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Daily Newsletter, Friday, 07/26/2002

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PremierInvestor.net Newsletter          Weekend Edition 07-26-2002
                                                    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's a YO-YO Tricky Market
Play-of-the-Day:  Smelly SOX
Watch List:       Need Your Stock Fix?
Market Sentiment: So Far So Good


******************************************************************
MARKET WRAP  (view in courier font for table alignment)
******************************************************************
        WE 7-26          WE 7-19          WE 7-12          WE 7-05
DOW     8264.39 +245.13  8019.26 -665.27  8684.53 -694.97  +136.24
Nasdaq  1262.12 - 57.03  1319.15 - 54.35  1373.50 - 74.86  - 16.58
S&P-100  426.93 +  3.83   423.10 - 35.81   458.91 - 33.75  +  2.54
S&P-500  852.84 +  5.09   847.75 - 73.64   921.39 - 67.64  -   .79
W5000   8091.63 +  8.63  8083.00 -628.50  8711.50 -601.90  - 70.63
RUT      382.26 -  3.94   386.20 - 27.08   413.28 - 27.64  - 21.74
TRAN    2254.79 - 77.39  2332.18 -147.96  2480.14 -172.50  - 77.68
VIX       40.44 -  3.01    43.45 +  5.12    38.33 +  8.12  +  1.08
VXN       69.02 +  7.85    61.17 -  4.83    66.00 +  9.72  -  1.67
TRIN       1.21             1.44             0.89             0.28
Put/Call   0.70             1.14             0.64              .77      
******************************************************************


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

October. This is one of the peculiarly dangerous months to speculate
in stocks. Other dangerous months are July, January, September, 
April, November, May, March, June, December, August and 
February. ---Mark Twain

Mr. Twain was a pretty smart guy!  In an eventfully uneventful 
day, we witnessed selective buying across the board.  For today, 
Friday, July 26, 2002, the Dow gained 78.08 points, closing up at 
8264.39.	The S&P 500 won +14.16 points, while the Nasdaq earned 
+22.04 points to close at 1262.12.  In market breadth, NYSE 
advancers outnumbered decliners 1926 to 1874.  Winners on Nasdaq 
outpaced losers 1874 to 1424, with total volume at 3.544 billion.  
52 week lows outnumbered 52 highs on both exchanges with 199 
highs versus 22 lows on the NYSE, and 245 new 52 week lows to 74 
new highs on the Nasdaq.  Once again total volume on the NYSE 
exceeded 2 billion, trading an overwhelming 2,126,347,100 shares.  
The Dow Jones Utility Index lost 1.54 points, while the 30-Year 
Bond gained .07 to 5.31%.  The 10-year bond lost -0.021 to close 
at 4.37%.  Overall the Nasdaq closed down 4.3% for the week, 
while the Dow closed up 3.1%.  

Uncertainty seems to be the name of the game this week.  It seems 
traders are like reactionary deer frozen in the headlights of the 
oncoming market.  Should we begin buying now, before the August 
14th deadline, or wait for greater signs of consumer sentiment 
and economic recovery?  

"We're going to turn this team around 360 degrees"
- upon being drafted by the Dallas Mavericks. 
--- Jason Kidd

Today produced the University of Michigan Sentiment index, which 
fell to 88.1 from 92.4 last month.  Wall Street had predicted 
86.5.  The current numbers are the lowest level of consumer 
sentiment since November of last year.  Initially the Consumer 
Sentiment numbers seem to indicate weakness, although there is a 
silver lining.  The numbers suggest that consumers, are not 
spending as much, and are not overly concerned about the decline 
in over-all market wealth.  This was evident in one section of 
the survey, which assessed individual's sentiment of buying 
conditions.  While consumers are fearful of the market, they are 
poised to return to normal spending habits once the economy 
stabilizes.  The bottom line indicates the slow down in spending 
was expected, and we simply need to see increasing economic 
sentiment to sustain spending recovery.

In other economic news this week, we witnessed the release of the 
Durable Orders data yesterday.  This economic report measures the 
overall dollar volume of orders, unfilled orders, and shipments 
of durable goods.  Remember that durable goods are any consumer 
product with an intended lifespan of three years or more, so your 
new boxers may not qualify!  The market had expected 0.5%, though 
the actual numbers decreased to -3.8%.  Behind the smoke, the 
Durable Goods numbers indicate that, we are spending less and 
ordering less.  One small positive point behind the results is 
that inventories for Durable Goods are also decreasing.  This is 
good news since manufacturers will have to start making more 
goods again once buying resumes... Inventory rebuilding is a 
critical part of the whole scheme of economic recovery.  

Initial Jobless Claims (not entirely important as an economic 
indicator) decreased, falling to 362K from 380K.  This is the 
lowest level of jobless claims since February 17, 2001.  The 
decrease indicates that the labor markets are improving or the 
people who have been out of jobs have cycled through their 
maximum benefit period and are really up the creek without a 
paddle.

Thursday revealed the Employment Cost Index to market watchers.  
Evident by the increase of Americans working, costs for employers 
notched up 1%.  The climb in Employment Cost has two elements 
indicating growth with employers, but alludes to compressed 
revenue for firms attempting to cut labor costs.  Wall Street 
predicts that Employment Costs could decrease for the remainder 
of the year.  

The help wanted Index increased from 46 to 47, a sign that more 
ads for employment are being circulated in publications.

Existing Home Sales decreased to 5.07M from 5.74M, the market had 
expected 5.75M.  The decline was an 11.7% drop from May, and was 
a much larger dip than expected.  However, other indicators for 
housing still remain strong, and do not suggest a real-estate 
bubble burst.  Before jumping to any conclusions, we are better 
off waiting and watching for housing numbers in August and 
September. 

New Homes Sales increased from 996K, to 1001K, beating estimates 
of 980K.  Existing Home Sales fell and, New Home Sales set a 
record high, well over the 900,000 new homes sold last year.  
Leading the increase in sales are single-family homes.  How many 
families can you squeeze in a singe house anyway?  I'm kidding, 
though obviously the sales of duplexes and triplexes have lagged.  
Demands for these homes are being propelled by low mortgage 
rates, making new homes more affordable for younger couples.  
Wall Street anticipates that housing prices will cool 
substantially when interest rates increase once again.

"A bargain is something you can't use at a price you can't 
resist."
- Franklin Jones

Welcome to our program... "It's time to bring up the lights, and 
start the show".  This performance is funny, zany, and you'll 
laugh and you WILL cry.  It is better than any amusement park 
ride!  With no further adulation, it's time for the Goldman Sacs 
Upgrade/Downgrade show!    

On the heals of yesterday's warning by Taiwan Semiconductor 
(NYSE:TSM), Goldman Sacs upgraded many companies in the 
semiconductor equipment makers sector today.  The upgrade was 
based on current levels of valuation (low stock prices) as a 
result of selling over the last year.  In layman terms, Goldman 
stated that they did not see fundamentals for chip companies 
improving in the near future, though because the stock prices 
were cheap, funds could possibly start buying them. 

Taiwan Semiconductor (TSM) posted weaker than expected earnings, 
stating 49 cents per share versus an expected 56 cents per share. 
Stock has decreased 20.5% since Wednesday's close.   The straw 
that broke the camels back, was their announcement that they 
would be cutting capital spending by 600 million dollars.  The 
$SOX.X dropped 10% on this news yesterday.   

"If you owe the bank $100 that's your problem. If you owe the 
bank $100 million, that's the bank's problem."
- JP Getty

In further development on the Enron front, J.P. Morgan and 
Citigroup have been asked to provide sworn affidavits regarding 
their use of offshore entities to finance the fallen energy 
company.  The SEC began a probe into both companies founded on 
questionable loans from offshore shell companies, which assisted 
in the potentially deceptive accounting.  Citigroup's CEO Sandy 
Weill sent a memo to employees yesterday stating that all 
activities with Enron were legal. 

America Online is the latest and greatest scandal du jour.  The 
SEC is currently probing its accounting practices.  The 
investigation is merely a "fact finding" mission, meant to 
diagnose any mishandlings of revenue.  The news was followed by 
Goldman Sacs, Solomon Smith Barney, and Merrill Lynch reducing 
their investment ratings on AOL.  America Online now has the 
burden of proof to display that it has not fudged the books. 

I wouldn't leave out Adelphia!  Earlier in the week, the Feds 
paraded three family members and two executives away to jail in 
handcuffs. This was said to be a potential catalyst for the 
market rally on Wednesday, as it gave investors hope that crooked 
executives would be held accountable for their actions.  

"My luck is so bad that if I bought a cemetery, people would 
stop dying." (Ed Furgol)

Tyco International (NYSE:TYC) announced on Thursday that it was 
instating a new chief executive: Ed Breen.  The executive was 
brought in because of his experience restructuring companies.  
Mr. Breen left Motorola to take on the new position.  TYC has 
been floundering for the last 12 months with financial problems 
pressing the company's complex structure.  The news of Breen's 
appointment helped to subdue worries that Tyco would declare 
bankruptcy but shares of MOT plunged on the news.  

General Electric (NYSE:GE) announced that effective August 1st; 
the company will break its financial services arm into four 
separate units.  The four different sections will be: commerce, 
consumer, insurance, and equipment.  The reorganization of GE is 
said to make its financial complexity more transparent.  General 
Electric's products range from light bulbs to media to jet 
engines.  

JDS Uniphase (NYSE:JDSU) reported a wider than expected loss, 
stating 73 cents a share, with revenue falling 15%.  The 
company's overall loss just about touched 1 billion dollars, 
clocking in at -997 million.  
 
"The light at the end of the tunnel is just the light of 
an oncoming train." (Robert Lowell)

Obviously this week has been a complex ride of volatility, 
leaving questions about the future on the top of most investor's 
minds.  Wednesday provided one heck of an incredible trading 
session.  The Dow traded as low as 7532.66 before rebounding on 
the day to close +488.95 positive.  This was the second largest 
point gain ever!  We had accurately predicted the move, as we set 
a target to trigger a long position in the Diamonds Trust (DIA, 
the tracking stock for the Dow), at 75.50.  Our long was very 
well received as the market rallied off the intra-day low.  
Although we were stopped out when the market flailed up and down 
yesterday, we were able to record a 5.9% gain on our hypothetical 
long.  Not too shabby.  Of course you're saying, 'well then if 
you're so smart, then where to now'?  We reply: 'if we don't go 
up, we'll go down'.  Whoa, are we going out on a limb here or 
what?  In truth, the newsletter feels that there is quite a bit 
of conflicting information making the immediate future uncertain.  
Fundamentally, the market would need some incredible improvement 
in the economy to give any of the indexes any REAL reason to 
rally.  Remember, the market is a derivative of the economy, not 
the opposite.  

The economy has been showing strength, but has not been 
convincing enough to make one believe that the recession is over.  
Thus, I reiterate, the future is unclear.  Fundamentally, 
recovery looks like it will take longer than expected, while not 
forgetting the upcoming August 14th deadline.  The SEC published 
a list on June 28th, 2002, which highlighted 945 companies that 
have to certify in sworn written statements that their books are 
legitimate.  If you would like to read the statement and see the 
list, go to: http://www.sec.gov/news/press/2002-96.htm.  All 
companies are required to file a 10-k, or 10-Q to "attest that 
the company's most recent periodic reports are materially 
truthful and complete or explain why such a statement would be 
incorrect."  

Given the uncertainty of this deadline, touting buys or sells on 
the broader market would be irresponsible.  The simple fact is 
August 14th could be one heck of a shakeout.  Maybe CNBC should 
do pay-per-view for that day; the volatility might be better than 
the last Tyson-Holyfield fight.  Creating concern, the SEC has 
mentioned that companies will have to certify their books "on or 
after", the 14th, which could elongate the process.  Hopefully, 
many companies will take a "safety in numbers" strategy and get 
the disclosure over with.  As investors, we are tired of dealing 
with the current accounting debacles... Does anyone disagree?  
Perhaps it would be better to see a CAPITULATION crash, than 
extend the current accounting worries out until Christmas.  
- Not that a capitulation crash will happen, I'm simply speculating.  

Chart of: Dow Jones, Daily.




When we look at the Dow, future unknown of course, we may analyze 
the technical aspects of trading and create several different 
strategies.  To begin, the Dow bounced directly at support on 
Wednesday, giving us hope that there might be ground underneath 
the recent freefall.  Analyzing the rebound, several things might 
happen...  After our large bounce on Wednesday, Thursday provided 
a choppy up and down range that went from half way into the 
previous candle, to slightly above it.  This range could be the 
beginning of consolidation, which could turn out to be a "bear 
flag".  However, it is too early to speculate.  If consolidation 
does appear, the market could decrease in range, then eventually 
break out in one direction or another.  In the Dow chart above, 
the image details the descending channel, which we have been 
trading in.  The chart also depicts the recent breach of the 
descending support line prior to the most recent lows.  If the 
Dow were to bounce, the top of the channel (descending 
resistance) and the key number 8500 would be levels worth 
watching.  The Dow would need a continued channel breakout above 
the channel resistance before initial confirmation of a bottom 
could be verified. 

"A slipping gear could let your M203 grenade launcher fire when 
you least expect it. That would make you quite unpopular in 
what's left of your unit." -- In the August 1993 issue, page 9, 
of PS magazine, the Army's magazine of preventive maintenance
 
In good news for bulls, the VIX.X has indicated that the overall 
market cooled down.  The Volatility Index has receded, closing at 
40.44, down from the high earlier this week at 56.74.  Wow, that 
was hot, the market was ready to explode at any moment!  
In normal times, the VIX.X above 30 indicates a market bottom, in 
extreme times, a VIX.X above 40 is said to do the same.  
Therefore the recent close above 50 was way out of sync from 
"normal" circumstances. 

Chart of: Volatility Index, Weekly.





"My formula for success is rise early, work late, and strike 
oil."
---Paul Getty  

The price of oil and oil stocks are very confusing lately.  While 
oil futures have been strong, oil stocks have been weak.  The 
price of crude has been strong with fears of a potential American 
move into Iraq.  The chart of crude oil looks as if it has an 
ascending wedge, which is fairly bullish, and could eventually 
breakout to new highs.  Oddly enough, oil stocks and oil services 
stock are not trading with the crude price of oil itself.  
Obviously the oil services sector faces problems with Halliburton 
and potential asbestos problems, but what about regular oil 
stocks?  There is speculation that Russia, Mexico, and Norway 
will be increasing production, making it unclear how OPEC will 
react.  The issue at hand is a double-edged sword... Cutting 
production would help increase demand, but at the same time could 
cause loss of market share.  So, in essence, the price of oil is 
increasing under fears of supply side issues, though company 
specific stock prices are decreasing because of the slowing 
economy, stagnate gasoline prices, and of course: accounting 
fears.    

Chart of: Crude futures, Daily.


 

And what about gold?  The price of gold has been falling 
drastically over the last two weeks.  Gold futures fell to their 
lowest levels in three months at $302.  If gold penetrates the 
psychological support at $300, the market could see an increase 
in the selling of metal.  With most of the gains from 2002 
evaporated, the metal has fallen back to insignificant levels.  
One possible concern of investors is gold simply doesn't do 
anything.  (I'm sure I'll get a letter or two on that last 
statement.)  It is used in the production of several things, but 
for the most part, it just sits there.  Besides, in hand, the 
metal won't even buy a hamburger at McDonalds.  The new standard 
of commerce is not gold; instead, we value the dollar.  Thus, 
with the greenback strengthening over the last week, gold could 
slide back down into the mine.  

Chart of: U.S. Dollar, Daily.





"When you starve with a tiger, the tiger starves last."
 -- Griffin's Thought

In closing, the market indicated strength towards the end of the 
week.  Hence, it could be possible to see a continued bounce next 
week if no devastating news comes forward.  Of course the "rumor" 
front has been more active than usual this week, attempting to 
push stocks down on hard luck news.  Interestingly enough, 
overheard was another trader remark that the bear camp has been 
working over time to disassemble any good news with simple 
accounting rumors.  From the bear's point of view, fueling 
accounting rumors has simply become just another tool in their 
arsenal of shorting strategies.  C'est la vie!  In the current 
market it is hard to be either a bear or a bull; there simply is 
not enough information to make a calculated decision.  Err, uh, 
one can stab at a calculated decision, but the uncertainty of a 
company related "debacle" seems entirely too plausible.  So, for 
the long-term investor hoping to buy the bottom, it certainly 
wouldn't hurt to wait.  After all, if you're poised on the 
sideline with cash in hand, the only thing to lose is 
opportunity... But with over two years of selling behind us, 
there will be plenty of buying chances.  


Mark Whistler
Editor


Readers, if you have any thoughts on the market, or have opinions 
on future direction, I greatly encourage your responses!  Also, 
if there is something in the wrap that you did not see, and would 
like to, please email me with your suggestions!

Thanks
mwhistler@PremierInvestor.net


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

Cymer Inc. - CYMI - close: 27.55 change: -0.52 stop: 30.01

Company Description:
Cymer, Inc. is the world's leading supplier of excimer laser 
illumination sources, the essential light source for deep 
ultraviolet (DUV) photolithography systems. DUV lithography is a 
key enabling technology, which has allowed the semiconductor 
industry to meet the exacting specifications and manufacturing 
requirements for volume production of today's advanced 
semiconductor chips. (source: company press release)

Why We Like It:
To say that the chip sector has seen better days is a huge 
understatement.  Lately the semiconductor group is like a leaden 
weight on the NASDAQ, keeping the Composite from posting any sort 
of meaningful gain.  The semiconductor index (SOX.X) hit a new 
multi-year low of 304.45 today after breaking key support at 345 
earlier in the week.  Goldman Sachs did their best to prop up the 
sector with an upgrade of several chip manufacturers, but 
investors seemed to be almost oblivious to the news.  As you can 
see from the above company description, CYMI plays a part in the 
chip manufacturing process.  With sector leaders AMAT and KLAC 
both falling to multi-month lows this week, we think CYMI will 
soon follow suit.  The stock is in the midst of a prolonged 
downtrend (shares have nearly lost half their value since mid-
May) and is in danger of setting new multi-month lows.  The 
downtrend has been defined by a descending channel.  By shorting 
the stock now, we hope to capture a move to our official profit-
target of $22.51, near the bottom of the channel.  Bulls can 
argue that psychological support at $25.00 will prevent a large 
decline, but we don't anticipate anything more than a small 
bounce from this level.  The current bearishness in the chip 
sector is simply too overwhelming, and it'll probably become more 
pronounced if the SOX.X breaks under 300.  Although we're willing 
to short CYMI at current levels, conservative traders may want to 
hold off on short positions until CYMI actually moves below the 
$27.00 or $26.50 levels.  Our initial stop is set at $30.01, just 
above psychological resistance.  Those who are more risk-averse 
could use a stop slightly above today's high of $29.16.

Picked on July 26th at $27.55
Change since picked:    +0.00
Earnings Date        07/22/02 (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
---------------------------------

Ball Corp - BLL - close: 39.65 change: +1.27

WHAT TO WATCH: Premier Investor recently featured a successful 
short play in BLL, based on the stock's breakdown below support 
at $40.00.  Now that shares have rebounded back to that level, we 
are very tempted to go short again.  BLL has risen sharply in the 
past three sessions and looks due for a pullback.  The 200-dma at 
$39.79 provides additional resistance.  Basically, the bulls 
really have their work cut out for them.  Although we elected to 
hold off on a short play until the Dow Jones rolls over, low-risk 
short positions can be considered at current levels with stops 
placed just above $40.00.




--- 

Brown Forman Inc. - BF.B - close: 66.06 change: +1.84

WHAT TO WATCH: Shares of this alcoholic beverage producer 
suffered a wicked hangover following the stock's strong 
performance during the first half of 2002.  After tumbling from 
the $80 level in mid-June, BF.B rebounded sharply this week from 
a low of $58.69.  Shares are already looking near-term 
overbought, but a failed rally at the 200-dma ($68.27) would 
really pique our interest.  The overextended bulls will likely 
have a tough time pushing BF.B above this level, creating the 
perfect climate for a short play.




---

Brocade Communications - BRCD - close: 16.54 change: -1.10

WHAT TO WATCH: Earlier this week, BRCD failed miserably at the 
$20.00 level.  This technical development seems to have put a 
good deal of pressure on the stock, which was hammered for a 6.2% 
loss today on no discernable news.  Although BRCD has seen some 
heavily selling over the past two sessions, the bearish MACD is 
hinting at more downside ahead.  Short positions can be 
considered on failed rallies near $18.00 or a move under today's 
low of $16.28.  We'd be targeting a retest of the recent lows 
near $14.00.




--- 

Cooper Industries - CBE - close: 27.95 change: -0.75

WHAT TO WATCH: Look out below.  CBE set an all-time low of $27.14 
on Wednesday before rebounding sharply with the broader market.  
The bulls, however, could not lift shares above psychological 
resistance at $30.00.  The subsequent sell-off from this level 
has created the possibility that CBE could soon be setting new 
lows again.  Short entries could be gauged on a move under 
$27.14, which would open the door for a test of the next level of 
psychological support at $25.  A longer-term approach could even 
yield a decline to the $20 region.  Check out that monstrous 
head-and-shoulders formation and bearish MACD on the weekly 
chart!




---

Johnson & Johnson - JNJ - close: 49.61 change: +0.91

WHAT TO WATCH: Whoa...That was quite a bounce!  Aided by the 
rallying Dow Jones, shares of JNJ rebounded sharply from the $42 
level this week.  News of accounting irregularities at one of the 
company's factories caused a knee-jerk reaction last Friday that 
caused the stock to gap sharply lower.  Shares have since 
retraced all of those losses.  That's very impressive, but we 
think another downward leg is just around the corner.  JNJ now 
must contend with psychological resistance at $50.00, a level 
that has stymied the bulls during the past two sessions.  And 
frankly, we think the stock may have run out of steam after 
rallying nearly 20% this week.  Short positions with a relatively 
small amount of risk can be evaluated on a rollover from current 
levels with a stop slightly above $50.00.  We'd be expecting a 
pullback to the $44-$45 region.  Conservative bears may want to 
take a wait and see approach before initiating any positions.  If 
the markets rally early next week, we'd sit back and wait for 
signs of weakness to reappear in the market and in JNJ, which 
might actually be near $51 or $52.  Then a rollover back under 
$50 would make JNJ look like bear-bait. 




--- 

NVIDIA Corp - NVDA - close: 14.71 change: -0.35

WHAT TO WATCH: The semiconductor index (SOX.X) fell below key 
support at 345 this week, and the resulting decline has not been 
pleasant for the bulls.  The index traced a new multi-year low 
today and appears to be on a collision course with the 300 level.  
NVDA offers a compelling way to short the sector.  Shares fell to 
new 52-week lows on Friday and closed under psychological support 
at $15.  Based on the lack of underlying support, bearish MACD, 
and double-bottom p-n-f sell signal, we think the worst is yet to 
come.  Watch for a break below today's low of $14.30, which would 
pave the way for a retest of historical support (dating back to 
2000) at $12.00.




--- 

Paychex, Inc - PAYX - close: 23.82 change: +0.74

WHAT TO WATCH: PAYX got whacked for some heavy losses last week.  
Shares traded lower in sympathy with competitor ADP, which 
disappointed Wall Street with its earnings report.  PAYX has 
since consolidated in two-point range and looks poised to move 
higher - market willing.  A breakout above $24.07 will place the 
stock in a "fast-move" region.  This could create a powerful 
rally to the $28.00 level.  The MACD and daily stochastic 
oscillators are looking bullish, with the latter beginning to 
curl higher from the oversold extreme.  Thus, we're expecting 
more upside movement in the near future.




---

Sierra Health - SIE - close: 20.30 change: -1.60

WHAT TO WATCH: Shareholders of Sierra Health might be feeling a 
little "SIE-sick" after today's failed rally at $22.00.  The 
stock finished near the lows for the day, leading us to believe 
that a violation of psychological support at $20.00 could be 
imminent.  A move under this level would provide a possible 
action point to open short positions.  Although the 50-dma at 
$19.50 may offer some measure of support, the overbought daily 
stochastics (5,3,3) suggest today's 7.3% could be just the 
beginning of a more substantial decline.  Bears beware; we would 
also be looking for potential support at $18.00 and the 100-dma 
near $17.00.




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

CYTC - Another possible "filling the gap" trade.  Watch for CYTC 
to move above the top of its June 25th gap and trade to 
psychological resistance at $10.00.  A break above this level 
could send shares back to the $11.50 region. 

GENZ - We're still watching GENZ, waiting for the stock to begin 
filling in its June 20th gap.  Watch for a move above the 
relative high of $21.57 to confirm a breakout.

MXIM - Yet another weak chip stock.  Shares have fallen below 
support at $35.00 and are in danger of setting new 52-week lows.  
A move under $32.20 would put MXIM under its September lows and 
could lead to a quick test of the $30.00 level.

RIMM - Shares have fallen to new relative lows and look to be 
headed for a test of the $10.00 level.  Competitor PALM announced 
a reverse stock split after the close on Friday, which could 
potentially draw investors away from RIMM but that's a stretch.  
Fortunately, the new bearish crossover in the MACD and the 
strongly bearish stochastics are much easier to translate.  Look 
for entries below today's low of $11.42. 

UTX - The stock has rallied more than 10% off its recent lows but 
now faces substantial resistance at the converging 50-day and 
200-day MA's.  Short positions can be targeted on a rollover from 
current levels, especially given the "hanging-man" candlestick 
formed on Friday.  However, more conservative traders may want to 
take a wait and see approach.  UTX is a DJIA component.  If the 
Industrials rally early next week it's possible UTX could spike 
higher with it - thus providing an even better entry point to go 
short.  


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

So Far So Good
By Steven Price

This morning started on a positive note with a chip equipment 
sector upgrade from Goldman Sachs.  The sector had been beaten 
severely in recent months, with the Semiconductor Index (SOX.X) 
reaching a new 52-week low on Thursday.  Finally someone was 
showing a little faith, even after yesterday's announcement from 
Taiwan Semiconductor that they were cutting their capital 
spending budget by more than $500 million.   The recommendation 
was lukewarm, however, basically saying business cycles could 
help the sector, even though there was no immediate change in 
fundamentals ahead.  In spite of the upgrade the SOX ended on 
another 52-week low.

Senator Carl Levin sent letters to the CEOs of Citigroup and J.P. 
Morgan, requesting that they personally answer questions 
regarding their companies' dealings with Enron.  The Senate set a 
Monday deadline for them to provide the information.  In the past 
week, Citigroup CEO Sanford Weill sent a memo to Citigroup 
employees assuring them that the company's dealings with Enron 
were legal and met accounting standards.  What I find interesting 
about the memo is the wording: "And our people, relying on the 
advice of independent legal and accounting experts, believe they 
were doing the right thing."  It seems to leave the door open for 
blame to be placed for any wrongdoing on following the advice of 
independent experts, rather than simply stating that there was no 
wrongdoing.  J.P. Morgan CEO William Harrison also announced on 
Wednesday that the company acted "properly and with integrity" in 
its dealings with Enron.  It will be interesting to see how 
forthcoming these two men are with the Senate.  If they choose 
not to respond, we could see their companies' stocks give up 
their gains, and return to the levels they saw on Tuesday.   On a 
similar note, Merrill Lynch announced that it had suspended its 
managing director of energy banking, Schuyler Tilney, who refused 
to testify before the Senate Permanent Subcommittee on 
Investigations.  While this demonstrates Merrill's intent to 
cooperate with the investigation, it is also worrisome that 
Tilney apparently has something to hide. 

The gold index (XAU.X) has given up all of its gains for the 
year, as the dollar has rallied over the last week and a half - 
keep your fillings.  The sector index closed at 55.73.  Gold 
futures fell as low as 302, before bouncing off support at 300 
from April, and finishing at 305.2, giving up 6.5 on the day.

GE announced a reorganization of its financial services unit, GE 
Capital, into four separate divisions. Each division will report 
its financials separately.  This portion of GE generates 40% of 
the company's earnings.  The four new units will be GE Commercial 
Finance, GE Insurance, GE Consumer Finance and GE Equipment 
Management.  GE finished up $1.15 to $27.80

Microsoft made back almost half of its losses this week, after 
the company announced they were expanding the R&D budget, hiring 
5,000 additional employees, and still has $60 billion in cash.

The Dow continued its surge. After an up and down day that saw a 
low of 8114.59, it closed at 8264.39, just 3 points off the high 
of the day.   The index added 70 points overall to Wednesday's 
rally.  The S&P 500 finished up 14.16 to 852.84, adding 9.41 to 
Wednesday's close.  The Nasdaq finished up 22.04, to 1262.12, 
28.11 points below Wednesday's rally numbers. Although this 
number was down from Wednesday, the index regained some of 
Thursday's 50-point drop.  

On a day that could have seen bulls taking profits from the first 
large rally in months, it is encouraging that the week finished 
in rally mode.  Heading into next week, the rally could continue, 
unless we see bad news from Citigroup or J.P. Morgan.  Other 
concerns are the semi-conductor sector, which continued its fall 
despite the upgrade.  However, after a 500-point gain on 
Wednesday, and negligible down day (5-points) on Thursday, the 
rally today seems promising.  


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

Market Averages

DJIA ($INDU)

52-week High: 10679
52-week Low :  7702
Current     :  8264

Moving Averages:
(Simple)

 10-dma: 8221
 50-dma: 9289
200-dma: 9788

S&P 500 ($SPX)

52-week High: 1226
52-week Low :  775
Current     :  852

Moving Averages:
(Simple)

 10-dma:  860
 50-dma:  987
200-dma: 1087

Nasdaq-100 ($NDX)

52-week High: 1782
52-week Low :  869
Current     :  910

Moving Averages:
(Simple)

 10-dma:  961
 50-dma: 1091
200-dma: 1377


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


The Semiconductor Index (SOX.X) started off the morning in 
positive territory after reaching a 52-week low on Thursday.  
Goldman Sachs upgraded the semiconductor equipment makers this 
morning, however its comments were very cautious, attributing the 
upgrade to cyclical factors, rather than improving fundamentals.  
This upgrade was not enough to overcome yesterday's announcement 
from Taiwan Semiconductor (TSM), the world's largest 
semiconductor foundry, stating that they were cutting their 
budget for 2002, possibly by as much as $500 million.  The index 
was unable to hold its gains and set a new 52-week low.

52-week High: 657
52-week Low : 315
Current     : 315

Moving Averages:
(Simple)

 10-dma: 357
 50-dma: 418
200-dma: 508


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

Market Volatility

It appears the Volatility index has lost some of its steam.  This 
is actually a result of the market's continued rally, easing the 
fears of traders afraid to sell puts too cheap.  This is also 
reflected in the CBOE put/call ratio falling from .87 to .70, 
reflecting fewer puts traded relative to the number of calls.  
Although a market drop could see this number soar back into the 
50s, historically the VIX has dropped steadily after surges to 
recent levels.  This is a result of the market subsequently 
rising and holding gains, so next weeks activity in the 
underlying markets will be the key.

CBOE Market Volatility Index (VIX) = 40.44 -4.21
Nasdaq-100 Volatility Index  (VXN) = 69.02 -0.46

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

          Put/Call Ratio  Call Volume   Put Volume
Total          0.70        564,059       396,501
Equity Only    0.59        454,318       265,918
OEX            0.79         22,186        17,474
QQQ            0.24         45,855        10,807

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

Bullish Percent Data

           Current   Change   Status
NYSE          25      + 0     Bull Correction
NASDAQ-100    26      - 2     Bull Correction
DOW ($INDU)    3      - 0     Bear Confirmed
S&P 500       14      + 1     Bear Confirmed
S&P 100       10      - 0     Bear Confirmed

Bullish percent measures the number of stocks in an index 
currently trading on a buy signal on their point and figure 
chart.  Readings above 70 are considered overbought, and readings 
below 30 are considered oversold.

Bull Confirmed  - Aggressively long
Bull Alert      - Cautiously long
Bull Correction - Pause or pullback in upward trend
Bear Alert      - Take defensive action if long
Bear Confirmed  - High risk if long, good conditions for shorting
Bear Correction - Pause or rebound in downtrend

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

 5-Day Arms Index  1.22
10-Day Arms Index  1.32
21-Day Arms Index  1.35
55-Day Arms Index  1.37

Extreme readings above 1.5 are bullish, and readings below .85 
are bearish.  These signals don't occur often and tend be early, 
but when the do, they can signal significant market turning 
points.

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

Market Internals

        Advancers     Decliners
NYSE       1926          1239
NASDAQ     1874          1424

        New Highs      New Lows
NYSE        22            199
NASDAQ      74            245

        Volume (in millions)
NYSE     2,136
NASDAQ   1,502

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

Commitments Of Traders Report: 07/23/02

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 both longs and shorts, however increased 
long contracts totals by an additional 10,000 contracts more than 
shorts. Small traders continued to get longer, while adding 2,800 
net longs to their position.


Commercials   Long      Short      Net     % Of OI 
07/09/02      396,321   456,164   (59,843)   (7.0%)
07/16/02      388,943   464,162   (75,219)   (8.8%)
07/23/02      405,969   471,704   (65,735)   (7.5%)

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
07/09/02      145,017    71,402    73,615     34.0%
07/16/02      157,370    67,247    90,123     40.1%
07/23/02      166,713    73,778    92,935     38.6%

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 added contracts both long and short to their 
positions, maintaining approximately the same ratio, however 
increasing their positions by approximately 8,000 total 
contracts.  Small Traders added to their short positions reducing 
their net by approximately 400 contracts.


Commercials   Long      Short      Net     % of OI 
07/09/02       31,227     39,592    (8,725) (12.3%)
07/16/02       33,152     39,866    (6,714) ( 9.2%)
07/23/02       37,204     43,601    (6,397) ( 8.0%)

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
07/09/02       12,520     8,348     4,175     20.0%
07/16/02       12,816    10,774     2,042      8.7%
07/23/02       12,756    11,152     1,604      6.7%

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 added 2,000 contracts to their long position, while 
adding only 671 to their shorts.  Small Traders increased both 
sides of their position, however added almost 2,000 more short 
contracts than long contracts. 


Commercials   Long      Short      Net     % of OI
07/09/02       20,761    14,122    6,639     19.0%
07/16/02       20,357    14,074    6,283     18.2%
07/23/02       22,369    14,745    7,624     20.5%

Most bearish reading of the year: (8,322) -  1/16/01
Most bullish reading of the year: 15,135  - 10/16/01

Small Traders  Long      Short     Net     % of OI
07/09/02        6,831     6,623       208     1.50%
07/16/02        8,524    10,133    (1,609)   (8.62%)
07/23/02        9,101    12,604    (3,503)   (16.1%)

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 07-26-2002
                                                    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:     CYMI
  Bearish Play Updates:  KLAC, QLGC, ROOM

Stock Bottom / Active Trader
  New Bullish Plays:     HUG, USTR
  Bullish Play Updates:  MGAM
  Bearish Play Updates:  VFC

High Risk/Reward
  New Bearish Plays:     TBH
  Bullish Play Updates:  ISSX
  Bearish Play Updates:  BYD
                        


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

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

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

Cymer Inc. - CYMI - close: 27.55 change: -0.52 stop: 30.01

Company Description:
Cymer, Inc. is the world's leading supplier of excimer laser 
illumination sources, the essential light source for deep 
ultraviolet (DUV) photolithography systems. DUV lithography is a 
key enabling technology, which has allowed the semiconductor 
industry to meet the exacting specifications and manufacturing 
requirements for volume production of today's advanced 
semiconductor chips. (source: company press release)

Why We Like It:
To say that the chip sector has seen better days is a huge 
understatement.  Lately the semiconductor group is like a leaden 
weight on the NASDAQ, keeping the Composite from posting any sort 
of meaningful gain.  The semiconductor index (SOX.X) hit a new 
multi-year low of 304.45 today after breaking key support at 345 
earlier in the week.  Goldman Sachs did their best to prop up the 
sector with an upgrade of several chip manufacturers, but 
investors seemed to be almost oblivious to the news.  As you can 
see from the above company description, CYMI plays a part in the 
chip manufacturing process.  With sector leaders AMAT and KLAC 
both falling to multi-month lows this week, we think CYMI will 
soon follow suit.  The stock is in the midst of a prolonged 
downtrend (shares have nearly lost half their value since mid-
May) and is in danger of setting new multi-month lows.  The 
downtrend has been defined by a descending channel.  By shorting 
the stock now, we hope to capture a move to our official profit-
target of $22.51, near the bottom of the channel.  Bulls can 
argue that psychological support at $25.00 will prevent a large 
decline, but we don't anticipate anything more than a small 
bounce from this level.  The current bearishness in the chip 
sector is simply too overwhelming, and it'll probably become more 
pronounced if the SOX.X breaks under 300.  Although we're willing 
to short CYMI at current levels, conservative traders may want to 
hold off on short positions until CYMI actually moves below the 
$27.00 or $26.50 levels.  Our initial stop is set at $30.01, just 
above psychological resistance.  Those who are more risk-averse 
could use a stop slightly above today's high of $29.16.

Picked on July 26th at $27.55
Change since picked:    +0.00
Earnings Date        07/22/02 (confirmed)
 




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

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

KLA-Tencor - KLAC - close: 37.30 change: -1.15 stop: 40.50 

Goldman Sachs came out on Friday morning and upgraded several 
chip equipment stocks, including KLAC.  Although the firm 
conceded that sector fundamentals are unlikely to improve in the 
near future, they believe fund investment and seasonality could 
boost the group.  If you think Goldman's reasoning sounds a 
little convoluted, you're not alone.  Investors ignored the 
upgrade and hit KLAC for another 3.0%% loss.  Shares mirrored the 
action on the SOX.X and set a new relative low.  KLAC looks 
poised to continue its decline (check out that bearish crossover 
on the MACD!), but unfortunately our timeframe is limited.  We'll 
be ending this trade as of Monday's close, ahead of the company's 
earnings report.  A negative reaction to this news could easily 
send the stock back to its September lows, but we're not willing 
to risk the possibility of an upside surprise.  

Picked on July 25th at $39.74 
Results since picked:   +2.44
Earnings Date        07/30/02 (confirmed)
 



---

QLogic - QLGC - close: 37.69 change: -0.56 stop: 40.06 *new*

We continue to be pleased with the way this play has progressed.  
QLGC finished Friday's session with a 1.4% loss and tagged a new 
relative low of $36.53.  A Goldman Sachs upgrade of the chip 
equipment sector did little to bolster the semiconductor index, 
which finished with a loss of nearly 1%.  Speaking of the SOX.X, 
we'll be closely monitoring the index for a break under 300.  A 
move under this level (which was prior resistance dating back to 
1998) could lead to a sector-wide sell-off.

Technically, QLGC appears vulnerable to a further decline.  The 
point-and-figure chart has just reversed into a column of "O's" 
and the MACD is hinting at a bearish crossover.  With this in 
mind, new entries could be gauged on a move under today's low.  
Our exit strategy is unchanged: We'll take half of our 
hypothetical gains off the table if shares reach $33.50, and will 
close the remainder of the position if the stock hits $30.10.  
Note that we're tightening our stop to $40.06, just above 
psychological resistance at $40.00.

Picked on July 23rd at $38.06
Results since picked:   +0.37
Earnings Date        07/18/02 (confirmed)
 

 

--- 

Hotels.com - ROOM - close: 39.90 change: +0.40 stop: 42.01

Light volume and a relatively tight range characterized ROOM's 
trading on Friday.  The stock mustered a 1.0% gain but never made 
an attempt to break above its descending channel.  As a matter of 
fact, shares traded an Inside Day and never even approached 
Thursday's high.  This action is encouraging for our short play, 
because it shows that the bears aren't willing to allow another 
test of the regression channel.  We think continued overhead 
pressure will eventually lead to a steep sell-off.  Traders still 
looking to get short can watch for a break below yesterday's low 
of $38.83, although the close under $40 again on Friday still 
looks like a tempting entry point.

Starwood Hotels (HOT) offered a glimpse into the health of the 
travel industry yesterday when they commented in their earnings 
report that bookings had not yet recovered to pre-9/11 lows.  
They're also anticipating a sharp downturn in business during the 
one-year anniversary of the September attacks.  It stands to 
reason that ROOM will likely see a similar decline in 
reservations.

Picked on July 25th at $39.50
Results since picked:   -0.40
Earnings Date        07/23/02 (confirmed)
 





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

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

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

Hughes Supply Inc. - HUG - cls: 34.83 chg: +0.53 stop: *text*

Company Description: 
Hughes Supply, Inc. is a wholesale distributor of construction 
and industrial materials with over 439 locations in 34 states. 
(source: company press release)

Why We Like It:
Having reported earnings on May 21st, 2002, things couldn't look 
brighter for this construction materials wholesale distributor.  
Net sales increased to $790 million from $775 million, with an 
EPS of 52 cents per share versus 27 cents per share a year 
earlier.  With an emphasis on cash flow, the company was also 
able to reduce total debt by 52 million dollars since the 
beginning of the year.  In other good news, on July 22nd, HUG 
announced a cash dividend of 0.85 cents per share.  The dividend 
will be payable to shareholders on record as of August 9th, 2002.  

All right, so basically we have a healthy company in a general up 
trend, which pays dividends.  

Examining the technical analysis side of the equity, we see 
several different things.  First, the weekly chart displays a 
general up trend, which has pulled back to the ascending support 
line.  The Stochastics on the weekly chart have dipped below the 
lower line and look as though they are attempting to cross back 
above.  Next, the current pullback stalled almost exactly on the 
50-Week MA.  On the Daily chart, we find it encouraging that the 
stock has held support on the 200-dma, and is trying to rebound 
higher to the 50-dma.  Holding the 200-dma could be an important 
factor to potentially bring in and keep institutional investors.   
Next, the daily Stochastics have fallen substantially below the 
lower line and have both just crossed back above the oversold 
region.  Also, the MACD has been pinned at extreme oversold 
levels, and looks as if could break back higher.  Our plan for 
this trade is pretty simple.  First, our official profit target 
is just below the 50-Day MA at $39.70.  Second, our trigger to 
enter the play is $35.01, just above current resistance.  The 
stop loss for this trade is at $33.49, 14 cents below today's 
low.  Once the trade is triggered, we are seeking immediate 
confirmation, and hope to see this trade hit its target before 
the ex-dividend date.  If the trade succeeds, we can expect an 
11.3% gain, or a 4.3% loss if the position fails. 

For an annotated chart, click here:
Chart of: Hug, Daily.



Picked on July xxth at $xx.xx <-- see text
Gain since picked:      +0.00
Earnings Date        05/21/02 (confirmed)
 



---

United Stationers - USTR - close: 24.84 change: +1.09 stop: 23.49

Company Description:
United Stationers Inc. is headquartered in a suburb of Chicago, 
Illinois. With sales of approximately $4.0 billion, it is North 
America's largest wholesale distributor of business products and 
a provider of marketing and logistics services to resellers. Its 
integrated computer-based distribution system makes more than 
40,000 items available to approximately 20,000 resellers. 
(source: company press release)

Why We Like It:
This is purely a technical play.  After losing nearly 45% of its 
value in just over two months, USTR was long overdue for a short-
covering bounce.  The bulls got what they were looking for on 
Thursday, when shares rebounded sharply from a multi-year low of 
$22.35.  The powerful continuation of that bounce - in the form 
of today's 4.5% rally - has earned USTR a slot on our play list.  
The company posted disappointing year-over-year earnings on 
Tuesday, but this news was probably already priced into the 
stock.  USTR warned about its Q2 earnings back on July 1st, when 
the stock was still trading near $28.00.  We're going to aim for 
a move back to this level.  Although some may argue USTR is 
already short-term overbought, the daily stochastics (5,3,3) show 
that there's plenty of upside potential remaining.  Besides, the 
stock is still extremely longer-term oversold!  By using a stop 
at $23.49 (a penny under today's low), we've created a favorable 
risk/reward scenario.  However, note that we won't enter the play 
until USTR trades above psychological resistance at $25.00.  This 
play is a technical rebound only, and made our list primarily 
because of the low risk with a tight stop loss.  Readers who like 
to use Fibonacci retracements will find this interesting.  The 
big decline began in mid May after shares failed at the $40 
level.  A retracement tool from $40 to the recent low near $22.35 
shows that the 38.2% Fibonacci retracement level is near $29.  
It's not uncommon to see a significant run "retrace" part of its 
move and that's what we're counting on.  

Picked on July 26th at $xx.xx <- see text
Change since picked:    +0.00
Earnings Date        07/23/02 (confirmed)
 




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

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

Multimedia Games - MGAM - close: 20.83 change: +0.33 stop: 18.94

So far, so good!  While today's 1.6% gain isn't anything to write 
home about, we're very encouraged by the successful test of 
previous resistance at $20.00.  Shares bounced from this level in 
afternoon trading and moved higher into the close.  It was also 
nice to see MGAM set a new relative high of $21.39.  A move over 
this level would pave the way for a test of the next area of 
resistance at $22.  New entries can be targeted on rallies above 
today's high, while a less risky approach would be to target 
another dip to $20.00 but we don't see much wrong with entries at 
current levels.  Ultra-cautious traders may want to tighten their 
stops to just under $20.  Also note that because MGAM gapped 
higher this morning, our official entry price has been updated. 

Picked on July 25th at  $20.70
Results since picked:    +0.13
Earnings Date         07/25/02 (confirmed)
 



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

VF Corporation - VFC - close: 37.39 change: +0.63 stop: 37.51

We knew from the get-go that our defensive approach to risk 
management might take us out of this play very quickly.  That was 
almost the case today, when VFC came within just six cents of our 
stop-loss.  Shares traded with a bullish bias following this 
morning's release of the Michigan consumer sentiment numbers.  
The data contained a final reading for July of 88.1, an 
improvement over the preliminary reading of 86.5.  Both VFC and 
the RLX.X retail index finished the session with a 1.7% gain.  
Based on today's move, we would not be surprised to be stopped 
out on Monday...But all is not lost.  The stock appears to have 
near-term resistance at $37.45 and may still fall back into its 
descending channel.  The RLX.X also faces its own near-term 
resistance at 280.  If a sell-off materializes in VFC, new short 
positions can be evaluated on a break below today's low of 
$36.60.

Picked on July 25th at $36.76 
Results since picked:   -0.63
Earnings Date        07/17/02 (confirmed)
 





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

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

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

Telecom Brasil - TBH - close: 17.45 change: -1.04 stop: 20.01

Company Description:
Telebras HOLDRS operated as a telecommunication company until 
5/98, whereby it spun-off 12 new companies. TBH controlling 
shareholders has announced its intention to liquidate and 
dissolve the Company. For the comparable FY ended 12/31/00, the 
Company reported no revenues. Net income applicable to U.S. GAAP 
fell 82% to CR$2M. Results reflect the absence of any revenue 
generating operation, higher operating expenses, and lower 
interest income.

Why We Like It:
Talk about a double-whammy!  Shareholders of TBH have had the 
misfortune of holding a stock whose sector is in an absolute 
freefall, and also a flailing political environment surrounding 
the country.  Just take a look at the IXTCX combined telecom 
index, which has been setting all-time lows on almost a weekly 
basis.  The recent WorldCom disaster and allegations of 
accounting irregularities at Qwest have only accelerated the 
downtrend.  But to make matters worse, TBH has also been 
pressured by swirling uncertainty regarding Brazil's political 
and economic climate.  Fears of a socialist agenda being imposed 
by the current Presidential frontrunner (elections are in 
October) have sent foreign investment capital scurrying to safer 
havens.  This has led to a severe decline in Brazil's currency.  
As you might expect, these developments have taken a severe toll 
on TBH.  The stock tumbled below the $20.00 level this week and 
is currently trading at all-time lows.  Technically, the bearish 
MACD and lack of underlying support hint at a continued decline.  
Where the stock finally stops is anyone's guess, but we don't 
think a move to $10.00 is out of the question.  Such an ambitious 
profit target, however, calls for a lenient stop-loss.  After 
all, this IS a high-risk/high-reward play.  Our initial stop will 
be located at $20.01.  More conservative traders may place theirs 
just above today's high of $18.31.  Of course, if all goes as 
planned we'll ratchet down our stop as TBH continues to fall.  
Although psychological support at $15.00 may offer a brief 
respite for the bulls, we don't anticipate more than a small 
bounce from this level.
 
Picked on July 26th at $17.45 
Results since picked:   +0.00
Earnings Date             N/A
 




===============
HR Play Updates
===============
 
  --------------------
  Bullish Play Updates
  --------------------

Internet Sec. - ISSX - cls: 15.45 chg: +0.55 stop: 14.49

ISSX finished the week in a relatively calm fashion, trading 
within Thursday's range, posting a 3.6% gain.  Fellow software 
security stocks CHKP and VRSN also finished in the green, with 
the latter moving sharply higher after its earnings report.  The 
action in the GSO.X software index was also bullish, as it 
outperformed the NASDAQ and finished with a 3.0% gain.  Looking 
at the daily chart, we're very pleased with the way ISSX has been 
able to maintain most of Wednesday's gains.  The lack of a sell-
off could portend an eventual breakout above $16.00.  Such a move 
might offer aggressive short-term traders a chance to take new 
entries, but keep in mind that our official profit-target is set 
at $16.99.  The more prudent strategy for taking new positions 
would be to wait for a dip to the 50-dma at $14.51.

Picked on July 24th at $15.01
Gain since picked:      +0.44
Earnings Date        07/18/02 (confirmed)




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

Boyd Gaming - BYD - close: 13.52 change: +0.02 stop: 14.01

Compared to the wild gyrations BYD has seen over the past two 
weeks, today's trading action was downright sleep inducing.  
Shares moved in a tight 30-cent range and traced another Inside 
Day.  Although a narrowing range can sometimes be indicative of 
an epic battle being waged between the bulls and bears, today's 
light volume (the lowest reading since July 5th) suggests a 
simple lack of investor interest.  These types of consolidation 
patterns often precede a large move.  With the declining 50-dma 
($13.83) providing solid resistance, we think the potential move 
will be to the downside.  Traders looking for new entries can 
continue to watch for a break under $13.00, but remember that the 
bulls will probably offer a vigorous defense of near-term support 
at $12.00.  Shorting at current levels can allow traders a lower 
risk entry by using our suggested stop just above $14.01.  In 
late breaking news tonight, Fitch Ratings affirmed its "BB-" 
rating on BYD's senior unsecured notes and raised the company's 
senior subordinated notes from "B" to "B+."  We don't anticipate 
this news will have much impact on Monday's trading.

Picked on July 18th at $14.11
Results since picked:   +0.59
Earnings Date        07/17/02 (confirmed)




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before trading in any security. The information provided has
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Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter         Weekend Edition 07-26-2002
                                                   Section 3 of 3
Copyright  2002, All rights reserved.
Redistribution in any form is strictly prohibited.

The entire newsletter is best viewed in COURIER 10 for alignment
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In section three:

Market Watch for Week of July 29th
   - 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 29th
==================================================

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

Symbol  Company               Date           Comment      EPS Est

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

ACE    ACE Limited            Mon, Jul 29  After the Bell    0.84
ARG    Airgas                 Mon, Jul 29  After the Bell    0.22
AFC    Allmerica Financial    Mon, Jul 29  -----N/A-----     0.76
AWK    American Water Works   Mon, Jul 29  Before the Bell   0.45
AHS    AMN Hlthcre Serv, Inc. Mon, Jul 29  After the Bell    0.25
BLDP   Ballard Power Systems  Mon, Jul 29  -----N/A-----    -0.41
STD    Bnc Santander Cntl His Mon, Jul 29  -----N/A-----      N/A
CB     Chubb                  Mon, Jul 29  Before the Bell   1.13
DPL    DPL                    Mon, Jul 29  After the Bell    0.33
EOP    Equity Office Prop     Mon, Jul 29  After the Bell    0.77
FIA    Fiat S.P.A.            Mon, Jul 29  Before the Bell    N/A
FHCC   First Health Group     Mon, Jul 29  Before the Bell   0.31
HIG    Hartford Finl Serv     Mon, Jul 29  After the Bell    1.15
HMC    Honda Motor            Mon, Jul 29  -----N/A-----      N/A
HUM    Humana                 Mon, Jul 29  Before the Bell   0.27
JP     Jefferson-Pilot        Mon, Jul 29  After the Bell    0.84
K      Kellogg                Mon, Jul 29  Before the Bell   0.42
KIM    Kimco Realty           Mon, Jul 29  After the Bell    0.75
KG     King Pharmaceuticals   Mon, Jul 29  Before the Bell   0.31
KB     Kookmin Bank           Mon, Jul 29  Before the Bell    N/A
MCY    Mercury General        Mon, Jul 29  Before the Bell   0.59
MIR    Mirant Corporation     Mon, Jul 29  -----N/A-----     0.34
NFS    Ntnwde Fncial Serv     Mon, Jul 29  After the Bell    0.82
OGE    OGE Energy             Mon, Jul 29  Before the Bell   0.25
PPE    Park Place Enter       Mon, Jul 29  Before the Bell   0.16
PSO    Pearson plc            Mon, Jul 29  Before the Bell    N/A
PCZ    Petro-Canada           Mon, Jul 29  -----N/A-----     0.45
RCII   Rent-A-Center          Mon, Jul 29  After the Bell    1.18
ROH    Rohm and Haas          Mon, Jul 29  Before the Bell   0.46
RSE    Rouse                  Mon, Jul 29  -----N/A-----     0.78
TU     TELUS Communications   Mon, Jul 29  Before the Bell   0.02
TEVA   Teva Pharmaceutical    Mon, Jul 29  Before the Bell   0.62
TOM    Tommy Hilfiger         Mon, Jul 29  -----N/A-----     0.00
TRI    Triad Hospitals        Mon, Jul 29  After the Bell    0.37
TSN    Tyson Foods            Mon, Jul 29  Before the Bell   0.26
WRI    Weingarten Realty      Mon, Jul 29  Before the Bell   0.80

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

ACS    Affiliated Cmptr Serv  Tue, Jul 30  Before the Bell   0.49
AGU    Agrium                 Tue, Jul 30  After the Bell    0.13
AYE    Allegheny Energy       Tue, Jul 30  After the Bell    0.45
AHM    Amersham               Tue, Jul 30  Before the Bell    N/A
AOT    Apogent                Tue, Jul 30  Before the Bell   0.34
ARW    Arrow Electronics      Tue, Jul 30  -----N/A-----     0.04
BSG    BISYS Group            Tue, Jul 30  After the Bell    0.30
BOW    Bowater                Tue, Jul 30  Before the Bell  -0.77
BP     BP plc                 Tue, Jul 30  Before the Bell   0.63
BTI    British Am Tobacco     Tue, Jul 30  Before the Bell    N/A
BPO    Brookfield Properties  Tue, Jul 30  During the Market 0.57
CAJ    Canon                  Tue, Jul 30  Before the Bell    N/A
CRL    Charles River Lab      Tue, Jul 30  After the Bell    0.32
CVX    ChevronTexaco Corp.    Tue, Jul 30  Before the Bell   1.37
COH    Coach                  Tue, Jul 30  Before the Bell   0.17
CEFT   Concord EFS            Tue, Jul 30  Before the Bell   0.18
CVH    Coventry Health Care   Tue, Jul 30  Before the Bell   0.48
CREE   Cree                   Tue, Jul 30  After the Bell    0.02
DTE    DTE Energy             Tue, Jul 30  After the Bell    0.44
EPN    El Paso Energy Prtnrs  Tue, Jul 30  Before the Bell   0.18
ETR    Entergy                Tue, Jul 30  -----N/A-----     1.14
FLR    Fluor                  Tue, Jul 30  After the Bell    0.50
FMS    Fresenius Medical Care Tue, Jul 30  -----N/A-----     0.25
FDP    Fresh Del Monte        Tue, Jul 30  Before the Bell   0.96
HLT    Hilton Hotels Cor      Tue, Jul 30  Before the Bell   0.20
ICST   Integrated Circuit Sys Tue, Jul 30  After the Bell    0.18
KLAC   KLA-Tencor             Tue, Jul 30  After the Bell    0.20
MXICY  Macronix International Tue, Jul 30  Before the Bell    N/A
MFC    Manulife Financial     Tue, Jul 30  During the Market 0.44
NI     NiSource               Tue, Jul 30  Before the Bell   0.10
OCAS   Ohio Casualty          Tue, Jul 30  -----N/A-----     0.18
OMG    OM Group Incorporated  Tue, Jul 30  Before the Bell   0.89
IX     Orix Corporation       Tue, Jul 30  -----N/A-----      N/A
PH     Parker Hannifin        Tue, Jul 30  Before the Bell   0.50
PFGC   Performance Food       Tue, Jul 30  Before the Bell   0.46
PER    Perot Systems          Tue, Jul 30  Before the Bell   0.18
IQW    Quebecor World         Tue, Jul 30  Before the Bell   0.36
RCI    Renal Care Group       Tue, Jul 30  After the Bell    0.43
REP    Repsol YPF, S.A.       Tue, Jul 30  -----N/A-----      N/A
RYG    Royal Group Tech       Tue, Jul 30  Before the Bell   0.46
IMI    SanPaolo IMI SpA       Tue, Jul 30  After the Bell     N/A
SVM    ServiceMaster          Tue, Jul 30  Before the Bell   0.21
SKE    Spinnaker Exploration  Tue, Jul 30  -----N/A-----     0.17
STTS   ST Assembly Test Serv  Tue, Jul 30  After the Bell   -0.27
TLM    Talisman Energy        Tue, Jul 30  After the Bell    0.71
RIG    Transocean Inc.        Tue, Jul 30  Before the Bell   0.22
UMC    Un Mcrelec Corporation Tue, Jul 30  Before the Bell   0.05
UPM    UPM-Kymmene Group      Tue, Jul 30  Before the Bell    N/A
VLO    Valero Energy          Tue, Jul 30  During the Market 0.11
WSH    Willis Group Hld Lmtd  Tue, Jul 30  Before the Bell   0.29
XL     XL Capital             Tue, Jul 30  After the Bell    0.55

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

ACL    Alcon Laboratories     Wed, Jul 31  -----N/A-----     0.43
AIB    Allied Irish Banks     Wed, Jul 31  Before the Bell    N/A
AW     Allied Waste Inds      Wed, Jul 31  After the Bell    0.24
AFG    American Financial Grp Wed, Jul 31  Before the Bell   0.57
APU    AmeriGas Partners      Wed, Jul 31  -----N/A-----    -0.39
ABC    AmerisourceBergen      Wed, Jul 31  Before the Bell   0.81
AU     Anglogold Limited      Wed, Jul 31  Before the Bell   0.43
APPB   Applebee`s Intl        Wed, Jul 31  After the Bell    0.36
AVE    Aventis                Wed, Jul 31  -----N/A-----      N/A
BSY    Brit Sky Brdcstng Grp  Wed, Jul 31  -----N/A-----      N/A
CSC    Computer Sciences Corp Wed, Jul 31  After the Bell    0.46
CEG    Constellation Enrg Grp Wed, Jul 31  Before the Bell   0.51
COX    Cox Communication      Wed, Jul 31  Before the Bell  -0.08
CVS    CVS                    Wed, Jul 31  Before the Bell   0.43
DDR    Dvlprs Dversfied Rlty  Wed, Jul 31  Before the Bell   0.60
RDY    Dr. Reddy`s Labs       Wed, Jul 31  Before the Bell    N/A
DRE    Duke Realty Corp       Wed, Jul 31  -----N/A-----     0.65
E      ENI SpA                Wed, Jul 31  Before the Bell    N/A
EPD    Enterprise Products    Wed, Jul 31  Before the Bell   0.17
EPC    Epcos                  Wed, Jul 31  Before the Bell    N/A
EQR    Eqty Res Prop Trust    Wed, Jul 31  Before the Bell   0.62
EXC    Exelon Corporation     Wed, Jul 31  Before the Bell   1.08
FSH    Fisher Scientific Intl Wed, Jul 31  After the Bell    0.42
GRMN   Garmin Ltd.            Wed, Jul 31  Before the Bell   0.29
GGP    General Growth Prop    Wed, Jul 31  After the Bell    1.17
HTV    Hearst-Argyle TV       Wed, Jul 31  Before the Bell   0.30
IM     Ingram Micro           Wed, Jul 31  -----N/A-----     0.06
IRM    Iron Mountain          Wed, Jul 31  Before the Bell   0.17
JBX    Jack in the Box        Wed, Jul 31  Before the Bell   0.60
JNY    Jones Apparel          Wed, Jul 31  -----N/A-----     0.43
MKL    Markel                 Wed, Jul 31  Before the Bell   2.01
MAS    Masco                  Wed, Jul 31  -----N/A-----     0.42
MC     Mats Elctrc Indl Co.   Wed, Jul 31  -----N/A-----      N/A
MX     Metso Corporation      Wed, Jul 31  Before the Bell    N/A
NBIX    Neurocrine Biosci     Wed, Jul 31  -----N/A-----    -0.68
PIO    Pioneer Corporation    Wed, Jul 31  -----N/A-----      N/A
STR    Questar                Wed, Jul 31  After the Bell    0.32
RDA    Reader`s Digest Ass    Wed, Jul 31  Before the Bell   0.19
RGC    Regal Enter Grp        Wed, Jul 31  Before the Bell   0.27
SPP    Sappi Limited          Wed, Jul 31  Before the Bell   0.26
SPG    Simon Property Group   Wed, Jul 31  -----N/A-----     0.85
SLC    Sn Lfe Fin Srvcs Cnda  Wed, Jul 31  -----N/A-----     0.37
SYY    Sysco                  Wed, Jul 31  Before the Bell   0.29
TKTX   Transkaryotic          Wed, Jul 31  After the Bell   -0.53
UN     Unilever N.V.          Wed, Jul 31  Before the Bell   0.89
VZ     Verizon Communications Wed, Jul 31  -----N/A-----     0.77
VSH    Vishay Intertechnology Wed, Jul 31  Before the Bell   0.11

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

APCC   American Power Con     Thu, Aug 01  After the Bell    0.13
RMK    ARAMARK Corporation    Thu, Aug 01  Before the Bell   0.29
BCS    Barclays Bank Plc      Thu, Aug 01  -----N/A-----      N/A
BAY    Bayer AG               Thu, Aug 01  Before the Bell    N/A
BNN    Brascan Corporation    Thu, Aug 01  After the Bell     N/A
CPN    Calpine                Thu, Aug 01  Before the Bell   0.17
CPT    Camden Property Trust  Thu, Aug 01  After the Bell    0.83
CCJ    Cameco                 Thu, Aug 01  After the Bell     N/A
CMCSK  Comcast                Thu, Aug 01  -----N/A-----     0.19
DVA    DaVita                 Thu, Aug 01  Before the Bell   0.38
DEG    Delhaize Group         Thu, Aug 01  -----N/A-----      N/A
DVN    Devon Energy           Thu, Aug 01  Before the Bell   0.85
XOM    Exxon Mobil Corp       Thu, Aug 01  During the Market 0.46
GRP    Grant Prideco          Thu, Aug 01  Before the Bell   0.03
HAN    Hanson PLC             Thu, Aug 01  Before the Bell    N/A
ICI    Impl Chem Ind Plc.     Thu, Aug 01  Before the Bell    N/A
JHF    John Hnck Finl Serv    Thu, Aug 01  After the Bell    0.71
KTC    Korea Telecom          Thu, Aug 01  -----N/A-----      N/A
LNC    Lincoln National       Thu, Aug 01  Before the Bell   0.85
MDP    Meredith Corporation   Thu, Aug 01  Before the Bell   0.46
NWL    Newell Rubbermaid      Thu, Aug 01  Before the Bell   0.37
OCR    Omnicare               Thu, Aug 01  -----N/A-----     0.35
OKE    Oneok                  Thu, Aug 01  After the Bell    0.22
OHP    Oxford Health Plans    Thu, Aug 01  Before the Bell   0.70
PNP    Pan Pacific Retail     Thu, Aug 01  -----N/A-----     0.72
PCG    PG&E                   Thu, Aug 01  -----N/A-----     0.55
PDS    Precision Drlng Corp   Thu, Aug 01  Before the Bell   0.06
RD     Royal Dutch Petroleum  Thu, Aug 01  -----N/A-----     0.72
SLE    Sara Lee               Thu, Aug 01  Before the Bell   0.42
SC     Shl Trnsprt Trdng Cmp  Thu, Aug 01  Before the Bell   0.62
SHPGY  Shire Pharm Group      Thu, Aug 01  Before the Bell   0.29
SNN    Smith & Nephew         Thu, Aug 01  -----N/A-----     1.00
SRCL   Stericycle             Thu, Aug 01  During the Market 0.25
TLD    TDC                    Thu, Aug 01  Before the Bell    N/A
TDK    TDK                    Thu, Aug 01  -----N/A-----      N/A
DIS    Walt Disney            Thu, Aug 01  After the Bell    0.17
WMI    Waste Management       Thu, Aug 01  Before the Bell   0.35
WGL    WGL Holdings Inc       Thu, Aug 01  After the Bell   -0.20

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

AAA    Altana AG              Fri, Aug 02  -----N/A-----      N/A
AVZ    AMVESCAP PLC           Fri, Aug 02  Before the Bell   0.26
CRE    CarrAmerica Realty     Fri, Aug 02  Before the Bell   0.85
CI     CIGNA                  Fri, Aug 02  Before the Bell   1.95
DTC    Domtar                 Fri, Aug 02  -----N/A-----     0.09
FS     Four Seasons Hotels    Fri, Aug 02  Before the Bell   0.31
LYG    Lloyds TSB Group       Fri, Aug 02  -----N/A-----      N/A
RSG    Republic Services      Fri, Aug 02  Before the Bell   0.35
TMIC   Trend Micro            Fri, Aug 02  -----N/A-----      N/A
UNEWY  United Business Media  Fri, Aug 02  Before the Bell    N/A

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

Symbol  Company Name              Ratio    Payable     Executable

CHS     Chicos FAS                2:1      07/26       07/29
ACMR    A C Moore Arts & Crafts   2:1      07/31       08/01
FVB     First Virginia Banks      3:2      08/09       08/12
SSD     Simpson Manufacturing     2:1        N/A         N/A
         - awaiting shareholder approval at 7/29/02 meeting.


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

TEASER HERE

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

Monday, 07/29/02
----------------
None

Tuesday, 07/30/02
-----------------
Consumer Confidence(DM)Jul   Forecast:  102.0  Previous:    106.4

Wednesday, 07/31/02
-------------------
GDP-Adv. (BB)            Q2  Forecast:   2.3%  Previous:     6.1%
Chain Deflator-Adv.(BB)  Q2  Forecast:   1.3%  Previous:     1.2%
Chicago PMI (DM)        Jul  Forecast:   56.5  Previous:     58.2
Fed’s Beige Book

Thursday, 08/01/02
------------------
Initial Claims (BB)   07/27  Forecast:    N/A  Previous:     362K
Auto Sales (NA)         Jul  Forecast:   6.4M  Previous:     5.8M
Truck Sales (NA)        Jul  Forecast:   8.4M  Previous:     7.3M
Construction Spening(DM)Jun  Forecast:   0.2%  Previous:    -0.7%
ISM Index (DM)          Jul  Forecast:   55.0  Previous:     56.2

Friday, 08/02/02
----------------
Nonfarm Payrolls (BB)   Jul  Forecast:    55K  Previous:      36K
Unemployment Rate (BB)  Jul  Forecast:   5.9%  Previous:     5.9%
Hourly Earnings (BB)    Jul  Forecast:   0.2%  Previous:     0.4%
Average Workweek (BB)   Jul  Forecast:   34.3  Previous:     34.3
Personal Income (BB)    Jun  Forecast:   0.5%  Previous:     0.3%
Personal Spending (BB)  Jun  Forecast:   0.6%  Previous:    -0.1%
Factory Orders (DM)     Jun  Forecast:  -2.2%  Previous:     0.5%

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 

VALM    Valmont Industries         20.50     +1.15
UCHB    Ucbh Holdings Inc.         38.67     +0.47
DCOM    Dime Community Bancshare   24.05     +0.54
PDX     Pharmacia Corporation      29.20     +0.90
ICOS    Icos Corporation           19.01     +0.92
--------------------------------------- 
Breakout to Upside (Stocks $5 to $20) 
--------------------------------------- 
Ticker  Company Name               Close     Change 

DOCC    Docucorp International Inc.12.50     +1.28
GTRC    Guitar Center Inc.         16.50     +1.39
BEIQ    Bei Technologies Inc.      11.39     +1.99
JCOM    J2 Global Communications   18.28     +2.38

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

VALM    Valmont Industries Inc.    20.50     +1.15
SFG     Stancorp Financial         52.02     +1.29
ERTS    Electronic Arts Inc.       58.36     +2.64
VARI    Varian Inc.                28.65     +1.67
COLM    Columbia Sportsware Corp.  33.60     +1.22
------------------------------------------- 
Breakout to Downside (Stocks over $20) 
------------------------------------------- 
Ticker  Company Name               Close     Change 
TV      Grupo Televisa             29.10     -1.50
FMX     Fomento Economico Mexico   36.00     -2.68
KB      Kookmin Bank               44.10     -2.48
----------------------------------------- 
Recently Overbought With Bearish Signals (Stocks over $20)
------------------------------------------- 
Ticker  Company Name               Close     Change 

None




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

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

*****************************************************************
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Copyright  2002  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.

DISCLAIMER

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

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