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Daily Newsletter, Wednesday, 05/01/2002

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PremierInvestor.net Newsletter              Wednesday 05-01-2002
                                                  section 1 of 2
Copyright  2001, All rights reserved.
Redistribution in any form is strictly prohibited.

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In section one:

Market Wrap:      You're going to drive your father and I to drinking!
Watch List:       CSCO, DLX, KSS, WMT, PG, SRCL, and much more!
Play of the Day:  Something Bullish is Brewing


******************************************************************
MARKET WRAP  (view in courier font for table alignment)
******************************************************************
      05-01-2002          High     Low     Volume Advance/Decline
DJIA    10059.63 +113.41 10086.61  9830.67  1.45 bln   1929/1215
NASDAQ   1677.53 - 10.70  1687.56  1643.24  2.18 bln   1649/1850
S&P 100   538.53 +  6.13   539.58   526.43   Totals    3578/3065
S&P 500  1086.46 +  9.54  1088.32  1065.29
RUS 2000  510.83 +  0.16   512.07   502.58
DJ TRANS 2743.66 + 38.94  2760.45  2654.20
VIX        22.26 -  1.25    24.33    21.92
VXN        44.00 +  0.24    45.56    42.95
TRIN        0.61
PUT/CALL    0.72

******************************************************************

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

You're going to drive your father and I to drinking!

My mom used to say, "Jeffrey, you're going to drive your father 
and I to drinking" whenever I'd do something unexpected that went 
against anything they thought I should be doing.  Mom also 
pointed out that the gray streak in her then black hair was 
solely due to her middle child (that was me) and then flash her 
affectionate grin.

Well, mom is completely gray-haired now, so is dad, but I think 
it is due to the passage of time and not necessarily due to me.  
OK, part of their graying may be because of me, but they learned 
to deal with me and eventually came to expect the unexpected.  
Besides, mom doesn't drink anything except coffee, and she does 
that by the gallon each day.  Dad will sip a beer every now and 
then, but only on special occasions.  Like when the Avalanche 
beat the LA Kings the other night.

So, what does all this have to do with the current market 
environment?  At the end of yesterday's trading, bears may have 
been nervously sitting on their bar stools and sipping a cold 
one.  This morning, a bear felt like things were under control as 
stocks slid lower, but by session's end, the Dow Industrials 
10,059 +1.13% (up 113 points) has most traders (bulls and bears) 
ordering up another round, as this volatility may be driving some 
traders "to drinking" as mom would say.  It also has traders 
beginning to expect the unexpected.

The move higher in the Dow Industrials (INDU) wasn't sparked from 
earlier session economic reports that had the ISM falling to 
53.9% in March, which was below the 55.0% consensus.  Nor did the 
rally come from construction spending that showed a -0.9% decline 
in March and also weaker than the consensus of 0.1% growth.  
While bears were popping the champagne corks as stocks lost 
further ground after release of those number, it was just around 
01:34 PM EST, the Dow Industrials (INDU) had just edged into 
positive territory at 9,947 when Dow component General Motors 
(NYSE:GM) $65.51 +2.12% "shocked the market."

The world's largest automaker released its April sales numbers 
which showed a 13% gain and said its trucks and SUV's again 
proved popular.  

What apparently sparked the markets to recovery mode was GM 
saying that looking ahead to the 2nd quarter, it is going to ramp 
up production as demand increases from consumers and rental 
companies.  The company now expects to build 667,000 cars and 
853,000 trucks, for a total of 1.53 million vehicles, which would 
be a 12% increase from last year.  The words "production" and 
"increases" is what gets one's attention.  These are words that 
haven't been mentioned too often in the past 24-months.

Also reporting automotive sales figure were Ford Motor (NYSE:F) 
$16.35 +2.89% saying April U.S. sales fell more than 7% while 
DaimlerChrysler's (NYSE:DCX) $46.36 +1.57% said sales rose 3%.

The snake scenario scene here!

"Aha!" the fundamentalist says.  I see the snake scenario here.  
Genearal Motors (GM) reported the strongest gain in sales, so 
it's the "head of the snake" which might be the leader.  
DaimlerChrysler (DCX) reported a smaller increase in sales, so 
it's the "middle of the body" and Ford (F) reported a decline so 
it must be at the tail end of things.

The technical analyst might say, "it shows up in the charts too!"

General Motors Chart - $1 box




In November, GM's point and figure chart gave a triple-top buy 
signal at $45.  The stock has easily exceeded it bullish vertical 
count of $55.  When this happens, I will look at other columns of 
X to give me some potential guidance as to what the MARKET may 
have "realized" about the stock on a longer-term basis that had 
bulls active.  I've marked a column of X on the above chart (from 
$41-$52) that might also help ascertain a potential bullish 
target of $77.  All this $77 is, is an observation of potential 
bullishness that I may use in the future.

DaimlerChrysler Chart - $1 box




I've shown the point and figure chart of DCX before as bullish.  
The stock has traded strong relative to the market and bullish 
vertical count of $73 is still intact.  Bulls looking for some 
exposure to the autos should be looking long DXC at current 
levels with a nice tight stop at $43.  

Ford Motor Chart - $1 box




I don't think today's news from Ford (F) that sales fell 7% in 
April was that big of a surprise to the MARKET.  The point and 
figure chart is clearly more bearish than that found in 
competitors GM and DCX.

I think the GM, DCX and F comparisons exemplify what I try to 
talk about as to how a market/sector will actually "move."  Just 
think of how a snake moves (I've also used the analogy of an 
inchworm).  When a snake slithers forwards, it usually moves 
forward with the head leading.  Once the head starts moving 
forward, the mid-portion of the body follows and then eventually 
the tail.

When a snake is really on the move, all parts are moving in the 
same direction.  

Do you see perhaps how both GM and DCX are trying to get going 
higher?  There's some bullishness showing in their charts.  
Trouble right now is that something still has a hold of the tail 
(Ford) that keeps it pinned down.

Next time your watching the Discovery channel, check out the 
snakes and how they move.

How about a drink!

Has this market got you reaching for a cold one?  If so, then how 
about an ice-cold Coors?  Today's action looks to have had bulls 
popping the tab on Adolph Coors (NYSE:RKY) $68.12 +1.89% and 
breaking the stock out to new 52-week highs!  There's been a 
seller at $68, but it looks like he's done.

Adolph Coors Chart - Daily Interval




Shares of RKY gave a triple-top buy signal on its point and 
figure chart today at $68.  With a bullish vertical count of $92, 
that has me looking long the stock for a trade as well as a 
longer-term investment (take your pick).  I like the bar chart 
action with MACD edging higher and close to crossing above the 
signal.  Today's ability to trade $68 hints that demand is back 
in control after a round of profit taking.  With retracement 
anchored at the October lows and stretched to $92, which is the 
bullish vertical count, recent trading sure makes you wonder if 
the MARKET might be trading these levels of retracement too on a 
longer-term basis.

That's ludicrous!

I agree with a bear that says today's rally was simply created 
from GM's announcement that sales were strong and they are 
ramping up production.

If some of the bullish and bearish vertical counts that have been 
pegged in some stocks we've noted recently, haven't drove you to 
drinking (coffee that is), then the recent action in the Dow 
Industrials (INDU) and trading close to the 9,800 level sure 
makes you wonder.

Dow Industrials Chart - $50 box




On Monday, the Dow Industrials traded a low of 9,811.  
Yesterday's low was 9,818.  Today's low was 9,830.  All of these 
lows are so darned close to the current bearish vertical count of 
9,800, it might drive a point and figure chartist to drinking.

This sets up an opportunity perhaps for a good lower risk, high 
potential return trade in the Dow Diamonds (AMEX:DIA) $100.94.  
However, I think the play writers may end up putting this type of 
trade on the watch list for a pullback back near the $99.50 level 
in the DIA.  That would be "roughly" the 9,950 level in the Dow 
Industrials.

Another catalyst for multinationals in the Dow Industrials

Today, I got an e-mail from a subscriber asking a simple question 
about what "box size" to use for charting the US$, specifically 
the US Dollar Index (dx00y).  I wrote him back that Dorsey/Wright 
and Associates charts it in $0.50 box increments on the point and 
figure chart.

Hmmm.... what the heck is this subscriber thinking?  So I pulled 
up a chart.  In recent weeks, I haven't thought much about the 
weakness in the US$, though we've mentioned it before, but look 
at the drop in the US$ versus foreign currencies as depicted by 
the US Dollar Index June 2002 (dx02m).  I will make note here 
that the "bearish count" from the point and figure chart is to 
$111.60, or potentially further weakening in the US$.

US Dollar Index (June) - Daily Interval




The US$ reached a relative low back on September 18th, right 
after the terrorist attacks.  Then from October-February, the US$ 
really strengthened.  Now, just recently at about the $118 level, 
the US$ really has been weak and to the 114 and falling.

Now this action is starting to perhaps make some sense in 
relation to the gains we've seen in gold stocks.  What is gold 
often perceived as?  A hedge against inflation right?  Well, with 
a weaker US$, the can eventually create inflation!

For instance, if you were thinking of buying a TV made in Japan 
back in February, your US$ was worth about $120 on the above 
chart right?  Now what is it worth?  $114.79.  Do you see the 
"inflation" effect here?

Now, is this an "alarming" worry right now?  I don't think so, at 
least not for awhile.  The biggest worry about inflation will 
come from oil imports and the weaker dollar.

However, for some multinationals that have been complaining that 
earnings have been adversely impacted by a strong US$, it sure 
looks to me that they should be getting some relief as the US$ 
has dropped!

For now... stick with the consumer durables, or consumer type 
stocks.  It's tempting to step in as a bull in Dow Component IBM 
(NYSE:IBM) $84.30, but I still think it is too early as IT 
spending is still so depressed.

However, look at Procter&Gamble (NYSE:PG) $91.80 +1.7%.  The 
stock's just off it's 52-week high.  I still think this one's 
going to $100.  

We will not want to start buying every US-based multinational in 
the book.  As always, stick with the stronger charts that hint of 
institutional sponsorship from the bulls.


Jeff Bailey
Senior Market Technician
PremierInvestor.net


==================================================================
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
---------------------------------


Cisco Systems - CSCO - close: 13.70 change: -0.95

CSCO dropped 6.5 percent today and closed at levels not seen 
since last October.  Driving the stock lower was news that CSCO 
would be purchasing two private companies for $258 million.  Of 
course, investors may have been looking for any excuse to bail 
out ahead of next week's earnings announcement.  In light of the 
continued weakness, we think short-term traders looking for a 
quick 5 percent move could go short at current levels with a 
profit-target of $13.00.  This matches the 81 percent retracement 
level (September lows to December highs...however, there is some 
disagreement among the in-house analysts here at Premier.  Some 
believe the correct retracement should be found at $13.36).  More 
importantly was the significant close under $14.00 on higher than 
normal volume.  CSCO could fall lower, but the NWX.X networking 
index is approaching support at 200.  A successful test of this 
level could create a short-term bottom in CSCO.




--- 

Deluxe Corp - DLX - close: 44.41 change: +0.53

WHAT TO WATCH: After uptrending for over a year, shares of DLX 
topped out at $50 in March.  Some profit-taking certainly could 
be expected, considering the stock's steep ascent.  We believe 
the recent pullback and consolidation in DLX may offer an entry 
point.  The MACD is showing a bullish crossover from the oversold 
region, suggesting that DLX may retest the March highs.  Entries 
could be evaluated at current levels, although cautious traders 
may want to wait for a move above the 50-dma at $45.94.


 

---

Kohls - KSS - close: 73.38 change: -0.32

WHAT TO WATCH: KSS has displayed relative strength in the face of 
a three-week decline in the retail sector.  The RLX.X retail 
index has shed 5.3 percent from its April highs, while KSS has 
lost 3.7 percent.  With the RLX currently sitting above support 
at 920, we're looking for KSS to lead a sector bounce.  The stock 
successfully tested the midline of its ascending channel during 
the past two sessions, which offers a potential stop-placement 
for conservative traders.  The daily stochastics have just 
emerged from oversold, indicating that KSS may once again move 
out of its channel and test the near-term high of $76.20.  
Entries can be considered on a move above $74.




---

Wal Mart Stores - WMT - close: 56.80 change: +0.94 

WHAT TO WATCH: Another retailer worth watching is WMT.  The stock 
has seen a lot of profit taking from hitting new highs in March 
but has been trying to find support at its 200-dma.  Today's 
shares closed strongly by the end of the session.  While the PnF 
chart would point to a pull back towards the $50 level more 
aggressive traders could attempt to play any bounce from the 200-
dma, which could begin tomorrow.




---

Procter & Gamble - PG - close: 91.80 change: +1.54

WHAT TO WATCH: While we're on the subject of retailers, let's 
chat about one of the largest.  PG has been very strong the last 
couple of weeks with a slow build up of higher lows.  We have 
been hesitant to add it due shares still trading near the top of 
its ascending channel.  The pop today on strong volume could be 
the beginning of its next leg up.  We feel that odds of PG 
trading to the $100 mark are pretty strong but shares could then 
see strong profit taking at that psychological level.  Check out 
the MACD - it's looking pretty bullish.




---

Phillip Morris - MO - close: 55.38 change: +0.95 

WHAT TO WATCH: Traders with a longer-term approach might want to 
take a look at MO.  The stock has been uptrending since November 
and just bounced from the bottom of its ascending regression 
channel.  Watch for a move over today's high of $55.80, which 
coincides with the midline of the regression channel.  We'd be 
looking for a short-term move to $58, although given enough time 
The stock was trading slightly higher in after-hours after a 
Federal Judge dismissed a merchandising lawsuit targeting MO.




---

Stericycle - SRCL - close: 68.99 change: +1.46

WHAT TO WATCH: SRCL was on the weekend watch list and the only 
reason we didn't play it was due to its up coming earnings report 
that came out tonight.  The results beat estimates and it looks 
like investors had been buying the stock ahead of the report.  
Check out the last several sessions and you'll see the rising 
lows.  Shares are trading a little bit higher after hours but it 
could see resistance at $70.  We don't expect to see that 
resistance hold for long but instead of buying the breakout, we'd 
like to consider a dip back to the $66 or $67 area.  Much more 
aggressive traders could consider plays tomorrow but be careful 
during that first hour.





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

Marvell Technology - MRVL - close: 33.88 change: -2.12

MRVL got hit for a 5.8 percent loss today and broke under support 
at $35.  Short-term traders could target a move down to the 200-
dma at $32.30, which would be a gain of about 5 percent from 
current levels.  Check out the PnF chart...could be the beginning 
of a longer-term move down.




--- 

Panera Bread Co. - PNRA - close: 69.05 change: +1.98

PNRA spent the better part of April consolidating under 
resistance at $70.  The stock may be building momentum for a move 
over this level, as evidenced by the increasing volume over the 
two past sessions.  The daily stochastics have blown off some 
steam and are heading higher once again.  Entries can be 
evaluated on a close above $70. 




---

Synopsys, Inc - SNPS - close: 43.72 change: -1.39

We're not going to argue with those who would say that SNPS is 
extremely oversold, but shares are trading at six-month lows and 
show no signs of leveling out.  We're looking for the stock to 
drop to the $40 level, which should offer psychological support. 




---

PACCAR Inc - PCAR - close: 68.30 change: -4.43

By the looks of today's volume there must have been some news out 
on PCAR.  The breakdown under $70 doesn't bode well for the bulls 
and odds are PCAR will test its 200-dma near $62.35.  If you look 
at the PnF chart, the future of the stock looks a lot more dire.




---

Resmed Inc - RMD - close: 33.15 change: -3.96

That's a big percentage move for RMD today.  Again, we have not 
checked the news, but the breakdown under $35 is bad news.  The 
PnF chart looks pretty ominous as well.  MACD has rolled over 
under the zero line... we'd check the news before playing it.




---

E M C O R - EME - close: 62.04 change: +1.19

EME is another construction stock that is doing very well in this 
market.  The recent bounce off the $60 level, which was 
previously resistance looks like an intriguing place to consider 
an entry point to go long.  Shares are pretty long-term 
overbought but short-term traders could still try and capture the 
next leg higher.




---

Fairmont Hotels - FHR - close: 29.55 change: +1.05

The recent bounce off the 50-dma also coincided with the bottom 
of its ascending channel.  The stock could see resistance at $30 
but we'd look for a move to the top of the channel near $32.  The 
rising volume is a positive indicator for the bulls.




---

Carnival Corp - CCL - close: 34.58 change: +1.27

Shares of this cruise line company have been strong the last 
couple of sessions after several weeks of sideways consolidation.  
We haven't looked but it could be an earnings report that ignited 
the rally.  Volume has been strong on the last two sessions and 
the MACD just created a bullish crossover.  We'd consider CCL a 
potential play once it closes above the $35 level.  Check out the 
PnF chart on CCL and you'll see how strong this resistance is.  
Which means, there could be a short-squeeze if there is a 
breakout.  The daily chart on fellow cruise company, RCL, also 
looks pretty bullish and plays could be consider above the $25 
mark.





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

Adolph Coors - RKY - close: 68.12 change: +1.27 stop: *text* 

Company Description:
Founded in 1873, Adolph Coors Company is the third-largest U.S. 
brewer and the world's eighth-largest brewer. Its principle 
subsidiary is Coors Brewing Company. (source: company press 
release)

Why We Like It:
As outlined by the intrepid Mr. Bailey in tonight's Market Wrap, 
beverage stocks have joined homebuilders and healthcare in 
outperforming the market.  The big players in the group have been 
accelerating to the upside in recent sessions.  KO and PEP have 
bullish chart patterns, but KO is looking overbought and the 
latter is a very slow mover.  Turning our attention to alcoholic 
beverages, we see that BUD and RKY are both trading at near-term 
highs.  Although BUD is looking quite strong, we think RKY offers 
the most attractive long play in the group.  Today shares closed 
over the stubborn $68 resistance level, which created a triple-
top breakout on the p-n-f chart.  The oscillators are looking 
bullish, with the MACD about to crossover and daily stochastics 
shooting higher.  On another p-n-f note, the current bullish 
vertical count is $92, indicating that RKY has a good deal of 
upside potential.  Intriguingly, anchoring a retracement from the 
September lows near $43 to the bullish count at $92 shows that 
resistance at $68 coincides with the 50% level.  The move over 
this level may create a potent combination of short-covering and 
buying that could have shares of RKY really rocking.  The may run 
into psychological resistance at $70 and historical resistance at 
$72, we think RKY has enough momentum to charge though those 
levels.  We're looking for a near-term move to the next 
retracement at $74.  Although we're tempted to play RKY at 
current levels, the stock may be due for a pullback after moving 
sharply higher over the past three days.  For this reason, we'll 
set an "entry range" for RKY.  If shares consolidate and trade 
anywhere within a range of $67.50-$67.85, we'll go long.  On the 
other hand, RKY could remain over the $68 level and continue 
higher without a pullback.  To avoid missing such a move we're 
also placing a trigger at $68.36 (above today's high).  In either 
case, our initial stop will be set at $63.89, below both recent 
support and the 50-dma at $63.95.

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





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Do not duplicate or redistribute in any form.




PremierInvestor.net Newsletter                Wednesday 05-01-2002
                                                   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/e01b_2.asp
=================================================================

In section two:
  
Active Trader Non-Tech Stocks
  New Bullish Plays:   CTX, RKY   
  Closed Bullish Play: CTEC

Split Trader Stock Splits
  Split Announcement:  
                      CPG:  2-for-1 split announcement
                      RYAN: 3-for-2 split announcement


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



=================================================================
Active Trader/Non-tech Stocks (AT) section
=================================================================

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

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

Centex Corp - CTX - close: 57.78 change: +1.48 stop: $54.89

Company Description:
Centex Homes is one of the nation's leading homebuilders,
operating in approximately 85 markets in 25 states. Centex Homes 
expects to deliver more than 26,000 homes during its current 
fiscal year, which ends March 31, 2003. The company is a 
subsidiary of Centex Corporation, a FORTUNE 500 company. Centex, 
through its other subsidiaries, ranks as one of the nation's 
largest non-bank-affiliated retail mortgage loan originators and 
general building contractors. (source: company press release)

Why We Like It:
We been watching the housing sector's up's and down's for a long 
while now.  Actually, this seems to be a popular past time for 
Wall Street speculators and more than one pundit has declared the 
coming end to a housing bubble.  We're not so sure that the 
bubble will end so quickly (if there is a bubble to begin with) 
and a lot of the homebuilders are showing plenty of relative 
strength.  With one of the biggest complaints this last earnings 
season was a lack of quality earnings, investors are probably 
going to be drawn to the construction sector, especially the 
homes sector, due to the extremely strong earnings success and 
forecasts for growth.  Most analysts feel that the FOMC is likely 
to leave interest rates unchanged for the next meeting or two and 
even if there was a small hike higher, it is not likely to derail 
the lower interest mortgage rate environment for home buyers.  
Now that summer is coming, we're staring at a strong season of 
new home starts as well as home buying in general.  The Dow Jones 
US Home Construction Index (DJUSHB) is hitting new highs while 
the rest of the markets are merely rebounding from an oversold 
status.  The risk here is that some piece of news comes out that 
might increase the odds of a rate hike or force the yields on the 
Ten Year note higher.  However, given the recent concern of a 
possible double-dip in the economic recession we doubt the Fed 
would endanger the economy too quickly.  Initially, we had 
considered playing D.R. Horton (NYSE:DHI) and really like the 
chart pattern and technicals on the stock.  We also looked at 
Beazer Homes (NYSE:BZH), which also looks very strong and PHM, a 
previous long play on Premier.  At the end of our research, we 
felt that CTX, with its strong daily chart and the positive PnF 
chart was probably the best play.  Yes, the stock does have price 
resistance just overhead at $59 and $60 but we do expect the 
buyers to be able to push through that overhead supply.  The last 
several sessions have shown CTX to have support at its 50-dma near
$55 and we're going to place our stop at $54.99 or about 11 
cents from today's low.  This should keep our initial risk to 
about five percent.  Our first upside target will be $65 but 
we'll adjust it as the play progresses.

Picked on May 1st at $57.78 
Gain since picked:    +0.00
Earnings Date      04/23/02 (confirmed)
 



---

Adolph Coors - RKY - close: 68.12 change: +1.27 stop: *text* 

Company Description:
Founded in 1873, Adolph Coors Company is the third-largest U.S. 
brewer and the world's eighth-largest brewer. Its principle 
subsidiary is Coors Brewing Company. (source: company press 
release)

Why We Like It:
As outlined by the intrepid Mr. Bailey in tonight's Market Wrap, 
beverage stocks have joined homebuilders and healthcare in 
outperforming the market.  The big players in the group have been 
accelerating to the upside in recent sessions.  KO and PEP have 
bullish chart patterns, but KO is looking overbought and the 
latter is a very slow mover.  Turning our attention to alcoholic 
beverages, we see that BUD and RKY are both trading at near-term 
highs.  Although BUD is looking quite strong, we think RKY offers 
the most attractive long play in the group.  Today shares closed 
over the stubborn $68 resistance level, which created a triple-
top breakout on the p-n-f chart.  The oscillators are looking 
bullish, with the MACD about to crossover and daily stochastics 
shooting higher.  On another p-n-f note, the current bullish 
vertical count is $92, indicating that RKY has a good deal of 
upside potential.  Intriguingly, anchoring a retracement from the 
September lows near $43 to the bullish count at $92 shows that 
resistance at $68 coincides with the 50% level.  The move over 
this level may create a potent combination of short-covering and 
buying that could have shares of RKY really rocking.  The may run 
into psychological resistance at $70 and historical resistance at 
$72, we think RKY has enough momentum to charge though those 
levels.  We're looking for a near-term move to the next 
retracement at $74.  Although we're tempted to play RKY at 
current levels, the stock may be due for a pullback after moving 
sharply higher over the past three days.  For this reason, we'll 
set an "entry range" for RKY.  If shares consolidate and trade 
anywhere within a range of $67.50-$67.85, we'll go long.  On the 
other hand, RKY could remain over the $68 level and continue 
higher without a pullback.  To avoid missing such a move we're 
also placing a trigger at $68.36 (above today's high).  In either 
case, our initial stop will be set at $63.89, below both recent 
support and the 50-dma at $63.95.

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




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

  -------------------
  Closed Bullish Play
  -------------------

Cholestech - CTEC - close: 18.12 change: +0.02 stop: 17.98 

We almost thought that CTEC would live on as a bullish play for 
another day but in the last two hours of the trading day a dip 
below the $18 level stopped us out.  The overall up trend remains 
in affect but the three-day losing streak for CTEC doesn't paint 
a rosy picture for the stock.  CTEC should have resistance at 
$19.00 and $20.00 still overhead and the path of least resistance 
looks like a retest of the 200 and 50-dma's near $16.60.  The 
stock's MACD has rolled over and the PnF chart is on the verge of 
producing a sell signal.  We would be very cautious here if 
you're still in the trade and we'll keep an eye on it for a move 
back over the $20 level.  There was no news we could identify for 
the recent declines.

Picked on April 29th at 20.05
Gain since picked:      -2.07
Earnings Date        04/24/02 


 



=================================================================
Split Trader Stock Splits (ST) section
=================================================================

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

Chelsea Property sets 2-for-1 stock split

After the bell today, Chelsea Property Group, Inc (NYSE: CPG) 
announced Q1 earnings.  Concurrent with this announcement, the 
company reported that its Board of Directors had declared a 2-for-
1 stock split.

The split will take the form of a 100% stock dividend and will be 
payable on May 28, 2002 to shareholders of record on May 14, 2002.

This marks the first time CPG has split since in began trading in 
1993.  The stock is in the midst of a two-year uptrend and YTD is 
higher by 18.4 percent.

CPG closed at $60.45 on Tuesday.  For a current quote,
click here:
http://user.financialcontent.com/pin1/quote.cgi?account=pin1&ticker=CPG


About the company
Chelsea Property Group, Inc. is a fully integrated, self-
administered and self-managed real estate investment trust (REIT) 
that wholly or partially owns 58 Premium Outlet and other shopping 
centers - containing approximately 13.0 million square feet of GLA 
- in 28 states and Japan. (source: company press release)


-----


Ryan's Family Steak bites into a 3-for-2 stock split

Ryan's Family Steak Houses Inc. (NASDAQ: RYAN) announced today 
during the market that the Board of Directors had approved a 3-
for-2 stock split.  

The split will be affected as a 50% stock dividend and will be 
payable on May 29, 2002 to stockholders of record on May 15, 2002.

RYAN last split in 1987.  The stock has nearly doubled from its 
September lows, mirroring similar strength in the restaurant 
sector.

Shares closed at $26.20 on Tuesday.  For a current quote,
click here:
http://user.financialcontent.com/pin1/quote.cgi?account=pin1&ticker=RYAN


About the company
Ryan's Family Steak Houses, Inc. is located in Greer, SC, and 
currently owns and operates 314 and is franchiser of 23 Ryan's 
restaurants.  (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  

BBT     BB&T Corp                  38.61     +0.53
UNP     Union Pacific Corp         58.30     +1.50
GDW     Golden West Financial      68.98     +0.59
APA     Apache Corp                58.90     +0.57
MGA     Magna Intl. Inc            74.90     +1.01
ABK     Ambac Financial Group      63.81     +0.95

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

INGR    Intergraph Corp            18.40     +1.40
KROL    Kroll Inc                  19.80     +1.26
SMTL    Semitool Inc               15.18     +1.04

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

KO      Coca-Cola Co               57.62     +2.11
UNH     United Health Group Inc    89.61     +1.80
CCL     Carnival Corp              34.58     +1.27
RIG     Transocean Sedco Forex     37.20     +1.70
DGX     Quest Diagnostics          94.75     +2.86
AU      Anglogold Ltd              28.59     +1.77
BBI     Blockbuster Inc            30.00     +1.40

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

ACE     ACE Ltd                    39.69     -3.83
PCAR    Paccar Inc                 68.30     -3.17
MRVL    Marvell Technology Group   33.88     -2.12
SEE     Sealed Air Corp            43.45     -1.22
SNPS    Synopsys Inc               43.72     -1.39
BMS     Bemis Co                   51.76     -1.47

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

        ... none ...



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