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Daily Newsletter, Tuesday, 06/25/2002

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PremierInvestor.net Newsletter                 Tuesday 06-25-2002
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In section one:

Market Wrap:      Lack Of Confidence
Market Sentiment: Wondering about WCOM
Play-of-the-Day:  Stock Doctor Needed...STAT!


-----------------------------------------------------------------
U.S. Market Numbers
-----------------------------------------------------------------
MARKET WRAP  (view in courier font for table alignment)
-----------------------------------------------------------------        
      06-25-2002           High     Low     Volume Advance/Decline
DJIA     9126.82 -155.00  9413.08  9111.25 1.46 bln   1304/1693
NASDAQ   1423.99 - 36.40  1475.58  1419.25 1.86 bln   1341/2136
S&P 100   483.42 -  9.62   499.78   482.07   Totals   2645/3829
S&P 500   976.14 - 16.58  1005.88   974.21             
RUS 2000  452.45 -  6.64   463.13   451.16
DJ TRANS 2627.92 -111.70  2740.06  2615.41
VIX        31.47 +  1.60    31.64    28.65
VXN        59.88 +  1.23    60.28    58.34
TRIN        1.19
PUT/CALL    0.76
-----------------------------------------------------------------

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

Lack of confidence

Today's market action may well be summed up in three words.  Lack 
of confidence.  And I'm not talking about today's consumer 
confidence reading of 106.4, which was in line with economists 
forecast.  No, today's "lack of confidence" showed up in a 
sinking U.S. Dollar, which may indeed have been exacerbated by 
today's late news that the U.S. Government was delaying the sale 
of it June 2-year notes auction as the House drags its feet on 
any decision to increase the federal borrowing limit in order to 
avert a government default.

A "tug of war" on the issue of increasing the federal borrowing 
limit has been renewed as Democrats hope to make the vote on the 
debt limit increase a campaign issue, arguing that it underscores 
the fiscal irresponsibility of the $1.3 trillion tax cut signed 
into law last year.  The Republicans say that the tax cut isn't 
the issue and that the deficit is on the rise as a result of the 
recession and the September 11 terrorist attacks.

Earlier this month, the Democratic-controlled Senate passed 
unanimously a standalone $450 billion increase in the limit, 
which budget experts said would allow the government to continue 
operating past the November mid-term elections.

But the Republicans have resisted the standalone bill passed by 
the Senate, insisting that the debt limit rise should be 
considered as part of an emergency supplemental spending bill, 
which is currently the subject of the House-Senate negotiations.  
Senate Democrats insist the measure should be passed on its own.

You and I can see what is going on here.  If the Democrats are 
successful in getting the "stand alone" $450 billion increase 
passed, then they can perhaps use it against the Republicans 
later this fall.  However, if the Republicans can get the 
increase restructured as part of an "emergency supplemental 
spending bill," then this fall they can defend the deficit as a 
"Democrat approved" increase.

While Americans have become somewhat immune to such bickering and 
posturing between both parties, it is hardly thought of as a 
laughing matter.

Treasury Secretary Paul O'Neill has been engaged in a series of 
bookkeeping maneuvers in recent weeks to keep the federal 
government below the $5.95 trillion debt ceiling.  He recently 
warned the government could begin to flirt with default by the 
end of this week.  Some top lawmakers and budget experts have 
predicted that Mr. O'Neill would be able to come up with 
additional measures that would buy the federal government a 
little more time if the ceiling isn't lifted by Friday.  
(What?..You don't think Mr. O'Neill is going to strike some type 
of plea bargain with an Enron accountant for a little advice do 
you?)

Without an increase, Mr. O'Neill has warned that on Friday, the 
Treasury must credit an interest payment of $67 million to the 
Social Security trust fund and other funds.

The government will also owe $54 billion in payments between July 
1 and 3, including some $30 billion to Social Security 
recipients.  It's likely the checks would not go out if Congress 
has not raised the limit.

The House is set to leave for a weeklong Independence Day recess 
this Friday.  After all, anyone would need a vacation after a 
couple weeks of infighting wouldn't they?  House Majority Leader 
Richard Armey, R-Texas, told reporters today that the onus was on 
Democrats to build support for the Senate-passed plan or to sign 
on to a boost tied to the supplemental appropriations bill 
approved by the House.

As you can see....

According to Treasury Secretary O'Neill, the numbers aren't 
adding up and the clock is ticking.  And with that ticking of the 
clock is a weakening U.S. dollar as investors here in the U.S. 
and abroad face what appears to be a near-term budget problem.

Now, investors have faced this situation in the past and you only 
have to go back to 1995, when the U.S. went through a default 
crisis.  At that time, the Treasury Department was able to use a 
series of mechanisms (like temporarily furloughing of some 
government workers), but the balanced budget amendment that was 
passed after the 1995 budget crisis, creates limits on what 
Treasury Secretary O'Neill can do.

In fact, in August of 1995, the Congressional Budget Office 
called the debt limit (brought on by the Balanced Budget 
Amendment) "an anachronism."  The CBO said that "By the time the 
debt ceiling come up for a vote, it is too late to balk at paying 
the government's bills without occurring drastic consequences."  

Required reading

Tonight, I was browsing around the Internet, in search of some 
background information on the above topic of the U.S. Government 
Budget crisis.

Today's canceling of the 2-year auction is most likely the 
"reason" the U.S. Dollar was weak again today, and the hint that 
this morning's stock market rally wasn't going to hold and faded 
so sharp into the close.

I found an article written on January 6th, 1997 by Richard Kogan 
and Robert Greenstein at the Center on Budget and Policy 
Priorities website that speaks directly to the current "budget 
crisis."    
http://www.cbpp.org/BBADFLT.htm

Massive fraud at WorldCom won't help

While I now have the distinct observation that the market action 
is being driven by the weaker U.S. dollar, which is exacerbated 
by the U.S. Government budget concerns at hand, and shaking 
investor confidence, tonight's news regarding WorldCom 
(NASDAQ:WCOM) $0.84 -8.79% and that the company committed fraud 
by overstating EBITDA (Earnings Before Interest, Taxes, 
Depreciation and Amortization) by about $3.6 billion, and will 
soon restate it financial statements, isn't going to help 
investor confidence any time soon.

Some analysts are already beginning to speculate that tonight's 
reports of "massive fraud" at WorldCom (WCOM) could force the 
telecom giant into bankruptcy should it be unsuccessful in 
renegotiating with lenders its current debts.

Shares of WCOM "plunged" 58% to $0.35 in after-hours trading when 
the above news hit the wires.

Sources close to the situation said that WorldCom (WCOM) may have 
boosted earnings by booking certain expenses as capital 
expenditures when in fact, those expenses should have been 
accounted for differently, which would have had a negative impact 
on EBITDA.

While tonight's news regarding "misclassification" of expenses at 
WorldCom (WCOM) is indeed stock specific, I'd expect this to have 
further negative impact on stocks tomorrow, especially telecom 
service and telecom equipment stocks.

General Electric says Q2 in on track

While all of the above is VERY negative and does not hint of good 
things for the stock market's near-term, Dow component General 
Electric (NYSE:GE) $28.90 -2.36% gained 20-cents to $29.10 in 
after-hours trading after the conglomerate told investors it was 
on track for Q2 earnings.

While this is "good news" of sorts, I'm just not certain the 
market will be in a mood to listen the stock hovers near its 
September lows.

GE, based in Fairfield, Connecticut, is expected to earn about 
$3.87 billion, or $0.44 a share, according to Thomson 
Financial/First Call.  The company said it would discuss it 
quarterly performance on Thursday in a Webcast briefing with 
analysts.  Investors are welcome to tune in at 08:30 AM EST by 
visiting www.ge.com/investor.

Eye on the Dollar and the Government budget

If we believe (as I do) that the weakness in the U.S. Dollar as 
depicted by the US Dollar Index (dx00y) 106.99 -1.12% is at least 
partially due to the current US Government budget "crisis," then 
this may be one of the few issues near-term that needs to be 
resolved for the markets to have a chance at rallying.

While some may argue (with validity) that the weakness in the US$ 
isn't based solely on the budget issues, it is noteworthy that 
Treasuries didn't see a mad rush of buyers today as the benchmark 
10-year Treasury YIELD ($TNX.X) 4.841% fell just fractionally.

While it is entirely possible that Treasuries didn't see a large 
amount of buying today due to the fact that the US Government is 
facing a near-term tightening of the purse strings as it can't 
lift the budget ceiling, I'll be watching Treasuries closely 
tomorrow as it relates to the U.S. Dollar.

I would have thought regardless, that Treasuries would have seen 
a much greater level of buying today (driving YIELDS lower) by a 
MARKET overly concerned that the budget issue isn't going to be 
resolved soon.

Once again, investors are faced with a glut of "bad news" and I 
won't try and say that things look rosy technically for stocks.  

The greatest risk for bears that are short this market right now 
looks to be the risk of a US dollar rebound, which may be 
triggered by any type of budget resolution.

Since I can't "predict" what in the heck the House is going to do 
as it relates to lifting the budget ceiling, then the US Dollar 
is what we're left with.

A bear will say, "It doesn't matter what the House does as it 
relates to resolving the budget problems, the problem still 
exists."

But that is only "partially true."  I would urge subscribers to 
at least read (about 3 pages length) the Center on Budget and 
Policy Priorities article "Balanced Budget Amendment Would 
Significantly Increase Risks of a Government Default".  It gives 
great insight into some of the reasons why there's a budget 
crisis right now.

Remember the surplus?  Remember when the U.S. was paying down 
debt due to the surplus and able to move various budget items 
around as the economy was growing a couple of years ago?  

Since that time the economy has slowed, but has started to 
rebound, but not nearly enough to offset the lower tax revenues 
brought on by a slower economy and the September 11 terrorist 
attacks that have created the need for increased defense 
spending.  Nor has the economy (as the Democrats will argue) 
recovered enough to offset the $1.3 trillion tax cut given last 
year.

All a bear has to be concerned with right now is if this budget 
"crisis" is solved.  We know there's a pretty important deadline 
coming up this Friday.

Today I'll make note that gold didn't see price gains.  I would 
have thought it would with the US% heading lower and the U.S. 
Government potentially facing a default.  While precious metals 
stocks did come back from earlier losses, the Gold/Silver Index 
(XAU.X) 77.87 -0.61% didn't see dramatic price gains.  Even the 
more sensitive August Gold futures (gc02q) fell today.  I will 
note, that the August Gold futures (gc02q) are ticking higher at 
$323.70 +1.0% in late night trading, and should be closely 
monitored near-term.

Should gold surge, and the dollar continue to decline, then it 
would be a very cold summer for broader-market equity bulls.  
Should the reverse happen, then things could heat up.

Jeff Bailey
Senior Market Technician


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

Wondering About WCOM
By Eric Utley

If WCOM did it, who else could have committed such wide sweeping
fraud?  After all, one upon a time WCOM was the darling of the
Nasdaq.  The question is on the mind of investors tonight.  How
will they answer tomorrow morning remains to be seen.  But the
post market futures aren't looking so good.  Could this be the
event that sparks the capitulation that the Street is looking
for?  It could get very interesting tomorrow.

Speaking of interesting, there was one sector finish higher on
my quote sheet Tuesday.  It was the Oil Index (OIX.X) with a
whopping 0.02 percent gain.  Yes, it was that ugly.  The most
unsightly sector of the day was the Hardware Index (GHA.X).
Weakness in storage stocks was brought on by a credit downgrade
on EMC (NYSE:EMC), which sparked fear in the broader technology
segment.

The fear in tech spread to the broader market as signaled by
the rise in the CBOE Market Volatility Index (VIX.X).  The
index finished near its recent relative highs Tuesday, and
the same could be said for the Nasdaq 100 Volatility Index
(VXN.X).  These are the two indicators to watch closely
tomorrow for signs of capitulation.

Certainly the bullish percent data are pointing towards a
washout.  The Nasdaq-100 bullish percent ($BPNDX) reversed
back into bear confirmed at a level of 16 percent.  That means
that only 16 stocks in the index are on buy signals, which is
a most oversold reading.  But the status of the index in bear
confirmed has me switching any previous belief of a bounce in
technology shares.  The Dow Jones Industrial Average bullish
percent ($BPINDU) lost two more stocks during today's
session to finish at 33 percent.

The ARMS Index numbers moved further into extreme oversold
territory during the session.  The 5-day ARMS Index closed
at 1.85, well above the 1.50 oversold benchmark reading.
Perhaps more important to the intermediate-term outlook, the
21-day ARMS Index moved into extreme oversold readings for
the first time since last fall.

Interestingly, there were more new highs traced on the NYSE
during the day's session than new lows.  But only five more
new highs.  Nevertheless, it was the only sign of internal
strength that I could find in all of the indicators that I
monitor.  And there are a lot of them.

The bulk of the numbers in this column point to a capitulation
in the coming sessions.  Will it happen?  Well, I just don't
know.  But I've read and heard some very smart trades predict
a washout event this week in the last two days.  Yes, the
media is calling for the same, which turns off of the idea,
but the numbers don't lie.  The important thing, as a trader,
is to keep to your discipline if a capitulation day does
come.  Using strict risk management is a must if you're going
to survive the volatility that comes with a washout.  Just
keep your head about you and we will get through this. 

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

Market Averages

DJIA ($INDU)

52-week High: 11350
52-week Low :  8062
Current     :  9127

Moving Averages:
(Simple)

 10-dma: 9464
 50-dma: 9899
200-dma: 9827

S&P 500 ($SPX)

52-week High: 1316
52-week Low :  945
Current     :  976

Moving Averages:
(Simple)

 10-dma: 1009
 50-dma: 1064
200-dma: 1103

Nasdaq-100 ($NDX)

52-week High: 2071
52-week Low : 1089
Current     : 1023

Moving Averages:
(Simple)

 10-dma: 1090
 50-dma: 1222
200-dma: 1406


Oil ($OIX)

The OIX finished 0.02 percent higher.  It was the best performing
sector of the day.  Let me repeat that: The OIX finished 0.02
percent higher.

There were five OIX components that finished fractionally higher
Tuesday.  They were: Royal Dutch (NYSE:RD), Amerada Hess
(NYSE:AHC), BP (NYSE:BP), Occidental (NYSE:OXY), and Total Fina
(NYSE:TOT).

52-week High: 338
52-week Low : 267
Current     : 313

Moving Averages:
(Simple)

 10-dma: 313
 50-dma: 320
200-dma: 306


Hardware ($GHA)

The GHA was the worst performing sector on the day with its 5.19
percent plunge.  Lexmark (NYSE:LXK) was downgraded by Merrill
Lynch.  EMC (NYSE:EMC) had its credit rating cut by Standard &
Poor's (S&P).

The leading losers in the GHA were Emulex (NYSE:ELX), who
recently moved to the NYSE, Sanmina (NASDAQ:SANM), Storage
Tech (NYSE:STK), QLogic (NASDAQ:QLGC), and Network Appliance
(NASDAQ:NTAP).

52-week High: 322
52-week Low : 165
Current     : 172

Moving Averages:
(Simple)

 10-dma: 187
 50-dma: 210
200-dma: 232

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

Market Volatility

The VIX rebounded from its 10-dma in today's session, finishing
just below recent highs.

The VXN hovered below the 60 level for most of the day.  I'm
willing to be it spikes above there tomorrow.

CBOE Market Volatility Index (VIX) - 31.47 +1.60
Nasdaq-100 Volatility Index  (VXN) - 59.88 +1.23

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

          Put/Call Ratio  Call Volume   Put Volume
Total          0.76        470,203       359,279
Equity Only    0.65        408,953       266,131
OEX            0.76         19,885        15,429
QQQ            1.24         27,358        34,052

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

Bullish Percent Data

           Current   Change   Status
NYSE          50      - 1     Bull Correction
NASDAQ-100    16      - 2     Bear Confirmed
DOW           33      - 7     Bear Confirmed
S&P 500       41      - 1     Bear Confirmed
S&P 100       40      - 3     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  1.85
10-Day Arms Index  1.44
21-Day Arms Index  1.51
55-Day Arms Index  1.38

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       1434          1798
NASDAQ     1329          2109

        New Highs      New Lows
NYSE       105            100
NASDAQ      74            202

        Volume (in millions)
NYSE     1,485
NASDAQ   1,885

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

Commitments Of Traders Report: 06/18/02

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

Get this, S&P commercials grew less bearish by a wide margin last
week.  They brought in their net short position by about 18,000
contracts.  Not by surprise, small traders grew less bullish by
about 12,000 contracts. 

Commercials   Long      Short      Net     % Of OI 
06/04/02      369,298   440,027   (70,729)   (8.6%)
06/11/02      388,751   457,018   (68,267)   (8.1%)
06/18/02      437,530   487,956   (50,426)   (5.4%)

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
06/04/02      167,713    58,885   108,828     48.0%
06/11/02      174,357    69,464   104,893     43.0%
06/18/02      181,178    88,517    92,661     34.3%

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 eased off of their recent bullishness by
adding back a few more shorts.  Small traders went in the
opposite direction by adding a few more longs than shorts.

Commercials   Long      Short      Net     % of OI 
06/04/02       47,875     39,100     8,775    9.3%
06/11/02       45,946     36,878     9,068   10.9%
06/18/02       54,816     49,169     5,647    5.4%

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
06/04/02       12,162    21,420    (9,258)    27.2% 
06/11/02       14,561    25,330   (10,769)    27.0%
06/18/02       20,883    29,153    (8,270)    16.5%

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 bought into the weakness last week to the tune of
more than 3,000 contracts added to their net bullish position.
Small traders made the money.  They added to their net short
position by more than 4,000 contracts.

Commercials   Long      Short      Net     % of OI
06/04/02       20,564    16,169    4,395     11.0% 
06/11/02       20,369    17,172    3,197      8.5%
06/18/02       25,995    19,115    6,880     15.1%

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
06/04/02        7,114     9,639    (2,525)   (14.7%) 
06/11/02        7,500     9,925    (2,425)   (13.9%)
06/18/02        5,379    11,813    (6,434)   (37.2%)

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))
===============

Alpharma, Inc - ALO - close: 16.51 change: -0.04 stop: *text*

Company Description:
Alpharma is a multinational drug company that produces a 
continuum of pharmaceuticals for both human and animal health.

Why We Like It:
On March 20th, 2002, ALO hit a major multi-year low at $13.75.  
Since that time the stock has been in a wide, ambling, and sloppy 
rebound that has traced out a unique upwardly sloping head and 
shoulders-type (HS) pattern.  The neckline of this HS pattern 
sits just below yesterday's low of $16.24.  Our experience has 
taught us that when these kinds of patterns--which include a 
trend of rising lows--break the neckline, the break is usually 
accompanied by a fairly powerful decline.  

But Alpharma has other problems than just its technical 
formation.  After climbing back over the $20 level in May this 
year the stock began to consolidate sideways.  Unfortunately for 
shareholders, ALO announced on Monday afternoon, June 3rd, that 
the SEC had just launched a probe into ALO's accounting and 
revenue recognition practices.  Shares plummeted to a low of 
$16.26 before closing just under $18.  In addition to this 
extremely negative development, on June 10th Standard and Poor's 
revised its outlook of the company's debt, dropping it to 
"negative."  On the same day, Moody's said that it might cut the 
company's B1 debt rating.  Yet as of today, we have seen no 
update to suggest that Moody's has actually acted yet on that 
cautionary remark.  Although an ALO subsidiary received FDA 
approval to manufacture a new painkiller last week, the stock has 
been unable to us that designation to materially help its stock 
price.

Our strategy for shorting this stock is as follows:  1) we will 
only short it moving below yesterday's low and the neckline, at a 
price of $15.95, or lower; 2) but we will NOT short it if it gaps 
below $15.90 at the open; and 3) once our short play is 
triggered, we will use a buy stop placed just above the highs of 
the last two weeks, and ALO's 50-dma, at $18.25.  Since August 
2001 ALO has consistently traded within a regression channel, the 
bottom of which now resides at about $10.00.  We believe this is 
the level to which ALO's price is headed (or lower) in coming 
weeks.  Traders who elect to short this stock should be aware 
that it might try to find support at both the $15.00 (potential 
psychological support) and 14.00 (the March lows) levels.  Short-
term traders might want to consider taking profits if ALO traders 
near $15.00 (that'd be just over a 12% gain) or the $14.00 level, 
which would be closer to a 20% move.

Picked on June xxth at $xx.xx <- see text
Change since picked:    +0.00
Earnings Date        07/29/02 (unconfirmed)
 






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PremierInvestor.net Newsletter                  Tuesday 06-25-2002
                                                    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     
  New Bearish Plays:     AT
  Bearish Play Updates:  CMCSK, FDC

Stock Bottom / Active Trader
  Bullish Play Updates:  N
  Bearish Play Updates:  CBE, COH, GR
  Closed Bullish Plays:  TOL

High Risk/Reward
  New Bearish Plays:     ALO, MYG, PLCM
  Bearish Play Updates:  CCK, PPL, RATL, WMB
  Closed Bullish Plays:  AMZN, JCI

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

Alltel Corp - AT - close: 45.70 change: -2.14 stop: *text*

Company Description:
ALLTEL, with more than 10 million communications customers and 
$7.6 billion in annual revenues, is a leader in the 
communications and information services industries. ALLTEL has 
communications customers in 24 states and provides information 
services to telecommunications, financial and mortgage clients in 
more than 50 countries. (source: company press release)

Why We Like It:
The telecom sector has been annihilated in recent months as the 
glaring lack of demand catches up with previously high-flying 
stocks.  The group will probably pick up more downside momentum 
after this evening's disastrous news from WCOM.  CNBC reported 
that the company had engaged in fraudulent accounting over the 
past five quarters and will soon restate its earnings.  Granted, 
the stock was already trading under $1.00 before the news hit, 
but allegations of fraud certainly weren't priced into the stock; 
shares were trading lower by more than 50% in the after-hours 
session.  We suspect this will weigh heavily on the telecom 
sector over the next few sessions.  After all, if WCOM has 
committed fraud, what other beleaguered telecom companies may be 
guilty of similar transgressions?  Perhaps the answer is "none," 
but tell that to skittish investors who are already looking for 
an excuse to sell.

Tonight we're adding AT as a short play in order to take 
advantage of the continued telecom downtrend.  The stock will 
probably be negatively impacted by the WCOM news, but it has 
plenty of its own bearish characteristics.  AT has been trading 
in a declining regression channel since early-December and is 
currently signaling a descending triple-bottom breakdown on the 
p-n-f chart.  Shares dropped 4.4% today on strong volume of 2.6M 
shares.  The reason for the heavy selling was a downgrade from 
Banc of America Securities.  AT is now trading at levels not seen 
since 1998.  If shares break under psychological support at 
$45.00, there's little to prevent a test of the channel's bottom 
near $42.00.  However, in light of tonight's news, we think that 
the stock could eventually reach the $40.00 level.  The continued 
downtrend in the XTC.X North American telecom index doesn't 
inspire much bullishness either.  It's trading at all-time lows 
and has only reached the midline of its descending channel.  In 
other words, there's tons of downside potential remaining.

We think AT will gap lower tomorrow in sympathy with the WCOM 
fraud news.  If this is the case, we will attempt to enter the 
play if the stock opens between $44.50-$44.99.  In the event that 
the stock opens above the $45 mark, we'll adjust our strategy to 
use a trigger at $44.99.  The play will not be activated if AT 
opens under $44.50.  Our stop-loss (if triggered) will be placed 
at $47.47, just above today's high.  More aggressive traders 
could use a stop above yesterday's high of $48.24.

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




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

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

Comcast Corp - CMCSK - close: 24.24 change: -0.58 stop: 25.76
 
Although CMCSK tried its best to move above our stop-loss today, 
shares were unable to move above $25.60.  This was also the case 
on Monday, when this level thwarted a steep afternoon rally.  
However, the recent upturn has led to some uncertainty in the 
MACD and daily stochastics.  Both oscillators have gone somewhat 
flat, which makes it more difficult to gauge where the stock is 
headed next.  We do find it interesting that the 20-dma has kept 
a lid on CMCSK over the past week.  The longer this trend 
continues, the less willing the bulls will be to place their 
bets.  New entries can be evaluated on a failed rally from 
$25.50-$25.75 (much like today's action), while aggressive short-
term traders can target a move below yesterday's low of $23.29.  
Remember that we have an exit price set at $22.11.

Picked on June 20th at $25.74
Gain since picked:      +1.50
Earnings Date        05/01/02 (confirmed)
 

 

--- 

First Data Corp - FDC - close: 37.50 change: -0.78 stop: 40.55

Thus far we're pretty pleased with the way FDC has behaved since 
we were triggered on Monday morning.  The stock rallied with the 
broader market yesterday and briefly flirted with the $39 level, 
before closing just above the 200-dma at $38.15.  Shares 
experienced a similar bounce today and sold off sharply after 
maxing out at $39.18.  The inability of FDC to maintain its 
intraday gains over the past two sessions bodes well for a 
further decline, as does today's close under the 200-dma.  With 
the MACD curling lower from the baseline and daily stochastics 
(5,3,3) falling towards the oversold region, we're anticipating 
that shares will soon be trading at new relative lows.  New 
bearish positions can be considered on a break below the Monday 
low of $37.29 or a failed rally near the 50-dma ($39.85).

Picked on June 24th at $38.09
Gain since picked:      +0.59
Earnings Date        07/11/02 (confirmed)






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

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

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

Inco Ltd. - N - close: 21.86 change: +0.12 stop: 20.99

We initiated this play based on the consistent support N has 
enjoyed at its rising 50-dma, and so far we haven't been 
disappointed.  Shares continue to bounce from this level (most 
recently on Monday) and have traced a pattern of higher lows over 
the past week.  On the other hand, N has not been able to close 
above $22.00.  The net result has been rangebound, directionless 
trading.  We'll likely see more of the same until shares break to 
new highs.  With this in mind, new entries can be gauged on a 
move above the relative high of $22.40, although more 
conservative traders may want to wait for a close above this 
level.  A pullback to the 50-dma ($21.35) could provide a lower-
risk entry.

Picked on June 14th at $21.42
Change since picked:    +0.44
Earnings Date        04/16/02 (confirmed)  




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

Cooper Industries - CBE - close: 40.06 change: +1.23 stop: 41.87

Our short play in CBE was triggered yesterday at $39.81.  The 
stock saw some significant weakness during the session and 
reached an intraday low of $37.00.  Although the subsequent 
rebound wasn't that alarming (just about everything rallied on 
Monday afternoon), we are a bit concerned over today's 3% gain.  
The ability of the stock to move against today's weakness may 
have been attributable to positive report regarding CBE's longer-
range share price growth - or it could be a feeble attempt to 
rally from Monday's candlestick reversal pattern.  Typically the 
"hammer" style candlestick at the end of a downtrend can be a 
reversal signal but CBE's consolidation has been mostly sideways 
since March, although shares did finish lower the three preceding 
sessions. Today's move was sufficient to bring CBE above both the 
200-dma ($39.82) and the psychologically important $40.00 level.  
In light of today's strength, we would not advise considering new 
short positions until the stock falls below $39.00.

Picked on June 24th at $39.81
Gain since picked:      -0.25
Earnings Date        04/23/02 (confirmed))
 

 

---  

Coach - COH - close: 51.12 change: -2.01 stop: 55.06 *new*

Since COH began today's session within our previously discussed 
entry range, this play was activated at the opening price of 
$53.30.  We were quite pleased to see the stock immediately 
cooperate with our bearish outlook.  Shares trended lower for 
most of the session and finished the day with a 3.7% loss.  
Today's strong volume (more than 50% the daily average) indicates 
that the bears may be gaining momentum.  We're also encouraged by 
the MACD (which has just produced a bearish crossover) and the 
falling daily stochastics.  Given the negative technical picture, 
we wouldn't be surprised to see COH fall to relative low of 
$47.00 within the next few sessions.  However, the next test for 
the bears will be psychological support at $50.00.  Traders can 
consider new short positions if COH falls under this level.  
Alternatively, a failed rally near the 50-dma ($54.76) could also 
provide an entry opportunity.  Because we expect this level to 
act as resistance, we're going to inch our stop down to $55.06.

Picked on June 25th at $53.30
Gain since picked:      +2.18
Earnings Date        07/29/02 (unconfirmed)  




---

Goodrich Corp. - GR - close: 26.60 change: unch. stop: 29.68

This short play was activated on Monday when GR reached our entry 
trigger at $26.95.  The stock was a picture of weakness 
throughout the session.  Shares failed to rebound with the 
broader market and closed at levels not seen since February.  GR 
traded flat today on less volume than the previous three days of 
declines.  This lack of willing buyers at these levels suggests 
that GR may suffer more losses in the near future.  Aggressive 
traders can use the "inside day" strategy to go short on a move 
below today's low of $26.60.  More conservative traders may want 
to wait for a break below $26.21 or a failed rally near previous 
support at $28.00.

Picked on June 24th at $26.95
Change since picked:    +0.35
Earnings Date        07/24/02 (unconfirmed) 


 


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

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

Toll Bros. - TOL - close: 29.04 change: -1.26 stop: 28.98

In the last update for TOL we speculated on the possibility that 
the DJUSHB homebuilding index could experience some consolidation 
this week.  This was based on the fact that the index had 
experienced a powerful rally from 340 and had risen several days 
in a row.  Investors definitely seemed eager to take profits, as 
evidenced by today's selloff in the group.  This was despite the 
release of May existing home sales data that came in slightly 
better than estimates.  TOL pulled back 4.1% on nominal volume 
and fell below the 50-dma at $29.43.  The stock also violated our 
stop at $28.98.  Our play was closed for a loss of $1.38, or 
4.5%.  Given the lower highs (compared to the May highs) and 
downtrending oscillators, we would not be surprised to see TOL 
dip to $27.00 in the near future.  However, one day of heavy 
selling in the homebuilding sector does not make a trend.  If the 
group somehow manages a reversal we'll be watching for TOL to 
break above the $32 level.

Picked on June 19th at $30.36
Change since picked:    -1.38
Earnings Date        05/29/02 (confirmed)






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

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

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

Alpharma, Inc - ALO - close: 16.51 change: -0.04 stop: *text*

Company Description:
Alpharma is a multinational drug company that produces a 
continuum of pharmaceuticals for both human and animal health.

Why We Like It:
On March 20th, 2002, ALO hit a major multi-year low at $13.75.  
Since that time the stock has been in a wide, ambling, and sloppy 
rebound that has traced out a unique upwardly sloping head and 
shoulders-type (HS) pattern.  The neckline of this HS pattern 
sits just below yesterday's low of $16.24.  Our experience has 
taught us that when these kinds of patterns--which include a 
trend of rising lows--break the neckline, the break is usually 
accompanied by a fairly powerful decline.  

But Alpharma has other problems than just its technical 
formation.  After climbing back over the $20 level in May this 
year the stock began to consolidate sideways.  Unfortunately for 
shareholders, ALO announced on Monday afternoon, June 3rd, that 
the SEC had just launched a probe into ALO's accounting and 
revenue recognition practices.  Shares plummeted to a low of 
$16.26 before closing just under $18.  In addition to this 
extremely negative development, on June 10th Standard and Poor's 
revised its outlook of the company's debt, dropping it to 
"negative."  On the same day, Moody's said that it might cut the 
company's B1 debt rating.  Yet as of today, we have seen no 
update to suggest that Moody's has actually acted yet on that 
cautionary remark.  Although an ALO subsidiary received FDA 
approval to manufacture a new painkiller last week, the stock has 
been unable to us that designation to materially help its stock 
price.

Our strategy for shorting this stock is as follows:  1) we will 
only short it moving below yesterday's low and the neckline, at a 
price of $15.95, or lower; 2) but we will NOT short it if it gaps 
below $15.90 at the open; and 3) once our short play is 
triggered, we will use a buy stop placed just above the highs of 
the last two weeks, and ALO's 50-dma, at $18.25.  Since August 
2001 ALO has consistently traded within a regression channel, the 
bottom of which now resides at about $10.00.  We believe this is 
the level to which ALO's price is headed (or lower) in coming 
weeks.  Traders who elect to short this stock should be aware 
that it might try to find support at both the $15.00 (potential 
psychological support) and 14.00 (the March lows) levels.  Short-
term traders might want to consider taking profits if ALO traders 
near $15.00 (that'd be just over a 12% gain) or the $14.00 level, 
which would be closer to a 20% move.

Picked on June xxth at $xx.xx <- see text
Change since picked:    +0.00
Earnings Date        07/29/02 (unconfirmed)
 



--- 

Maytag - MYG - close: 41.99 change: -2.01 stop: *text*

Company Description:
Maytag makes home appliances for a global market, including 
refrigerators, washers, and ovens.  Its other major brands 
include Amana Appliances and Hoover (vacuums).  They sometimes 
have a cute basset hound in their TV commercials.  Oh and let's 
not forget the classic Maytag Repairman.  

Why We Like It:
Ah, Maytag--you are like an old friend who stole our money and 
then snuck away.  That is if we bought shares at resistance near 
$47.50 and didn't use a stop.  Otherwise the stock is still up 
35% for the year, which means it still has plenty of room to fall 
if investors continue to take their profits and run.  Which also 
makes today's 4.5% loss look like some fund managers may be 
taking some profits off the table before the end of the quarter 
on Friday.

We shorted this stock back on June 12th, looking for the same 
eventual breakdown that we are expecting with tonight's short 
position.  But the market suddenly turned around, rebounding 
fiercely over the span of a few days, and the buy stop of our 
hypothetical short position was hit, kicking us out of the trade.  

Well, we're back at it again tonight.  Fundamentally, you have to 
respect Maytag.  It raised guidance on June 11th, and is in a 
business that is bound to improve with an improving economy--
which we have.  And let's not forget, too, that this is the 
company that washed out the grass stains in our Sunday suits and 
tennies, and bestowed on us one fine toy when we stuck our little 
brothers in their dryer and turned it on--man, what a great 
time!!!  So it is with some deep inner guilt that we are laying a 
short out--again, no less--on a company that's the corporate 
equivalent of one's mother. 

Technically, though, the stock is a mess, and a sharp decline in 
its stock price looks highly likely.  When the stock gapped 
higher back in early March it never truly filled the gap and 
buyers supported it at the $42.00 to $41.60 level.  Support held 
again, months later in early June but shares have close below the 
$42 mark (and its 100-dma if you're watching it).  We think 
shares will likely fall to $40, which acted as support back in 
early March before the spike higher.  Once shares reach this 
level is when it gets interesting.  A break below $40 could have 
shares without any significant price support until the $32.50 
region.  We do have to note that MYG could find technical support 
at its 200-dma near $35.75.  Aggressive traders could attempt to 
short MYG here at current levels while more conservative traders 
may want to wait and see the $40 level fall to the bears.

Our strategy is simple: we'll short MYG moving below today's low 
of $41.83 (but we will NOT short it if it gaps below $41.25).  
Once triggered, we'll use an initial buy stop of 45.67, which is 
above both an area of price congestion and the 50-dma.  Our 
target is the 200-dma, unless MYG just slices through this, in 
which case $32.50 will be shining in our eyes.

Picked on June xxth at $xx.xx <- see text
Change since picked:    +0.00
Earnings Date        07/16/02 (unconfirmed)
 



---

Polycom - PLCM - close: 11.99 change: -0.99 stop: *text*

Company Description:
Polycom manufactures and services communications equipment that 
allows corporate customers to more effectively communicate via 
video, voice and data.

Why We Like It:
Our interest in shorting PLCM is not related to Thomas Weisel's 
lowering of earnings estimates and growth assumptions for the 
stock today.  Rather, we believe that the technical formation on 
the stock makes it vulnerable to a potentially sharp decline in 
its share price.  Fundamentally, Weisel cut FY02 earnings 14% 
from the current level of $0.93 to $0.80.  Perhaps even more 
difficult for the stock was Weisel's reduction of the company's 
3-year growth rate, which was effectively cut in half, from 30% 
to 15% - 20%.

Technically, the stock has just begun to break down from a small 
wedge-shaped consolidation that has formed subsequent to, and at 
the bottom of, the stock's steep May 21 - June 7 decline. Wedge-
shaped consolidations at the bottom of declines can be considered 
negative patterns, since they typically break out (down) in the 
direction of the previous trend.  Point and Figure (PnF) 
chartists will want to note, too, that PLCM possesses a bearish 
triangle breakdown pattern, which can be very powerful trading 
signals.    

Our strategy will be to short Polycom moving below today's low, 
of $11.80, but we will NOT short it if it gaps below $11.40; if 
it were to do this, we'll simply reassess our strategy.  Once 
triggered, we'll use a buy stop of $12.88, which is just above 
today's high.  This is a huge stop, percentage-wise, so traders 
need to consider whether they are willing to accept this kind of 
risk.  Although Polycom has some old support (18 months ago) in 
the $10.75 region--and don't forget the psychological support at 
$10.00--we believe that a decline to a longer-term ridge of 
support at about $8.25 is possible (as are lower values).  Short-
term traders may want to consider taking profits if shares stall 
north of $10.

Picked on June xxth at $xx.xx <- see text
Change since picked:    +0.00
Earnings Date         07/18/02 (unconfirmed)
 




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

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

Crown Cork Seal - CCK - close: 6.85 change: -.02 stop: 8.01

Our short position in CCK is now up about 5% even with today's 
lackluster weakness.  We can only surmise that the stock held up 
well today due to a press release titled, "Crown Cork & Seal's 
Watertight Tube Closure Significant Reduces Water Penetration and 
Eliminates Product Waste."  OK, all joking aside, CCK has managed 
to try to rebound over the last few days.  But this effort has 
simply produced a little triangle consolidation that has negative 
implications.  We expect lower prices in the immediate future, 
particularly given what we believe will be a weak market on 
Wednesday.  We continue to believe that CCK can hit the $6.00 
region in coming days, though a move to the 200-dma, at about 
$5.40, also seems within reach.  As noted on Thursday evening, 
$5.40 is our official profit target for this play.  If CCK 
experiences a sharp dip to this level, we'll take our gains and 
not look back.  Traders can add new short positions as CCK moves 
below today's low of $6.68.

Picked on June 20th at $7.31 
Change since picked:   +0.46
Earnings Date        07/18/02 (unconfirmed)
 



---

PPL Corp - PPL - close: 31.25 change: +0.00 stop: 33.22

We noted recently that PPL has considerable resistance in the 
$32.00 - $32.50 region and that its recent lower-volume rebound 
signaled a lack of buyer conviction.  Volume has declined almost 
every day for the last week as the stock has attempted to capture 
an element of stability.  But we think that today's reversal is 
probably the signal that PPL is now ready to get back to 
business--and start heading lower again for us.  

Our official profit target remains at $24.75, and we will cover 
this position in the event that news--or the stock market--plunge 
the stock down to this level.  Traders can initiate new short 
positions in PPL on a move below hourly support, at $31.10.

Picked on June 19th at $31.60 
Gain since picked:      +0.35
Earnings Date          7/18/02 (unconfirmed)




---

Rational Software - RATL - cls: 9.02 chg: -0.48 stop: 9.65 *new*

Our daily and weekly technical indicators are pointed downward, 
and the probability is high that Rational Software will spike 
lower in the next few days. To protect some of our gains, we've 
lowered our buy stop to $9.65.

The GSO (Goldman Sachs Software Index) declined just a bit more 
than 1% today, while RATL plunged 5%.  A partial explanation for 
this drop may rest in Monday evening's lowered earnings outlook 
for RATL--and a host of other software stocks--issued by US 
Bancorp.  In related news tonight, Micron Technology (MU) 
reported earnings after today's close which disappointed 
analysts. Combined with other market moving technology-related 
news (WCOM fraud), we suspect that RATL along with the rest of 
the NASDAQ will have a very rough day on Wednesday. We currently 
have a 9% gain in this short position and suspect that this gain 
will increase substantially soon.

Please remember that we have set an official price target at 
which gains will be booked of $5.50, a level that is at the 
bottom of RATL's weekly regression channel (Feb - June).  We know 
that this is a brazen target, but we believe that both the 
present ugliness of the stock market, and RATL's own technical 
weakness, support its selection.  Much more conservative traders 
can attempt to close the play and take gains if RATL trades to 
the $8.00 or $7.50 (Sept. low) levels of which either might offer 
up potential support. Aggressive traders can add new short 
positions in this stock as it begins trading below today's low of 
$8.78.

Picked on June 21st at $9.94
Change since picked:   +0.92
Earnings Date       04/24/02 (confirmed)
 



---

Williams Company - WMB - cls: 5.94 chg: -0.59 stop: 6.17 *new*

We now have a 16% gain in this short position, and we're not 
going to part with it willingly.  As such, we've lowered our buy 
stop on this position to $6.17.  We expect considerable market 
weakness on Wednesday, and WMB is not likely to be ignored by it.  
We find it difficult to believe that we'll be stopped out, even 
with the tightness of this buy stop.

We still think that WMB will experience a sharp decline to its 
lower weekly Bollinger Band (5-wma, 1.7sd); that band now sits at  
$3.35.  As we noted the other day, though, our official profit 
target, at which we'll close out this hypothetical short 
position, is $3.60.  Aggressive traders can add WMB into their 
short portfolio as the stock moves below today's low of $5.93.

Picked on June 21st at  $7.08 
Change since picked:    +1.14
Earnings Date         07/25/02 (unconfirmed)
 




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

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

Amazon.com, Inc. - AMZN - cls: 15.34 chg: -2.17 stp: 16.19 

AMZN received a lesson in how competition works today, when 
Buy.com announced that it would sell books to its customers at a 
price 10% below that of Amazon's.  Buy.com made it clear that its 
sharp price-cutting was designed specifically as an "aggressive 
strategy to win Amazon's customers."  Although some analysts came 
out in support of Amazon, investors were largely unconvinced and 
dumped the stock on the news.  Our sell stop of $16.19 was hit, 
kicking us out of this trade with a modest 3.7% loss.  AMZN is 
now well below its 50-dma; since our weekly technicals are 
decidedly negative as well, we do not anticipate re-adding AMZN 
to our bullish play list any time in the near future.

Picked on June 14th at $16.82
Gain since picked:      -0.63
Earnings Date        04/23/02 (confirmed)
 



---

Johnson Controls - JCI - close: 78.14 change: -3.17 stop: 79.94

Car parts maker Johnson Controls suffered along with the broader 
stock market, dropping 4% on the day.  The decline was enough to 
punch through our sell stop, at $79.94, causing our hypothetical 
trade in this stock to be closed with a 6% loss. JCI cracked 
through its 200-dma during today's sell off, and closed well 
under this longer term moving average.  

With that said, we think this stock is in the right kind of 
sector to respond to the improving US economy, and it is the type 
of stock we still want to own--eventually. Delphi, for example, 
is another auto parts maker that raised guidance after today's 
close. In a "normal" stock market, this news would be enough to 
lift all (auto parts) boats in tomorrow's trading. But the ugly 
market mood, which is likely to continue tomorrow, may not allow 
this to happen.  Until investors begin concentrating on 
fundamentals--or just the economy--rather than Armageddon, JCI is 
not likely to be invited back into our bullish play list.  
Looking ahead we would not be surprised to see JCI trade down to 
the $75 level but it is anyone's guess if this will actually hold 
as support.

Picked on June 7th at $83.31
Gain since picked:     -5.17
Earnings Date       07/18/02 (unconfirmed)
 




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

APA     Apache Corp                56.99     +0.84
CBL     CBL & Assoc Properties     40.89     +0.64
HC      Hanover Compressor         13.65     +1.55
INT     World Fuel Service Corp    22.88     +0.73

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

HTRN    Healthtronics Surgical     16.60     +1.16

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

CPS     Choicepoint Inc            47.83     +1.63
ACMR    A.C. Moore Arts & Crafts   45.88     +1.55

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

MO      Phillip Morris Companies   46.55     -2.25
RTN     Raytheon Co                38.58     -2.37
FDX     Fedex Corp                 48.00     -8.02
AVP     Avon Products              48.09     -2.29
AT      Alltel Corp                45.70     -2.14

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

UPS     United Parcel Service (B)  60.21     -1.58
LMT     Lockheed Martin Corp       67.85     -1.65
GD      General Dynamics Corp     103.13     -4.88
NOC     Northrop Gruman Corp      124.00     -4.35
AET     Aetna Inc                  46.37     -2.08
FBC     Flagstar Bancorp           22.30     -2.85
PG      Procter & Gamble Co        89.00     -4.40
UNP     Union Pacific Corp         61.24     -2.80
WLP     Wellpoint Health Network   78.75     -4.13




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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.

Readers are urged to consult with their own independent financial advisors with respect to any investment. All information contained in this report and website should be independently verified.

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Option Investor Inc
PO Box 630350
Littleton, CO 80163

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