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Daily Newsletter, Tuesday, 06/11/2002

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In section one:

Market Wrap:      Big Tech Just Penny From September Lows
Market Sentiment: What Was That?
Play-of-the-Day:  It's Time To Wash & Vacuum Our Shorts


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U.S. Market Numbers
-----------------------------------------------------------------
MARKET WRAP  (view in courier font for table alignment)
-----------------------------------------------------------------        
      06-11-2002           High     Low     Volume Advance/Decline
DJIA     9517.26 -128.10  9758.80  9508.69 1.37 bln   1086/1896
NASDAQ   1497.18 - 33.50  1547.50  1496.66 1.67 bln   1290/2229
S&P 100   500.70 -  8.33   514.22   500.31   Totals   2376/4125
S&P 500  1013.60 - 17.14  1039.04  1012.94             
RUS 2000  462.78 -  6.51   471.96   462.46
DJ TRANS 2706.57 - 14.60  2750.33  2703.80
VIX        27.46 +  1.31    27.46    25.07
VXN        53.12 +  0.55    53.13    51.56
TRIN        1.62
Put/Call            1.02
-----------------------------------------------------------------

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

Big tech just penny from September lows

"Big tech" as depicted by the NASDAQ-100 (NDX.X) 1,100.97 -3.05% 
and the heavily traded NASDAQ-100 Trust (AMEX:QQQ) $27.46 -2.79% 
came within penny's (16 cents to be exact) of trading the 
September lows.  Today's leg lower was helped along by further 
declines in the biotechs, which have a heavy weighting in the 
NDX.X and QQQ.

Some traders have commented in the past that they wanted to see 
the September lows violated to the downside to get a feel for 
potential "capitulation" and that day looks close at hand.

Volume was "brisk" today as the NYSE Composite turned over 1.39 
billion shares with decliner's outnumbering advancers by a 2:1 
margin, while NASDAQ Composite volume was 1.69 billion, with 
breadth also negative and close to a 2:1 margin.

New highs versus new lows on the NYSE were just about even today, 
with 88 stocks hitting new 52-week highs and 87 stocks at new 
lows.  The NASDAQ Composite new highs/new lows didn't fair as 
well with just 57 stocks hitting new 52-week highs, while 201 
stocks fell to new lows.

The broader-market averages turned south late in the day after 
reports of a bombing in an Israeli restaurant set a negative 
tone, but in all likelihood, the biggest source of disappointment 
for investors was that the market couldn't hold sustain this 
morning's rally.  Once the news of the Israeli bombing hit the 
wire, bids seemed to disappear, and stocks finished at their 
lowest levels of the session.

NASDAQ-100 Trust (QQQ) Chart - Daily Interval




It's perhaps "fitting" that the "tech-heavy" NASDAQ-100 (NDX.X) 
and NASDAQ-100 Trust (QQQ) are the first major market averages to 
test their September lows.  As mentioned in recent months/years, 
this has been the weakest technically of the major market 
averages and perhaps holds some stocks that are furthest away 
from the proverbial "money pot" when considering an economy 
trying to pull itself out of a recession.  

In January of this year, the QQQ gave a "double-bottom" sell 
signal at $38 and the then developing bearish column of O hinted 
at a bearish price objective of $25.  That's just about $2.46 
from current levels and for some, it can't come soon enough.

NASDAQ-100 Trust Chart - $1 box




The point and figure chart gives a little different view of the 
QQQ and really shows how the "rallies" were just short-covering 
rallies as there never were any "buy signals" associated with the 
QQQ chart.  In fact, the March rally and recent May rally to $33 
came to levels where a prior sell signal was generated.  Based on 
the point and figure chart of the QQQ, bears are looking for $25, 
but they've got to be willing to risk a rally to $34 to get it.  
That presents a near-term unfavorable risk/reward, especially if 
the stock a trader is looking to short has already fallen far 
from resistance.

As it relates to the QQQ, one thing I'll be monitoring going 
forward is some good capitulation type volume of 150 million 
shares or more in the QQQ that comes between $27 and $25.  

Bearish count is 260 for Biotech Index

We can perhaps find some correlation between the QQQ bearish 
count and what is taking place in the Biotechnology Index (BTK.X) 
336.93 -8.13% and it's bearish count of 260.  Remember, this 
group of stocks is somewhat "removed" from the economy and more 
dependent on investor sentiment and new drug/therapy 
breakthroughs.  Since I'm not a chemist and don't really 
understand all the different complexities of drug development, 
I'll still use the group and its supply/demand relationship as a 
pulse on how bullish the market may be as it relates to 
aggressiveness.  

Biotechnology Index Chart - Daily Interval




The Biotech Index (BTK.X) 336.93 -8.13% really got drilled lower 
today and lead the "sector loser" list.  That's some "good 
news/bad news" for QQQ traders depending on what side of 
the trade you're on near-term as there are 18 "biotech stocks" 
that help comprise the NASDAQ-100.  With a bearish vertical count 
of $260, a trader/investor can make some downside comparisons 
between the BTK.X and the QQQ.  Both are at the lower end of 
their regression channels.

I don't have tonight updated bullish % for the biotech group, but 
Monday evening's bullish % reading from Dorsey/Wright and 
Associates was 14.6%.  September's low reading for the group was 
8%.  We can compare that to tonight's reading for the NASDAQ-100 
Bullish % ($BPNDX) from www.stockcharts.com, which shows just 20 
of the 100 stocks (20%) still showing a "buy signal" intact on 
its point/figure chart. In September, the NASDAQ-100 Bullish % 
($BPNDX) fell to 2% bullish before snapping back higher.

The Biotech Index (BTK.X) has been one of the "tails of the 
inchworm" we talked about a couple of weeks ago that I felt bulls 
needed to see firm up if the NASDAQ-100 (NDX.X) or QQQ was going 
to anchor itself for a move higher.  The last two-weeks however 
have seen this group continue to slip lower and momentum picked 
up to the downside today.

As mentioned in the past, I'm always hesitant to outright short a 
biotech.  This is simply a risk management type of belief on my 
part.  The one stock a trader ends up shorting and holding 
overnight that ends up "finding the cure for cancer" can leave a 
trader destitute.  As such, I prefer put options where I can 
still play the downside, but limit my risk to the price of the 
put option.

Trader's might expect a "bounce" from current levels, but any 
rally back near 390 without some sign of capitulation becomes 
another shorting point for bears as they target the lower end of 
retracement.  The extension lower of the regression channel shows 
it may indeed be a long summer for technology bulls if the BTK.X 
stays inside its current downward channel.  

Today's "bearer of bad news" in the biotech sector was component 
IDEC Pharmaceuticals (NASDAQ:IDPH) $32.03 -16.5%, which recently 
triggered a "bearish triangle" pattern at $42.  Today, IDPH was 
hit with a double dose of bad news when it announced it had 
halted testing of one of its experimental medications to 
determine whether the drug increases the risk of blood clotting 
and also announced the delay for its Zevalin Medicare 
reimbursement, which Midicare won't start paying for the anti-
cancer drug until October. 

Other BTK.X components showing marked weakness today were 
Affymetrix (NASDAQ:AFFX) $20.71 -11.75%, which today just 
triggered a spread-triple-bottom sell signal at $21, Alkermes 
(NASDAQ:ALKS) $15.89 -12.88% and Millennium Pharmaceuticals 
(NASDAQ:MLNM) $11.39 -11.22%.

Drug rehab

"Drug stocks" were once thought of as a "safe haven" for equity 
bulls to hide out when the broader market averages experienced 
declines.  That type of "thinking" has been a tough pill to 
swallow as the Pharmaceutical Index (DRG.X) 308.83 -4.32% sunk to 
another 52-week low today after component Abbot Laboratories 
(NYSE:ABT) $38.30 -16% lowered its earning's expectations and 
announced a one-time charge of $140 million relating to a consent 
decree with the U.S. Food and Drug Administration (FDA).  Abbot 
attributed the earnings revision to slower than anticipated sales 
of its anti-obesity drug Meridia/Reductil and the devaluation of 
the Argentine peso.

Gold stocks rebound

Gold stocks traded lower in the early going, but managed a nice 
rebound after the news of a bombing in Israel.  While I mentioned 
a bullish trade in shares of Newmont Mining (NYSE:NEM) $29.00 
+3.2% earlier today, with a trader's target of $30, I'd keep a 
close eye on the Gold/Silver Index (XAU.X) 77.81 +3.51% should it 
approach the 82 level.  

Gold/Silver Index Chart - $1 box




Most institutions view the Gold/Silver Index (XAU.X) 77.81 +3.51% 
on the $2 box scale, but the $1 box scale gives traders a look at 
how the $82 level may become near-term resistance.  Notice the 
"long" column of O's on the above chart.  That's "different" than 
we've seen in the past on this index and hints that there was 
some rather meaningful selling taking place in recent days.

I try and keep an "unbiased" view of all sectors, but I'll be 
willing to bet money if the XAU.X were a technology stock, an 
eternal market bear would say this stock is about to "get 
clocked."  Yet a dyed in the blue "gold bug" will simply say it's 
just a little profit taking.

OK, I played that side of things today with a bullish profile of 
Newmont Mining (NEM), but if the XAU.X were to break back below 
the $73 level, watch out to the downside.

As it relates to bullish %.  According to Dorsey/Wright and 
Associates, the "precious metals" sector is now "bear confirmed" 
at 66% bullish, after reaching an "overbought" 82% level in late 
May.

Watch the XAU.X relative to broader market action

Do you see or at least sense what is happening as it relates to 
the bullish % charts?

Remember, gold stocks have been one of the better performing 
sectors so far this year, but the recent "break" at $83 and 
longer column of O's hints this group may be seeing some 
distribution.  The "guts" as depicted by the bullish % falling 
from 82% to 66% is also a sign that there's some internal 
weakening in the sector taking place.  If you can just think of 
bullish % levels above 70% being "overbought" and levels below 
30% being "oversold" then you get a better feel/understanding for 
"risk."

Conversely, what do we see in the NASDAQ-100 and even the 
biotechs as mentioned above.  We see some horrific downward 
trends in their charts, but we also see some low levels of 
bullish %.  

While you and I can look for "capitulation" in the QQQ and the 
Biotech Index (BTK.X) to perhaps signal a near-term bottom like 
that found in September, it helps to have an "offsetting" index 
like the Gold/Silver Index (XAU.X) to measure against.

For instance.  There are many that "believe" the Gold/Silver 
Index (XAU.X) has been foretelling the doom of the broader U.S. 
markets.  Right?

Well, then if that's the case, then the Gold/Silver Index (XAU.X) 
should not have any trouble breaking back above the $83 level, 
then eating through the overhead supply and breaking to new highs 
above $90.  Right?  If you're a "gold bug" then you're saying 
"Right on Mr. B!"

Then that's a "test" we can set in place and monitor going 
forward.

Throw in some Treasuries for good measure

While gold stocks will find bullishness in times of "worry" so 
will U.S. Treasuries.  Bullishness in U.S. Treasuries is depicted 
by lower YIELDS created for the buying in these bonds.

Today, the benchmark 10-year YIELD ($TNX.X) did indeed trade 
lower and finished at 4.991%, but the YIELD here still hasn't 
broken much below our closely monitored level of 4.967% that 
might signal an overly "worried" market, whereby investors would 
be pouring their capital into the safety of this bond.

While we've "determined" that money has indeed been leaving U.S. 
shores and being placed in investments overseas, the U.S. 
Treasuries haven't seen the type of "panic" buying that would 
indicate great fear from U.S. investors.  Or at least the bond 
market hasn't been showing signs of panic by investors rushing 
back into Treasuries.  Not yet anyway.

Should the Gold/Silver Index (XAU.X) be able to rally back near 
the 83 level, I would want to check the 10-year YIELD ($TNX.X) 
closely.  If it's YIELD is still holding above the 4.967% level, 
then be alert to potential weakness in gold stocks once again.

Should we be seeing some "capitulation" type action in the 
broader stock market, while the 10-year Treasury YIELD holds firm 
near current levels, but the Gold/Silver Index (XAU.X) isn't able 
to break back much above the 83 level, then that type of action 
may have broader market equity bears coming in and covering on 
the weakness.

This would all be DIVERGENCE from past market action and its 
usually when we see DIVERGENCE that we get some type of "heads 
up" for a reversal to take place.

Again.... right now, it's hard to find any type of bullish action 
taking place, and I feel a bear's worst enemy is another bear 
looking to cover a short position.

If you've been trading these markets the past year, it's usually 
times like these, when things "look their worst" that start 
seeing some rather sharp short-covering rallies.

It's too soon to say "the rally in gold is over," as the bullish 
trend is still very much intact, but that long column of O's is 
hint that there are some sellers in the sector.  We still haven't 
seen a euphoric run back into Treasuries and this tells me that 
the bond market still sees some type of potential for a Fed to be 
raising rates down the road.

Again, the Fed doesn't raise rates to stem a decline in the U.S. 
dollar.  The Fed raises rates in order to help try and slow an 
overheating economy and keep a lid on inflation.  So far, there's 
been no inflation, and some would say there still hasn't been 
much sign of economic growth.

Transports still key

While the Dow Transportation Average (TRAN) 2,706 -0.53% did NOT 
get above its rounding lower 50-day MA at 2,745 today, this group 
of stocks did not get "drilled" like many sectors did today.  
Again, this is a sector that trades more on "economics" or at 
least the MARKET'S perception of the economy going forward 
and it continues to hang tough.  

We should still understand the inability of this sector to get 
above its rounding 50-day MA is sign that there are as many 
"believers" in the economy as there are "disbelievers."  Key 
levels for the TRAN remain to be upside 2,810 with a potential 
catalyst coming from a break above the 50-day MA at 2,756 and 
downside 2,600 being bearish.

Jeff Bailey
Senior Market Technician



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

What Was That?
By Eric Utley

I had a pretty good idea what was going on late last week.  But
today's action was beyond my grasp.  My only stab at a guess is
that a triple witch is on the horizon, next week to be exact.
There may have been some strange goings on in the options and
futures market that spurred today's massive reversal.  But I can't
say for sure.

Needless to write, the bullish percent measures got lopped for
a few more percent today.  The Nasdaq-100 Bullish Percent
($BPNDX) specifically was whacked a little more into oversold
territory.  Given its reading at 19 percent, I think shorting
tech stocks is a dangerous bet.  But tell that to the AMEX
Biotechnology Index ($BTK.X) that lost another 8 percent today.
There are about a dozen stocks that overlap between the BTK
and NDX, and those dozen were very easy money to the short
side today.  In other words, the long side is just as dangerous
as the short side in the Nasdaq-100.  The bullish trades I
tried from late last week resulted in fractional gains and
losses so far this week.  Far from inspiring.

As I was cruising the sector scorecard this evening to find
the day's worst and best performing sectors, I noticed a lot
of sectors stopped right on key support levels.  It's almost
as if the sellers, whoever they were today, knew beforehand
exactly where they were taking the sectors down to.  Many
stopped right on double bottoms, or near last fall's lows.
I think that sets up for the possibility of a major break
below relative lows in the market, but that remains to be
seen.  Obviously the rebound in the gold stocks, which had
been heavily sold going into today's session, doesn't bode
well for stocks in conjunction with the buying that we saw
taking place in the bond market.  The benchmark 10-year
yield ($TNX.X) closed back below the 5.000% yield level for the
day, but just above its 200-dma.  A major breakout in the
bond (a breakdown in yield) is shaping up, which may help to
confirm any further downside in stocks.

Amazingly, the Arms Index short term measures predicted
another short term rally late last week when the 5 and 10
day measures went into extreme oversold readings.  But
just as recent rallies following the extreme readings
fizzled, this latest round lasted only through this morning
from last Friday's attempt off of the relative lows.  The
extreme levels of the short term ARMS numbers was worked
off in the last two days, setting up more downside.

I think we're in for a big move in the next two or three
days, either a reversal from today's sell-off or a major
breakdown.  Investor sentiment will most likely be the
determining factor for short term direction of the markets.
Psychology is worsening by the day, and it will only take
another major negative development to spark a full on fear
induced sell-off.  We'll see if hope remains, or if fear
overcomes during this week.

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

Market Averages

DJIA ($INDU)

52-week High: 11350
52-week Low :  8062
Current     :  9517

Moving Averages:
(Simple)

 10-dma:  9733
 50-dma: 10052
200-dma:  9864

S&P 500 ($SPX)

52-week High: 1316
52-week Low :  945
Current     : 1014

Moving Averages:
(Simple)

 10-dma: 1043
 50-dma: 1086
200-dma: 1110

Nasdaq-100 ($NDX)

52-week High: 2071
52-week Low : 1089
Current     : 1101

Moving Averages:
(Simple)

 10-dma: 1172
 50-dma: 1278
200-dma: 1427


Gold and Silver ($XAU)

The XAU was the day's best performing sector with its 3.51 percent
gain.  The index edged out the HMOs to earn the day's top spot.
The XAU appeared to rebound from a short term oversold condition,
as well as a flight to defensive issues on the rollover in the
broader market.

Leaders to the upside included Harmony Gold (NASDAQ:HGMCY),
Gold Fields (NYSE:GFI), Agnico Eagle Mines (NYSE:AEM), Meridian
Gold (NYSE:MDG), and Anglogold (NYSE:AU).

52-week High: 89
52-week Low : 49
Current     : 78

Moving Averages:
(Simple)

 10-dma: 82
 50-dma: 77
200-dma: 63


Biotech ($BTK)

The BTK was hammered again today.  Rumors circulated that Amgen
(NASDAQ:AMGN) would warn after the bell.  And IDEC
Pharmaceuticals (NASDAQ:IDPH) issued negative news.  The index
lost 8 percent for the day, easily earning the worst performing
sector spot.

Sector leaders to the downside included IDEC, Affymetrix
(NASDAQ:AFFX), Protein Design Labs (NASDAQ:PDLI), Millennium
(NADAQ:MLNM), and MedImmune (NASDAQ:MEDI).

52-week High: 637
52-week Low : 335
Current     : 337

Moving Averages:
(Simple)

 10-dma: 381
 50-dma: 427
200-dma: 502

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

Market Volatility

The VIX pulled back all the way to the 25 level this morning
following its trade just shy of 30 last week.  The index fell
quite a bit more than its brother the VXN.

There's certainly more fear in tech land.  The VXN refused to
go down in the last two days.  We'll see if it cracks 53.50
tomorrow.

CBOE Market Volatility Index (VIX) - 27.31 +1.16
Nasdaq-100 Volatility Index  (VXN) - 53.10 +0.53

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

          Put/Call Ratio  Call Volume   Put Volume
Total          1.02        409,992       419,937
Equity Only    0.83        328,180       272,069
OEX            1.05         24,936        26,276
QQQ            1.30         15,750        20,496

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

Bullish Percent Data

           Current   Change   Status
NYSE          55      + 0     Bull Correction
NASDAQ-100    19      - 1     Bull Correction
DOW           47      + 0     Bear Confirmed
S&P 500       49      - 1     Bear Confirmed
S&P 100       48      - 1     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  1.44
10-Day Arms Index  1.57
21-Day Arms Index  1.29
55-Day Arms Index  1.37

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       1182          2026
NASDAQ     1267          2205

        New Highs      New Lows
NYSE       88             87
NASDAQ     57            201

        Volume (in millions)
NYSE     1,397
NASDAQ   1,696

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

Commitments Of Traders Report: 06/04/02

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 brought in a few of their shorts last week and added
a few longs.  Small traders grew slightly less bullish, but not
by a meaningful amount.

Commercials   Long      Short      Net     % Of OI 
05/21/02      354,039   429,803   (75,764)   (9.7%)
05/28/02      362,607   442,845   (80,238)   (9.9%)
06/04/02      369,298   440,027   (70,729)   (8.6%)

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
05/14/02      163,035     58,587  104,448     49.8%
05/21/02      172,313     57,803  114,510     49.8%
06/04/02      167,713     58,885  108,828     48.0%

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 quite a bit more bullish last week by
bringing in a large number of short positions.  Small traders
meanwhile grew increasingly bearish with their addition of a
number of short positions, to just off of their yearly high in
bearishness.

Commercials   Long      Short      Net     % of OI 
05/21/02       51,448     45,375     6,073   (6.3%)
05/28/02       49,669     44,900     4,769   (5.0%)
06/04/02       47,875     39,100     8,775   (9.3%)

Most bearish reading of the year: (15,521) -  3/13/01
Most bullish reading of the year:   8,775  - 06/04/01

Small Traders  Long     Short      Net     % of OI
05/21/02       12,567    19,899    (7,332)    22.6%
05/28/02       12,562    16,969    (4,407)    14.9%
06/04/02       12,162    21,420    (9,258)    27.2% 

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

DOW JONES INDUSTRIAL

Dow commercials added a few more shorts than longs last week for
a reduction in their new bullish position.  The small traders
were much more active with a significant drop in their bearish
position.

Commercials   Long      Short      Net     % of OI
05/21/02       20,173    15,317    4,856     13.7%
05/28/02       20,289    15,513    4,776     13.3%
06/04/02       20,564    16,169    4,395     11.0% 

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
05/21/02        3,661     9,585    (5,924)   (44.7%)
05/28/02        5,709     9,180    (3,471)   (23.3%)
06/04/02        7,114     9,639    (2,525)   (14.7%) 

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 high risk/reward BEARISH play))
===============

Maytag Corp - MYG - close: 43.20 change: -0.88 stop: *text*

Company Description:
Maytag is a major global manufacturer of home appliances.  Major 
brands include Maytag, Amana and Hoover.  They also have a cute 
Bassett Hound in some of their commercials.

Why We Like It:
After the close today, Maytag announced that it has experienced a 
surge in April and May sales of appliances, and that it 
accordingly expects to top Q2 and full-year 2002 earnings 
estimates.  If MYG behaves likes its NYSE brethren who've 
announced improved guidance in recent weeks, we should see the 
stock gap higher at the open of Wednesday's trading.  Although 
we've not seen any upgrades yet, we suspect that there'll be a 
few of those too, before trading begins at 9:30 am EDT.  

So why do we want to short this stock?  Are we insane? Our 
reasons are completely technical, and concern the deteriorating 
condition of this stock, the questionable staying power of its 
opening spike tomorrow, and the continuing weakness of the 
broader stock market.  

After Maytag reached a short term top April 15th at $47.94, MYG 
began a sideways consolidation that, on June 3rd, was transformed 
into a decline. We believe that this decline is likely to 
continue in coming weeks, even with its probable opening upward 
gap tomorrow, June 12th.  MYG's weekly chart shows a stock price 
that is in decline, as are its RSI and Stochastic Oscillator.  
The MACD has begun to roll over.  Most important, though, is that 
the stock has very thick resistance in the $45 - $46 region--the 
50-dma sits in the middle of this at $45.47--and we simply do not 
expect that even tonight's good earnings-related news will be 
able to push the stock above this region.  Equally important is 
the weakened, and deteriorating, condition of the Dow Jones 
Industrial Average.  We think the Dow will be unable to offer any 
meaningful assistance to MYG, leaving it on its own to push 
through the $45 - $46 resistance barrier.  

Good stocks in lousy markets eventually get taken to the 
woodshed, too, and that is the situation we expect to exploit by 
shorting MYG.

Now, we're not fools, so we are not suggesting that this stock be 
shorted at any price.  On the contrary,  we want to short it at 
its opening price BUT ONLY AS LONG as that price is between 
$44.50 and $45.75. If Maytag opens below this level, we'll simply 
wait another day or two and adjust our strategy.  If it opens 
above this level, MYG may possess more strength than we've 
expected, and we do not want to be short.  We are expecting 
lackluster-to-poor performance in the Dow tomorrow, so there is a 
very good chance that the opening trades on MYG will represent 
something very close to its high for the day; accordingly we are 
attempting to short near its intraday high as long as its opening 
trade is within the $44.50 - $45.75 range.

If triggered on June 12th, we'll use a buy-stop at the upper end 
of its resistance, and above its April 15th high, at $48.11.  Our 
initial price target is $38.75.  If MYG is unable to rebound at 
this level, and sharply pierces through it, a decline to $33.00 
is very possible over the next few weeks.

Picked on June xth at $xx.xx <- see text
Gain since picked:     +0.00
Earnings Date       07/16/02 confirmed
 






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PremierInvestor.net Newsletter                  Tuesday 06-11-2002
                                                    section 2 of 2
Copyright © 2001, All rights reserved.
Redistribution in any form is strictly prohibited.

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In section two:

Net Bulls     
  New Bearish Plays:     IBM
  Bearish Play Updates:  BLDP, CLS, TEK

Stock Bottom / Active Trader
  Bullish Play Updates:  DGX, KCP, OHP, THC, WIN
  Bearish Play Updates:  ACV, BSTE, DHR, FBN, FO
  Closed Bearish Plays:  BA

High Risk/Reward
  New Bearish Plays:     MVK, MYG
  Bullish Play Updates:  JCI, TSCO
  Bearish Play UPdates:  DOX, SFY

Split Trader
  Stock Splits
                         THO:  2-for-1 split announcement
                         TRBS: 3-for-2 split announcement
 

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



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

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

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

Intl Business Machines - IBM - cls: 75.49 chg: -1.31 stop: *text*

Company Description:
IBM is the world's largest information technology company, with 
80 years of leadership in helping businesses to innovate. IBM is 
a leading provider of e-business solutions and is dedicated to 
helping customers, IBM Business Partners, and developers leverage 
the potential of the Internet and network computing across a wide 
range of businesses and industries. The company offers a host of 
cross-industry and industry specific solutions designed to meet 
the needs of growing companies. (source: company press release)

Why We Like It:
Big Blue has been nothing but a Big Disappointment for investors 
in 2002.  The stock dropped precipitously since topping out near 
$125 in January and has just fallen to a new multi-year low.  IBM 
hasn't traded this low since 1998!  Taking a look at the Dow 
Jones and Nasdaq-100 (IBM is component of both indices) doesn't 
inspire much confidence either.  The broader market is just plain 
weak, and not likely to help prop up the stock.  In addition the 
obvious lack of strength displayed by IBM's bar chart, we also 
like the bearish technicals.  To wit: The MACD is beginning to 
curl lower, the daily stochastics (5,3,3) are downtrending, and 
the p-n-f chart is currently signaling a double-bottom breakdown.  
Speaking of point-and-figure charts, IBM currently has a bearish 
count of $65.  The bearish count created by the triple-bottom 
breakdown in May was $62.  Because IBM has a historical pattern 
of trading to its vertical counts, we're expecting a near-term 
decline to the $62-$65 region.  Specifically, we're going to set 
a profit-target at $65.26.  This also coincides nicely with the 
bottom of IBM's regression channel.  We may adjust that target 
if/when shares approach that level.  There are several scenarios 
where IBM could reach our profit target.  The stock could 
continue to decline as it has in recent weeks, with the 
occasional positive session giving way to several days of 
selling.  Of course, if the broader market accelerates to the 
downside we could very easily see a capitulation event.  This 
would have IBM losing several points in just a day or two.  In 
either case, we believe psychological support at $70 will offer 
only a temporary respite for the bulls.  In terms of entry 
points, we won't enter this play until IBM hits $74.94.  If we're 
triggered we'll use a stop at $81.01, just above the near-term 
highs.

Picked on June xth at $xx.xx <- see text
Gain since picked:     +0.00
Earnings Date       04/17/02 (confirmed)
 




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

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

Celestica - CLS - close: 25.86 change: -0.54 stop: 27.22 

CLS followed the intraday oscillations of technology indexes.  
Several of these--Networking, Software, Semiconductors--moved 
higher in the morning, only to turn down, hard, in the last hour 
of trading.  We continue to believe 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.  
Aggressive traders can consider entering new short positions as 
CLS moves below today's low of $25.50.

Picked on May 21st at $30.94
Gain since picked:     +5.08
Earnings Date       04/17/02 (confirmed)
 



---

Ballard Power - BLDP - close: 18.58 change: -0.14 stop: 21.01

Shares of BLDP have chosen to consolidate sideways while the 
broader markets have been extremely volatile.  While this isn't 
necessarily good for bears or bulls, shorts can take comfort in 
the fact that BLDP has not been able to reclaim the $20 
support/resistance level.  As a matter of fact, the failed rally 
at the $19.64 high today looks like a potential new entry point 
for new shorts.  However, more conservative traders may want to 
look for a new relative low under the $18.40 level before 
initiating any new positions.  Don't forget that we're using 
$15.00 as our official exit price.  We are not adjusting our stop 
but more conservative traders might consider something closer to 
$20.

Picked on June 7th at $19.19
Gain since picked:     +0.61
Earnings Date       04/29/02
 



---

Tektronix Inc. - TEK - close: 18.85 change: -0.56 stop: 20.26

Frost Securities lowered its rating on Tektronix today from a 
"Strong Buy" to a "Buy."  In conjunction with overall market and 
technology weakness, this downgrade helped send TEK down about 
3%.   Our initial profit-target continues to be the September 
lows near $17, although traders may want to take profits if TEK 
attempts to rebound at the $18 level.  Traders who elect to take 
new short positions in TEK at current levels will want to be 
aware that the stock is overextended and a sharp, short rebound 
is possible even for a weak stock like this.  All traders should 
remember that TEK announces earnings on June 20th.

Picked on June 7th at $19.55
Gain since picked:     +0.70
Earnings Date       06/20/02
 





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

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

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

Quest Diagnostic - DGX - close: 91.39 change: -0.50 stop: 86.49

DGX is quickly approaching the May highs.  The company's CEO was 
scheduled to speak today at a Goldman Sachs Healthcare 
conference.  We're not sure exactly what he had to say, but 
investors didn't seem to find anything offensive in his comments.  
The stock acted like it was going to finish in the green for the 
fifth straight session but wasn't able to shake the broader 
market bearishness.  We're anticipating that shares will 
eventually move over resistance at the $96 level and reach our 
profit target at $99.75.  However, traders thinking about entries 
at current levels need to be aware of the possibility of a small 
pullback to consolidate the recent gains.  Although cautious 
traders may want to inch their stops up to just under the 50-dma 
($88.47), we'd prefer to give DGX a little more breathing room 
and thus will keep our stop set at $86.49.  We'll be looking for 
a bounce at the $88 or $90 levels.

Picked on June 7th at $90.93
Change since picked:   +0.46
Earnings Date       04/18/02 (confirmed) 



 
---

Kenneth Cole - KCP - close: 28.75 change: +0.15 stop: 26.24 *new*

KCP continues to look like a technical winner.  The stock spent 
the last two sessions distancing itself from the 50-dma ($26.51) 
and moving closer to a test of resistance at the $30 level.  This 
upward movement has produced a bullish crossover in the MACD.  As 
we mentioned in the original play description, these crossovers 
are historically a reliable indicator of near-term bullishness 
for KCP.  We're also encouraged by the rising volume over the 
past four days.  Traders still looking to go long should watch 
for a pullback to $27-$28 or a move over $30.50.  Because of the 
continued strength this week, we're going to raise our stop to 
$26.24, safely under the 50-dma.  Also note that our picked price 
has been updated to reflect the small gap higher on Monday 
morning.

Picked on June 7th at $27.50
Change since picked:   +1.25
Earnings Date       05/01/02 (confirmed) 




---  

Oxford Health - OHP - close: 50.18 change: +0.68 stop: 46.48

The HMO Index (Health Provider Index) zoomed to a new all-time 
high today after THC (discussed below) and WLP upped their 
forward-looking guidance.  OHP enjoyed a 1.3% gain on the news, 
plowing through psychological resistance at $50 and setting a new 
all-time high of $51.94.  At this point we think OHP is well 
positioned for a move to the $55 level, near the top of its 
ascending channel.  There is no overhead supply, the oscillators 
are trending higher, and the sector is trading at all-time highs.  
If considering new positions, the most prudent strategy would be 
to watch for a bounce in the $48.50 to $50.00 area.  Those with a 
shorter-term approach could target a move above today's high.  At 
this time we're going to set an official profit target of $54.89.
We'll close this play if shares trade at or above that level.

Picked on June 7th at $48.64
Change since picked:   +1.54
Earnings Date       05/01/02 (confirmed)




---

Tenet Healthcare - THC - cls: 76.20 chg: +0.11 stop: 71.72

LEH was right!  Last week the firm speculated that THC might be 
offering upward guidance in the near future.  That predication 
came to pass last night, when the company announced that it 
expects to "comfortably exceed" estimates for both the fourth 
quarter and full year.  The good news gave a boost to the entire 
healthcare sector and helped to push the HMO.X health provider 
index to a 2.2% gain, which was good for a new all-time high.  
Also helping to boost the sector was a similar announcement from 
WLP, who also raised guidance.  THC traded to its own all-time 
high of $78.00 on the good news but finished with only a 
fractional gain.  To what can we attribute the stock's 
underperformance?  A "sell the news" mentality may be at work 
here.  As we discussed above, today's news was not a stunning 
revelation.  The upbeat forecast may already been priced in.  On 
a technical basis, THC may have been pressured by the top of its 
long-term ascending regression channel.  Nonetheless, we believe 
THC will eventually reach the $80 level.  To that end, we're 
going to set an official profit target at $79.74.  Ultra-
conservative traders may want to consider taking profits now.
An opportunity for new short-term entries could be afforded by a 
pullback to the $75 level.

Picked on May 29th at $72.98
Change since picked:   +3.22
Earnings Date       04/02/02 (confirmed)
 



---

Winn Dixie Stores - WIN - cls: 18.29 chg: -0.61 stop: 17.84

WIN traded to a multi-day high this morning before reversing 
course and sinking lower with the Dow Jones.  Shares finished 
with a loss of 3.2%.  At this point it looks like we're setting 
up for a test of the 50-dma at $17.97.  Considering that our stop 
is just below this level, entries with relatively small risk 
could be evaluated on a bounce from the 50-dma.  Going forward, 
we'd like to see a close above $19.00.  This would set the stage 
for a move to the $20 level and beyond towards our unofficial 
target near $21.

Picked on June 7th at $18.69
Change since picked:   -0.40
Earnings Date       04/25/02 (confirmed) 




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

Alberto Culver - ACV - close: 52.04 change: -0.24 stop: *text*

We've yet to be triggered in ACV.  The stock has spent the last
two sessions meandering above our trigger price of $51.14.  An 
afternoon selloff led to a small decline in ACV, but shares still 
closed well above our action point.  Although we still like ACV 
for the reasons listed in the original write-up, we're getting a 
bit concerned about the MACD, which is beginning to level out at 
the oversold extreme.  Because of this technical development, 
we're going to lower our potential stop-loss to $53.01, just 
above today's high.  Of course this stop will not be effective 
unless ACV hits our trigger price.

Picked on June xth at $xx.xx <- see text
Gain since picked:     +0.00
Earnings Date       05/25/02 confirmed 




--- 

Biosite, Inc. - BSTE - close: 25.52 change: -1.47 stop: 27.94

Medical supply stocks got whacked today, and BSTE was no 
exception.  Shares bled lower throughout the session and finished 
with a loss of 5.4%.  Volume backing the decline was a robust 
312K shares.  Technically, this is exactly what we wanted to see.  
The stock is trading at near-term lows and is in the process of 
filling in the April 23rd gap.  Aggressive traders can target new 
entries on a break below the $25 level, but be aware of possible 
congestion near $23-$24.  Also note that we're setting an 
official exit price of $23.26.  This would be a gain of 11.5% 
from our original entry point.

Picked on June 7th at $26.29
Gain since picked:     +0.77 
Earnings Date       04/22/02


 

---

Danaher Corp. - DHR - cls: 65.89 chg: -0.57 stop: 70.06 *new*

Finally, a break to the downside!  The bulls offered a vigorous 
defense of the $68 level but finally surrendered on Monday.  The 
breakdown came on very high volume of 3.1M shares.  Driving the 
stock lower was an article in the weekend edition of Barron's 
which talked about heavy insider selling and a "lofty" valuation.  
DHR continued lower today and set a new near-term low.  The 
plummeting MACD and daily stochastics (5,3,3) indicate there may 
be more selling on the horizon.  Premier Investor currently has a 
4.5% gain in this play, and short-term traders may want to 
strongly consider taking profits if DHR finds support at $65.00.  
Due to the recent breakdown and technical bearishness, we're 
looking for shares to drop to our newly-minted profit target of 
$62.81, just above the 200-dma.  We'll close the play if DHR 
trades at or below this level.  We're also going to minimize our 
upside risk by tightening our stop to $70.06.

Picked on May 13th at $69.03
Gain since picked:     +3.14
Earnings Date       04/18/02 (confirmed) 




--- 

Furniture Brands Int. - FBN - cls: 35.21 chg: -0.82 stop: 37.03

Whew!  Good thing we decided to give this play a little more 
breathing room by placing our stop at $37.03.  After FBN affirmed 
Q2 and full-year guidance on Monday, the stock made a serious run 
at the $37 level this morning.  Fortunately, shares were unable 
to escape the grasp of a sinking broader market and ultimately 
finished with a 2.2% loss, near the lows of the day.  Despite 
today's intraday reversal, FBN remains technically unchanged.  
We're still waiting for shares to break below near-term support 
at $35.00.  New entries can be considered if this occurs, but 
take note of possible support at the near-term low ($34.40) and 
200-dma near $32.  Given enough time, we think FBN could fall to 
the $27-$30 region.

Picked on June 7th at $35.12
Gain since picked:     -0.09
Earnings Date       04/24/02 (confirmed)




--- 

Fortune Brands - FO - close: 52.10 change: -0.39 stop: 55.17 

This play was activated on Monday morning after FO gapped below 
our trigger price.  Shares have since traded in a narrow range of 
just over one point, with the bears not allowing a break above 
the $53 level.  FO briefly dipped below yesterday's low in 
afternoon trading and finished with a 39-cent loss.  Today's 
volume has on the heavier side, which is encouraging for our 
short play.  We also like how the stock hasn't been able to climb 
above $53...Not to mention the 50-dma at $53.20.  We'd expect 
this level to thwart any attempted rally.  New entries can be 
evaluated on either a failed rally at $53 or a break under 
today's low of $51.69.
 
Picked on June 10th at $51.83 
Gain since picked       -0.27
Earnings Date        04/18/02 (confirmed)
 




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

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

Boeing Company - BA - cls: 42.50 chg: -0.42 stop: 43.55

After a near miss on Monday, BA moved above our stop-loss at 
$43.55 this morning.  Our play was closed for a 1.8% gain from 
our original entry point.  We had a growing suspicion that this 
might be the case after shares bounced from the 200-dma.  It 
seems that the bulls just weren't willing to give up this line in 
the sand.  Although we would not recommend positions at current 
levels, it'll be interesting to see where BA heads next.  If 
shares keep inching higher we'd expect the declining 50-dma 
($44.74) to pressure the stock.  On the other hand, the 200-dma 
($41.36) should continue to act as support.  A break below this 
level would create a large bearish blip on our radar screen. 
 
Picked on May 21st at $44.35
Gain since picked:     +0.80
Earnings Date       07/18/02 (unconfirmed)
 





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

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

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

Maverick Tube - MVK - close: 13.70 change: -0.30 stop: *text*

Company Description:
Maverick Tube manufactures tubular steel products for the oil and 
gas industry. Their products are used in the construction of 
wells, and for the transportation of oil and natural gas.

Why We Like It:
There are several reasons we want to short this stock:

1.	Its weekly price chart is in a forceful decline.  The RSI
   has recently turned down, and the MACD is giving a sell signal. 
   The weekly stochastic is trading near oversold territory, which 
   indicates continuing price weakness.

2.	The $14.00 - $14.50 region had provided support for MVK since 
   early March 2002.  It just begun closing under this support in
   the last few days. This should now be good resistance.

3.	MVK has now entered a fast move region (below the $14.00 region) 
   that possesses very limited support. This region runs from about 
  $12.00 - $14.15.  We think it may drop quickly to the $12.00 region.

4.	MVK is in the oil, gas and energy sector.  We are bearish 
   on these at this time, expecting the XOI, OSX and crude oil
   prices all to decline in coming weeks.

There is a good chance that MVK will rebound on Tuesday, June 
12th, since API data released after the close today indicated 
reserves of crude oil had declined; this kind of report usually 
gives both the oil and the oil indexes a positive boost the next 
trading day.  As long as MVK does not gap above $14.50 in coming 
days, we'll short once it trades at or above $14.15.   Once 
triggered, the buy-stop we will use will be $14.85, a level well 
above the $14.00 - $14.50 resistance region.

Picked on June xth at $xx.xx <- see text
Gain since picked:     +0.00
Earnings Date       07/18/02 confirmed
 



---

Maytag Corp - MYG - close: 43.20 change: -0.88 stop: *text*

Company Description:
Maytag is a major global manufacturer of home appliances.  Major 
brands include Maytag, Amana and Hoover.  They also have a cute 
Bassett Hound in some of their commercials.

Why We Like It:
After the close today, Maytag announced that it has experienced a 
surge in April and May sales of appliances, and that it 
accordingly expects to top Q2 and full-year 2002 earnings 
estimates.  If MYG behaves likes its NYSE brethren who've 
announced improved guidance in recent weeks, we should see the 
stock gap higher at the open of Wednesday's trading.  Although 
we've not seen any upgrades yet, we suspect that there'll be a 
few of those too, before trading begins at 9:30 am EDT.  

So why do we want to short this stock?  Are we insane? Our 
reasons are completely technical, and concern the deteriorating 
condition of this stock, the questionable staying power of its 
opening spike tomorrow, and the continuing weakness of the 
broader stock market.  

After Maytag reached a short term top April 15th at $47.94, MYG 
began a sideways consolidation that, on June 3rd, was transformed 
into a decline. We believe that this decline is likely to 
continue in coming weeks, even with its probable opening upward 
gap tomorrow, June 12th.  MYG's weekly chart shows a stock price 
that is in decline, as are its RSI and Stochastic Oscillator.  
The MACD has begun to roll over.  Most important, though, is that 
the stock has very thick resistance in the $45 - $46 region--the 
50-dma sits in the middle of this at $45.47--and we simply do not 
expect that even tonight's good earnings-related news will be 
able to push the stock above this region.  Equally important is 
the weakened, and deteriorating, condition of the Dow Jones 
Industrial Average.  We think the Dow will be unable to offer any 
meaningful assistance to MYG, leaving it on its own to push 
through the $45 - $46 resistance barrier.  

Good stocks in lousy markets eventually get taken to the 
woodshed, too, and that is the situation we expect to exploit by 
shorting MYG.

Now, we're not fools, so we are not suggesting that this stock be 
shorted at any price.  On the contrary,  we want to short it at 
its opening price BUT ONLY AS LONG as that price is between 
$44.50 and $45.75. If Maytag opens below this level, we'll simply 
wait another day or two and adjust our strategy.  If it opens 
above this level, MYG may possess more strength than we've 
expected, and we do not want to be short.  We are expecting 
lackluster-to-poor performance in the Dow tomorrow, so there is a 
very good chance that the opening trades on MYG will represent 
something very close to its high for the day; accordingly we are 
attempting to short near its intraday high as long as its opening 
trade is within the $44.50 - $45.75 range.

If triggered on June 12th, we'll use a buy-stop at the upper end 
of its resistance, and above its April 15th high, at $48.11.  Our 
initial price target is $38.75.  If MYG is unable to rebound at 
this level, and sharply pierces through it, a decline to $33.00 
is very possible over the next few weeks.

Picked on June xth at $xx.xx <- see text
Gain since picked:     +0.00
Earnings Date       07/16/02 confirmed
 




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

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

Tractor Supply - TSCO - cls: 66.77 chg: +5.07 stop: 66.29 *new*

Our farm equipment play--TSCO--raised guidance last night several 
hours after the market closed.  Tractor Supply upped its sales 
and earnings guidance for Q2 2002, and for the full year. The 
company said that stronger-than-expected sales were occurring, 
due to new store openings as well as and higher same-store sales.  
That's all the Street needed to hear this morning, and this 
former tractor supply mail-order company shot upward like a 
jacked-up low-rider tractor jettisoning off a steep dirt ramp at 
a monster truck show in Indianapolis. The stock spiked up to an 
all time high of $69.25 before settling lower during the trading 
session.  Tractor Supply is so extended after the last 3 days--it 
has risen from a low of $56.40 to today's high of $69.25 in that 
time--that we're initiating an extremely tight sell stop of 
$66.29.  This level is just below an intraday support region that 
contains both a gap and fast move region.  If the stock falls any 
further into this region it will likely consolidate down to at 
least $64.00.  We'd prefer not to give away nearly $2 in gains.  
If we are stopped out at $66.29, we'll close the play with a 
positive gain of more than $5 or +8.2%.

Picked on June 10th at 61.25
Change since picked:   +5.52
Earnings Date       07/15/02 (confirmed)
 



---

Johnson Controls - JCI - close: 83.73 change: -0.33 stop: 79.94

After rebounding up to its 38.2% retracement region today (of its 
May 24th - June 7th decline)--the expected upward retracement for 
after a sharp, gap-laden decline--JCI turned down in unison with 
the broader market.  Today's reversal in the Dow has given us a 
bit of vertigo, but we're going to give our long position in 
Johnson Controls the room it needs to turn back up again.  
Accordingly, we'll continue to use $79.94 as our sell stop.  We 
would encourage new long positions only after JCI has moved back 
above today's high of $85.40 or another bounce between $82.50 to 
$83.00.

Picked on June 7th at $83.31
Gain since picked:     +0.42
Earnings Date       07/18/02 (unconfirmed)
 



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

Amdocs Ltd - DOX - close: 16.90 change: -0.05 stop: 18.86

The Center for Financial Research and Analysis criticized Amdocs' 
bookkeeping yesterday, saying a recent acquisition and its 
dealings with a related entity may have boosted reported revenue 
and earnings--inappropriately.  In the face of such findings--
remember the plunges in Enron, Tyco and Williams Company?--you'd 
think that DOX would have collapsed today on huge volume.  But it 
did not, and we're at a loss to understand this.  The stock 
declined only .3%, on very light volume.  Nonetheless, DOX 
continues to look weak, and we expect the stock to move lower in 
coming days. As we said last Friday, new entries can be evaluated 
on continued weakness; we'd encourage waiting until DOX trades 
below today's low of $16.80 before taking new short positions. 

Picked on June 6th at $17.50 
Gain since picked:     +0.60
Earnings Date        4/23/02 (confirmed)




--- 

Swift Energy - SFY - close: 13.45 change: +0.01 stop: 14.27

Swift moved about as slowly as a two-legged turtle today. 
Although the Oil Index (XOI), Oil Services Index (OSX) and crude 
oil futures (CL02N) were all lower on the day, Swift was clearly 
in a stubborn, recalcitrant mood, staying in positive territory 
much of the trading day.  Keeping in mind that our profit-target 
is at $12.15, traders can consider new short entries on 1) a move 
below Monday's low of $13.38 or 2) on a failed rally back to the 
$13.80 - $14.00 resistance region.

Picked on June 7th at $13.69
Gain since picked:     +0.25
Earnings Date       05/01/02 (confirmed)






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

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

Thor decrees 2-for-1 stock split

Shortly after the market opened this morning, Thor Industries 
(NYSE: THO) announced that its Board of Directors had authorized a 
2-for-1 stock split.

The split will be issued on July 8, 2002 to stockholders of record 
on June 19, 2002.

THO last split in 1998.  The stock has more than tripled from its 
September lows of $21.50, and has gained 83% YTD.

Shares closed at $68.40 on Monday. For a current quote, click 
here:

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

About the company
Thor is the largest builder of mid-size buses and the largest unit 
manufacturer of recreation vehicles. (source: company website)

---

Texas Regional Bancshares declares 3-for-2 stock split

Shortly before the market closed today, Texas Regional Bancshares 
(Nasdaq: TRBS) announced that its Board of Directors had 
authorized a 3-for-2 stock split.

The split will be distributed on June 28th to shareholders of 
record on June 21st.  Additionally, the Board of Directors 
declared a regular quarterly cash dividend of $0.11 per share, 
payable on July 15th to shareholders of record on July 1st.

Shares closed at $46.66 on Monday. For a current quote, click here:

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

About the company

Texas Regional is a McAllen-based bank holding company whose stock 
trades on The Nasdaq Stock Market® under the symbol TRBS. Texas 
State Bank, its wholly owned subsidiary, conducts a commercial 
banking business through 27 full-service banking offices, 
including 26 in the Rio Grande Valley of Texas and 1 in 
metropolitan Houston. (source: company news release)


==================
  Trading Ideas
==================

This section contains stocks that meet criteria which may make
them of interest to long and short side traders.  These are not
recommendations, nor have they been reviewed by PremierInvestor
editors for investment potential.  However, each of them has
technical and fundamental characteristics that make them worthy
of further review by traders and investors looking for fresh ideas.
New stocks will appear daily following the market close.

--------------------------------
Value Plays With Bullish Signals 
--------------------------------
Ticker  Company Name               Close     Change 

RTP     Rio Tinto PLC ADR          79.13     +1.33
LBY     Libbey Inc                 34.75     +0.55

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

HUM     Humana Inc                 16.65     +1.16

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

HCA     HCA Inc                    50.37     +1.07
WLP     Wellpoint Health Network   83.75     +5.80
RYAAY   Ryanair Holdings           36.77     +1.57
MME     Mid-Atlantic Medical       38.90     +1.75
CHBS    Christopher & Banks Corp   42.89     +1.14
CBZ     CBALT Corp                 22.34     +2.24
WTFC    Wintrust Financial         30.38     +1.53
AMZ     American Medical Sec       22.86     +1.37

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

ABT     Abbott Labs                38.30     -7.37
AMGN    Amgen Inc                  38.75     -3.06
FRX     Forest Labs                69.78     -3.21
MEDI    Medimmune Inc              27.15     -3.19
SPW     SPX Corp                   120.00    -3.40
IDPH    IDEC Pharmaceuticals       32.03     -6.34

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

ABK     Ambac Financial Group      66.38     -2.50
NUE     Nucor Corp                 65.55     -2.43
STZ     Constellation Brands In    28.18     -1.50




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