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Daily Newsletter, Wednesday, 12/04/2002

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PremierInvestor.net Newsletter              Wednesday 12-04-2002
                                                  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:      Lower Lows
Watch List:       BEN, BRCM, MIK, RJR, TIN, and more...
Play of the Day:  Conflicting Data


******************************************************************
MARKET WRAP  (view in courier font for table alignment)
******************************************************************
12-04-2002                High    Low     Volume Advance/Decl
DJIA     8737.85 -  5.08 8811.62  8653.38 1858 mln  619/1193
NASDAQ   1430.35 - 18.61 1444.18  1412.92 1856 mln  272/1566
S&P 100   468.03 -  1.59  472.46  463.86   totals   891/12759
S&P 500   917.58 -  3.17  925.21  909.51
RUS 2000  397.53 -  3.30  400.83  394.22
DJ TRANS 2345.48 +  8.44 2365.91 2318.16
VIX        32.14 +  0.38   33.14   31.23
VIXN       53.55 +  1.56   55.73   52.72
Put/Call Ratio 0.89
******************************************************************


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

Lower Lows
by Steven Price

We tested some crucial levels today and the major indices left us
questioning whether we had seen a trend reversal. We have
definitely been seeing lower intraday resistance points for the
last several days, but the big question is when it is time to
turn around and go short.  One of the indications I like to focus
on is whether we continue to find buyers at successively higher
levels on each pullback in a rising market.  A series of higher
highs and higher lows is certainly bullish and short plays aren't
profitable for long.   However, when those higher lows turn into
lower lows, red flags fly and that is exactly what we saw today.

We started out in a downdraft this morning, following several
announcements after yesterday's close.  Hewlett Packard CEO Carly
Fiorina said the company was ahead of schedule in trimming costs,
but that the company could not raise guidance due to tepid
technology spending and an uncertain economy. That weighed on the
tech sector this morning, with the Nasdaq Composite dropping 36
points a low of 1412.92 early on, before rallying back to a close
of 1430.34, down 18.62 on the day.  The low of the day was below
its last pullback, on November 26, and constituted the first
lower low since the recent rally began during the second week of
October. The most recent breakout level for the index was 1426,
the August high, and led a powerful run to the recent high of
1521.44.  After today's rebound took us back over that level, we
are left deciphering the significance of a close back above the
breakout level.

Chart of the COMPX


The Semiconductor Index (SOX) also fell steeply, following the
Hewlett Packard news, along with a Morgan Stanley downgrade to
the semiconductor capital equipment makers, based on their
outlook for a muted cyclical recovery in 2003. As if that weren't
enough for nervous stockholders, after the recent rally has
faded, Deutsche Securities also downgraded the analog chip
stocks, saying they expect fundamentals to become incrementally
weaker. Software maker PeopleSoft also said it saw customer
spending flat next year.  While it is not a chip stock, I want to
make readers aware that the spending issue is still alive and
well across the tech sector. The SOX pullback was significant in
that it also broke the trend of higher lows on each pullback
during the recent rally. It established a lower low for the first
time since the rally from 214 began in the middle of October and
is now testing the bottom trend line of its ascending channel.
What may also be significant is the bounce from a previous
resistance point at 329, with an intraday low of 330.  The chip
stocks have pretty much led the tech sector and today was no
different.   If we get a drop under 329, 310 is most likely the
next support line, with a trip back into the 200s not far behind.

Chart of the SOX


In keeping with the same theme, we also saw the Dow, OEX and SPX
set lower lows this morning, followed by an afternoon rebound
that took them briefly into positive territory, before falling
into the close.  The Dow fell out of its ascending channel when
it traded under 8750 yesterday, and then broke the trend of
higher lows when it dropped under 8670 this morning.  The current
trend reversal, if that's what it is, is fighting a number of
factors.  First, we have been trending up since the second week
of October.  Second, the bullish percentages are very high, with
the Dow and NDX in overbought territory, and underscore both the
current strong bullish sentiment in the market, as well as the
risk to getting long in such overbought conditions.  That bullish
sentiment, however, tends to bring in dip buyers, even if the
dips grow successively lower.   A look at the point and figure
chart shows that although the Dow set a lower low on the daily
chart, it bounced just 3 points above the PnF sell signal.
Traders looking to go short the broader market on a Dow signal
may want to target that sell signal at 8650, which would confirm
the lower low on the daily chart. Judging by the 2:1 decline to
advance ratio, we may see that number soon.

Chart of the Dow


We got a couple of economic reports this morning. Non-farm
productivity rose at an annual rate of 5.1%, revised higher from
last month's estimate of 4.0%.  This reflects the results of job
cuts and was the highest gain since 1973.  Fed Chairman Alan
Greenspan warned last month that the gains we are seeing in
productivity, resulting from job cuts, is not sustainable and
will eventually drop off as we either stop getting rid of
workers, or employees who are picking up the slack with longer
hours eventually burn out and become less productive.  Factory
orders actually came in below expectations, although they still
saw an increase of 1.5%.  This was the first increase in three
months, but September orders were revised downward, as were
bookings at manufacturers for durable goods.  The ISM non-
manufacturing index also showed a gain, coming in at 57.4,
considerably above expectations for 54.0. The ISM report resulted
in a short-lived market rally after it was released mid-morning,
but the Dow re-tested its lows after that gain.

As we head further into the official holiday shopping season, we
got a couple of warnings about sales coming in below
expectations.  I have said before that one of the big wild cards
in a continuing rally is holiday sales, which reflect consumer
spending patterns.  If consumers won't spend at this time of
year, then any economic recovery could be a ways off.  Federated,
which owns Bloomingdale's and Macy's, said that even better than
expected Thanksgiving sales did not offset weakness from earlier
in the month and that it sees November-December holiday sales at
the lower end of its previous guidance, which predicted sales
flat to down 2.5%.   That would indicate an even weaker holiday
season than last year, when we were still recovering from 9/11.
The sentiment was reiterated by American Eagle Outfitters, which
saw its same store sales decline 4.9% in November. Office Depot,
which relies more on the business sector than holiday shoppers,
nevertheless also saw 4th quarter sales running below
expectations. The Retail Index still managed to eke out a gain
for the day, but the more reports we get of this nature, the
gloomier my outlook gets.

United Airlines (UAL) plunged after the bell, falling from a
closing print of $3.12, to a low of $0.80, before rebounding to
trade just over $1 per share.  The airline's application for a
$1.8 billion loan was rejected by the Treasury Department's Air
Transportation Stabilization Board and UAL will likely file for
bankruptcy.  The board said the company's business plan was not
financially sound and based on unreasonable revenue projections.
The board's statement said, "This plan does not support the
conclusion that there is a reasonable assurance of repayment and
would pose an unacceptably high risk to U.S. taxpayers."

With non-farm payrolls and unemployment claims out in the
morning, we should get a good idea whether today's failed
afternoon rally to 8800 in the Dow was bullish, after testing the
new low mentioned earlier, or bearish, as we have a new ceiling
in place. I'd be looking for a break back below 8650 as a sign to
pile on short.  If we break back over 8800, then the next pivotal
level will be the August high of 9077. The market has been
whipsawing us dramatically in recent weeks, so be careful to
commit only levels of capital you are comfortable with, and don't
be afraid to close out a loser for minimal cost. At some point,
we should see a definable trend, but for the moment, staying lean
seems the most prudent idea.


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

Franklin Reserve - BEN - close: 36.36 change: -0.63

WHAT TO WATCH: With BEN consistently finding resistance at $38.00
(just above its 200-dma), potential bearish traders have a pretty
good idea of where to place their stops.  Shares are looking top
heavy at current levels with both the MACD histogram and daily
stochastics heading lower.  Today's relative weakness versus the
Dow Jones is another sign of trouble for the bulls.  If support
at $36.00 gives way, BEN looks like it could fall to the $32.50
area.




---

Broadcom - BRCM - close: 17.37 change: -0.78

Chip stocks took it on the chin today after Morgan Stanley
downgraded the semiconductor and semiconductor equipment sectors
from "attractive" to "in-line."  The firm based their lowered
ratings on a bearish outlook for a cyclical recovery in 2003.
The resulting sector negativity was enough to push BRCM below
support at $18.00 on Wednesday morning.  This level acted as
resistance during a late-session rebound.  We like BRCM as a
possible short play on a rollover from $18.00 or $18.50.  The
stock is in the process of retracing its steep November rally,
which saw shares tack on more than 75% in just ten days.  The
rolling MACD and double-bottom p-n-f sell signal indicate that
BRCM will continue to give back these gains.  Short-term traders
could target a pullback to the $15.00 area.  Chip bears might
also want to take a look at MXIM, which has fallen below its 200-
dma.




---

FirstEnergy Corp - FE - close: 30.00 change: -1.13

WHAT TO WATCH: FE gapped below its 50-dma this morning after the
company lowered its 2003 earnings-per-share expectations from
$3.70-$3.90 to $3.35-$3.55.  The adjustment was primarily
attributed to an anticipated rise in non-cash pension and post-
employment benefit costs.  FirstEnergy is hardly alone in
experiencing these difficulties - General Motors is also
grappling with enormous pension liability issues.  But it remains
to be seen how these problems will be solved, and everyone knows
how much investors had uncertainty.  Technically, today's
breakdown has opened the door for decline to the October lows
near $26.  The rising volume and three-box p-n-f reversal are
pointing at a test of bullish p-n-f support at $27.




---

Flowserve - FLS - close: 14.40 change: -0.51

WHAT TO WATCH: As the company's name suggests, Flowserve develops
and manufactures flow control systems in a variety of industries.
The stock has nearly doubled from its October lows, which were
set after the company announced an earnings warning.  We like FLS
as a possible short play because the stock has started to roll
over after failing to hold above psychological resistance at
$15.00.  FLS is trading at the bottom of its intermediate-term
ascending channel.  By waiting for shares to fall to $14.20,
bears can confirm that the channel has been broken.  Those
looking for more evidence of downside momentum could wait for a
move below $14.00.  Given the overbought oscillators, it looks
like FLS could continue to retrace its rapid gains and move down
to the $12.00 area.




---

Michaels Stores - MIK - close: 37.85 change: +0.90

Although Shareholders of MIK enjoyed some nice gains in the
second half of November, the stock is beginning to falter below
its 200-dma at $39.51.  Today's 2.4% gain (which came on the
heels of a brokerage upgrade) wasn't nearly enough to push shares
above this level.  The 200-dma is bolstered by the converging 50-
day and 100-day moving averages near $40.00.  This also happens
to be the location of the 61% retracement level from October
highs to November lows.  The falling daily stochastics (5,3,3)
suggest that MIK will continue to trend lower from resistance.
The daily chart shows no clear levels of support until the $33-
$34 area.  We'd be watching for another rollover from $39.50 or a
move below $36.00 to provide a bearish entry point.




---

Rent-A-Center - RCII - close: 47.09 change: -0.54

WHAT TO WATCH: RCII underperformed the market on Wednesday and
fell below short-term support near $47.50. The daily chart shows
that shares are beginning to sell off after failing to move above
the 200-dma at $51.42, which is also the location of bearish p-n-
f resistance.  Bulls will point out that RCII has possible
support at its 50-dma ($45.70).  We won't argue that point, but
the rolling oscillators and fresh three-box reversal on the
point-and-figure chart don't bode well for a bounce from that
level.  Short entries could be evaluated on a move below $46.83,
initially targeting a decline to the $42-$43 region.




---

RJ Reynolds - RJR - close: 40.76 change: +1.94

WHAT TO WATCH: Tobacco stocks moved higher this afternoon after
RJR lowered their full-year outlook for 2002.  That doesn't sound
very bullish, but Wall Street seemed to be pleased with the
company's announcement that it would reduce nonessential assets
and slash its workforce by 7.8%.  The technical breakout created
by today's 5% gain is an intriguing development for the bulls.
RJR has moved out of a multi-week consolidation on almost twice
the average daily volume.  The 50-dma at $40.09 had previously
acted as resistance may now provide support.  In light of the
rising oscillators, we think RJR has a good chance of reaching
the relative high of $44.60.  Watch for a move above $40.85 or a
pullback to the 50-dma to offer an entry point.




---

Temple Inland - TIN - close: 45.80 change: -1.05

WHAT TO WATCH: We were tempted to add TIN as a short play
tonight, but the risk/reward ratio wasn't acceptable.  However,
traders willing to use a tight stop-loss just above yesterday's
high ($47.20) might want to take a close look at shares of this
conglomerate.  The stock has rolled over from bearish resistance
on the point-and-figure chart.  With the MACD histogram about to
crossover into negative territory and the daily stochastics
(5,3,3) falling towards the lower band, we think chances are good
that TIN could reach its 50-dma at $41.56.  Short positions can
be gauged on a break under today's low of $45.35.





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

Tech Data Corp. - TECD - close: 29.60 change: -1.07 stop: *text*

Company Description:
Tech Data Corporation, founded in 1974, is a leading global
provider of IT products, logistics management and other value-
added services. Ranked 117th on the Fortune 500, the company and
its subsidiaries serve more than 100,000 technology resellers in
the United States, Canada, the Caribbean, Latin America, Europe
and the Middle East. Tech Data's extensive service offering
includes pre- and post-sale training and technical support,
financing options and configuration services as well as a full
range of award-winning electronic commerce solutions. (source:
company press release)

Why We Like It:
Lately it seems like the tech sector has been the source of a lot
of conflicting news.  Will investors pay more attention to
companies like SEBL and MSFT, who have recently made bullish
forward-looking comments?  Or will they focus instead on the
widespread theme of weak IT spending that was painfully evident
during the most recent earnings cycle?  Frankly, we're not
willing to venture a guess either way.  Ever since the October
lows it seems like Wall Street has selectively ignored bad news,
despite the dearth of positive data.  But now that the NASDAQ is
sitting on some large gains, the opposite trend may be taking
hold.  For example, Microsoft's CEO said this afternoon that
investor sentiment was improving in the IT sector.  These
comments sparked a short-lived rally that quickly faded during
the final hour of trading.

This schizophrenic attitude toward evidence of changing
fundamentals leaves us with no choice but to rely heavily on the
technicals.  Moving to a chart of the NASDAQ, it's easy to see
why positive news isn't leading to any gains: The index is
sitting at the bottom of its multi-week ascending channel after
rolling over from the 200-dma.  The bears are drooling in
anticipation of a continued pullback after a rally of more than
35%.  The rolling oscillators (check out that bearish MACD
crossover!) suggest that the Composite will fall out of its
channel, thus leading to more selling in the tech group.

We're picking TECD as a short play because the stock is trading
near relative lows after forming a double-top pattern near $37.
Shares showed relative weakness today, giving back 3.4% on
stronger-than-average volume.  Point-and-figure devotees will
point out that TECD is sitting just above bullish support.  While
we typically don't advise shorting a stock that is on its
ascending p-n-f trend, we believe the lack of support on the
daily chart will lead to a breakdown below this level.  We'll
initially be targeting a decline to the $25.00 area, safely above
the October highs.  As a precautionary measure, we won't enter
this play until TECD falls below $29.50.  If we're triggered our
stop will be set at $31.76, slightly above Tuesday's high.  Those
willing to give TECD a little more breathing room could use a
stop just above $32.25.  FYI, Tech Data is participating in
tomorrow's Credit Suisse First Boston technology conference.
Traders can watch a webcast of the presentation at
www.techdata.com

Picked on December xth at $xx.xx <- see text
Results since picked:      +0.00
Earnings Date           11/25/02 (confirmed)







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

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Copyright ) 2002  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter               Wednesday 12-04-2002
                                                   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
  New Bearish Plays:      TECD

Stock Bottom / Active Trader
  Triggered Plays:        DLX (bearish)
  Closed Bullish Plays:   SPC
  Closed Bearish Plays:   PG

High Risk/Reward
  Closed Bullish Plays:   GLW

Split Trader Stock Splits
  Split Announcement:
                          MUR: 2-for-1 Split Announcement


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


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

============
NB New Plays
============

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

Tech Data Corp. - TECD - close: 29.60 change: -1.07 stop: *text*

Company Description:
Tech Data Corporation, founded in 1974, is a leading global
provider of IT products, logistics management and other value-
added services. Ranked 117th on the Fortune 500, the company and
its subsidiaries serve more than 100,000 technology resellers in
the United States, Canada, the Caribbean, Latin America, Europe
and the Middle East. Tech Data's extensive service offering
includes pre- and post-sale training and technical support,
financing options and configuration services as well as a full
range of award-winning electronic commerce solutions. (source:
company press release)

Why We Like It:
Lately it seems like the tech sector has been the source of a lot
of conflicting news.  Will investors pay more attention to
companies like SEBL and MSFT, who have recently made bullish
forward-looking comments?  Or will they focus instead on the
widespread theme of weak IT spending that was painfully evident
during the most recent earnings cycle?  Frankly, we're not
willing to venture a guess either way.  Ever since the October
lows it seems like Wall Street has selectively ignored bad news,
despite the dearth of positive data.  But now that the NASDAQ is
sitting on some large gains, the opposite trend may be taking
hold.  For example, Microsoft's CEO said this afternoon that
investor sentiment was improving in the IT sector.  These
comments sparked a short-lived rally that quickly faded during
the final hour of trading.

This schizophrenic attitude toward evidence of changing
fundamentals leaves us with no choice but to rely heavily on the
technicals.  Moving to a chart of the NASDAQ, it's easy to see
why positive news isn't leading to any gains: The index is
sitting at the bottom of its multi-week ascending channel after
rolling over from the 200-dma.  The bears are drooling in
anticipation of a continued pullback after a rally of more than
35%.  The rolling oscillators (check out that bearish MACD
crossover!) suggest that the Composite will fall out of its
channel, thus leading to more selling in the tech group.

We're picking TECD as a short play because the stock is trading
near relative lows after forming a double-top pattern near $37.
Shares showed relative weakness today, giving back 3.4% on
stronger-than-average volume.  Point-and-figure devotees will
point out that TECD is sitting just above bullish support.  While
we typically don't advise shorting a stock that is on its
ascending p-n-f trend, we believe the lack of support on the
daily chart will lead to a breakdown below this level.  We'll
initially be targeting a decline to the $25.00 area, safely above
the October highs.  As a precautionary measure, we won't enter
this play until TECD falls below $29.50.  If we're triggered our
stop will be set at $31.76, slightly above Tuesday's high.  Those
willing to give TECD a little more breathing room could use a
stop just above $32.25.  FYI, Tech Data is participating in
tomorrow's Credit Suisse First Boston technology conference.
Traders can watch a webcast of the presentation at
www.techdata.com

Picked on December xth at $xx.xx <- see text
Results since picked:      +0.00
Earnings Date           11/25/02 (confirmed)






==================================================================
Stock Bottom / Active Trader (AT) section
==================================================================

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

Triggered Plays
---------------

Deluxe Corp. - DLX - close: 42.40 change: +1.00 stop: 44.09

This short play was activated on Wednesday morning when DLX
followed the market lower and reached our entry trigger at
$41.28.  The bulls moved in near $41.00 and pushed the stock
steadily higher throughout the day.  We're not overly concerned
with this rebound, given the market's intraday uptrend.  Our stop
is set at $44.09, above the 200-dma and congestion in the $43.50-
$44.00 area.  New entries can be targeted on a move below $41.00.
In the news this afternoon, Deluxe announced (before the market
closed) that it intended to launch an unwritten public offering
of $300 million in Senior Unsecured Notes.





===============
AT Closed Plays
===============

--------------------
Closed Bullish Plays
--------------------

St. Paul Co. - SPC - close: 35.56 change: -0.37 stop: 35.11

SPC drifted lower with the Dow Jones on Wednesday morning but
managed to find support near $35.30.  It wasn't until a wave of
selling materialized shortly after 11:00 that the stock reached
our break-even stop at $35.11.  Shares quickly rebounded after
moving below $35.00 and finished with a loss of 1.0%.  The
technical picture seems to be deteriorating, with SPC maintaining
its recent pattern of lower highs.  Short-term resistance at
$36.00 also poses a challenge for the bulls.  The rolling MACD
and daily stochastics suggest that shares will have a difficult
time moving back towards the 200-dma at $37.93.  Still, the bulls
may be able to re-assert themselves if Dow Jones manages to break
through resistance at 8800.  Traders who are still long may want
to consider placing stops just under today's low of $34.96.

Picked on November 18th at $35.11
Results since picked:       +0.00
Earnings Date            10/23/02 (confirmed)




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

Procter & Gamble - PG - close: 86.05 change: +1.56 stop: 86.06

The up trends visible in the major market indices are still
temporarily intact but the last two days of weakness had
investors heading for safety.  PG is seen as a defensive play
because people still buy diapers, shampoo and almost everything
else in their pantry made or distributed by PG even if the
economy goes south.  Therefore, the bullish reaction we've
witnessed in PG is not a surprise but the amplitude of the buying
was not expected.  The $85 level should have acted as tougher
resistance than it did.  Is this a bullish entry for longs to
enter PG?  We don't think so but neither would we short it here
either.  The stock still has plenty of congestion in the $87.50
to $88 level and the 200-dma is currently at $88.90.
Fortunately, the stop loss took us out with a -2.4% move.  If the
major indices continue to tumble then keep an eye on PG as it
should find renewed strength.

Picked on November 27th at $84.00
Results since picked:       -2.06
Earnings Date            10/29/02 (confirmed)






==================================================================
HIGH RISK/HIGH REWARD (HR) section
==================================================================

===============
HR Closed Plays
===============

--------------------
Closed Bullish Plays
--------------------

Corning Inc - GLW - close: 4.23 change: -0.27 stop: 3.94

So much for that potential support in the $4.15-$4.25 area.  GLW
gapped below its 200-dma this morning after Deutsche Bank
Securities issued a valuation downgrade on fellow networker JNPR.
The stock briefly found support at $4.00 before sinking lower and
violating our stop at $3.94.  This play was closed for a 16.5%
loss.  In hindsight, the stock's inability to move above $5.00
was a critical technical failure for the bulls.  Of course it
didn't help that the NWX.X networking index has joined the NASDAQ
in selling off from its 200-dma.  With the tech sector losing its
momentum, the profit-taking in many of the lower-dollar
networking stocks has been fast and furious.  Today's JNPR
downgrade certainly didn't help matters.  Our post-mortem
analysis: GLW looked technically strong on its own merits, but
wasn't able to trade higher in the face of a declining tech
sector.  Bulls will be watching for shares to remain above
support in the $3.70-$4.00 region.  A move below this level could
send GLW back towards previous resistance at $2.00.

Picked on December 3rd at  $4.72
Results since picked:      -0.78
Earnings Date           10/30/02 (confirmed)






=================================================================
Split Trader Stock Splits (ST) section
=================================================================

Split Announcements
-------------------

Murphy Oil Announces 2-for-1 Stock Split

Shortly after the market closed today, Murphy Oil Corporation
(NYSE: MUR) declared a 2-for-1 stock split.

The additional shares will be distributed on December 30, 2002 to
shareholders of record on December 16, 2002.

The stock has been trading near its 200-dma at $85.90 ever since
the company announced promising results from its offshore drilling
operations in Malaysia in late-November.  Shares have additional
support at the 50-dma ($84.43).  The point-and-figure chart shows
bearish resistance at $88.00.

Shares closed at $85.45 on Wednesday.  For a current quote, click here:

http://user.financialcontent.com/pin1/quote.cgi?account=pin1&ticker=MUR

About the company
Murphy Oil Corporation) is a worldwide oil and gas exploration and
production company with refining and marketing operations in the
United States and the United Kingdom. The Company's operations are
classified into two business activities: Exploration and
Production; and Refining and Marketing.


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

PHSY    Pacificare                 29.26     +1.51
THC     Tenet Healthcare           18.75     +0.91
UST     UST Inc                    33.15     +0.83

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

AVGN    Avigen Inc                  9.30     +1.40
VIRS    Triangle Pharmaceuticals    5.82     +1.32
VRNT    Verint Systems             19.77     +1.13

---------------------------------------
Breakout to Upside (Stocks over $20)
---------------------------------------
Ticker  Company Name               Close     Change
ABC     Amerisourcebergen Corp     63.15     +3.25
CAH     Cardinal Health            64.00     +1.75
MGAM    Multimedia Games           28.50     +1.05
RMK     Aramark Worldwide          24.18     +1.44

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

LXK     Lexmark Intl.              64.46     -1.82
ROOM    Hotel Reservations Ntwk.   67.54     -6.69
KSS     Kohl's Corp                61.80     -2.90
ESS     Essex Property Trust       50.50     -1.23
VSEA    Varian Semiconductor       28.40     -2.90
IRF     International Rectifier    21.39     -2.32
TECD    Tech Data                  29.60     -1.07
FE      Firstenergy Corp           30.00     -1.13
MHO     MI Schottenstein Homes     25.25     -2.20
BTY     British Telecom            31.45     -1.30

-----------------------------------------
Recently Overbought With Bearish Signals (Stocks over $20)
-------------------------------------------
Ticker  Company Name               Close     Change
SNDK    Sandisk Corp               24.47     -1.78
IR      Ingersoll-Rand             43.25     -1.25
WY      Weyerhaeuser Co            48.89     -0.99
VSEA    Varian Semiconductor       28.40     -2.90
DPMI    DuPont Photomasks          25.35     -1.49
BEN     Franklin Resources         36.36     -0.63
TIN     Temple Inland              45.80     -1.05




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