PremierInvestor.net Newsletter Wednesday 11-13-2002 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: Back Where We Started Watch List: BGEN, IMCL, NOC, PG, TDS, TSG, and more... Play of the Day: Biotech Breakdown ****************************************************************** MARKET WRAP (view in courier font for table alignment) ****************************************************************** 11-13-2002 High Low Volume Advance/Decl DJIA 8398.49 + 12.49 8493.51 8298.68 1702 mln 1155/538 NASDAQ 1361.34 + 11.78 1371.74 1334.13 1089 mln 1377/251 S&P 100 450.61 + 0.11 455.73 445.28 totals 2532/789 S&P 500 882.53 - 0.42 892.51 872.05 RUS 2000 376.11 + 1.42 379.08 371.29 DJ TRANS 2290.88 + 10.19 2307.29 2235.81 VIX 36.28 + 0.89 36.87 34.53 VIXN 54.46 - 0.79 56.66 52.74 Put/Call Ratio .75 ****************************************************************** =========== Market Wrap =========== Back Where We Started by Steven Price On a day with that had testimony from the Fed chief and an announcement that Iraq was going to unconditionally accept the U.N.'s weapons inspection proposal, the closing prices on the Dow and Nasdaq look relatively tame. Of course that would discount the intraday action that saw a swing of almost 200 Dow points and 35 Nasdaq points. We are continuing the trend of wide intraday swings, as investors try to digest conflicting signals given on a seemingly daily basis. The market began the day heading downward, as Alan Greenspan testified that the economy had hit a "soft spot" and that the losses suffered in the equity markets had outstripped gains in the housing market. The Chairman basically said that while roughly half of equity extractions from homes go into personal consumption expenditures and outlays on home modernization, the net decline in the market value of stocks has greatly exceeded the additions to capital gains on homes over the past two years. He also said geopolitical risks have made companies reluctant to expand their operations, hire workers, or buy new equipment and business spending has yet to show any substantial vigor. On the positive side, he said that productivity gains have continued, most likely due to innovations in computing and communications technology, but questioned just how long that expansion would continue. Greenspan also basically said that the recent 50-basis point rate cut was done because the risks of inflation were much lower than the risks of leaving rates too high in a faltering economy. He said, "Remember, most of the GDP growth in the third quarter is largely from sharp increases in July, and in some cases, early August. But it's been softening since then. Our best judgment, and, indeed, the data to date confirm that this is a gradual, not a cumulative decline. But there is a probability, small as it may be, that we may be wrong; that this may be the beginning of something more than appears most likely." Just when things seemed bleak, news hit the wires that Iraq would accept the U.N.'s weapons inspections proposal. This was a 180- degree turnaround from yesterday, when the Iraqi parliament rejected the proposal, but said the final decision rested with Saddam. My guess is that most of yesterday's parliamentary debate was scripted, so that in the end Hussein would come out looking like a changed man, cooperating with the U.N., in spite of "pressure" at home. Quite a P.R. department they've got over there. It seems Iraq had little choice, other than agreeing to the proposal, and just how cooperative the country is, remains to be seen. Crude oil futures fell quickly on the news, after rebounding for the last three days, following the UN approval of the U.S. designed proposal. They finished the day close to $25 per barrel, after reaching a high near $31 per barrel at the end of September. Chart of Crude Oil Futures Nevertheless, the prospect of war seemed a little more distant and we got a big bounce from the news. The blue chips rallied from a low of 8298 all the way up to 8493, failing for the second day in a row at 8500. This rejection just reinforced the current range between 8200 and 8500, which seems to be collaring the average right now. Secondary resistance can be found at 8550 to the upside, as well, but a close over 8500 should serve as a red flag for shorts. For now it seems the best plan is to trade within the current range, getting longer on bounces around 8200- 8300 and shorter on failed rallies at 8500. If we break through these levels, then it is likely time to follow in the direction of the break. Make sure to wait for a bounce, however, if we test 8200-8300, because if those levels fail, it may be a quick trip to 8000. The S&P 500 (SPX) appears to have a similar top on it at 900, which has served at resistance once again. This level proved tough before the big run, during the first part of last week, and can once again be used as a breakout gauge. While 925 is almost 40 points above the current level, it can be used as a signal of renewed strength on a longer term basis, since any failed rally below that point can be seen as a dead cat bounce and the possible right shoulder in a new H&S formation. Chart of the SPX The Nasdaq 100 (NDX) appears stronger than the other indices, as it has maintained support at 1000, rather than seeing resistance there. Yesterday's big jump in that group was followed by another increase today of 10 points, which was more impressive than the gains in the Dow or SPX. The Nasdaq Composite rebounded right up to previous resistance around 1360, the level from which it gapped up on November 4, so continued strength back into the gap, after if was filled on the way down, could bring it right back up to 1400. However, today's comments after the bell from AMAT (see below) may take some shine off the tech sector in the morning. Chart of the NDX Chart of the COMPX Consumer spending got some conflicting data from the retail sector this morning, as well. Wal-Mart beat earnings estimates by a penny, but noted a "difficult" retail environment. The company raised its forecast for sales growth from 2-4% to 3-5% (which is still beneath traditional growth numbers of 4-6%), but said the increase in spending was less than all of us would like. The CEO also identified slowing comparable store sales growth and targeted 4th quarter earnings at the low end of analysts' expectations. Nordstrom warned after the bell on Tuesday that it would miss forecasts, blaming the miss on increased distribution costs and record keeping changes. The stock finished down almost $3 at $19.12. Federated also beat estimates by a penny this morning, but same store sales were down 2 percent. The company said it expects same store sales to be unchanged or down for the fourth quarter, due to the slow economy and lack of consumer confidence. Tomorrow brings earnings from Target and Kohl's, as well as monthly retail sales numbers, which are expected to show a small decline in October; so we should see even more volatility in the sector. We'll get a good idea just how heavy Santa's sleigh will be this year, after this week reveals most of the pre-holiday shopping data. Sears saw its rating cut by Goldman Sachs from in-line to Underperform. While the firm said it may have overestimated the amount of the retailers' Sears' Gold MasterCard charge-offs, it still believed the company would have to increase charge-offs and lowered 2003 estimates. The stock fell to a 20-year low, losing $1.70 to close at $21.00. I am starting to worry about other stores that offer store credit, as well. If Sears is seeing defaults on their credit cards, then I can't imagine it is the only retailer with the problem. In light of the recent problems in the banking industry with underperforming loans, this may be the next problem to raise its head across several sectors of the economy. After the bell, Applied Materials (AMAT) released earnings that beat estimates by a penny, but had only negative things to say. It said that the results were achieved in a very, very difficult environment that it doesn't expect to improve anytime soon. The company also guided lower and said it expects first quarter revenues to drop 20% from the fourth quarter. This is not good news for the semiconductor stocks, which have so far been able to shake off poor earnings reports this season. The Semiconductor Index (SOX.X) has now failed at 300 the last three trading sessions, after falling back below that level on November 8, for the first time since the beginning of the month. Shorts in the sector can take solace in the fact that there have been rebound attempts intraday, and each time the sector has found sellers. After AMAT's report, we should see continued weakness and with new resistance in place, the risk/reward ratio seems to be getting better to the short side. Chart of the SOX Some of Citigroup's dirty laundry hit the newswires today. Analyst Jack Grubman explained that he had attempted to pump up his professional reputation by claiming in an email that he upgraded AT&T in order to help CEO Sanford Weill seize power from former co-chairman John Reed. This act would supposedly align AT&T Chairman Michael Armstrong, who also sat on Citigroup's board, with Weill and help him "nuke" Reed. Not sure how one pumps up a reputation by claiming they performed an illegal act, but apparently in Grubman's world, that's the way it works. In any case, Grubman claimed the email was a fabrication, just before Weill admitted he had asked Grubman to take another look at the stock. Confused? Citigroup's investors weren't. They dumped some of the stock, which lost $1.39 to close at $35.00. Something tells me there will be more to come from this story. Tomorrow will bring more economic data. We'll get retail sales, import and export prices, and initial jobless claims. Consumer Sentiment and PPI will follow those numbers on Friday. My guess is that we'll be testing the aforementioned Dow range limits further on the upcoming data - again. ================================================================== 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 --------------------------------- Biogen Inc - BGEN - close: 38.26 change: -0.33 WHAT TO WATCH: The technical picture for BGEN has deteriorated slightly since we mentioned it on the Monday watch list. Shares underperformed the NASDAQ today and finished with a small loss. The recent rollover from the 200-dma ($41.07) and three-box reversal on the p-n-f chart are positive developments for the bears. BGEN has had trouble trading above $39.00 over the past two sessions and traded an Inside Day on Wednesday. A breakdown out of this consolidation pattern might send the stock towards the next level of support at $35.00. --- ImClone Systems - IMCL - close: 10.87 change: +1.12 WHAT TO WATCH: On Wednesday IMCL popped its head above $10.00 for this first time in almost five months. The breakout above psychological resistance led to an explosive 11% rally. Although we wouldn't be looking to chase the stock higher, an intraday pullback to the $10.50 area might give aggressive bulls a chance to jump onboard. The high volume behind today's rally bodes well for a sustained uptrend. The 200-dma at $12.66 would be a good upside target to shoot for, but be aware that the June high of $11.66 may act as resistance. --- MGIC Investment Corp - MTG - close: 38.42 change: -1.35 WHAT TO WATCH: MTG looks like it's on a crash course with the multi-year low of $33.60. There isn't any discernible news to explain it, but the stock has trended sharply lower since topping out near $48.50 on October 21st. Today's sell-off from psychological support at $40.00 (which was backed by very brisk volume of 1.7M shares) raises the possibility that MTG will retrace its entire mid-October rally. While aggressive traders could consider short entries on a move under today's low ($38.20), a failed rally at the $39.50-$40.00 might yield a more favorable entry point. --- Northrop Grumman - NOC - close: 93.27 change: -4.01 WHAT TO WATCH: Defense-related issues traded lower today after the Iraqi government agreed to U.N. demands that it allow weapons inspectors into the country. While this development has by no means eliminated the Bush administration's plans for regime change, it does increase the likelihood that no invasion will take place until February or March of 2003. Shareholders of NOC were also stymied by news that the SEC may sue the company over a lack of disclosure related to the failed Lockheed merger in 1998. The stock has already suffered heavy losses over the past month, and these allegations certainly don't help matters. From a technical standpoint we like NOC as a possible bearish play because the stock has broken to fresh multi-month lows. Short- term traders could look for entries at current levels, initially targeting the 52-week low of $88.50. Further negative news might help to push NOC down to the $85.00 area. --- Procter & Gamble - PG - close: 85.80 change: +0.39 WHAT TO WATCH: This Dow Component has continued to weaken from its 50-dma ($89.60) and 200-dma ($88.71). Shares managed a small bounce from yesterday's relative low but couldn't crack through short-term resistance at $87.25. A break below the October low of $84.75 might really get things moving to the downside as the stock begins to retrace its summer rally. A retest of the July lows near $74.00 might be a bit ambitious for short-term traders, but a quick decline to the $78-$80 area wouldn't be out of the question if the Dow continues to weaken. A trade at $84.00 will put PG below bullish support on the p-n-f chart. --- Telephone & Data Systems - TDS - close: 51.25 change: -0.45 WHAT TO WATCH: Shares of TDS have been gyrating between $50.00 and $53.50 for nearly a month. If the descending 50-dma ($52.67) continues to act as resistance, it'll just be a matter of time before shares move out of the tightening range. We like TDS as a possible short play on a break under the relative low of $49.91. The daily chart shows a notable lack of support in the $45-$50 area. If the stock does head lower we'd expect to see a rapid retracement of the early-October rally. A move under $49.00 would create a double-bottom sell signal on the p-n-f chart. The current bearish vertical count is $30.00. --- Sabre Holdings - TSG - close: 19.12 change: -1.75 WHAT TO WATCH: Internet travel stocks EXPE and ROOM enjoyed some very impressive gains over the past month, while shares of Sabre Holdings (the parent company of Travelocity.com) remained conspicuously flat. TSG moved higher from the $15.00 area in early October and has been hovering near $20.00 ever since. Things started to get interesting today when shares dropped by 8.3% and fell below short-term support at $19.20. The catalyst for the sell-off was a Wall Street Journal report on the likelihood that the Bush administration will propose changes that would allow airlines more flexibility in deciding how they distribute tickets. The article speculated that the changes would give Orbitz (which is owned by the airlines) exclusive access to bargain fares. This would negatively impact competitors such as TSG and EXPE. We believe TSG might present a good bearish entry point if it falls below $18.50. Other than thin support near $18.00, there are no major obstacles to prevent a retest of the $15.00 level. A break under $18.50 will also create a double-bottom sell signal on the p-n-f chart. --- Wellpoint Health Ntwk. - WLP - close: 75.43 change: +0.42 WHAT TO WATCH: The revelations of questionable Medicare billing procedures at Tenet Healthcare (THC) put a glaring spotlight of suspicion on the overall healthcare sector. WLP traded lower last week and didn't stop falling until it reached the 200-dma. We believe this sell-off may have been overdone. Although there's been a flood of negative media attention surrounding the HMO's, there are no indications that Wellpoint has engaged in any improper billing or accounting practices. Technically, the reversing oscillators and bear trap alert on the p-n-f chart suggest that WLP will continue to bounce from its 200-dma ($72.44). Aggressive traders willing to deal with the risk of additional negative sector news could target bullish entries on a move above today's high ($77.13). Although the 50-dma at $77.83 might act as resistance, historically this moving average has not posed a problem for WLP. The bulls will probably face a larger challenge at the $80.00 level. ========================= Play-of-the-Day (BEARISH high-risk/high-reward play) ========================= Human Genome Sci. - HGSI - cls: 8.50 chg: -0.58 stop 9.51 *new* Company Description: Human Genome Sciences is a company with the mission to treat and cure disease by bringing new gene-based drugs to patients. (source: company press release) - ORIGINAL WRITE UP: October 31st, 2002 - Why We Like It: Human Genome did not impress Wall Street with its earnings report on Tuesday. The company said that ongoing efforts to move their experimental drugs through clinical trials had resulted in a net loss of 58 cents/share for the third-quarter, tripling last year's Q3 loss. Consensus estimates were for a loss of only 38 cents. Such a severe earnings miss would typically result in the stock getting slaughtered, but investors seem to be a little more forgiving in the speculative realm of biotechnology. Still, the bad news has not gone unnoticed. HGSI gapped lower on Tuesday morning and broke through support at $10.50. Today's trading saw the stock fall under the $10.00 level for the first time since 1999. Selling volume has been high, which suggests that shares may continue to fall in the short-term. (On a related note, check out that huge volume spike on October 17th. The stock was hammered after a brokerage report indicated that Human Genome might have only a year before it has to start raising cash to operate and pay off debts. This is easier said than done for a biotech company with plenty of drugs in the pipeline but no products on the market.) This week's breakdown is enough to have the bears licking their chops, and additional technical negativity is provided the quadruple-bottom sell signal on the point-and-figure chart. Given the lack of underlying support, we think HGSI could easily test the 1999 lows near $7.00. We'd like to see more evidence of weakness before entering this paper trade, so we've placed an entry trigger at $9.49. If we're triggered we'll use a stop slightly above Tuesday's high, at $10.81. Those who are a bit more aggressive could use a stop above $11.00. - Most recent update: November 12th, 2002 - Shucks! Monday was looking rather sweet for the biotech bears. Shares of HGSI slipped to a new low of $8.83 before closing at 8.87. The follow through on the close under $9.00 looked very encouraging for shorts. We think the bounce today in HGSI was just that - a bounce. The 1.45% gain on Tuesday's session could have been worse. The broader markets were in rally mode for most of the day but stocks couldn't seem to hang on to those gains. Despite the afternoon pull back several technology groups out performed the S&P 500. The biotechs were one of them. The BTK.X bounced and traded as high as 353 (almost 354) before slipping again. This is probably attributed to an upgrade for Amgen. CIBC World Markets upgraded shares of AMGN from a sector perform to a sector outperform. Not too bullish but enough to give AMGN a bounce off its 100-dma and the $44 level. Keep an eye on AMGN as it leads the biotechs. Closer to home there was positive news from the HGSI PR machine. The report on Monday out of HGSI on their Albuleukin drug may have slowed the stock's descent. The report stated that scientists had achieved positive results in a mouse model on a malignant human melanoma tumor. HGSI plans to file for a New Drug application with the FDA sometime next year but it's too early to tell. Unfortunately for shareholders there didn't seem to be much excitement over the news. Our strategy at this point is to tighten our stop to $10.61. HGSI, AMGN and the BTK.X could bounce yet again. We're going to reduce our exposure. However, those traders looking for a new entry might want to watch for a failed rally anywhere between $9.50 and $10.00. It could be a new entry point. - Play-of-the-Day Comments: November 13th, 2002 - Traders who were watching HGSI this afternoon and stepped away for a bite to eat were in for quite a shock when they came back to their desks. The stock (which was already drifting in negative territory) was slammed for a 5% loss in just 20 minutes. There was no apparent news to explain this sell-off. We noticed similar action in drug giant MRK around the same time, but the two declines appear to be unrelated. From a technical perspective, it makes sense that the bears piled on HGSI after shares fell to new multi-year lows; Investors just have very difficult time buying a stock with weak fundamentals that has no immediate support levels. You'd have to look all the way back to the 1999 low of $7.18 to find the next area of possible support. We're placing an official profit-target above this level at $7.51. Aggressive traders looking to add short positions can watch for a move under today's low ($8.34) or another rollover from $9.00. The strong volume behind today's decline is a good indication that HGSI will continue to move lower. Our stop-loss has been moved to $9.51, two cents above break-even. The Premier Investor newsletter is currently up 10.4% on this play. Picked on November 1st at $9.49 Results since picked: +0.99 Earnings Date 10/29/02 (confirmed) ================================================================= 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 11-13-2002 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 Closed Bearish Plays: MO High Risk/Reward Stop Adjustments: HGSI (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) ================================================================== Stock Bottom / Active Trader (AT) section ================================================================== =============== AT Closed Plays =============== Closed Bearish Plays -------------------- Phillip Morris - MO - cls: 38.25 chg: +1.22 stop: 38.06 No new lows for MO today. The stock leveled out near the $38 area, in spite of reduced analyst expectations and a downgrade from S&P. This play was closed for an 8.2% gain when MO hit our stop at $38.06. The bears might've been able to hold on a little longer if the Dow Jones hadn't bounced, but yesterday's 13.8% decline was simply a lot of ground to cover in just one session. Some short-covering was understandable after such a severe decline. Although the downtrending oscillators indicate that shares could continue lower, we would not expect the bulls to give up the $36.00 support area without a fight. Bearish traders can instead watch for a rebound and failed rally at $40.00 to provide a new shorting opportunity. Picked on October 29th at $41.49 Results since picked: +3.43 Earnings Date 10/17/02 (confirmed) ================================================================== HIGH RISK/HIGH REWARD (HR) section ================================================================== =============== HR Play Updates =============== Stop Adjustments ---------------- Human Genome Sci. - HGSI - cls: 8.50 chg: -0.58 stop 9.51 *new* HGSI was hammered with heavy selling shortly before 3:00 today. There wasn't any news to attribute this sell-off to, but the bulls may have decided to throw in the towel when shares moved under the previous intraday low of $8.71. The strong volume behind this decline suggests that HGSI will continue to move lower on Thursday. New short entries can be targeted on either a rollover from $9.00 or a break under today's low of $8.34. We've set an official target at $7.51, safely above the 1999 lows. Our stop-loss is now set at $9.51, which is essentially break-even. ================= 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 MOVI Movie Gallery 16.71 +0.67 THER Therasense Inc 9.06 +0.90 CHKP Checkpoint Software 14.90 +0.99 MMS Maximus Inc 23.00 +0.70 USTR United Stationers 30.50 +0.52 GRTS Gart Sports Co 21.90 +1.15 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- Ticker Company Name Close Change TIVO Tivo Inc 5.95 +1.05 LQMT Liquidmetal Tech 9.91 +1.33 PYX Playtex Products 10.81 +1.61 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- Ticker Company Name Close Change ISSX Internet Security Systems 22.39 +1.51 KRON Kronos Inc 39.50 +1.15 HTCH Hutchinson Tech. 25.52 +1.77 GPRO Gen Probe Inc 21.68 +2.68 SWBT Southwest Bancorp 27.17 +1.67 AOS AO Smith Corp 22.53 +1.01 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- Ticker Company Name Close Change ROL Rollins Inc 23.64 -1.04 MRK Merck & Co 52.80 -2.02 NOC Northrop Grumman 93.27 -4.01 EXPE Expedia Inc 67.62 -4.73 AVE Aventis 57.25 -1.05 PD Phelps Dodge 29.95 -2.09 PNR Pentair Inc 29.34 -1.56 LAMR Lamar Advertising 33.00 -1.88 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- Ticker Company Name Close Change KMG Kerr-Mcgee Corp 42.31 -0.95 PKX Posco 23.26 -0.69 SHR Schering Plough 47.50 -0.29 DEBS Deb Shops Inc 24.92 -1.07 ================================================================= 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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