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Daily Newsletter, Tuesday, 06/18/2002

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PremierInvestor.net Newsletter                 Tuesday 06-18-2002
                                                   section 1 of 2
Copyright  2001, All rights reserved.
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In section one:

Market Wrap:      Quiet Session Got Lively In After-hours
Market Sentiment: Tech Bears Be Careful: Bull Alert
Play-of-the-Day:  Taking A Toll On Da Bears
Watch List:       Near-term Market Uncertainty


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U.S. Market Numbers
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MARKET WRAP  (view in courier font for table alignment)
-----------------------------------------------------------------        
      06-18-2002           High     Low     Volume Advance/Decline
DJIA     9706.12 + 18.70  9721.75  9636.96 1.13 bln   1486/1500
NASDAQ   1542.96 - 10.30  1567.99  1542.77 1.51 bln   1567/1919
S&P 100   516.73 +  0.55   518.41   513.00   Totals   3053/3419
S&P 500  1037.14 +  0.97  1040.83  1030.92
RUS 2000  460.71 -  1.03   474.64   469.49
DJ TRANS 2733.68 +  3.80  2743.86  2720.35
VIX        27.33 -  0.27    28.57    26.93
VXN        54.55 -  0.43    55.39    53.93
TRIN        0.95
PUT/CALL    0.96
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===========
Market Wrap
===========

Quiet session got lively in after-hours

It was a rather quiet trading session today as the major averages 
finished relatively unchanged.  The Dow Industrials (INDU) 
managed to eek out an 18-point advance to close at 9,706.  Gains 
in Caterpillar (NYSE:CAT) $49.45 +2.93% and General Electric 
(NYSE:GE) $31.15 +2.09% helped offset losses in Home Depot 
(NYSE:HD) $37.60 -2.33% and Intel (NASDAQ:INTC) $22.02 -2.39%.

The broader S&P 500 Index (SPX.X) gained 1 point to 1,037 as 
gains in sub-sectors like the Gold/Silver Index (XAU.X) 76.39 
+3.72%, Home Construction (DJUSHB) 369 +2.1% and Health Payers 
(HMO.X) 654 +1.55% offset weakness in Networking (NWX.X) 166 
-3.57%, Fiber Optic (FOP.X) 52.29 -3.14% and Wireless (YLS.X) 
45.65 -2.08%.

Notable weakness was found in telecom-equipment maker Tellabs 
(NASDAQ:TLAB) $7.10 -11.25% as the stock broke to a new 52-week 
low.  This comes just one-day after its CEO Richard C. Notebaert 
left the company to occupy the newly opened CEO roll at Qwest 
Communications (NYSE:Q) $5.14 +2.8%.

News in after-hours trading had Ciena (NASDAQ:CIEN) $4.40 -8.3% 
and ONI Systems (NASDAQ:ONIS) $3.09 -9.91, both trading lower at 
$4.07 and $2.92 respectively, after the telecom equipment 
companies announced that shareholders of both companies approved 
the merger announced on February 19.  The companies expect the 
transaction will become effective this Friday, June 21, 2002.  
ONI's stock (ONIS) will trade through the close of trading on 
Friday.

Oracle beats estimates, but environment remains difficult

Software maker Oracle (NASDAQ:ORCL) $8.93 -2.93% reported 
earnings after the close of trading and said earnings for its 
fourth-quarter came in at $0.14 a share, which was 2-cents better 
than consensus.  The company said revenues fell 15.7% year-over-
year to $2.77 billion, but managed to beat analysts' estimates of 
$2.57 billion.

The stock jumped above the $10 level in post-market trading, but 
quickly reversed those gains to trade at the $9.35 level (+4.7% 
from close) after the company guided lower for its upcoming Q1 
(ending August).  The company said it sees EPS of $0.07, which is 
2-cents shy of consensus for $0.09 a share, adding that Q1 
"should continue to be a tough environment" for software sales.

Oracle Corporation Chart - Daily Interval




In Oracle's (ORCL) conference call, it said it sees very little 
pickup in tech spending for six months or more assuming a gradual 
improvement in the economy.  To me, shares of Oracle (ORCL) look 
to be "dead money" for the next few months and would take a break 
above its 50-day moving average on volume of more than 100 
million to get me interested on the buy side of things.

Apple Computer and Advanced Micro Devices both warn

Other computer-relates stocks had Apple Computer (NASDAQ:AAPL) 
$20.15 -1.89% warning on upcoming earnings, saying it sees its Q3 
earnings coming in closer to the $0.08-$0.10 per share mark, 
which is below the consensus estimates of $0.13 a share.  The 
computer box maker said revenues would also be lower that the 
consensus $1.61 billion mark, and closer to $1.45 billion.  Apple 
(AAPL) executives cited weakness in the consumer markets, 
especially among new college graduates that may have delayed new 
purchases as the labor market remained weak.

Apple Computer Chart - Daily Interval




Often touted for its ease of use, shares of Apple Computer (AAPL) 
have been difficult to own for bulls in recent weeks.  Apple 
computers are popular among desktop publishing professionals and 
individuals who like a more "user friendly" desktop computer that 
"looks like a jelly bean."  Subscribers holding some bearish 
positions should look to lock in some partial gains should the 
stock open near the 80.9% retracement level of $16.83.  With a 
bearish vertical count hinting at $10, look to short rallies near 
the $19 level, stop above $20.32 and trade for profits.  The 
recent steep decline has me thinking that tonight's earning's 
warning wasn't a complete surprise to the market.

Also warning on earnings tonight was chipmaker Advanced Micro 
Devices (NYSE:AMD) $10.30 -4.62%.  On Monday, the stock jumped 
higher after Prudential upgraded the stock to "hold" from "sell" 
due to valuation, citing the shares traded at a 10% discount to 
book value of $10.30, which is thought to be reasonable versus 
historical trough levels and that the risk of a potential Q2 
rev/EPS miss was already priced into the shares.  Prudential's 
bullish target was a "loft" $10.00 per share.

Advanced Micro Devices Chart - Daily Interval




I've said before that I personally would never own a share of 
Advanced Micro Devices (AMD).  Not that they don't make a good 
computer chip, but that the company's management has had a 
difficult time giving analysts accurate guidance and that has had 
institutions tending to opt for semiconductor exposure in rival 
Intel (NASDAQ:INTC) $22.02 -2.39%.  Tonight, AMD reduced it 
outlook saying it sees Q2 sales in the range of $620-$700 
million, versus current consensus of $845 million.  The company 
added that it expects to report a "substantial operating loss" 
for Q2.  

AMD did not release a specific net loss estimate (see paragraph 
above), but analysts were looking for a loss of $-0.09 a share.

AMD's CFO Robert J. Rivet said, "As we have seen in previous 
statements from a number of other companies, there is broad 
weakness in the personal computer market and it is adversely 
affecting AMD."

Seize the DELL!

With a less than bullish near-term outlook from Intel 
(NASDAQ:INTC) $22.02 back on June 6th, and warnings from 
chipmaker Advanced Micro Devices (AMD) and computer box maker 
Apple Computer (AAPL), I'm looking for bears to be active in 
shares of box maker Dell Computer (NASDAQ:DELL) $26.71 +0.11% 
tomorrow morning.

Dell Computer Chart - Daily Interval




I will be the first to admit that shares of Dell Computer 
(NASDAQ:DELL) $26.71 +0.11 have traded very strong relative to 
the market, and this would currently keep me from getting "too 
bearish" the stock and going overboard with a short.  In after-
hours trading, the stock edged lower at $26.27 and this may still 
provide the bearish trader with an opportunity to not have to 
"chase" a severe gap lower.

While after-hours trading is not an indication of how things will 
open up in the morning, it sure looks as if AMD and AAPL are 
going to open near their 19.1% retracement levels.  

Bearish trader's targets would be outlined from retracement 
above.  A short-term trader would most likely look to target the 
$23.55 level.  However, such a target would probably have the 
trader using a stop just above today's high of $26.93, say 
$27.05.

More of a "swing-trader's" target that doesn't mind holding 
positions over sever days if not weeks would look to target a 
level near $21.92, or the $22.27 level from the spike lower on 
May 7th.  

The bearish trader that is really "going for the throat" and 
looking for DELL to perhaps duplicate some type of earnings 
warning as AAPL did tonight, would target the $19.27 level 
longer-term.

It should be noted that DELL trades above trend on its point and 
figure chart.  While the bearish vertical count is hinting at 
$17, it would most likely take some type of negative pre-
announcement out of DELL to get the stock below the $21.92 level. 

Once again, technology bears need to keep in mind that the 
NASDAQ-100 Bullish % ($BPNDX) has been "oversold" below the 30% 
level in recent weeks.  Today's action now has the tech-heavy 
NASDAQ-100 (NDX.X) 1,138.47 -0.99% and the NASDAQ-100 Bullish % 
($BPNDX) from www.stockcharts.com showing that 23 of the 100 
stocks in this market now have "buy signals" associated with 
their charts.

NASDAQ-100 Bullish % Chart - 2% box




Monday evening's reading showed the NASDAQ-100 Bullish % at 19%, 
that wasn't enough for a 3-box reversal higher.  Today's action 
however found an additional 4 stocks generating "buy signals" on 
their point and figure charts, and that was enough to have the 
NASDAQ-100 Bullish % ($BPNDX) reversing into "bull alert" status.

The "bull alert" status for the NASDAQ-100 is simply 
characterized by the bullish % reversing up (X) from below the 
30% or "oversold" level.  The actual reversal to the upside 
suggests most lows have been made and the probability for an 
upside move is building.

Aggressive bulls can be taking positions in this market, but with 
caution, and trading for profits when gains of 10% to 15% are 
seen as re-testing of lows before the establishment of a base is 
formed can be common.

At the same time, the reversal up in the bullish %, hints that 
institutional bears are and have been getting more aggressive 
with their short-covering.

Based on the above chart of the NASDAQ-100 Bullish % ($BPNDX), it 
would currently take a reading of 52% to have this market 
(NASDAQ-100) in a "bull confirmed" status.

Semiconductor Equipment book-to-bill rises to 1.26

Late this evening, the Semiconductor equipment industry book-to-
bill ratio rose to 1.26 in May from a revised 1.22 in April.  
This means that for every order shipped/billed, 1.26 orders were 
received in May.

It is noted that Prudential's estimates for May was 1.23, so 
tonight's report appears to be a bit better than expected.  Total 
dollar value of bookings rose to $1.08 billion from a revised 
$996 million in April (these are rolling 3-month averages).

What was Prudential thinking?

Tomorrow morning, I would avoid any type of trade in Advanced 
Micro Devices (AMD), unless it were to lock in a profit on a 
bearish trade.

My thinking here is that Prudential seems to be "on the mark" as 
it relates to the book-to-bill numbers, and who knows, but they 
may also have been "on the mark" with their thoughts on AMD from 
above.

What I would do over the next several sessions, is simply monitor 
AMD to see if the stock can hold its recent lows.  

I still feel/believe that Intel (NASDAQ:INTC) is the first stock 
to look for bullishness in the chipmaker space.  There's an old 
investor's/trader's saying that "all the bad news comes out at 
the bottom."  While I'm not sure we're at a true "bottom" in the 
semiconductors, there has been enough "bad news" in the group in 
recent weeks, and again tonight to choke a horse, let alone a 
bull.

On the chip-equipment side, Applied Materials (NASDAQ:AMAT) 
$20.46 -2.75% is the stock to watch for bullishness here.  
Today's rally to $21.73 stopped dead in its tracks as the now 
flat 200-day MA provided resistance.  Ideally, I'd like to see 
the stock re-test its recent lows of $19, then look for bullish 
entries on a reversal higher.  A break back above the 200-day 
moving average ($21.67) on strong volume of +50 million would be 
bullish.

Jeff Bailey
Senior Market Technician


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

Tech Bears Be Careful: Bull Alert
By Eric Utley

The Nasdaq-100 Bullish Percent ($BPNDX) reversed into bull alert
Tuesday.  The reversal came from the 16 percent level.  To put
the recent level of the $BPNDX into perspective, it was through
Friday's session the most oversold since September.

Just where the NDX and its components go from here is unknown.
But what we do know is that short term risk in the NDX has shifted
to the upside, the bears know that and so do the bulls.  The
bears are going to be much more conservative about putting on new
short positions with the $BPNDX in bull alert at the 23 percent
level.  There's room for 77 percent of the NDX stocks to turn
bullish, while only 23 percent more to zero on the downside.
With the upside risk now nearly three times that of the downside,
obviously bears are going to be more inclined to run for cover
than press to the downside.  After all, they have some mighty
fine profits captured during the last month.

The bulls in technology will start getting a bit more aggressive
to the long side, using the stronger names in the NDX, the ones
already on buy signals, emerging from short-term bases.  The
charts to use as references for what the bulls might be looking
for are Microsoft (NASDAQ:MSFT) and eBay (NASDAQ:EBAY).  Both
stocks are trading relatively well versus the NDX, and both are
on buy signals.

So let's keep this short and simple, if you're bullish, the better
bets are in NDX names.  If you're bearish, there's better downside
risk, read that as potential, in the NYSE and S&P (ex-tech)
names given the higher readings of the bullish percent data.  

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

Market Averages

DJIA ($INDU)

52-week High: 11350
52-week Low :  8062
Current     :  9706

Moving Averages:
(Simple)

 10-dma:  9616
 50-dma:  9987
200-dma:  9847

S&P 500 ($SPX)

52-week High: 1316
52-week Low :  945
Current     : 1037

Moving Averages:
(Simple)

 10-dma: 1026
 50-dma: 1075
200-dma: 1106

Nasdaq-100 ($NDX)

52-week High: 2071
52-week Low : 1089
Current     : 1138

Moving Averages:
(Simple)

 10-dma: 1136
 50-dma: 1251
200-dma: 1417


Gold and Silver ($XAU)

The XAU was back at it again Tuedsay, charging higher.  The
index earned the day's best performing sector spot once again.
It finished 3.72 percent higher for the day.

The usual suspects were on the leader board Tuesday, including
Harmony Gold (NASDAQ:HGMCY), Gold Fields (NYSE:GFI), Anglogold
(NYSE:AU), and Agnico Eagle Mines (NYSE:AEM).

52-week High: 89
52-week Low : 49
Current     : 76

Moving Averages:
(Simple)

 10-dma: 78
 50-dma: 78
200-dma: 63


Fiber Optic ($FOP)

The FOP was knocked down again Tuesday.  The index shed 3.16
percent, earning the day's worst performing sector spot.

Leading losers included Tellabs (NASDAQ:TLAB), who lost its
CEO to Qwest Communications (NYSE:Q), another component of the
FOP.  Others included ONI Systems (NASDAQ:ONIS), which is
being acquired by CIENA (NASDAQ:CIEN), Applied Micro Circuits
(NASDAQ:AMCC), and CIENA.

52-week High: 139
52-week Low :  49
Current     :  52

Moving Averages:
(Simple)

 10-dma: 54
 50-dma: 70
200-dma: N/A

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

Market Volatility

The VIX was lower by a fractional amount Tuesday.  It appears
to be resting near its 10-dma, just above the 200-dma.

I didn't like the lower VXN in light of the 10 point drop in
the Nasdaq.  I wish it were a little higher, but it's not.

CBOE Market Volatility Index (VIX) - 27.49 -0.11
Nasdaq-100 Volatility Index  (VXN) - 54.65 -0.33

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

          Put/Call Ratio  Call Volume   Put Volume
Total          0.96        442,008       424,082
Equity Only    0.77        350,441       268,994
OEX            1.06         26,647        28,358
QQQ            0.79         31,945        25,190

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

Bullish Percent Data

           Current   Change   Status
NYSE          53      + 0     Bull Correction
NASDAQ-100    23      + 4     Bull Alert
DOW           43      + 0     Bear Confirmed
S&P 500       46      + 1     Bear Confirmed
S&P 100       47      + 0     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  1.03
10-Day Arms Index  1.23
21-Day Arms Index  1.33
55-Day Arms Index  1.36

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       1667          17411554
NASDAQ     1565          1879

        New Highs      New Lows
NYSE       97             38
NASDAQ     68             82

        Volume (in millions)
NYSE     1,178
NASDAQ   1,588

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

Commitments Of Traders Report: 06/11/02

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

S&P commercials continued to position less bearish in the last
week by adding more longs than shorts.  Small traders went in the
opposite direction by reduing their net bullish position by about
4,000 contracts.

Commercials   Long      Short      Net     % Of OI 
05/28/02      362,607   442,845   (80,238)   (9.9%)
06/04/02      369,298   440,027   (70,729)   (8.6%)
06/11/02      388,751   457,018   (68,267)   (8.1%)

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
05/28/02      172,313     57,803  114,510     49.8%
06/04/02      167,713     58,885  108,828     48.0%
06/11/02      174,357     69,464  104,893     43.0%

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 reached a second consecutive yearly high
in bullishness!!!  Small traders reached their most
bearish position in over a year!!!

Commercials   Long      Short      Net     % of OI 
05/28/02       49,669     44,900     4,769    5.0%
06/04/02       47,875     39,100     8,775    9.3%
06/11/02       45,946     36,878     9,068   10.9%

Most bearish reading of the year: (15,521) -  3/13/01
Most bullish reading of the year:   9,068  - 06/11/01

Small Traders  Long     Short      Net     % of OI
05/28/02       12,562    16,969    (4,407)    14.9%
06/04/02       12,162    21,420    (9,258)    27.2% 
06/11/02       14,561    25,330   (10,769)    27.0%

Most bearish reading of the year: (10,769) - 06/11/01
Most bullish reading of the year:   8,460  -  3/13/01

DOW JONES INDUSTRIAL

Dow commercials continued to ease out of their net bullish
position last week.  The group added a few more shorts, and
dropped a few longs.  Small traders were flat for the week.

Commercials   Long      Short      Net     % of OI
05/28/02       20,289    15,513    4,776     13.3%
06/04/02       20,564    16,169    4,395     11.0% 
06/11/02       20,369    17,172    3,197     8.5%

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
05/28/02        5,709     9,180    (3,471)   (23.3%)
06/04/02        7,114     9,639    (2,525)   (14.7%) 
06/11/02        7,500     9,925    (2,425)   (13.9%)

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 Active Trader BULLISH play))
===============

Toll Brothers - TOL - close: 29.52 change: +0.61 stop: *text*

Company Description:
Toll Brothers builds and finances single-family homes in middle-
income and high-income residential communities.  They have 
communities in 21 states.

Why We Like It:
Better than expected Housing Starts data released before the 
opening bell this morning sent housing stocks--typified by the 
Dow Jones US Home Construction Index (DJUSHB)--spiking higher.  
Toll Brothers was a beneficiary of the housing report and strong 
sector action, enjoying a 2% advance on an otherwise dreary, 
quiet trading day.  TOL was also still wearing its halo from Legg 
Mason's reaffirmation of a "buy" rating on Monday.  

As PI readers may know, we have recently been of the opinion that 
the housing sector was a bit toppy, and that still may be the 
case.  However, TOL is exhibiting the kind of technical 
formations that lead to attractive price breakouts, and we 
believe there is more reward to this play than risk.  The 
attached chart shows that TOL has just recently moved back above 
its rising 50-dma after spending nearly 6 weeks in a normal, 
uneventful consolidation.  Although prices have yet to break 
above their declining trend line, TOL's RSI has accomplished 
this.  Since the RSI is a leading indicator--it frequently breaks 
out or breaks down a day or two before prices--we feel that TOL 
is nearing the point at which it will begin an attractive 
advance.

Our strategy will be to go long TOL once it moves above near-by 
resistance; that is, we'll go long on an advance above $30.35. 
Our initial sell stop will be placed below the lows of the past 
several weeks, at $26.87; we'll move this up quickly once TOL has 
broken out.  We are targeting an advance to the $34.00 over the 
next few weeks.

Picked on June xx.xx at $xx.xx
Change since picked:     +0.00
Earnings Date         05/29/02 (confirmed)
 





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

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


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

* Earnings from ORCL, warnings from AMD and AAPL, book-to-bill 
ratios, and a triple witching expiration week could all conspire 
to make the next three sessions extremely volatile.  Rather than 
adding a host of new plays in this uncertain environment, we've 
put together a bonus Tuesday Watch List for your perusal. *



Aetna, Inc. - AET - close: 50.87 change: +1.03 

WHAT TO WATCH: Although there's no longer an index to gauge the 
collective performance of the insurance group, a quick glance at 
some of the larger stocks (ALL, AIG, CB, CNA, SPC) reveals a 
notable lack of strength.  Some are in the midst of a multi-week 
selloff, while others are mired in a more serious downtrend.  
AET, on the other hand, is actually threatening to break to 
multi-year highs.  Short-term traders looking to capture the 
breakout could target a move over $51.00.  This would clear the 
way for a rally to the next level of psychological resistance at $55.


 

---

Alliant Techsys - ATK - close: 70.40 change: +0.86

WHAT TO WATCH: Aggressive short-term traders may want to take a 
look at ATK.  The stock split 3-for-2 on June 10th and has since 
behaved in a very bullish fashion.  Shares pulled back slightly 
last week before rocketing to an all-time high on Monday.  
Helping to drive the stock higher was a powerful rally in the 
DFX.X defense index, which seemed to benefit from the Bush 
Administration's hawkish rhetoric towards Iraq.  ATK continued 
higher today with another 1.2% gain, closing over the 
psychologically important $70 level.  With no overhead supply, 
traders can consider bullish positions on a break above today's 
high of $70.77.  We'd be looking for a near-term move to the $75-
$80 region.


 

--- 

Electronic Arts - ERTS - close: 65.62 change: +0.41

These days it isn't easy to find a software stock that's trading 
near 52-week highs, but this video game producer fits the bill.  
ERTS has just broken out of an extended consolidation period and 
is currently on a double-top p-n-f buy signal.  With the MACD 
about to produce bullish crossover, a test of the 52-week high 
($66.92) appears likely.  Entries can be considered on a move 
above this level, while more cautious types may want to wait for 
a pullback to the $63-$64 area.




--- 

Philip Morris, - MO - close: 54.94 change: +0.00

Big Mo is looking pretty tired....BUT.  Since February, MO has 
used its 50-dma as a point from which to start new upward 
advances.  MO has been closing on or around its 50-dma for the 
past three days. While that sounds bullish--and it might be--its 
weekly chart is less convincing.  This is one of those stocks 
that's sitting right on a fence.  If you go long, a close below 
the 50-dma should be telling you a mistake might have been made.  
If you short it, and it starts closing above the 50-dma, you also 
have a problem. Wait a day or two and see if we get any more 
guidance from the technicals.




--- 

Patina Oil & Gas - POG - close: 36.16 change: +0.71

WHAT TO WATCH: We strongly considered adding POG to our Play List 
tonight, but were dissuaded by the fact that the stock has risen 
four days in a row.  Other than the possibility of some short-
term consolidation, POG looks like a technical winner.  Shares 
have plowed above both the 50-day and 20-day moving averages, the 
latter of which had acted as resistance for almost a month.  The 
oscillators are encouraging as well, with the MACD on the verge 
of a bullish crossover and daily stochastics shooting towards the 
overbought.  Our positive outlook for POG is bolstered by the 
OSX.X oil service index.  It's been trending higher since 
September and recently bounced from the bottom of its regression 
channel.  The OSX also boasts a bullish MACD.  If the sector 
continues to move higher, we'd expect POG to make a near-term 
move to the $40 region.  Entries can be evaluated at current 
levels (that would be the aggressive approach) or on a pullback 
to the 50-dma at $35.03. 



 

---

TXU Corp - TXU - close: 52.19 change: +0.61

WHAT TO WATCH: TXU has rebounded nicely from its 200-dma and is 
displaying a bullish MACD.  Although the 50-dma at $53.34 may 
provide resistance, aggressive traders could target a move over 
today's high ($52.49).  If the recent uptrend continues, shares 
could stage a near-term rally to the $56 level.





-------------
MORE TO WATCH
-------------

Autodesk, Inc. - ADSK - close: 14.00 change: +0.42

ADSK was up strong on a day when everything else struggled.  It 
has now moved into a fast move region, above $14.00, which has 
the potential for advancing to $15.50 within a few days.  




--- 

SpeedFam - SFAM - close: 4.84 change: +0.19

SFAM has formed a very nice triangular consolidation over the 
last 6 weeks.  The stock trades above its 50-dma and has positive 
technicals (RSI, Stochastics, MACD).  With a little help from a 
rising NASDAQ, this stock could break out.  Wait until it is 
above its upper boundary, at $4.92, before diving in.  Please 
note that this is a stock that may only trade 50k - 100k per day.




--- 

Shako Stores, Inc. - SKO - close: 20.43 change: +0.77

After consolidating for nearly 7 weeks, SKO shot up to its 50-dma 
today, closing just beneath it on good relative volume.  Once 
above $20.72--which is also above the 50-dma--the stock will be 
in a breakout from its declining trend line. Its RSI has already 
begun its breakout.  This looks like a good long once triggered. 







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of any stock but an information resource to aid the investor
in making an informed decision regarding trading in stocks. It
is possible at this or some subsequent date, the editors and
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Do not duplicate or redistribute in any form.




PremierInvestor.net Newsletter                  Tuesday 06-18-2002
                                                    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     
  Bullish Play Updates:  MSFT

Stock Bottom / Active Trader
  New Bullish Plays:     TOL
  Bullish Play Updates:  KCP, N, OHP, THC
  Bearish Play Updates:  ACV, CBE, FBN

High Risk/Reward
  Bullish Play Updates:  AMZN, BGEN, INTC, JCI, KSWS
  Bearish Play UPdates:  PPL, RATL
  Closed Bullish Plays:  CNXT

Split Trader
  Stock Splits
                         SBCF:  3-for-1 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 Play Updates
===============

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

Microsoft - MSFT - close: 55.99 change: +0.31 stop: 52.93 

Our long play in MSFT was triggered yesterday at $55.66.  
Following a strong performance that saw shares hitting a multi-
week high of $56.44, today's performance was more subdued.  
Shares traded in a relatively narrow 94-cent range and finished 
the day with a 0.55% gain.  Of course, that isn't too shabby when 
you consider the NASDAQ posted a small loss.  In addition to this 
relative strength, it's also encouraging to see that MSFT 
continues to distance itself from the top of its descending 
regression channel.  The uptrending RSI, MACD, and daily 
stochastics suggest that MSFT could make a near-term move the $58 
level.  New entries can be gauged on a move over $56.44 or a dip 
to the 50-dma at $53.47.  How the market reacts to tonight's 
earnings report from ORCL will likely have an impact on MSFT 
tomorrow.  The world's second-largest software company--Oracle 
(ORCL)--was trading higher in after-hours on better-than-expected 
Q4 results.  Barring any unforeseen developments (negative 
conference call, brokerage downgrades, etc), we'd expect this 
news to lend a bullish bias to the software sector on Wednesday.  
Of course the negative earnings news from AMD (the chipmaker) and 
Apple could outweigh any bullish sentiment from ORCL.  Traders 
looking for new positions may want to sit back and wait to see 
how the market reacts tomorrow.

Picked on June 17h at $55.66
Change since picked:   +0.33
Earnings Date       07/15/02 (confirmed)






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

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

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

Toll Brothers - TOL - close: 29.52 change: +0.61 stop: *text*

Company Description:
Toll Brothers builds and finances single-family homes in middle-
income and high-income residential communities.  They have 
communities in 21 states.

Why We Like It:
Better than expected Housing Starts data released before the 
opening bell this morning sent housing stocks--typified by the 
Dow Jones US Home Construction Index (DJUSHB)--spiking higher.  
Toll Brothers was a beneficiary of the housing report and strong 
sector action, enjoying a 2% advance on an otherwise dreary, 
quiet trading day.  TOL was also still wearing its halo from Legg 
Mason's reaffirmation of a "buy" rating on Monday.  

As PI readers may know, we have recently been of the opinion that 
the housing sector was a bit toppy, and that still may be the 
case.  However, TOL is exhibiting the kind of technical 
formations that lead to attractive price breakouts, and we 
believe there is more reward to this play than risk.  The 
attached chart shows that TOL has just recently moved back above 
its rising 50-dma after spending nearly 6 weeks in a normal, 
uneventful consolidation.  Although prices have yet to break 
above their declining trend line, TOL's RSI has accomplished 
this.  Since the RSI is a leading indicator--it frequently breaks 
out or breaks down a day or two before prices--we feel that TOL 
is nearing the point at which it will begin an attractive 
advance.

Our strategy will be to go long TOL once it moves above near-by 
resistance; that is, we'll go long on an advance above $30.35. 
Our initial sell stop will be placed below the lows of the past 
several weeks, at $26.87; we'll move this up quickly once TOL has 
broken out.  We are targeting an advance to the $34.00 over the 
next few weeks.

Picked on June xx.xx at $xx.xx
Change since picked:     +0.00
Earnings Date         05/29/02 (confirmed)
 




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

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

Kenneth Cole - KCP - close: 29.36 change: -0.04 stop: 26.95 *new*

KCP rallied sharply with the broader market on Monday and spent 
most of today's session consolidating those gains.  It's hard to 
make much of a 4-cent loss, but we do like how the stock found 
support at $29.00.  On a technical note, we also like how the 
daily stochastics (5,3,3) are once again trending higher.  If KCP 
continues to rise this week, bulls may face resistance near the 
52-week high at $30.50.  Aggressive traders looking to go long 
may want to wait for a move above this level.  A pullback to the 
50-dma $27.33 would also present a possible buying opportunity.  
Remember, we're shooting for an eventual move to the top of KCP's 
regression channel near $33.  Conservative (or short-term) 
traders might want to consider taking their gains off the table 
if shares are unable to conquer psychological resistance at 
$30.00.  Premier Investor currently has a 6.7% gain in this play. 
To reduce our risk in this long position, we've increased the 
sell stop to $26.95, just under the rising 50-dma.

Picked on June 7th at $27.50
Change since picked:   +1.86
Earnings Date       05/01/02 (confirmed) 




---   

Inco Ltd. - N - close: 21.77 change: +0.27 stop: 20.99

We initiated this play with a relatively tight stop, based on our 
belief that the 50-dma would continue to act as support.  Lo and 
behold, N successfully tested that level on Monday.  The bounce 
continued into today's session, as shares posted a 1.2% gain.  
Nomura Australia commented today that Inco's Voisey Bay nickel 
deposit was large enough to create a worldwide surplus of the 
metal, thus driving its price down.  The news did not seem to 
have a negative impact on N.  Monday's bounce from the 50-dma 
($21.19) is just what we wanted to see from this play.  Today's 
bullish action has turned the daily stochastics (5,3,3) positive.  
If this oscillator is any indication, N is set up for a near-term 
move to the $23 level.  Traders can target new entries on another 
pullback to the 50-dma, or alternatively, an intraday move over 
$22.00.

Picked on June 14th at $21.42
Change since picked:    +0.35
Earnings Date        04/16/02 (confirmed) 





---

Oxford Health - OHP - close: 50.95 change: +0.65 stop: 46.48

Nice reversal!  On Friday we were feeling cautious on the HMO.X 
health provider index.  It was displaying bearish oscillators and 
trending lower from what seemed to be a double top.  A pullback 
to the 600-620 level seemed likely.  Fast-forward two sessions, 
and what do you know?  It's another all-time high for the HMO.  
This week's action has also reversed the downward trends in the 
index's MACD (which looked to be headed for a bearish crossover) 
and daily stochastics.  OHP traded higher with the sector and is 
now within striking distance of the all-time high at $51.94.  
Shares have closed over $50.00 for two days in a row, which bodes 
well for an eventual rally to the $55 level.  Bullish positions 
can be considered if OHP moves over $52.00 or bounces from the 
$49-$50 region.  We're looking for the $50 level to now act as 
support.  Although the official sell stop is at $46.48, a more 
conservative stop could be placed at $48.30

Picked on June 7th at $48.64
Change since picked:   +2.31
Earnings Date       05/01/02 (confirmed)




---

Tenet Healthcare - THC - cls: 76.54 chg: +1.84 stop: 72.83 *new*

Last Friday we discussed the likelihood that THC would retest its 
50-dma at $72.84.  This outlook was based on the stock's 
downtrending oscillators and relative weakness versus the broader 
market.  Our near-term view seemed to be confirmed by yesterday's 
failure to rally with the Dow Jones.  This morning THC announced 
that it had agreed to pay $55 Million to settle allegations of 
inflated billing practices.  Given the recent lack of strength, 
this news could have really tanked the stock.  Instead, THC 
defied the bears' expectations and posted a 2.4% gain.  That was 
enough to erase the previous four days' losses.  The bullish 
price action also created reversals in the MACD and daily 
stochastics.  This suggests that shares may soon rise above the 
all-time high at $78.00.

At this time we're going to set an official exit price of $79.94. 
 We'll close this play if shares trade at or above that level. 
Also note that we've bumped our stop up to $72.83, below the 50-
dma.  More conservative traders could use at stop just under 
$74.00.

Picked on May 29th at $72.98
Change since picked:   +3.56
Earnings Date       04/02/02 (confirmed)
 



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

Alberto Culver - ACV - close: 52.82 change: -0.08 stop: 53.01

Talk about cutting it close!  ACV missed our stop-loss by just 
one cent yesterday.  Fortunately the bears would not allow the 
stock to trade over $53.00.  (On a related note, this provides a 
good example of why we usually place our stops a penny or two 
above/below obvious resistance/support levels.  It really pays to 
give a stock that extra bit of breathing room!)  ACV traded in a 
narrow 40-cent range today, ultimately posting a fractional loss.  
For some insight into what might be keeping a lid on the stock, 
take a look at the 20-dma.  This level has acted as resistance 
over the past week, leading to a near-term trend of lower highs.  
If this trend keeps up the bulls will be hard-pressed to keep ACV 
above the relative low of $50.85.  Given the stock's proximity to 
our stop-loss, lower-risk short positions could be considered on 
continued weakness below $53.00.

Picked on June 14th at $51.14
Gain since picked:      -1.68
Earnings Date        05/25/02 (confirmed) 


 

---  

Cooper Industries - CBE - close: 42.45 change: +1.00 stop: *text*

It's been an eventful news week for CBE.  First came Monday's 
announcement that Standard & Poor had affirmed its credit rating 
on CBE, reflecting the company's "above-average competitive 
positions in moderately cyclical business, and a solid financial 
profile."  Moody's and Fitch both followed suit on Tuesday, 
giving positive ratings to the $300M in senior unsecured notes 
that Cooper recently sold.  The net result of all this news was a 
two-day gain in shares on CBE.  The stock extended yesterday's 
bounce from the 200-dma and moved as high as $42.50 in intraday 
trading.  Because CBE has not traded below Friday's low ($39.82), 
our play has yet to be triggered.  Because we still think a break 
below this level could lead to some heavy selling, we'll leave 
our trigger in place for the time being.  If the play does get 
activated, remember that our stop will be located at $41.87. 

Picked on June xth at $xx.xx <- see text
Gain since picked:     +0.00
Earnings Date       04/23/02 (confirmed)



 
---

Furniture Brands - FBN - cls: 35.75 chg: +0.17 stop: 36.76

Shares of FBN traded higher on Monday following last week's test 
of the 200-dma.  This morning the stock traded within 10 cents of 
our stop at $36.76 before petering out and trading under the $36 
level for the rest of the session.  The oscillators are mixed-to-
bullish, with the MACD leveling out in the oversold region and 
daily stochastics (5,3,3) beginning to curl higher.  Due to the 
technical uncertainty and lack of any clearly defined action 
points, we would not recommend new positions at this time.  What 
we'll be watching for is a close under $34.00 within the next few 
sessions.  This could portend an eventual violation of the 200-
dma at $32.27.

Picked on June 7th at $35.12
Gain since picked:     +0.63
Earnings Date       04/24/02 (confirmed)


 



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

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

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

Amazon.com, Inc. - AMZN - cls: 18.78 chg: +0.37 stp: 16.19 

Amazon is still trying to corner the market on all consumer goods 
and its new ploy could just help it accomplish that goal.  The 
Internet-based merchandiser said that it will now ship all orders 
over $49.00 for free to customers. Heck, I can stay home in my 
PJs and order everything I need now: no gas, no traffic hassle, 
no more speeding tickets! Previously, AMZN only shipped orders 
without a fee if customers spent over $99.  Top Amazonian Jeff B. 
did his hype on CNBC tonight, after the stock posted an 
attractive 2% gain today in an otherwise lackluster market.  Our 
initial profit target remains at the $22 level, although trigger 
happy traders may wish to grab gains if the stock suggests any 
hesitancy at the $20.00 resistance region.  Our offical sell stop 
remains at $16.19.  However, if you're a risk-adverse investor, 
you might wish to use a higher stop--$17.66--capable of 
protecting at least a 5% gain.  

Picked on June 14th at $16.82
Gain since picked:      +1.96
Earnings Date        04/23/02 (confirmed)
 



---

Biogen - BGEN - close: 42.90 change: -1.11 stop: 41.10

The Biotechnology Index (BTK) took a breather today, and so did 
BGEN.  USB Warburg threw a bit of water on the stock's recent 
sizzle by initiating coverage with an uninspiring "hold" rating. 
Today's dip left us down on this short position with a nominal 
1.5% loss so far.  We still look for BGEN to advance all the way 
to the top of its gap in the $47.00 - $48.50 area.  However, 
we'll need to see the stock find some support over the next few 
days, in the $41.50-$41.80 region, if we are too keep the faith.  

Picked on June xth at $43.60
Gain since picked:     -0.70
Earnings Date        7/18/02 (confirmed)
 



---

Intel Corp. - INTC - close: 22.02 change: -0.54 stop: 19.84 *new*

After the markets closed today, INTC looked pretty perky, 
rebounding after hours on ORCL's good earnings report.  But then 
AMD preannounced lower EPS estimates for this quarter; Apple did 
something similar; then--jeezel pete, guys, give us a break will 
ya--INTC said it would take a 100 million dollar charge in order 
to exit the web hosting business.  The last bit of cross current 
came when the Semiconductor Book-to-Bill for May was reported.  
It cranked in at a reading of 126, the highest level in nearly 
two years. Hopefully this last bit of information will be the 
item that sets the tone for tomorrow's trading in INTC.

Our long play in INTC was initiated today when the stock moved 
above our trigger of $22.77. We've set an initial sell stop at 
19.84, just below support.  If you are really nervous about this 
market, you might elect to use a higher level, at $20.89.   
Please remember that our profit target remains at the $26.00 level.   

Picked on June 18th at $22.77 
Gain since picked:      -0.75
Earnings Date        10/15/02 (unconfirmed)
 



---

Johnson Controls - JCI - close: 85.94 change: +0.59 stop: 79.94

JCI continues to move higher after the resolution of a short 
strike at 4 of its plants late last week. The stock is within 
spitting distance of pressuring its slightly declining 50-dma 
($87.66) with today's intraday high of $87.10.  If you are 
particularly bearish on this market, you may want to consider 
taking profits soon. With that said, the daily technicals on JCI 
continue to look quite healthy.  The MACD is on a buy signal; the 
RSI is rising, as is the Stochastic Oscillator.  New positions 
should probably be deferred until the 50-dma is decisively 
smashed.

Picked on June 7th at $83.31
Gain since picked:     +2.63
Earnings Date       07/18/02 (unconfirmed)
 



---

K-Swiss Inc. - KSWS - close: 48.04 change: +2.03 stop: 44.71

Our $46.61 trigger was hit as K-Swiss spiked upward about 4% 
during Tuesday's trading.  There was no news to explain this 
move, but we think it may have been related to KSWS's June 24th 
2-for-1 stock split. If that's the case, we could be in for more 
of the same over the next couple of days....and we like that! 
Today's advance was on lower volume and that is a bit of a 
concern.  For the time being, though, we're not going to whine. 
Traders should remember that there exists some resistance at 
$48.00; aggressive traders may want to take new positions as 
long as KSWS continues to trade nicely above this level. 
Although there is psychological resistance at the $50.00 level, 
we've estimated that KSWS can move to the $52.00-$53.00 region 
before experiencing another of its 4-6 week consolidations.

Picked on June 18th at $46.61
Change since picked:    +1.43
Earnings Date         07/25/02 (unconfirmed)
 



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

PPL Corporation - PPL - close: 31.04 change: +0.76 stop: *text*

PPL keeps sneaking around us like a slippery piglet.  Last night 
we announced a revised approach to attempting to short: we'll 
wait for the sneaky think to move up into the $31.60 - $32.50 
region; we'll only short it if PPL trades into this region.  So 
far we've not been triggered.  Once--and if--the trade is finally 
triggered, we'll use a buy stop of $33.22.  As we said last week, 
we think this stock is capable of falling briskly over several 
weeks to its next major support, which is in the $24.00 region.  
Traders may recall the Public Utilities Commission on 
Pennsylvania has indicated it is investigating PPL for price 
gauging.

Picked on June xth at $xx.xx <- see text
Gain since picked:     +0.00
Earnings Date        7/18/02 (unconfirmed)
 



---

Rational Software - RATL - cls: 10.80 change: -0.53 stop: *text*

The Software Index (GSO) was down less than 1% today, while 
Rational Software was hit hard for a 5% loss. A downgrade from 
JPM Securities was behind this proportionally greater weakness, 
and today's action continues to support our interest in shorting 
this stock.  We are still waiting for RATL to move below our 
trigger point, which remains at $9.94 (or lower). Once we are 
short we'll employ a tight stop at $10.37.  Although RATL may 
attempt to find support at the $9.00 level, we believe that a 
much deeper decline, to the $7.50-$8.00 region, is likely.

Picked on June xxth at $xx.xx <- see text
Change since picked:    +0.00
Earnings Date        04/24/02 (confirmed)
 




===============
HR Closed Plays
===============

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

Conexant Systems - CNXT - close: 4.69 change: -0.05 stop: *text*

We've been waiting for several days for Conexant to move above 
out trigger point before going long.  That trigger was at $5.40-- 
and is now quite far from CNXT's Tuesday closing price.  
Accordingly, we are dropping this play without if having ever 
been initiated. Might we consider it in coming weeks?  Perhaps.

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




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

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

Seacoast Offers 3-for-1 Stock Split

After the opening bell this morning, word came from Seacoast
Banking Corp. of Florida (NASDAQ: SBCF) that its Board of
Directors had approved a 3-for-1 stock split.

The additional shares will be issued on July 15, 2002 to
stockholders of record on July 1, 2002.  This marks the second
split for SBCF since it began trading in 1983.

SBCF closed at $48.08 on Monday. For a current quote, click here:

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

About the company
Seacoast Banking Corporation of Florida has approximately $1.2
billion in assets. It is one of the largest independent
commercial banking organizations in Florida, headquartered on
Florida's Treasure Coast, one of the wealthiest and fastest
growing areas in the nation. (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 

TXU     TXU Corp                   52.19     +0.61
VLO     Valero Energy              39.43     +0.66
SGR     The Shaw Group Inc         32.35     +0.64
HOV     Hovnanian Enterprises      35.28     +1.08
POG     Patina Oil & Gas           36.16     +0.71
ISLE    Isle of Capris Casinos     19.06     +1.76

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

HDL     Handleman Co               13.89     +1.69
BLI     Big Lots Inc               18.90     +1.04
IMCL    Imclone Systems            11.08     +1.40
CENT    Central Garden & Pet Co    17.10     +1.10
USNA    Usana Health Science Inc    7.66     +1.02

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

BPOP    Popular Inc                33.11     +0.66
FDP     Fresh Del Monte Produce    28.79     +1.79
LMT     Lockheed Martin Corp       68.25     +1.49
INTU    Intuit Inc                 48.34     +1.44
CTX     Centex Corp                55.30     +1.65
CVH     Coventry Health Care Inc   34.20     +2.74
SIE     Sierra Health Services     21.55     +1.57

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

BBY     Best Buy Co Inc            39.01     -3.25
FMX     Fomento Economico Mex      40.46     -1.04
PYPL    Paypal Inc                 20.50     -1.90
USTR    United Stationers Inc      33.98     -2.03
RLRN    Renaissance Learning Inc   25.46     -1.48
KEX     Kirby Corp                 25.15     -1.75

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

NOVN    Noven Pharmaceuticals      25.27     -2.18




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DISCLAIMER
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This newsletter is a publication dedicated to the education
of stock traders. The newsletter is an information service
only. The information provided herein is not to be construed
as an offer to buy or sell securities of any kind. The
newsletter picks are not to be considered a recommendation
of any stock but an information resource to aid the investor
in making an informed decision regarding trading in stocks. It
is possible at this or some subsequent date, the editors and
staff of PremierInvestor.net may own, buy or sell securities
presented. All investors should consult a qualified professional
before trading in any security. The information provided has
been obtained from sources deemed reliable but is not
guaranteed as to accuracy or completeness. PremierInvestor.net
staff makes every effort to provide timely information to its
subscribers but cannot guarantee specific delivery times due to
factors beyond our control.

Please read our disclaimer at:
http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html

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Newsletter, or any Premier Investor Network newsletter please
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Copyright  2001  PremierInvestor.net. and
The Premier Investor Network.
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DISCLAIMER

Option Investor Inc is neither a registered Investment Advisor nor a Broker/Dealer. Readers are advised that all information is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All opinions, analyses and information included herein are based on sources believed to be reliable and written in good faith, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. In addition, we do not necessarily update such opinions, analysis or information. Owners, employees and writers may have long or short positions in the securities that are discussed.

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Littleton, CO 80163

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