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Daily Newsletter, Friday, 05/03/2002

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PremierInvestor.net Newsletter          Weekend Edition 05-03-2002
                                                    section 1 of 3
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In section one:

Market Wrap:      New market terminology comes of age.
Play-of-the-Day:  Hickory, Dickory, DOCS...  (bearish)
Watch List:       CMH, APA, MAS, IBM, BCC, EBAY, IMCL and much more!
Market Sentiment: Retest or Recovery?

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

New market terminology comes of age

The term "Blue Chip" is an age-old term used by investors to 
describe stocks that represent large, well-established companies 
that usually pay dividends.  Subscribers are beginning to use the 
term "Red Chip" to describe the bulk of technology stock that 
continue to have a habit of dishing out disappointment to the 
bulls as the weekly statistics continue to show red numbers on a 
more regular basis.

This also has some thinking/believing we're in a "bear market."  
Well, I guess that depends on where you've been that last several 
months.  One might even say it depends where you were this week.

For the week, the Russell 2000 Index (RUT.X) gave bulls a stellar 
gain of 2.2%.  That's right!  A gain.  The "Blue Chip" Dow 
Industrials managed to shrug off some of the previous weeks 
losses and rebounded with a 1% gain of its own.  Heck, even the 
NYSE Composite (NYA.X), what some old-timer considered the "real 
market" edged higher with a 0.5% gain.

I'm getting a little tired of some media channels and anchors 
talking about the beating bulls took this week.  The S&P 500 
Index (SPX.X) didn't show a gain this week, it slipped lower by 
0.3%, but it hardly suffered the shellacking the NASDAQ Composite 
(COMPX) and narrower NASDAQ-100 (NDX.X) took this week as they 
fell 3% and 4.8% respectively.

Bear market?  Yes, for most of technology.  What we saw this week 
was a good old-fashioned "belch" from technology bulls.  I get 
the feeling that the last little bit of last year's four-course 
meal of losses has now created the feeling of indigestion.  If 
you've ever seen a sick dog, then you know what I'm talking 
about.  A sick dog usually starts salivating,  then its stomach 
start retching, just before it lays a rather unpleasant surprise 
right on the new dining room carpet.

No, it's not a pretty sight and just about enough to make one 
gag.

Plop, plop, fizz, fizz....

Last night we talked about the NASDAQ-100 Bullish % ($BPNDX), 
which showed a reading of 25%.  Today's action found a net-loss 
of 5 stocks to sell signals on their point and figure charts as 
the gut retching picked up.

It's rather interesting to me that we seeing such a nice round of 
selling in technology, when for the first time in over nine 
months, the economy actually added jobs!  That's right, sell them 
technology stocks just when the economy actually adds some jobs.

So why all this selling?  Because the technology bulls can't take 
the pain anymore, that's the most probable reason.  Yes, the 8-
year high unemployment rate of 6% is enough to make a bull's 
stomach queasy, but once again, there's been areas of relief and 
even select stocks with a technology theme that have done well.

Weekly market averages/sector performance





Forest/Paper Products (FPP.X) were this weeks winners with a 4.3% 
gain.  It's nice to see a deep cyclical group like the paper 
stocks bounce back strong and help boost the Morgan Stanley 
Cyclical Index (CYC.X) back after a four-week losing streak.

It's interesting that just as the economy begins to add some 
jobs, some of the more economically sensitive sectors that should 
benefit most from an early recovery actually show yearly gains!  
This is something we've been talking about in the last 12 months 
and it continues to show up.

Also worth noting is that the 10-year Treasury YIELD ($TNX.X) 
stayed rather steady this week and actually edged higher.  Lots 
of subscriber's have been asking just where the money is going 
since it isn't going back into the bond market at an alarming 
rate.

One area of bullishness that may be "hidden" a bit is the slight 
DIVERGENCE between the Airline Index (XAL.X) and the Dow 
Transportation Average (TRAN).  The XAL.X got hit for a 7.2% loss 
this week, but look at the broader Transportation Average (TRAN) 
showing a marginal gain of 0.8%.

As I flip through the charts of the Dow Transport components, one 
stock I'll monitor closely at the beginning of this week are 
shares of Fedex Corp. (NYSE:FDX) $51.49 -0.29%.  I want a few 
observation days, but I like the way the stock found support 
right at the $50 level.  PremierInvestor.net has profiled the 
stock as bullish in the past and if not for a tight stop and a 
brief 1-session decline, the stock performed quite well.

Fedex Corp. Chart - Daily Interval





Unfortunately our play list didn't get the "full potential" from 
a previous bullish trade in FDX as a one-day decline triggered 
our stop just before the stock really got going.  Here we are 
about 3-months later and FDX is right back where it started from 
in January.  I'd like to see the stock hold above the $48 level 
as a trade there would have a sell signal on the point and figure 
chart canceling out the current bullish vertical count of $83, 
which has been in place since October of last year.

Roadway Corporation (NASDAQ:ROAD) $34.01 +7.35% was today's 
transport winner.  While I consider it a "trucking/ground" stock 
and Fedex (FDX) an "air/ground" transport, it's the similar 
patterns and today's bullish move from ROAD that has my 
attention.

Roadway Corporation Chart - Daily Interval





After a week of consolidation right at it's 50% retracement 
bracket, shares of Roadway (ROAD) made a nice move this week and 
today broke back above its 200-day moving average on strong 
volume.  Roadway's earning's warning of March 21st that it would 
post a loss of $0.08-$0.12 a share for its 1st quarter had all 
the truckers seeing some losses that day (YELL, JBHT, KNGT, 
SWFT), but for some reason (we'll eventually find out) the stock 
continues to trade rather strong.

Here's the Dow Transport components and how they traded today.  
Notice the commercial aircraft stocks like LUV, NWAC, AMR, UAL 
and DAL trading down today, but transport stocks that carry 
packages and cargo traded stronger.

Dow Transport Components - Sorted by % gain





When sorted by % gain on today's session, we see that the 
"truckers" were really the stocks that outperformed.  I think one 
reason that CNF Inc. (NYSE:CNF) 31.98 -2.94% didn't participate 
today was that the stock had traded strong in the previous two 
trading sessions.  CNF has also found good support in recent 
months at its 50% retracement level of $30.31, but stays range-
bound with resistance at $34.

The trade in the transports has been to buy weakness at support, 
then sell strength at resistance.  I haven't see monstrous gains 
of more than 10%, but those have been very hard to come by in 
bullish trades in recent weeks.

However.  As the group continues to consolidate, it looks as if 
weaker hands are passing stock off to stronger and more longer-
term committed hands.  As this stock "turns over" it can then 
create a supply/demand setup where the bulk of the stock is owned 
at a rather tight level and should a bullish catalyst present 
itself and sellers become few, a strong move can take place.

Say it isn't so!

My goodness!  There's a four-lettered technology stock in our 
play list and it's in the "bullish" section.  What's up with 
that!  

I had to go back to early March to find a 4-lettered technology 
stock in our bullish play list.  That was a play in Research in 
Motion (NASDAQ:RIMM) $16.40 -5.36% from the $27.32 level.  We 
actually held that silly bugger until March 20th, when the play 
was stopped at $26.49.  With the stock now at $16.40, it's 
another lesson on how important a stop loss can be when 
investing/trading.  I guess you could say the dog was salivating 
when we got stopped out, and now suffers from "motion sickness."

I have to say, I am somewhat impressed with how Applied Materials 
(NASDAQ:AMAT) $22.17 -3.06% traded today.  The Semiconductor 
Index (SOX.X) fell 4.72%, so there was a little bit of relative 
strength in AMAT.  

One thing we should note today is that AMAT and "like" 
semiconductor equipment stocks Novellus (NASDAQ:NVLS) $43.50 
-4.66% and KLA Tencor (NASDAQ:KLAC) $52.78 -4.40 tested, or came 
very close to testing their 200-day moving averages today.  
There's been quite a bit of "risk" taken out of the stocks in the 
past two-weeks as AMAT has lost about 21%, KLAC has fallen 
approximately 24% and NVLS has dropped 19% from their recent 
highs.

When enough is enough!

Bears should have looked to book some gains today in one of our 
bearish plays and I think the action in SERENA Software 
(NASDAQ:SRNA) $13.10 +3.47%, while not indicative of the entire 
technology area right now, hints that there are definitely some 
bears locking in gains on broader tech weakness.

As profiled in the SERENA (SRNA) trade, our bearish target of 
$12.51 was achieved.  While the stock did trade as low as $12.45 
and below our target, evidently we weren't the only ones watching 
current levels closely.  

SERENA Software Chart - Daily Interval





It's always nice to lock in a gain ahead of the weekend and build 
a little cash in the account.  The bearish side of the play list 
is off to a nice start this month, as it should be, considering 
tech weakness.

Also closed out today on the bearish side was semiconductor stock 
DuPont Photomask (NASDAQ:DPMI) $32.32 -4.05% at the profiled 
target of $35.50.  There may be some downside left in this one to 
the bearish vertical count of $29, but the stock has fallen for 
about 5-straight sessions.  A trader that may have played AMAT 
long could have held the stock short, but a nice gain was at hand 
and that's what a trader is looking for.  Gains.

Dow Industrials just didn't have it

As mentioned earlier, the Dow Industrials did manage to edge out 
a gain this week and didn't get hit to the downside too bad 
today, loosing just 85 points on the session.  Last night we felt 
a break above the 10,120 level might spark a rally, but the 
MARKET was too fixated on this morning's 6% jobless rate.  

Dow Components Intel (NASDAQ:INTC) $26.60 -4.55%, SBC 
Communication (NYSE:SBC) $31.14 -3.97% and Microsoft 
(NASDAQ:MSFT) weighed on the index, while gains in Eastman Kodak 
(NYSE:EK) $33.65 +4.5%, McDonalds (NYSE:MCD) $29.29 +2.77% and 
Hewlett Packard (NYSE:HWP) $17.44 +2.04 helped keep the Dow above 
the 10,000 level on a closing basis.

Dow Industrials Chart - Daily Interval Chart





If any of the major market averages shows any technical strength 
or ability to stage a rally, then it's the Dow Industrials.  
General Motors (NYSE:GM), 3M (NYSE:MMM), Procter & Gamble 
(NYSE:PG) and Wal-Mart (NYSE:WMT) are now showing the biggest 
gains since the terrorist attacks, while SBC Communications 
(NYSE:SBC), Eastman Kodak (NYSE:EK), AT&T (NYSE:T) and General 
Electric (NYSE:GE) are now at the bottom.

Hypothetical Dow Portfolio - $1000 in each on Sept. 10th





The good old Dow "hypothetical portfolio" we started on September 
10th, the day before the terrorist attacks is holding up rather 
well on a total basis with a 2.92% gain.  There's a large 
disparity between the upper 15 and lower 15.

Quick generalizations continue to have telecom in SBC $31.14 -
3.97% and T $13.86 +1.38% at the bottom.  Eastman Kodak (EK) 
$33.65 +4.50 rallied right back to its 200-day moving average 
today and may be a stock to watch for a move off the bottom.  
Conglomerate General Electric (GE) $31.70 +0.31% managed a small 
gain today and I'd like to think the weaker U.S. $ would help, 
but the MARKET just doesn't seem interested in the stock.

General Motors (GM) $65.68 -0.84% "shocked" the market earlier in 
the week reporting strong car sales and saying it would ramp up 
production.  Look for a bullish play in "like stock" Daimler 
Chrysler (DCX) $47.33 +0.55% next week in our bullish play list.  
For a "prep," traders and investors may want to go back and 
review Wednesday's market wrap and comparisons between the big 3 
automakers and their point and figure charts.

All eyes on Cisco

You can bet that technology bulls will have their eyes and ears 
open next week when networking giant Cisco Systems (NASDAQ:CSCO) 
$13.14 -3.66% is scheduled to report earnings on Tuesday, after 
the close of trading.  Analysts polled by Multex are looking for 
CSCO to report earnings of $0.09 a share.  I'm not expecting an 
earnings "surprise" from CSCO, but what most likely influence 
technology trading is what CSCO says about visibility.  

Suffice it to say, if CSCO gives negative or "lack of visibility" 
type guidance Tuesday evening, then expect a now salivating dog 
to finally cough up what's been stuck in its throat since the 
December highs.  Conversely, any bullish outlook on the future 
will most likely see a large short-covering rally as gains have 
been plentiful.

Have a great weekend!

Jeff Bailey
Senior Market Technician


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

Amdocs Ltd - DOX - close: 19.73 change: -0.75 stop: 20.76

Company Description:
Amdocs is the world's leading provider of CRM, billing and order 
management systems to the communications industry. Amdocs has an 
unparalleled success record in project delivery of its mission-
critical products. (source: company press release)

Why We Like It: 
Recently one of the hotly debated subjects at the PI office has 
been whether it's too late to short tech stocks.  No doubt about 
it, the NASDAQ is looking oversold and the software sector has 
been hit even harder.  The GSO.X software index has lost over 30% 
since early March and is just 9 points away from its all-time low 
at 112.  Nonetheless, we're playing DOX because the stock is 
technically weak and there is no guarantee that the GSO will find 
support.  After all, the SOX.X just fell below the 500 level that 
had provided support for several months.  What grabbed our 
attention today was the way DOX dropped 3.6 percent on high 
volume and closed under support at $20.  Shares have traded in a 
descending channel for most of the year and are just now dropping 
from the upper band.  The downtrend has accelerated in recent 
weeks, following the April 23rd earnings announcement in which 
the company reported higher profits but guided lower for the 
year.  This resulted in no less than three brokerage downgrades 
for DOX.  Thanks for the head's up, guys.  With the bears firmly 
in control, we're looking for a near-term move to the channel's 
midline at $18.  This would be a move of nearly 9%.  A complete 
breakdown in the sector could bring the stock even lower, but 
we'll evaluate our exit strategy if/when DOX trades near the $18 
level (a move to the $17 or $16 area does not seem out of the 
question).  Under normal circumstances we have no problem taking 
10% risk with our stop on a high-risk play.  However, given the 
sharply oversold sector, we're going to go with a 5% stop at 
$20.76.  This will still force shares to trade over $20, which 
should now act as resistance.  Traders with a more aggressive 
approach may want to place their stop above near-term resistance 
at $22.  

Picked on May 3rd at $19.73 
Gain since picked:    +0.00
Earnings Date       4/23/02 (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
---------------------------------

Clayton Homes Inc - CMH - close: 17.51 change: +0.46

Clayton Homes Inc. manufactures, sells, finances and insures low 
to medium priced manufactured homes.  CMH markets its homes in 33 
states through more than 1000 retailers and company-owned stores.  
In its most recent earnings announcement, on April 1, 2002, 
Clayton reported third quarter earnings rose by 23%, in line with 
analyst expectations. Since December 19th, 2001, the stock has 
been in a broad cup and handle consolidation (a bullish pattern) 
which is portending a breakout in the stock.  The shares should 
have good support in the 17.15 region, about 2% below Friday's 
close.   




--- 

Apache Corporation - APA - cls: 59.68 change: +0.49

WHAT TO WATCH: Apache is a diversified energy corporation 
involved in the exploration for, and production of, natural gas, 
crude oil and other raw fuels.  On April 2nd APA began a short-
term consolidation when it peaked just below 60.00.  On Friday, 
APA briefly broke above the 60.00 resistance region and we 
believe that it will make another--this time, successful--attempt 
to break out in coming days.  We know that the market has been 
volatile as of late, including the oil complex.  But the price 
pattern on APA remains bullish.  Traders will want to watch for a 
modest pullback to 58.75-59.00 as the ideal point of entry.  


 

---

Masco Corp. - MAS - cls: 29.08 change: +0.19

WHAT TO WATCH: Masco manufactures home improvement and building 
products.  While many stocks in the home building sector have 
risen sharply in recent months, MAS has been in a quiet 2 month 
price consolidation with its stock predominantly trading between 
26.00 and 29.00.  In recent days, however, Masco's price has been 
rising in a manner consistent with a possible breakout.  We are 
also attracted by the stock's price momentum, measured by the 
RSI, which is quite positive.  MAS should have very good short 
term support in the 28.00-28.20 region, which is also just above 
the 50-dma.  Traders who elect to play this trade from the long 
side will want to use a sell stop in or near 27.45.


 

---

International Business Machines - IBM - cls: 81.78 change: -2.06

WHAT TO WATCH: IBM's price has been flopping wildly over the last 
few weeks, ever since it gapped down hard on April 5th.  Some 
traders now believe that all the bad news is in the stock, and 
that its double bottom (that can be seen if you view a weekly 
chart of IBM) is suggesting that a sharp, near term rebound could 
be at hand with shares so close to support at $80. The double 
bottom has been accompanied buy a bullish divergence on the RSI, 
which is just a fancy way of saying that there is a good chance 
IBM could surprise everyone and spike higher sometime in the next 
two weeks.  This is not a trade for the faint of heart, or those 
with a nervous constitution.  If you elect to buy IBM at or near 
current levels, a tight stop in the 79.95+- area is mandatory 
since you will be going long the stock at what should be an 
important bottom.  Let me repeat: a tight stop is mandatory!  
Because frankly the stock looks like it has no reason not to fill 
its previous bearish vertical price target of $70.


 

---

Boise Cascade - BCC - close: 34.62 change: +0.44

WHAT TO WATCH: BCC missed making tonight's Play List by a paper-
thin margin.  What caught our attention was the strength in the 
FPP.X Forest/Paper products index.  It bucked the negative 
broader market today with a 1.25 percent gain and was actually 
the top-performing sector of the week.  BCC looks like an 
attractive long play because it recently pulled back and 
successfully test its bullish p-n-f support, which roughly 
coincides with the 50% retracement level from the September lows 
to March highs.  Furthermore, the MACD is about to signal a 
bullish crossover.  Bullish positions can be evaluated now, with 
a near-term target of $38.  Possible resistance may crop up at 
$36, which is near the 19% retracement and the 50-dma.  If you 
prefer something else in the group that is trading above its 50-
dma, check out NYSE:WY.




--- 

eBay Inc. - EBAY - close: 51.28 change: -0.97

WHAT TO WATCH: Shares of EBAY have spent the past month 
vacillating between $50-$55.  With the NASDAQ plummeting, it 
might be a good time to start thinking about a breakdown below 
$50.  In addition to the obvious breech of support, this would 
create a double-bottom p-n-f sell signal.  On a related note, 
it's also interesting to see that EBAY has been pressured by 
bearish p-n-f resistance for the entire year.  If shares break to 
the downside, the move could be severe.




--- 

ImClone Systems - IMCL - close: 14.76 change: -0.86

WHAT TO WATCH: Along with semiconductors and software, biotech 
has taken a severe beating in recent weeks.  IMCL hasn't exactly 
been a bastion of strength within the sector, but we think the 
selling may have just about run its course.  The stock is 
currently sitting above support at $14 and daily stochastics 
(using 5,3,3) have begun to emerge from the oversold region.  
Aggressive traders could evaluate long positions with a stop just 
under the February low of $13.77.  Considering that the BTK.X 
biotech index has lost over 15% of its value since April 19th, a 
short-covering rally may be in store.  Today's move to new 52-
week lows certainly must've sucked in a lot of bears.  Of course 
if IMCL breaks to new lows, it will be the bulls that look like 
suckers.  We'd confirm stock direction first before committing 
capital.  




---

KLA-Tencor - KLAC - close: 52.78 change: -2.43

WHAT TO WATCH: Chip equipment makers AMAT, KLAC, and NVLS are all 
displaying similar patterns.  They've fallen off a cliff in 
recent weeks (what semi stock hasn't?!) and are resting just 
above the 200-dma.  The SOX has been absolutely smashed over the 
past two weeks and seems to be begging for an oversold rally.  
Although the index broke support at 500 today, a short-covering 
rally could quickly have the SOX trading back at 550.  The action 
in late-February/early-March is indicative of what can happen 
when the bears decide they've had their fill.  Aggressive traders 
can target KLAC at current levels with a stop just under the 200-
dma, while others may want to wait for a dip to the $50 level and 
use a stop below the $50 (but we'd wait for that bounce first!).





=============
More To Watch
=============


Ambac Financial Group - ABK - cls: 65.24 change: +0.59

This insurance company broke out to new highs this week after a 
strong and steady climb from its October lows.  


 

---

McDonald's Corporation - MCD - cls: 29.29 change: +0.79

This big hamburger chain seems to be moving out of a longer term 
bottoming process and has recently established new short-term 
highs.  Don't expect a lot of fast fireworks from MCD--after all, 
its not an Internet stock, you know--but it does appear that 
better days are ahead for Ronald and the gang. 


 

---

Celgene Corporation- CELG - cls: 19.00 change: +0.60

Celgene is a biopharmaceutical company, which has been suffering 
as badly as the BTK.X sector index.  You don't need a Ph.D. to 
know that the biotechs have had a horrific few weeks; the same is 
true for Celgene.  The stock broke under 20.00 this week and 
further weakness is very possible.  If you short this stock, be 
sure to keep your buy stop in place: short covering rallies can 
be unbearably painful to the unsuspecting trader.  Although the 
failed rally at $20 does look like the bears are still firmly in 
control.  


 



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

Retest or Recovery?
By Eric Utley

Last week's economic releases had investors questioning the
direction of the U.S. economy.  Friday's jobs data added to the
confusion.  The unemployment rate reached an eight year high
despite non-farm payrolls rising to 43,000 during April.  The
number fell short of expectations.  Rising unemployment may
sneak over into consumer confidence for the worse, which is
probably what the market was thinking late last week.

There weren't any major company specific developments in the
technology sector last Friday to spur continued weakness there,
expect for maybe the chatter about Worldcom (NASDAQ:WCOM)
possibly seeking bankruptcy.  Other than that, it appeared that
investors deferred to the crumby macro data, and began to lose
belief in the new economy way of thinking.  (Yes, there is an
element of that line of thought still alive.)

The sector scorecard saw another day of bifurcation between the
old economy names, such as papers, and the tech sectors.  Again,
big losses were sustained in the technology sector.  Another
trend that we've seen build through the year is the upside in
gold.  Both the metal and equities traded to a new yearly high
in last Friday's session.  There may have been a defensive bid
there.

Treasuries continued trading with a bid; the benchmark 10-year
Yield (TNX.X) finished lower to 5.062%.  The weak run of
economic data has helped to ease fears of inflation, and thus
a rise in short term rates.  The Fed is now expected to stay
off the brake longer than previously thought, but we'll now
more about the Fed's action or inaction next week.

Each down day in the market makes stocks increasingly oversold.
Indeed, most oscillator type measures are at or near oversold
readings, including bullish percent, the ARMS Index, and weekly
and daily Stochastics readings.  But that doesn't mean the
market can't grow more oversold, which has happened before.

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

Market Averages

DJIA ($INDU)

52-week High: 11350
52-week Low :  8062
Current     : 10007

Moving Averages:
(Simple)

 10-dma: 10013
 50-dma: 10285
200-dma:  9925

S&P 500 ($SPX)

52-week High: 1316
52-week Low :  945
Current     : 1073

Moving Averages:
(Simple)

 10-dma: 1086
 50-dma: 1126
200-dma: 1127


Nasdaq-100 ($NDX)

52-week High: 2071
52-week Low : 1089
Current     : 1191

Moving Averages:
(Simple)

 10-dma: 1274
 50-dma: 1403
200-dma: 1484


Gold and Silver ($XAU)

The falling dollar continued lending a bid to bullion.  Spot
gold traced a yearly high at $312.50 per ounce.  The move in
the metal boosted the equities to a fresh yearly high.  The
XAU was the day's best performing sector; it finished 2.61
percent higher.

Leading to the upside included shares of Harmony Gold
(NASDAQ:HGMCY), Gold Fields (NASDAQ:GOLD), Meridian Gold
(NYSE:MDG), Anglogold (NYSE:AU), and American Eagle Mines
(NYSE:AEM).

52-week High: 79
52-week Low : 49
Current     : 78

Moving Averages:
(Simple)

 10-dma: 75
 50-dma: 69
200-dma: 59


Semiconductor ($SOX)

The rout in the technology sector continued last Friday, led
lower by the SOX.  The sector lost 4.72 percent for the day,
arguably breaking down below the psychological 500 level.

Leading to the downside included shares of LSI Logic (NYSE:LSI),
Altera (NASDAQ:ALTR), Broadcom (NASDAQ:BRCM), National Semi
(NYSE:NSM), and Teradyne (NYSE:TER).

52-week High: 711
52-week Low : 344
Current     : 480

Moving Averages:
(Simple)

 10-dma: 527
 50-dma: 570
200-dma: 536

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

Market Volatility

The VIX ticked higher during Friday's weakness in stocks.  The
fear gauge added 3.79 percent to finish the week at 23.23.

The VXN'x relative strength versus the VIX was reinforced Friday
when the former broke to a new relative high, which only made
sense because the NDX broke to a new relative low.  At this point,
the VXN is confirming the weakness in the NDX, but it's not to an
extreme level yet...

CBOE Market Volatility Index (VIX) - 23.23 +0.85
Nasdaq-100 Volatility Index  (VXN) - 46.26 +1.74

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

          Put/Call Ratio  Call Volume   Put Volume
Total          0.91        571,200       522,569
Equity Only    0.82        487,584       401,677
OEX            0.99         15,036        14,861
QQQ            1.11         80,143        88,833

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

Bullish Percent Data

           Current   Change   Status
NYSE          63      + 0     Bull Confirmed
NASDAQ-100    20      - 5     Bear Confirmed
DOW           47      - 3     Bear Confirmed
S&P 500       60      - 1     Bear Alert
S&P 100       53      - 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  1.44
10-Day Arms Index  1.48
21-Day Arms Index  1.39
55-Day Arms Index  1.26

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      1643           1475
NASDAQ    1578           1886

        New Highs      New Lows
NYSE      257             58
NASDAQ    193            137

        Volume (in millions)
NYSE     1,297
NASDAQ   1,777

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

Commitments Of Traders Report: 04/30/02

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

Commercials grew less bearish again during the most recent
reporting period by adding more longs than shorts.  It was the
third week of decreased bearishness for the S&P commercials.
Meanwhile, small traders grew less bearish by adding more
short positions.

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%)
04/30/02      340,936   421,673   (80,737)  (10.6%)

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%
04/30/02      153,158     56,372   96,786     46.2%

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

Nasdaq commercials grew less bearish by adding a number of
long positions last week.  The group is still net bearish, but
growing less so with each week.  On the other side, small
traders slipped from a net bullish to a net bearish 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%)
04/30/02       34,591     35,933    (1,342)   (9.7%)

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

Small Traders  Long     Short      Net     % of OI
04/09/02       11,640     8,353     3,287     16.4%
04/16/02       12,458    10,572     1,878      8.2% 
04/30/02       12,271    12,703     (432)      1.7%

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

Commercial traders reduced their net bullish position again during
the most recent reporting period.  The group grew less bullish
by dropping more longs than shorts.  Meanwhile, small traders went
in the opposite direction by reducing their net bearish position.

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% 
04/30/02       17,275    13,341    3,934     12.8%

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%) 
04/30/02        5,813     8,869    (3,056)   (20.8%)

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 05-03-2002
                                                    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:     TBH
  Bullish Play Updates:  SNE, TTN
  Bearish Play Updates:  BRCM, CA
  Closed Bearish Plays:  DPMI, SRNA

Stock Bottom / Active Trader
  New Bullish Plays:     DCX, GR, LTR, MHK, TBL
  New Bearish Plays:     GCI
  Bullish Play Updates:  CTX, RKY, SII
  Bearish Play Updates:  JPM, MER, GDT, V

High Risk/Reward
  New Bearish Plays:     DOX
  Bullish Play Updates:  AMAT

Long-Term Plays
  New Bullish Plays:     GLBL
  Bullish Play Updates:  HC, UHS, UNM
  Closed Bullish Play:   SPLS

Split Trader
                         FBC: 3-for-2 split announcement
                         

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

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

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

Telecom Brasil - TBH - close: 29.83 change: -0.19 stop: 31.51

Company Description:
Telebras HOLDRS operated as a telecommunication company until 
5/98, whereby it spun-off 12 new companies. TBH controlling 
shareholders has announced its intention to liquidate and 
dissolve the Company. For the comparable FY ended 12/31/00, the 
Company reported no revenues. Net income applicable to U.S. GAAP 
fell 82% to CR$2M. Results reflect the absence of any revenue 
generating operation, higher operating expenses, and lower 
interest income.

Why We Like It:
Our Friday night brainstorming session turned up several possible 
telecom/wireless shorts.  QCOM, NOK, T, AT, all piqued our 
interest, but appeared too oversold to add to our Play List 
(okay, maybe not AT but that's another story).  TBH, on the other 
hand, looks to have ample downside remaining.  Today shares of 
this holding stock closed below $30 for the first time in six 
months.  Although the daily stochastics are buried in oversold, 
TBH is currently on a double-bottom p-n-f sell signal and the 
MACD is bearishly curling lower from under the baseline.  We're 
looking for a near-term move to $27.50, which acted as resistance 
back in October.  Previous resistance, of course, often turns 
into support once that level is broken.  We'll start this play 
with a stop at $31.51.  This is above last week's high of $31.48.  
Technicians may want to take note...we've placed a Fibonacci 
retracement tool on the chart from the September lows to the 
January highs.  What we found was the 61.8% retracement level 
came in right near the $29.65 area.  More conservative traders 
may want to consider positions once this level is conquered by 
the bears first (but then that wouldn't take much from here).  On 
another note, we did find it somewhat frustrating with the lack 
of true information available on this stock/ADR/Holder and some 
traders may want to shy away from it merely due to the lack of 
material available for their own due diligence.

Picked on May 3rd at $29.83 
Gain since picked:    +0.00
Earnings Date           N/A
 




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

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

Sony Corp (ADR) - SNE - close: 54.02 change: +0.57 stop: 51.25

Sony did an about face today, rebounding nicely in afternoon 
trading after dipping early in the morning with the rest of the 
market. The shares of SNE continue to trade above their 50-dma, 
which now sits at 52.43. We noted yesterday that short term  
profit-taking may still occur over the next few days, but we 
expect that 51.75-52.75 will serve as a region from which the 
stock should be able to rebound.  SNE continues to build a short 
term triangular consolidation pattern since it peaked on March 
8th.  These technical patterns, which progressively squeeze 
prices into a tighter trading range, typically produce a breakout 
in the same direction as the previous trend; in this case that 
trend, which was formed from early February to early March, 2000, 
was upward.  

Picked on April 4th at $53.01
Gain since picked:      +1.01
Earnings Date        04/25/02 (confirmed)
 



--- 

Titan Corp - TTN - close: 22.80 change: +0.00 stop: 20.99

After Wednesday's announcement that one of TTN's subsidiaries, 
Titan Systems Corp., had been awarded a contract with the US 
Navy, Titan's stock price continues to hold up like, well, a 
titan in the current market turbulence. Although we like the 
improving upward momentum in price movement, readers should 
remember our technical observation that the 23.00 level 
represents a potential area of resistance (see initial write up, 
and PnF chart).  Active traders may want to consider this when 
determining where profits might be taken on this trade.  At this 
point in the game, we'd probably wait for a close over $23 before 
considering new positions.

Picked on April 15th at $21.26
Change since picked:     +1.54 
Earnings Date         04/25/02 (confirmed)





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

Broadcom Corp - BRCM - close: 30.00 change: -2.23 stop: 31.26 *new*

Broadcom was broadsided today, while the Semiconductor Index 
(SOX.X) was pummeled as well, tumbling over 4.5%.  The weakness 
in this sector provided an excellent environment for--and big 
gains in--our Broadcom short position.  By the time trading 
finished on Friday, Broadcom had given up nearly another 7%, 
closing the day at 30.00.  Like yesterday, we are again lowering 
our buy stop on this position, reducing it to 31.26.  Our reason 
for lowering our stop to this level is this: BRCM is now sitting 
just a few percent above the 127% Fibonacci retracement level 
(calculated off the April 8th-19th advance) of 29.45.  
Technically, this is one of two important retracement levels 
(161.8% is the other one) off of which battered, heavily oversold 
stocks--like BRCM--will frequently attempt to rebound sharply. 
Not to mention, shares stopped dead at the $30.00 mark multiple 
times today.  Who says round numbers aren't psychological 
support? At any rate, buy lowering our buy stop, we still have 
the ability to profit even further if BRCM does decline to the 
161.8% retracement, while protecting the attractive gains made 
thus far in this trade.  We suspect that the next few days could 
produce sharper selling before an actual rebound in stocks like 
Broadcom.  For this reason, we are now adding profit target of 
28.05 to this position.  A decline to this level, or lower, could 
be used as an opportunity to cover this short position, and close 
this trade (and the newsletter will do so if we're not stopped 
out on a bounce in the sector first).  Our new stop should 
protect a gain of 10% in the play thus far.  FYI: for the PnF 
chart readers out there, some are saying the Friday decline 
produced a bearish triangle breakdown in BRCM.

Picked on April 24th at $34.84 
Gain since picked:       +3.84
Earnings Date         04/17/02 (confirmed)




---

Computer Assoc. - CA - cls: 18.01 chg: +0.16 stop: 18.60 *new*

It was announced on Friday morning that Sanjay Kumar, president 
and CEO of Computer Associates, will speak at the JPMorgan H&Q 
Technology Conference on Monday, May 6th at 11 a.m. EDT.  It may 
have been on anticipation of some forthcoming positive news that 
helped CA advance about 1% on a day when software stocks, as 
measured by the GSTI Software Index (GSO.X), declined 1.7%.  
Other reasons for the positive performance of the stock may well 
be attributable to our observation on Thursday that CA has now 
traded down to its 61.8% Fibonacci retracement, and a healthy 
rebound at this level cannot be dismissed in coming days.  
Recognizing this, we have chosen to lower our buy stop on this 
short trade to 18.60, which should reduce our risk to 11 cents.  
We would not encourage new short positions at this time.  

Picked on April 18th at $18.49 
Gain since picked:       +0.48
Earnings Date         05/14/02 (unconfirmed)





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

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


DuPont Photomasks - DPMI - cls: 34.32 chg: -1.45 stop: 38.35 

DuPont Photomasks (DPMI) tumbled hard again today, declining more
than 4%.  Prudential initiated coverage of the stock with a 
"hold" rating this morning, though we suspect this action had 
little to do with DPMI's drop today, or its unrelenting weakness 
since April 17th.  We said on Thursday night that we would use an 
exit price of 35.50 on DPMI, closing the play for a profit if 
shares traded to that level, or lower. The stock did exactly 
that, hitting a low of 33.64 before crawling back to finish the 
trading day at 34.32.  We closed this short play at our target of 
35.50 for a 10% gain. Sure, we would have liked to have been more 
aggressive, covering at the lower levels.  But prudent profit-
taking is a discipline which helps keep traders out of trouble, 
and in the money.  I'll always remember the advice a weathered 
trader, Bogs Hamilton, once offered me when I complained about a 
trade in which I felt more profit should have been made.  His 
advice?  "Pigs get fat," he said, "but hogs get slaughtered."  
Then he drew his finger across his thin neck as if it were a 
knife, and it dawned on me that maybe he had a point.

Picked on April 26th at $39.47
Gain since picked:       +3.97
Earnings Date         04/24/02 (confirmed)
 



---
 
SERENA Software - SRNA - cls: 13.10 chg: +0.44 stop: 13.41 

The opening weakness in the Nasdaq this morning offered PI 
readers an opportunity to close out our short position in SRNA at 
the target price of 12.51, which we outlined Thursday evening for 
a gain of 16.25%. Shares of SERENA Software dropped at the open 
to a low of 12.45, then began a rebound which lasted most of the 
trading day.  SRNA went on to trade up over 3% on an otherwise 
fairly negative market day.  It is helpful to remind readers that 
we use stops, and profit targets, in order to retain gains we've 
enjoyed in trades like this.  Maybe we got lucky this morning; 
maybe we were just smart.  If you ask me, it was the latter.    

Picked on April 23rd at $14.94 
Gain since picked:       +2.43
Earnings Date         02/21/02 (confirmed)






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

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

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

DaimlerChrysler - DCX - cls: 47.33 chg: +0.26 stop: *see text* 

Company Description: 
DaimlerChrysler AG is a German-based manufacturer of automobile 
and automobile products. The company is additionally involved in 
the financing of automobiles.  The DaimlerChrysler corporation 
has five business segments, of which Mercedes-Benz Passenger Cars 
and the Chrysler Group are the most well known.

Why We Like It:  
DaimlerChrysler's stock has not done much in the last two months, 
as it has consolidated in a broad range in the mid-40's.  We like 
this stock for that very reason: it has taken a breather and now 
seems ready to move higher as the overall market struggles out of 
its doldrums. Like any marathon runner, stocks need to rest 
between long runs; DCX has been using its 40-dma and 50-dma as a 
resting point in recent weeks, and its stock price is modestly 
above the 50-dma as of Friday's close.  Even though a worker 
strike in Germany may affect some DCX manufacturing operations, 
the stock was able to edge higher on Friday while much of the 
market was negative.  Our strategy is to either buy DCX on a 
breakout above 48.12 to new short-term highs, OR acquire it on a 
modest pullback to support in the 45.50-46.50.  We will present a 
stop level once our trade has been triggered but it will likely 
show up between $43 and $44.  You might find a longer-term chart, 
like a weekly interval, an interesting view for DCX.

Picked on May xxth at $xx.xx <- see text 
Gain since picked:     +0.00
Earnings Date       02/20/02 (confirmed)
 



--- 

Goodrich Corp - GR - close: 31.97 change: -0.10 stop: 30.74  

Company Description:
With 2001 aerospace sales of $4.2 billion, Goodrich Corporation 
is a leading worldwide supplier of aerospace components, systems 
and services. The company plans to spin off its engineered 
industrial products business to shareholders in the second 
quarter of 2002. (source: company press release)

Why We Like It:
We've been eyeing GR for months but never felt comfortable enough 
to add it as a long play.  However, a recent pullback has 
convinced us otherwise.  GR announced earnings on April 24th that 
were in-line with lowered estimates, and also guided slightly 
higher for Q2.  Shares suffered a post-earnings decline but 
recently have firmed up near the bottom of the ascending channel 
dating back to the September lows.  This consolidation has 
created some intriguing technical developments, with the MACD 
leveling out at the baseline and daily stochastics heading higher 
from the oversold band.  These lend credence to the notion that 
GR might bounce from its channel.  We also like the risk/reward 
setup this trade offers.  The potential downside is limited by 
our stop at $30.74 (below the near-term low of $30.77), while our 
upside target is the top of the channel at $36.  Although we'd 
anticipate some resistance near $34.50-$35.00, continued strength 
in the DFX.X defense index should propel shares above this level.  
The index is trading at all-times highs and shows no signs of 
topping out as the Pentagon continues to pump out new contracts.  
Regarding entry points, one could look for GR to move over the 
Thursday high of $32.25.  No need to rush onboard with this stock 
- it's a relatively slow mover.

Picked on May 3rd at $31.97
Gain since picked:    +0.00
Earnings Date      04/24/02 (confirmed)
 



---

Loews Corporation - LTR - cls: 61.81 chg: +0.76 stop: 58.45 

Company Description: 
Loews Corporation is a holding company involved in a variety of 
industries and services.  Its subsidiaries include insurer CNA 
Financial Corporation; Lorillard, Inc., a manufacturer of 
cigarettes; Loews Hotels Holding Corporation; and offshore oil 
and gas drilling interests conducted by Diamond Offshore Drilling, Inc.

Why We Like It:  
LTR's stock has been in a 4+ month sideways consolidation, and we 
like stocks that have been able to weather the turbulence of the 
market with such stable behavior.  Late this past week, LTR began 
an upward move, which looks like it will seriously challenge its 
January 25th, 2002 high of 62.26.  The stock enjoyed a 
substantial surge in volume with its impressive price performance 
today, flashing a signal that it is ready to break out for a new 
upward move, perhaps in advance of its May 9th earnings report.  
Our preference is to acquire LTR on a pullback to the 60.50+- 
support region early next week; if Loews fails to cooperate with 
us--stocks can be stubborn at times!--our alternative approach 
will be to buy LTR as it moves above the January 25th level 
(62.26).  We will protect the position with an appropriate stop; 
if we can buy on the pullback active traders could use a 58.45 
sell stop.  Currently, our profit target is near the $70 area.

Picked on May Xth at $xx.xx <- see text 
Gain since picked:    +0.00
Earnings Date      05/09/02 (confirmed)
 



---

Mohawk Industries - MHK - close: 66.30 change: +0.54 stop: 62.98 

Company Description:
Mohawk is a leading supplier of flooring for both residential and 
commercial applications and a producer of woven and tufted 
broadloom carpet, rugs and ceramic tile. (source: company press 
release)

Why We Like It:
The continued rise in homebuilding-related issues has made it a 
bit difficult to find a long play in the sector.  Sure, there are 
plenty of stocks with strong charts.  The problem is finding one 
that doesn't look overbought.  Fortunately, our scan of stocks in 
the group turned up MHK.  The company is not a homebuilder per-
se, but as a manufacturer of carpets, rugs and flooring, it 
stands to benefit from a strong sector.  Business is brisk, as 
evidenced by the April 15th earnings announcement that featured 
an EPS of 77 cents/share, versus the estimate of 67 cents.  Sales 
were up 12% from the year-ago total.  MHK is displaying technical 
strength as well.  Shares have trended higher since the earnings 
announcement and are within striking distance of the all-time 
high at $68.10.  The daily stochastics are rising higher with 
room to move, which indicates that the stock may break over this 
level.  The DJUSHB home construction index is at the midline of 
its ascending channel.  Traders looking to confirm bullish sector 
sentiment may want to wait for the index to continue higher 
before going long.   We're starting this play with a stop at 
$62.98, below the 50-dma.  This would be a 5% move from the 
current price.  We do expect potential resistance at $70 but the 
top of the channel should be close to $75, which is our initial 
profit target.

Picked on May 3rd at $66.30
Gain since picked:    +0.00
Earnings Date      04/15/02 (confirmed)
 



---

Timberland Company - TBL - cls: 41.89 chg: +0.49 stop: 39.95 

Company Description: 
The Timberland Company makes shoes and clothing under the 
Timberland PRO and Mountain Athletics brands.  The company 
rimarily sells its products in department and fitness-related 
stores around the world.  In May 2001, Timberland began selling 
its brands online, through timberland.com.

Why We Like It: 
Like many retailers, Timberland has suffered during the current 
US economic slump.  On April 18th, when the company last released 
its earnings, company management noted that the sluggishness in 
its business was not yet over and that future sales may be 
pressured.  Not surprisingly, TBL suffered a 3.22 percent drop in 
its stock price, leaving a considerable gap in its price pattern.  
Since then, though, TBL has quietly consolidated and this past 
week the stock used the 50-dma as a firm support along with the 
psychological $40 level.  Friday's performance was particularly 
impressive as the stock rose over 1% on a decidedly negative day.  
We currently believe that TBL can rally back toward the 46.00 
level--perhaps rapidly--as it fills the price gap it left on 
April 18th.  Our entry strategy is to buy the stock at current 
levels (41.89) or, preferably, on a modest pullback early next 
week to the 41.00 support region.  Please be sure to use a sell 
stop on this position of 39.95, a level that is just below the 
50-dma.  Technical traders should be encouraged by the bullish 
developments in TBL's MACD, stochastics, RSI and Momentum 
oscillators.  

Picked on May 3rd at $41.89 
Gain since picked:    +0.00
Earnings Date      04/18/02 (confirmed)
 




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

Gannett Company - GCI - cls: 74.13 chg: -0.73 stop: 75.65 

Company Description: 
Gannett Co., Inc. is a diversified information company, which has 
two principal business segments: newspaper publishing and 
television broadcasting. The company operates 110 daily 
newspapers in the US and the United Kingdom; one of its 
properties is USA Today.  Its newspapers are read by more than 8 
million readers, while its 22 TV stations have an audience of 
nearly 19 million households.

Why We Like It: 
In early February, 2002, Gannett spiked higher for several days 
in a row, leaving a "fast move" region which is not unlike a 
price gap.  Gaps and fast move regions represent brief periods of 
frantic buying behavior typically conducted by emotional 
investors who impatiently, and perhaps imprudently, dive into a 
long position.  Experience has taught us that these stock holders 
frequently represent "weak hands", and that they sell the stock 
just as quickly as they bought it once the stock price falls back 
into the gap (or fast move region).  This is the situation which 
we believe GCI has now produced, particularly since it broke 
below its 50-dma on April 25th.  Our interest is to short GCI at 
current levels, or slightly above, using a 75.65 buy stop.  If 
this trade evolves as we expect, we will be looking for a 
decline, over a week or two, which pulls GCI down through its 
fast move region, to a level of about 68.75, which represents 
both support and the 78.6% Fibonacci retracement and not 
coincidentally the 200-dma.  However, we'd be just as happy if we 
could close it at potential support near the $70 level.

Picked on May 3rd at $74.13 
Gain since picked:    +0.00
Earnings Date      04/16/02 (confirmed)
 




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

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

Centex Corp - CTX - close: 58.01 change: -0.17 stop: 54.89

Homebuilders seem to be almost oblivious to the broader market 
bearishness.  Although the Dow gave back 84 points today, the 
DJUSHB home construction index finished with a fractional gain.  
CTX also held up relatively well but continues to be stymied by 
resistance at $59.  If the market experiences a relief rally next 
week we'd expect CTX and the rest of the sector to lead the way 
higher.  CTX traded within yesterday's range, which constitutes 
an "inside day."  Aggressive traders could use the inside day 
strategy to go long on a move above today's high of $58.19.  
However, with resistance directly overhead the most prudent 
approach would be to wait for a move over $59.  We'll be closely 
watching next week's Fed meeting, since any change in interest 
rates could have an impact on the mortgage-rate sensitive 
homebuilding sector.

Picked on May 1st at $57.78 
Gain since picked:    +0.23
Earnings Date      04/23/02 (confirmed) 




--- 

Adolph Coors - RKY - close: 68.62 change: -0.14 stop: 63.89

All things considered, today's fractional pullback in shares of 
RKY could be deemed a victory for the bulls.  After several days 
of gains it wasn't surprising to see some backing and filling.  
The process was hastened this morning after a Morgan Stanley 
analyst downgraded the beverage sector, based on his belief that 
the group only offered "moderate upside." Regarding RKY, he said 
he maintains "a cautious stance."  Far be it for us to second-
guess a Wall Street analyst, but the technicals suggest that it's 
the bears who should have a cautious stance on the stock.  
RKY is currently on a triple-top p-n-f breakout and the MACD has 
just given a bullish crossover.  Today's successful test of 
previous resistance at $68 is encouraging as well.  We'd look for 
this level to continue to act as support.  Volume continues to 
climb, and today's reading of 850K was the highest of the year.  
Bullish positions can be considered at current levels, although 
those who are more cautious may want to place their stops just 
under $68.00 or Friday's lows of 67.70.

Picked on May 2nd at $68.36 
Gain since picked:    +0.26
Earnings Date      04/25/02 (confirmed) 




---

Smith Intl - SII - close: 74.34 change: +1.04 stop: 68.95 *new*

Among the few indices showing green on our sector list today was 
the OSX.X oil service index.  We couldn't find any specific 
sector news to explain the bullishness, but we're not about to 
second-guess a group that is trading at multi-month highs.  SII 
outperformed the OSX, tacking on 1.4 percent to finish at another 
near-term high.  Today's volume was the highest in two weeks.  
The increasing volume on the breakout over $70 bodes well for 
this play.  Now that SII has yielded a 4.2% gain from our 
original entry price, we're going to minimize our risk by moving 
the stop to $68.95.  More conservative traders could go flat on a 
move below the $70 support level.  Staying ahead of the curve is 
the name of the game when it comes to trading, and at this point 
it wouldn't be out of line to discuss our exit strategy.  SII has 
traded in an ascending channel for several months, and the top of 
that channel lies just under $80.  We will likely be closing this 
play if shares reach this level.  As far as new entries are 
concerned, short-term traders can target a move over $75 or 
today's high of $75.65 although pull backs to $72 wouldn't hurt either.  

Picked on April 26th at $71.29 
Gain since picked:       +3.05
Earnings Date         05/02/02 (confirmed)




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

J.P. Morgan - JPM - close: 35.68 change: -0.57 stop: 36.53 *new*

In Thursday night's update we speculated that the recent uptrend 
in JPM may be stifled if the Dow Jones rolled over from the top 
of its descending channel.  Sure enough, today's sell-off in the 
Industrials led to a 1.5 percent loss in JPM.  That's the first 
negative day since Monday.  Although we're encouraged by the 
decline, we're going to minimize our risk by lowering our stop to 
$36.56.  This will force JPM to trade above the 200-dma.  With 
this adjusted stop, aggressive traders who are looking for a 
continued market sell-off could go short at current levels.  The 
daily stochastics look like they have rolled over mid-rally, 
suggesting that the near-term buying may have almost run its 
course.  On the other hand, there is enough upside room for a few 
more days of gains.  If JPM does head lower, the real test for 
bears will come at the 50-dma (currently $34.50), which acted as 
support earlier in the week.  We probably wouldn't be looking for 
new positions at this time.  

Picked on April 24th at $35.40
Gain since picked:       -0.28
Earnings Date         04/17/02 (confirmed)
 



---

Merrill Lynch - MER - close: 43.33 change: +0.39 stop: 43.80 *new*

Bears should be getting cautious on MER after Friday's session.  
Despite an 85-point loss on the Dow Jones, MER finished the day 
with a 0.83% gain.  The stock trended higher for most of the 
session and closed above what had been short-term resistance at 
$43.  Also concerning is the relative strength MER displayed 
versus the XBD.X broker/dealer index, which shed nearly 2%.  The 
uptrending oscillators also suggest that the stock may have put 
in a near-term bottom.  Due to the bullish oscillators, recent 
relative strength, and head-and-shoulders formation on the hourly 
chart, we're going to get defensive with our stop.  We'll close 
this play if it trades at or above $43.80.  This will force MER 
to move over the 10-dma, which has acted as resistance over the 
past month.  This afternoon the Wall Street Journal reported that 
settlement negotiations with New York's Attorney General 
regarding Merrill's research practices had run into a glitch that 
could prolong the talks indefinitely.  The news didn't seem to 
have much of an impact on MER during end of the session.  We'll 
see how this plays out over the weekend, but at this point it 
seems that the investigation is priced into the stock.

Picked on April 24th at $43.72
Gain since picked:       +0.39
Earnings Date         04/17/02 (confirmed)
 



--- 

Guidant Corp - GDT - close: 38.40 change: -0.95 stop: *text*

A "sell on the news" mentality dominated GDT today, following the 
FDA approval of the company's Contak heart failure treatment 
system.  Shares spiked higher on the initial news yesterday, but 
quickly sold off and closed near the lows for the day.  USB 
Warburg chimed in this morning and said that although the product 
will likely increase the company's market share, it will not 
expand the market.  GDT finished the day with a loss of 2.4%.  As 
far as this play is concerned, we'll stick with our current 
strategy and continue to wait for GDT to hit our trigger at 
$36.94 before opening a hypothetical short play.  This ensures 
that the stock will be trading at multi-month lows before we go 
short.  If shares rally back above the $40 level we'll likely 
close this play.

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




---

Vivendi - V - close: 29.07 change: -1.60 stop: 30.06 *new*

Nice timing!  Just as V was approaching potential support at $30, 
Moody's downgraded the company's long-term debt rating from 
"stable" to "negative."  The stock was weak from the get-go this 
morning and quickly fell below $30.  Shares rebounded from an 
intraday low of $28.30 before finishing with a loss of 5.2 
percent.  Volume was robust, coming in at 2.1M shares.  That's 
the highest reading in over a year.  The PI Newsletter is 
currently up 12.8% on this play, and once again we're going to 
lower our stop-loss.  Assuming that the $30 level will act as 
psychological resistance, we're going to move our stop to $30.06.  
This should protect a gain of nearly 10%.  It's difficult to 
gauge where V may finally find support, but we'd expect a relief 
rally sometime in the near-future.  Due to its oversold nature we 
wouldn't recommend new entries at this time.  As long as V keeps 
falling we'll continue with our strategy of trailing stops.  Some 
traders may want to consider potential exit or profit triggers 
near the $26 level.

Picked on April 24th at $33.35
Gain since picked:       +4.28
Earnings Date         04/24/02 (confirmed)






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

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

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

Amdocs Ltd - DOX - close: 19.73 change: -0.75 stop: 20.76

Company Description:
Amdocs is the world's leading provider of CRM, billing and order 
management systems to the communications industry. Amdocs has an 
unparalleled success record in project delivery of its mission-
critical products. (source: company press release)

Why We Like It: 
Recently one of the hotly debated subjects at the PI office has 
been whether it's too late to short tech stocks.  No doubt about 
it, the NASDAQ is looking oversold and the software sector has 
been hit even harder.  The GSO.X software index has lost over 30% 
since early March and is just 9 points away from its all-time low 
at 112.  Nonetheless, we're playing DOX because the stock is 
technically weak and there is no guarantee that the GSO will find 
support.  After all, the SOX.X just fell below the 500 level that 
had provided support for several months.  What grabbed our 
attention today was the way DOX dropped 3.6 percent on high 
volume and closed under support at $20.  Shares have traded in a 
descending channel for most of the year and are just now dropping 
from the upper band.  The downtrend has accelerated in recent 
weeks, following the April 23rd earnings announcement in which 
the company reported higher profits but guided lower for the 
year.  This resulted in no less than three brokerage downgrades 
for DOX.  Thanks for the head's up, guys.  With the bears firmly 
in control, we're looking for a near-term move to the channel's 
midline at $18.  This would be a move of nearly 9%.  A complete 
breakdown in the sector could bring the stock even lower, but 
we'll evaluate our exit strategy if/when DOX trades near the $18 
level (a move to the $17 or $16 area does not seem out of the 
question).  Under normal circumstances we have no problem taking 
10% risk with our stop on a high-risk play.  However, given the 
sharply oversold sector, we're going to go with a 5% stop at 
$20.76.  This will still force shares to trade over $20, which 
should now act as resistance.  Traders with a more aggressive 
approach may want to place their stop above near-term resistance 
at $22.  

Picked on May 3rd at $19.73 
Gain since picked:    +0.00
Earnings Date       4/23/02 (confirmed)
 





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

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

Applied Materials - AMAT - close: 22.17 change: -0.70 stop: 20.89

Like a warm knife cutting through butter, the SOX.X descended 
through the 500 support level this morning without even a whimper 
of protest from the bulls.  The index dropped to an intraday low 
of 477 before trading in a narrow 11-point range for the rest of 
the session.  So now that the SOX has violated support, what 
about our AMAT play?  We had been looking for a sector bounce to 
lead the stock to some near-term gains.  Today's developments 
have thrown a wrench in those plans, but by no means is this play 
a lost cause.  As a matter of fact, a case could still be made 
for going long on AMAT.  Shares declined by 3.06 percent, which 
is a lot stronger when compared to the 4.72 percent loss on the 
SOX.  This relative strength could be attributed to the fact that 
AMAT is currently sitting just above bullish support on the p-n-f 
chart.  The same is true of sector leader INTC.  It was also 
encouraging to see that AMAT bounced near the 200-dma at $21.55.  
The consensus around the office is that the NASDAQ will see a 
sharp short-covering rally sometime next week.  A possible 
catalyst for the rally could be CSCO earnings on Tuesday.  An 
earnings miss or downward guidance could cause a tech sector 
capitulation that would create a near-term bottom in the NASDAQ.  
On the same token, a forecast of increased IT spending could also 
result in a short-covering event.  The SOX has dropped more than 
20% since April 17th and looks painfully overdue for a relief 
rally.

Picked on May 2nd at   $22.99 
Change since picked:    -0.82 
Earnings Date        05/14/02 (confirmed)
 





==================================================================
LONG-TERM PLAYS (LT) section
==================================================================

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

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

Global Industries - GLBL - close: 9.80 change: -0.10 stop: 8.98

Company Description
Global Industries provides pipeline construction, platform 
installation and removal, and diving services to the oil and gas 
industry in the deepwater and shallow-water areas of the Gulf of 
Mexico, West Africa, Asia Pacific, Middle East/India, South 
America, and Mexico's Bay of Campeche. (source: company press 
release)

Why We Like It:
The combination of a growing or recovering economy, the onset of 
the summer driving season, tensions in the middle East and a 
potential war with Iraq on the horizon should be enough to create 
a stable and profitable level for oil prices.  With that in mind, 
investors have been slowly buying up shares of GLBL in a steady 
and deliberate fashion.  We encourage you to draw a trendline 
across the lows of the daily chart from the September bottom.  
However, make one exception for the dip and reversal just two 
days before GLBL's recent second offering of shares in mid-March.  
What you'll find is an extremely steady trend where buyers have 
slowly been walking the price higher.  Given this trend, patient 
investors should be able to leg into a position on a pull back to 
the $9.50 to $9.60 levels.  While this appears to be a decent 
strategy, the current overhead resistance at $10.00 is not 
something to be taken lightly.  We're going to use a trigger 
point above the recent high of $10.06 to enter a bullish 
position.  More conservative investors might want to consider 
waiting for GLBL to trade above the early April high of $10.50 
but the Premier newsletter will use $10.11 to go long.  Our long-
term three to six month target is the $12.50 to $13.00 level. 
We're going to begin the play, once we're triggered, with a stop 
at 8.98 and adjust it as the play progresses.  Traders can use 
the point-and-figure chart to identify the slow and steady 
accumulation pattern and the descending bearish resistance near 
$12.50.  Truly long-term traders might want to look at a weekly 
chart of GLBL.  If you do so, connect a trendline to the highs 
starting at the peak back in May of 1998.  By laying the 
trendline across the two other peaks (which line up rather 
perfectly) it projects a long-term resistance line for the stock.  
Now look three to six months out and see if the PnF bearish 
resistance makes sense.  Despite the looming hurdles, we'd be 
happy to collect the +20% move in the share price and as long as 
the current trend is intact it might happen for us.

Picked on May 3rd at $xx.xx <-- see text
Gain since picked:    +0.00
Earnings Date      05/02/02 (confirmed)





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

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

Hanover Compressor - HC - close: 18.30 change: +0.13 stop: 15.99

We never did get that close over $20 like the one we recommended 
more conservative traders wait for before considering a bullish 
position in HC.  It has been about one month since we went long 
HC at $18.80 and we're down half a point.  The consolidation has 
been slow and boring but we have re-learned an important lesson.  
Do not ignore the PnF bearish resistance line.  Shares of HC have 
been battling with supply and demand resistance for five weeks 
and the bulls have been slowly losing.  Currently, shares are at 
an interesting juncture.  The stock has been bouncing near the 
$18.00 level as support and have not met up with the rising 50-
dma, which should also be support.  Will the bears ease up or 
will they make the next move and take HC through these levels?  
Aggressive traders could consider plays here with a tight stop 
under $18 (I guess that isn't really aggressive) but we'd 
probably want to see HC close over its 100-dma, which has been 
pressuring the stock for weeks.  We don't see any reason to rush 
into this play as it is not one to get away from you (normally).

Entered on April 5th at $18.80
Gain since picked:       -0.50
Earnings Date          June/02 (not confirmed)




---

Universal Health Services - UHS - cls: 45.50 chg: -0.85 stop: 41.49

Up until this last Monday, we were feeling pretty confident in 
this healthcare play.  We added it a couple of Friday's ago after 
a strong earnings report and the next Monday the stock got an 
upgrade to a buy.  Not that an upgrade means much anymore, it 
didn't hurt and UHS climbed steadily to the $48 level.  Suddenly, 
with the broader markets in retreat, shares of UHS hit major 
selling pressure and drop more than two points to produce a 
bearish engulfing candlestick pattern.  The stock pauses to 
consolidate sideways this week but by Friday it appears we are 
looking at a full scale pull back.  Most of the major indicators 
say there is still more downside to go.  Thus, bullish investors 
may want to take a step back and wait and see where UHS finds 
support again.  A good place to look would be the 200-dma near 
the $44 level.  A bounce there might be your entry point.  Under 
the 200-dma and we'd probably avoid the stock for new entries.

Picked on April 19th at $46.60
Gain since picked:       -1.10
Earnings Date         04/18/02 (confirmed)




---

Unumprovident Corp - UNM - close: 28.00 change: +0.14 stop: 26.89

UNM was another long-term play that got off to a great start and 
went on to display early gains.  Unfortunately, our prediction 
that shares would see selling pressure near the $29.70 level was 
too good (and only off by 20 cents).  Mid-April saw bears keep a 
lid on shares of UNM at the $29.50 mark and buyers couldn't 
breakthrough it in this negative market environment.  Since then 
the stock has pulled back and consolidated slowly towards the 
$27.50 area.  We do believe that UNM should be able to benefit 
going forward as investors turn to the industry for solid 
earnings growth.  A test of this theory may come soon as UNM has 
announced it will report earnings on May 8th, 2002.  We were a 
little perplexed by the strong volume on Friday but we'd consider 
a move back over the $28.50 level as a possible entry point for 
new longs.  Squeamish investors may want to avoid the stock until 
after their earnings report.

Picked on April 5th at $28.48
Gain since picked:      -0.48
Earnings Date        05/08/02 (confirmed)






===============
LT Closed Plays
===============

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

Staples, Inc - SPLS - cls: 20.15 chg: -0.03 stop: 19.99 

We have to admit this update is a bit late for SPLS.  The last 
time we discussed strategy on this long-term play was Wednesday, 
April 10th, 2002 and the stock had closed at $22.14.  The stock 
was looking exceptionally strong and we encouraged traders to 
consider locking in some profits with SPLS up 20% from our picked 
price of $18.44.  That same night we raised our stop to $19.99 in 
order to protect a gain of 8.4%.  Unfortunately, about two weeks 
later, our long play would have been stopped out when SPLS dipped 
below the $20 level to bounce off its 50-dma.  That was April 
23rd, 2002.  Since then the stock has continued to consolidate 
but it has been able to maintain the $20 level.  Believe it or 
not, if you look at some of the oscillators it also appears like 
SPLS could be at an entry point for a new bullish play.  However, 
we're not going to suggest one at this time and will leave it for 
the diehard SPLS fans.  The Premier newsletter will close this 
play as of April 23rd at $19.99 for an +8.4% move.  If you like 
the sector but aren't interested in SPLS, check out MCL.  That's 
a stock/company in the same/similar industry.

Picked on January 4th at $18.44
Gain since picked:        +1.55
Earnings Date           June/02 (unconfirmed)






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

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

Flagstar Bancorp announces 3-for-2 split, boosts dividend

Before the final bell sounded this afternoon, Flagstar Bancorp 
(NYSE: FBC) announced that its Board of Directors, at a special 
meeting, had declared a 3-for-2 stock split. 

The split will be payable on May 31, 2002 to shareholders of 
record on May 15, 2002.  The board also raised the cash dividend 
to 6 cents/share, which is expected to be paid on or about August 
15, 2002.  

FBC most recently split in July 2001, also a 3-for-2 split.  

Shares closed at $30.40 on Thursday.  For a current quote,
click here:
http://user.financialcontent.com/pin1/quote.cgi?account=pin1&ticker=FBC


About the company
Flagstar Bancorp is a Michigan-based thrift holding company and 
the parent of Flagstar Bank, FSB, the largest savings institution 
and third largest banking institution headquartered in Michigan. 
During 2001, Flagstar was the most profitable publicly-traded 
banking institution in the nation with a 35% return on equity. 
(source: company press release)




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PremierInvestor.net Newsletter         Weekend Edition 05-03-2002
                                                   Section 3 of 3
Copyright © 2002, All rights reserved.
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In section three:

Market Watch for Week of May 6th
   - 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 May 6th
==================================================

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

Symbol  Company               Date           Comment      EPS Est

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

BMC    BMC Software           Mon, May 06  Before the Bell   0.11 
CEPH   Cephalon               Mon, May 06  After the Bell    0.15 
CHD    Church & Dwight        Mon, May 06  Before the Bell   0.32 
ABV    Companhia Bebidas Am   Mon, May 06  Before the Bell   0.19 
MAS    Masco                  Mon, May 06  -----N/A-----     0.29 
PRE    PartnerRe              Mon, May 06  After the Bell    1.30 
PPS    Post Properties        Mon, May 06  After the Bell    0.72 
PVN    Providian Financial    Mon, May 06  After the Bell    0.02 
QGENF  QIAGEN                 Mon, May 06  After the Bell    0.07 
SKM    SK Telecom             Mon, May 06  Before the Bell    N/A 
SKE    Spinnaker Exploration  Mon, May 06  -----N/A-----     0.20 
WRC    Westport Resources     Mon, May 06  -----N/A-----    -0.25 

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

ATVI   Activision             Tue, May 07  After the Bell    0.11 
AEG    AEGON N.V.             Tue, May 07  Before the Bell   0.41 
ALS    Alstom SA              Tue, May 07  Before the Bell    N/A 
AMH    AmerUs Group           Tue, May 07  After the Bell    0.86 
RMK    ARAMARK Corporation    Tue, May 07  -----N/A-----     0.17 
ASN    Archstone-Smith Trust  Tue, May 07  Before the Bell   0.52 
CSCO   Cisco Systems          Tue, May 07  After the Bell    0.09 
CCU    Clear Channel Comm     Tue, May 07  Before the Bell   0.08 
CPWR   Compuware              Tue, May 07  After the Bell    0.07 
CCRN   Cross Country, Inc.    Tue, May 07  -----N/A-----     0.20 
CRWN   Crown Media Holdings   Tue, May 07  Before the Bell  -0.56 
DEG    Delhaize Group         Tue, May 07  -----N/A-----      N/A 
HAL    Halliburton            Tue, May 07  Before the Bell   0.19 
HSIC   Henry Schein           Tue, May 07  Before the Bell   0.42 
HSP    Hispanic Brdcstng Cmp  Tue, May 07  Before the Bell   0.05 
LAMR   Lamar Advertising      Tue, May 07  After the Bell   -0.21 
LM     Legg Mason             Tue, May 07  Before the Bell   0.66 
CLI    Mack Cali Realty       Tue, May 07  Before the Bell   0.92 
MBI    MBIA                   Tue, May 07  Before the Bell   1.04 
MDG    Meridian Gold          Tue, May 07  After the Bell    0.16 
MET    Metropolitan Life Ins  Tue, May 07  Before the Bell   0.58 
MNY    MONY Group             Tue, May 07  -----N/A-----     0.24 
NJ     Nidec                  Tue, May 07  -----N/A-----      N/A 
PC     Perez Companc          Tue, May 07  -----N/A-----    -0.73 
PAA    Plains All Am Pipline  Tue, May 07  Before the Bell   0.32 
PRU    Prudential Financial   Tue, May 07  After the Bell    0.47 
QLGC   QLogic                 Tue, May 07  After the Bell    0.20 
SPP    Sappi Ltd ADS          Tue, May 07  Before the Bell   0.22 
STO    Statoil ASA            Tue, May 07  Before the Bell    N/A 
TI     Telecom Italia         Tue, May 07  Before the Bell    N/A 
TSP    Telecomunicações São   Tue, May 07  -----N/A-----     0.31 
TMPW   TMP Worldwide          Tue, May 07  After the Bell    0.14 
TZH    Trizec Hahn            Tue, May 07  Before the Bell   0.57 
UNM    UnumProvident          Tue, May 07  After the Bell    0.63 
WMI    Waste Management       Tue, May 07  -----N/A-----     0.26 
HLTH   WebMD                  Tue, May 07  After the Bell    0.01 
WON    Westwood One           Tue, May 07  Before the Bell   0.14 

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

ARG    Airgas                 Wed, May 08  After the Bell    0.20 
ARI    Arden Realty           Wed, May 08  After the Bell    0.73 
ANZ    Aust&New Zelnd Bank    Wed, May 08  After the Bell     N/A 
BBV    Bnco Blbao Vizcaya Arg Wed, May 08  Before the Bell    N/A 
BRL    Barr Laboratories      Wed, May 08  Before the Bell   0.83 
VNT    C. A. Nac Tele Ven     Wed, May 08  -----N/A-----     0.32 
CAMT   Camtek                 Wed, May 08  -----N/A-----    -0.18 
CED    Canadian Natural Res   Wed, May 08  Before the Bell   0.44 
CM     Coles Myer             Wed, May 08  After the Bell     N/A 
CCI    Crown Castle Inter     Wed, May 08  After the Bell   -0.46 
CVS    CVS                    Wed, May 08  Before the Bell   0.43 
DF     Dean Foods Company     Wed, May 08  Before the Bell   0.54 
DYS    Distribucion y Servic  Wed, May 08  -----N/A-----     0.15 
E      ENI SpA ADR            Wed, May 08  -----N/A-----      N/A 
ENZN   Enzon                  Wed, May 08  -----N/A-----     0.26 
EXPD   Expeditors Int WA      Wed, May 08  After the Bell    0.39 
FST    Forest Oil             Wed, May 08  After the Bell   -0.05 
GALN   Galen Holdings PLC     Wed, May 08  Before the Bell   0.22 
JBX    Jack in the Box        Wed, May 08  Before the Bell   0.44 
LQI    LA QUINTA PPTYS        Wed, May 08  Before the Bell  -0.02 
MME    Mid Atlantic Med Serv  Wed, May 08  -----N/A-----     0.42 
MYL    Mylan Laboratories     Wed, May 08  Before the Bell   0.50 
PSC    Philadelphia Suburban  Wed, May 08  Before the Bell   0.17 
PIXR   Pixar                  Wed, May 08  After the Bell    0.23 
PFG    Principal Fin Grp      Wed, May 08  Before the Bell   0.51 
REG    Regency Centers Corp   Wed, May 08  After the Bell    0.66 
SRV    Service Corp Int       Wed, May 08  After the Bell    0.12 
SPG    Simon Property Group   Wed, May 08  After the Bell    0.79 
TDK    TDK                    Wed, May 08  -----N/A-----      N/A 
TRLY   Terra Lycos, S.A.      Wed, May 08  During the Market-0.05 
TMBR   Tom Brown              Wed, May 08  After the Bell   -0.12 
TGH    Trigon Healthcare      Wed, May 08  Before the Bell    N/A 
WPI    Watson Pharmaceutical  Wed, May 08  Before the Bell   0.34 
WTM    White Mount Ins Grp    Wed, May 08  -----N/A-----      N/A 
WFMI   Whole Foods Market     Wed, May 08  -----N/A-----     0.33 

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

ATK    Alliant Techsystems    Thu, May 09  Before the Bell   1.02 
BRG    BG Group               Thu, May 09  Before the Bell    N/A 
CNA    CNA Financial Corp     Thu, May 09  Before the Bell   0.50 
CEI    Crescent Rl Es Eq Co   Thu, May 09  Before the Bell   0.45 
ERTS   Electronic Arts        Thu, May 09  After the Bell    0.28 
EVC    Entravisions Comm Corp Thu, May 09  After the Bell   -0.04 
HCC    HCC Insurance Holdings Thu, May 09  After the Bell    0.39 
HB     Hillenbrand Industries Thu, May 09  Before the Bell   0.85 
JS     Jefferson Smurfit      Thu, May 09  -----N/A-----     0.30 
LTR    Loews                  Thu, May 09  Before the Bell   1.24 
NAB    National Australia Bk  Thu, May 09  -----N/A-----      N/A 
NXL    New Pln Excel Rlty Tst Thu, May 09  -----N/A-----     0.44 
OCA    Orthodontic Cent of Am Thu, May 09  Before the Bell   0.36 
PCO    Premcor U.S.A.         Thu, May 09  Before the Bell    N/A 
PDLI   Protein Design         Thu, May 09  After the Bell    0.01 
PRS    Pure Resources, Inc.   Thu, May 09  Before the Bell  -0.14 
RSA    Royal&Sun All Ins Grp  Thu, May 09  Before the Bell    N/A 
SHU    Shurgard Storage       Thu, May 09  Before the Bell   0.67 
NZT    Telecom New Zealand    Thu, May 09  After the Bell     N/A 
UBB    Unibanco               Thu, May 09  Before the Bell   0.71 
UVN    Univision Comm         Thu, May 09  After the Bell    0.01 
WGR    Western Gas Resources  Thu, May 09  Before the Bell   0.21 
ZL     Zarlink                Thu, May 09  Before the Bell  -0.09 

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

BSY    BritishSky Brdcstng    Fri, May 10  Before the Bell    N/A 
FS     Four Seasons Hotels    Fri, May 10  Before the Bell   0.13 
ICCI   Insight Communications Fri, May 10  -----N/A-----    -0.41 
MGA    Magna International    Fri, May 10  -----N/A-----     1.67 
MITSY  Mitsui & Co Ltd        Fri, May 10  -----N/A-----      N/A 
ORH    Odyssey Re Holdings    Fri, May 10  -----N/A-----     0.27 


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

Symbol  Company Name              Ratio    Payable     Executable

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
STZ     Constellation Brands      2:1      05/13       05/14
CNTL    Cantel Ind                3:2      05/14       05/15
EPD     Enterprise Products       2:1      05/15       05/16
FULT    Fulton Financial          5:4      05/17       05/20
VLY     Valley National Bancorp   5:4      05/17       05/20
ANN     Ann Taylor                3:2      05/17       05/20
OCFC    OceanFirst Financial      3:2      05/17       05/20
MAXS    Maxwell Shoe Co           3:2      05/17       05/20
YORW    York Water Co             2:1      05/17       05/20
LLL     L-3 Communications        2:1      05/17       05/20

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

Wow, we've got one heck of a week in front of us.  While Wall
Street is still wrapping up earnings, Tuesday could be a day for
volatility with the Wholesale Inventories report and the FOMC 
meeting.  Plus, after the close on Tuesday, CSCO is expected
to announce earnings which could set the tone of the tech sectors
for the rest of the week.  On Friday, analysts will be watching
for the PPI report.

==============================================================
                       -For-           
Monday, 05/06/02
----------------
.. none ..

Tuesday, 05/07/02
-----------------
Productivity-Prel (BB)    Q1  Forecast:   7.0%  Previous:    5.2%
Wholesale Invntries (DM) Mar  Forecast:  -0.4%  Previous:   -0.7%
FOMC Meeting (DM)
Consumer Credit (DM)     Mar  Forecast:  $7.0B  Previous:   $7.1B


Wednesday, 05/08/02
-------------------
.. none ..

Thursday, 05/09/02
------------------
Initial Claims (BB)    05/04  Forecast:   407K  Previous:    418K
Export Prices ex-ag.(BB) Apr  Forecast:    N/A  Previous:    0.2%
Import Prices ex-oil(BB) Apr  Forecast:    N/A  Previous:    0.0%
FOMC Minutes (DM)      03/19


Friday, 05/10/02
----------------
PPI (BB)                 Apr  Forecast:   0.4%  Previous:    1.0%
Core PPI (BB)            Apr  Forecast:   0.1%  Previous:    0.1%


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 

FRE     Freddie Mac                67.07     +1.32
ANF     Abercrombie & Fitch Co     32.60     +1.68
AXL     American Axle & Mfg        34.50     +1.79
DSL     Downey Financial Corp      55.56     +1.06
MDC     M.D.C Holdings Inc         52.80     +0.61
PNP     Pan Pacific Retail Propt   32.75     +0.75

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

DFS     Department 56 Inc          17.56     +1.36

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

DEO     Diageo Plc ADS             54.41     +1.21
WY      Weyerhauser Co             62.61     +1.49
TEVA    Teva Pharmaceutical        58.71     +1.36
TLM     Talisman Energy Inc        44.63     +1.05
WFT     Weatherford Intl. Inc      53.33     +1.28
BVN     Compania De Minas Buena    28.43     +1.24
SAH     Sonic Automotive Inc       38.56     +1.78

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

AMGN    Amgen Inc                  48.80     -1.52
V       Vivendi Universal          29.07     -1.60
STM     STMicroelectronics         28.60     -1.66
QCOM    QUALCOMM                   26.84     -1.59
KLAC    KLA-Tencor Corp            52.78     -2.43
MAR     Marriott Intl. Inc         42.95     -1.03

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

        ...none... 


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