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Daily Newsletter, Wednesday, 07/31/2002

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PremierInvestor.net Newsletter              Wednesday 07-31-2002
                                                  section 1 of 2
Copyright  2001, All rights reserved.
Redistribution in any form is strictly prohibited.

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

Market Wrap:      No Man's Land
Watch List:       AXP, BRCM, ESRX, ICOS, WPI, and more...
Play of the Day:  Hacking and Wheezing


*******************************************************************
MARKET WRAP  (view in courier font for table alignment)
*******************************************************************       
07-31-2002               High    Low     Volume Advance/Decl
DJIA     8736.59 +56.56  8736.73 8537.10 2349 mln  1614/1505
NASDAQ   1328.26 -15.93 1335.79  1307.01 1613 mln  1371/1919
S&P 100   458.87 + 5.97  458.87  446.36   totals   2985/3424
S&P 500   911.62 + 8.84  911.64  889.88
RUS 2000  392.42 - 8.49  400.91  392.38
DJ TRANS 2370.05 -19.46  2390.29 2340.84
VIX        35.21 + 0.06    37.49   34.96
VIXN       57.86 + 1.40    60.15   56.92 
Put/Call Ratio 0.87
*******************************************************************


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

To quote Jim Brown from today's Option Investor market monitor: 
"Trading this indecisive chop in the middle is murder."  Mr. 
Brown's comment is incredibly true.  Bulls and bears are 
undecided, while attempting to figure out what cards the other is 
holding.  Ironically, like a poker game, the action is very quiet 
at times with all players displaying poker faces, attempting not 
to over bet.  The noise comes when the last hand is dealt and the 
cards start to fall.  In today's market, there are many wild 
cards, which make the game more and more complex.  Counting cards 
from a single shoe might usually be easy, but this environment is 
a six shoe, multiple wild card game.    

Today's trading displayed a negative tone, though given the weak 
economic numbers, things definitely could have been worse.  The 
Dow traded negative for the bulk of the day, staging a miracle 
rally to close positive in the last hour of trading. On this 
final day in July, the Dow closed up +56.56 at 8736.59, with the 
Nasdaq closing red at 1328.26, down -15.93 points.  NYSE 
advancers beat decliners 1615 to 1507, and Nasdaq winners' under-
preformed losers 1373 to 1909.  Total volume for NYSE was 2.34 
billion shares with 1.6 billion traded on Nasdaq.  Some sectors 
that closed positive were: forest paper and products, 
biotechnology, pharmaceuticals, drugs, oil, banks, insurance, and 
healthcare.  Losers on the day were: retail goods, gold, 
software, and transportation.    

I think it would be fair to say that America as a whole would 
like to see the markets go up...  A bullish market is good for 
the greatest amount of people.  Incomes are steady, employment is 
up; companies research, produce, expand, and export goods.  
People are happy.  The economy will once again support this 
dream, however, with the economic data today, recovery is still 
only on the horizon. The economy continues to remain weak with 
revised GDP numbers today, potentially alluding to a bumpy market
 over the next few months.    

GDP came in at 1.1%, which was lower than the 1.3% consensus 
expected.  Overall the GDP numbers were disappointing, falling 
far below the first quarter.  In a quick rundown, 
consumer spending was weaker than Q1, posting a meager 1.3% 
versus a prior 2.2%.  1999 revisions currently display that 2001 
GDP was a mere 0.3%, not the 1.2% originally thought.  In layman 
terms the bulk of the news is negative, showing an economy that 
is weaker that previously thought.  However, the silver lining is 
that software and equipment investments rose 2.9%.  Also, though 
consumer spending is down, the numbers have firmed slightly, 
which could lead to a possible Q3 increase.  

Chicago PMI landed at 51.5, lower than the expected 56.5.  A PMI 
number above 50 alludes to manufacturing expansion.  Thus, we 
have been experiencing manufacturing expansion for the last six 
months, though the numbers have been losing steam.  The Chicago 
PMI foreshadows tomorrows National PMI, which could be weaker 
than expected also.  

The Fed Beige book reported that overall labor conditions in the 
Country have not improved drastically, but manufacturing has 
increased slightly.  Leading the weakness was: New York, Boston, 
Atlanta, and Dallas.  Of positive note, the report indicated that 
the worst part of the recession could be behind the semiconductor 
sector, though recovery will still take quite a while.  To read 
the Beige Book report go to: 
http://www.federalreserve.gov/FOMC/BeigeBook/2002/20020731/Default.htm  

There are still a few good companies...  Only nine companies 
continue to have triple-A ratings from Mood's and S&P.  The AAA 
rating is the most pristine credit rating that a company can 
receive.  The nine companies which are still on the top of the 
AAA mountain are: General Electric (NYSE:GE), Automatic Data 
Processing (NYSE:ADP), Exxon Mobile (NYSE:XOM), Pfizer 
(NYSE:PFE), Merck (NYSE:MRK), Johnson & Johnson (NYSE:JNJ), 
United Parcel Service (NYSE:UPS), Berkshire Hathaway (NYSE:BRKa), 
and American International Group (NYSE:AIG).

In the Enron show, a videotape of Andrew Fastow was shown on CNBC 
during the day, with the CFO pitching insider trading to Merrill 
Lynch employees.  Before we hang this guy, I would like to point 
out that the video excerpt is a mere 7 minutes of a 50-minute 
tape... The context of the situation could be misleading, though 
if there were a smoking gun, the tape could be it.  

America Online (NYSE:AOL) stock is once again facing weakness, as 
the company confirmed an investigation by the Department of 
Justice and SEC.  The investigation focuses on questionable 
revenue reported by AOL. 

IBM announced late Tuesday that buy PricewaterhouseCoopers for 
$3.5 billion in stock and cash.  Although the deal is said to 
initially reduce IBM's earnings in the fourth quarter, Big Blue 
could see an earnings addition by mid 2003.

Goldman Sacs increased their global equity allocation from 60 
percent to 65 percent.  The firm attributed the increased outlay 
for stocks to a high VIX, low and stable interest rates, low 
inflation, asset reallocation into equities by pension funds, and 
treasury buybacks by individual companies.  

The Volatility Index ($VIX.X) still remains higher than normal, 
hovering in the 35 area.  Bulls believe that the index could move 
towards the bottom of its range, thus giving the market plenty of 
room to potentially rally.  As an indicator, the $VIX.X helps to 
determine overbought and oversold situations, aiding traders in 
determining bottoms and tops.  Traditionally, the VIX has been a 
signal for a short-term bottom when it approached or got above the 
30 mark (as fear was high, which usually meant the markets were 
falling).  On the opposite side of the scale was a move towards 
or below the 20 level, which meant investor complacency was high
and the markets were overbought and in need of a correction.  
When the VIX was above 50 only a week ago, we 
inferred that the markets were EXTREMELY oversold and due for a 
big bounce.  Now that the VIX has cooled down (somewhat), the 
question is which way will it go?  Unfortunately the double-edged 
sword here is that even though the VIX indicates that the market 
has plenty of room to accelerate, it also depicts additional room 
to fail.  Bulls like that the VIX is below 40, adding resistance 
just in case the market fails again, and the VIX tries to move 
higher.  On the chart of the VIX.X, the 200-Week-ma is 26.32 and 
the 200-dma (line not shown), is 26.54.  Because the VIX is 
supposed to be range bound, we can assume that the VIX will 
eventually return to the 200-wma, and the 200-dma.  The question 
is when?  Unfortunately our crystal ball is out of order this 
week.  

Chart of: Volatility Index, VIX.X.




Treasury bonds traded positive today with the thirty-year yield 
falling to 5.305% down -0.90, and the ten-year yield declining to 
4.465%.  The increase in bond buying reflects the weak economic 
news, indicating that some institutions and investors are still 
favoring the safety of treasuries. 

The Dow is trying to figure out which way it wants to go.  The 
most recent rebound rally has led us to our current 8700 level.  
Our investigation of technical analysis will potentially help us 
understand what might happen and why.  First, (not shown on 
chart), the retracement tool drawn from July 9th indicates that 
the 61% level, 8677.25, is almost where we are currently at.  The 
last two days of uncertainty have fumbled right in this area.  
Also, today's candlestick pattern is a "hanging man", and could be 
a reversal pattern but needs some confirmation.  The next 
retracement line is at 8995.72, just short of the 9000 technical 
and psychological resistances.  What I would like to get across 
here is that if the market continues to rally, it does have 
technical resistance to fight. In the next day or two, stay alert 
for a potential pull back resulting from the trading action of the week.  

Chart of: Dow Jones, Daily.






The market is a confusing place at the moment.  Though there has 
been "just in case" buying over the last week, investors are not 
sure whether we have seen a bottom or not.  Current economic data 
has its silver lining, however to find it, you have to look for 
it.  Now is the time to step back and make sure all current 
positions are reasoned out with logic. We are in the middle of a 
range; this is a potential minefield for uncertain investors.  
With much ambiguity in economics, company specific future 
guidance, accounting legislation, August 14th*, and oil specific 
political environments, this is probably not the time to bet the 
farm.  

Stay alert  

* Some companies have already certified their accounting ahead of 
the August 14th deadline.  In reality the August 14th deadline is 
just the beginning date for this certification process as not all 
900+ companies have to report on the same day, this merely begins 
the reporting period.  I will try to compile a list of all of 
the companies who have already certified their numbers for 
Fridays wrap.   

Mark Whistler
Editor

P.S. Another outside influence that could have an affect on the 
markets was new political talk about the Iraq situation.  The US 
has talked about an invasion into Iraq again.  However, an 
invasion would cost approximately 80 billion dollars, which would 
certainly not help with our deficit, which is predicted to be 165 
billion by the end of the year.  The gulf war had cost 
approximately 60 billion dollars, which the Allies paid almost 
80% of.  Because the Allies do not currently support an invasion 
the way they had previously, the U.S. would get stuck paying 
almost the entire tab for a new strike.  Can we afford this in 
the middle of a recession where our fight against terrorism has 
already increased our national deficit?  
 
Readers are encouraged to respond on thoughts of a possible 
invasion.  Should we, or shouldn't we?  What are the economic and 
political implications?  Opinions will be published on Friday.  

mwhistler@PremierInvestor.net



==================================================================
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
---------------------------------

American Express - AXP - close: 35.26 change: +1.34

WHAT TO WATCH: An upgrade from Lehman Brothers had AXP trading 
relatively strong today.  Shares outperformed the Dow Jones and 
finished with a gain of nearly 4%.  Not a bad performance, but 
AXP appears to have limited upside.  In addition to congestion in 
the $36-$38 region, the stock faces resistance at the converging 
50-day and 200-day MA's near $36.75.  A rollover from this area 
would provide a tempting shorting opportunity.  AXP has rallied 
sharply from its recent low of $26.92 and looks overdue for some 
profit taking.


 

---   

Broadcom Corp - BRCM - close: 18.76 change: -0.89

WHAT TO WATCH: During the month of July, BRCM formed a large 
wedge pattern of lower highs and higher lows.  A break out of 
this wedge could produce a large move.  Given the stock's failure 
to move above psychological resistance at $20.00 (backed by the 
50-dma at $20.11), we think odds are in favor of a steep decline.  
Although the daily Stochastic and MACD oscillators are painting 
an uncertain picture, aggressive traders could evaluate bearish 
entries on a move below short-term support at $18.63.  In terms 
of sector strength, the SOX.X continues to flounder under 
resistance at 350.  The index underperformed the NASDAQ today and 
gave back 4.4% as Wall Street reacted to negative news from KLAC 
and NVDA.  A continued decline in the SOX.X would likely create 
additional selling pressure in BRCM as nervous bulls move their 
money to safer havens.




---

Express Scripts - ESRX - close: 51.99 change: +1.99

WHAT TO WATCH: In an impressive display of technical strength, 
ESRX recently sliced through the 200-dma, 50-dma, and 
psychological resistance at $50.00.  This development may trigger 
another round of short covering that could take the stock back to 
its June highs near $57.50.  Entries can be considered on a 
pullback to the 50-dma ($50.31), while aggressive traders can 
watch for a move above today's high of $52.82.  However, be aware 
that ESRX may face some congestion in the $53-$54 region.




---

Manor Care - HCR - close: 21.99 change: +0.66

WHAT TO WATCH: A positive reaction to Manor's July 26th earnings 
report sent HCR rocketing higher this week.  Shares continued to 
perform well today, rising in tandem with the HMO.X health 
provider index.  However, the stock is now looking overbought 
(it's gained more than 20% over the past week) and seems to be 
running out of willing buyers; volume has been steadily 
decreasing over the past week.  With the 50-dma and 200-dma both 
looming overhead (at $22.72 and $22.60, respectively), we think 
the bulls will have a very difficult time pushing HCR higher.  
Bearish positions can be evaluated on another failed rally from 
$22.50-$22.75 or on a rollover from current levels.  Our downside 
target would be psychological support at $20.00.




---

ICOS Corp. - ICOS - close: 24.45 change: -0.42

WHAT TO WATCH: Whoa!  ICOS added an astounding 73% from its July 
23rd low of $14.66 to today's high.  These explosive gains have 
been fueled by recent news of regulatory progress for the drug 
Cialis, which ICOS believes will see FDA approval by the second 
half of 2003.  That's all well and good, but we believe the 
reaction to this news was overdone.  The sudden and sharp nature 
of the recent rally smacks of short covering, and today's 1.6% 
decline is an indication that the bullish momentum has finally 
subsided.  Shares are currently resting under solid resistance in 
the $25.00-$25.50 region.  Playing biotech stocks always requires 
an aggressive strategy, but traders willing to deal with the risk 
of sudden news-related gaps can consider short positions at 
current levels.  We'd use a stop just above $26.00 and target a 
move back to psychological support at $20.00.  Of course, it's 
entirely possible that additional positive news could send ICOS 
even higher.  Ultra-aggressive *bullish* positions could be 
considered if ICOS moves above $27.64 and begins to fill in its 
April 30th gap.





---

Smurfit-Stone Container - SSCC - close: 14.42 change: -0.22

WHAT TO WATCH: Shares of SSCC rallied sharply from $12.00 but ran 
headlong into resistance at the 50-dma ($15.32).  The subsequent 
reversal may the beginning of a more pronounced decline that 
could send the stock back to its recent lows.  The daily 
stochastics are beginning to release from overbought levels, 
indicating that SSCC has plenty of downside potential.  Short 
entries can be targeted on a move below today's low of $13.96.  
In the news on Wednesday, shareholders of parent company 
Jefferson Smurfit voted for a resolution to spin-off SSCC.  
Jefferson is currently the target of a takeover bid for U.S. 
based Madison Dearborn.  This may create added volatility in 
SSCC.




--- 

Teleflex - TFX - close: 49.34 change: -0.14

WHAT TO WATCH: Shares of TFX have rallied more than 20% over the 
past week.  However, the bulls must now contend with the 200-dma 
at $49.71 and psychological resistance at $50.00.  Given the 
stock's rapid ascent, we think a pullback could be just around 
the corner.  Bearish positions can be targeted on a rollover from 
current levels, although cautious traders may want to wait for 
break under today's low of $48.00.  We'd be looking for a 
pullback to the $44-$46 region.




---

Watson Pharmaceuticals - WPI - close: 21.07 change: +0.54

WHAT TO WATCH: WPI rallied nicely off the $18 level over the past 
week and has shown no signs of slowing down.  The stock 
outperformed the DRG.X pharmaceutical index on Wednesday and 
closed safely above psychological resistance at $20.00.  Short-
term traders can gauge entries on a move above near-term 
resistance at $21.20.  This could lead to a retest of the 50-dma 
at $23.17.  A trade at $22.00 will create a double-top buy signal 
on the p-n-f chart.  Note that Watson announces earnings next 
Wednesday.





===============
Play-of-the-Day (Non-tech BEARISH play)
===============

Phillip Morris - MO - close: 46.05 change: -0.71 stop: 

Company Description:
The Philip Morris family of companies, including Kraft Foods Inc. 
(Kraft), is the world's largest producer and marketer of consumer 
packaged goods. Philip Morris Companies Inc. recorded 2001 
underlying net revenues of approximately $81 billion and owns 
83.9% of the outstanding common shares of Kraft and is the 
largest shareholder, with an approximately 36% economic interest, 
in SABMiller plc. The Philip Morris family of companies also 
includes Philip Morris Incorporated (PM USA), Philip Morris 
International Inc. and Philip Morris Capital Corporation. 
(source: company press release)



- ORIGINAL WRITE UP: July 30th, 2002 -
 
Why We Like It:
With the Dow staging a strong rally over the last few days, MO 
has showed reactionary strength.  Based on chart technicals, 
Philip Morris seems to have run into horizontal resistance.  
Since the recent July low, MO has rebounded 16% in just two 
weeks.  On July 15th, the tobacco stock had a low of 40.30. 
Although we are happy to see the company's stock price 
appreciate, the move could be a dead cat bounce, potentially 
foreshadowing another failure.  

The horizontal resistance that we mentioned earlier sits in the 
45.90-47.30 area, with the most recent high at 47.20.  We are 
looking at three points to gauge resistance, and pinpoint our 
stop.  Our first area of resistance is in the consolidation 
occurring in November, December, and January of the last year.  
Second, the July 9th, 10th, and 11th highs gave us an indication 
that last year's resistance meant business.  Third and final, 
after failing in the 47.50 area during early July, MO flopped to 
the bottom of its range, where it made the most recent low at 
40.30.	Please see the annotated chart below.  We believe that 
the same resistance (which the stock is at now) could be a 
potential short swing trade worth our time.  Also of commendable 
notoriety, the Stochastics are showing the stock is currently 
overbought, and could fall back into the mid-range of the 
indicator.  

Because the 50-dma, and the 200-dma are well above where the 
current price is, we will keep a tight stop on this trade.  Our 
concern is that although we like the current horizontal 
resistance, the stock could still make a run at the benchmark 
averages.  Because the newsletter is planning to add this as a 
short at current levels, we want to make sure our stop is 
somewhat constrictive.  The initial stop for our position will be 
at $48.01, a little more than a quarter above the high on July 
8th.  The official price target for this position is 42.05, which 
is slightly above support.  We anticipate support in the 44 area, 
which would be both: psychological and technical.  If the support 
at 44 is breached, the stock could fade into our hands, with the 
stock price going up in a cloud of smoke.

- Play-of-the-Day Comments: July 31st, 2002 -

In today's trading, Philip Morris displayed weak relative 
strength compared to the rest of the market.  Closing negative on 
the day, MO lost -1.51%.  New shorts could put a trigger below 
today's low, though be sure to keep stops tight.  Our current 
stop is $48.01, slightly greater than a quarter above the July 
8th high.  The is no fresh news stories on MO today.  

Picked on July 25th at    $46.76 
Results since picked:      -0.71
Earnings Date           07/18/02 (confirmed)
 






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send email to Contact Support
=================================================================
DISCLAIMER
=================================================================

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

*****************************************************************
ADVERTISING INFORMATION

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Newsletter, or any Premier Investor Network newsletter please
contact Contact Support.

*****************************************************************


Copyright  2001  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.




PremierInvestor.net Newsletter                Wednesday 07-31-2002
                                                   section 2 of 2
Copyright  2001, All rights reserved.
Redistribution in any form is strictly prohibited.

The entire newsletter is best viewed in COURIER 10 for alignment
=================================================================
To view this email newsletter in HTML format with imbedded
charts and graphs, click here:
http://www.PremierInvestor.net/htmlemail/g31b_2.asp
=================================================================

In section two:

Active Trader Non-Tech Stocks
  Triggered Plays:       DD (bearish) 

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)


=================================================================
Active Trader/Non-tech Stocks (AT) section
=================================================================

===============
AT Play Updates
===============  
 
Triggered Plays
---------------

DuPont - DD - close: 41.91 change: -0.14 stop: 44.26

A negative reaction to this morning's release of GDP data had 
both the Dow Jones and DD trading lower after the opening bell.  
Our short play was triggered when the stock hit our trigger price 
of $41.61.  Shares rallied with the index in the final hour of 
trading and finished with a small loss.  Aggressive traders can 
target new entries on a move below today's low of $40.84, but 
remember that $40.00 may act as support.  Our stop-loss is 
currently set at $44.26.





==================
  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.

Ticker  Company Name               Close     Change 

Value Plays With Bullish Signals
EDS     Electronic Data Systems    36.77     +1.58
MIMS    Mim Corporation            11.61     +0.81
ASO     Amsouth Bank Corporation   22.32     +0.62
AYE     Allegheny Energy Inc       21.05     +2.97
--------------------------------------- 
Breakout to Upside (Stocks $5 to $20) 
--------------------------------------- 
Ticker  Company Name               Close     Change 

IVX     Ivax Corporation           13.50     +1.35
PVN     Providian Finacial Ser.    5.02      +1.27
IDT     Idt Corporation            18.10     +1.10
EXEL    Exelixis                   6.95      +1.38

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

SIE     Sierra Health Services     22.75     +1.31
TARO    Taro Pharmaceuticals       31.22     +1.45
GRMN    Garmin Limited             20.43     +1.38
CVX     Chevron Texaco             75.00     +2.00

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

URBN    Urban Outfitters Inc       23.26     -4.50
TOO     Too Inc.                   24.41     -1.59
LIN     Linens 'n Things           24.35     -2.73
ROP     Roper Industries Inc.      29.75     -3.25
KMP     Kinder Morgan              29.71     -1.29

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

None




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To stop receiving this PremierInvestor.net Newsletter,
send email to Contact Support
=================================================================
DISCLAIMER
=================================================================

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

*****************************************************************
ADVERTISING INFORMATION

For more information on advertising in PremierInvestor.net
Newsletter, or any Premier Investor Network newsletter please
contact Contact Support.

*****************************************************************


Copyright ) 2001  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.

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

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