PremierInvestor.net Newsletter Wednesday 11-20-2002 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: My Opinion? Who Cares Watch List: AGN, AMD, BGEN, DLX, TXN, and more... Play of the Day: Software Bears: An Endangered Species? ****************************************************************** MARKET WRAP (view in courier font for table alignment) ****************************************************************** 11-20-2002 High Low Volume Advance/Decl DJIA 8623.01 + 148.23 8643.03 8439.06 1874 mln 1382/481 NASDAQ 1419.35 + 44.84 1419.64 1375.41 1200 mln 1524/194 S&P 100 466.91 + 9.30 467.40 456.61 totals 2906/675 S&P 500 914.15 + 17.41 915.01 894.93 RUS 2000 388.59 + 9.02 388.59 379.37 DJ TRANS 2281.37 + 11.55 2288.12 2263.91 VIX 28.66 - 2.70 31.46 28.66 VIXN 44.82 - 0.70 47.67 42.78 Put/Call Ratio 0.63 ****************************************************************** =========== Market Wrap =========== My Opinion? Who Cares! by Steven Price Talk about rangebound! The broader markets cannot seem to break out in either direction right now, leading to one headache after another for momentum traders. About the only market participants happy right now are those that started selling option premium when the Market Volatility Index (VIX) was still around 50 in the middle of October. Since then, we have seen a 44% drop in the VIX, and an awful lot of premium decay along with it. The current sideways movement is taking a toll on premiums and as we head into the holiday season and market action slows, market makers will be quicker to lower premium levels, rather than continue to purchase as the VIX falls. The current market movement is a study in how option premiums are affected in upward trending markets, even if that upward trend is only an intermediate one. Many investors believe the VIX represents movement in the OEX and the overall market. While this is partly true, there is a little more to it than that. With a Dow that has not seen a trading range of less than 100 points since September 20, and only two since June 18, common sense says that volatility should still be near all-time highs. I'm sure there are many long option holders right now wondering why a $3.00 call went to $2.50, even thought the stock went up a dollar. In reality, implied volatility almost always comes down as the market goes up. The one big exception to that rule was during the internet boom of the late 1990s, when stocks were liable to gap up as quickly as they went down. However, that was the exception to the rule. There are a couple of reasons for this phenomenon. Under normal market conditions, stocks go up much more slowly than they fall. Additionally, the most common option trade is the covered write. This is when purchasers of stock sell out of the money calls against their purchase to reduce the price. While they risk having the stock called away if the stock rallies through the strike before expiration, therefore limiting upside potential, it still provides a winner on the rally up to the strike. This activity also provides a tremendous amount of selling pressure on options during market rallies, therefore leading to a drop in implied volatility, or the price of the option, relative to stock price. So if you are wondering what happened to the price of your options, this is the most likely culprit. I mentioned in a couple of articles last week and this that the VIX does not drop from 36 to 30 in three days without some institutional selling. And institutions don't sell lots of options if they think the market is about to drop. It's a good bet that the same players that were selling premium, were also planning on buying some stock, or were writing calls on purchases at the very least. The fact that the VIX has now dropped under 30 looks bullish to me, since the big boys don't see immediate downside risk. Chart of the Dow and VIX Today's rally put at least a temporary halt to the head and shoulders pattern that had been developing in the Dow/SPX/OEX took a turn to the upside, rather than completing the right shoulder, as it appeared it would after yesterday's action. While we are not yet out of the woods on the downside, the Dow did take out the relative high, at 8636 on Monday, in intraday action, before falling back to close at 8623.01. The SPX hit the relative high of 915 and was turned back right at that level, finishing at 914. While these failures show that resistance is still in place, particularly in the SPX, bears need to be aware that we are still testing highs, as opposed to lows, which "feels" bullish for the moment. That doesn't mean I'm going full position long, as the bearish head and shoulders is still alive and well - as long as the Dow doesn't break 8800, or the SPX breaks 925. However, our new pivot point in the SPX for short term trades looks like 915. Chart of the SPX The Nasdaq also has yet to break the August high of 1426, which has served as resistance on several occasions now. However, the pattern beginning to emerge in the Nasdaq is a series of higher lows with the flat top. This is a bullish formation, and bears may want to switch teams if we get a breakout. While it is hard to imagine techs continuing this rally without a change in the IT spending environment, we are trying to capture moves for a profit, rather than funding our 401 (k) for the long haul. Chart of the Nasdaq One of the big reasons for the rise in the Nasdaq is chip stocks. The Semiconductor Sector Index (SOX) once again tested new relative highs today. This morning saw an upgrade from Soundview, which said evidence is growing that the first quarter could be a turnaround in the order picture for the semiconductor equipment industry. It raised price targets on several stocks in the sector, including KLAC, TER, NVLS and LRCX. This followed last night's earnings release from Analog Devices (ADI), which met expectations, but warned that it could miss consensus estimates for next quarter. The company did say, however, that a slow August order rate improved in September and grew significantly in October. The SOX not only ended the day on a new relative closing and intraday high, but closed near its high of the day, as well. The strength in the sector, in spite of more warnings than I can count on the entire OI staff's fingers and toes over the last couple of months, cannot be ignored. It has now set a series of higher highs and higher lows and bounced from a previous resistance level at 310, which could now be viewed as possible support. We still haven't seen a shift in capital spending, and even Alan Greenspan said yesterday that there are "very high hurdles" to capital spending that must be removed before investments in new technologies resume. However, investors are betting that it will come back and are scooping the sector to prove it. Chart of the SOX After the bell, Hewlett-Packard released earnings that beat estimates by $0.02, tripling its year ago number from 0.8 to 0.24 per share, prior to the Compaq merger. If we combined Compaq and HP results from last year, the company would have been over $500 million in the red in the year ago period, which makes the number even more impressive. The stock was trading $18.50, up $1.65 (9.7%) after hours. This may help boost the Nasdaq through that August resistance, but we won't count our chickens just yet. We have seen sentiment change overnight many times, so we'll wait for the actual breakthrough before declaring a rally. There was conflicting data today from the housing sector. The number that got the most attention was the 11.4% drop in housing starts in October. It was the largest drop since January 1994. In fact, the annualized pace dropped to 1.603 million, which matches the number of units started in 2001. This was a drop from last month's annualized rate of 1.81, which was a 16-year high. The decline was also worse than expected; economists were expecting a rate of 1.72 million. The number that got less attention, but helped lead to a rally in the Dow Jones Home Construction Index (DJUSHB), was the The Market Composite Index of mortgage loan applications, which measures mortgage loan applications for purchases and refinancings. The index showed an increase of 21% in the week ended November 15, and a 22% increase over the same week a year ago. There were also increases in the Purchase Index and Refinance Index. This also marked the seventeenth straight week the Refinance Index was above 4000. The data was accompanied by news from Hovanian Enterprises (HOV), currently on our call list, which raised its guidance for full year 2002 earnings and said new home orders in November remain strong. The bond market seems to be confirming the switch from bonds into stocks. In fact, for all the talk of a bearish head and shoulders formation in the Dow and S&P, a look at the ten-year bond shows a similar formation during the recent equity rally. Today's bond sell-off seemed to just about complete the right shoulder. If this H&S breaks through as the Dow rallies, then the bulls may be in business. Chart of the Ten-Year Note It seems that I switch sides on a daily basis, but in a rangebound, bouncing market, that is what tends to happen. If you were to pick one direction and simply stick with it, you'd see an awful lot of whipsaws. While that may not make much difference to long-term traders, short-termers better be willing to change sides as quickly as needed. Today the trend is up, but we are right at resistance in the broader markets, so we could be due for another rollover to the bottom of the range. If we see a fall in the morning, then I'm jumping on for what could be only a short drop. However, if we break through 915 in the SPX, then I'm jumping on long for the next 10 points. Then it will be time to reassess again at 925. If the Nasdaq breaks 1426, then I'm in until I see a rollover. Get the point? We need to be willing to get in and out quickly in this choppiness and leave our opinions out of the equation. ================================================================== 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 --------------------------------- Allergan - AGN - close: 57.84 change: +0.89 WHAT TO WATCH: Shareholders of AGN have enjoyed a gradual uptrend over the past week. The stock has moved higher in an ascending channel, which is most easily seen on a 30-minute chart. AGN is currently retracing its late-October selloff and might be headed for a test of the 200-dma at $60.50. A retest of the October highs near $65.00 wouldn't be out of the question if the DRG.X pharmaceutical index continues to drift upward. Allergan's MACD, which is just beginning to curl higher near the baseline, offers technical encouragement for the bulls. Long entries can be targeted on a pullback to the bottom of the short-term channel (currently near $56.70). Those with a more aggressive strategy could watch for a move above $58.00. --- Advanced Micro Devices - AMD - close: 5.55 change: -0.03 WHAT TO WATCH: AMD was notably absent from today's semiconductor rally. The stock moved sharply lower on Tuesday after the company said it planned to sell $300 million of convertible bonds into shares of AMD. Investors were not happy with this development because the sale may dilute the stock. S&P gave the bears more ammunition when they downgraded AMD's credit rating due to soft demand and concerns regarding the company's ability to increase profits. Bears will be sharpening their claws now that the stock has failed to post a gain on a day when the SOX.X was up more than 8%. Aggressive traders can watch for a move below $5.44 to clear the way for a decline to the $4.00-$4.50 area. By the way, do you see those two volume spikes on October 3rd and November 19th? The first spike came just before the stock rebounded from a multi-year low. Yesterday's volume was almost identical (give or take 1.5 million shares). It almost looks like all the traders who took advantage of the October rebound bailed out with profits. More strong volume today (the highest reading since January 1999!) suggests that another large move may be in the cards. --- Biogen Inc - BGEN - close: 43.48 change: +3.88 WHAT TO WATCH: Whoa...That was quite a breakout! BGEN blew through its 200-dma today after Lehman Brothers raised the stock's rating from "equal-weight" to "over-weight." The upgrade was based on promising growth prospects for two of the company's drugs. The stock is trading at multi-month highs and looks like it could soon test resistance in the $44.50 area. The daily chart shows an unusual "island" formation in May/June when the stock gapped higher, traded near $48.00 for a few weeks, and then gapped back down to its previous range. Although BGEN might move back to this area of congestion ($48-$50), the oversold oscillators suggest that shares could be due for a pullback before the rally continues. Thus, traders thinking about going long may want to wait for a bounce from the 200-dma at $40.76. The strong volume behind today's 9.7% gain does not bode well for the bears. --- Deluxe Corp - DLX - close: 42.48 change: -1.22 WHAT TO WATCH: DLX traded its way onto our Watchlist last week after the stock moved below the 200-day moving average. Tuesday's action produced a wholesale violation of this level, which was followed by a move below the 100-dma at $43.47. The stock gave back 2.7% today, despite a rally of nearly 150 points on the Dow Jones. Shares are now trading in the "fast-move" region that was formed by the steep rally in July/August. The high volume behind today's decline, combined with the spread- triple breakdown on the p-n-f chart, leads us to believe that DLX will continue towards the $35.00 area. Bearish traders can target a decline to the August lows near $37.00, using a move below $42.00 as an action point to go short. --- Hartford Financial - HIG - close: 46.20 change: +0.55 WHAT TO WATCH: Readers who have been following our long play in SPC are already aware of the recent bullish momentum in many property & casualty insurance stocks. We believe this is in part due to the Bush Administration's plan to push a terrorism insurance bill through Congress - a plan that is more likely to succeed now that the Republicans are in control of the Senate. HIG is another stock within the sector that looks like a possible long play. Shares have rebounded from the 50-dma ($44.08) and are moving towards resistance at $50.00. Short-term traders could target a move to this level, looking for entries at current levels and using a stop slightly under the 50-dma. This would create a risk/reward ratio of about 1:2. --- Intuit Inc - INTU - close: 51.10 change: +0.98 WHAT TO WATCH: The recent pullback in INTU seems to have provided a great buying opportunity. Shares were trading at 52-week highs near $54.00 earlier this month. The company's earnings report last Wednesday featured a better-than-expected EPS result and an increase in forward guidance. The fly in the ointment was a lowered revenue growth estimate for one of its business segments. Investors used this reduction as an excuse to take profits. However, the stock found willing buyers at the 50-dma ($48.80). This level coincides with bullish support on the p-n-f chart. The bounce from this area, combined with reversing oscillators and a strong GSO.X software index, suggests that INTU will make another run at resistance at $54.40. Bullish positions can be considered on a move above today's high ($51.20) or a pullback to $50.00. --- Lear Corp - LEA - close: 34.40 change: -1.68 WHAT TO WATCH: BAC reduced its rating on four auto suppliers (AXL, BWA, JCI, and LEA) today, based on its expectation of weaker auto sales. LEA moved lower by 4.6% and shares are now threatening to fall below the multi-month low of $33.63. A break under this level might send the stock to the next level of psychological support at $30.00. The downtrending oscillators and double-bottom p-n-f sell signal bolster the case for technical bears. --- NetScreen Technologies - NSCN - close: 16.03 change: +1.24 WHAT TO WATCH: Shares of this network security provider shrugged off Monday's downgrade from Legg Mason and broke to fresh multi- month highs during today's session. Shares gained more than 8% on news that Rent-A-Center (RCII) had selected NetScreen to secure its data and online transactions. Technically, bulls can be encouraged by the strong volume that accompanied today's breakout above $16.00. The daily chart shows staggered overhead resistance at whole-number intervals between $17 and $20. The $17.00 level may not prove to be much of a challenge if the NASDAQ continues to move higher. $18.00, however, looks like a more formidable obstacle. This level would be a reasonable profit-target for the bulls. P-n-f chartists will be interested to know that a trade at $16.50 will create a double-top buy signal. --- Texas Instruments - TXN - close: 18.42 change: +1.24 WHAT TO WATCH: It's safe to say that TXN has broken out of its multi-month descending channel. The first indication that the bulls were on the offensive appeared on Friday, when shares closed above the 50-dma. The stock has continued higher following Tuesday's reiteration of fourth-quarter financial targets from the company's COO. Of course it didn't hurt that the semiconductor index exploded for an 8.2% gain today. This rally propelled the SOX.X to levels not seen since August. The next obstacle for the bulls will be resistance at 360. A break above this level could send the index soaring towards 400. We think TXN is well-positioned to join the sector in a continued rally. Today's move above resistance at $18.00 has raised the possibility that shares may retest the September highs near $22.00. Although aggressive traders can think about going long at current levels, the stock is already sitting on some large short-term gains. We'd feel more comfortable waiting for a pullback to the $17.50-$18.00 area before going long. ========================= Play-of-the-Day (BULLISH tech play) ========================= Kronos Inc. - KRON - close: 41.49 change: +2.24 stop: 38.24 *new* Company Description: Kronos Incorporated is a single-source provider of integrated human resources, payroll and labor management solutions. Kronos products and services help organizations align their people, processes and technology to improve individual productivity and boost overall business performance. (source: company press release) - ORIGINAL WRITE UP: November 14th, 2002 - Why We Like It: Tech bulls have had a lot to cheer about over the past month. Well, maybe we should qualify that statement. The latest round of earnings was hardly impressive, and the fundamental weakness brought on by a lack of IT spending hasn't shown any signs of improving. But this hasn't prevented the NASDAQ from rising more than 25% from its October lows. Buyers have been ignoring bad news (such as last night's AMAT earnings) in hopes that the steep uptrend will continue. And so far, it has. The NASDAQ retraced roughly 38% of its October/November rally and now appears to be headed for a test of resistance at 1425. A move above this level would set the stage for a rally to the 200-dma at 1514. With sector leader MSFT looking strong, the GSO.X software index has rebounded from support at 100 and is moving towards an encounter with its own resistance at 110. Stocks like KRON have helped to push the sector higher. Unlike many of its competitors, Kronos actually boasts solid growth. The fourth-quarter earnings report in late-October featured an EPS of 57 cents, which was 11 cents better than analyst expectations. The upside surprise helped to launch KRON from the $30.00 area. Shares finally rolled over from resistance at $40.00 and pulled back to the 200-dma at $36.03. This pullback alleviated some of the overbought conditions on the oscillators and gave the bulls a chance to catch their breath. Shares rebounded and traded above $40.00 on Thursday en route to a new multi-month high. The rising daily stochastics (5,3,3) and uptrending GSO.X are indications that KRON will experience another breakout in the near future. By entering this play on a move above today's high ($40.50), we're attempting to capture a rally to the $45.00 area. Those who are a little more ambitious could aim for a retest of the May highs at $46.40. Possible resistance looms at the $41.25-$41.50 area. The double-top buy signal created by a trade at $41.00 should help to push KRON above that obstacle. If our play is triggered we'll use a stop at $37.98, just under Wednesday's low. More aggressive traders may want to use a stop under the 200-dma. - Most recent update: November 19th, 2002 - Still waiting for a breakout. KRON has done a decent job of holding near its multi-month highs over the past two days, but shares just can't seem to move back above resistance at $40.00. The stock showed good relative strength on Tuesday and outperformed the GSO.X software index, which finished with a loss of more than 1.0%. That's an indication to us that the stock should still be able to move to new relative highs, despite the recent trend of lower lows and lower highs. We're maintaining our entry trigger at $40.51, with a stop at $37.98. There have been no fresh news developments for Kronos. - Play-of-the-Day Comments: November 20th, 2002 - Bulls ran amok in the tech sector on Wednesday and pushed the GSO.X software index to a 4.3% gain. This sector strength provided the perfect climate for a breakout in KRON. Shares reached our entry point of $40.51 within the first hour of trading and finished the session 5.7% to the good. The stock moved off its intraday high of $41.80 but consistently found buyers near $41.00. Today's gains have opened the door for a rally to the $45-$46 area. KRON is showing good relative strength in a sector that's been trading very strong - the GSO.X closed above 110 today for the first time since July. The bulls will still have to deal with congestion near 111, but this probably won't pose much of a problem if the NASDAQ keeps moving higher. New bullish positions can be targeted on a pullback to $40.00-$40.50 or a break above today's high ($41.80). We've bumped our stop up to $38.24, slightly beneath yesterday's low. Picked on November 20th at $40.51 Results since picked: +0.98 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 11-20-2002 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: Net Bulls Triggered Plays: KRON (bullish) Closed Bearish Plays: IBM High Risk/Reward Triggered Plays: NTES (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) ================================================================== Net Bulls (NB) Tech Stock section ================================================================== =============== NB Play Updates =============== Triggered Plays ---------------- Kronos Inc. - KRON - close: 41.49 change: +2.24 stop: 38.24 *new* Bulls ran amok in the tech sector on Wednesday and pushed the GSO.X software index to a 4.3% gain. This sector strength provided the perfect climate for a breakout in KRON. Shares reached our entry point of $40.51 within the first hour of trading and finished the session 5.7% to the good. The stock moved off its intraday high of $41.80 but consistently found buyers near $41.00. Today's gains have opened the door for a rally to the $45-$46 area. The fact that the GSO.X closed above 110 might scare more software shorts into covering. New entries can be targeted on a move above $41.80 or on a pullback to $40.00-$40.50. Our stop has been moved up to $38.24, slightly under yesterday's low. =============== NB Closed Plays =============== Closed Bearish Plays -------------------- Intl Business Mach. - IBM - cls: 81.61 chg: +3.24 stop: 81.06 What a difference a day makes. IBM was not looking strong on Tuesday after shares rolled over from the 200-dma and closed near a multi-session low. Our lowered stop at $81.06 was designed to take us out of this play if shares managed to reverse course and move back above resistance. That's exactly what happened today when IBM joined the NASDAQ in strong rally. Wall Street also seemed to react positively to the company's announcement that it plans to shift $1 billion of its R&D budget from IT projects to research in consulting and computer services. This may be seen as a smart move, given the challenges that face the Information Technology sector. IBM also said today that it plans to sell $2 billion of global bonds. Whether today's rebound was news- related or simply a function of the rallying broader market, the move above resistance at the 200-dma is not a good sign for the bears. While the stock doesn't look overly bullish (shares were quickly smacked down when shares popped above the 200-dma on November 4th), the overall technical picture can no longer be described as negative. Our play has been closed for a loss of $2.11, or 2.6%. Picked on November 7th at $78.95 Results since picked: -2.11 Earnings Date 10/16/02 (confirmed) ================================================================== HIGH RISK/HIGH REWARD (HR) section ================================================================== =============== HR Play Updates =============== Triggered Plays ---------------- Netease.com - NTES - close: 9.17 change: -0.97 stop: 9.06 *new* Yesterday's rollover from $10.00 must've really spooked the bulls! NTES was weak from the get-go this morning. This play was activated at the opening price of $8.79 after the stock gapped below our action point at $8.99. Shares trended lower throughout the session and dropped below $8.00 before buyers emerged during the last minutes of trading. With this play getting off to a very good start, we're going to immediately lower our stop-loss to $9.06. This should keep potential losses to a manageable level if the stock rebounds. Frankly, we'd be surprised to see this happen. NTES has plenty of downside remaining and there are no clear levels of support until the $6.00 area. We're setting an official profit-target at $6.32, two cents above the November 6th high. Shorter-term traders may want to consider taking profits if NTES bounces from the $7.00 area. New entries can be targeted on a rollover from intraday resistance at $8.60. ================= 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 YBTVA Young Broadcasting 13.08 +1.13 DJ Dow Jones & Co 40.75 +1.45 HIG Hartford Financial 46.20 +0.55 OIS Oil States Intl 13.05 +0.57 NST Nstar 40.05 +0.54 KG King Pharmaceuticals 17.41 +0.71 BCP Balchem Corp 22.80 +0.65 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- Ticker Company Name Close Change MSTR Microstrategy Inc 17.33 +1.97 TER Teradyne Inc 14.91 +2.26 BRCM Broadcom Corp 17.65 +1.99 MVSN Macrovision Corp 17.79 +1.11 SWKS Skyworks Solutions 10.34 +1.11 GCO Genesco Inc 17.80 +1.30 SKS Saks Holdings Inc 12.30 +1.39 ROIAK Radio One 15.28 +1.15 NSCN Netscreen Tech. 16.03 +1.24 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- Ticker Company Name Close Change JWN Nordstrom Inc 20.22 +1.09 SNDK Sandisk Corp 24.83 +3.01 WFMI Whole Foods 50.55 +3.04 MYG Maytag Corp 27.40 +2.61 WGR Western Gas Resources 35.40 +1.40 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- Ticker Company Name Close Change PD Phelps Dodge 26.72 -2.18 TECD Tech Data Corp 32.61 -1.99 EMN Eastman Chemical 35.96 -2.99 LEA Lear Corp 34.40 -1.68 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- Ticker Company Name Close Change BNL Bunzl ADS 35.80 -1.15 ================================================================= 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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