PremierInvestor.net Newsletter Wednesday 09-18-2002 section 1 of 2 Copyright © 2002, All rights reserved. Redistribution in any form is strictly prohibited. The entire newsletter is best viewed in COURIER 10 for alignment ================================================================= In section one: Market Wrap: The Matador Usually Wins Watch List: A, AMAT, DAL, IBM, PSFT, PNRA, WY, and more... Play of the Day: Chain Reaction ****************************************************************** MARKET WRAP (view in courier font for table alignment) ****************************************************************** 09-18-2002 High Low Volume Advance/Decl DJIA 8172.45 - 35.10 8253.53 8051.91 1752 mln 532/1210 NASDAQ 1252.13 - 7.81 1263.90 1233.08 1560 mln 472/1057 S&P 100 435.99 - 2.56 441.04 429.93 totals 1004/2267 S&P 500 869.46 - 4.06 878.45 857.39 RUS 2000 376.75 - 2.56 379.83 373.27 DJ TRANS 2162.72 - 40.97 2200.88 2153.38 VIX 40.89 - 1.07 44.30 40.30 VIXN 59.33 - 1.06 61.76 57.45 Put/Call Ratio 1.36 ****************************************************************** =========== Market Wrap =========== The Matador Usually Wins by Steven Price We had an interesting batch of conflicting data and news stories this morning. First of all, the markets tanked on news from J.P. Morgan that they would be reducing their earnings forecast due to credit losses and lower trading revenue. The reaction was dramatic, as earnings forecasts were slashed on the bank. Lehman cut its forecast from 0.58 to 0.38 and lowered its price target on JPM from $31 to $23. Fitch ratings downgraded the bank's debt, as did Standard and Poor's, which said that it could lower the rating once again if trading problems persist in the fourth quarter. JPM has been estimated to have as much as $20 trillion (yes, I said trillion) of derivatives positions on its books, which is another source of tremendous risk for the company. They are the world's largest holder of gold derivatives. Two percent of a bank's derivatives exposure is usually considered at risk in the normal course of business. Two percent of $20 trillion is $400 billion. Considering a market cap of $37 billion for JPM, we could be seeing a lot more red on its chart than we already have. I am not saying that JPM could not profit from this portfolio, rather than lose, but the risk is enormous. The credit problem was pinned on loans to the telecom sector, which resulted in an increase of $1 billion in bad debt. If JPM is seeing high default rates from the telecoms, there are undoubtedly other banks with similar problems. While they may not have the same amount of exposure, we could still see some heavy losses. Taking this pattern a step further, there are other sectors that have performed horribly and seen financial problems as well. How many of these are also having problems making payments? How many banks are suffering from bad debts that we have not yet heard about? I think this announcement could just be the tip of the iceberg and I would stay away from playing the banks long on anything but a short-term basis. On the positive side, the U.S. trade deficit decreased by 6 percent in July, to $34.6 billion. Exports increased for the fifth straight month, while June's record trade deficit was revised downward to $36.8 billion from $37.2 billion. Inflation also appears to be peaking its head back out, as the consumer price index rose 0.3 percent. The core rate, which excludes the more volatile food and energy components, was also up by the same amount. Those increases were a bit higher than forecasts of 0.2 percent. Oracle released earnings after the bell yesterday. They met expectations, but issued cautious statements. The company's earnings fell 33 percent from last year and Jeff Henley, Oracle's CFO said, " We think the worst is over, and we think we'll see gradually better year-over-year numbers ... but it's still a difficult, slow recovery. We're being very cautious with our business planning at this point." These comments weighed heavily on the markets this morning as well, as the Nasdaq started the day down 15 points. Oracle ended the day down 8 percent (0.73) at $8.30. I have been writing recently about the bearish head and shoulders pattern forming across the broader indices. Yesterday's action in the Dow led to a definitive neckline break, as the index closed below 8305, which was the 50% retracement of its gains from July 24 to August 22. The neckline can be drawn from several different points, but there wasn't much to argue about in yesterday's Dow breakdown. The previous low at that support level was set on September 5 in the Dow. The Nasdaq Composite (COMPX), however, is a slightly different story. The September 5 low, which is also the point at which there is little argument about a neckline break, was 1251.00. The September 5 low is also the last significant support level above 1200. The Nasdaq traded as low as 1233.08 this morning and a breakdown appeared certain. However, much like the action in the Dow when it was testing the 50% retracement level the week of September 5, a rally boosted the Nasdaq back above the crucial level. Chart of the Nasdaq Composite (COMPX) After the bell, Electronic Data Systems (EDS) warned that they would miss expectations for the third and fourth quarters, as well as the full year. EDS said that lack of demand for infrastructure technology services is very soft and lowered earnings estimates from 74 cents to 12 to 15 cents for the third quarter. Although it was halted in after hours trading, rival IBM was trading down $3.55 to $66.00. This should be the kicker that takes the Nasdaq back down below that 1251 level and on its way to 1200. While neither IBM nor EDS are Nasdaq stocks, IBM is the biggest of the techs and should tip the scales. As a Dow stock, it may also lead us back below today's low of 8051.91. IBM is the third heaviest weighted stock in the Dow, and a significant move could speed the process toward re-testing July's low. Today's low got us within 21 points of 8030, which is the last significant support level between where the index is currently trading and the July low of 7532. I had planned on writing about the strength of the intraday turnaround, but if IBM does not rebound from its $3.50 dollar drop after the close, it is likely we will see tomorrow's action take us below 8030. This afternoon's rebound brought us back above the 61.8% retracement level and it appeared that this might be the next level of consolidation. However, given the news after the bell, I am no longer confident that this level will hold. Chart of The Dow In what appears to be more bad news for the brokerage sector, Merrill Lynch announced after the bell that they have fired Vice Chairman Thomas W. Davis and Schuyler Tilney, an investment banking managing director, for refusing to testify in the SEC and Department of Justice investigation of financial transactions Merrill completed with Enron. Merrill sold off after the announcement, as investors worry what the two executives are hiding. A refusal to testify does not always mean the subject is hiding something, however. The way the law is structured, it rarely benefits a potential defendant to speak up on his own behalf. Statements made for your own benefit are not admissible in court, while statements made against your own interest are allowed. Therefore, there is little to gain by speaking up on your own behalf and many attorneys counsel clients to simply remain quiet. Regardless of this rule, investors don't like hearing about non-cooperation in a government probe, especially when it has turned up many violations already. A development that did not get much media play today, but could have serious effects on our economy, was an informal agreement between OPEC members to leave oil production quotas unchanged. There had been predictions that they would raise their official quota of 21.7 million barrels a day at the September 19 meeting in Osaka, Japan, in order to bring the per barrel price down to palatable levels. But even Saudi Arabia, the world's largest producer of crude oil, apparently has agreed to leave current quotas unchanged. They had previously come out in support of raising quotas. This is partially the result of the fact that the OPEC members have actually been overproducing by about 1.7 million barrels per day, and will simply "cheat" on the current quota, rather than raise it. The problem for the U.S. is that the country's crude oil inventories have contracted by 15.3 million barrels in the last three weeks, and now stand at the lowest level, 287.8 million barrels, since March 2001. Heading into the winter, this could squeeze prices even higher than they are now - and that does not include the possibility of an invasion into Iraq. Crude Oil Futures jumped again today, as news of the unchanged quotas seeped out. A vote by Congress authorizing military action in Iraq will almost certainly push the price of futures over $30 per barrel. With an economy that is already growing at a very slow pace, increasing fuel costs could have a pronounced effect on all industries, as well as cutting into discretionary spending by consumers who will be paying higher prices at the pump. Chart of Crude Oil Futures With so many factors weighing on the markets today, look for a much lower open tomorrow. A hold above the 8000 level in the Dow could be viewed as bullish, however, the overall trend appears as though it is just a matter of time before we re-test July's lows. The put/call ratio is once again growing and now stands at 1.36, which shows an even greater number of puts trading than calls. While this is not an exact science, experience on the floor has taught me that puts trade when the smart money is bearish, and they trade more than calls when the smart money is very bearish. There will be pockets of opportunity from the long side, but remember that when the trend is down, the longs are usually short-term plays. Choose your plays carefully and don't lose sight of the big picture. Steve Price ================================================================== 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 --------------------------------- Agilent Technologies - A - close: 14.75 change: -0.01 WHAT TO WATCH: Today's earnings warning from CLS provided evidence of weakness in the electronics-manufacturing sector. Agilent isn't directly related to Celestica, but it's likely suffering from similar business difficulties. From a technical perspective, A is looking pretty weak. Shares have been pressured by a descending trendline that extends back to late- July, and the recent rollover from that level of resistance seems to have renewed the bears' conviction. The three-box point-and- figure reversal and falling daily stochastics are indications that A may retest (or surpass) its multi-year low of $12.76. A move below $14.25 would provide a possible action point for bearish entries. --- Applied Materials - AMAT - close: 12.22 change: +0.02 WHAT TO WATCH: Another day, another multi-year low for the SOX.X. Although the daily stochastics suggest the index is oversold, the lack of any positive tech news has kept the bulls on the sidelines. Tonight's earnings warning from EDS will probably weigh heavily on the NASDAQ tomorrow. AMAT will be hard-pressed to maintain support at $12.00 if the chip sector continues to get whacked. A move under this level would create a double-bottom sell signal on the point-and-figure chart and could result in a decline to psychological support at $10.00. On the other side of the coin, AMAT may be a decent long play for those who believe a semiconductor rebound is just around the bend. Speculative traders could take bullish positions at current levels with a stop just under $12.00. Should the sell-off continue, potential downside risk would be minimal. --- Delta Airlines - DAL - close: 12.77 change: -1.47 WHAT TO WATCH: The XAL.X airline index hit an all-time low today after it fell through support at the 40.00 mark. Pressuring the group were negative comments from Merrill Lynch, who downgraded CAL, NWAC, and DAL. The company's analyst said he does not expect the airline industry to be profitable until 2004. Among the many stocks in the group that are in the process of breaking down, DAL looks like a particularly good short candidate for aggressive traders. Shares fell below the $13.25 support region on Wednesday and set a new multi-year low, which in turn produced a quadruple-bottom sell signal on the point-and-figure chart. This is a not a good sign for the bulls. With the MACD recently crossing below the baseline, a test of psychological support at $10.00 could be in the cards. Entries can be targeted on a move below today's low of $12.60. --- Ford Motor Co. - F - close: 10.26 change: -0.21 WHAT TO WATCH: Ford traded in the single digits today for the first time since 1993. Shares rebounded with the broader market in afternoon trading and finished above the $10.00 mark, but this may have only been a temporary reprieve for the bulls. The overall automotive sector is hitting the skids, the broader market seems to be tanking, and F has no immediate underlying support levels. Aggressive traders could evaluate short entries on a break under today's low of $9.92. Loose historical support in the $8.00 region offers a potential profit-target to aim for. --- Intl Business Machines - IBM - close: 69.52 change: -2.23 WHAT TO WATCH: If you've already read tonight's Market Wrap, you're aware that IT stalwart EDS announced an earnings warning after the closing bell. Maybe "warning" is an understatement...The company lowered Q3 expectations from 74 cents to only 12-15 cents. Ouch!! This news had shares of competitor IBM trading near the $66.50 level in after-hours action. The stock was already looking weak after today's action, which saw shares break under bullish p-n-f support on strong volume. At this point a retest of the multi-year low ($65.00) appears likely. However, given the broader market negativity, IBM could easily make its way towards the current bearish p-n-f count of $60.00. The (probable) gap lower tomorrow will make it difficult to gauge entries, but failed intraday rallies may offer action points to open short positions. Aggressive traders could even target a breakdown below $65.00. --- Michaels Stores - MIK - close: 45.70 change: -0.20 WHAT TO WATCH: Michaels stock was bid higher in early September after the company announced a 6% increase in same-store sales for the month of August. This followed a strong Q2 earnings report that included a raised outlook for full-year results in 2002. Although this fundamental strength is impressive, MIK looks overdue for a pullback to consolidate its recent gains. The past week has seen the stock begin to rollover from just below the $50.00 mark. The MACD has just produced a bearish crossover from very high levels. Interestingly, the most recent bearish crossover (in mid-June) came before a substantial sell-off. The p-n-f chart has reversed into a column of O's, presenting the bears with more technical ammunition. Short positions can be considered on a move below today's low ($44.65), with an initial profit target near the 50-dma at $39.82. --- PeopleSoft Inc. - PSFT - close: 13.94 change: -0.29 WHAT TO WATCH: Tech bulls had been hoping that ORCL would save the day with last night's earnings announcement. With the GSO.X software index trading near all-time lows, even mildly positive comments could've triggered a short-covering rally. Alas, there wasn't much good news to be had. The company guided sales and profit estimates towards the low end of analyst expectations for the current quarter and reported a 33% reduction in year-over- year net profit. Investors responded by slamming ORCL for an 8.0% loss. PSFT declined with the overall software sector and fell to a fresh multi-year low. Aggressive traders could think about going short if the stock falls below historical support at $13.00. Continued weakness in the GSO.X could drag PSFT down to the $10.00 region. --- Panera Bread Co. - PNRA - close: 25.31 change: +1.07 WHAT TO WATCH: PNRA bounced enthusiastically from historical support at $24.00 on Wednesday. With underlying point-and-figure support at $22.00, the bears may have decided to take their gains off the table. The stock had spent most of the prior month trending lower from the August highs near $35.00. As could be expected, today's rebound has led to uptrending action in the MACD and daily stochastic oscillators. By using a stop just under today's low of $23.64, long entries with a decent risk/reward ration could be targeted on move above $25.85. The 200-dma at $30.22 presents a possible profit-target, although shorter-term traders could target the 50-dma at $29.05. --- Weyerhaeuser Co. - WY - close: 49.78 change: -0.48 WHAT TO WATCH: With sector leader IP leading the way lower, the FPP.X forest/paper products index sank to a new multi-month low on Wednesday. Further downward action could soon have the FPP falling below the multi-year lows at 270. WY is breaking down as well, having just fallen below psychological support at $50.00. The bearish oscillators are hinting at a retest of the 2001 lows near $42.00. In terms of action points, traders can watch for a move below $49.00. This would produce a double-bottom sell signal on the point-and-figure chart. Other possible shorts in the paper sector include IP, BCC, and SSCC. ========================= Play-of-the-Day (BEARISH non-tech play) ========================= Diamonds - DIA - close: 81.42 change: -0.74 stop: 85.57 Company Description: The Diamonds Trust is a Dow Jones tracking stock that is traded on the AMEX. - ORIGINAL WRITE UP: September 17th, 2002 - Why We Like It: It's getting awfully tough for the bulls to make their case that a substantial economic upturn is just around the corner. This past week alone has seen no less than three of the thirty Dow Jones components issue an earnings warning. HON got whacked last Thursday after the company lowered estimates and said the economic recovery was not materializing. MCD gave shareholders a severe case of indigestion today after they said lower-than- expected sales in the U.S. and Europe would result in lower 2002 earnings. The coup de grace came after the closing bell today, when JPM guided lower on rising loan losses and weak trading results. Both Fitch and S&P reacted to this news by lowering the company's credit rating. Overall this triumvirate of warnings paints a very bearish picture for the economy. The JPM news in particular is a sign of macroeconomic distress. McDonalds' declining sales could be a result of increased competition or a more health-conscious public. Honeywell blamed their lack of revenue on a tepid post- 9/11 aviation industry. But when one of the world's largest banks can't meet estimates, a certain amount of widespread financial weakness is implied. This seems to be reflected in the broader market. A cursory glance at the Dow-30 that the following stocks are trading at or near 52-week lows: AA, CAT, HON, INTC, IP, JPM, and MCD. That's 23% of the index...And warning season isn't even over yet! Technically, the Dow looks like it could eventually retest the 7600 region. The index has been downtrending ever since it gave a triple-bottom point-and-figure sell signal in late-August. Today's action saw a failure of near-term support at 8250. With bullish p-n-f support also recently giving way, an eventual retest of the 7600 region appears likely. By shorting the DIA (which trades in tandem with the Dow Jones) on a move below $81.99, we're aiming to capture a move to our profit-target at $76.26. Of course, the JPM news will probably have the DIA gapping lower on Wednesday morning. We will not enter this play if the stock opens under $81.00. If our entry conditions are met, we'll use an initial stop-loss of $85.57. This will give us the protection of the 50-dma. We'll quickly tighten our stop if/when this play begins to work to our advantage. - Play-of-the-Day Comments: September 18th, 2002 - The Dow Jones traded sharply lower this morning following last night's JPM warning. Our short play in the Diamonds was triggered at the opening price of $81.41. An intraday rally briefly carried the Dow into positive territory, but the final half-hour has met with heavy selling after the index rolled over from the 50-pd moving average on the 30-minute chart. In breaking news tonight, shares of EDS were taking a bath in after- hours trading after the company announced a severe earnings warning. Competitor IBM was trading lower in sympathy. Barring any new overnight developments, it looks like this Dow component will gap lower tomorrow morning. Big Blue is already looking technically weak and may soon test its multi-year lows. That doesn't bode well for the broader market bulls. On Thursday we'll be looking for DIA to fall below today's low and crack psychological support at $80.00. Such a breakdown would offer a fresh entry point for traders still looking to get short. Picked on September 18th at $81.41 Results since picked: -0.01 Earnings Date N/A ================================================================= 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 © 2002 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter Wednesday 09-18-2002 section 2 of 2 Copyright © 2002, All rights reserved. Redistribution in any form is strictly prohibited. The entire newsletter is best viewed in COURIER 10 for alignment ================================================================= In section two: Stock Bottom / Active Trader Triggered Plays: BDK, DIA (bearish) Stop Adjustments: CUM (bearish) Split Trader RMCI: 3-for-2 split announcement Trading Ideas Value Plays With Bullish Signals Breakout to Upside (Stocks $5 to $20) Breakout to Upside (Stocks over $20) Breakout to Downside (Stocks over $20) Recently Overbought With Bearish Signals (Stocks over $20) ================================================================== Stock Bottom / Active Trader (AT) section ================================================================== =============== AT Play Updates =============== Triggered Plays --------------- Black & Decker - BDK - close: 41.72 change: -0.20 stop: 44.33 With the broader market seeing heavy selling on Wednesday morning, BDK gapped lower and quickly hit our entry trigger at $41.69. Shares matched the Dow Jones' decline and finished in the red by 20 cents. The next task for the bears will be to push BDK below psychological support at $40.00. A failure of this level might provide another action point to get short. Now that we've activated this play, our stop is set at $44.33. --- Diamonds - DIA - close: 81.42 change: -0.74 stop: 85.57 The Dow Jones traded sharply lower this morning following last night's JPM warning. Our short play in the Diamonds was triggered at the opening price of $81.41. An intraday rally briefly carried the Dow into positive territory, but the final half-hour has met with heavy selling after the index rolled over from the 50-pd moving average on the 30-minute chart. On Thursday we'll be looking for DIA to fall below today's low and crack psychological support at $80.00. Such a breakdown would offer a fresh entry point for traders still looking to get short. Stop Adjustments ---------------- Cummins Inc - CUM - close: 25.21 change: -1.54 stop: 26.76 *new* Shareholders of CUM suffered a 5.7% loss on Wednesday. The sell- off came on the strongest volume in nearly two months, and shares finished only 16 cents off the worst levels of the day. With CUM trading at fresh multi-year lows, we'll now be watching for psychological support at $25.00 to give way. Aggressive short- term traders could target new entries if this occurs. In light of today's action we've elected to move our stop down to $26.76, just above yesterday's low. This should protect a small gain from our action point at $26.99. ================================================================== Split Trader (ST) section ================================================================== Split Announcements ------------------- Right Management to Split Stock 3-for-2 Before the market opened this morning, Right Management Consultants, Inc. (NASDAQ:RMCI) announced that its Board of Directors had approved a 3-for-2 stock split. The split will be effected on October 15, 2002 to stockholders of record on October 1, 2002. RMCI also split 3-for-2 in April and November of 2001. The stock has been downtrending since it set an all-time high in May, but recently broke above short-term resistance at $24.00. RMCI has risen by roughly 35% year-to-date, and trades on an average volume of 150K shares/day. The stock closed at $23.52 on Tuesday. For a current quote, click here: http://user.financialcontent.com/pin1/quote.cgi?account=pin1&ticker=RMCI About the company Right offers services to companies of all sizes through a global network of more than 300 service locations and the Internet. The company is a worldwide leader in customized career transition solutions and also offers a wide range of organizational consulting services, including talent management, leadership development and organizational performance services. (source: company press release) ================= Trading Ideas ================= This section contains stocks that meet criteria which may make them of interest to long and short side traders. These are not recommendations, nor have they been reviewed by PremierInvestor editors for investment potential. However, each of them has technical and fundamental characteristics that make them worthy of further review by traders and investors looking for fresh ideas. New stocks will appear daily following the market close. Value Plays With Bullish Signals --------------------------------- Ticker Company Name Close Change SGR The Shaw Group 16.12 +0.53 ESE Esco Technologies 33.01 +1.11 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- Ticker Company Name Close Change STN Station Casinos Inc 15.75 +1.24 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- Ticker Company Name Close Change TM Toyota Motor Corp ADS 53.13 +3.22 ABT Abbott Labs 40.42 +1.83 SNE Sony Corp 45.01 +1.80 PDCO Patterson Dental 52.63 +2.13 ELAB Eon Labs Inc 22.97 +1.31 RHB Rehabcare Group Inc 24.84 +1.45 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- Ticker Company Name Close Change IBM Intl Business Machines 69.55 -2.20 JPM JP Morgan Chase & Co 20.44 -1.11 CAH Cardinal Health Inc 62.66 -1.24 IP International Paper 33.55 -1.11 EDS Electronic Data Systems 36.46 -1.30 DHR Danaher Corp 53.24 -1.25 MTB M&T Bank 75.37 -2.93 EQR Equity Residential 25.29 -1.09 EL Estee Lauder Cos Inc 29.30 -1.06 ITT ITT Industries 62.69 -1.12 ZION Zions Bancorp 48.04 -1.69 ETN Eaton Corp 63.38 -1.48 CBSS Compass Bancshares 30.16 -1.06 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- Ticker Company Name Close Change NAB National Australia Bank 97.30 -1.20 JASA Jo-Ann Stores Inc 29.80 -1.01 BSX Boston Scientific Corp 28.93 -1.93 ================================================================= 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 © 2002 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
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