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Daily Newsletter, Friday, 07/19/2002

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PremierInvestor.net Newsletter          Weekend Edition 07-19-2002
                                                    section 1 of 3
Copyright  2001, All rights reserved.
Redistribution in any form is strictly prohibited.

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In section one:

Market Wrap:      It Didn't Seem To Matter
Play-of-the-Day:  Top Of the Channel Play
Watch List:       Another Big One!
Market Sentiment: Quicksand


******************************************************************
MARKET WRAP  (view in courier font for table alignment)
******************************************************************
        WE 7-19          WE 7-12          WE 7-05          WE 6-28
DOW     8019.26 -665.27  8684.53 -694.97  9379.50 +136.24  - 10.53
Nasdaq  1319.15 - 54.35  1373.50 - 74.86  1448.36 - 16.58  + 24.01
S&P-100  423.10 - 35.81   458.91 - 33.75   492.66 +  2.54  +   .70
S&P-500  847.75 - 73.64   921.39 - 67.64   989.03 -   .79  +   .69
W5000   8083.00 -628.50  8711.50 -601.90  9313.40 - 70.63  -  5.95
RUT      386.20 - 27.08   413.28 - 27.64   440.92 - 21.74  +  1.59
TRAN    2332.18 -147.96  2480.14 -172.50  2652.64 - 77.68  - 25.32
VIX       43.45 +  5.12    38.33 +  8.12    30.21 +  1.08  -  2.15
VXN       61.17 -  4.83    66.00 +  9.72    56.28 -  1.67  -  1.35
TRIN       1.44             0.89             0.28             1.18
Put/Call   1.14             0.64              .77              .66       
******************************************************************


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

It didn't seem to matter

If you turned on the radio, watched the television, or stood by 
the water cooler today, you're probably aware the markets traded 
lower.  Investors continued to ring their hands/portfolios of 
stocks as if to say "it just doesn't matter anymore."

It didn't seem to matter that AK Steel (NYSE:AKS) $10.01 -4.84% 
reported earnings of $0.08 a share and handily beat consensus 
estimates of $0.02 a share.  While AK Steel probably isn't a 
household name and topic of conversation at investment clubs, the 
MARKET turned a deaf ear when the company said its second-quarter 
earnings quadrupled before a one-time charge, due to record sales 
to the high-margin automotive market.

It didn't seem to matter that the U.S. government reported a 
$29.1 billion surplus for June, which was comprised by $182.6 
billion in receipts and $153.6 billion in expenditures.  No, what 
seemed to matter was that the $29.1 billion surplus in June 
followed a $80.6 billion deficit in May.

It didn't seem to matter that the U.S. Trade gap surged to a 
record $37.6 billion in May.  Total imports rose 1.8% to $118.3 
billion, the highest since April 2001, the first month that 
marked a recession.  Exports rose 0.7% to $80.6 billion, the 
highest since August 2001.  

It didn't seem to matter that the trade figures showed strong and 
growing demand in the Unites States for consumer goods 
manufactured outside the U.S.'s borders.  No, what seemed to 
matter was that there was less robust demand for U.S.-made goods 
in the rest of the world.

"The huge trade deficit starts to be a real problem for the 
economy when foreigners are reluctant to put their money into 
U.S. capital markets," said Bill Cheney, chief economist at John 
Hancock Financial.  "We need an inflow of foreign capital equal 
to the trade deficit, and if it's not forthcoming at today's 
exchange rate, the dollar will continue to slide lower."

U.S. Dollar Index Chart - Daily Interval




While the black box above says "07/18/02" it's really today's 
07/19/02 data.  While the dollar did make a late day move higher 
from its morning low, the widening of the trade gap is perplexing 
and concerning to investors.

While economic theory states that a weaker dollar should have 
U.S. made products being more price competitive in foreign 
markets and foreign made goods becoming more expensive in the 
U.S. on a relative basis, the widening trade gap tells us (and 
the continued weakening in the dollar confirms) that foreign 
consumers aren't spending or they have yet to perceive a 
price/value benefit of a U.S. manufactured good.

Today's trade gap number showed that the deficit with Western 
Europe rose to $8.4 billion in May, which is the second highest 
in history.  The widening deficit with that part of the world 
comes despite a marked rise in the euro versus the dollar from 
0.85 in late January to today's 1.01 level (euro has risen 18.8% 
during this time).

However, there were some signs that the U.S. trade deficit with 
Japan was improving.  Imports from Japan plummeted nearly 15% to 
$9.1 billion, while U.S. exports to Japan rose 8.3%.  The 
narrowing deficit here is partly due to Japan trying to keep the 
yen weak to boost its exports in order to pull its way out of a 
decade-long slump.

The "oddity" that is found in today's widening trade gap numbers, 
especially with Europe, despite the weaker dollar, is what some 
economists call the "J curve."  Economists note that, at first, 
the strengthening euro boosts the current dollar value of imports 
faster than it dampens demand for them.  In the long run, 
however, buyers eventually adjust to the higher prices they would 
pay for imports and switch to relatively cheaper domestic goods.

Widening gap had Goldman lower GDP estimates

But to Goldman Sachs' economists, the "J-curve" theory didn't 
matter (nor should it!).  The widening trade gap led Goldman 
Sachs economists to lower their estimate of second quarter gross 
domestic product from 2% to 1.5%.

The MARKET took the news that Goldman was taking down its GDP 
numbers "very bearish" as the current broader market consensus 
among economists has been for second-quarter gross domestic 
product (GDP) to be about 2.4%.  When compared to first-quarter's 
recently revised higher 6.1% GDP (from 5.8%), Goldman's lower 
revision of its own estimates to just 1.5% had stock investors 
heading for the doors as if to say "that's not representative of 
an economy that's slowing down just a little."

Investors will note that second quarter GDP numbers are scheduled 
for release on July 31st at 08:30 AM.

For me, this puts added emphasis on following the U.S. dollar and 
monitoring for strength, which has not been evidence up to this 
point.  Equity bulls want dollar strength, while equity bears 
want more of what they've been getting since the beginning of the 
year.

And this week, bears got it!

It was another lower week for the dollar and equities followed 
suit.  Only two of the sectors we keep track of on a weekly basis 
managed to show a gain.  Treasuries showed price gains (resulting 
in lower YIELD) as some investors fled stocks, and broader 
biotech stocks as depicted by the Biotechnology Index (BTK.X) 
finished the week with a 5.3% gain.

We did see some "relative" performance show up in the NASDAQ-100 
Index (INDX.X) and broader NASDAQ-Composite (COMPX) this past 
week when looking at the more widely followed indexes.  Even 
today, the NASDAQ-100 -2.93% and NASDAQ-Composite -2.78% though 
weak, didn't suffer as steep of declines as the S&P 500 Index 
(SPX.X) 847.75, S&P 100 Index (OEX.X) 423.10 -4.11% and NYSE 
Composite ($NYA.X) 455.55 -3.55%.

Subscriber will note that the NASDAQ-100 and NASDAQ-Composite 
were the first to really start breaking down back in February, 
and then seemingly took the S&P 500 lower in May, which then 
finally caught up with the Dow Industrials in June.

Subscribers are perhaps making some associations with the bullish 
% charts that we've been discussing in recent weeks. 

It was back on July 8th, that the NASDAQ-100 Bullish % ($BPNDX) 
first reversed into "bull alert" status (some initial signs of 
internal repair and "buy signals" were being generated) and then 
achieved "bull confirmed" status on July 16th at 24% (actually 
rose to 29% on 07/16 a more stocks in this market generated buy 
signals).  While the EXTERNALS as depicted by the NASDAQ-100 
Index and NASDAQ Composite still appear weak technically, it is 
most likely that some of the heavier weighted stocks like 
Microsoft (NASDAQ:MSFT) $49.56 -3.03% (-4.43% on the week) have 
the externals (the market average itself) still looking weak.

Last night, we talked about how we were "still waiting" for any 
type of confirmation from the other bullish % charts to give 
thoughts that the lower risk levels as depicted by the bullish 
percents would find some demand coming back to the broader 
markets which would be needed to get us bullish.  You can see 
from our play list right now, there aren't any bullish play 
candidates on the list and this is perhaps a good thing as the 
S&P 100 Bullish % ($BPOEX) and S&P 500 Bullish % ($BPSPX) are 
still heading lower and internal damage (sell signals) is taking 
place.

This "defensive" posture from the internals really showed up this 
week when comparing the NASDAQ related indexes to the S&P 500 and 
NYSE Composites.

As I've previously pointed out, what can happen when we don't see 
any type of "confirmation" or internal strengthening/firming in 
the less volatile S&P 100 Bullish % ($BPOEX) or broader S&P 500 
Bullish % ($BPSPX), it can begin to weigh on the technology 
groups and NASDAQ-100 and find bulls selling short-term gains of 
7-10% in a stock, instead of risking those gains as they watch 
the S&P 500 Index (SPX.X) 847.75 -3.83% continue its decline.  It 
can also give a bear courage to short stocks that have rallied to 
near-term resistance, looking for another decline back to 
support, or looking for a breakdown to new lows as long as the 
broader S&P 500 and S&P 100 continue to break 52-week lows.

That's what happened today in the NASDAQ-100 Bullish % ($BPNDX).  
Last night's reading was "bull confirmed" at 35%.  While still in 
"bull confirmed" status, there was a net loss of 4 stocks to sell 
signals and a reading of 28%, would have this indicator reversing 
back into a "bull correction" status.  

For terminology explanations of the six different "market cycles" 
you can read the article titled "Understanding risk is key" in 
the Bailey's Basics section of the site.  
http://www.PremierInvestor.net/education/baileysbasics/110800_6.asp
When reading the various "bull" and "bear" type of market 
conditions, simply think of a roller coaster ride.  If you've 
been trading these markets in the past two years, that type of 
analogy shouldn't be difficult to understand.

Major Averages/Indexes - Weekly Changes




At the top of the table, I've pointed to the NYA, INDU, SPX and 
OEX with red arrows.  The bearish comparison I'm making (with red 
arrows) is how those averages were the hardest hit, as relates to 
the COMPX and NDX (green arrows).  The only explanation I can 
come up with for the disparity seen this week, is what I've tried 
to get across with the bullish % charts.  I truly believe (based 
on observations over the years) that the MARKET perceived the 
higher risk for bears in the NASDAQ stocks (most likely market 
makers squaring some bearish inventory and locking in gains) and 
bears focused on the still deteriorating internals of the NYSE, 
S&P 100 and S&P 500.  

Major reasons of the Dow's declines this week were bulls pulling 
the plug on 3M (NYSE:MMM) $108.88 -6.66% (-9.9% for the week), 
most likely in an effort to offset substantial losses elsewhere 
and remove perceived risk in their portfolios ahead of next 
week's earnings.  One could also think investors simply piled out 
on Goldman's GDP revisions.  

Today's Johnson & Johnson (NYSE:JNJ) $41.85 -15.8% debacle 
(-17.1% for the week) regarding a criminal investigation of the 
company related to a potential cover-up of its Eprex drug and the 
company's knowledge of potentially serious illnesses the drug may 
have been causing to those using the drug didn't help the Dow's 
performance either.

Dow Industrials' 30-components - Last trade, $ decline, % decline




Today's losses in the Dow Industrials (INDU) 8,109 -4.64% (-390 
points) was obviously negative.  

One can imagine that the technicals in all of these charts are 
rather bearish and trying to step in and "pick a bottom" on any 
of them at this point looks to be analogous to picking up dimes 
in front of a bulldozer.

While I don't "think" Exxon/Mobil (NYSE:XOM) $32.40 will trade 
its bearish vertical count of $19, and I have a hard time 
"envisioning" that Alcoa (NYSE:AA) will trade its bearish count 
of $14, I know better than to try and catch what still looks to 
be a falling knife.

Some of these bearish counts that are found make it very 
difficult to assess risk/reward entry points after today's 
declines, when some better signals were given well above current 
levels.

Right now it's easy to understand how much weakness there is, so 
what I want to monitor for right now is potential strength 
candidates that might signal some type of bottom and perhaps some 
type of firming in the still falling S&P 100 and S&P 500 Bullish 
% charts.  

Firming should be found at some point in some of the Dow 
Components.

Wal-Mart Chart - $1 box




Shares of Wal-Mart (NYSE:WMT) $46.50 -1.91% achieved their 
bearish vertical count of $46 today and the stock did trade as 
low as $46.50.  Under extreme selling pressure and the more 
negative investor sentiment environment we're in, I could see the 
stock testing its September lows.

In the past, I've talked about keeping your own personal stock 
market logbook.  In this logbook, an investor can scribble down 
some various observations and thoughts.  One important 
observation made is ALWAYS what your emotional state of mind 
you're in and what you're thinking.

I'm willing to "bet" that most individual's mindset is just about 
the same today (SEC investigations, can't trust CEO's, economy is 
going in the tank) as it was back in September (terrorist 
attacks, I'm next, Wall Street will crumble, economy will tank, 
World War III).

I wouldn't criticize anyone for thinking some of these things.  
I'm not going to say that everything's rosy!  

But if we look at the point and figure chart of Wal-Mart (WMT) 
and ask ourselves the question, "would I have made money in the 
stock if I bought at $47 and sold at $57 like the point and 
figure buy and eventual sell signal told me to?"  

Yes it was a little unsettling that in September, shares of WMT 
gave a "sell signal" at $46 and the stock fell to $42.  Did you 
"have" to buy WMT at $42 and try and catch a falling knife when 
the bearish count was $27?  Nope.  All you had to do was wait for 
some type of "buy signal" and then assess risk to a sell signal 
at $41.

Right now, I can find NO compelling reason to be a buyer of WMT 
under current market conditions, other than the fact that the 
stock has achieved it bearish vertical count.  The stock may be 
sitting right near a support level of $47 (where the past buy 
signal was generated).

But a very heavily institutionally owned stock like Wal-Mart 
(WMT) in the discount retailing business that has achieved its 
bearish vertical count is as good a place to start monitoring for 
some type of firming as any stock in this market.

I've said before that bullish and bearish vertical counts aren't 
used for speculative trade entry points.  They are used to asses 
some type of vertical projection, based on a prior buy or sell 
signal, when triggered influenced meaningful demand buying or 
supply selling, where MARKET participants made a buy/sell 
decision based on where they perceived risk to.

Remember too, the bullish and bearish vertical counts are based 
from the science of ballistics.  As it relates to sell signals, 
the "force" of supply (O's) is similar to the powder charge, 
which sets stock's price (the projectile) in motion and 
eventually creates the vertical count column, which is analogous 
to the barrel of a gun.  

Now I'm getting away from Wal-Mart (WMT), but as it relates to 
the bearish vertical count, we at least have a stock where we can 
begin to get "suspicious" to a potential reversal point.  

If you had bought WMT at $47 in September on the "buy signal" and 
had sold it at $57 in April at the sell signal that wouldn't have 
been to bad.

What if you had then turned and sold short 1/2 position in April 
at $57, then sold another 1/2 position in July (just after red 7) 
at $53, when the stock broke bullish support trend and set off 
the bearish triangle pattern?  What might you be doing here as 
the stock achieves its bearish vertical count of $46.

I'd be looking to at least buy back the first 1/2 position I 
shorted at $57, and build some cash in the account with the 
bullish % charts so low, and perhaps holding the other 1/2 
position short just in case the stock continues to see some 
potentially "emotional" selling to the $42 level.

When looking for a potential bottom, its the BIG institutionally 
owned stocks where we should start to expect some type of 
firming.  

The retail sector, and the bullish percent for this group 
according to Dorsey/Wright & Associates, is currently "bear 
confirmed" at 24%.  As some benchmarks, the September low bullish 
% reading for the retailing group was 20%.  The sector didn't 
reverse up into "bull alert" status until early August (red A) at 
26%.  Where was WMT at in early October and its "red A?"  At $51!  
Good'ol WMT was leading the stinking retail sector charge!  It's 
amazing how the BIG stocks will lead a sector move, but most 
likely it's because the institutional "BIG MONEY" will flock to 
the sector bellwethers, when "BIG MONEY" knows of future 
bullishness.  When the "BIG MONEY" stocks start giving sell 
signals, that's often the clue that "BIG MONEY" is starting to 
get out in a more meaningful manner.

A further benchmark is that the retail bullish % from 
Dorsey/Wright rose to a high of 64% by early January (red 1) and 
was still "bull alert," then pulled back 3-boxes to 58% and "bear 
confrimed" by early February (red 2), then turned right back 
around higher again in late February (after red 2) to "bull 
alert" and in early March (red 3) went "bull confirmed" at 66% 
and rose all the way up to 78% by mid April (after red 4).  Then 
in early May (red 5), the sector reversed to 72% and "bear alert" 
status, and in late June (red 6) went "bear confirmed" at 56%.  
The rest has been a rather unpleasant experience for the bulls, 
but a party for the bears!

Earlier I mentioned the "roller coaster" ride that the bullish % 
charts will depict.  Do you see/read how the retail sector 
bullish % readings went from "bull alert", to "bear confirmed" 
back to "bull alert" to "bull confirmed" back to "bear alert" and 
then to "bear confirmed?"  

What you'll find in Wal-Mart's trading history, combined with the 
sector bullish % ride we just went on is this.  Notice how WMT 
LEAD the sector advance (comparison of red A), and LEAD the 
sector's ultimate decline (red 5).  See how WMT gave the "sell 
signal" at $57, just before the (red 5).  Not long after though, 
the bullish % reversed to "bear alert" at 72%.

And boy oh boy, when WMT gave the "bearish triangle" pattern and 
broke upward trend just before its (red 7), the sector was just 
going "bear confirmed" about that same time!

If you get a chance, go over to www.stockcharts.com, pull up your 
FREE charts of the S&P 500 Bullish % ($BPSPX) on the point and 
figure chart.  Look for the (red A), the (red 1), the (red 2), 
the (red 3) and tie them in with WMT's point and figure chart.  I 
really think it will help you get a combined grasp of a BIG stock 
that is part of the S&P 500, and also help you understand what 
the bullish % charts say about MARKET risk.  

Remember again.  Levels above 70% are considered "overbought", 
while levels below 30% are considered "oversold."  

OK, enough of the X's and O's.  Let's see if the bar chart of 
WMT, combined with the stuff above said anything about when to 
buy WMT back in September.  The point and figure chart "said" buy 
at in late September (after red 9).

Wal-Mart Chart - Daily Interval




A trader/investor that learns to "understand" and interpret the 
point and figure charts, can combine their usage with an entirely 
different charting system and tools available there to get some 
type of "confirmation" in a trade.  While a point and figure 
chart is very good at understanding what supply and demand are 
saying about a stock's potential price and if supply or demand 
are in control, we can make some "ties" with what we found in the 
point and figure chart with various things the bar chart was also 
saying about WMT on September 24th, when it traded $47 and gave 
the "buy signal" on its point and figure chart.

See how WMT traded right up to and closed on the upper end of its 
regressions channel.  While the point and figure chart gave a 
"buy signal," I wonder how many bears were shorting the stock 
that day?  The next day, the stock gapped higher and you get the 
feeling that bears were in a little bit of trouble!  MACD was 
jerking around and crossing above its signal!

Now think back about the Bullish % charts and what they were 
saying about "risk" at such low levels.  Combine that with the 
actual point and figure chart of WMT.

I've added (red A), (red B) and (red C) to signify a correlation 
between the bar chart and point figure chart.  Remember A= 
October, B= November, C= December, 1=January, 2=February and so 
on.

Do you see how the little 3-box reversals into columns of "O" 
looked to be nice little pullbacks that appeared to be finding 
support at the 50-day MA?  While that brief dip below the 50-day 
in mid-December (red C) may have had a bar chartist selling 
shares of WMT for a nice gain, the point and figure chart DID NOT 
give a sell signal, but was simply having a 3-box reversal into 
O's, then resumed back into X's.  

Try this with other stocks you're looking at trading.  Go back 
and see if there was anything in the point and figure charts 
along with the bar charts where the stock was saying "buy me, 
please buy me!"

If you find a chart that still says "sell me, please sell me!" 
you'll also know what to do!

Have a great weekend.

Jeff Bailey


=========================
Play-of-the-Day (BEARISH)
=========================
(( new Net Bulls short play ))

Motorola - MOT - close: 14.86 change: -0.14 stop: 15.51

Company Description:
Motorola, Inc. (NYSE:MOT) is a global leader in providing 
integrated communications and embedded electronic solutions. 
Sales in 2001 were $30 billion. (Source: company press release)

Why We Like It:
Given the weakness in the broader market, we think MOT could be 
good short candidate, as it looks to fail on the top of its new 
descending channel.  Earlier this week on Wednesday, July 19, 
2002, Mot reported 02 cents a share, beating analyst expectations 
of -0.04 cents per share.  As the world's second largest handset 
manufacturer, MOT has been able to stay afloat while some of its 
tech competitors have sunk to the bottom of the stock market 
ocean.  Fear of weakness in the global handset industry, has kept 
many fund managers from implementing strong bullish positions.  
Regardless, Motorola said that it had expected to gain larger 
market share for the duration of the year.  In the Standard and 
Poor's Communication Equipment Index, Motorola's competitors have 
on average slid 42%.  So we ask, if rising tides lift all boats, 
how has this stock been able to stay afloat?

The newsletter believes that Motorola could potentially be a good 
short, possibly sinking in light of the broader sell off.  
Goldman Sachs downgraded the chip sector (again?) on Friday and 
MOT did some incredible cost cutting to make this quarter's 
numbers.  Can they do it again?  In the shorter-term channel, MOT 
is at the top of its descending resistance.  Also, we like that 
Motorola tested (and failed) both its 50-Day MA, and its 200-Day 
MA.  Although this is never a "sure" thing, it is encouraging as 
the 50-Day MA and the 200-Day MA are both institutional 
benchmarks.  Also, there was not a surge in volume with 
Wednesday's earnings news, which means that the earnings numbers 
were not great enough to bring in an unusual amount of buyers. 

This trade could move slowly, as it faces quite a bit of 
congestion support all the way through $13.00.  Our official 
profit target on Motorola is $12.00, which coincides with the 
bottom of the descending channel we are viewing.  Our stop loss 
will be fairly tight, as we do not want to be caught going the 
wrong way in a possible tech rebound.  Our paper entry will be at 
Monday's open, only if the stock DOES NOT gap below $14.38.  We 
are afraid the Dow could open lower, and then stage a rebound 
later in the afternoon.  We do not have a crystal ball; we cannot 
guarantee that is what will happen.  However, by limiting where 
we will enter the trade, we minimize our risk of being short on 
the bottom of a short covering rally.  Stay tuned for updates...     

Annotated Chart of: Motorola, Daily.
Chart link =


 

Picked on July X at $xx.xx see text
Gain since picked:   +0.00
Earnings Date     07/17/02 (confirmed)
 





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

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

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

Brocade Communications - BRCD - close: 18.56 change: -0.75

WHAT TO WATCH: Shares of BRCD have fallen sharply in recent days 
after failing to move over short-term resistance near $22.00.  
Today's close under the 50-dma ($19.42) and downtrending daily 
stochastics (5,3,3) are signs of further weakness to come.  The 
MACD also looks like it may start curling lower from just under 
the baseline; this is normally a bearish development.  Traders 
willing to brave possible support in the $17.50 region can target 
short positions on a move under today's low of $18.28.  If this 
level is broken, there's little in the way of historical support 
to prevent a retest of the relative low at $14.19.




---  

eBay Inc. - EBAY - close: 59.45 change: -1.00

WHAT TO WATCH: Artificial buying pressure as a result of EBAY's 
addition to the S&P 500 prevented the stock from falling with the 
NASDAQ this week.  Now that index fund managers are done snapping 
up shares, we think EBAY could play catch-up with the rest of the 
tech sector.  Entries could be evaluated on a move below today's 
low of $56.66, which would help to confirm a violation of the 
stock's multi-month uptrend.  The downtrending MACD and daily 
stochastic oscillators support our bearish outlook.  EBAY fell 
1.6% on Friday following their earnings report.  Investors may 
have been disappointed that the company gave rather tepid 
guidance going forward.  




---

Intl Game Tech - IGT - close: 52.31 change: -2.14

WHAT TO WATCH: On Friday IGT fell to levels not seen since 
November.  With the MACD displaying a bearish crossover and p-n-f 
chart signaling a double-bottom breakdown, shares look vulnerable 
to a continued downward leg.  Entries can be considered on a move 
below $52 or $50.  We'd be targeting a decline to the $44-$46 
region.  P-n-f chartists may also want to note that IGT recently 
fell through its bullish support trend.  Traders may want to hold 
back on any shorts until after the company's Tuesday morning 
earnings report.




---

Johnson & Johnson - JNJ - close: 41.85 change: -7.88

Ouch!  JNJ's 15.8% decline weighed heavily on the Dow today.  
Shares were pressured by the announcement of an investigation 
into accounting practices at one of the company's factories.  
Granted, that's pretty bad news, but it IS only one factory.  A 
dead cat BOUNCE may emerge if investors decide today's decline 
was overdone.  Aggressive traders could go long JNJ at current 
levels and look for a move back today's high of $45.00 (short-
term) to the $47.50 area.  Downside risk could be managed with a 
relatively tight stop just under $40.00.




---

Coca Cola - KO - close: 45.09 change: -2.84

WHAT TO WATCH: Coke fizzled to the tune of 5.9% today after PEP 
disappointed Wall Street with its earnings report.  The 390-point 
decline on the Dow Jones didn't help much either.  This followed 
a tepid reaction to Thursday's generally positive earnings report 
from KO.  Although the stock is in the midst of a brutal two-week 
downtrend, the selling may have almost run its course.  The stock 
has substantial historical support in the $42-$44 region.  A 
bounce from this area, combined with a rebound in the broader 
market, could create an explosive short-covering rally that sends 
shares back to the 50-dma at $49.81.  How to play such a bounce?  
The best strategy would be to wait for shares to dip under $44 
and level out, then enter long positions on the bounce with a 
tight stop.


 

---   

Lennar Corp - LEN - close: 49.11 change: -3.81

WHAT TO WATCH: That collapsing sound you heard on Friday was the 
DJUSHB home construction index falling to multi-month lows.  The 
index has fallen well below its 200-dma and is currently resting 
on support at 300.  A break under this level would be bearish for 
the entire sector.  In terms of specific homebuilding stocks to 
short, we think LEN offers one of the best opportunities.  On 
Friday the stock plowed through historical and psychological 
support at $50.00 before finishing under the 200-dma ($49.57) for 
the first time since December.  Shares are looking oversold, but 
the recent strong volume hints at a further decline.  Watch for a 
break of today's low ($48.99) to clear the way for a test of the 
next level of support at $45.00.  Other possible shorts in the 
homebuilding sector include DHR, CTX, and KBH.




--- 

3M Company - MMM - close: 108.88 change: -7.77

WHAT TO WATCH: As recently as last week, MMM was trading near its 
all-time highs.  That's quite impressive when you consider the 
broader market downtrend over the past four months.  Even MMM, 
however, was unable to hold up against the freefalling Dow Jones.  
Shares have fallen precipitously over the past week and appear to 
be headed for a test of psychological and historical support at 
$100.  With the stock already looking oversold, we'd be expecting 
a large short-covering rally on a bounce from this level.  Stops 
could be placed just under bullish point-and-figure support at 
$98.




---

Oracle Corp. - ORCL - close: 9.72 change: -0.33

WHAT TO WATCH: It would take some serious nerves of steel to buy 
ORCL at current levels.  We're not about to recommend doing that,
but this is a stock to keep in mind for when the NASDAQ rebounds.  
Over the past six weeks ORCL has been trading in a clearly 
defined ascending channel.  We think a bounce from the bottom of 
this channel (currently near $9.25) would provide a favorable 
entry point to open long positions.  Risk could be managed with a 
fairly tight stop just under the 50-dma at $8.91 or 8.75.  We'd 
be targeting a move to the top of the channel at the $10.50-
$11.00 region. 




--- 

Siebel Systems - SEBL - close: 9.30 change: -0.31

WHAT TO WATCH: SEBL was hit with heavy selling on Thursday after 
the company announced a 61% decline in Q2 profits and forecast 
lower-than-expected revenue projections for the second half of 
2002.  Shares fell under the psychologically critical $10.00 
level and are currently trading at multi-year lows.  Fitting a 
regression channel from SEBL's March highs shows that the stock 
has a lot more downside potential - The bottom of the channel is 
at the $5-$6 region.  Aggressive traders could target short 
positions on a move below today's low of $9.20 or a rollover near 
$10.00.




---

TMP Worldwide - TMPW - close: 15.49 change: -1.72

WHAT TO WATCH: The parent company of monster.com is stuck in a 
monstrous downtrend that appears to be worsening.  Shares gave 
back 10% today and closed at levels not seen since 1998.  
Although TMPW is looking oversold, the triple-bottom p-n-f sell 
signal and rising volume indicate that there's plenty more 
downside potential.  The plummeting NASDAQ also couldn't help the 
bulls' cause.  We'd look for a break of psychological support at 
$15 to clear the way for a move to the $10-$12 region.  A failed 
rally at the top of the channel near $18 would also work.


 

--- 

Weight Watchers - WTW - close: 41.25 change: -0.32

WHAT TO WATCH: Shares of WTW have shown impressive relative 
strength in recent days.  The stock is currently trading near the 
bottom of the wide ascending channel that has dictated price 
action since November.  With both the MACD and daily stochastics 
looking (almost) bullish, we think WTW is well-positioned to 
trade higher when the market rebounds.  A move above the relative 
high of $42.60 would provide a possible action point to go long.  
Stops could be placed under $40.00 or $39.50.  Our near-term 
profit-target would be the $46-$48 region, but bear in mind that 
WTW must first conquer resistance near $44.00.




---

Xcel Energy - XEL - close: 13.32 change: -1.15

WHAT TO WATCH: Another energy stock bites the dust!  Shares of 
XEL dropped nearly 8% today and closed well under crucial support 
at $14.00.  It's currently trading at all-time lows, so the bulls 
won't be able to rest their hats on any underlying support 
levels.  The daily stochastics (5,3,3) are far from reaching 
oversold levels, leading us to believe there's a lot more 
downside ahead for XEL.  Short positions can be targeted at 
current levels with a stop just above $14.00.  We'd be looking 
for a near-term move to the $10.00 level. 





------------
RADAR SCREEN
------------ 

RJR - The Wall Street response to RJR's Q3 earnings warnings was 
surprisingly muted.  Look for a delayed reaction to force shares 
below round-number support at $50.  There's Possible support at 
$47.50, but continued negative news in the tobacco sector could 
eventually take RJR to the $40 level.

MO - Another weak tobacco stock.  Watch for shares to break under 
psychological support at $40.00, just below the 200-dma at 
$40.21.  This could lead to a test of the $35.00 support level. 

SNE - Shares gapped below the 200-dma ($48.51) this morning and 
never looked back.  The stock looks like it may test it's 2002 
lows near $41.00.  Short positions can be gauged on a move below 
today's low ($45.75) or psychological support at $45.00. 

UPS - Received an artificial boost from its addition to the S&P 
500.  The stock could fall back to the $60-$62 region now that 
the index buying has dried up.  Short entries can be gauged on a 
decline from current levels with a stop just above $67.00.  

PMCS - Nice relative strength!  PMCS looks poised to trade higher 
when the NASDAQ rebounds.  Aggressive entries can be considered 
at current levels with a stop just under $10.00, targeting the 
50-dma at $12.10.

BBBY - The retail sector is in free fall and BBBY just broke 
major long-time support at $30.00.  The next level of support is 
$27.50 and again at $25.00.  We'd be aiming for the latter.

DHR - Another construction stock.  DHR broke the $60 round-number 
support level but looks like it could find new support at $55, 
where it found buyers late last year.  A break at $55 could 
portend a move to the Sept. lows near $45.

AT - This telecom is still trading in the 40's while many of its 
brethren are in the single digits.  The long-term descending 
channel from December shows that AT could drop to $40 without 
breaking a sweat.  The move on Friday and the drop below recent 
support at $43.50 might be the green light for bears to make 
another move.

KSS - Yet another retail breaking long-term support.  The close 
under $59 is just calling for more bears to take a swing at it.

APA - It's hard to play the oil stocks right now with crude oil 
prices rising and rumors circling almost daily about an incursion 
into Iraq.  More aggressive traders could see the break of 
historical and psychological support at $50.00, not to mention 
the 200-dma, as a great trigger point to get bearish.  We'd 
target $45.

AHC - Another oil stock.  The close under the 200-dma and $70 
look like a trigger but like just about everything else, it sure 
looks oversold.  Confirmation of the breakdown could lead AHC to 
retrace back to $62.50 - $63.00.

SR - SR was hammered after reporting their Q2 numbers today.  
Shares lost more than 20% to close below the $25 mark and the 
200-dma with huge volume of 285K shares.  This one could go 
either way.  Shorts could cover and try and take some money off 
the table but disgusted bulls could throw in the towel and just 
say get me out.  If you're bearish, we'd target $20.00.  If 
you're bullish, $26.00 is your first hurdle.  Beyond that, target 
the top of the window (gap down).

CAKE - Leisure stocks haven't been the strongest but this one has 
been able to maintain its price level above $30.  A breakdown 
under $30 could be a bearish entry.  As a reference point, the 
Sept. lows are near $20.00.

SONC - The close under the 200-dma looks pretty negative.  Is 
this a bearish entry? or a bear trap?  The stock has retraced 50% 
of its Sept. to June rally.  

MAR - Does the economy got you thinking a double-dip recession is 
in store?  Worried about travelers and American's staying home?  
Then check out MAR's breakdown under the $35 support level.  Next 
stop looks like the $30 region.

DT - This stock, traded as an ADR or ADS on the NYSE is a 
European telecom.  Shares have rallied from $8.00 in June to 
$13.00 this week.  $13 just happens to be the previous support 
from last February.  Funny how it's new resistance.  A 50% 
retracement of the recent rally would put DT in the $10.50 area.

SLAB - Keep an eye on this chip stock.  While Goldman downgraded 
the sector today, this one has maintained its bullish posture.  
The company announces earnings on Monday, which could be a boon 
or a curse.  Bears could go short on bad news and Bulls could go 
long on a move over $30, target $35-$37 -- just use a good stop!]


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

Quicksand

By Steven price

This is beginning to sound like a broken record, but things don't look 
so good.  The S&P broke down once again, this time below the 877 
support line from earlier in the week.  The last time the S&P 500 
reached this level was October 1997, when it traded 855.27.  Our low 
today was 842.07.  Prior to that, the S&P had found some resistance to 
the upside around 800 and support in the 730 range.  Either of these 
numbers could provide support levels, however it has been almost 5 
years, so it remains to be seen how effective they will be.

The Dow has traded far below the lows following Sept. 11.  It traded as 
low as 7966, its lowest point since October of 1998, before closing at 
8019.26. The 8000 support level being broken is significant; between 
August and October of that year the Dow bounced between 7400 and 8000, 
after reaching over the 9000 mark in July.  Of course that was on its 
way up.  The reason there is so much volatility to the downside, as 
reflected in the Volatility Index ($VIX.X) hovering over 40% recently 
and closing today at its recent high of 43.45, is that stocks (and 
markets) generally fall much faster than they climb.  Although this 
rule was broken during the Internet run-up, we all saw that the 
downside to that was pretty fast as well.

How did we get here?  Well, today's answer probably has something to do 
with Johnson and Johnson (JNJ), a Dow Jones Industrials component.  JNJ 
revealed a federal probe into production at a plant in Puerto Rico, 
which produced Eprex, a drug that has come under attack lately for its 
link to a blood disorder requiring lifetime transfusions.  A former 
employee claims he was pressed to cover up manufacturing lapses at the 
plant.  JNJ finished down $7.88 to $41.85.  Another major reason for 
the decline is the poor outlooks being offered by Sun Microsystems 
(SUNW), who predicted a loss in the first quarter of 2003 and shares 
ended down 27%.  Plus, Ericsson (ERICY), who cut its forecast for the 
mobile phone systems market.  Ericsson CEO Kurt Hellstroem predicted a 
loss in that division for 2002 and said that there was a "lack of a 
visible turnaround point" for the telecommunications equipment market.  
These comments echoed those of EMC, which stated it didn't see a return 
to IT customer spending any time this year.  In addition, the Wall 
Street Journal reported that WorldCom might be filing for bankruptcy 
very soon, quoting an employee as claiming they only have enough cash 
left for a few more days.

Any good news?  Well actually there might be.  The NDX has held its 
support at 950 since the end of June.  The bullish percent has 
maintained its bull confirmed reading above 30%.  This means that 
roughly a third of the stocks in the Nasdaq 100 are on buy signals.  In 
the past the NDX has led the market, so I'm still clinging to this 
number as a barometer of possible turnaround.  It will probably be 
significant if turns downward. 

The S&P 500 made several changes as of the close of business today, 
prompting several end of day run-ups as fund managers looked to add the 
new companies to their portfolios.  These changes were announced July 
9th, and include the following adds: United Parcel Service (UPS), 
Goldman Sachs (GS),Prudential Financial (PRU), eBay Inc. (EBAY), 
Principal Financial Group (PFG), Electronic Arts (ERTS) and SunGard 
Data Systems (SDS).  The dropped stocks are: Royal Dutch Petroleum 
(RD), Unilever NV (UN),Nortel Networks (NT), Alcan Inc. (AL), Barrick 
Gold Corp (ABX), Placer Dome Inc. (PDG), and Inco Ltd.(N).



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

Market Averages

DJIA ($INDU)

52-week High: 10679
52-week Low :  7966
Current     :  8019

Moving Averages:
(Simple)

 10-dma: 8675
 50-dma: 9499
200-dma: 9814

S&P 500 ($SPX)

52-week High: 1226
52-week Low :  842
Current     :  847

Moving Averages:
(Simple)

 10-dma:  915
 50-dma: 1012
200-dma: 1093

Nasdaq-100 ($NDX)

52-week High: 1782
52-week Low :  946
Current     :  965

Moving Averages:
(Simple)

 10-dma:  998
 50-dma: 1125
200-dma: 1386


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

Gold and Silver ($XAU.X)

The XAU continued its upward contrarian creep, as the equity 
markets and dollar slid.  It remains to be seen whether it can 
rebound from its highs in late May.

52-week High: dna
52-week Low : dna
Current     : 71.29

Moving Averages:
(Simple)

 10-dma: 73 
 50-dma: 78 
200-dma: 65



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

Market Volatility

The Volatility Index has reached a new relative high, closing at 
43.45.  After a wild expiration week in which the Dow broke 8000, 
and the SPX reached levels not seen since 1997, the VIX 
foreshadows fear of what may lie ahead next week.  If we continue 
to fall, we may see it continue to rise above 45.  Last September 
we saw a high of 57, which shows there is plenty of room to the 
upside in a falling market.

CBOE Market Volatility Index (VIX) = 43.36 +3.41
Nasdaq-100 Volatility Index  (VXN) = 61.76 -1.85
it may seem.
-----------------------------------------------------------------

          Put/Call Ratio  Call Volume   Put Volume
Total          1.14        923,085     1,048,059
Equity Only    1.08        651,962       708,162
OEX            1.04         84,724        87,754
QQQ            0.60         83,736        50,461

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

Bullish Percent Data

           Current   Change   Status
NYSE          33      - 3     Bull Correction
NASDAQ-100    31      - 4     Bull Confirmed
DOW           10      + 3     Bear Confirmed
S&P 500       17      - 4     Bear Confirmed
S&P 100       12      - 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  1.41
10-Day Arms Index  1.42
21-Day Arms Index  1.48
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        732          2418
NASDAQ      930          2469

        New Highs      New Lows
NYSE        28            297
NASDAQ      62            191

        Volume (in millions)
NYSE     2,996
NASDAQ   3,097

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

Commitments Of Traders Report: 07/16/02

Weekly COT report discloses positions held by small specs
and commercial traders of index futures contracts at the 
Chicago Mercantile Exchange and Chicago Board of Trade. COT data 
can be found at www.cftc.gov.

Small specs are the general trading public with commercials being 
financial institutions. Commercials are historically on the 
correct side of future trend changes while small specs tend 
to be wrong.  

S&P 500

Commercials increased their short positions by 25% as the markets 
fell in the last period, while the small traders added almost 
17,000 contracts to their long position.


Commercials   Long      Short      Net     % Of OI 
06/18/02      437,530   487,956   (50,426)   (5.4%)
06/25/02      378,214   438,775   (60,561)   (7.4%)
07/09/02      396,321   456,164   (59,843)   (7.0%)
07/16/02      388,943   464,162   (75,219)   (8.8%)

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
06/18/02      181,178    88,517    92,661     34.3%
06/25/02      134,380    62,792    71,588     36.3%
07/09/02      145,017    71,402    73,615     34.0%
07/16/02      157,370    67,247    90,123     40.1%

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

Commercials reduced their short positions by over 20% as the NDX 
held its own against the other market indices.  Small traders 
reduced their overall long position by adding 2,000 short 
contracts.


Commercials   Long      Short      Net     % of OI 
06/18/02       54,816     49,169     5,647    5.4%
06/25/02       27,238     35,926    (8,688) (13.8%)
07/09/02       31,227     39,592    (8,725) (12.3%)
07/16/02       33,152     39,866    (6,714) ( 9.2%)

Most bearish reading of the year: (15,521) -  3/13/02
Most bullish reading of the year:   9,068  - 06/11/02

Small Traders  Long     Short      Net     % of OI
06/18/02       20,883    29,153    (8,270)   (16.5%)
06/25/02       14,749     7,570     7,179     32.2%
07/09/02       12,520     8,348     4,175     20.0%
07/16/02       12,816    10,774     2,042      8.7%

Most bearish reading of the year: (10,769) - 06/11/02
Most bullish reading of the year:   8,460  -  3/13/02

DOW JONES INDUSTRIAL

Commercials remained virtually unchanged, while the small traders 
shifted from a small long position to a decidedly short position. 


Commercials   Long      Short      Net     % of OI
06/18/02       25,995    19,115    6,880     15.1%
06/25/02       18,016    13,255    4,761     15.2%
07/09/02       20,761    14,122    6,639     19.0%
07/16/02       20,357    14,074    6,283     18.2%

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
06/18/02        5,379    11,813    (6,434)   (37.2%)
06/25/02        6,414     6,597       183     1.40% 
07/09/02        6,831     6,623       208     1.50%
07/16/02        8,524    10,133    (1,609)   (8.62%)

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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Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter          Weekend Edition 07-19-2002
                                                    section 2 of 3
Copyright  2001, All rights reserved.
Redistribution in any form is strictly prohibited.

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In section two:

Net Bulls
  New Bearish Plays:     MOT
  Bearish Play Updates:  INVN

Stock Bottom / Active Trader
  New Bullish Plays:     DIA
  Bearish Play Updates:  BLL, FRK, LOW, SAH, THO
  Closed Bearish Plays:  BUD

High Risk/Reward
  Bearish Play Updates:  BYD, JAS.A, NPSP, PNK

Split Trader
                         WSBK 2-for-1 split update
                         

* NEW PLAYS and MONDAY, July 22nd, 2002. *
 
There is a growing expectation that Monday could see a 
continuation of the drop from Friday. However, the markets are 
so oversold - to such extreme levels - that there is the same 
large expectation for a huge relief rally on Monday afternoon or 
Tuesday. We're not calling the end of the bear market just yet 
but a huge short-term rally could be around the corner. The 
extreme volatility expected makes playing new bullish longs or 
bearish shorts pretty tough as the DJIA could see multiple 
several hundred point moves. 
 
Serious traders can try swing trading the intraday moves by 
playing the market and we've included a potential buy the bottom 
speculation play on the Diamonds (AMEX:DIA) in this section of 
the newsletter. However, instead of publishing a lot of new 
plays we have included a very large Watch List in section one of 
the email and on the website. 
 
We hope you've been successful with our recent play candidates 
these last couple of weeks and we look forward to the 
opportunities that will present themselves this week!
 
See you on Monday!
 
- The Premier Investor Research Staff


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

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

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

Motorola - MOT - close: 14.86 change: -0.14 stop: 15.51

Company Description:
Motorola, Inc. (NYSE:MOT) is a global leader in providing 
integrated communications and embedded electronic solutions. 
Sales in 2001 were $30 billion. (Source: company press release)

Why We Like It:
Given the weakness in the broader market, we think MOT could be 
good short candidate, as it looks to fail on the top of its new 
descending channel.  Earlier this week on Wednesday, July 19, 
2002, Mot reported 02 cents a share, beating analyst expectations 
of -0.04 cents per share.  As the world's second largest handset 
manufacturer, MOT has been able to stay afloat while some of its 
tech competitors have sunk to the bottom of the stock market 
ocean.  Fear of weakness in the global handset industry, has kept 
many fund managers from implementing strong bullish positions.  
Regardless, Motorola said that it had expected to gain larger 
market share for the duration of the year.  In the Standard and 
Poor's Communication Equipment Index, Motorola's competitors have 
on average slid 42%.  So we ask, if rising tides lift all boats, 
how has this stock been able to stay afloat?

The newsletter believes that Motorola could potentially be a good 
short, possibly sinking in light of the broader sell off.  
Goldman Sachs downgraded the chip sector (again?) on Friday and 
MOT did some incredible cost cutting to make this quarter's 
numbers.  Can they do it again?  In the shorter-term channel, MOT 
is at the top of its descending resistance.  Also, we like that 
Motorola tested (and failed) both its 50-Day MA, and its 200-Day 
MA.  Although this is never a "sure" thing, it is encouraging as 
the 50-Day MA and the 200-Day MA are both institutional 
benchmarks.  Also, there was not a surge in volume with 
Wednesday's earnings news, which means that the earnings numbers 
were not great enough to bring in an unusual amount of buyers. 

This trade could move slowly, as it faces quite a bit of 
congestion support all the way through $13.00.  Our official 
profit target on Motorola is $12.00, which coincides with the 
bottom of the descending channel we are viewing.  Our stop loss 
will be fairly tight, as we do not want to be caught going the 
wrong way in a possible tech rebound.  Our paper entry will be at 
Monday's open, only if the stock DOES NOT gap below $14.38.  We 
are afraid the Dow could open lower, and then stage a rebound 
later in the afternoon.  We do not have a crystal ball; we cannot 
guarantee that is what will happen.  However, by limiting where 
we will enter the trade, we minimize our risk of being short on 
the bottom of a short covering rally.  Stay tuned for updates...     

Annotated Chart of: Motorola, Daily.
Chart link =


 

Picked on July X at $xx.xx see text
Gain since picked:   +0.00
Earnings Date     07/17/02 (confirmed)
 




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

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

InVision - INVN - close: 25.21 change: +0.16 stop: 27.20 

INVN closed out the week on a positive note, finishing Friday's 
session with a 16-cent gain.  Shares moved in a somewhat tight 
range after briefly hitting a new relative low in early-morning 
trading.  This relative strength is concerning for the bears.  We 
were certainly expecting at least a small decline on a day when 
the broader market indices were all down sharply.  However, the 
lack of strong volume (today's reading was the lowest in a week) 
leads us to believe that it's just a matter of time before INVN 
suffers its own breakdown.  The oscillators continue to look 
bearish, with the MACD wavering above the baseline and daily 
stochastics (5,3,3) continuing to fall towards oversold levels.

Note that at this time we're going to institute an official 
profit-target at $22.83, just above the 50-dma.  We may adjust 
this target higher to reflect the MA's rising action.  Aggressive 
short-term positions can be targeted on a move below today's low 
of $24.65, but keep in mind that we'll likely be closing this 
play before the InVision's earnings announcement on Tuesday 
evening.  Thus, for normal traders, we would not encourage new 
entries at this time.

Picked on July 18th at $26.47
Change since picked:    +1.26
Earnings Date        07/23/02 (confirmed)
 





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

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

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

Diamonds Trust - DIA - close: 79.60 change: -3.85 stop: *text*

Company Description:
The Diamonds Trust is a Dow Jones tracking stock that is traded 
on the AMEX.

Why We Like It:
Let there be no mistake: This play is an attempt to buy a bottom 
in the Dow Jones.  Will it be "The Bottom" that everyone has so 
eagerly anticipated over the past month?  The one that signifies 
the end of the Bear Market?  Perhaps.  But for the purposes of 
this play, all we care about is capturing a short-term bounce if 
the Dow rebounds from its 1998 lows near 7400.  It's our belief 
that the index will not fall below this level without at least a 
strong short-covering rally.  Nothing goes down in a straight 
line, and the Dow is already looking extremely oversold with both 
the weekly and daily stochastics floundering near the 20% band. 
The VIX.X (volatility index) has spiked up to levels not seen 
since September.  A continued slide in the Dow would likely send 
it soaring to the 50 level or higher.  Historically this is an 
extremely reliable indicator of an intermediate or long-term 
market bottom.  Remember the simultaneous Asian Flu, Russian 
Ruble devaluation, and collapse of Long-Term Capital back in 
1998?  All those events combined couldn't push the Dow below 
7400!  As negative as the current economic and investing climate 
may seem, you can bet that the bears who gorged themselves over 
the past two months will be itching to cover their positions on a 
retest of that level.

The Diamond shares, of course, are a proxy stock for the Dow 
Jones.  The stock price mirrors the Dow:  If the index is trading 
at 8000, the DIA trades at $80.00.  A trade at 7850 on the 
Industrials will have the DIA trading at $78.50.  You get the 
picture.  Because we're looking to capture a rebound from the 
7500 region on the Dow, we won't enter this play unless the DIA 
trades between $75.00-$75.50.  If triggered, we'll use a stop at 
$73.85.  That's two cents under the 1998 intraday low.  Is it 
possible that the Dow could enter a complete freefall and plunge 
below both our trigger and stop levels in the same day?  
Absolutely.  But overall, we think that's a pretty small amount 
of risk to absorb in exchange for the possibility of some hefty 
gains.

Picked on July xxth at $xx.xx <- see text
Change since picked:    +0.00
Earnings Date             N/A
 




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

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

Ball Corporation - BLL - cls: 35.60 chg: -2.65 stop: 38.51 *new*

Triggered on this mornings open, the newsletter is using the 
opening print of 37.74 for our short position.  Without any fresh 
buzz on BLL today, the weakness in the stock can be attributed to 
a rough day in the Dow.  After gapping down on the open, BLL 
continued to fall sharply as the day continued, closing at 
$35.60.  With a low of $35.23, we would like to see this stock 
continue to fall over the next week.  We are slightly concerned 
with earnings on the 25th, so if the stock continues to drop, we 
will close our position prior to the earnings announcement.  This 
means that we will be closing the position (win or loss) on 
Wednesday, unless of course our profit is met on Monday or 
Tuesday.  On pure technical merit, we are happy to see BLL sink 
well below the 200-Day MA, with the Stochastics also falling 
below the lower line.  On a trading note, the $35.00 level could 
be support and new entries may want to wait for a move below this 
level or a failed rally at resistance of $38.00 or $40.00.  
However, please note that the PI newsletter is going to adjust 
our stop down to $38.51 to better reduce our risk.  Our targets 
remain at the $32.50 and the $30.00 levels.    

Picked on July 18th at $37.74
Change since picked:    +2.24
Earnings Date        07/24/02 (confirmed)
 



---  

Florida Rock - FRK - close: 32.33 change: -0.27 stop: 34.11

Yesterday, we commented about FRK, touching the bottom of its 
Keltner Channel, but did not explain the technical side of what 
this means.  The channel we are referring to is actually an 
envelope, created by being 3% offset from a 21-Day MA.  The upper 
and lower lines (which are a mirror of the MA) then give us a 
trading range, which we can expect the stock to trade in.  If the 
stock does fail, then we could see the channel pierced, which is 
our queue to close the trade (hopefully for a profit).  We would 
like to see this scenario, which would help us to achieve our 
profit target of $30.06.  There is no change in the stop at 
$34.11.
   
Picked on July 10th at $32.99 
Gain since picked:      +0.73
Earnings Date         8/07/02 (unconfirmed)
 



---

Lowes Companies - LOW - cls: 36.03 chg: -1.82 stop: 40.01 *new*

LOW gapped down this morning, then traded in a lower, but stable 
range.  With stirring events coming forward this morning, the gap 
down was simply due to selling pressure on Wall Street.  With a 
close below the low on Wednesday at $36.52, our trade is 
confirming weakness in the sector.  We would like to see 
continues failure early next week to reach the September lows of 
$25.00.  However, a more realistic target would be the $32.50 
level. Traders should note that the $35.00 "should" be potential 
support.  New entries may want to be considered on a break of 
support or a failed rally at resistance (currently $39.50).  We 
will adjust our stop to $40.01 merely to reduce risk.
   
Picked on July 18th at $37.85 
Gain since picked:      +1.82
Earnings Date         8/19/02 (unconfirmed)
 



---

Sonic Automotive - SAH - cls: 21.25 chg: -0.60 stop: 22.15 *new*
 
Continuing to look weak, Sonic Automotive was red today, trading 
lower on the day.  With no recent news, SAH is lower, but could 
also be due for a bounce.  Therefore, we are lowering our stop to 
$22.15 to challenge this trade.  More aggressive traders willing 
to take the heat might do better by keeping their stop above the 
current descending channel.  This would be right above the 10-dma 
or $22.95.  Thus a stop at $23.01 can work for a trader willing 
to handle the risk and trust in the top of the channel as 
resistance.  We're lowering our stop since our expectation is for 
a sharp drop in the markets on Monday morning, which should close 
us at our target.  The daily MACD is substantially oversold and 
could bounce at any time.  Also, the daily Stochastics have been 
trading at or below the lower line since late June, and could 
also rebound for a quick breather.  On our behalf, SAH has been 
fighting the whole number $21.00, which we would greatly like to 
see broken.  Our profit target remains at $20.66.  We would not 
recommend new short entries at this time.

Picked on July 10th at$ 22.73
Gain since picked:      +1.48
Earnings Date        07/30/02 (confirmed)




---

Thor Industries - THO - cls: 27.80 chg: -1.40 stop: 30.01 *new*

Disregarding a short rally earlier this morning, Thor Industries 
traded down for most of the day today.  Currently trading 
underneath $28, THO is still on our list of profitable shorts.  
Major support that needed to be breached was the congestion above 
$28.00, which we are happy to see gone.  We are also encouraged 
by similar weakness in Winnebago (NYSE:WGO).  Stochastics have 
confirmed selling pressure by dipping below the lower line, while 
the MACD chart also has confirmed selling in the histogram.  We 
would like to state that we did not enter this trade based on the 
theory of a post-split depression, though this is definitely 
working in our favor.  The failed rally at $30.78 on Thursday and 
again today at $29.39 bode well for the bears.  If the markets 
see a sharp drop early next week THO might be able to hit our 
profit target.  However, to make this target easier to hit, we're 
going to bump UP our target to $25.51.  We're also going to lower 
our stop to $30.01.  This should protect a 5.9% gain in the play.  
Given the recent market volatility, we'd only suggest aggressive 
players consider any new entries.  Otherwise, no new entries are 
suggested.

Picked on July 3rd at $31.90
Gain since picked:     +4.10
Earnings Date       07/30/02 (confirmed)





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

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

Anheuser-Busch - BUD - close: 44.00 change: -3.30 stop: $48.05

Even with a half stake ownership in Modelo (Corona), which 
reported better than expected profits, BUD continued to fall on 
sector/market related weakness.  Helping to push the stock into 
our profit target was the shelf filing to sell 100 million 
dollars worth of debt.  Both of these factors helped our trade to 
become a quick winner with an 8.71% gain; we are very happy with 
these results.  However, for shorts still in this trade, there 
could still be continued selling on the horizon.  With such a 
quick drop, and Stochastics just falling below the lower line, 
more sellers could flood this stock in a panic to get out.  
Today's low of 43.65 was definitely challenged by the support in 
this area.  If the 42-43.00 area fails, $40.00 could come fairly 
quickly.  Current shorts might want to still keep a tight stop 
active, potentially just above today's high (or lower if you want 
to protect your profits).  Coors (NYSE:RKY) is also testing 
support, and could see lower levels over the next few weeks.  

This trade was a good lesson in 200-Day MA failure.  When BUD 
originally failed four days ago, it could not rebound on the day 
with any sense of real buying interest.  In the following 
sessions, the beverage company still could not stage a close 
above the 200-Day MA, which indicated future weakness.  And 
voila, today appeared with strong selling which drove this trade 
directly into our profit target.  Sometimes, warm, flat beer can 
taste great!    

Picked on July 15th at $48.75
Change since picked:    +4.25
Earnings Date        07/24/02 (confirmed)
 





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

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

Boyd Gaming - BYD - close: 13.69 change: -0.42 stop: 16.01

With a low of $13.52, Boyd Gaming had initially rallied from this 
open this morning, only to fail for the duration of the 
afternoon.  Our stop of $16.01 seems to be pretty far away from 
here, temporarily easing our minds of being stopped out.  Our 
profit target of $10.50 is currently 3.2% closer in today's 
trading.  We see potential future support in the $13.25 area, 
which coincides with the stock's trend of higher lows on the 
daily chart.  Beyond $13.25, we well see congestion down into 
$12.40.  Today did not produce any fresh news stories on BYD, but 
it's interesting to note that fellow gaming stocks MGG and IGT 
both fell to new multi-month lows.  This weakness doesn't bode 
well for bulls in the gaming sector.

Picked on July 18th at $14.11
Change since picked:    +0.42
Earnings Date        07/17/02 (confirmed)




---

Jo-ann Stores - JAS.A - cls: 22.60 chg: -0.70 stop: 25.06 *new*

The RLX retail index continued lower today by nearly 3% and set a 
new multi-month low.  Shares of JAS.A traded in tandem with the 
RLX.X and set its own relative low.  Volume behind the decline 
was 80% more than the daily average, which indicates JAS.A 
"should" see more selling in near-term.  Given today's titanic 
4.6% decline on the Dow Jones, we're not anticipating a strong 
start to next week's trading.  But lest we get carried away with 
bearish exuberance, JAS.A is approaching intermediate-term 
support near $21.00.  We would not be surprised to see a small 
bounce from this region, which is supported by the rising 100-dma 
at $20.85.  Aggressive traders willing to weather such a bounce 
can consider entries on a move below today's low of $21.60.  A 
rollover from the $23.00 or $24.00 levels could also provide a 
shorting opportunity.  Note that we're lowering our stop to 
$25.06, just above the 50-dma.  More conservative traders might 
want to look at a stop just above the $24 mark.

Picked on July 18th at $23.17
Change since picked:    +0.57
Earnings Date        08/20/02 (confirmed)
 



---

NPS Pharma. - NPSP - cls: 17.66 chg: -1.36 stop: 19.04 *new*

Now that's what we like to see!  In Thursday's update we 
expressed some concern that NPSP had recently traced a series of 
higher lows, which is typically a bullish sign.  That trend was 
violated today when NPSP experienced a 7.1% decline.  Shares 
accelerated to the downside after falling through the 50-dma 
($17.96) and closed near the worst levels of the day.  The BTK.X 
biotech index surrendered another 1.6% on Friday.  A strong day 
for shares of sector leader AMGN did little to prop up the rest 
of the group.  The index is dropping from the top of its 
descending channel and appears vulnerable to further weakness.  
That wouldn't be a positive development for NPSP, which was 
relatively weak versus the BTK today.  The daily stochastics 
(5,3,3) have begun to fall from overbought levels, suggesting 
more downside potential.  In light of today's decline we're going 
to tighten our stop to $19.06, slightly above today's high.  More 
aggressive traders could keep stops set above solid resistance at 
the $20 level.

Picked on July 16th at $18.70 
Change since picked:    +1.04
Earnings Date        07/23/02 (unconfirmed)
 



--- 

Pinnacle Entertainment - PNK - cls: 9.13 chg: -0.07 stop: 10.01

Although Pinnacle Entertainment gapped down this morning, the 
gaming company was able to rally back and recover some of its 
losses on the day.  We would like to see our profit target of 
$8.00 met early next week, but do not mind being patient with 
this trade.  With a low of $8.95 on the day, PNK was able to stay 
above support at $9.00, which we view as a fairly crucial support 
level.  A violation of this level could quickly see shares fall 
to the 200-dma at $7.96.  Premier Investor is happy to see the 
daily MACD fall below the zero line, which could bring some 
technical sellers off of the fence.  We would also like to see a 
rise in volume to help carry our short to new lows in a hurry.  
Our stop at $10.01 remains the same.  Pinnacle Entertainment had 
no fresh news today.    

Picked on July 16th at  $9.20 
Change since picked:    +0.07
Earnings Date        04/30/02 (unconfirmed)
 





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

Split Updates
-------------

Wilshire State Receives Green Light on 2-for-1 Stock Split

On June 28th, Premier Investor reported that Wilshire State Bank 
(NASDAQ:WSBK) had announced a 2-for-1 stock split, pending 
regulatory approval.  That approval was given today when the 
Department of Financial Institutions (DFI) authorized the split.

The split will be effective on or around August 15, 2002, with the 
additional shares being distributed to stockholders of record on 
July 31, 2002.

WSBK closed at $25.75 on Friday. For a current quote, click here:

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

About the company
Headquartered in Los Angeles, Wilshire State Bank has eight full-
service southern California offices in Koreatown, downtown Los 
Angeles, the San Fernando Valley, Cerritos, Gardena, Rowland 
Heights and Huntington Park. The bank is an SBA Preferred Lender 
in all locations, including San Jose, Seattle and Dallas, where it 
operates offices that are primarily SBA lenders. (source: company 
press release)




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Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter         Weekend Edition 07-19-2002
                                                   Section 3 of 3
Copyright  2002, All rights reserved.
Redistribution in any form is strictly prohibited.

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In section three:

Market Watch for Week of July 22nd
   - Major Earnings
   - Stock Splits
   - Economic Reports

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)

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


==================================================
Market Watch for the week of July 22nd
==================================================

------------------------
Major Earnings This Week
------------------------

Symbol  Company               Date           Comment      EPS Est

------------------------- MONDAY -------------------------------

MMM    3M Company             Mon, Jul 22  Before the Bell   1.34
ALTR   Altera Corporation     Mon, Jul 22  -----N/A-----     0.05
AXP    American Express       Mon, Jul 22  -----N/A-----     0.50
ANAT   American National Ins  Mon, Jul 22  -----N/A-----     1.40
AME    AMETEK                 Mon, Jul 22  After the Bell    0.63
AHG    Apria Healthcare Group Mon, Jul 22  Before the Bell   0.42
ASH    Ashland                Mon, Jul 22  Before the Bell   1.04
AWE    AT&T Wireless Services Mon, Jul 22  -----N/A-----     0.00
AV     Avaya                  Mon, Jul 22  After the Bell   -0.04
BOH    Bank of Hawaii Corp    Mon, Jul 22  Before the Bell   0.41
BKNG   Banknorth Group        Mon, Jul 22  Before the Bell   0.50
BLS    BellSouth              Mon, Jul 22  Before the Bell   0.57
BWA    BorgWarner, Inc.       Mon, Jul 22  -----N/A-----     1.67
BG     Bunge Limited          Mon, Jul 22  Before the Bell   0.38
CNI    Canadian Nat Railway   Mon, Jul 22  After the Bell    0.86
CECO   Career Education       Mon, Jul 22  After the Bell    0.18
CHKP   Check Point Sftwr Tech Mon, Jul 22  -----N/A-----     0.25
DNB    D&B Corp.              Mon, Jul 22  After the Bell    0.40
DHI    D.R. Horton            Mon, Jul 22  Before the Bell   0.65
XRAY   DENTSPLY International Mon, Jul 22  After the Bell    0.44
EEP    Enbridge Enrgy Prtnrs  Mon, Jul 22  After the Bell    0.40
RE     Everest Reinsurance    Mon, Jul 22  After the Bell    1.31
ESA    Extended Stay America  Mon, Jul 22  After the Bell    0.19
FHR    Fairmont Htls & Resrt  Mon, Jul 22  -----N/A-----     0.29
FISV   Fiserv                 Mon, Jul 22  After the Bell    0.34
HAS    Hasbro                 Mon, Jul 22  Before the Bell  -0.06
HE     Hawaiian Electric      Mon, Jul 22  After the Bell    0.79
ICBC   Independence Comm Bank Mon, Jul 22  After the Bell    0.54
INET   Instinet Group Llc     Mon, Jul 22  -----N/A-----      N/A
KEM    Kemet                  Mon, Jul 22  After the Bell    0.02
LEA    Lear                   Mon, Jul 22  Before the Bell   1.18
LEE    Lee Enterprises        Mon, Jul 22  -----N/A-----     0.42
LXK    Lexmark Intl, Inc      Mon, Jul 22  Before the Bell   0.61
LPNT   LifePoint Hospitals    Mon, Jul 22  After the Bell    0.28
MWV    MeadWestvaco           Mon, Jul 22  Before the Bell   0.06
MCO    Moody`s                Mon, Jul 22  After the Bell    0.40
NFX    Newfield Exploration   Mon, Jul 22  -----N/A-----     0.41
NHY    Norsk Hydro            Mon, Jul 22  Before the Bell    N/A
NBP    Northern Border Prtnrs Mon, Jul 22  After the Bell    0.64
NVS    Novartis AG            Mon, Jul 22  -----N/A-----     0.43
NVLS   Novellus Systems       Mon, Jul 22  After the Bell    0.08
OXY    Occidental Petroleum   Mon, Jul 22  -----N/A-----     0.62
PRK    Park National          Mon, Jul 22  -----N/A-----      N/A
PAS    PepsiAmericas          Mon, Jul 22  After the Bell    0.34
PSC    Philadelphia Suburban  Mon, Jul 22  Before the Bell   0.20
DGX    Quest Diagnostics      Mon, Jul 22  After the Bell    0.83
RYN    Rayonier               Mon, Jul 22  After the Bell    0.45
RNR    RenaissanceRe Holdings Mon, Jul 22  After the Bell    0.98
SAFC   SAFECO                 Mon, Jul 22  Before the Bell   0.30
SLAB   Silicon Laboratories   Mon, Jul 22  After the Bell    0.06
FHR    Fairmont Htls & Rsrts  Mon, Jul 22  -----N/A-----     0.29
FISV   Fiserv                 Mon, Jul 22  After the Bell    0.34
HAS    Hasbro                 Mon, Jul 22  Before the Bell  -0.06
HE     Hawaiian Electric      Mon, Jul 22  After the Bell    0.79
ICBC   Independence Comm Bank Mon, Jul 22  After the Bell    0.54
INET   Instinet Group Llc     Mon, Jul 22  -----N/A-----      N/A
KEM    Kemet                  Mon, Jul 22  After the Bell    0.02
LEA    Lear                   Mon, Jul 22  Before the Bell   1.18
LEE    Lee Enterprises        Mon, Jul 22  -----N/A-----     0.42
LXK    Lexmark Intl, Inc      Mon, Jul 22  Before the Bell   0.61
LPNT   LifePoint Hospitals    Mon, Jul 22  After the Bell    0.28
MWV    MeadWestvaco           Mon, Jul 22  Before the Bell   0.06
MCO    Moody`s                Mon, Jul 22  After the Bell    0.40
NFX    Newfield Exploration   Mon, Jul 22  -----N/A-----     0.41
NHY    Norsk Hydro            Mon, Jul 22  Before the Bell    N/A
NBP    Northern Border Prtnrs Mon, Jul 22  After the Bell    0.64
NVS    Novartis AG            Mon, Jul 22  -----N/A-----     0.43
NVLS   Novellus Systems       Mon, Jul 22  After the Bell    0.08
OXY    Occidental Petroleum   Mon, Jul 22  -----N/A-----     0.62
PRK    Park National          Mon, Jul 22  -----N/A-----      N/A
PAS    PepsiAmericas          Mon, Jul 22  After the Bell    0.34
PSC    Philadelphia Suburban  Mon, Jul 22  Before the Bell   0.20
DGX    Quest Diagnostics      Mon, Jul 22  After the Bell    0.83
RYN    Rayonier               Mon, Jul 22  After the Bell    0.45
RNR    RenaissanceRe Holdings Mon, Jul 22  After the Bell    0.98
SAFC   SAFECO                 Mon, Jul 22  Before the Bell   0.30
SLAB   Silicon Laboratories   Mon, Jul 22  After the Bell    0.06
TXN    Texas Instruments      Mon, Jul 22  After the Bell    0.06
TRP    TransCanada Pipelines  Mon, Jul 22  After the Bell    0.23
UDR    United Dominion Realty Mon, Jul 22  After the Bell    0.42
X      Un. States Steel Corp. Mon, Jul 22  After the Bell   -0.07

------------------------- TUESDAY ------------------------------

NDN    99 CENTS Only          Tue, Jul 23  Before the Bell   0.19
ATVI   Activision             Tue, Jul 23  After the Bell    0.18
ACXM   Acxiom                 Tue, Jul 23  After the Bell    0.12
AFCI   Advanced Fibre Comm    Tue, Jul 23  After the Bell    0.02
AFL    AFLAC                  Tue, Jul 23  After the Bell    0.37
APD    Air Products & Chem    Tue, Jul 23  Before the Bell   0.60
AC     Alliance Capital Mana  Tue, Jul 23  -----N/A-----     0.59
ALD    Allied Capital         Tue, Jul 23  Before the Bell   0.57
AMZN   Amazon.com             Tue, Jul 23  After the Bell   -0.06
DOX    Amdocs Limited         Tue, Jul 23  After the Bell    0.20
AMX    America Movil,         Tue, Jul 23  After the Bell    0.10
AMCC   App. Micro Crcuts Corp Tue, Jul 23  After the Bell   -0.05
ARMHY  ARM Holdings Plc.      Tue, Jul 23  Before the Bell   0.05
T      AT&T                   Tue, Jul 23  Before the Bell   0.03
AVB    Avalonbay Communities  Tue, Jul 23  After the Bell    0.95
AVY    Avery Dennison         Tue, Jul 23  During the Market 0.72
BMS    Bemis                  Tue, Jul 23  Before the Bell   0.76
BJS    BJ Services            Tue, Jul 23  Before the Bell   0.18
BDK    Black & Decker         Tue, Jul 23  Before the Bell   0.63
BXP    Boston Properties      Tue, Jul 23  After the Bell    0.99
BSX    Boston Scientific      Tue, Jul 23  After the Bell    0.22
BMY    Bristol-Myers Squibb   Tue, Jul 23  -----N/A-----     0.26
BNI    Burlington No Santa Fe Tue, Jul 23  Before the Bell   0.49
CHRW   C.H. Robinson Wrldwde  Tue, Jul 23  After the Bell    0.28
CDN    Cadence Design Systems Tue, Jul 23  After the Bell    0.24
CP     Canadian Pac Railway   Tue, Jul 23  After the Bell    0.38
CEY    Certegy                Tue, Jul 23  Before the Bell   0.32
GIB    CGI Group              Tue, Jul 23  Before the Bell    N/A
CIT    CIT Group              Tue, Jul 23  Before the Bell   0.84
CL     Colgate-Palmolive      Tue, Jul 23  -----N/A-----     0.54
COC    Conoco                 Tue, Jul 23  -----N/A-----     0.34
CBE    Cooper Industries      Tue, Jul 23  Before the Bell   0.68
GLW    Corning                Tue, Jul 23  After the Bell   -0.09
CK     Crompton Corporation   Tue, Jul 23  After the Bell    0.15
DASTY  Dassault Systemes SA   Tue, Jul 23  -----N/A-----     0.23
DUK    Duke Energy            Tue, Jul 23  Before the Bell   0.51
ECL    Ecolab                 Tue, Jul 23  Before the Bell   0.42
EW    Edwards Lifesciences    Tue, Jul 23  After the Bell    0.34
ELE    Endesa, S.A.           Tue, Jul 23  Before the Bell    N/A
EC     Engelhard              Tue, Jul 23  Before the Bell   0.44
EQT    Equitable Resources    Tue, Jul 23  Before the Bell   0.46
EXPE   Expedia                Tue, Jul 23  After the Bell    0.41
FCS    Fairchild Semicon Intl Tue, Jul 23  After the Bell    0.04
FII    Federated Investors B  Tue, Jul 23  After the Bell    0.45
FCNCA  First Cit BancShares   Tue, Jul 23  -----N/A-----      N/A
FLEX   Flextronics            Tue, Jul 23  -----N/A-----     0.06
FLS    Flowserve              Tue, Jul 23  Before the Bell   0.47
FRE    Freddie Mac            Tue, Jul 23  Before the Bell   1.22
GMT    GATX                   Tue, Jul 23  -----N/A-----     0.42
G      Gillette               Tue, Jul 23  Before the Bell   0.25
GR    Goodrich Corporation    Tue, Jul 23  After the Bell    0.56
GT    Goodyear Tire & Rubber  Tue, Jul 23  -----N/A-----     0.12
GLK    Great Lakes Chemical   Tue, Jul 23  After the Bell    0.31
HHS    Harte-Hanks            Tue, Jul 23  After the Bell    0.24
HCP    Health Care Property   Tue, Jul 23  Before the Bell   0.88
HMA    Hlth Mngmnt Ass, Inc.  Tue, Jul 23  Before the Bell   0.26
HSY    Hershey Foods          Tue, Jul 23  -----N/A-----     0.44
HRH    Hilb, Rogal&Hamilton   Tue, Jul 23  Before the Bell   0.37
ROOM   Hotels.com             Tue, Jul 23  Before the Bell   0.36
IMO    Imperial Oil Limited   Tue, Jul 23  -----N/A-----      N/A
N      Inco                   Tue, Jul 23  -----N/A-----     0.25
IGT    Intl Gaming Technology Tue, Jul 23  -----N/A-----     0.89
IPCR   IPC Holdings           Tue, Jul 23  After the Bell    0.88
JKHY   Jack Henry & Ass       Tue, Jul 23  Before the Bell   0.17
KMB    Kimberly Clark         Tue, Jul 23  Before the Bell   0.85
LAF    Lafarge North America  Tue, Jul 23  After the Bell    1.35
LRCX   Lam Research           Tue, Jul 23  After the Bell   -0.07
LRY    Liberty Property Trust Tue, Jul 23  -----N/A-----     0.85
LLTC   Linear Technology      Tue, Jul 23  After the Bell    0.17
LOGI   Logitech International Tue, Jul 23  -----N/A-----     0.15
LOGI   Logitech International Tue, Jul 23  During the Market 0.15
LZ     Lubrizol               Tue, Jul 23  Before the Bell   0.64
LU     Lucent Technologies    Tue, Jul 23  Before the Bell  -0.14
MXO    Maxtor                 Tue, Jul 23  After the Bell   -0.36
MCK    McKesson Corporation   Tue, Jul 23  -----N/A-----      0.4
MGM    Metro-Goldwyn-Mayer    Tue, Jul 23  Before the Bell  -0.47
OOM    MMO2                   Tue, Jul 23  Before the Bell    N/A
MOLX   Molex                  Tue, Jul 23  After the Bell    0.13
MON    Monsanto Co.           Tue, Jul 23  Before the Bell   1.07
NBL    Noble Energy, Inc.     Tue, Jul 23  After the Bell    0.07
NU     Northeast Utilities    Tue, Jul 23  Before the Bell   0.25
ORLY   O`Reilly Automotive    Tue, Jul 23  After the Bell    0.42
OI     Owens Illinois         Tue, Jul 23  After the Bell    0.61
PTV    Pactiv                 Tue, Jul 23  After the Bell    0.36
PYPL   PayPal, Inc.           Tue, Jul 23  Before the Bell   0.08
PNR    Pentair                Tue, Jul 23  Before the Bell   0.85
PHA    Pharmacia Corporation  Tue, Jul 23  Before the Bell   0.64
P      Phillips Petroleum     Tue, Jul 23  Before the Bell   1.03
PNW    Pinnacle West          Tue, Jul 23  Before the Bell   0.91
PPL    PPL Corporation        Tue, Jul 23  Before the Bell   0.60
PHM    Pulte Homes Inc.       Tue, Jul 23  Before the Bell   1.40
RSH    Radio Shack Corp       Tue, Jul 23  Before the Bell   0.29
RTRSY  Reuters Group          Tue, Jul 23  Before the Bell    N/A
ROK    Rockwell Automation    Tue, Jul 23  Before the Bell   0.26
SBC    SBC Communications     Tue, Jul 23  Before the Bell   0.59
SRE    Sempra Energy          Tue, Jul 23  Before the Bell   0.63
SIAL   Sigma-Aldrich          Tue, Jul 23  After the Bell    0.57
SSCC   Smurfit-Stone Cont     Tue, Jul 23  Before the Bell   0.04
SPW    SPX                    Tue, Jul 23  Before the Bell   2.13
JOE    St. Joe Company        Tue, Jul 23  Before the Bell   0.16
SPC    St. Paul Companies     Tue, Jul 23  Before the Bell  -0.95
STE    Steris                 Tue, Jul 23  Before the Bell   0.14
STM    STMicroelectrnics N.V. Tue, Jul 23  After the Bell    0.12
STK    Storage Technology     Tue, Jul 23  After the Bell    0.17
TMO    Thermo Electron        Tue, Jul 23  After the Bell    0.22
TMCS   Ticketmaster           Tue, Jul 23  After the Bell    0.17
TDW    Tidewater              Tue, Jul 23  Before the Bell   0.46
TYC    Tyco International     Tue, Jul 23  Before the Bell   0.45
UPS    United Parcel Service  Tue, Jul 23  Before the Bell   N/A
UST    UST Inc                Tue, Jul 23  Before the Bell   0.80
VSEA   Varian Semiconductor   Tue, Jul 23  After the Bell    0.08
VOLVY  Volvo AB               Tue, Jul 23  -----N/A-----      N/A
WAT    Waters Corporation     Tue, Jul 23  Before the Bell   0.29
WSTC   West Corporation       Tue, Jul 23  After the Bell    0.30
WY     Weyerhaeuser           Tue, Jul 23  Before the Bell   0.27
WWY    Wm. Wrigley Jr.        Tue, Jul 23  -----N/A-----     0.49
WPS    WPS Resources          Tue, Jul 23  After the Bell    0.43
WYE    Wyeth                  Tue, Jul 23  Before the Bell   0.45
XTO    XTO Energy             Tue, Jul 23  Before the Bell   0.36
YRK    York International     Tue, Jul 23  After the Bell    1.19
YUM    Yum! Brands, Inc.      Tue, Jul 23  After the Bell    0.43

-----------------------  WEDNESDAY -----------------------------

ABB    ABB Ltd.               Wed, Jul 24  Before the Bell    N/A
ABY    Abitibi-Consolidated   Wed, Jul 24  -----N/A-----      N/A
ADO    Adecco SA              Wed, Jul 24  -----N/A-----      N/A
ADVP   AdvancePCS             Wed, Jul 24  After the Bell    0.35
AKZOY  Akzo Nobel N.V.        Wed, Jul 24  Before the Bell    N/A
AGN    Allergan               Wed, Jul 24  Before the Bell   0.44
AHC    Amerada Hess           Wed, Jul 24  -----N/A-----     1.93
AXL    Am Axle & Manu Hldngs  Wed, Jul 24  -----N/A-----     0.89
AMGN   Amgen                  Wed, Jul 24  After the Bell    0.34
BUD    Anheuser-Busch         Wed, Jul 24  -----N/A-----     0.66
AOL    AOL Time Warner        Wed, Jul 24  After the Bell    0.22
ADM    Archer Dnls Midland Co Wed, Jul 24  Before the Bell   0.18
BPC    Banco Com Portugues    Wed, Jul 24  After the Bell     N/A
BCE    BCE                    Wed, Jul 24  Before the Bell   0.28
BDX    Becton Dickinson       Wed, Jul 24  After the Bell    0.48
BLC    Belo                   Wed, Jul 24  Before the Bell   0.30
BBI    Blockbuster            Wed, Jul 24  Before the Bell   0.22
BOBJ   Business Objects S.A   Wed, Jul 24  Before the Bell   0.17
CBT    Cabot                  Wed, Jul 24  After the Bell    0.38
CFFN   Capitol Federal Fncl   Wed, Jul 24  Before the Bell   0.30
CMX    Caremark Rx            Wed, Jul 24  -----N/A-----     0.25
CDX    Catellus Development   Wed, Jul 24  After the Bell     N/A
CHIR   Chiron                 Wed, Jul 24  After the Bell    0.26
CYH    Community Health Sys   Wed, Jul 24  After the Bell    0.21
BVN    Compania Minas Buena   Wed, Jul 24  After the Bell    0.40
CNX    CONSOL Energy          Wed, Jul 24  -----N/A-----     0.23
CVG    Convergys Corporation  Wed, Jul 24  -----N/A-----     0.35
CAM    Cooper Cameron         Wed, Jul 24  Before the Bell   0.38
CCR    Countrywide Credit Ind Wed, Jul 24  -----N/A-----     1.35
CFR    Cullen/Frost Bankers   Wed, Jul 24  Before the Bell   0.54
DBD    Diebold                Wed, Jul 24  Before the Bell   0.54
DST    DST Systems            Wed, Jul 24  After the Bell    0.45
DD     DuPont                 Wed, Jul 24  Before the Bell   0.66
EDS    Electronic Data Sys    Wed, Jul 24  After the Bell    0.76
ENB    Enbridge               Wed, Jul 24  -----N/A-----      N/A
ENT    Equant NV              Wed, Jul 24  After the Bell   -0.30
ESRX   Express Scripts A      Wed, Jul 24  After the Bell    0.59
FNF    Fidelity National Fncl Wed, Jul 24  Before the Bell   0.94
FR     First Indl Rlty Trust  Wed, Jul 24  After the Bell    0.86
FE     FirstEnergy            Wed, Jul 24  -----N/A-----     0.70
FTI    Fmc Technologies, Inc. Wed, Jul 24  After the Bell    0.23
FBN    Furniture Brands Intl  Wed, Jul 24  After the Bell    0.56
GILD   Gilead Sciences        Wed, Jul 24  After the Bell    0.04
GSK    GlaxoSmithKline        Wed, Jul 24  -----N/A-----     0.66
GSF    GlobalSantaFe Corp.    Wed, Jul 24  Before the Bell   0.34
GG     Goldcorp               Wed, Jul 24  After the Bell    0.09
GXP    Great Plains Enrgy Inc Wed, Jul 24  After the Bell     N/A
DA     Groupe Danone          Wed, Jul 24  Before the Bell    N/A
TV     Grupo Televisa, S.A.   Wed, Jul 24  After the Bell    0.19
HAL    Halliburton            Wed, Jul 24  Before the Bell   0.16
HRS    Harris                 Wed, Jul 24  During the Market 0.40
HCA    HCA Inc.               Wed, Jul 24  -----N/A-----     0.62
HP     Helmerich & Payne      Wed, Jul 24  -----N/A-----     0.26
IKN    Ikon Office Solutions  Wed, Jul 24  Before the Bell   0.23
NDE    IndyMac Bancorp Inc.   Wed, Jul 24  Before the Bell   0.59
IFF    Intl Flavors & Frag    Wed, Jul 24  -----N/A-----     0.53
ISIL   Intersil               Wed, Jul 24  After the Bell    0.15
IVGN   Invitrogen             Wed, Jul 24  After the Bell    0.45
ITT    ITT Industries         Wed, Jul 24  Before the Bell   0.93
KMT    Kennametal             Wed, Jul 24  Before the Bell   0.69
KMG    Kerr-McGee             Wed, Jul 24  -----N/A-----     0.70
LH     Laboratory Corp.       Wed, Jul 24  After the Bell    0.54
LSI    LSI Logic              Wed, Jul 24  After the Bell   -0.09
KMT    Kennametal             Wed, Jul 24  Before the Bell   0.69
KMG    Kerr-McGee             Wed, Jul 24  -----N/A-----     0.70
LH     Laboratory Corp.       Wed, Jul 24  After the Bell    0.54
LSI    LSI Logic              Wed, Jul 24  After the Bell   -0.09
MCD    McDonald`s             Wed, Jul 24  Before the Bell   0.38
MDU    MDU Resources          Wed, Jul 24  -----N/A-----     0.40
MGG    MGM MIRAGE             Wed, Jul 24  -----N/A-----     0.49
MCRL   Micrel Semiconductor   Wed, Jul 24  After the Bell    0.00
MCL    Moore Corporation      Wed, Jul 24  After the Bell    0.10
MUR    Murphy Oil             Wed, Jul 24  After the Bell    0.06
NOI    National-Oilwell       Wed, Jul 24  Before the Bell   0.23
NEU    Neuberger Berman       Wed, Jul 24  Before the Bell   0.48
NSC    Norfolk Southern       Wed, Jul 24  Before the Bell   0.31
NCX    Nova Chemical          Wed, Jul 24  Before the Bell  -0.29
POC    P & O Princess Cruises Wed, Jul 24  Before the Bell   0.47
BTU    Peabody Energy Corp.   Wed, Jul 24  Before the Bell   0.30
PD     Phelps Dodge           Wed, Jul 24  -----N/A-----    -0.43
PXD    Pioneer Natural Rsurcs Wed, Jul 24  Before the Bell   0.13
PDG    Placer Dome            Wed, Jul 24  -----N/A-----     0.10
PMI    PMI Group              Wed, Jul 24  Before the Bell   0.96
PX     Praxair Incorporated   Wed, Jul 24  Before the Bell   0.81
PGN    Progress Energy        Wed, Jul 24  Before the Bell   0.86
PL     Protective Life        Wed, Jul 24  Before the Bell   0.62
PUK    Prudential PLC         Wed, Jul 24  -----N/A-----      N/A
RDN    Radian Group           Wed, Jul 24  After the Bell    1.11
RBK    Reebok International   Wed, Jul 24  Before the Bell   0.30
REY    Reynolds&Reynolds      Wed, Jul 24  -----N/A-----     0.41
RHA    Rhodia S.A.            Wed, Jul 24  -----N/A-----      N/A
DNY    RR Donnelley           Wed, Jul 24  -----N/A-----     0.24
R      Ryder System           Wed, Jul 24  Before the Bell   0.43
RYL    Ryland Group           Wed, Jul 24  -----N/A-----     1.22
SNY    Sanofi Synthelabo      Wed, Jul 24  -----N/A-----      N/A
SEE    Sealed Air             Wed, Jul 24  -----N/A-----     0.60
SRA    Serono S.A.            Wed, Jul 24  Before the Bell   0.13
SI     Siemens AG             Wed, Jul 24  -----N/A-----      N/A
SEO    STORA ENSO CORP        Wed, Jul 24  Before the Bell    N/A
SUN    Sunoco                 Wed, Jul 24  Before the Bell   0.00
SWMAY  Swedish Match          Wed, Jul 24  Before the Bell    N/A
TRLY   Terra Lycos, S.A.      Wed, Jul 24  -----N/A-----    -0.06
TMS    Thomson Multimedia     Wed, Jul 24  -----N/A-----      N/A
URI    United Rentals         Wed, Jul 24  Before the Bell   0.52
UCL    Unocal                 Wed, Jul 24  Before the Bell   0.51
USAI   USA Interactive        Wed, Jul 24  Before the Bell   0.09
VVC    Vectren                Wed, Jul 24  After the Bell    0.21
VMC    Vulcan Materials       Wed, Jul 24  After the Bell    0.63
BER    W.R. Berkley           Wed, Jul 24  After the Bell    0.63
WBST   Webster Financial      Wed, Jul 24  Before the Bell   0.81
WLP    WellPoint Health Ntwks Wed, Jul 24  After the Bell    1.08
WOS    WOLSELEY               Wed, Jul 24  -----N/A-----      N/A
YCC    Yankee Candle          Wed, Jul 24  -----N/A-----     0.10
ZMH    Zimmer Inc.            Wed, Jul 24  After the Bell    0.30

------------------------- THURSDAY -----------------------------

TW     21st Century Insurance Thu, Jul 25  Before the Bell   0.12
RKY    Adolph Coors           Thu, Jul 25  Before the Bell   1.58
AES    AES Corporation        Thu, Jul 25  Before the Bell   0.21
AG     AGCO                   Thu, Jul 25  Before the Bell   0.27
ATG    AGL Resources          Thu, Jul 25  Before the Bell   0.20
ALB    Albemarle              Thu, Jul 25  -----N/A-----     0.38
ACV    Alberto-Culver         Thu, Jul 25  During the Market 0.60
AT     Alltel Corporation     Thu, Jul 25  -----N/A-----     0.80
AEP    American Electric Pwer Thu, Jul 25  -----N/A-----     0.70
AIG    American Intl Group    Thu, Jul 25  -----N/A-----     0.85
APC    Anadarko Petroleum     Thu, Jul 25  Before the Bell   0.80
APA    Apache                 Thu, Jul 25  Before the Bell   0.99
ABI    Applied Biosystems     Thu, Jul 25  Before the Bell   0.20
AZN    AstraZeneca PLC        Thu, Jul 25  -----N/A-----     0.49
AN     AutoNation             Thu, Jul 25  Before the Bell   0.30
BHI    Baker Hughes           Thu, Jul 25  Before the Bell   0.21
BLL    Ball                   Thu, Jul 25  Before the Bell   0.79
ABX    Barrick Gold           Thu, Jul 25  -----N/A-----     0.11
BOL    Bausch & Lomb          Thu, Jul 25  Before the Bell   0.35
BRG    BG Group               Thu, Jul 25  -----N/A-----      N/A
BVF    Biovail Corporation    Thu, Jul 25  Before the Bell   0.38
BMC    BMC Software           Thu, Jul 25  After the Bell    0.08
BC     Brunswick              Thu, Jul 25  Before the Bell   0.43
BTY    BT Group Plc           Thu, Jul 25  -----N/A-----      N/A
CELG   Celgene                Thu, Jul 25  Before the Bell  -0.01
CTL    CenturyTel, Inc.       Thu, Jul 25  Before the Bell   0.52
CHK    Chesapeake Energy      Thu, Jul 25  After the Bell    0.13
CPS    ChoicePoint            Thu, Jul 25  Before the Bell   0.32
CINF   Cincinnati Financial   Thu, Jul 25  -----N/A-----     0.29
CIN    Cinergy                Thu, Jul 25  -----N/A-----     0.49
COLM   Columbia Sportswear    Thu, Jul 25  After the Bell    0.13
CFB    Commercial Federal     Thu, Jul 25  Before the Bell   0.60
CIV    Conectiv Incorporated  Thu, Jul 25  Before the Bell    N/A
CSX    CSX                    Thu, Jul 25  Before the Bell   0.58
DLTR   Dollar Tree Stores     Thu, Jul 25  After the Bell    0.21
DOW    Dow Chemical           Thu, Jul 25  Before the Bell   0.29
EMN    Eastman Chemical       Thu, Jul 25  After the Bell    0.47
EK     Eastman Kodak          Thu, Jul 25  Before the Bell   0.83
ERTS   Electronic Arts        Thu, Jul 25  After the Bell   -0.08
ECA    EnCana Corporation     Thu, Jul 25  -----N/A-----     0.37
ENR    Energizer Holdings     Thu, Jul 25  Before the Bell   0.17
FOE    Ferro                  Thu, Jul 25  Before the Bell   0.34
FTE    France Telecom         Thu, Jul 25  -----N/A-----      N/A
BEN    Franklin Resources     Thu, Jul 25  Before the Bell   0.48
HNT    Health Net, Inc.       Thu, Jul 25  Before the Bell   0.51
HR     Healthcare Realty Trst Thu, Jul 25  After the Bell    0.67
IGL    IMC Global             Thu, Jul 25  Before the Bell   0.05
IDCO   Interactive Data Corp  Thu, Jul 25  Before the Bell   0.14
IRF    Intl Rectifier         Thu, Jul 25  After the Bell    0.25
SFI    iStar Financial Inc.   Thu, Jul 25  Before the Bell    N/A
JDSU   JDS Uniphase           Thu, Jul 25  After the Bell   -0.03
JBLU   Jetblue Airways Corp   Thu, Jul 25  After the Bell    0.25
KSE    KeySpan Corporation    Thu, Jul 25  Before the Bell   0.21
G      Lafarge                Thu, Jul 25  -----N/A-----      N/A
LYO    Lyondell Chemical      Thu, Jul 25  Before the Bell  -0.03
MRO    Marathon Oil Corp.     Thu, Jul 25  Before the Bell   0.65
MHP    McGraw-Hill            Thu, Jul 25  Before the Bell   0.67
MEDI   MedImmune              Thu, Jul 25  Before the Bell  -0.12
MYL    Mylan Laboratories     Thu, Jul 25  Before the Bell   0.46
NFG    National Fuel Gas      Thu, Jul 25  After the Bell    0.32
NCR    NCR                    Thu, Jul 25  Before the Bell   0.33
NIPNY  NEC Corporation        Thu, Jul 25  Before the Bell    N/A
NE     Noble Corporation      Thu, Jul 25  -----N/A-----     0.42
NRD    NORANDA INC            Thu, Jul 25  -----N/A-----      N/A
NST    NSTAR                  Thu, Jul 25  -----N/A-----     0.58
OEI    Ocean Energy           Thu, Jul 25  Before the Bell   0.25
ONB    Old National Bancorp   Thu, Jul 25  Before the Bell   0.44
ORI    Old Republic Intl      Thu, Jul 25  Before the Bell   0.76
OVER   Overture Services, Inc Thu, Jul 25  After the Bell    0.25
PCAR   Paccar                 Thu, Jul 25  -----N/A-----     0.56
PY     Pechiney               Thu, Jul 25  -----N/A-----     0.25
PKI    PerkinElmer            Thu, Jul 25  Before the Bell   0.07
POT    Potash Corp of Sas     Thu, Jul 25  -----N/A-----     0.21
POM    Potomac Electric       Thu, Jul 25  -----N/A-----     0.44
PDE    Pride International    Thu, Jul 25  -----N/A-----     0.02
PLD    ProLogis Trust         Thu, Jul 25  After the Bell    0.59
QCOM   Qualcomm               Thu, Jul 25  After the Bell    0.22
O      Realty Income Corp     Thu, Jul 25  -----N/A-----     0.69
RGA    Reinsurance Grp of Am  Thu, Jul 25  After the Bell    0.67
REI    Reliant Energy         Thu, Jul 25  -----N/A-----     0.51
RRI    Reliant Resources      Thu, Jul 25  Before the Bell   0.41
RTP    Rio Tinto PLC          Thu, Jul 25  Before the Bell   2.38
RCL    Royal Caribbean        Thu, Jul 25  -----N/A-----     0.28
RPM    RPM                    Thu, Jul 25  After the Bell    0.31
SGP    Schering-Plough        Thu, Jul 25  Before the Bell   0.43
SCIO   Scios                  Thu, Jul 25  Before the Bell  -0.59
SPI    Scottish Power         Thu, Jul 25  -----N/A-----      N/A
SMG    Scotts                 Thu, Jul 25  Before the Bell   2.87
SCRI   SICOR                  Thu, Jul 25  Before the Bell   0.20
SNA    Snap-On                Thu, Jul 25  Before the Bell   0.51
SNRA   Sonera Group plc       Thu, Jul 25  Before the Bell    N/A
SNE    Sony Corporation       Thu, Jul 25  -----N/A-----      N/A
SFG    StanCorp Financial Grp Thu, Jul 25  Before the Bell   0.98
SBUX   Starbucks              Thu, Jul 25  After the Bell    0.13
HOT    Starwood Htels&Rsorts  Thu, Jul 25  Before the Bell   0.40
SV     Stilwell Financial     Thu, Jul 25  Before the Bell   0.35
SU     Suncor Energy          Thu, Jul 25  Before the Bell   0.22
TSM    Taiwan Semi Manu Com   Thu, Jul 25  Before the Bell   0.08
FAF    The First Am Corp      Thu, Jul 25  Before the Bell   0.44
PZB    The Pittston Company   Thu, Jul 25  -----N/A-----     0.22
TRH    Transatlantic Holdings Thu, Jul 25  -----N/A-----     1.09
TZA    TV Azteca S.A. de C.V. Thu, Jul 25  -----N/A-----     0.05
TXU    TXU Corp.              Thu, Jul 25  Before the Bell   0.71
UDI    Untd Defense Ind, Inc. Thu, Jul 25  Before the Bell   0.41
VCI    Valassis               Thu, Jul 25  Before the Bell   0.60
VAR    Varian Medical         Thu, Jul 25  After the Bell    0.30
VRSN   VeriSign               Thu, Jul 25  After the Bell    0.15
VVI    Viad                   Thu, Jul 25  Before the Bell   0.36
WDR    Waddell&Reed Financial Thu, Jul 25  Before the Bell   0.31
WEN    Wendy`s International  Thu, Jul 25  -----N/A-----     0.53
XEL    Xcel Energy            Thu, Jul 25  After the Bell    0.42
XRX    Xerox                  Thu, Jul 25  Before the Bell   0.00

------------------------- FRIDAY -------------------------------

LNT    Alliant Energy         Fri, Jul 26  Before the Bell   0.36
ADRX   Andrx                  Fri, Jul 26  Before the Bell   0.08
BEC    Beckman Coulter        Fri, Jul 26  Before the Bell   0.66
LNT    Alliant Energy         Fri, Jul 26  Before the Bell   0.36
ADRX   Andrx                  Fri, Jul 26  Before the Bell   0.08
BEC    Beckman Coulter        Fri, Jul 26  Before the Bell   0.66
EAS    Energy East            Fri, Jul 26  After the Bell    0.11
HCR    HCR Manor Care         Fri, Jul 26  Before the Bell   0.34
PGL    Peoples Energy         Fri, Jul 26  Before the Bell   0.27
SCG    SCANA                  Fri, Jul 26  Before the Bell   0.35
VRC    Varco                  Fri, Jul 26  Before the Bell   0.20
WEC    Wisconsin Energy       Fri, Jul 26  Before the Bell   0.31

----------------------------------------------
Upcoming Stock Splits In The Next Two Weeks...
----------------------------------------------

Symbol  Company Name              Ratio    Payable     Executable

DSWL    Deswell Industries        3:2      07/22       07/23
CHS     Chicos FAS                2:1      07/26       07/29
ACMR    A C Moore Arts & Crafts   2:1      07/31       08/01

SSD     Simpson Manufacturing     2:1      
		- awaiting shareholder approval at 7/29/02 meeting.


--------------------------
Economic Reports This Week
--------------------------

Earnings, earnings and more earnings is the name of the game
on Wall Street this week.  Current expectations are for a 
follow through from Friday into Monday's open before we bounce.
The economic front is clear through Thursday where economists
will be watching the ECI report and the New Home Sales.

==============================================================
                       -For-           

Monday, 07/22/02
----------------
None

Tuesday, 07/23/02
-----------------
None

Wednesday, 07/24/02
-------------------
None

Thursday, 07/25/02
------------------
Initial Claims (BB)   07/20  Forecast:    N/A  Previous:      N/A
Durable Orders (BB)     Jun  Forecast:   0.5%  Previous:     0.9%
Employment Cost Index(BB)Q2  Forecast:   0.9%  Previous:     0.8%
Help Wanted Index (DM)  Jun  Forecast:    N/A  Previous:       45
New Home Sales (DM)     Jun  Forecast:   960K  Previous:    1028K
Existing Home Sales (DM)Jun  Forecast:  5.73M  Previous:    5.75M

Friday, 07/26/02
----------------
Mich Sentiment-Rev. (DM)Jul  Forecast:    N/A  Previous:     86.5


Definitions:
DM=  During the Market
BB=  Before the Bell
AB=  After the Bell
NA=  Not Available


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

..none..     

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

RPT     Ramco-Gershenson Prop.     19.70     +1.18

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

UPS     United Parcel Service      63.50     +1.45
GDT     Guidant Corp               31.31     +2.49
VMSI    Ventana Medical            22.76     +2.11

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

AZN     Astrazeneca Plc            34.13     -2.88
XOM     Exxon Mobil Corp           32.19     -2.56
PG      Procter & Gamble           74.51     -5.88
PEP     Pepsico Inc                36.05     -4.25
WFC     Wells Fargo & Co           44.99     -1.51
MMM     3M Company                109.01     -7.64
KO      Coca-Cola                  44.93     -3.00
JNJ     Johnson & Johnson          41.60     -8.13
CVX     ChevronTexaco              73.39     -5.31
BUD     Anheuser-Busch Co          43.72     -3.58
KSS     Kohl's Corp                59.57     -3.43
GIS     General Mills Inc          38.88     -1.35
NOC     Northrop Gruman Corp       99.58    -10.42
CAG     Conagra Foods              21.95     -1.80
AEP     American Electric Power    28.29     -3.02
WWY     William Wrigley Jr. Co     44.47     -4.21
CPB     Campbell Soup Co           22.00     -1.43
NWL     Newell Rubbermaid Inc      27.98     -2.51
BDX     Becton Dickinson & Co      24.95     -3.00
GLH     Gallaher Group             33.10     -2.10
HOT     Starwood Hotel & Resort    26.28     -1.17
CPS     Choicepoint Inc            36.70     -2.95
SR      The Standard Register      23.22     -6.05

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

IBKC    IBERIABANK Corp             39.42     -1.25
HTHR    Hawthorne Financial         32.09     -0.99




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