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Daily Newsletter, Wednesday, 10/02/2002

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PremierInvestor.net Newsletter              Wednesday 10-02-2002
                                                  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:      Conflicting Signals
Watch List:       - coming shortly -
Play of the Day:  Sounds Like Really Bad News

-----------------------------------------------------------------
MARKET WRAP  (view in courier font for table alignment)
-----------------------------------------------------------------
10-02-2002                High    Low     Volume Advance/Decl
DJIA     7755.61 - 183.18 7969.37 7742.02  1912 mln   362/1513
NASDAQ   1187.30 -  26.42 1222.72 1183.76  1741 mln   456/1269
S&P 100   415.93 -   9.81  428.37  414.96   totals    818/2782
S&P 500   827.91 -  20.00  851.93  826.50
RUS 2000  360.22 -   7.87  369.68  360.18
DJ TRANS 2135.21 -  89.97 2225.71  2131.64
VIX        43.36 +   3.23   43.78  40.10
VIXN       58.15 +   0.91   59.45  56.35
Put/Call Ratio 0.83
-----------------------------------------------------------------

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

Conflicting Signals
by Steven Price 

We're starting to see the first conflicting signals in some time. 
In fact, since August 22, when the end of summer rally ran out of 
steam at 9077, the signals have been pretty clear that we would 
be re-testing the July lows. If they weren't evident immediately 
on the rollover from that level, they were at least consistent on 
the way down. The first real sign came on September 3, when the 
Dow dropped 355 points. While a big drop can signal a change in 
sentiment, the size of the drop was not as significant as the 
level it reached. It marked the first lower low since the rally 
from a low of 7532 on the morning of July 24 took the Dow back 
over 9000 by the end of August. The Dow then found support and 
rallied up to September 11. The significance of the September 11 
high is that is was a lower high, following the lower low. This 
was followed by a textbook head and shoulders pattern, with a 
neckline break at 8300 that signaled the continued drop. As of 
right now we have still not seen a higher high in the Dow or 
Nasdaq. However, we have come awfully close and certain levels 
that now bear watching. 

In the Dow, I am watching the intraday high of 8012.42 on 9/26, 
and the closing level of 7997.12. Today's rally fell short of 
both of these levels, with an intraday high of 7969.37 and close 
of 7755.61. However, now that we have tested the July low and 
rebounded, we need to watch for signs of a true bottom, or a 
false one. A break above these levels, and a close above the 
psychological 8000 barrier, could be the first sign of a 
turnaround. This may be premature, since we actually found a 
lower low than we did in July, but there has been an awful lot of 
activity between 7500 and 8000 and there are plenty of signs to 
watch for. After today's warnings after the bell, we may be 
closer to re-testing the low by the end of the day Thursday, 
after failing at the high the last couple of days. Something to 
keep in mind when looking at technical levels of these indices is 
that they are made up of many stocks, so minor breaks in support 
and resistance levels should not be viewed as exactly as those in 
an individual stock, which requires and attracts more focused 
buyers and sellers. 

Chart of the Dow 



In the Nasdaq, we are closer to the center of the high/low range, 
but given the large swings in the index recently, we could test 
these levels on any day soon. 

Chart of the Nasdaq 



Dell's announcement after the bell on Tuesday, that it was 
raising revenue forecasts and earnings guidance, indicated that 
we would be seeing a follow through rally this morning. That 
follow through did not materialize, and we were unable to set a 
higher high. However, the Semiconductor Sector Index (SOX.X), 
which tracks companies with a heavy interest in Dell's business, 
did hit a higher intraday high today. It also looks to be forming 
higher lows, although just barely. That intraday level did not 
hold up and by the end of the day, the closing price, in 
contrast, did not reach a higher high. So how much stock do we 
put in the intraday high? What it does is throw up a red flag. 
While I look at closing prices as a more significant measure, 
since they represent what traders are willing to take home 
overnight, the fact that the intraday range gave a signal tells 
me that a level where sellers were previously strong does not 
show the same strength as it once did. The same is true for 
support, where buyers are not as committed as they once were, 
when we see a lower intraday low. Now that we have seen a higher 
intraday high, I will be more cautious with shorts in the sector. 

Chart of the SOX 



After the bell, Advanced Micro Devices (AMD) warned of a 
substantial operating loss and revenues far below expectations 
for the third quarter. The company said it would lose $0.49 per 
share and see revenues of $500 million, down from expectations of 
$614 million. The company said that it had cut inventories of its 
processors for the PC market, due to persistent weak PC demand. 
This takes some of the shine off of the Dell announcement and may 
make the intraday high a distant memory. However, until we see a 
break below the low of 231, we are still in a range. 

After a massive rally of almost 350 points in the Dow yesterday, 
some type of pullback could be expected. That makes it hard to 
tell whether the failure under 8000 is a significant sign of 
weakness from a failed rally, or a normal pullback. Until we 
cross one of the levels described above, we may not know which 
direction we are ultimately headed. That being said, there is 
still a 500-point range in which to trade, and we know that the 
trend is still down. There has been talk of a surprise rate cut 
by the Federal Reserve prior to their next meeting on November 6. 
That seems to have been the catalyst, along with the Iraq news, 
for yesterday's rally. However, that news wore off and we gave 
back about half of yesterday's gain. A warning from Dow Chemical 
seemed to be the catalyst for today's drop. The company warned 
that its 3rd quarter earnings would be just over half of previous 
forecasts. Dow said the decrease was due to higher feedstock 
costs, which is directly related to higher oil prices. In a 
downward trending market, we still have to assume bearishness and 
today's drop was the reminder not to get too excited until we see 
a decisive break in the opposite direction. 

One indication that all was not necessarily well after 
yesterday's rally, was the Market Volatility Index (VIX.X). In an 
upward trending market, implied volatility, as measured by the 
VIX, generally drops. The one exception to this rule was the 
internet boom, when volatility increased as stocks gapped up $20 
a day, and the risk seemed as significant to the upside as the 
downside. With those days behind us, however, we are back to the 
old rules. Implied volatility is higher to the downside because 
stocks generally fall quickly and go up slowly. This can be seen 
in the implied volatility skew of options on almost any listed 
equity, with downside strikes holding more relative premium than 
upside strikes. A 5-year weekly moving average of the VIX shows a 
reading of 26.75. A reading of 40 is an increase over that 
average of almost 50%, and is considered very high. The fact that 
yesterday's 346-point rally in the Dow was not able to push the 
VIX below 40 indicated continuing fear of a sell-off. The VIX 
closed at 40.13 on Tuesday, and today ran back up to 43.36. Some 
traders see this as a trailing indicator and some see it as a 
contrarian indicator, but I've seen many institutions come into 
the pits selling premium when they consider it to be too high. 
The fact that there was not enough individual and institutional 
pressure to lower these levels is an indication that the 
institutions are not large sellers of premium at these levels, 
and are not believers in a big rally on the near horizon. A rally 
would shrink premiums and earn profits for those sellers. As for 
the contrarians, they tell us that VIX spikes usually foreshadow 
a market rally. While this is true in the sense that the VIX 
spikes heavily on market crashes and then falls on the rebound, a 
consistently high VIX, which increases in a series of higher 
highs and higher lows, should not be considered a spike, and 
therefore not a contrarian indicator. That is what we are seeing 
now - a series of higher highs and higher lows. 

Chart of the Market Volatility Index (VIX.X) 



The West Coast port lockdown has continued to get press, as the 
National Association of Manufacturers appealed to the unions to 
reopen the ports. The group president said, "An extended shutdown 
will have a negative and cascading impact on economic growth, rob 
retailers of product, spoil food, shut down assembly lines, and 
eventually lead to layoffs." My guess is that the U.S. President 
will get involved in plenty of time for the holiday shopping 
season, if an agreement cannot be reached. We keep hearing that 
it is costing the economy $1 billion a day, but if demand simply 
becomes pent up during that period, at least the non-perishable 
goods should be able to make up a significant portion of the 
losses when the gates re-open. 

Additional warnings came after the bell from the Bank of New York 
(BK) and Guess (GES). The BK warning followed a similar warning 
at Comerica (CMA) this morning, which echoed the sentiment heard 
a couple of weeks ago from J.P. Morgan (JPM). Bad business loans 
are eating into the bank's bottom lines. BK saw problems similar 
to those of JPM, which stemmed from non-performing loans to the 
telecom sector. CMA blamed its restatement on problem loans to 
the retail automotive and manufacturing sectors. The pattern is 
disturbing, as a second wave of bad news stems from the economic 
downturn in many industries. These companies have either gone 
bankrupt or on their way there, and the banks that financed their 
growth are now taking the hit for a double dose to the market. 
There are likely many other banks facing the same problems, and 
if the banking sector tanks as the problems mount, any market 
recovery could be a long way off. 

The Guess warning just reiterates what we have already heard from 
other retailers: that September sales were terrible, following 
poor sales over the summer months. Heading into the holiday 
season, it is becoming apparent that a spending turnaround is not 
happening, as consumers are worried about jobs, and the layoffs 
of the last couple of years have caught up to consumer spending. 

Ever hit the wrong button on the remote and turn off the T.V. 
instead of turning up the volume? Well, a Bear Stearns clerk 
apparently hit the wrong button and almost turned off the S&P 
this afternoon. At 3:40 p.m., Bear Stearns entered orders to sell 
$4 billion worth of S&P securities, rather than $4 million worth. 
They were able to cancel all but $622 million of the orders prior 
to execution. This would have been an easy excuse for the end of 
day drop, had it not been 20 minutes before the close. There may 
be a bounce in the morning in some of those issues that were hit 
by mistake, however, the overall market direction should only be 
affected slightly, as the Dow gave up only 25 points in the last 
20 minutes of trading. 


I would look for continued selling in the morning after the end 
of day warnings. However, if we approach the recent lows, expect 
to see a slowdown once again. We have bounced in the same area in 
the Dow on several occasions, so there are some buyers out there 
around that level. If those bulls go into hibernation, we may see 
7000 fairly soon.



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

* due to technical difficulties the Wednesday night watch list
will be published later this evening and emailed separately.
We apologize for any inconvenience. *


===============
Play-of-the-Day  
===============
(( BEARISH PLAY ))

Expedia Inc - EXPE - close: 46.06 change: -3.69 stop: 50.26

Company Description:
Expedia, Inc. is the world's leading online travel service and 
was the eighth largest travel agency in the most recent United 
States agency rankings. To meet the needs of travelers around the 
globe, it operates Expedia.com in the United States and localized 
versions throughout Europe and Canada. Expedia.com helps 
travelers travel right with a wide variety of travel products and 
services, such as Expedia® Special Rate hotels and vacation 
rentals with the guaranteed lowest prices.* Expedia's quality and 
leadership have been recognized in awards such as PC Magazine's 
"Readers' Choice" and "Editors' Choice" Awards, Forbes' "Favorite 
General Travel Site," and Yahoo! Internet Life's "Best Overall 
Travel Site." Expedia is a majority-owned subsidiary of USA 
Interactive. (source: company press release)

Why We Like It:
Ouch!  News out late last night for EXPE could be a harbinger for 
the entire online travel business.  EXPE and NorthWest Airlines 
had a falling out over lower commission rates.  As a result EXPE 
will delist NWAC's flights from its online service.  Some 
analysts are worried that this could lead other airlines to 
follow suit by either pressuring EXPE to accept lower commissions 
or pull out altogether.  We hate to chase a 7.4% move but this 
news could begin to build on itself.  The technical damage done 
doesn't present a pretty picture either.  The breakdown under the 
$50 and $48 levels of potential support is ugly and volume was 
huge at almost 4 million shares.  The MACD is rolling over from 
the zero line and the next support level appears to be $41.  The 
PnF chart looks just as ugly and we would not be surprised to see 
this take EXPE below the $40 mark.  We're not going to outline a 
profit target just yet (but that doesn't mean you can't!).  We'll 
start the play at current levels and use a stop at $50.26.  
Should the stock bounce, we would look for a failed rally near 
$48 as a potential entry to get short.

Annotated Chart - EXPE




Picked on October 2nd at $46.06
Results since picked:     +0.00
Earnings Date           10/23/02 (confirmed)
 






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PremierInvestor.net Newsletter               Wednesday 10-02-2002
                                                   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:

NetBulls Tech Stocks
  New Bearish Plays:      ACS
  Closed Bearish Plays:   KLAC

StockBottom Non-tech Stocks
  Triggered Long Plays:   CCU
  New Bearish Plays:      EXPE, FLIR
  Closed Bearish Plays:   CVX
  

Trading Ideas
  Value Plays With Bullish Signals
  Breakout to Upside (Stocks $5 to $20)
  Breakout to Upside (Stocks over $20)
  Breakout to Downside (Stocks over $20)
  Recently Overbought With Bearish Signals (Stocks over $20)


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

===============
NB NEW PLAYS
===============

  ----------------
  New Bearish Play
  ----------------
 
Affiliated Cmptr Srvcs - ACS - cls: 41.06 chg: -3.50 stop: 44.56

Company Description:
ACS, a Fortune 1000 company with nearly 40,000 people supporting 
operations in 47 countries, provides business process and 
information technology outsourcing solutions to world-class 
commercial and government clients. The company's Class A common 
stock trades on the New York Stock Exchange under the symbol 
"ACS." ACS makes technology work.  (source: company press 
release)

Why We Like It:
The computer services sector has been hit hard by the earnings 
warning from EDS, a leader in the business.  When EDS told Wall 
Street that the tech spending freeze had moved into the computer 
services sector, investors pulled out fast.  ACS, an EDS 
competitors, is not immune to the slow down or the investor fear.  
If the market hears additional earnings warnings (like there 
hasn't been enough already) we could see the selling pressure 
really pick up speed.  Here's another thought that short-term 
traders might want to consider - most mutual funds have their 
year end in October.  This is turning out to be the third down 
year in a row for the markets and most funds are in the same 
boat.  They are going to be looking for winners inside their 
portfolio to sell so they can offset the heavy losses they have 
taken.  Check out a weekly chart on ACS.  It was only the middle 
of summer in 2000 before the previous long-term uptrend began and 
shares were trading near $17.  Sounds like a candidate to lock in 
some profits and what better excuse than a crummy business 
environment to reduce their exposure.  

Shares of ACS are already in a short-term downtrend channel for 
the last six weeks or so and the last two sessions have witnessed 
the stock failing again at the top of this descending channel.  
It is very possible that the stock might find support at the $40 
level or even the recent lows near $38 but our target is going to 
be near the bottom of its channel.  We'll start the play with an 
official exit price of $35.50.  Should shares reach this level 
we'll close the play for a profit.  If IBM does warn for the 
quarter then ACS could drop pretty fast in a guilty-by-
association fashion.  FYI, 40% of IBM's revenues are through its 
services division and EDS has already warned.  We're going to 
start this bearish play on ACS with a stop right at Tuesday's 
high of 44.56.  We'll lower it as the play progresses.

Point-and-Figure chart watchers might want to note the following.  
The stock pierced the ascending bullish support line when the 
stock set its July 2002 lows.  After bouncing back from being 
severely oversold the weakness is back.  The current vertical 
count is pointing at a price target of $29.00.

Annotated chart on ACS:



Picked on October 2nd at $41.06
Change since picked:      +0.00
Earnings Date          07/30/02 (confirmed)
 




==============
NB CLOSED PLAY
==============

  -------------------
  Closed Bearish Play
  -------------------

KLA-Tencor - KLAC - close: 29.45 change: +0.22 stop: 30.61

The positive earnings comments from DELL computer last night 
helped drive both shares of DELL and the semiconductor sector 
higher.  Again, the fuel appeared to be short covering.  The SOX 
was able to trade above the 260 level, which helped spur shares 
of KLAC above the $30 mark and hit our stop loss at 30.61.  
Unfortunately for us but good news for the bears the SOX and KLAC 
rolled over again and both are below said resistance levels.  The 
bearish trend for KLAC remains and we would still consider 
bearish positions with the stock near the top of its channel.  
More conservative traders who are looking for new positions might 
want to wait for KLAC to trade below the $28.00 mark.  A $25 
price target does not appear to be unreasonable.

Picked on September 27th at $28.06
Gain since picked:           -2.55
Earnings Date             10/22/02 (confirmed)






=================================================================
AT Active Trader/Non-tech plays
=================================================================

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

*TRIGGERED BULLISH PLAY*
------------------------

Clear Channel Comm. - CCU - cls: 35.95 chg: +0.21 stop: 33.99

Up on a down day is never bad news for the bulls.  
Shares of CCU managed to trade as high as $37.08 before 
pulling back as the market sell-off picked up speed 
towards the close.  This was high enough to trigger our 
long play at $36.65.  Our new stop is at $33.99.  
Hopefully shares of CCU can weather the storm but if the 
broader market indices continue to fall we would NOT 
suggest any new bullish positions at this time.  If you 
prefer to buy stocks on an upside breakout keep an eye 
on CCU's 100-dma, currently at 36.86.  This might be a 
new level to watch for any new long positions but again 
we would suggest you confirm broader market strength. 





===========
AT NEW PLAY
===========

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

Expedia Inc - EXPE - close: 46.06 change: -3.69 stop: 50.26

Company Description:
Expedia, Inc. is the world's leading online travel service and 
was the eighth largest travel agency in the most recent United 
States agency rankings. To meet the needs of travelers around 
the globe, it operates Expedia.com in the United States and 
localized versions throughout Europe and Canada. Expedia.com 
helps travelers travel right with a wide variety of travel 
products and services, such as Expedia® Special Rate hotels and 
vacation rentals with the guaranteed lowest prices.* Expedia's 
quality and leadership have been recognized in awards such as PC 
Magazine's "Readers' Choice" and "Editors' Choice" Awards, 
Forbes' "Favorite General Travel Site," and Yahoo! Internet 
Life's "Best Overall Travel Site." Expedia is a majority-owned 
subsidiary of USA Interactive. (source: company press release)

Why We Like It:
Ouch!  News out late last night for EXPE could be a harbinger 
for the entire online travel business.  EXPE and NorthWest 
Airlines had a falling out over lower commission rates.  As a 
result EXPE will delist NWAC's flights from its online service.  
Some analysts are worried that this could lead other airlines to 
follow suit by either pressuring EXPE to accept lower 
commissions or pull out altogether.  We hate to chase a 7.4% 
move but this news could begin to build on itself.  The 
technical damage done doesn't present a pretty picture either.  
The breakdown under the $50 and $48 levels of potential support 
is ugly and volume was huge at almost 4 million shares.  The 
MACD is rolling over from the zero line and the next support 
level appears to be $41.  The PnF chart looks just as ugly and 
we would not be surprised to see this take EXPE below the $40 
mark.  We're not going to outline a profit target just yet (but 
that doesn't mean you can't!).  We'll start the play at current 
levels and use a stop at $50.26.  Should the stock bounce, we 
would look for a failed rally near $48 as a potential entry to 
get short.

Annotated Chart - EXPE



Picked on October 2nd at $46.06
Results since picked:     +0.00
Earnings Date           10/23/02 (confirmed)
 



---

FLIR Systems - FLIR - close: 33.52 chg: -1.03 stop: 37.01

Company Description:
FLIR Systems designs, manufactures and markets infrared 
imaging systems worldwide for a variety of applications. 
FLIR's imaging products are used in such diverse applications 
as public safety, defense, navigation, electronic news 
gathering and search and rescue. Thermography products support 
such applications as condition monitoring, non-destructive 
testing, medical science, research and development, and 
manufacturing process control. (source: company press release)

Why We Like It:
No bounce and no support could be a pretty strong clue for 
investors that this stock has run out of buyers.  Short-term 
shares have been very negative, closing lower five days in a 
row.  Furthermore, the recent descent began after failing at 
its overhead resistance.  What makes this play look so 
tempting for the bears is the new breakdown under long-time 
support near the $35 mark.  The defense sector has not been 
acting very defensive and both the DFX and the DFI appear 
ready for more consolidation.  This isn't going to help FLIR 
any as the stock may also come under fire from another form of 
selling pressure.  Many investors know that October is the 
year-end for many mutual funds.  It's this time of year that 
funds start selling their winners to off set their losers.  A 
quick look at a longer-term chart of FLIR shows that is has 
plenty of "profits" still in the stock price from its 
incredible 2001 performance.  We would not be surprised to see 
this stock trade $25 or even $20.  The PnF chart doesn't give 
bulls any promise either as it's showing its own bearish 
breakdown.  We hate to chase a stock that has been down this 
many days in a row because nothing moves in a straight line 
and FLIR is due for a bounce.  However, we're willing to risk 
it do to the overwhelming negativity we see in the chart 
pattern.  A rally and failure at the $35 level would look most 
appealing for new bearish entries and should the bounce stick, 
we would not expect the stock to make it back over the $36 
level without a fight.

Annotated Chart - FLIR



Picked on October 2nd at $33.52
Results since picked:     +0.00
Earnings Date          07/24/02 (confirmed)
 




===============
AT CLOSED PLAYS
===============

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

ChevronTexaco - CVX - close: 71.60 change: -0.51 stop: 73.61

It is unclear what drove the OIX oil index higher but shares 
of CVX followed their intraday rally and its later afternoon 
decline.  The group remains bearish and shares of CVX have put 
in another failed rally at the $74 level.  Unfortunately our 
stop loss was a little too tight at 73.61.  One might 
speculate that the developing Iraqi news and the Bush-Senate 
agreement today could be to blame.  The price of crude (Dec. 
contract) was only up 12 cents to $30.40.  We'll keep an eye 
on this stock and watch to see if shares breakdown under the 
$70 level again.

Picked on September 27th at $70.97
Results since picked:        -2.64
Earnings Date             07/30/02 (confirmed)
 





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

CIN     Cinergy Corp               33.26     +0.53
MDU     MDU Resources Group        23.65     +0.77
WPS     WPS Resources              36.50     +0.60
OII     Oceaneering Intl           27.35     +1.34
PEGA    Pegasystems Inc             6.96     +0.58

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

HLYW    Hollywood Entertainment    16.65     +1.65
MOVI    Movie Gallery Inc          16.75     +1.24
IDCC    Interdigital Communs.      10.11     +1.06
BLUD    Immucor Inc                18.36     +1.24

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

JNJ     Johnson & Johnson          58.30     +2.00
THC     Tenet Healthcare Corp      51.55     +1.45
BSX     Boston Scientific Corp     35.60     +3.32
AAP     Advance Auto Parts Inc     54.98     +1.48
GB      Wilson Greatbatch Tech.    28.90     +1.32
SRDX    Surmodics Inc              34.35     +2.12
ATU     Actuant Corp               39.10     +2.70

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

BMY     Bristol-Myers Squibb       23.13     - 1.32
GM      General Motors Corp        38.72     - 1.92
STI     Suntrust Banks Inc         59.91     - 3.34
BK      Bank of New York           26.76     - 2.32
BAX     Baxter Intl Inc            26.38     - 3.24
TXU     TXU Corp                   37.36     - 2.38
OMC     Omnicom Group Inc          52.28     - 4.42
KYO     Kyocera Corp               63.60     - 2.63
KB      Kookmin Bank               34.72     - 1.91
CMA     Comerica Inc               40.00     -10.19
ACE     Ace Ltd                    28.35     - 2.25
KMI     Kinder Morgan Inc          34.38     - 1.30
CBM     Cambrex Corp               25.00     -12.97

----------------------------------------- 
Recently Overbought With Bearish Signals (Stocks over $20)
------------------------------------------- 
Ticker  Company Name               Close     Change 
.. none ..





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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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