turnaround in the MACD.  Shares recently broke 
back above resistance at $65 and are approaching all time highs 
with resistance near 67.50.  Plus, the company has filed with the 
SEC to increase the number of authorized shares, which 
immediately indicates a potential split announcement at the 
company's annual meeting next month even though SRCL does not 
have any splits in its history.  The reason we are not playing it 
is the upcoming earnings announcement.  SRCL is the fourth 
largest waste management company (by market cap) in the sector.  
We searched for some signal that its sector-mates might be 
producing positive earnings but the whole group begins to 
announce next week.  SRCL is set to announce on May 1st, another 
on April 30th and the biggest company in the industry, WMI, 
announces on May 7th.  More aggressive traders willing to take 
the bet might consider it but we have no bias other than the 
current bullish trend to go on.  Don't be surprised if SRCL 
announces a split with its earnings that is to be approved by 
shareholders at the upcoming meeting.  Plus, if the markets 
approve of the earnings outlook, we suspect SRCL might be able to 
trade to $75 in the short-term.




--- 

Quest Diagnostic - DGX - close: 91.05 change: +1.80

WHAT TO WATCH: Shares of DGX have been very strong since the mid-
March breakout and the recent earnings report was not enough to 
share the current trend.  With a close above $90, we suspect 
investors are aiming for the $100 mark before DGX sees any 
serious profit taking.




--- 

Schlumberger - SLB - close: 56.81 change: +0.91

WHAT TO WATCH: We noticed several stocks in the oil service group 
that looked very attractive as bullish plays.  While many were 
breaking out to new highs, SLB is bouncing higher from a multi-
week pull back and bounce off support.  We did consider a trigger 
above the 50-dma just overhead but with the PnF chart showing 
bearish resistance at $60, it didn't seem worth while for the 
$3.00 move.  However, resistance can be broken and if oil 
continues to climb, SLB could be trading near old resistance at 
$62 or even the $65 level.  We like the new bullish crossover in 
the MACD and more aggressive traders may want to consider plays.




--- 

Cymer Inc - CYMI - close: 47.59 change: -4.28

WHAT TO WATCH: Not all semiconductor stocks are the same.  Shares 
of CYMI have been out performing the group for a long time and it 
wasn't until Friday's break down in the SOX did CYMI really see 
some selling.  Shares stopped at the 50-dma but we want to keep 
our eyes on it for a turnaround.  If the sector keeps sinking, 
then CYMI might fall to support near $40.  A bounce there might 
be an advantageous entry point for the bulls.  Yet CYMI might 
really show some strength and try and maintain support at the $45 
level.  Then we'd really be impressed.




--- 

Williams Sonoma - WSM - close: 58.88 change: +1.34

WHAT TO WATCH: This stock has been on fire since it's positive 
earnings announcement and news of a 2-for-1 stock split due on 
May 9th.  There has been no recognition of the broader market 
weakness but we all know nothing moves in a straight line 
forever.  We suspect WSM might see some profit taking near $60.  
A decent pull back might be an intriguing opportunity for a 
short-term bullish trade, but make sure the bounce is underway.




--- 

Proctor & Gamble - PG - close: 89.80 change: +0.38

WHAT TO WATCH: We keep watching for a significant pull back in 
shares of PG so we can hop on but bulls are not willing to let 
the stock fall far enough.  Shares haven't moved much this last 
week but they have been building a series of higher lows.  While 
we'd like to get a chance to buy it on a bounce at $85, the 
breakout above $90 may be the next entry point for more 
aggressive traders.  Consider the 50-dma as a guide for stop loss 
placement.  MACD is still moving down but looks like it wants to 
curl higher again.  Earnings are expected on April 30th.




--- 

Black Decker Corp - BDK - close: 49.16 change: +0.76

WHAT TO WATCH:  There is something to be said for relative 
strength and BDK has been strong the last couple of sessions 
while the market has not.  Earnings were flat so we see no 
enthusiasm there but no one appears to be selling the stock.  
We'd consider a long play if it closed above the $50 level.




--- 

Siebel Systems - SEBL - close: 22.59 change: -1.69

WHAT TO WATCH: The software group seems so oversold we really 
didn't feel like adding another short play.  Although the 
performance on Friday by shares of SEBL was hard to turn down.  
The new relative low is just screaming for a retest of the $20 
level and no ones says it has to hold there.  Nimble traders may 
want to consider trying to capture that move.




--- 

Synopsys - SNPS - close: 45.60 change: -2.05

WHAT TO WATCH: Yet another floundering software stock.  This one 
has managed to stop just above support at $45.00.  MACD has 
rolled over under the zero line and the PnF chart is rather 
bearish.  We'd consider a potential short play on a move under 
$45.  Earnings are expected on May 22nd.




--- 

Alltel Corp - AT - close: 50.32 change: -2.77

WHAT TO WATCH: By now the whole world should know that telecom 
could have much farther to go before a turnaround appears for the 
industry.  The breakdown in shares of AT on Friday look like a 
great opportunity for a new short entry on a stock that still has 
room to move.  However, if the Nasdaq (or tech sector) rebounds 
early next week merely to blow off steam, then AT might bounce 
back to the $52 level.  We'd consider short plays on failed 
rallies at $52 or a move under Friday's low.





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

Editor's note: The Biotech sector appears to be in a free fall.  
The breakdown under the 450 level in the BTK.X has almost every 
biotech stock begging to be shorted.  We saw several that looked 
very attractive and it was hard not to make the play.  Here's why 
we didn't.  The Nasdaq and the BTK.X are very oversold and 
"should" produce a bounce eventually.  The bearish trend may not 
change but the market and the sector could rally higher for a few 
days as shorts cover and reposition for the next leg down.  The 
BTK.X, currently at 429, is only about 15 points away from its 
September lows (give or take a few points).  That could be 
achieved in a day or two and at that point the risk of shorting 
biotech stocks with the sector at support is greater for the 
bears than going long for the bulls.  We do think a number of 
these could be great short candidates but traders need to be 
careful.  We're going to wait and see if a bounce does 
materialize.


Amgen Inc - AMGN - close: 53.84 change: -1.36

The biggest biotech of them all, AMGN is trading very near 
support at the $53.25 level where it has bounce several times 
before.  A move or close under $53 might be your trigger to 
consider a short play.




--- 

Genzyme Corp - GENZ - close: 39.12 change: -1.24

Like AMGN, GENZ is trading near long-time support levels between 
$39.00 and $38.50 where it has bounced several times in the past.  
Yes, the overall trend is pretty bearish but look for a close 
under $38.50 or even $38 to verify the move down.




--- 

Cephalon - CEPH - close: 57.79 change: -2.80

If the biotech sector does break support and hit new lows, then 
CEPH may be playing catch up to the group in a big way.  This 
stock is approaching Q1 support levels near $52.50 and that move 
in itself is not a bad trade.  However, a break below that level 
could move for a test of the September lows near $45.




--- 

Celgene Corp - CELG - close: 19.30 change: -0.51

We probably came closest to adding CELG to the play list this 
weekend because it appears to be out performing the group to the 
downside.  The stock has been hammered this last six sessions 
with a strong drop from the $24 level.  The close under long-time 
support at $20 on strong volume was the lure that may be too hard 
to resist for bearish traders.  Be careful.  While it looks like 
a great short, it is so oversold there could be a strong bounce 
coming (but that is a big COULD).







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

Ugly Week
By Eric Utley

The week was a poor one.  But not bad enough to signal any kind
of meaningful bottom on capitulation.  While volume was active in
Friday's session, it wasn't near the panic selling levels that
accompany a washout.  Nope, the masses still believe in technology
even after Friday's failure, and that doesn't bode well for those
stocks this summer.

The sector scorecard from Friday was decidedly slanted with a
negative technology bias.  Big drops were seen in the
Semiconductors (SOX.X), which were off by better than 4 percent.
Though the Opticals (FOP.X) were the worst performing group of
stocks in Friday's session, the drop in the SOX.X was the
most detriment as it related to sentiment, and technicals.
The amazing bid in the Gold and Silver Index (XAU.X) only
confirmed the changing tide of sentiment.

The CBOE Market Volatility Index (VIX.X) is starting to show
signs of increased fear.  The VIX has traded through the more
important levels that we've been focusing on for the last
several weeks.  Now, I'm turning my focus to looking for a
capitulation in fear in an attempt to spot a bottom.  I think
that we're a ways away from that event, but it's something to
keep in mind as we work through this.  The next level to monitor
in the progression of fear is the VIX's 200-dma.

It was a volatile week in the bullish percent data.  The
Nasdaq-100 went back and forth, ending in bear confirmed mode
at the 31 percent level.  That indicator is getting down there,
where downside risk is lessened.  It can always go lower as
we saw last fall when it hit 0, so keep that in mind.  But the
lower it falls, the less risk in the NDX to the downside.
Also, four of the five markets we cover bullish percent data for
are now in a bear market of varying strength.  Only the NYSE
market, which is arguably the most important of them all,
remains in a bull market position.

However, once again, the ARMS Index is back into extreme
territory, the short term indicator anyway.  I would dare
guess that the market is due for another short covering rally
to work off its oversold nature, but that rally will probably
be another gift as an entry point for the bears.  While it's
ugly, as traders, we need to take 'em where we can make 'em.

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

Market Averages


DJIA ($INDU)

52-week High: 11350
52-week Low :  8062
Current     :  9911

Moving Averages:
(Simple)

 10-dma: 10128
 50-dma: 10276
200-dma:  9933


S&P 500 ($SPX)

52-week High: 1316
52-week Low :  945
Current     : 1076

Moving Averages:
(Simple)

 10-dma: 1107
 50-dma: 1128
200-dma: 1130


Nasdaq-100 ($NDX)

52-week High: 2071
52-week Low : 1089
Current     : 1251

Moving Averages:
(Simple)

 10-dma: 1348
 50-dma: 1420
200-dma: 1495


Gold and Silver ($XAU)

The XAU once again found its defensive bid in Friday's
session, once again it earned the day's best performing
sector spot.  It gained a whopping 4.81 percent for the
day, finishing at a new yearly high.

Sector leaders included Gold Fields (NASDAQ:GOLD), Anglogold
(NYSE:AU), Harmony Gold (NASDAQ:HGMCY), Meridian (NYSE:MDG),
and American Eagle Mines (NYSE:AEM).

52-week High: 78
52-week Low : 49
Current     : 78

Moving Averages:
(Simple)

 10-dma: 73
 50-dma: 68
200-dma: 59


Optical ($FOP)

The FOP was the worst performing sector in Friday's session,
losing 5.06 percent on the day.

Leading to the downside included shares of Vitesse (NASDAQ:VTSS),
JDS Uniphase (NASDAQ:JDSU), ADC Telecom (NASDAQ:ADCT), PMC
Sierra (NASDAQ:PMCS), Nortel (NYSE:NT), Applied Micro
(NASDAQ:AMCC).

52-week High: 139
52-week Low :  74
Current     :  74

Moving Averages:
(Simple)

 10-dma: 83
 50-dma: 88
200-dma: N/A

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

Market Volatility

One thing that the VIX can be used for is spotting capitulation.
When everyone's running for the exits, that's usually the
bottom for stocks.  The VIX isn't near capitulatory levels just
yet.  I'll be watching for a move above the 200-dma first,
then for a print somewhere in the mid 30s.

The VXN is still lagging the VIX.  We need to see some more
upside in the VXN before we get too excited about a potential
bottom in the NDX. 

CBOE Market Volatility Index (VIX) - 24.56 +1.51
Nasdaq-100 Volatility Index  (VXN) - 41.99 +1.81

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

          Put/Call Ratio  Call Volume   Put Volume
Total          0.87        461,710       403,024
Equity Only    0.79        389,247       306,902
OEX            0.92         15,858        14,556
QQQ            1.50         35,271        52,808
 
-----------------------------------------------------------------

Bullish Percent Data

           Current   Change   Status
NYSE          64      + 0     Bull Confirmed
NASDAQ-100    31      - 2     Bear Confirmed
DOW           53      + 0     Bear Alert
S&P 500       64      - 1     Bear Alert
S&P 100       59      - 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  1.53
10-Day Arms Index  1.24
21-Day Arms Index  1.39
55-Day Arms Index  1.20

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      1243           1871
NASDAQ    1207           2332

        New Highs      New Lows
NYSE      147             60
NASDAQ    138            123

        Volume (in millions)
NYSE     1,376
NASDAQ   1,705

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

Commitments Of Traders Report: 04/23/02

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

Commercial traders continued to ease off of their recent relative
high in bearishness.  The group added a few more longs than shorts
last week for a slight drop in their net bearish positition.
Small traders went in the opposite direction by dropping a small
number of longs and adding a few shorts for a reduction in the
group's near yearly high bullish position.

Commercials   Long      Short      Net     % Of OI 
04/09/02      320,101   411,075   (90,974)  (12.4%)
04/16/02      322,578   411,245   (88,667)  (12.1%)
04/23/02      327,373   414,991   (87,618)  (11.8%)

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
04/09/02      151,237     47,678  103,559     52.1%
04/16/02      150,529     50,424  100,105     49.8%
04/23/02      149,324     52,469   96,855     48.0%

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 reduced their net bearish position again
last week.  The grouop maintained its long position for the
most part, but brought in a number of shorts.  Small traders
grew a little less bullish by reducing their long position
for a decline of about 800 contracts in the net bullish
position.

Commercials   Long      Short      Net     % of OI 
04/09/02       28,985     35,221    (6,236)   (9.7%)
04/16/02       32,024     35,723    (3,699)   (5.5%)
04/23/02       32,046     34,125    (2,079)   (3.1%)

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
04/09/02       11,640     8,353     3,287     16.4%
04/16/02       12,458    10,572     1,878      8.2% 
04/23/02       11,393    10,365     1,028      4.7%

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 dropped a significant number of longs during the
most recent reporting period.  The group's net bullish position
was substantiall reduced.  Meanwhile, small traders sneaked in a
net bullish position by 28 contracts.

Commercials   Long      Short      Net     % of OI
04/09/02       19,393    13,445    5,948     16.7%
04/16/02       19,080    14,267    4,813     14.4% 
04/23/02       16,890    15,151    1,739      5.4%

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
04/09/02        5,459     9,340    (3,881)   (26.2%)
04/16/02        5,644     9,448    (3,804)   (25.2%) 
04/23/02        8,354     8,326        28      0.2%

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          Weekend Edition 04-26-2002
                                                    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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charts and graphs, click here:
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In section two:

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

Stock Bottom / Active Trader
  New Bullish Plays:     SII
  New Bearish Plays:     GDT
  Bullish Play Updates:  CTEC
  Bearish Play Updates:  JPM, MER, V
  Closed Bullish Plays:  PHM

High Risk/Reward
  Bullish Play Updates:  AMZN, AMAT, GNCMA, PVN
  Bearish Play Updates:  CVC

Split Trader
                         SU: 2-for-1 split announcement
                         

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

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

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

DuPont Photomasks - DPMI - close: 39.47 change: -2.64 stop: 43.41

Company Description:
DuPont Photomasks is a leading global provider of microimaging 
solutions. The company develops and produces advanced photomasks, 
a key enabling technology used in the manufacture of 
semiconductor and other microelectronic devices, and pellicles, 
the protective covers for photomasks. Headquartered in Round 
Rock, Texas, DuPont Photomasks operates a global network of 
manufacturing facilities serving semiconductor makers and other 
electronics producers around the world. DuPont Photomasks posted 
worldwide sales of approximately $408 million in fiscal 2001. 
(source: company press release)

Why We Like It: 
With only one semiconductor short on the play list, we felt it 
wouldn't hurt to add another now that the SOX is in a free fall 
to the 500 mark.  Granted that isn't very far away, no one says 
it can't break that support level.  We're not expecting it to so 
this could be a brief play in DPMI if the sector can rally 
significantly versus a lingering consolidation at support.  DPMI 
announced its Q3 earnings report on April 24th and the numbers 
were not that great.  With a large drop in earnings over the 
previous year, the company cited that demand remains weak.  A 
less than enthusiastic conference call for the coming Q4 sparked 
at least one downgrade and share have since broken through their 
200-dma level of support.  Friday's close under $40 is also key 
in breaking another level of resistance and DPMI could fall to 
the $35 to $30 levels in the next few weeks.  Bears may want to 
wait and see how the market opens on Monday as the Nasdaq is very 
oversold and due for a bounce.  If this occurs, traders might get 
an opportunity to short DPMI near its 200-dma around the $41.40 
to $41.50 level.  We're going to start the play with a stop at 
$43.41 or 11 cents above Friday's high.  Due to the development 
in the SOX we'll consider closing this for a quick in-and-out 
trade if DPMI find support at $35 during a stall in the SOX at 
500.

Picked on April 26th at $39.47
Gain since picked:       +0.00
Earnings Date         04/24/02 (confirmed)
 




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

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

Sony Corp (ADR) - SNE - close: 55.50 change: -0.50 stop: 51.25

In stark contrast to the Dow (which dropped 1.2 percent today), 
the NIKKEI-225 finished the week with only a fractional loss.  
Weakness in the U.S markets may carry over to Monday's Japanese 
session, but it's interesting to note that the NIKKEI has been 
trending higher over the past week.  That's certainly not the 
case for the Dow and NASDAQ.  SNE has been moving higher with the 
NIKKEI and is threatening to break over resistance at $57.  The 
reaction to their earnings report was somewhat muted, but we did 
notice that SNE has overtaken Matsushita (MC) as the world's 
largest consumer-electronics maker.  From a technical 
perspective, we're looking shares to break over $57 and head to 
the $60 level.  Traders looking for entries could target a 
pullback to $55.

Picked on April 4th at $53.01
Gain since picked:      +2.49
Earnings Date        04/25/02 (confirmed)
 



--- 

Titan Corp - TTN - close: 22.02 change: +0.04 stop: 20.99

TTN gapped higher this morning after reporting strong Q1 earnings 
on Thursday.  Things were going pretty well at the open, with 
shares trading as high as $23.20 and above near-term resistance 
at $22.50.  Just as it seemed that shares might make a run at the 
$24 level, the sinking NASDAQ rained on TTN's parade.  TTN 
quickly dropped back to previous resistance at $22 and closed 
with a gain of just 4 cents.  Despite the weak finish, it's 
encouraging to see that TTN finished with a gain today.  We'll be 
looking for that relative strength to make its presence felt 
if/when the NASDAQ gets an oversold rally early next week.  New 
entries can be considered at current levels, but note that 
resistance may emerge at $24.  Our profit-target remains set at 
$25.50.

Picked on April 15th at $21.26
Change since picked:     +0.76 
Earnings Date         04/25/02 (confirmed)





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

Broadcom Corp - BRCM - close: 33.19 change: -1.84 stop: 36.76

Quick, someone get the SOX a medic...The index is bleeding red 
all over our screens!  Six out of the last seven sessions have 
ended in losses, the largest of which was today's 4.4 percent 
decline.  We don't purport to have a crystal ball, but the SOX 
seems almost destined for a test of support at 500.  This sector 
weakness has worked to our advantage, with BRCM slipping another 
5.2 percent today.  Shares dropped to a near-term low of $32.56 
before bouncing higher into the close.  With the stock 
approaching the $31 support level, it's time to start thinking 
about exit strategies.  A successful test of 500 on the SOX would 
be an indication that the short-term selling may have run its 
course.  Watch how BRCM behaves as the index approaches support.  
If shares start firming up it might be a good time to take your 
money off the table.  We'll also be keeping an eye (ear?) on the 
Merrill Lynch Hardware Technology Conference after the bell on 
Monday, which will be featuring BRCM's CEO as a speaker.  PI is 
currently up 4.7 percent on this play.

Picked on April 24th at $34.84 
Gain since picked:       +1.65
Earnings Date         04/17/02 (confirmed)




---

Computer Assoc. - CA - close: 18.00 change: -0.63 stop: 20.26

A chart of today's trading action in CA looks a lot like the 
NASDAQ: The initial move higher gave way to selling that 
intensified as the session wore on.  Shares of CA topped out at 
$19.00 before sinking to a near-term closing low of $18.00.  The 
tech market appears oversold at this point, but aggressive 
traders can target a move below $18.00.  A break of this level 
could leave CA vulnerable to a test of the February lows at 
$16.00.  Traders looking for a rollover should note that shares 
once again sold off from the 10-dma, which has pressured the 
stock over the past two weeks.
 
Picked on April 18th at $18.49 
Gain since picked:       +0.49
Earnings Date         05/14/02 (unconfirmed)




--- 

Kronos Inc. - KRON - close: 39.50 change: -0.28 stop: *text*

The steep NASDAQ decline created a favorable environment for some 
selling in KRON, but shares weathered the tech storm in fairly 
strong fashion.  The stock didn't breech the $39 level, let alone 
our trigger at $38.79.  Shares finished with a loss of 0.70 
percent, compared to the NASDAQ's 2.90 percent decline.  In light 
of the relative strength, traders may want to use a move below 
our trigger to leg into positions, rather than jump in all at 
once.  Of course, the GSO.X software index is looking quite weak 
and could be headed for support at 115-120.  A move to this level 
could have KRON trading sharply lower from current levels.  If we 
do get triggered, we'll go short with a stop 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 - cls: 13.50 chg: -0.41 stop: 14.26 *new*

SRNA continues to plummet towards its next level of support at 
the $12 level.  The GSO.X software index is displaying similar 
action, but is actually in danger of testing its September lows.   
At this rate it won't be long before this occurs.  Due to the 
possibility of a short-covering rally we wouldn't recommend 
opening new positions at this time.  As a matter of fact, we're 
going to set a profit-target of $12.51.  If SRNA trades at or 
below this level we'll exit the play with a gain.  We're also 
going to get defensive and place our stop at $14.26, just above 
today's high.  This should protect a gain of 4.5 percent.  Chart 
readers may have noticed that SRNA has not traded above the 
previous day's high for the last five sessions.  As long as the 
trend is working we'll use it to place a conservative (tight) 
stop.  Traders may want to strongly consider covering positions 
if the GSO.X bounces from the 120 level.

Picked on April 23rd at $14.94 
Gain since picked:       +1.44
Earnings Date         02/21/02 (confirmed)





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

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

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

Smith Intl. Inc - SII - close: 71.29 change: +0.57 stop: 65.49

Company Description:
Smith International, Inc. is a leading worldwide supplier of 
premium products and services to the oil and gas exploration and 
production industry, the petrochemical industry and other 
industrial markets through its four principal business units - M-
I, Smith Bits, Smith Services and Wilson. (source: company press 
release)

Why We Like It:
The challenge with playing stocks in the oil producing or oil 
service sector like SII is that the crisis in the Mid-East could 
have the price of oil and shares of SII fluctuating wildly.  
However, since there does not seem to be any apparent end in 
sight for the Israeli military actions, the price of oil per 
barrel has recovered from its mid-month dip and is moving higher 
again.  This has several stocks in the oil services sector 
breaking out to new highs.  We like SII due to its technical 
strength but first a comment on its fundamentals.  Earlier this 
month SII pre-warned that a 27 percent drop in N. American-based 
drilling activity would probably cause a year over year loss in 
Q1 earnings.  The expected decline wasn't too severe and the 
numbers SII offered with Q1 revenues estimated to come in at 
$830M and earnings in the low 60-cent per share range were not 
far from analysts estimates.  The stock did fall the first half 
of April but bottomed at the $60 level and has since rebounded 
strongly.  With the pre-announcement out of the way, there 
probably won't be an overreaction to their earnings report, which 
is due out on Thursday, May 2nd, 2002.  Conservative traders may 
still want to avoid holding over but at this time we will 
probably hold over the report.  The stock made strong advances 
two weeks ago on very good volume and the Thursday-Friday action 
this week was encouraging.  SII broke out over heavy resistance 
at $70 and then pulled back to bounce from this level mid-day 
Friday.  MACD is positive, momentum is positive while the 
stochastics look overbought.  However, a glance at the point-and-
figure chart shows SII producing a quintuple-top breakout to the 
upside.  There is no serious overhead resistance until the $85 
level from Q1 and Q2 of 2001 but we would expect some selling 
pressure at $80.  Be sure to play with a stop as overseas 
conflicts could affect share price movement drastically.  We will 
initiate our play with a stop at $65.59, which is near the 50-
dma.

Picked on April 26th at $71.29 
Gain since picked:       +0.00
Earnings Date         05/02/02 (confirmed)
 




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

Guidant Corp - GDT - close: 37.60 change: -0.80 stop: *text*

Company Description:
Guidant Corporation pioneers lifesaving technology, giving an 
opportunity for better life today to millions of cardiac and 
vascular patients worldwide. The company, driven by a strong 
entrepreneurial culture of more than 10,000 employees, develops, 
manufactures and markets a broad array of products and services 
that enable less invasive care for some of life's most 
threatening medical conditions. (source: company press release)

Why We Like It:
Very interesting.  Does someone on Wall Street know something 
about GDT that the rest of the market doesn't?  Shares have 
traded relatively sideways the latter part of March and early 
April while hovering near its 200-dma.  Yet the day after GDT 
announces positive earnings (4/18/02), shares gap down and 
proceed to flounder the next six days in a row.  Selling the news 
is nothing new but the declines came on very strong volume all 
week.  On top of it all, the same week, GDT was awarded a $158M 
settlement against Medtronic in a patent lawsuit.  MDT seemed 
unconcerned and said that they were developing a new delivery 
process for stents to be announced in a few months.  Are 
investors concerned about more competition from MDT?  The MACD 
has rolled over again and the stochastics are buried in oversold 
territory.  The PnF chart looks pretty discouraging if you're a 
bull and the vertical count is projecting a price target of $28.  
We're going to open a short play on GDT if shares trade under the 
$37.00 level.  Our short-term target would be a move to $33 and 
possibly $30 but traders should expect some support at $35.  If 
we are triggered at an entry price of $36.94 (official trigger) 
we'll start with a stop loss at $40.01.  However, if we are not 
triggered and GDT bounces with any market recovery next week, 
keep your eyes open for a potential failed rally at $40.  We may 
get more aggressive and alter our strategy if that occurs.

Picked on April  xth at $xx.xx
Gain since picked:       +0.00
Earnings Date         04/18/02 (confirmed)
 




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

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

Cholestech Corp - CTEC - close: 19.60 change: +0.03 stop: *text*

Although there wasn't much green on our monitors today, CTEC 
bucked the trend with a fractional gain.  Shares were also 
relatively strong versus the RXH.X healthcare index, which 
finished with a small loss.  CTEC appears to be coiling for a 
breakout over $20.  Shares have set higher lows over the past 
four sessions, each time finding resistance near $19.75.  Given 
the recent relative strength, a market rebound next week could 
send the stock above our trigger at $20.05.  If this is the case 
we'll go long 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 





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

J.P. Morgan - JPM - close: 34.99 change: -0.04 stop: 38.01

Eager bears pounced on JPM after the stock gapped higher this 
morning.  Shares sold off from a high of $35.85 and closed near 
the lows for the day.  JPM finished with a fractional loss 
despite gains in BSC, GS, and MER.  JPM is more than just a 
brokerage and has huge financial operations in various banking 
sectors.  However, its inability to rally with the 
Security/dealers group bodes well for this short play.  We're 
looking for continued weakness in the broader market to force 
both the XBD.X broker/dealer index and JPM to new near-term lows.  
If the stock does head lower, traders can target a move below 
yesterday's low of $34.39.  However, be aware that the 50-dma at 
$33.91 may provide support.

Picked on April 24th at $35.40
Gain since picked:       +0.41
Earnings Date         04/17/02 (confirmed)
 



---

Merrill Lynch - MER - close: 43.38 change: +0.88 stop: 46.06*new*

MER rebounded 2 percent today after CEO David Komansky struck an 
apologetic chord at the company's annual meeting.  To quote: "The 
e-mails that have come to light are very distressing...I want to 
take this opportunity to publicly apologize to our clients, our 
shareholders, and our employees."  In this post-Enron world, 
investors may find it somewhat relieving to see a CEO actually 
acknowledge these kinds of issues.  Despite his confession, many 
are speculating that the brokerage industry could see this probe 
evolve into hundreds of millions of dollars in investor 
settlements.  This does not promote a healthy environment if 
you're looking to invest in broker stocks or if you're currently 
holding them.  Today's move makes sense from a technical 
perspective, as shares had dropped precipitously from the $49 
level earlier this week.  The stock traded an inside day, which 
can help to determine new entries.  A move above today's high 
could lead to MER filling in yesterday's gap.  A rollover from 
the top of this gap ($44.65) or psychological resistance at $45 
might offer an opportunity to open new bearish positions.  On the 
same token, a break below today's low could offer more aggressive 
traders an entry point.  We're going to tighten our stop to 
$46.06 to minimize risk.  More aggressive traders could place 
their stop above the 10-dma, which has pressured MER over the 
past week.

Picked on April 24th at $43.72
Gain since picked:       +0.34
Earnings Date         04/17/02 (confirmed)
 



--- 

Vivendi Universal - V - close: 32.87 change: -0.27 stop: 36.01

Shares of V declined for the fifth consecutive session today.  
Although the stock gapped higher this morning, it quickly 
succumbed to another round of selling and finished with a loss of 
27 cents.  The stock isn't performing a swan dive, but instead is 
slowly bleeding losses with every session.  The long-term 
decline, combined with unrest among shareholders who are unhappy 
with top brass and now potential voting fraud at the recent 
shareholder meeting doesn't offer a lot of security or confidence 
for new buyers to step in and buy shares of V at these low 
levels.  V is trading at near-term lows and is approaching the 
all-time lows at $31.20.  We'll re-evaluate our strategy if 
shares reach this level.

Picked on April 24th at $33.35
Gain since picked:       +0.48
Earnings Date         04/24/02 (confirmed)





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

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

Pulte Homes - PHM - close: 52.35 change: -1.20 stop: 52.34

The DJUSHB home construction index bumped from the midline of its 
ascending channel earlier in the week and continued lower today.  
The group had traded higher on positive earnings from CTX, PHM, 
and RYL, but just couldn't buck the broader market weakness.  PHM 
mirrored the index action after failing near the midline of its 
own ascending channel, which coincides with resistance at $55.  
Shares finished lower by 2.2 percent and traded below our stop at 
$52.34 on an intraday basis.  This closed out our long play with 
a gain of 4.4 percent.  The uptrend is still intact in PHM, and a 
move back to $50 would have us very interested in a potential 
bullish play again.  Not only should this level offer 
psychological support, but it also coincides with both the 50-dma 
and 19 percent retracement from the all-time high.  Furthermore, 
this is where the bottom of the regression channel is located.  
It should take a hefty dose of sector weakness to push PHM below 
this level.

Picked on April 15th at $50.13 
Gain since picked:       +2.21
Earnings Date         04/23/02 (confirmed)





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

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

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

Amazon.com - AMZN - close: 16.91 change: +0.09 stop: 15.90 *new*

Lately it seems that investors have very short memories when it 
comes to tech companies reporting strong earnings.  One or two-
day rallies often get quickly erased by the declining market.  
Thus, we were very pleased see AMZN actually finish in the green 
today.  A gain of half a percentage point isn't too shabby 
considering the NASDAQ gave back nearly 50 points.  This relative 
strength couldn't come at a better time, with AMZN sitting just 
under resistance at $17.  We think a short-covering rally in the 
NASDAQ could send the stock to $18 or $19, near the top of its 
ascending channel.  Traders looking to capture this move can 
evaluate entries on a move above $17.  Note that we're inching 
our stop up to $15.90, just below the midline of regression 
channel.  Premier is currently up 17.8 percent on this play.  If 
you would feel more comfortable locking in gains at current 
levels, then by all means do so.  17 percent is certainly nothing 
to sneeze at!

Picked on April 17th at $14.35
Gain since picked:       +2.56
Earnings Date         04/23/02 (confirmed)




--- 

Applied Materials - AMAT - close: 23.77 change: -1.46 stop: *text

It looks like yesterday's small gain in the SOX was merely a rest 
stop on the road to support at 500.  The semiconductor index 
continued its journey lower today with a 4.4 percent loss.  AMAT 
had an even rougher go at it, shedding 5.7 percent to close under 
previous resistance at $24.  The decline was substantial, but not 
quite enough to trigger our long play.  As you might remember 
from last night's update, we won't be entering AMAT until shares 
trade anywhere from $22.99 to $22.00.  Frankly, we wouldn't be 
surprised to see shares hit this level on Monday.  The SOX seems 
intent on a test of 500, and will likely drag AMAT along for the 
ride.  We're betting that SOX will bounce from 500 because that 
support level has been successfully tested several times since 
November.  At the very least, the sector is due for some short-
covering after it's rapid descent over the past week.  Remember, 
if we are triggered in AMAT our stop will be placed at $20.89.  
Just for kicks, check out the PnF chart and you'll see why we're 
looking to enter between $22 and $23.

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



---

General Communication - GNCMA - cls: 9.78 chg: -0.21 stop: *text*

GNCMA had been hovering near resistance at $10.00, but distanced 
itself from that level with today's 2.1 percent decline.  Shares 
actually held up relatively well when compared to the 2.9 percent 
decline on the NASDAQ.  We'll continue to wait for shares to move 
above our trigger at $10.31, which would confirm a move above the 
200-dma.  A reminder: This is purely a technical play.  Going 
long on a telecom stock in this market environment seems a bit 
counterintuitive, but we are traders, not investors.  Waiting for 
shares to move our trigger means that GNCMA will have to prove 
itself on a technical basis before we go long.  We'll probably 
drop the play if GNCMA closes under the $9.50 level.

Picked on April xth at $xx.xx <- see text
Gain since picked:      +0.00
Earings Date         04/24/02 (confirmed)




---

Providian Financial - PVN - cls: 7.40 chg: -0.19 stop: *text*

Financial-related issues continued to tumble today after the Dow 
Jones gave up support at 10,000.  PVN dropped with the group and 
declined 2.5 percent.  Shares closed near the bottom of the 
October 19th gap, which should hypothetically act as support.  If 
this level fails we'd expect to see support emerge near $7.00.  
In any case, we have yet to be triggered on this play.  We're 
keeping our entry price at $8.51, although if PVN bounces from 
$7.00 we may employ an aggressive strategy designed to capture a 
bounce from that level.  This would entail moving our trigger 
price (and stop) lower.  Whether or not we go ahead with this 
strategy will likely depend on the market's ability to muster a 
sustained bounce next week.  

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: 23.70 change: -1.05 stop: 24.26 *new*

CVC continued its losing ways on Friday, as sellers hit the stock 
for a 4.2 percent decline.   Shares hit an all-time intraday low 
of $23.25 and remained under $24 for the rest of the session.  
CVC is quickly approaching the bottom of its descending channel 
near $22.  As we mentioned in last night's update, this might be 
a good time for short-term to consider taking profits.  We're a 
bit more aggressive and are looking for a move to the $20 level.  
However, in order to protect some of our gains we're going to 
move our stop to $24.26.  This should protect a move of 7.5 
percent from our original entry point.  Premier is currently up 
9.6 percent on this play.  Traders should be aware, that if the 
Nasdaq produces an oversold bounce early next week, then CVC 
could rally and stop us out.  However, if it fails to conquer the 
$25.00 level, we might short it again.

Picked on April 22nd at $26.24
Gain since picked:       +2.54
Earnings Date         05/02/02 (confirmed)
 





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

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

Suncor Energy Approves 2-for-1 Split

Suncor Energy (NYSE:SU) announced its Q1 numbers on Thursday and 
shares managed a brief gain on the news.  The earnings report was 
followed on Friday but the company's annual shareholder meeting 
and one of the results of the meeting was a 2-for-1 stock split 
being approved.  

The shareholder record date for the 2:1 split will be May 15th, 
2002.  The payable date will be May 25th and considering that is a 
Saturday, we would expect shares to begin trading at their new 
post-split price on Tuesday, May 28th (Monday, May 27th, the U.S. 
markets are close)

Shares closed at $35.43 on Friday.  For a current quote,
click here:
http://user.financialcontent.com/pin1/quote.cgi?account=pin1&ticker=SU


About the company
Suncor Energy is an integrated Canadian energy company. Suncor's 
Oil Sands business mines and upgrades oil sand into custom-blended 
refinery feedstock and diesel fuel, near Fort McMurray in Northern 
Alberta. Suncor is also a conventional natural gas producer in 
Western Canada; and operates a refining and marketing business in 
Ontario. At the same time as Suncor meets today's energy needs, 
the company invests in alternative and renewable energy for the 
future. (source: company press release)




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PremierInvestor.net Newsletter         Weekend Edition 04-26-2002
                                                   Section 3 of 3
Copyright  2002, 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/d26b_3.asp
=================================================================

In section three:

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

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

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


==================================================
Market Watch for the week of April 29th
==================================================

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

Symbol  Company               Date           Comment      EPS Est

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

ABN    ABN Amro Holdings      Mon, Apr 29  Before the Bell    N/A
ACDO   Accredo Health         Mon, Apr 29  Before the Bell   0.30
AFC    Allmerica Financial    Mon, Apr 29  -----N/A-----     0.77
AFG    American Financial Grp Mon, Apr 29  Before the Bell   0.51
STD    Bnc Sntndr Cntrl Hisp  Mon, Apr 29  -----N/A-----      N/A
BSB    Banco Santander-Chile  Mon, Apr 29  -----N/A-----     0.34
BAY    Bayer AG               Mon, Apr 29  -----N/A-----      N/A
BEC    Beckman Coulter        Mon, Apr 29  Before the Bell   0.43
CCJ    Cameco                 Mon, Apr 29  After the Bell     N/A
CZ     Celanese AG            Mon, Apr 29  Before the Bell   0.01
CHTR   Charter Communications Mon, Apr 29  Before the Bell  -0.74
CHK    Chesapeake Energy      Mon, Apr 29  After the Bell    0.07
CTV    CommScope              Mon, Apr 29  After the Bell   -0.02
CSGS   CSG Systems Intl       Mon, Apr 29  -----N/A-----     0.38
ENT    Equant NV              Mon, Apr 29  After the Bell   -0.36
EOP    Equity Office Prop     Mon, Apr 29  Before the Bell   0.84
FRT    Fed Relty Invstmt Trst Mon, Apr 29  -----N/A-----     0.66
FHCC   First Health Group     Mon, Apr 29  Before the Bell   0.29
GSPN   GlobespanVirata, Inc.  Mon, Apr 29  After the Bell   -0.02
HGMCY  Harmony Gold Mining    Mon, Apr 29  Before the Bell   0.28
HUM    Humana                 Mon, Apr 29  Before the Bell   0.28
JP     Jefferson-Pilot        Mon, Apr 29  After the Bell    0.82
KG     King Pharmaceuticals   Mon, Apr 29  Before the Bell   0.28
MVSN   Macrovision            Mon, Apr 29  After the Bell    0.16
MFC    Manulife Financial     Mon, Apr 29  After the Bell    0.42
MCY    Mercury General        Mon, Apr 29  -----N/A-----     0.48
NHY    Norsk Hydro            Mon, Apr 29  Before the Bell    N/A
NUS    Nu Skin                Mon, Apr 29  Before the Bell   0.15
OGE    OGE Energy             Mon, Apr 29  Before the Bell  -0.10
REI    Reliant Energy         Mon, Apr 29  -----N/A-----     0.47
RRI    Reliant Resources      Mon, Apr 29  Before the Bell   0.23
RCII   Rent-A-Center          Mon, Apr 29  After the Bell    1.02
RSG    Republic Services      Mon, Apr 29  After the Bell    0.30
RHA    Rhodia ADS             Mon, Apr 29  Before the Bell    N/A
ROH    Rohm and Haas          Mon, Apr 29  Before the Bell   0.38
TEVA   Teva Pharmaceutical    Mon, Apr 29  -----N/A-----     0.55
YUM    Tricon Glbl Restrnts   Mon, Apr 29  After the Bell    0.77
TSN    Tyson Foods            Mon, Apr 29  Before the Bell   0.18
UMC    United Microelec Corp  Mon, Apr 29  Before the Bell   0.00
BER    W.R. Berkley           Mon, Apr 29  -----N/A-----     0.79
WRI    Weingarten Realty      Mon, Apr 29  After the Bell    0.78
XL     XL Capital             Mon, Apr 29  After the Bell    1.53

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

ATG    AGL Resources          Tue, Apr 30  -----N/A-----     0.87
AW     Allied Waste Industry  Tue, Apr 30  After the Bell    0.18
ACAS   American Cap Strtges   Tue, Apr 30  -----N/A-----     0.60
AWK    American Water Works   Tue, Apr 30  -----N/A-----      N/A
AU     Anglogold Limited      Tue, Apr 30  Before the Bell   0.34
AOC    AON Corporation        Tue, Apr 30  -----N/A-----     0.47
AOT    Apogent                Tue, Apr 30  Before the Bell   0.33
AVB    Avalonbay Communities  Tue, Apr 30  After the Bell    0.99
BF     BASF                   Tue, Apr 30  -----N/A-----      N/A
BOW    Bowater                Tue, Apr 30  Before the Bell  -0.83
BP     BP Amoco               Tue, Apr 30  Before the Bell   0.43
BTI    British Am Tobacco     Tue, Apr 30  -----N/A-----      N/A
CMX    Caremark Rx            Tue, Apr 30  -----N/A-----     0.23
CB     Chubb                  Tue, Apr 30  Before the Bell   1.07
CNL    CLECO                  Tue, Apr 30  -----N/A-----     0.26
CEFT   Concord EFS            Tue, Apr 30  Before the Bell   0.16
CIV    Conectiv Incorporated  Tue, Apr 30  Before the Bell    N/A
CAM    Cooper Cameron         Tue, Apr 30  Before the Bell   0.34
CVH    Coventry Health Care   Tue, Apr 30  -----N/A-----     0.38
CXR    Cox Radio              Tue, Apr 30  Before the Bell   0.06
CK     Crompton Corporation   Tue, Apr 30  -----N/A-----     0.05
DCX    DaimlerChrysler        Tue, Apr 30  -----N/A-----     0.28
DYN    Dynegy                 Tue, Apr 30  Before the Bell   0.40
EOC    Empr Nac de Elect      Tue, Apr 30  -----N/A-----     0.13
ENI    Enersis SA ADS         Tue, Apr 30  -----N/A-----     0.01
EPD    Enterprise Products    Tue, Apr 30  Before the Bell   0.24
EOG    EOG Resources          Tue, Apr 30  -----N/A-----    -0.03
EL     Estee Lauder           Tue, Apr 30  Before the Bell   0.19
FLR    Fluor                  Tue, Apr 30  After the Bell    0.42
FTE    France Telecom         Tue, Apr 30  -----N/A-----      N/A
FMS    Fresenius Medical Care Tue, Apr 30  -----N/A-----     0.28
FDP    Fresh Del Monte        Tue, Apr 30  Before the Bell   0.92
FUJIY  Fuji Photo Film        Tue, Apr 30  -----N/A-----      N/A
GEMP   Gemplus International  Tue, Apr 30  -----N/A-----    -0.08
GILD   Gilead Sciences        Tue, Apr 30  After the Bell   -0.06
JNY    Jones Apparel          Tue, Apr 30  Before the Bell   0.65
KTC    Korea Telecom          Tue, Apr 30  -----N/A-----      N/A
KCIN   KPMG Consulting        Tue, Apr 30  After the Bell    0.15
LAF    Lafarge North America  Tue, Apr 30  After the Bell   -0.79
LR     Lafarge S.A.           Tue, Apr 30  -----N/A-----      N/A
MEE    Massey Energy Company  Tue, Apr 30  After the Bell    0.03
MXIM   Maxim Integrated Prod  Tue, Apr 30  After the Bell    0.19
MDR    McDermott Intl         Tue, Apr 30  Before the Bell   0.00
MCK    McKesson Corporation   Tue, Apr 30  Before the Bell   0.45
MX     Metso Corporation      Tue, Apr 30  Before the Bell    N/A
NFS    Nationwide Fin Srvics  Tue, Apr 30  After the Bell    0.82
NMR    Nomura Holdings, Inc.  Tue, Apr 30  Before the Bell    N/A
NVO    Novo-Nordisk           Tue, Apr 30  -----N/A-----      N/A
OMC    Omnicom Group          Tue, Apr 30  Before the Bell   0.68
PCAR   Paccar                 Tue, Apr 30  Before the Bell   0.56
PB     Pan American Beverages Tue, Apr 30  Before the Bell   0.22
PDX    Pediatrix Medical Grp  Tue, Apr 30  Before the Bell   0.53
PFGC   Performance Food       Tue, Apr 30  -----N/A-----     0.24
PER    Perot Systems          Tue, Apr 30  Before the Bell   0.17
PMI    PMI Group              Tue, Apr 30  Before the Bell   1.85
POL    PolyOne                Tue, Apr 30  After the Bell   -0.03
PT     Portugal Telecom SGPS  Tue, Apr 30  -----N/A-----      N/A
PCP    Precision Castparts    Tue, Apr 30  Before the Bell   0.71
PG     Procter & Gamble Comp  Tue, Apr 30  -----N/A-----     0.83
QSFT   Quest Software         Tue, Apr 30  After the Bell    0.03
Q      Qwest Communications   Tue, Apr 30  Before the Bell  -0.04
RCI    Renal Care Group       Tue, Apr 30  After the Bell    0.42
RYG    Royal Group Tech       Tue, Apr 30  Before the Bell   0.20
SDA    Sadia S.A.             Tue, Apr 30  -----N/A-----      N/A
SSFT   ScanSoft               Tue, Apr 30  Before the Bell   0.02
SEPR   Sepracor               Tue, Apr 30  Before the Bell  -1.19
SBSA   Span Broadcasting Sys  Tue, Apr 30  Before the Bell  -0.04
RIG    Transocean Sedco Forex Tue, Apr 30  Before the Bell   0.16
VLO    Valero Energy          Tue, Apr 30  Before the Bell  -0.09
VSH    Vishay Intertechnology Tue, Apr 30  Before the Bell  -0.02
WPL    W.P. Stewart & Co      Tue, Apr 30  Before the Bell   0.41
WSH    Willis Grp Hldngs Lmtd Tue, Apr 30  Before the Bell   0.42
WEC    Wisconsin Energy       Tue, Apr 30  Before the Bell   0.65

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

ACE    ACE Limited            Wed, May 01  -----N/A-----     0.82
AXL    Am Axle & Manu Hldngs  Wed, May 01  -----N/A-----     0.73
APU    AmeriGas Partners      Wed, May 01  -----N/A-----     1.55
AIV    Apartment Ivstmt & Man Wed, May 01  -----N/A-----     1.30
ILA    Aquila, Inc            Wed, May 01  Before the Bell   0.32
ABX    Barrick Gold           Wed, May 01  -----N/A-----     0.12
BHP    BHP Billiton Ltd       Wed, May 01  -----N/A-----     0.14
CRL    Charles River Lab      Wed, May 01  After the Bell    0.27
CPG    Chelsea Property Group Wed, May 01  After the Bell    1.19
CRUS   Cirrus Logic           Wed, May 01  After the Bell   -0.12
CMS    CMS Energy             Wed, May 01  -----N/A-----     0.63
CMCSK  Comcast                Wed, May 01  -----N/A-----     0.10
CNC    Conseco                Wed, May 01  Before the Bell   0.14
CUZ    Cousins Properties     Wed, May 01  After the Bell    0.53
DTC    Domtar                 Wed, May 01  -----N/A-----     0.02
EDMC   Education Management   Wed, May 01  Before the Bell   0.37
EPN    El Paso Energy Partner Wed, May 01  -----N/A-----     0.15
EC     Engelhard              Wed, May 01  Before the Bell   0.37
EQR    Eqity Resi Prprts Trst Wed, May 01  During the Market 0.62
FCH    FelCor Lodging Trust   Wed, May 01  After the Bell    0.44
FSH    Fisher Scientific Intl Wed, May 01  After the Bell    0.32
GGP    Gen Growth Properties  Wed, May 01  After the Bell    1.12
GG     Goldcorp               Wed, May 01  After the Bell    0.15
HIW    Highwoods Properties   Wed, May 01  After the Bell    0.92
HMT    Host Marriott REIT     Wed, May 01  -----N/A-----     0.19
IRM    Iron Mountain          Wed, May 01  Before the Bell   0.15
KMT    Kennametal             Wed, May 01  -----N/A-----     0.53
LANC   Lancaster              Wed, May 01  -----N/A-----     0.52
MDP    Meredith               Wed, May 01  Before the Bell   0.37
NWL    Newell Rubbermaid      Wed, May 01  Before the Bell   0.22
OCAS   Ohio Casualty          Wed, May 01  -----N/A-----     0.20
OKE    Oneok                  Wed, May 01  After the Bell    0.57
OHP    Oxford Health Plans    Wed, May 01  Before the Bell   0.74
PCG    PG&E                   Wed, May 01  -----N/A-----     0.59
PCLN   Priceline.com          Wed, May 01  After the Bell    0.02
PLD    ProLogis Trust         Wed, May 01  After the Bell    0.57
STR    Questar                Wed, May 01  -----N/A-----     0.63
RA     Reckson Assoc Realty   Wed, May 01  After the Bell    0.60
RSE    Rouse                  Wed, May 01  -----N/A-----     0.78
DNY    RR Donnelley & Sons    Wed, May 01  -----N/A-----     0.16
SPI    Scottish Power         Wed, May 01  -----N/A-----      N/A
SHPGY  Shire Pharm Grp        Wed, May 01  -----N/A-----     0.30
STTS   ST Assmbly Test Srvces Wed, May 01  -----N/A-----    -0.28
SRCL   Stericycle             Wed, May 01  After the Bell    0.44
TU     TELUS Communications   Wed, May 01  Before the Bell    N/A
WEN    Wendy`s International  Wed, May 01  -----N/A-----     0.39
WGL    WGL Holdings Inc       Wed, May 01  After the Bell    1.13

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

AGU    Agrium                 Thu, May 02  After the Bell   -0.22
ACL    Alcon Labs, INC        Thu, May 02  -----N/A-----     0.30
AYE    Allegheny Energy       Thu, May 02  After the Bell    0.81
AC     Alliance Capitl Mngmnt Thu, May 02  -----N/A-----     0.65
APCC   Am Power Conversion    Thu, May 02  After the Bell    0.12
AMKR   Amkor Technology       Thu, May 02  After the Bell   -0.59
AVE    Aventis                Thu, May 02  -----N/A-----      N/A
BUH    Buhrmann NV            Thu, May 02  -----N/A-----      N/A
CVC    Cablevision Systems    Thu, May 02  Before the Bell  -1.45
CPN    Calpine                Thu, May 02  Before the Bell   0.10
CPT    Camden Property Trust  Thu, May 02  After the Bell    0.90
CLU    Canada Life Financial  Thu, May 02  During the Market  N/A
CSB    CIBA SPCALTY CHEM HLDG Thu, May 02  Before the Bell    N/A
CI     CIGNA                  Thu, May 02  -----N/A-----     1.88
CLX    Clorox                 Thu, May 02  Before the Bell   0.43
DDR    Develop Divers Relty   Thu, May 02  -----N/A-----     0.61
DVN    Devon Energy           Thu, May 02  Before the Bell   0.22
DISH   EchoStar Communication Thu, May 02  Before the Bell   0.05
EP     El Paso Corp.          Thu, May 02  Before the Bell   0.88
ELN    Elan                   Thu, May 02  Before the Bell   0.30
EMR    Emerson Electric       Thu, May 02  After the Bell    0.65
EPC    Epcos                  Thu, May 02  Before the Bell    N/A
GOLD   Gold Fields Limited    Thu, May 02  -----N/A-----     0.05
GRP    Grant Prideco          Thu, May 02  Before the Bell   0.07
HCR    HCR Manor Care         Thu, May 02  Before the Bell   0.32
HNT    Health Net, Inc.       Thu, May 02  Before the Bell   0.46
HRC    Healthsouth            Thu, May 02  -----N/A-----     0.27
HTV    Hearst-Argyle TV       Thu, May 02  Before the Bell   0.11
ICI    Imperial Chemical      Thu, May 02  -----N/A-----      N/A
ITY    Imperial Tobacco       Thu, May 02  -----N/A-----      N/A
JHF    John Hancock Fnl Serv  Thu, May 02  After the Bell    0.70
NXY    Nexen                  Thu, May 02  -----N/A-----     0.12
NXTP   Nextel Partners        Thu, May 02  -----N/A-----    -0.33
OCR    Omnicare               Thu, May 02  Before the Bell   0.33
PNP    Pan Pacific Retail     Thu, May 02  Before the Bell   0.71
PY     Pechiney               Thu, May 02  -----N/A-----     0.21
PRGN   Peregrine Systems      Thu, May 02  After the Bell   -0.06
PDS    Precision Drllng Corp  Thu, May 02  Before the Bell   0.68
RMG    Rainbow Media Group    Thu, May 02  Before the Bell   0.10
RMD    ResMed                 Thu, May 02  After the Bell    0.29
SC     Shll Transport Trading Thu, May 02  -----N/A-----     0.49
SBGI   Sinclair Broadcast Grp Thu, May 02  After the Bell   -0.08
SKYW   SkyWest                Thu, May 02  Before the Bell   0.28
SII    Smith International    Thu, May 02  Before the Bell   0.62
TLD    TDC                    Thu, May 02  Before the Bell    N/A
IPG    The Interpublic Group  Thu, May 02  After the Bell    0.18
TKTX   Transkaryotic          Thu, May 02  After the Bell   -0.54
UVV    Universal              Thu, May 02  After the Bell    1.03
VNO    Vornado Realty Trust   Thu, May 02  -----N/A-----     0.99

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

CRE    CarrAmerica Realty     Fri, May 03  Before the Bell   0.85
ENB    Enbridge               Fri, May 03  -----N/A-----      N/A
IC     ICICI LTD              Fri, May 03  Before the Bell    N/A
ROIA   Radio One              Fri, May 03  -----N/A-----    -0.05


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

Symbol  Company Name              Ratio    Payable     Executable

PRHC    Province Healthcare       3:2      04/29       04/30
CUB     Cubic Corp                3:1      04/29       04/30
OPTN    Option Care               5:4      04/30       05/01
PFCB    P.F. Changs               2:1      04/30       05/01
DRI     Darden Restaurants        3:2      05/01       05/02
ABM     ABM Industries            2:1      05/03       05/06
TJX     TJX Companies             2:1      05/08       05/09
MCHP    Microchip Technology      3:2      05/08       05/09
PNG     Penn-America Group        3:2      05/08       05/09
WSM     Williams Sonoma           2:1      05/08       05/09
CATY    Cathay Bancorp            2:1      05/09       05/10
WTSLA   The Wet Seal Inc          3:2      05/09       05/10
LH      Laboratory Corp           2:1      05/09       05/10
FAST    Fastenal                  2:1      05/10       05/13
IFNY    INFINITY Inc              2:1      05/10       05/13
BBY     Best Buy                  3:2      05/10       05/13

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

Wall Street is beginning to wrap up earnings season but it's still
a very full week of announcements.  Earnings news and views will
maintain the spotlight while economists and analysts will be
watching a week full of reports with economic data coming out
every day this week.  Click inside for a calendar.

==============================================================
                       -For-           
Monday, 04/29/02
----------------
Personal Income (BB)     Mar  Forecast:  0.5%  Previous:  0.6%
Personal Spending (BB)   Mar  Forecast:  0.4%  Previous:  0.6%


Tuesday, 04/30/02
-----------------
Chicago PMI (DM)         Apr  Forecast:  55.0  Previous:  55.7
Consumer Confidence (DM) Apr  Forecast: 108.0  Previous: 110.2


Wednesday, 05/01/02
-------------------
Auto Sales (BB)          Apr  Forecast:  6.0M  Previous:  6.0M
Truck Sales (BB)         Apr  Forecast:  7.3M  Previous:  7.3M
ISM Index (DM)           Apr  Forecast:  54.6  Previous:  55.6
Construction Spending(DM)Mar  Forecast: -0.1%  Previous:  1.1%


Thursday, 05/02/02
------------------
Initial Claims (BB)    04/27  Forecast:   N/A  Previous:  421K
Factory Orders (DM)      Mar  Forecast:  0.7%  Previous:  0.3%


Friday, 05/03/02
----------------
Nonfarm Payrolls (BB)    Apr  Forecast:   60K  Previous:   58K
Unemployment Rate (BB)   Apr  Forecast:  5.8%  Previous:  5.7%
Hourly Earnings (BB)     Apr  Forecast:  0.3%  Previous:  0.3%
Average Workweek (BB)    Apr  Forecast:  34.3  Previous:  34.2
ISM Services (DM)        Apr  Forecast:  57.5  Previous:  57.3


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 

TLM     Talisman Energy Inc        42.40     +0.77
FMX     Fomento Economico Mex      49.21     +1.06
BJS     BJ Services Co             37.58     +1.08
ESL     Esterline Technology       23.03     +0.64
FRDM    Friedman's Inc             13.15     +0.57

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

GOLD    Gold Fields Ltd ADR        13.40     +1.05
MOVI    Movie Gallery Inc          18.78     +1.14
GTRC    Guitar Center Inc          19.67     +1.37
BLUD    Immucor Inc                14.35     +2.25

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

NEM     Newmont Mining Corp        30.08     +1.27
ABC     AmerisourceBergen Corp     78.61     +3.01
AU      Anglogold Ltd              27.95     +1.95
DLTR    Dollar Tree Stores Inc     36.80     +3.41
VAR     Varian Medical Systems Inc 43.53     +1.68
TGH     Trigon Healthcare Inc      84.25     +2.13

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

FDC     First Data Corp            79.35     -3.30
OMC     Omnicom Group Inc          89.60     -3.29
DNA     Genentech Inc              35.75     -1.50
GIS     General Mills Inc          42.93     -2.37
EP      EL Paso Corp               39.77     -2.83
CEFT    Concord Efs Inc            30.51     -1.60

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

MTH     Meritage Corp              87.26     -6.49
ROXI    Roxio Inc                  22.00     -2.27



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