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Daily Newsletter, Tuesday, 06/04/2002

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PremierInvestor.net Newsletter                 Tuesday 06-04-2002
                                                   section 1 of 2
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In section one:

Market Wrap:      Bent, But Not Broken
Market Sentiment: Fear On The Street: It's Up To The 200-dma
Play-of-the-Day:  Filling the Gap


-----------------------------------------------------------------
U.S. Market Numbers
-----------------------------------------------------------------
MARKET WRAP  (view in courier font for table alignment)
-----------------------------------------------------------------        
      06-04-2002           High     Low     Volume Advance/Decline
DJIA     9687.84 - 22.00  9739.41  9592.79 1.48 bln   1407/1768
NASDAQ   1578.12 + 15.60  1587.79  1548.31 1.61 bln   1575/1877
S&P 100   516.03 +  1.29   518.94   510.65   Totals   2982/3545
S&P 500  1040.69 +  0.01  1046.06  1030.52
RUS 2000  473.76 -  0.63   475.11   467.11
DJ TRANS 2663.50 - 26.30  2691.43  2638.42
VIX        26.94 +  1.24    27.93    25.94
VXN        49.66 +  2.01    50.12    47.91
TRIN        1.32
PUT/CALL     .87
-----------------------------------------------------------------

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

Bent, but not broken

The broader market averages finished the day near "unchanged" 
levels and for the most part, traders are left looking at a 
market not that much different than yesterday's close.  As I look 
at things, I'm having some flashbacks to my younger years when 
dad took me to the demolition derby and we watched a bunch of 
cars crash into each other until one car was left running.

There were times when the "orange car" looked to be sputtering 
its last breath of octane as blue smoke was pouring out the 
tailpipe.  The "orange car" was my favorite and the one I had 
cheered for the entire race as I devoured the cone of cotton 
candy dad had bought me earlier in the evening.

As the evening of demolition progressed, my stomach felt much 
like the orange car looked.  Not good.  A lot of damage had been 
done, not only to my internals, but also the exterior of the 
orange car and it too had some internal engine problems as 
depicted by the blue billows of smoke.

But low and behold, the sputtering orange car came to life, the 
choppy sound of its once sputtering engine had blue smoke turning 
to a pale white and the car was able to once again start moving 
across the dirt covered track in search of another car it could 
ram.  Just like that, there was hope that my favorite car was 
once again "technically sound" and still able to win the derby.

I knew in my heart that one more blow to the front part of the 
orange car, which housed the now very fragile engine, would 
certainly spell doom.  In essence, the orange car was bent, but 
not yet broken.

As I look at various stocks that comprise the indexes that 
eventually make up "the market," I see a lot of orange cars that 
are puffing out some blue smoke.  While they're bent, they may 
not yet be broken as a late session recovery had some stocks 
firming into the close.

The orange car to keep an eye on

If there's one stock I think that can perhaps get bulls 
interested in this market and give bears a "cotton candy stomach 
ache" its shares of semiconductor giant Intel (NASDAQ:INTC) 
$27.50 +3.3%.

While the stock has sputtered since my bullish profile the 
morning of May 24th at $28.79 (for 1/2 bullish position, stop 
$25) bullish comments from Bank of America with about 5-minutes 
left to go in trading had the stock pegging its session high and 
helping the once strong Semiconductor Index (SOX.X) fishing as 
today's biggest sector gainer.  

Bank of America's bullishness came from a couple of reasons, one 
that I mentioned in past commentary, which was risk/reward from a 
bullish trade perspective.  While BofA recommended buying the 
stock based on attractive risk/reward ahead of Thursday's mid-
quarter update, the firm also cited some chatter out of a Taiwan 
trade show that confirmed their comments from last week that 
motherboard manufacturers were saying business will pick up in 
the second half of this year.

Intel Chart - $1 box




The only thing that caught my eye from Bank of America's comments 
was the "risk reward" trade in Intel (INTC).  While BofA didn't 
outline a stop, I've previously outline any bullish trade in 
Intel (INTC) with a stop at $25, using the bullish support trend 
as technical "reason" to select this stock as bullish.

While it is a stretch to say that the entire market action will 
be based on Intel's (INTC) mid-quarter update on Thursday, the 
point and figure chart of INTC shows the stock is still holding 
above bullish trend just two days before Thursday's mid-quarter 
update.

In my constant effort to remain "unbiased" toward the market and 
call it like I see it, I put myself in the place of a bear that 
actually shorted shares of Intel (INTC) the morning of May 24th 
at $28.79.  While the stock has been "bent" to $27.50, I'm not 
necessarily seeing a bunch of blue smoke billowing out the 
tailpipe at $27.50 either.

A quick look at the Semiconductor HOLDRS (AMEX:SMH) $37.80 +2.85% 
shows the sector as a whole had a bullish day today.  I've sorted 
the components by "Net% gain" from today's action, but this is a 
weighted group of stocks, where Intel (INTC), Applied Materials 
(AMAT) and Texas Instruments (TXN) carry the bulk of weight.

Semiconductor HOLDRS (SMH) - Sorted by Daily % gain




The Semiconductor HOLDRS (SMH) look almost identical to the 
Semiconductor Index (SOX.X) 466.89 +3.43% technically.  However, 
unlike the SOX.X, traders and investors will trade the SMH on an 
intra-day basis just like they would a stock, but a trade in the 
SMH spreads an investment (long or short) across 20 different 
stocks with a semiconductor "theme."

While Broadcom Corp. (NASDAQ:BRCM) $24.01 +7.91% was the SMH's 
best performing stock today, this isn't a stock I'm looking for 
any type of leadership from based on technicals.  In this 
weekend's Barron's, former Cowen analyst Drew Peck recommended 
shorting shares of BRCM at current levels as he believed the 
stock would trade lower over the next 12-18 months.

Broadcom Corp. Chart - $0.50 & $1 box





Today's "out-performance" by Broadcom (BRCM) $24.01 +7.91% does 
hint that there are some bears still willing to do some short 
covering.  With stock in downward trends like BRCM is, bearish 
traders aren't necessarily worried about bulls, but only bears 
that are locking in gains as profits grow.  

I like to go back and perform multiple bullish and bearish counts 
on stocks to try and get a perspective of how the stock has 
traded in relation to past counts, but also look for some 
commonality from the counts to see how much credence can be 
placed on them.  Earlier this year, BRCM gave a sell signal at 
$45, which had the resulting column of O's hinting at $32.  The 
stock traded $31, then gave a "buy signal" at $36.  Eventually, 
the MARKET seemingly gathered more information, the stock 
consolidated, then gave another sell signal at $31 in late April 
(just before red 5) that built a bearish count of $14.  That 
bearish count was negated as the stock did trade at $29 (a buy 
signal created by an X column exceeding a previous column of X).  
However, that bullishness was also short-lived and the stock 
broke lower again, and once again has the bearish count hinting 
at $14.

As I look at Intel (INTC) and Broadcom (BRCM) I see two different 
types of semiconductors stocks.  Intel is more of a "computer 
chip" maker, while Broadcom is more of a "telecom equipment chip" 
maker.  

As it relates to past analogies of "head" and "tail" I'd place 
INTC at the "head" and BRCM at the "tail."  Today's action is 
very indicative of short-covering in the group.  To really get 
any bullishness going on a continues basis, INTC needs to get 
above $32 and that might then help pull BRCM above current 
resistance of $30.

If Intel (INTC) were to say anything disappointing in Thursday's 
mid-quarter update, I think the stock to be looking short is 
Broadcom (BRCM).  It's a stock that is under greater distribution 
that Intel (INTC) and most likely a stock the MARKET does not see 
any type of near-term catalyst for bullishness.

Other signs of bending, but not breaking

In yesterday's 03:00 EST Update at OptionInvestor.com, I wanted 
traders to be keeping a close eye on the Wireless Telecom Index 
(YLS.X) 53.39 -0.81% as it related to a bearish trade in Verizon 
(NYSE:VZ) $42.35 +0.04% I had profiled on Friday near the $43.39 
level.  

The YLS.X is an index we follow on a weekly basis in our Friday 
wraps and one of the weaker areas of the market.  This is a 
sector that every trader/investor can at least be monitoring to 
try and get a feel for how bearish the market is.

Again, this isn't a group that "smart" bulls have been focusing 
on.  If they have, then they've been losing money at an alarming 
rate, even when benchmarked back to the September lows.  A bear 
in this sector isn't concerned about what a BULL is doing, only 
what a bear is doing in regards to short covering.

The level I wanted traders to be keeping an eye on was the $52.83 
level.  While the YLS.X did trade as low as 52.31, it didn't 
break that level on a closing basis.  In all, this sector is 
smoking a lot of blue smoke out the tail pipe.  The near-term 
question is "can it come back to life from short-covering, or 
will it simply go down in flames?"

Wireless Telecom Sector Index Chart - Daily Interval





While there was some "life" in the semiconductor's the Wireless 
Index (YLS.X) edged slightly lower.  I'm a bit surprised that 
this group didn't get flushed and break the 52.83 level with some 
gusto.  I think this sector represents a valid observation of how 
some stocks are hanging on by a thread, but may be a little "sold 
out" near-term.  

This sector is rather volatile, and we can see how it isn't a 
stretch to our imagination that a short-covering rally could see 
this index jump to the 60 level and upper end of downward 
regression.  The point and figure chart currently has a bearish 
vertical count hinting at 41.00 and this ties in rather nice with 
fitted retracement as shown above.  However, bears currently 
holding some stocks in this group short want to see index break 
this 52.83 level to signal that other bears aren't so 
willing/eager to cover and lock in gains.

While the YLS.X is broken, it wasn't smashed today and bears need 
to be controlling their trade size and continually managing their 
account.  

Tonight's Internals

Today's action had the more volatile NASDAQ-100 Bullish % 
($BPNDX) seeing 4 more stocks generate sell signals on their 
point and figure charts and now just 26% of the stocks in this 
market are showing a "buy signal" still associated with their 
charts.  From a level of "risk," the NASDAQ-100 is now at a very 
similar level of risk as that found on Thursday, March 9th.

The broader S&P 500 Bullish % ($BPSPX) saw a net loss of 3.6% of 
stocks (approximately 18 stocks) to sell signals on their point 
and figure charts, which has this market now reading, "bear 
confirmed" status.  A benchmark here would be the February low 
reading of 54%.

Every bullish percent except the NYSE Composite Bullish % 
($BPNYA) is in a more "bearish" stage of internal weakening.

The MARKET is truly on what I feel a pivot point as internal 
weakening continues to have the broader market averages on the 
brink of some potentially pivotal declines.  

Market psychology is quite negative.  While I didn't discuss 
today's events regarding Tyco Intl.'s (NYSE:TYC) $16.77 +4.48% 
ex-CEO being indicted in New York for personal sales-tax evasion, 
I do believe this is weighing somewhat on any bull that has been 
contemplating a bullish investment in any stock.

While Mr. Kozlowski's current problems are personal, too many 
investors heard and read Mr. Kozlowski's statements regarding 
Tyco's (TYC) truthful accounting practices.  While there has not 
been any findings that TYC itself has had any accounting 
irregularities, investors are continually being fed a plate full 
of suspicious vittles that is becoming harder and harder to 
digest as it relates to confidence in some company's leadership.

Intel on my mind

As I look through the various bullish % charts, there is only one 
thing in my mind that would create a catalyst for a rally.  That 
"one thing" is Thursday evening Intel (INTC) mid-quarter update.

With the NASDAQ-100 Bullish % ($BPNDX) right back near an 
"oversold" level, the only thing I see keeping the markets from 
complete capitulation on the downside is upcoming Intel (INTC) 
update.

Current market conditions are perhaps "exactly" like that found 
just before Cisco Systems (NASDAQ:CSCO) $16.08 +4.89 quarterly 
earnings, which were announced the evening of May 7th, which 
sparked some short-term life into the NASDAQ-100 and larger cap 
technology stocks.

For "risk averse" traders/investors, I would suggest staying on 
the sidelines near-term and get let the Intel mid-quarter update 
pass by.

For more active traders, I would try and keep an account 
weighting that is about 50% short and 50% long as it relates to 
open positions.  Both bullish and bearish trades should be 
monitored closely and tighter stops would be preferable and 
should be honored.

While the MARKET has basically ignored some of the still bullish 
economic data, any bullishness from the Intel (INTC) conference 
call could have similar impact on the NASDAQ-100 (NDX.X) as that 
found in early May after the CSCO earnings.  At that time, it 
certainly looks like the lower levels from the NASDAQ-100 Bullish 
% found institutions covering some short positions.  Since we're 
nearing those similar reading, bears need to be cognizant of this 
risk level and understand the May 8th-15th action.

Like I said earlier.  The orange car is blowing some blue smoke 
out the tailpipe, but there is still a sputter in the engine.  
Expect some volatility into Thursday's close and uncertainty 
ahead of that call weighs on trader's minds.

Jeff Bailey
Senior Market Technician


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

Fear On The Street: It's Up To The 200-dma
By Eric Utley

The CBOE Market Volatility Index (VIX.X) is rising, which means
fear is doing the same.  That trend is even more evident in the
Nasdaq-100 Volatility Index (VXN.X).  Both fear measures finished
higher Tuesday, despite a rebound in the Nasdaq-100 (NDX.X).  The
close higher in the VXN.X may reveal that there's staying power
to the short covering rally that we witnessed in the NDX names
near the close of the day's trading.

The ebb and flow of market psychology is amazing, especially
near key turning points no matter the time frame.  The spike
higher in the VIX Tuesday and close above its 200-dma reveals
to me that we're close to a short-term turning point for the
S&P 100 (OEX.X) names.  I think we're even closer in the Nasdaq
100 (NDX.X) issues due to the relatively increased oversold
nature of that index.

The spike further into extreme readings in the ARMS Index
(INDEX:TRIN) helps to reinforce that view.  The very short
term 5-day reading closed at 1.71, while the 10-day moved
within striking distance of extreme oversold readings.  The
last time we had both the 5 and 10-day ARMS readings in
extreme oversold the market staged a pretty good two day
rally.  The 1.50 level is something to watch for in the 10-day
number tomorrow.

The difference between the S&P and NDX names is even more
compelling in recent developments in bullish percent data.
The S&P 500 Bullish Percent ($BPSPX) reversed into bear
confirmed Tuesday at 54 percent.  While the Nasdaq-100 Bullish
Percent ($BPNDX) fell lower to finish at 26 percent, but in
bull correction mode.  Using this indicator alone, the plan of
attack is relatively simple.  Look for weak S&P names near
resistance because that market holds more downside risk and is
in bear confirmed mode.  And look for strong NDX names near
support for bullish plays, because the downside risk in that
group is quite a bit lower than any other market.  The bears
know that, and will be more inclined to cover their tech
shorts.  All the tech bulls need is a catalyst.  Maybe that
will come from Intel?

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

Market Averages

DJIA ($INDU)

52-week High: 11350
52-week Low :  8062
Current     :  9688

Moving Averages:
(Simple)

 10-dma:  9972
 50-dma: 10125
200-dma:  9882

S&P 500 ($SPX)

52-week High: 1316
52-week Low :  945
Current     : 1041

Moving Averages:
(Simple)

 10-dma: 1070
 50-dma: 1097
200-dma: 1114

Nasdaq-100 ($NDX)

52-week High: 2071
52-week Low : 1089
Current     : 1178

Moving Averages:
(Simple)

 10-dma: 1230
 50-dma: 1308
200-dma: 1438


Semiconductor ($SOX)

The SOX was the best performing sector on the day with its 3.43
percent rally.  The gain was fed by short covering ahead of
Intel's (NASDAQ:INTC) mid quarter update.

Sector leaders included Broadcom (NASDAQ:BRCM), NVIDIA
(NASDAQ:NVDA), Linear Technology (NASDAQ:LLTC), and Xilinx
(NASDAQ:XLNX).

52-week High: 697
52-week Low : 344
Current     : 467

Moving Averages:
(Simple)

 10-dma: 481
 50-dma: 537
200-dma: 526


Defense ($DFX)

Here's a new one, the DFX was the worst performing sector on my
watch list Tuesday with its 1.73 percent drop.

Leading the way to the downside included Alliant Tech
Systems (NYSE:ATK), L 3 Communications (NYSE:LLL), Titan
(NYSE:TTN), and FLIR Systems (NASDAQ:FLIR).

52-week High: 210
52-week Low : 155
Current     : 193

Moving Averages:
(Simple)

 10-dma: 199
 50-dma: 199
200-dma: N/A

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

Market Volatility

The VIX finally broke and closed above its 200-dma.  That level
is now below at 26.19.  The rally is finally showing some real
signs of fear, which could eventually lead to a washout event,
and from there a rally of duration.

The VXN is testing its 200-dma.  A breakout here would confirm
what we see in the S&P names.  I like the way that the VXN
closed higher Tuesday along with the NDX.

CBOE Market Volatility Index (VIX) - 26.97 +1.27
Nasdaq-100 Volatility Index  (VXN) - 48.76 +1.11

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

          Put/Call Ratio  Call Volume   Put Volume
Total          0.73        365,435       266,163
Equity Only    0.55        306,482       169,056
OEX            1.01         15,482        15,750
QQQ            0.40         27,820        11,267

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

Bullish Percent Data

           Current   Change   Status
NYSE          58      - 2     Bull Confirmed
NASDAQ-100    26      - 4     Bull Correction
DOW           53      - 3     Bear Correction
S&P 500       54      - 4     Bear Confirmed
S&P 100       53      - 2     Bear Confirmed

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  1.71
10-Day Arms Index  1.47
21-Day Arms Index  1.33
55-Day Arms Index  1.33

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      1416           1784
NASDAQ    1580           1865

        New Highs      New Lows
NYSE       69             89
NASDAQ     52            205

        Volume (in millions)
NYSE     1,481
NASDAQ   1,880

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

Commitments Of Traders Report: 05/28/02

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 more bearish last week by adding about 5,000
contracts to their net bearish position.  They did so by adding
more shorts than longs.  Listen up!  Small traders reached their
most bullish position in over a year by adding a big number of
long positions to total more than 114,000 net long contracts.  The
spread here between commercials and small traders has widen
considerably over the last two weeks!

Commercials   Long      Short      Net     % Of OI 
05/14/02      343,941   424,893   (80,952)  (12.1%)
05/21/02      354,039   429,803   (75,764)   (9.7%)
05/28/02      362,607   442,845   (80,238)   (9.9%)

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
05/07/02      154,664     59,583   95,081     44.4%
05/14/02      163,035     58,587  104,448     49.8%
05/21/02      172,313     57,803  114,510     49.8%

Most bearish reading of the year:  36,513 - 5/01/01
Most bullish reading of the year: 114,510 - 3/26/02
 
NASDAQ-100

Nasdaq commercials grew less bullish last week by reducing their
longs more than their shorts.  Small traders went in the opposite
direction by growing less bearish, reducing their net position by
about 3,000 contracts. 

Commercials   Long      Short      Net     % of OI 
05/14/02       40,858     35,761     5,097   (5.5%)
05/21/02       51,448     45,375     6,073   (6.3%)
05/28/02       49,669     44,900     4,769   (5.0%)

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
05/14/02       11,920    17,479    (5,559)     8.2% 
05/21/02       12,567    19,899    (7,332)    22.6%
05/28/02       12,562    16,969    (4,407)    14.9%

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

DOW JONES INDUSTRIAL

Dow commercials were flat on a week over week basis.  Their net
position lost less than 100 contracts.  Small traders grew less
bearish, though, by adding a number of long positions.

Commercials   Long      Short      Net     % of OI
05/14/02       21,080    14,725    6,355     14.4% 
05/21/02       20,173    15,317    4,856     13.7%
05/28/02       20,289    15,513    4,776     13.3%

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
05/14/02        4,930    10,899    (5,969)   (25.2%) 
05/21/02        3,661     9,585    (5,924)   (44.7%)
05/28/02        5,709     9,180    (3,471)   (23.3%)

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

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


===============
PLAY-of-the-Day  ((new BEARISH play))
===============

Biosite, Inc. - BSTE - close: 26.82 change: -1.18 stop: *text*

Company Description:
A leader in the drive to advance diagnosis, Biosite Incorporated 
is a research-based company dedicated to the discovery and 
development of novel protein-based diagnostic tests that improve 
a physician's ability to diagnose debilitating and life-
threatening diseases. The Company combines integrated discovery 
and diagnostics businesses to access proteomics research, 
identify proteins with high diagnostic utility, develop and 
commercialize products and educate the medical community on new 
diagnostic approaches that improve health care outcomes. (source: 
company press release)

Why We Like It:
This is purely a technical play...and the technicals are looking 
very weak.  BSTE gapped sharply higher on April 23rd after 
beating Q1 earnings estimates.  Shares proceeded to trace a 
sloppy head-and-shoulders formation, with the right shoulder 
being formed by the recent selloff from the $32 level.  With 
today's 4.2% loss, BSTE has begun to fill in the April gap.  
There are several reasons that lead us to believe that shares 
will eventually reach the bottom of this gap near $23.00.  First 
and foremost, volume has been increasing over the past few days.  
Today's reading was the largest in two weeks, which indicates 
that BSTE is building downside momentum.  The point-and-figure 
chart is bearish as well; today's decline created a triple-bottom 
sell signal.  Finally, the MACD and daily stochastics (5,3,3) are 
both downtrending, portending further selling in the near-term.  
And let's not forget about that head-and-shoulders from which 
BSTE recently broke down!  As far as entries go, we're going to 
place a trigger at $26.29, just below today's low.  This will 
also ensure that we don't get short until BSTE is trading below 
the March highs.  If we're triggered our initial stop will be 
placed above the 50-dma, at $27.82.  Traders willing to accept 
more risk may want to have their stops just above today's high of 
$28.85.  If this play goes as planned, we'll institute a profit-
target as shares approach the $23 level.

Picked on June xth at $xx.xx <- see text
Gain since picked:     +0.00
Earnings Date       04/22/02
 






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PremierInvestor.net Newsletter                  Tuesday 06-04-2002
                                                    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
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In section two:

Net Bulls     
  Bearish Play Updates:  AT, BRCD, CLS, CMCSK, NET, TBH

Stock Bottom / Active Trader
  New Bearish Plays:     BSTE, FBN
  Bullish Play Updates:  DCX, RJR, THC
  Bearish Play Updates:  BA, DHR
  Closed Bullish Plays:  ATK, AZO, CR, DCN, GR, RSG, XRAY

High Risk/Reward
  Bullish Play Updates:  PVN
  Bearish Play UPdates:  WMB 

Long-term Plays
  Closed Bullish Plays:  ONE

Split Trader
  Stock Splits
                         FPU: 4-for-3 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)



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

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

Alltel Corp - AT - close: 51.58 change: +1.55 stop: 52.26

Tuesday was an extremely volatile day in the broad market, and 
this volatility worked against us in some cases, like Alltel.  
Although AT was triggered today when the market dropped shortly 
after the open, the subsequent rebound put us in the negative 
column by day's end.  Our short position entry point of $49.94 
was triggered but then the stock, and much of the market, 
rebounded.  AT stalled just below its 50-dma, in an area of 
resistance, and we think this should be sufficient to cause the 
stock to turn back down in the next day or two.  Our stop is just 
above the 50-dma--and the stock's May 24th high--at $52.26.  
Aggressive traders may wish to short AT if it stalls at the 50-
dma ($51.80) and turns down.

Picked on June 4th at $49.94
Change since picked:   -1.64
Earnings Date       04/25/02 (confirmed)




---

Brocade - BRCD - close: 19.99 change: +1.72 stop: 20.26

Brocade Communications said today that it still expects to meet 
its financial targets for the third and fourth quarters of 2002, 
effectively reaffirming guidance for analysts. This positive 
news, combined with a turnaround in the broader Nasdaq, gave BRCD 
the steam it needed to move up nicely on the day.  Brocade moved 
opposite its sector index, the NWX (Networking Index), which 
declined about 2% on the day.  We would not initiate new short 
positions in BRCD until it has moved back below our entry point 
of $19.35.

Picked on May 22nd at $19.35 
Gain since picked:     -0.64
Earnings Date       04/15/02 (confirmed)




---

Celestica - CLS - close: 27.12 change: -1.00 stop: 29.69 *new*

Flextronics dropped 18 percent today after the electronics 
contract manufacturer (ECM) warned Monday evening that it would 
not meet financial expectations for the current quarter.  In the 
wake of this announcement, other ECM's, like Celestica (CLS), 
were roughed up in Tuesday's trading.  CLS did enjoy a rebound 
off Tuesday's intraday low of $26.38 but the company still 
finished the day with a 3% loss--to the delight of our short 
position.  We expect that CLS might attempt to rebound a bit 
further in the next day or two; however, our present perspective 
is that CLS's declining Bollinger Band ma (5-dma, 1.7 sd), 
sitting at $28.79--as well as Flextronics disappointing guidance-
-should restrain any such rebound. Over the next week or two, we 
think that CLS can decline to either its 127% or 161.8% Fibonacci 
retracement (of its May 7-May 17 advance); these levels are 
$23.45 and $20.82 respectively.  Please note, too, that we have 
lowered our buy stop in order to better protect the profit we 
currently have in this stock.

Picked on May 21st at $30.94
Gain since picked:     +3.84
Earnings Date       04/17/02 (confirmed)
 



---

Comcast Corp - CMCSK - cls: 26.50 chg: -0.95 stop: 28.81 *new*

Our price target for this short position remains at the $24 
level.  Remember that there is a bit of support just a few 
percent below today's close, at $26.00, and this level could be a 
point at which the stock will attempt to make a brief rebound. 
CMCSK declined today on strong volume and this lends good support 
to our notion that lower prices are likely in the coming week.  
We have lowered our buy stop to $28.81, which is just above an 
area of price congestion/resistance, as well as very close to our 
declining upper Bollinger Band (5-dma, 1.7 sd). We have found 
that when our Bollinger Bands are in a clear decline, it is very 
difficult for stocks to rebound above the upper band until they 
have consolidated sideways for several days. CMCSK has done no 
such consolidation at this time.

Picked on June 3rd at 27.89
Gain since picked:    +1.39
Earnings Date      05/01/02 (confirmed)




---

Network Associates - NET - close: 18.94 change: +0.62 stop: 22.01

The Software sector (GSO.X) turned in a 3% bounce today and 
Network Associates was able to sidestep the broader-market 
weakness and trade higher with the sector (NET gained 3%).  We 
are optimistic that the GSO.X will weaken further in coming days, 
as if failed to close above the 120 level.  Intraday, NET traded 
down to the 61.8% Fibonacci retracement (of its May 7th-May 20th 
advance) before embarking on a sharp reversal.  This is a logical 
point for such a rebound, and we should expect NET to move up 
modestly in coming days before it attempts to move lower--again.  
It will be important for the stock to stall near our upper 
Bollinger Band and/or declining 50-dma, which are currently 
converging at the $21.00 level.  However, we'd be very surprised 
if NET reclaims the $20 level (now psychological and price 
resistance) and we'd use it as an early warning device for 
conservative traders.  We will leave our stop at its current 
location.  Aggressive traders may wish to enter new long 
positions on a failed rally in the $20.00 to $21.00 region.  Less 
aggressive traders may simply wait and see if NET breaks below 
today's low of $18.11 before entering new short positions.

Picked on May 31st at $19.35
Gain since picked:     +0.41
Earnings Date        04/11/02 (confirmed)




---

Telecom Brasil - TBH - close: 27.41 change: -0.85 stop: 28.68 *new*

Since May 14th, TBH has been building a rising triangular consolidation 
(higher lows and lower/flat highs) at the bottom of its April 18th-May 
13th decline.  While these patterns look ostensibly positive to the 
human eye because daily lows are rising, they are technically just the 
opposite:  these patterns most frequently break down, and as such are 
decidedly negative once prices have squirted out of the triangle.  Such 
a breakdown occurred in TBH today, and this suggests to us that prices 
are headed lower, quickly, in coming days.  New short positions can be 
added either 1) below today's low of $27.30, or 2) on a rebound which 
fails near the break down point of $28.15. Our new stop has been placed 
just inside of the triangle, at $28.68. We have selected this level for 
this reason: on those infrequent occasions when prices move back into 
the triangle, this signals that a powerful reversal in price is about 
to occur.  We do not wish to be short this stock in such a situation.  
Our current target for this short position is either $26.00 and, 
perhaps, even $25.00.  

Picked on May 22nd at $27.70 
Gain since picked:     +0.29
Earnings Date            N/A






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

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

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

Biosite, Inc. - BSTE - close: 26.82 change: -1.18 stop: *text*

Company Description:
A leader in the drive to advance diagnosis, Biosite Incorporated 
is a research-based company dedicated to the discovery and 
development of novel protein-based diagnostic tests that improve 
a physician's ability to diagnose debilitating and life-
threatening diseases. The Company combines integrated discovery 
and diagnostics businesses to access proteomics research, 
identify proteins with high diagnostic utility, develop and 
commercialize products and educate the medical community on new 
diagnostic approaches that improve health care outcomes. (source: 
company press release)

Why We Like It:
This is purely a technical play...and the technicals are looking 
very weak.  BSTE gapped sharply higher on April 23rd after 
beating Q1 earnings estimates.  Shares proceeded to trace a 
sloppy head-and-shoulders formation, with the right shoulder 
being formed by the recent selloff from the $32 level.  With 
today's 4.2% loss, BSTE has begun to fill in the April gap.  
There are several reasons that lead us to believe that shares 
will eventually reach the bottom of this gap near $23.00.  First 
and foremost, volume has been increasing over the past few days.  
Today's reading was the largest in two weeks, which indicates 
that BSTE is building downside momentum.  The point-and-figure 
chart is bearish as well; today's decline created a triple-bottom 
sell signal.  Finally, the MACD and daily stochastics (5,3,3) are 
both downtrending, portending further selling in the near-term.  
And let's not forget about that head-and-shoulders from which 
BSTE recently broke down!  As far as entries go, we're going to 
place a trigger at $26.29, just below today's low.  This will 
also ensure that we don't get short until BSTE is trading below 
the March highs.  If we're triggered our initial stop will be 
placed above the 50-dma, at $27.82.  Traders willing to accept 
more risk may want to have their stops just above today's high of 
$28.85.  If this play goes as planned, we'll institute a profit-
target as shares approach the $23 level.

Picked on June xth at $xx.xx <- see text
Gain since picked:     +0.00
Earnings Date       04/22/02
 



--- 

Furniture Brands Int. - FBN - cls: 35.24 chg: -1.41 stop: *text*

Company Description:  
FBN is a major manufacturer of residential furniture in the 
United States.  The company markets its furniture through four 
brands/subsidiaries:  Broyhill Furniture, Lane Furniture, 
Thomasville Furniture and HDM Furniture.

Why We Like It:
Furniture Bands has enjoyed a great run in its stock price since 
hitting a low during the trading week of the tragic September 
11th, 2001 New York terrorist attack.  After hitting a September 
low of $17.65, FBN embarked on a sharp advance which took it to a 
52 week high of $42.74 on May 3rd.  Since May 3, though, FBN has 
been consolidating.  It is our belief that this is more than 
simply a short consolidation.  We believe that FBN--in fact, the 
entire home building and construction complex--is now undergoing 
a fairly serious consolidation that is likely to last a couple of 
months. On its weekly price chart, both FBN and the Dow Jones US 
Housing & Construction Index have formed distinctive double tops, 
with bearish divergences on their weekly RSI's.  This particular 
pattern in most cases will lead to a very substantial 
consolidation.  Our view is that the present consolidation on 
which FBN started on May 3rd will take it down to at least 
$26.84, which is the 61.8% Fibonacci retracement level (of its 
Sept. 2001 - May 2002 advance) over the next several weeks to 
couple of months.  

With this in mind, we are interested in shorting FBN only on a 
rebound back to resistance in the $37.50 region.  This is a bit 
below FBN's flat 50-dma, but resistance appears hefty enough at 
$37.50 to keep FBN from rising all the way to the 50-dma.  We are 
currently expecting FBN to reach this resistance region within 
the next week.  

Once our short play has been triggered, we'll use an initial buy 
stop of $40.03, which is slightly above our declining weekly 
Bollinger Band moving average (5-wma, 1.7 sd).  Experience has 
taught us that a declining weekly ma of this variety can serve as 
very solid resistance, which is not easily overcome.

June xth at $xx.xx <- see text
Gain since picked:      +0.00
Earnings Date        04/24/02 (confirmed)
 




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

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

DaimlerChrysler - DCX - cls: 47.10 chg: -1.40 stop: 46.72 *new*

In the most recent update for DCX we mentioned that a bounce from 
the 50-dma might provide a buying opportunity.  That level was 
tested today after shares dropped by 2.8%.  Pressuring the stock 
was yesterday's release of May auto sales data, which showed a 5% 
decline.  Most analysts had expected a small increase.  The 
pullback was in-line with similar declines in shares of F and GM.  
After heading lower in morning trading, DCX bounced from just 
below its 50-dma ($46.87) and closed well above the lows for the 
day.  So is a buyable dip?  The answer likely depends on whether 
the broader market rebounds tomorrow.  Aggressive traders can 
target entries at current levels with a relatively small amount 
of risk.  This is due to the fact that we've tightened our stop 
to $46.72, a penny under today's low.  Those willing to take a 
bit more heat could use a stop just under our original entry 
point at $46.50.

Picked on May 6th at $46.50 
Gain since picked:    +0.60
Earnings Date      02/20/02 (confirmed)



 
--- 

RJ Reynolds - RJR - close: 70.50 change: +0.27 stop: 67.94

Running contrary to the wildly gyrating Dow Jones, RJR held firm 
today and finished with a small gain.  As a tobacco stock, its 
"defensive" nature makes it more attractive during periods of 
high volatility.  Overall the day was non-eventful, with shares 
trading in a narrow 45-cent range.  Traders looking for new 
entries can continue to watch for a close over $72 or a bounce 
from the $70 level.

Picked on May 30th at $70.34
Change since picked:   +0.16
Earnings Date       04/18/02 (confirmed)




---

Tenet Healthcare - THC - close: 71.51 change: -2.50 stop: 69.33

Shares of THC suffered a 3.3% loss today, ending a pattern of 
relative strength versus the broader market.  Helping to drag the 
stock lower was a 1.6% decline in the HMO.X health provider 
index, which sold off for the third straight session.  The next 
few sessions could be pivotal for the HMO.  A bounce from support 
at 600 could lead to a test of the near-term high at 628, while a 
breakdown would open the door for a test of the May low of 584.  
With THC hovering above the 50-dma ($71.25), shares could be 
well-positioned for a sector rebound.  Traders could target 
entries at current levels with a stop just under the 50-dma.

Picked on May 29th at $72.98
Change since picked:   -1.47
Earnings Date       04/02/02 (confirmed)
 



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

Boeing Company - BA - cls: 41.85 chg: -0.01 stop: 43.55 *new*

Boeing said today that Turkey had signed a $1 billion contract 
for a small fleet of airplanes equipped with advanced radar and 
communications platforms for its military.  Normally, such an 
announcement might help push a stock considerably higher.  But 
overall weakness in big cap stocks, and the market in general, 
pushed the aerospace corporation fractionally lower.  In order to 
protect our profits in this short position we have lowered our 
buy stop to $43.55, a level just above an area of price 
congestion/resistance, and BA's declining Bollinger Band moving 
average (5-dma, 1.7 sd).  New short positions in BA might be 
added on a failure of the stock to rebound in coming days above a 
lower resistance level at $42.65 or a close under the 200-dma 
and/or the $40 price level.  Short-term traders might want to 
consider taking profits now while we still target the $37.00 area 
dictated in our original write up. 

Picked on May 21st at $44.35
Gain since picked:     +2.50
Earnings Date       07/18/02 (unconfirmed)
 



---

Danaher Corp. - DHR - cls: 68.37 chg: -0.07 stop: 71.65 *new*

DHR is on the verge of breaking lower, we believe.  Bearish 
positions can still be considered on a move below $69.03; or, 
more aggressive traders might want to short DHR on a rebound up 
to $70.00, an area of resistance.  As we noted a few days ago, 
once DHR is below its recent support of $68.79, we believe that a 
sharper decline in the stock is likely.  We've elected to move 
our buy stop down to $71.65, which is just above the 50-dma.

Picked on May 13th at $69.03
Gain since picked:     +0.66
Earnings Date       04/18/02 (confirmed) 





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

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

Alliant Tech Systems - ATK - cls: 99.26 chg: -5.94 stop: 99.33

Although the nuclear saber-rattling between India and Pakistan 
has had a negative impact on the broader market, defense stocks 
held up relatively well.  Perhaps this was due to the potential 
increase in military spending that would be spawned by growing 
instability on the Indian subcontinent.  In any case, the sector 
is singing a distinctly different tune this week.  The DFX.X 
defense index fell below its 50-dma on Monday and continued lower 
today with a 1.7% decline.  Meanwhile, bears pummeled ATK to the 
tune of 5.6%.  Shares moved below our stop-loss at $99.33, 
closing out this play for a loss of $5.52, or 5.2%.  The original 
premise of this play was to take advantage of a bounce from the 
bottom of ATK's ascending channel.  With shares breaking well 
below that channel and closing under the $100 level, we would not 
be looking to buy this dip.  With the close under $100 we 
wouldn't be surprised to see ATK test its 200-dma near $90.

Picked on May 24th at $104.85
Change since picked:    -5.52
Earnings Date        05/09/02 (confirmed)




---

Autozone - AZO - close: 78.86 change: -2.15 stop: 78.94

The entire auto sector traded with a negative bias today 
following weak May auto sales from F and GM.  GM raised their Q2 
and full-year guidance last night, but investors seemed to 
selectively ignore that piece of news.  Even though AZO is a 
specialty retailer focused on auto-parts and service the auto-
manufacturing-sector weakness was sufficient to bring AZO below 
the $80 level.  Shortly before noon, shares violated our stop at 
$78.94.  This closed AZO for a net loss of 4.3%.  Given the 
bearish curl to the MACD and daily stochastics, we would not be 
looking to go long at this time.  A bounce from the rising 50-dma 
at $74.27 might renew our interest.

Picked on May 30th at $82.56
Gain since picked:     -3.62
Earnings Date       05/21/02 (confirmed)



 
--- 

Crane Corporation - CR - cls: 27.06 chg: +0.02 stop: 26.94

CR kicked off the week on the wrong foot after shares sold off 
from the 50-dma.  The stock briefly found support at $27, but 
that level was briefly abandoned today as the Dow Jones continued 
its decline.  Although shares finished with a small gain, this 
play was closed out at the opening trade of $26.94, which 
happened to be our stop-loss.  Looking at the daily chart, we see 
possible support at $26.50.  Additionally, the daily stochastics 
(5,3,3) are pinned at oversold, which indicates that CR may due 
for near-term bounce.  Aggressive traders could attempt to buy 
this dip with a stop just under $26.50.

Picked on May 17th at $28.22 
Gain since picked      -1.28
Earnings Date       04/18/02 (confirmed)
 



--- 

Dana Corp. - DCN - close: 18.96 change: -1.60 stop: 20.44

Investors hit the brakes on the auto sector today after May auto 
sales came in weaker than expected.   Auto-parts stocks really 
took it on the chin, with BWA, VC, and DPH all posting 
substantial declines.  DCN broke under the $20 level and skidded 
to a loss of 7.7% on the day.  Although our stop-loss at $20.44 
took us out of the play before the selling accelerated, we were 
nonetheless stopped out for a loss of 8.1%.  Today's decline 
could prove to be a bear trap (there's some historical support at 
$18.50), but the bearish MACD crossover indicates that more 
selling may be in the cards.  We would not recommend taking 
bullish positions at this time.

Picked on May 17th at $22.26 
Change since picked:   -1.82
Earnings Date       04/17/02 (confirmed)
 



--- 

Goodrich Corp - GR - close: 29.63 change: -1.75 stop: 30.97 

Thus far it's been a rough week for defense-related stocks.  The 
DFX.X defense index fell below its 50-dma (199.04) yesterday and 
continued lower today with a 1.7% decline.  That's not an earth-
shaking move, but it's nonetheless a bearish technical 
development for the sector.  GR, however, was hammered for a 5.5% 
loss.  The selling came on high volume (the highest since 
December!) and no discernable news.  Our play was stopped out for 
a loss of 3.1% after the stock dropped below $30.98.  We're glad 
to have been stopped out fairly early in the sell-off, and have 
no desire to be long after today's action.  GR has broken far 
below its ascending channel, the oscillators are downtrending, 
and a test of the 200-dma at $27.68 looks likely.

Picked on May 3rd at $31.97
Gain since picked:    -1.00
Earnings Date      04/24/02 (confirmed)


 

--- 

Republic Services - RSG - cls: 20.54 chg: -0.49 stop: 19.87

RSG gapped lower this morning after UBS Warburg downgraded the 
stock on valuation concerns.  Although shares finished safely 
above $20.00, an intraday violation of that level led to our stop 
at $19.87 being hit.  Our play was closed out for a loss of 6.5%.  
The successful test of the 50-dma ($19.69) is a positive 
technical development, but we think this is outweighed by the 
bearish daily stochastics (5,3,3) and rolling bollinger bands.  
We'd give RSG another look if it bounced from the 200-dma at 
$18.53.

Picked on May 30th at $21.26
Gain since picked:     -1.39
Earnings Date       04/29/02 (confirmed) 




--- 

Dentsply Intl. - XRAY - cls: 38.25 chg: -0.93 stop: 37.95

This play started off in promising fashion, with XRAY moving 
above the $40 level and threatening the all-time highs near $41.  
Unfortunately shares slipped lower this week, unable to counter 
the downtrend in the broader market.  XRAY dropped 2.3%, falling 
below the 50-dma for the first time since March.  Shares briefly 
dipped under the $38 level in the final half hour of trading and 
took out our stop at $37.95.  At this point our play was closed 
for a loss of 5.7%.  Although a relief rally in the Dow Jones 
could power XRAY back above the 50-dma, the downtrending 
oscillators suggest a retest of the May low of $37.30.  Bullish 
entries are not advised at current levels.

Picked on May 28th at $40.25
Gain since picked:     -2.30
Earnings Date       04/14/02 (confirmed)
 





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

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

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

Providian Financial - PVN - cls: 7.55 chg: -0.26 stop: 6.99

PVN has continued to struggle its way higher since May 6th, using 
its rising 50-dma as support. We've noted on a few occasions 
during this move that the $8.00 region continues to be bothersome 
resistance for PVN.  We are going to leave our stop at $6.99; 
however, the 50-dma sits at $7.47 and trigger-happy traders who 
possess a low tolerance for losing positions might wish to use a 
sell stop near the 50-dma in case broader market weakness smacks 
stocks in the next few days.  Aggressive traders could use the 
bounce at the 50-dma again as a potential entry point but with 
the broader markets sinking we'd be very hesitant to consider new 
long plays on anything right now.

Picked on May 22nd at $7.66
Gain since picked:    -0.11
Earnings Date      05/06/02 (confirmed)




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

Williams Co. - WMB - close: 11.21 change: +0.26 stop: 13.31 

After being accused yesterday of attempting to manipulate gas 
prices during last year's California energy crisis, Williams saw 
its EPS estimates cut this morning by UBS Warburg for both 2002 
and 2003.  Additionally, USB Warburg's energy analyst dropped his 
target price on WMB from $23 to $17.  Even with the reduction in 
EPS estimates, WMB tried to struggle higher on Tuesday, mostly on 
the momentum of its terse public response to yesterday's gas-
gauging claims, saying that its energy trading practices are both 
legal and fair. Traders can expect that WMB may be volatile in 
coming days as the market attempts to separate fact from fiction 
with respect to the California controversy.  We would not 
encourage new positions at this time as shares of WMB are 
relatively close ($1.00) to our exit price of $10.26.  However, 
if you are an aggressive trader, you could look for a move under 
Monday's low as a potential trigger in an attempt to capture any 
more towards $10.00.  If WMB moves at or under $10.26 we'll close 
the play even though shares could go much lower.  A close under 
$10 and we'll consider taking another shot at WMB.

Picked on June 3rd at 13.25 
Gain since picked:    +2.04
Earnings Date        4/25/02 (confirmed)






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

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

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

Bank One Corp. - ONE - cls: 30.40 chg: -0.18 stop: *text*

When we selected Bank One two weeks ago, we felt that the stock 
had finished a several-week consolidation and was ready to begin 
a move upward.  But our entry point of $42.88 was never hit, and 
ONE has continued to move considerably farther away from our 
trigger point. Rather than take up space on our potential play 
list with this stock, we have chosen to remove it from our play 
list at this time.

Picked on May xxth at $xx.xx <-see text 
Gain since picked:     +0.00
Earnings Date       04/16/02 (confirmed)






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

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

Florida Public sets 4-for-3 stock split, boosts dividend

Prior to the closing bell today, Florida Public Utilities Company 
(AMEX: FPU) announced that its Board of Directors had declared a 
4-for-3 stock split.

The split will be distributed on July 1, 2002 to stockholders of 
record on June 14, 2002.  The Board also announced a quarterly 
dividend of $0.1425 per share and a dividend of $1.1875 per share 
on the 4-3/4% cumulative preferred stock.  The dividends will be 
payable on July 1, 2002 to shareholders of record on June 14, 
2002.

FPU last split in 1998, and trades on a low average volume of 2400 
shares.

The stock closed at $18.85 on Tuesday. For a current quote, click 
here:

http://user.financialcontent.com/pin1/quote.cgi?account=pin1&ticker=FPU

About the company
Florida Public Utilities Company provides energy and water 
services to communities in growing markets throughout Florida. The 
company's distribution systems provide natural and propane gas 
service in three areas in central and southern Florida, electric 
service in two areas in northern Florida, and water service in one 
location in northern Florida. (source: company website)


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

KRC     Kilroy Realty Corp         27.61     +0.75
UCFC    United Community Financial  9.07     +0.62

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

        .. none ..  


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

ATVI    Activision Inc             34.61     +2.33
BTH     Blyth Inc                  28.85     +1.13
EMBX    Embrex Inc                 25.30     +1.72

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

TM      Toyota Motor Corp          52.35    -2.28
TOT     Total Fina Elf SA          75.07    -1.59
AVE     Aventis                    65.95    -2.80
GM      General Motors Corp        59.45    -1.80
CAH     Cardinal Health Inc        63.65    -1.30
OMC     Omnicom Group Inc          82.00    -1.41
NKE     Nike Inc                   50.39    -1.67
SYK     Stryker Corp               51.50    -1.20
HSY     Hershey Foods Corp         64.40    -1.38
JCI     Johnson Controls Inc       82.64    -3.85
KG      King Pharmaceuticals       25.07    -1.23
INFY    Infosys Technologies       53.65    -2.46
NBR     Nabors Industries Inc      40.00    -1.48
WHR     Whirlpool Corp             68.35    -1.80
LLL     L-3 Communications         56.78    -3.10
MHK     Mohawk Industries          62.72    -1.40
GR      Goodrich Corp              29.63    -1.75
DHI     D.R.Horton Inc             22.37    -1.48
AC      Alliance Cap Mgmt          36.09    -1.27
COH     Coach Inc                  47.86    -2.28

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

HIT     Hitachi Ltd                73.00    -2.17
BF      BASF Ag ADS                43.91    -1.61
HCA     HCA Inc                    48.00    -0.62
BOL     Bausch & Lomb Inc          35.29    -1.81
COKE    Coca Cola Bottling         47.87    -1.0




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