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Daily Newsletter, Thursday, 06/27/2002

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PremierInvestor.net Newsletter                  Thursday 06-27-2002
                                                    section 1 of 2
Copyright  2001, All rights reserved.
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In section one:

Market Wrap:      My Four-Piece Puzzle
Play-of-the-Day:  An Advanced Course In Stops
Market Sentiment: On A Dime

************************************************************
MARKET WRAP  (view in courier font for table alignment)
************************************************************
      06-27-2002           High     Low     Volume Advance/Decline
DJIA     9269.92 +149.80  9269.92  9034.96 1.74 bln   1909/1078
NASDAQ   1459.20 + 29.90  1459.41  1412.96 2.03 bln   2150/1306
S&P 100   491.61 +  9.04   491.62   476.53   Totals   4059/2584
S&P 500   990.64 + 17.11   990.67   963.74
RUS 2000  458.72 +  5.75   458.74   449.75
DJ TRANS 2692.55 + 54.90  2697.37  2637.60
VIX        30.02 -  2.31    33.60    30.02
VXN        63.13 -  1.01    66.14    63.13
TRIN        1.02
PUT/CALL     .76
*************************************************************

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

My four-piece puzzle

Gosh darn it!  I sat on the sidelines for the better part of the 
entire session today.  Ended up selling a weak stock in my 
account from a short-term bullish trade I put on yesterday of a 
highly speculative nature that I held over from yesterday and 
took a loss on a gold stock that I was holding as a hedge should 
some type of news come from the House regarding the current 
budget problem that the Treasury faces.

In recent weeks, I have been keying on the U.S dollar, gold 
prices, and Treasury prices (lower YIELDS) as my 3-main 
ingredients to try and figure out price direction of stocks.

Well, today's action has three of the pieces of the puzzle that a 
bullish trader in equities wanted to see falling in place, but 
the one piece of the puzzle that simply didn't fit at all was 
that the U.S. Dollar traded relatively flat to lower the entire 
session.  Oh, it had a brief intra-day rally, but still finished 
marginally lower into the close.

I'm going to attempt to try and show my "artist rendering" of 
what I think it will take for a true and prolonged bullish rally 
to take place for stocks.

Let today's 149 point gain in the Dow Industrials (INDU), 17 
point gain for the S&P 500 (SPX.X), and 29 point gain for the 
NASDAQ Composite be the starting point of how some of the pieces 
of my "market puzzle" fit together, with only the US Dollar 
action not quite fitting in place.

Current market puzzle pieces - Today's action depicted




Equity bulls got just about everything they wanted to see today 
from the various sectors we've been monitoring closely in recent 
weeks, except the fact that the U.S. $ was floundering near 
unchanged levels the entire session.

The major DIVERGENCE found today from past weeks is rather 
confusing.  While I would agree that a more "marginal" divergence 
between the two could be "explained" by simple profit taking in 
gold stocks as depicted by the Gold/Silver Index (XAU.X) 73.42 -
3.73%, today's continued weakness and a follow through decline 
from yesterday's weakness (despite yesterday's jump higher after 
WorldCom's fraud announcement) came when the U.S. dollar, 
depicted by the US Dollar Index (dx00y) 106.37 -0.17% traded 
relatively flat to lower.

Today's economic data may indeed have driven price action lower 
in gold stocks as the final first quarter GDP numbers were 
revised higher to a 6.1% annual rate, from previously reported 
5.6% annual rate.  That gave traders some "relief" that the 
economy was rather strong in the first quarter, and while 
yesterday's FOMC comments were that of a "mixed yet slowly 
improving" economic forecast, the stronger-than expected final 
GDP data may have given traders some thought that there might 
just be enough growth momentum to carry the economy through the 
almost completed 2nd quarter.

Even this morning's jobless claims data, which showed that first-
time claims for jobless benefits fell by 10K to 388K in the 
latest week, hints that the labor market is trying to firm.  The 
more closely watched four-week moving average continued to drop 
below the 400K level at 391,000, which is the lowest since March.

The response from the bond market was very much "in line" with 
today's released economic data.  While it seems foolish that the 
MARKET would put a lot of weight in the GDP data, which is 
talking about January-March's economy, I think the selling in 
Treasuries was definitely in response to the jobless claims data.  

There has been a BIG concern, as well there should be, that any 
further deterioration in the labor markets would put the consumer 
at risk and it has been the consumer that has really helped keep 
the economy somewhat afloat.

So why would today's decline in gold be viewed as potentially 
bullish?  This is our "offsetting" sector that we need to at 
least monitor as it relates to Treasuries.

Remember, the U.S. Treasury is facing a budget crisis right now.  
This budget crisis is perhaps reflected in the weakness of the 
U.S. $ as investors may not have confidence in the greenback 
until that issue is resolved.  As such, if there is a lack of 
confidence in the U.S. Dollar, then the next logical target of 
pessimism would be the U.S. Government debt, which is paid with 
U.S. dollars.  If so, then gold would be a benefactor of such 
concerns.

You see, selling in U.S. Treasuries, while it generates cash from 
the selling of the underlying bonds, needs to be understood.  
Just because there's selling in Treasuries doesn't mean it is 
going to just roll into U.S. equities.

However, today's lower gold action hints that some of the money 
that came out of Treasuries today did indeed find its way into 
stocks despite the slight weakness in the U.S. dollar.

Bears be alert!

For bulls, I'm still going to take a cautious approach to 
"getting up to my ears" in equities.

But an alert does need to be advised to equity bears here.  Let 
the above puzzle that has three pieces of the puzzle fitting 
together as it relates to bullish U.S. equity prices fitting 
together, today's stock rally may have been held back somewhat by 
the weaker U.S. Dollar.

One of my "key concerns" for equity bears was a scenario that 
found selling in Treasuries (like we saw today) couple with a 
strengthening U.S. Dollar (we didn't see that today).  

No "ifs, ands or buts"

Based on what I saw today, I'd be looking at closing out a short 
in NVIDIA (NASDAQ:NVDA) $17.08 -14.8% if subscribers are still 
holding this one short from our June 13th market wrap. 

http://www.PremierInvestor.net/markets/marketwrap/061302_1.asp

Equity bears may have some other trades still being carried 
similar to the technicals found in NVIDIA (NVDA), and if so, I'd 
sure be looking to lock in some gains, or get aggressive with 
lowering some stops to help try and assure profitability.

NVIDIA Corporation Chart - Daily Interval




If short NVDA, I'd be getting aggressive and eager to be locking 
is some gains of short from June 13th commentary.  I received 
numerous e-mails from subscriber at OptionInvestor.com regarding 
a similar put option profile from the same day.  The target has 
been achieved and now exceeded and ready to lock in the gains.  
I'm not willing to let a short-covering rally, or a potential 
rally in the U.S. Dollar wipe out a decent gain from $25.74 (the 
June 14th low).

In today's 01:00 Update: 
http://www.PremierInvestor.net/markets/intradayupdates/062702_3.asp
 we used a similar technique like that outline above in regards 
to USA Interactive (NASDAQ:USAI) $22.60 -0.79% and Expedia 
(NASDAQ:EXPE) $59.18 -1.18%.  It is noted that USAI did rally 
back above the $22 level, which had been my original bearish 
target to correlate with against EXPE.  

Why am I still hesitant and not overly bullish for stocks?

While I believe that today's selling in Treasuries, coupled with 
selling in gold stocks was positive and helped lift the broader 
market averages, I think it will only go so far without some help 
from some strengthening in the U.S. Dollar.

10-year Treasury YIELD Chart - Daily Interval




Once again, the 10-year YIELD has quickly snapped back above the 
4.801% YIELD level.  In recent weeks, the snap back higher has 
faded back lower from buying in the underlying Treasury bond and 
stocks have sunk in unison.  I think one thing that might keep 
some continued selling would be a strengthening dollar (gold 
should fall under a bullish equity scenario).

Again!  Understand and monitor gold prices.  Remember we could 
see selling in Treasuries should the US$ decline due to the 
current budget crises that is before the House.  If no budget is 
approved and the U.S. Government defaults on some obligations due 
to the Balanced Budget Amendment, then the MARKET would not only 
sell the U.S. $, but most likely Treasuries too, which interest 
payments are backed by the "full faith and credit of the U.S. 
Government."  

And that's the wild card!

Lets draw upon Tuesday night's market wrap and conversation 
regarding the U.S. budget crisis.

As Treasury Secretary O'Neill warned, on Friday (that's tomorrow) 
the Treasury must credit an interest payment of $67 million to 
the Social Security trust fund and other funds.  The government 
will also owe about $54 billion in payments between July 1-3, 
including some $30 billion to Social Security recipients.

Here we are!  Thursday evening.  What's your House representative 
doing tonight?  Out partying on your tax dollar, or trying to 
work out some resolve to this current mess?

Currency traders sure seem a lot more concerned about this every 
so nearing "deadline" than what we was today, at least as it 
relates to gold's price action.  In fact, I'd argue that the 
MARKET is anticipating some type of resolve to raising the debt 
ceiling.

Once again, the Treasury postponed the announcement on next 
week's 3 and 6-month bill auctions "until further notice," just 
as it had put off the 2-year note auction earlier this week.

Right now, the "wild card" may well be resolution or lack of 
resolution to this debt ceiling issue.

Next week, Americans will celebrate Independence Day on July 4th.  
Firecrackers are often associated with the holiday.

Near-term, maybe tomorrow, we're going to see just what kind of 
display the markets have in store.  Resolution to the budget 
crisis could have stocks surging and a U.S Dollar rebounding, but 
a lingering of debt issues and worries over how the government is 
going meet some of its current obligations could have today's 
market rally being just another dud.

Interpreting market action is difficult enough under any 
circumstance, but throw some politician posturing in to the fray 
that determines any type of budget resolution is nearly 
impossible to sort out.

For now, look for any type of similarity between today's price 
action in gold and bonds to have similar impact on stocks.  
Conversely, any DIVERGENCE between the two as it relates to 
today's action will most likely be sign of stock market decline.

I just wish I knew what was going to happen regarding this budget 
issue.  Of course, if I did know, I couldn't say anything as that 
could be interpreted as "inside information."  You and I know 
just what kind of attention that is getting these days.

While today's lower gold action combined with selling in 
Treasuries looks like the MARKET knows something about a 
resolution to the budget delemna, the currency markets just 
didn't seem to confirm.  As such, trade "softly", carry a BIG 
stick, and be willing to defend yourself!

Quotes for the times

Here are some quotes from the Stock Trader's Almanac that I find 
rather fitting for the current times.  See if you can draw any 
analogies.

Jesse Livermore - "Beware of inside information... all inside 
information."

Yale Hirsch - "Life is an illusion.  You are what you think you 
are."

Montesquieu - "For a country, everything will be lost when the 
jobs of an economist and a banker become highly respected 
professions."

Henrik Ibsen - "Those heroes of finance are like beads on a 
string, when one slips off, the rest follow."

Anonymous - "An entrepreneur tends to lie some of the time.  An 
entrepreneur in trouble tends to lie most of the time." 

Jeff Bailey - "Trade softly and carry a big stick.  Then be 
willing to defend yourself, not only with the big stick, but a 
protective stop."

Jeff Bailey
Senior Market Technician
PremierInvestor.net



=========================
Play-of-the-Day           (New high-risk/reward BULLISH play)
=========================

Advanced Micro Devices - AMD - cls: 9.05 chg: +0.08 stop: *text*

Company Description:
Advanced Micro Devices manufactures semiconductors in its plants 
located in the US, Europe and Asia. The company's products 
include a variety of digital integrated circuits for computers, 
workstations, telecom equipment and consumer electronics. 

Why We Like It:
Since reaching an intermediate term high of $19.98 in early 
January 2002, AMD has been in an unrelenting slide, not unlike 
many other technology stocks.  The stock seems to have 
established one of its short-term bottoms this week, and we think 
there may be an attractive trading opportunity over the next few 
days.  We're not interested in marrying this stock, you 
understand, just taking it out on a stimulating date.  And it 
looks like others have the same interest.  SG Cowen, which 
maintains a negative long term rating on AMD, said today that the 
company's late year rollout of a new family of processor--"the 
Hammer" no less--now offers a short term trading opportunity in 
the stock.  

Technically, AMD's price is on the verge of moving back into a 
gap it left on June 19th, the day after it lowered guidance for 
Q2 2002.  AMD moves back into this gap once it reaches $9.25; the 
gap runs up to $10.30.  Our strategy is to capture the 11% gain 
associated with the gap (or slightly above), letting our trailing 
stop, discussed below, close the trade.  As such, this may just 
be a one or two day trade, and it is best left to aggressive 
trades who have access to real-time data throughout the trading 
day.  

This hypothetical long position will only be activated on a move 
to or above $9.25, as long as AMD does not gap above $9.35.  Once 
the trade is triggered, we'll use an initial stop of $8.80.  
However, we plan to move the stop loss aggressively (or 
conservatively, depending on your semantics) higher as follows: 
When AMD trades $9.50, the sell stop becomes $9.25; there after, 
the stop should be placed $0.25 below the current price (i.e., 
when AMD trades $9.75, the stop becomes $9.50), until $10.00 is 
reached.  Once AMD reaches $10.00, the stop should be placed just 
$0.10 away, and this process should be continued until the trade 
is stopped out. If we are lucky and AMD trades above the gap--
say, to the 50-dma at $10.85--traders should be able to capture a 
gain close to that associated with the $10.75 level.

We reiterate this is only for traders who can follow the markets 
throughout the session.  Those trading otherwise need to use risk 
capital they are willing to lose.  We would keep an eye on the 
SOX semiconductor index.  One might want to wait until the SOX 
breaks above the 400 level before considering any long positions 
in the sector.  Although chart observers may note that AMD 
appears to trade a lot closer to the Nasdaq than the SOX.

Picked on June xth at $xx.xx <- see text
Gain since picked:     +0.00
Earnings Date       07/17/02  (unconfirmed)
 



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

On A Dime
By Eric Utley

Investors and traders awoke to what could have been the washout
day Wednesday morning following the news about WorldCom
(NASDAQ:WCOM).  But when faced with the possibility, then instead
chose to buy.  And buy they did into Thursday's session, lifting
the major averages solidly higher for the day.

Whatever was the catalyst to turn the sentiment in the market I
don't claim to know.  All I do know is that going into Wednesday's
session we were awful oversold by several counts.  The ARMS
Index was flashing as much, with the short and intermediate term
numbers in extreme oversold readings.  Interestingly, those
extreme readings have already been worked off with the exception
of the 5-day which closed right on 1.50.

The fear measures of the market imploded on the reversal in
stocks which is a pattern that we've seen time and time again
this year.  Moreover, the put/call numbers reversed from their
high readings such that all four numbers we track in this
column are now below the 1.00 level.  So, yes, we're still
oversold but there's been no wall of worry built in the last
two days.  Whatever worry was there seems to have been brought
down in just the last two days.  That does not bode well over
the intermediate-term for stocks, but it might be a back
burner issue over the short term.

The reason I speculate as much is because the gold equities
really took it on the chin today.  In fact the sector earned
the day's worst performing group, staging a little breakdown
of its own.  The unwinding of gains in the gold index may
reveal a belief by the market the stocks in general have some
room to the upside.  So it could be that we're seeing some
money come out of the run in the gold stocks and being put to
work in other stocks in tech, finance, and industrials.

But then there's the issue of quarter's end, which usually
brings out the worst in money managers.  Never mind that the
Street is coming under fire from every direction, I'm sure
there are still plenty of managers out there trying to squeeze
a few basis points of performance out of the last few days of
the second-quarter.  I think that part of today's rally was
attributable to window dressing, which makes it all the more
suspect in my mind no matter how oversold the indicators
are.  I suppose we'll know just how much marking up is taking
place in this market during tomorrow's session.

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

Market Averages

DJIA ($INDU)

52-week High: 11350
52-week Low :  8062
Current     :  9270

Moving Averages:
(Simple)

 10-dma: 9391
 50-dma: 9856
200-dma: 9819

S&P 500 ($SPX)

52-week High: 1316
52-week Low :  945
Current     :  991

Moving Averages:
(Simple)

 10-dma: 1003
 50-dma: 1058
200-dma: 1101

Nasdaq-100 ($NDX)

52-week High: 2071
52-week Low : 1089
Current     : 1051

Moving Averages:
(Simple)

 10-dma: 1075
 50-dma: 1207
200-dma: 1402


Fiber Optic ($FOP)

So an index gets crushed to a new all time low the prior day and
then it rebounds by more than 6 percent the next day.  What do
you think that was about?  I'm guessing short covering.  Whatever
the reason, the FOP was the day's best performing index with its
6.41 percent gain.

Sector leaders included Qwest Communications (NYSE:Q), which
gained 50 percent on the day, or about $1, Finisar (NASDAQ:FNSR),
JDS Uniphase (NASDAQ:JDSU), and CIENA (NASDAQ:CIEN).

52-week High: 133
52-week Low : 40
Current     : 44

Moving Averages:
(Simple)

 10-dma: 48
 50-dma: 65
200-dma: N/A


Gold ($XAU)

The recovery in stocks caused a sharp sell off in gold equities
over the last two days.  The XAU was the worst performing sector
for the day with its 3.73 percent drop.

Leading to the downside included Anglogold (NYSE:AU), Agnico
Eagle Mines (NYSE:AEM), Harmony Gold (NASDAQ:HGMCY), Gold
Fields (NYSE:GFI), and Newmont Mining (NYSE:NEM).

52-week High: 89
52-week Low : 49
Current     : 73

Moving Averages:
(Simple)

 10-dma: 77
 50-dma: 79
200-dma: 64

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

Market Volatility

Both the VIX and VXN reached extreme levels in recent sessions,
but there's been no follow-through.  Furthermore, neither index
has been able to hold onto their gains, which tells me there's
no disbelief in this rally.

CBOE Market Volatility Index (VIX) - 30.02 -2.33
Nasdaq-100 Volatility Index  (VXN) - 63.13 -1.01

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

          Put/Call Ratio  Call Volume   Put Volume
Total          0.76        556,885       421,867
Equity Only    0.55        449,403       248,926
OEX            0.70         24,892        17,331
QQQ            0.55         43,181        23,741

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

Bullish Percent Data

           Current   Change   Status
NYSE          48      + 0     Bull Correction
NASDAQ-100    14      - 1     Bear Confirmed
DOW           26      + 3     Bear Confirmed
S&P 500       38      + 0     Bear Confirmed
S&P 100       35      + 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  1.50
10-Day Arms Index  1.42
21-Day Arms Index  1.47
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       2039          1174
NASDAQ     2137          1283

        New Highs      New Lows
NYSE        99            144
NASDAQ      96            155

        Volume (in millions)
NYSE     1,845
NASDAQ   1,941

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

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) -   3/6/02
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  - 06/11/02

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) - 06/11/02
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

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




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PremierInvestor.net Newsletter                 Thursday 06-27-2002
                                                    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
=================================================================
To view this email newsletter in HTML format with imbedded
charts and graphs, click here:
http://www.PremierInvestor.net/htmlemail/f27b_2.asp
=================================================================

In section two:

Net Bulls
  Bearish Play Updates:  AT, FDC

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

High Risk/Reward
  New Bullish Plays:     AMD, ORCL, SNE
  Bearish Play Updates:  ALO, CCK, MYG, PLCM, PPL
  Closed Bearish Plays:  RATL

Split Trader
                         CHS:  2-for-1 split announcement
                         ANFI: 5-for-4 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
===============

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

Alltel Corp - AT - close: 45.80 change: -0.73 stop: 47.47

Banc of America downgraded Alltel on Tuesday. That event seems to 
still be influencing AT, which declined 1.5% today while the 
Combined Telecom Index (IXTC) advanced more than .5%, and the 
Wireless Telecom Sector Index (YLS) popped upward 1.5%.  We're 
looking for resistance in the $47.00 region to continue to be a 
barrier to AT.  Our stop remains above this resistance level at 
$47.47.  New short positions should be deferred until AT has 
traded back below today's low of $44.64 unless you prefer to try 
and short any failed rallies near the $46.40 to $46.50 level.

Picked on June 26th at $44.50 
Change since picked:    -1.30
Earnings Date        04/25/02 (confirmed)
 



---

First Data Corp - FDC - close: 36.58 change: -0.65 stop: 40.55

Although FDC closed down about 2% today, the stock staged a 
fairly powerful rebound after hitting an intraday low of $35.15.  
Today's rebound, which occurred on strong volume, suggests to us 
that the stock may be able to move a bit higher in coming days 
before it is hit with more weakness.  The 200-dma sits at $38.17, 
and the 50-dma is at $39.68; we suspect that one of these levels 
of technical resistance to effectively cause any rebound to fail, 
with prices then turning back down.  Our stop continues to be at 
$40.55, high enough, we believe, to protect us from such a short-
term bounce in the stock.  New short positions can be considered 
once the stock has decisively failed at one of these levels.  A 
failed rally at $38.00 would be a more ideal entry to initiate a 
new short.

Picked on June 24th at $38.09
Gain since picked:      +1.51
Earnings Date        07/11/02 (confirmed)






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

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

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

Inco Ltd. - N - close: 22.15 change: +0.74 stop: 20.99

Not too shabby!  N made another successful retest of the 50-dma 
($21.38) on Wednesday and continued higher today by 3.4%.  The 
real excitement came in the last 40 minutes of trading, when the 
stock went vertical and shot above the $22 level.  The recent 
sideways trading action isn't the most exciting thing to watch, 
but we'll be satisfied as long as the stock keeps bouncing from 
its rising 50-dma.  If this afternoon's rally continues into 
Friday's session we may see N rise to new relative highs in the 
next few days.  Today's close over $22.00 bodes well for a test 
of the near-term high at $22.40.  New long positions could be 
evaluated either on a break above this level or on another 
pullback to the 50-dma.

Picked on June 14th at $21.42
Change since picked:    +0.73
Earnings Date        04/16/02 (confirmed)  




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

Americredit Corp. - ACF - close: 26.94 change: +0.59 stop: *text*

ACF traded higher by 2.2% today on average volume.  Shares never 
approached $25.00, let alone our entry trigger at $24.74.  We 
still expect that a break below this level will quickly lead to a 
test of the $20-$22 region.  If the play does get activated, 
we'll use an initial stop at $28.13 and then lower it quickly as 
the play progresses.  

Picked on June xxth at $xx.xx <- see text
Change since picked:    +0.00
Earnings Date        08/06/02 (unconfirmed)




---

American Intl Group - AIG - cls: 66.90 chg: +0.66 stop: *text*

Although AIG experienced some weakness this morning, shares 
didn't quite reach our action point.  The stock meandered above 
the $66 level for the latter half of the session before finishing 
with a gain of nearly 1%.  A selloff in the broader market on 
Friday could quickly drop AIG to our entry trigger at $65.48.  
Remember that if/when this play is activated, our stop will be 
located at $68.01.

On a related note, the S&P Insurance Index (IUX) recently began 
trading again after a six-month hiatus.  The lack of recent 
historical data makes it difficult to gauge resistance and 
support levels, but a break under the relative low near 280 would 
be decidedly bearish for the sector.

Picked on June xth at $xx.xx <- see text
Gain since picked:     +0.00
Earnings Date       07/25/02 (unconfirmed)


 

---

Cooper Industries - CBE - close: 40.72 change: +0.64 stop: 41.87

Increasingly, it appears that Monday's dip to $37.00 may have 
been a near-term capitulation for CBE.  The stock has trended 
higher over the past three sessions and did not experience any 
trouble overcoming the 200-dma at $39.70.  In light of the 
uptrending MACD and daily stochastics (5,3,3), we would 
discourage new bearish positions at this time.  On Friday we'll 
be watching for CBE to rollover near the 100-dma at $41.06.  This 
moving average has provided some measure of support/resistance 
over the past two weeks.
 
Picked on June 24th at $39.81
Gain since picked:      -0.91
Earnings Date        04/23/02 (confirmed)
 

 

---  

Goodrich Corp. - GR - close: 27.24 change: +0.80 stop: 29.68

GR may have been overdue for a rebound after several consecutive 
weak sessions.  Shares tacked on 3% today and closed just above 
the 200-dma at $27.18.  That's technically bullish, but it's 
interesting to note that today's volume was the smallest in two 
weeks.  This suggests that the rally may not be sustainable.  GR 
mirrored a strong day in the DFX (Defense Index), which also 
gained 3%.  The index now faces what could be formidable 
resistance at the 200-205 level.  Aggressive short positions in 
GR could be considered on a rollover from current levels, 
although we'd definitely wait for shares to move back under the 
200-dma before considering an entry.  A rollover at $28.00, which 
was previous price support and now should be resistance, may also 
be a somewhat aggressive entry for new shorts and the same area 
might mark a good stop (north of $28.00) for more conservative 
traders.  However, our caution just a couple of sentences up 
still applies, we'd be very hesitant to short a stock on a rally 
back over its 200-dma.

Picked on June 24th at $26.95
Change since picked:    -0.29
Earnings Date        07/24/02 (unconfirmed) 


 


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

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

Coach - COH - close: 55.10 change: +1.90 stop: 55.06

COH gapped lower with the broader market on Wednesday morning and 
set a near-term low of $48.99.  Unfortunately, our bearish 
expectations for COH were hampered by yesterday's upgrade from 
Merrill Lynch.  This news seemed to spook the bears, as COH 
staged a powerful rally that sent shares to the $53 level.  The 
upward momentum continued into today's session, thanks in large 
part to a strong broader market.  COH tacked on 3.5% and moved 
above the 50-dma at $54.74.  This play remained intact until the 
final 15 minutes of trading, when shares violated our stop-loss 
at $55.06.  Our play was closed for a loss of 3.3%.  At this 
point it looks like COH may make a run for the June highs near 
$57.00.  The close above the 50-dma certainly won't inspire much 
confidence in the bears.

Picked on June 25th at $53.30
Gain since picked:      -1.80
Earnings Date        07/29/02 (unconfirmed)  






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

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

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

Advanced Micro Devices - AMD - cls: 9.05 chg: +0.08 stop: *text*

Company Description:
Advanced Micro Devices manufactures semiconductors in its plants 
located in the US, Europe and Asia. The company's products 
include a variety of digital integrated circuits for computers, 
workstations, telecom equipment and consumer electronics. 

Why We Like It:
Since reaching an intermediate term high of $19.98 in early 
January 2002, AMD has been in an unrelenting slide, not unlike 
many other technology stocks.  The stock seems to have 
established one of its short-term bottoms this week, and we think 
there may be an attractive trading opportunity over the next few 
days.  We're not interested in marrying this stock, you 
understand, just taking it out on a stimulating date.  And it 
looks like others have the same interest.  SG Cowen, which 
maintains a negative long term rating on AMD, said today that the 
company's late year rollout of a new family of processor--"the 
Hammer" no less--now offers a short term trading opportunity in 
the stock.  

Technically, AMD's price is on the verge of moving back into a 
gap it left on June 19th, the day after it lowered guidance for 
Q2 2002.  AMD moves back into this gap once it reaches $9.25; the 
gap runs up to $10.30.  Our strategy is to capture the 11% gain 
associated with the gap (or slightly above), letting our trailing 
stop, discussed below, close the trade.  As such, this may just 
be a one or two day trade, and it is best left to aggressive 
trades who have access to real-time data throughout the trading 
day.  

This hypothetical long position will only be activated on a move 
to or above $9.25, as long as AMD does not gap above $9.35.  Once 
the trade is triggered, we'll use an initial stop of $8.80.  
However, we plan to move the stop loss aggressively (or 
conservatively, depending on your semantics) higher as follows: 
When AMD trades $9.50, the sell stop becomes $9.25; there after, 
the stop should be placed $0.25 below the current price (i.e., 
when AMD trades $9.75, the stop becomes $9.50), until $10.00 is 
reached.  Once AMD reaches $10.00, the stop should be placed just 
$0.10 away, and this process should be continued until the trade 
is stopped out. If we are lucky and AMD trades above the gap--
say, to the 50-dma at $10.85--traders should be able to capture a 
gain close to that associated with the $10.75 level.

We reiterate this is only for traders who can follow the markets 
throughout the session.  Those trading otherwise need to use risk 
capital they are willing to lose.  We would keep an eye on the 
SOX semiconductor index.  One might want to wait until the SOX 
breaks above the 400 level before considering any long positions 
in the sector.  Although chart observers may note that AMD 
appears to trade a lot closer to the Nasdaq than the SOX.

Picked on June xth at $xx.xx <- see text
Gain since picked:     +0.00
Earnings Date       07/17/02  (unconfirmed)
 



---

Oracle Corp. - ORCL - cls: 9.68 chg: +0.51 stop: *text*

Company Description:
Oracle is a global supplier of information management software. 
The Company's business is primarily designed to assist 
corporations manage and grow their businesses.  

Why We Like It:
Although the broader market continues to have a volatile, 
negative bias, there's no doubt that a strong short covering 
rally could cause many tech stocks to generate powerful gains 
over just a few days' period.  With this as a backdrop, we've 
decided to add ORCL to our PI play list as a long play for 
several reasons.  First, the company reported earnings only a few 
weeks ago; with its next earnings release not until September, 
the prospect of a sudden earnings warning--which typically came 
later in a company's quarter--is unlikely in coming weeks.  Let's 
not forget the company actually beat analysts profit expectations 
(of course it was mainly due to dramatic expense reductions).  
Second, the stock has formed an attractive reverse head and 
shoulder bottoming formation over the last seven weeks.  This 
pattern can produce steep upward moves in stock prices when the 
pattern has been fully activated (in this case, above $10.00).  
Third, ORCL possesses positive and improving technical indicators 
on both its longer-term (weekly) and shorter-term (daily) price 
charts. In the past two days the stock has begun to break out of 
a downward regression channel that has been in place since 
January 2002--and it has also begun closing above its 50-dma--and 
these moves have been accompanied by increasing volume.  Point 
and Figure (PnF) chartists should note that the ORCL is now 
flashing a double top breakout.  

Our strategy for taking a long position in ORCL will be as 
follows: 1) long positions should be entered only if ORCL has 
moves above actual and psychological resistance of $10.00.  This 
means our most likely entry price will be $10.01. 2) We will not 
take a position if ORCL gaps above $10.25. 3) Once triggered, 
we'll place a sell stop just below recent short-term support at 
$8.99.  Traders need to recognize that the placement of a stop 11 
to 12% below the entry price brings with it a good bit of risk; 
the size of long positions need to take this into account.  More 
aggressive traders could use a wider stop, say $8.49, and more 
conservative traders could use a tighter stop, say $9.49.  
Traders who do their homework should notice that the September 
2001 lows for ORCL were all between $10.16 and $10.25.  This may 
be the actual region of resistance the stock has to break so keep 
an eye on it.

Our official price target for this long play is $11.95, though a 
sharp spike through this level could have ORCL reaching much 
higher.  We find it interesting to note that the PnF chart shows 
overhead bearish resistance at $12.50.  This just happens to 
coincide with the upside target of the reverse head-and-shoulders 
pattern, should the neckline be broken at $10, of $12.50 
(actually, it's a bit more).  Longer-term traders will also want 
to take note that the 200-dma is currently near $13.00 and if 
ORCL takes it's time climbing higher this moving average could 
drop down to the $12.50 to $12.00 level and lower overhead 
resistance inline with our targets.  We also expect the $11.00 
level offer potential resistance and short-term traders may want 
to consider taking profits there.

Picked on June xth at $xx.xx <- see text
Gain since picked:     +0.00
Earnings Date       06/18/02  (confirmed)
 



--- 

Sony - SNE - close: 50.30 change: +1.35 stop: *text*

Company Description:
Sony is a leading manufacturer of audio, video, communications 
and information technology products for the consumer and 
professional markets. Its music, motion picture, television, 
computer entertainment, and online businesses make Sony one of 
the most comprehensive entertainment companies in the world. 
(source: company website)

Why We Like It:
Tonight's addition of SNE to our Play List comes against a 
backdrop of uncertainty in the world currency markets.  As 
discussed by Jeff Bailey in tonight's Market Wrap, a 
congressional budget deadlock (which can be attributed to 
partisan posturing ahead of the November mid-term elections) has 
created the possibility that the U.S. will begin to default on 
some of its loans.  This has led to a steep selloff in the U.S. 
dollar (DX00Y) as foreign investors retreat and money flows into 
other "safer" currencies, such as the Euro and Yen.  The House of 
Representatives only has until Friday to approve the budget 
amendment.  

Because SNE is a large exporter, the strengthening Yen (JY02U) 
makes Sony's products less attractive (i.e. more expensive) 
overseas.  The stock price seems to have reflected this fact over 
the past month.  If the Congress resolves the budget issue and 
the Dollar strengthens, we think SNE is technically well-
positioned to move higher.  The stock recently bounced near its 
200-dma at $47.51.  This level roughly coincides with the 61% 
retracement with the rally from the February lows to the May 
highs.  Today's 2.7% gain appeared to confirm the reversal and 
lifted shares above the $50 level.  The daily stochastics (5,3,3) 
are rising from the oversold region, suggesting more buying is in 
store.  We also like the RSI, which is displaying a pattern of 
bullish divergence.  In terms of upside potential, we're looking 
for shares to reach or slightly exceed the 50-dma ($54.67), which 
coincides with the 61.8% retracement of the recent decline (May 
23 high to June 26 low).  We won't enter this play until SNE 
trades above $50.51.  If triggered, we'll use a stop at $47.48, 
just under the 200-dma.  Conservative traders may want to wait 
for the DX00Y to move above 108 before taking any positions.  Of 
course, it's also possible that SNE could move higher without any 
regard to what the currency markets are doing.  We simply think 
our chances are better if the dollar strengthens.

Picked on June xxth at $xx.xx <- see text
Gain since picked:      +0.00
Earnings Date        10/24/02 (unconfirmed)
 



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

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

Alpharma, Inc - ALO - close: 16.78 change: +0.14 stop: 18.25

Yesterday, ALO violated a trend line that runs below the lows of 
its upwardly trending consolidation, triggering our short 
position in this pharmaceutical stock.  Although it subsequently 
rebounded back above this trend line, today's intraday reversal 
in the stock--it peaked at $17.18 before heading straight down--
supports our bearish outlook.  We are expecting ALO to drop below 
its trend line again in the next few days, and this should begin 
a meaningful decline in the stock.

Picked on June 26th at $15.95 
Change since picked:    -0.83
Earnings Date        07/29/02 (unconfirmed)
 



---

Crown Cork Seal - CCK - close: 6.67 change: -.39 stop: 7.41 *new*

CCK enjoyed a nice upgrade by Deutsche Bank on Wednesday.  The 
"Strong Buy" designation helped the stock tack on 3% yesterday, 
but CCK effectively gave it all back, and a bit more, today.  We 
still consider the technical pattern on this stock weak; Crown 
Cork Seal has begun to slip downward, and out of, the small 
consolidation wedge it formed during the June 20 - June 26 time 
frame.  This should lead to another short-term dip in the stock.  
Considering CCK's weakness on a day the markets soared higher 
(albeit due to a relief rally) we see this as a good sign and 
will lower our stop.  The last five sessions have only produced 
an intraday high of $7.39.  We're going to lower our stop to 
$7.41, which will reduce our risk to a mere 10 cents.  We noted 
late last week that $5.40 (at the 200-dma) is our official profit 
target for this play.  However, since the 200-dma has now risen 
to $5.46, we're going to raise our official exit as well.  The 
new exit price for our play will be $5.50.  Those willing to jump 
out ahead of the crowd could attempt to exit 5 or 10 cents above 
that.  Still more conservative, less greedy traders may want to 
exit this short on CCK near the $6.00 level, which could still 
act as potential psychological support.  If CCK experiences a 
sharp dip to this level, gains should be booked.  Traders can add 
new short positions as CCK moves below today's low of $6.60.

Picked on June 20th at $7.31 
Change since picked:   +0.64
Earnings Date        07/18/02 (unconfirmed)
 



---

Polycom - PLCM - close: 12.35 change: -0.18 stop: 12.88

Polycom spiked up to $13.10 this morning, before beginning a 
stiff dip.  That dip hit our trigger of $11.80, putting us into 
this hypothetical short position.  Please note that our buy stop-
-$12.88--is substantially away from our entry price, by about 9%, 
and traders need to take this into account as they manage this 
trade. Although we think PLCM is headed to the $8.25 level, or 
lower, don't forget that the stock might try to find support at 
either the $10.75 region (older support) or psychological support 
at $10.00.  If it does attempt to stall at either region, some 
traders may elect to capture gains without waiting for a steeper 
decline.

Picked on June 27th at $11.80 
Change since picked:    -0.55
Earnings Date        07/18/02 (unconfirmed)
 



---

PPL Corp - PPL - close: 31.90 change: +0.49 stop: 33.22

PPL has been a snail for us.  While we are encouraged that the 
$32 level continues to act as support this stock has failed to 
give us the kind of more brisk dip we've been expecting.  Today's 
spike to an intraday high of $32.10 brought PPL to the top of its 
regression channel; over the last 6 weeks, moves to the region of 
this upper boundary have resulted in a fairly steep subsequent 
price declines.  We expect that this will be the case again this 
time.  Our official profit target remains at $24.75, and we will 
cover this position in the event that the stock drops down to 
this level.  Traders should watch the $30 region, since it may 
attempt to offer the stock some psychological support.   We would 
not encourage new short positions in PPL until the stock is 
trading below yesterday's low of $30.75.

Picked on June 19th at $31.60 
Gain since picked:      -0.30
Earnings Date          7/18/02 (unconfirmed)




---

Maytag - MYG - close: 42.70 change: +0.98 stop: 45.67

Since Maytag announced improved earnings guidance in the middle 
of June, the company has been as quiet as a basset hound with a 
mouth full of socks. In this news vacuum the stock has tended to 
waddle lower, though it has yet to begin the decline of which we 
think the stock is capable.  Today's 2% advance followed the 
strength in the Dow as well as the Morgan Stanley Cyclical Index 
(CYC), which finished the day up 1.5%.

We're going to keep our buy stop just above the 50-dma, at 
$45.67; it is positive for our short position that the 50-dma has 
now begun to trend slightly lower.  Our profit target on MYG is 
the 200-dma--now at $35.80--although we will make our target 
$32.50 if the 200-dma is pierced easily and quickly.

Picked on June 56th at $41.82
Change since picked:    -0.88
Earnings Date        07/16/02 (unconfirmed)
 




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

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

Rational Software - RATL - cls: 7.85 chg: -0.17 stop: 8.32 

We're rattled, but we can't complain!  Yesterday's impressive 
rebound in the markets continued this morning, prompting many 
tech stocks, and the NASDAQ Composite, to gap up at the open of 
trading.  RATL took advantage of this strength, and the stock 
spiked as high as $8.45--selling just a few thousand shares at 
this level--in the first few minutes of trading.  Although RATL 
turned sharply lower almost immediately after hitting this level, 
our buy stop was hit and this hypothetical short position was 
covered at $8.32.  Our play is accordingly closed out with a 
$1.62 gain, or +16.3%.  If you were lucky enough to be trading 
with a mental (rather than actual) buy stop, its possible that 
RATL's blink-of-the-eye blip left you still in this short.  If 
so, RATL continues to present a weak technical picture and more 
gains from this short position are highly possible.  But keep 
your stop tight: don't give up your gains on the hope that a 
rally in this stock will fail.  If we were still short, we'd 
consider a tight stop just above the $8.00 mark to protect gains.

Picked on June 21st at $9.94
Change since picked:   +1.62
Earnings Date       04/24/02 (confirmed)
 





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

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

Chico's Offers 2-for-1 Stock Split

Before the market opened this morning, Chico's FAS, Inc (NYSE: 
CHS) announced that its Board of Directors had approved a 2-for-1 
stock split.

The additional shares are expected to be distributed on July 29, 
2002 to shareholders of record on July 15, 2002.

CHS most recently split in January of this year.  It was a 3-for-2
 offering.  The stock has nearly tripled from its September lows, 
and has gained more than 38% in 2002.  

Shares closed at $36.59 on Wednesday. For a current quote, click here:

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

About the company
Chico's sells exclusively designed, private-label women's casual 
clothing and related accessories. The Company operates a chain of 
328 stores in 40 states and the District of Columbia. The Company 
owns 317 stores, franchisees own 11 (source: company press 
release)

---

American National sets 5-for-4 stock split

Prior to the opening bell this morning, American National 
Financial Inc. (NASDAQ: ANFI) announced that its Board of 
Directors had declared a 5-for-4 stock split.

The split will be effected on July 18, 2002 to stockholders of 
record on July 8, 2002.

ANFI has split once since it began trading in 1999; a 11-for-10 
offering in 2001.  Today's announcement comes after a strong 
performance in 2002 that has seen shares more than double in 
price.

The stock closed at $14.59 on Wednesday. For a current quote, click here:

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

About the company
Headquartered in Orange, California, American National Financial, 
Inc., through its principal subsidiaries provides title insurance 
services and other real estate-related informational services 
through its subsidiaries in California, Arizona, Nevada and New 
York through 85 branch offices. The Company also operates on a 
national level through its National Title Insurance of New York, 
Inc. subsidiary, which is licensed to issue and underwrite title 
insurance policies in 34 states, the District of Columbia and the 
U.S. Virgin Islands. (source: company press release)


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

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

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

TOT     Total Fina Elf Sa          78.42     +1.92
NVS     Novartis Ag ADS            42.40     +2.30
DCX     DaimlerChrysler AG         46.95     +1.15
TSN     Tyson Foods Inc            15.55     +0.52
PNW     Pinnacle West Capital      38.65     +0.55
UBSI    United Bankshares Inc      29.52     +1.13

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

HAIN    Hain Celestial Group Inc   18.09     +1.94
WEBX    Webex Communications       15.93     +1.83
IOM     Iomega Corp                12.79     +1.14
VERS    Versicor Inc               13.20     +1.86
EXAS    Exact Sciences             16.58     +1.83
MBRS    Memberworks Inc            18.50     +1.47

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

PFE     Pfizer Inc                 36.75     +1.75
LMT     Lockheed Martin Corp       71.43     +2.93
SLM     SLM Corp                   97.00     +2.80
SNV     Synovus Financial Corp     27.50     +1.02
ALV     Autoliv Inc                24.30     +1.15
STZ     Constellation Brands Inc   31.59     +4.09
CNF     CNF Transportation         37.20     +2.01

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

GM      General Motors Corp        51.50     -1.58
RTP     Rio Tinto Plc ADR          71.99     -2.20
EDS     Electronic Data Systems    37.30     -6.10
CCU     Clear Channel Comm         31.20     -4.55
OMC     Omnicom Group Inc          44.30     -4.51
IPG     Interpublic Group of Co    23.51     -1.76

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

DTG     Dollar Thrifty Auto        25.01     -0.33




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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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