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Daily Newsletter, Friday, 12/20/2002

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PremierInvestor.net Newsletter          Weekend Edition 12-20-2002
                                                    section 1 of 3
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:      Lott Trots, Frist First
Play-of-the-Day:  Run, Forest, Run!
Watch List:       ACS, BAX, DHR, GPT, NTES, URI, and lots more!
Market Sentiment: Holiday Cheer

******************************************************************
MARKET WRAP  (view in courier font for table alignment)
******************************************************************
       WE 12-20        WE 12-15        WE 12-06        WE 11-29
DOW     8512.01 + 78.16 8433.85 -211.92 8645.77 -250.32 + 91.25
Nasdaq  1363.05 +  0.63 1362.42 - 60.02 1422.44 - 56.30 + 10.05
S&P-100  455.46 +  3.65  451.81 - 12.61  464.42 - 14.43 +  3.82
S&P-500  895.76 +  6.28  889.48 - 22.75  912.23 - 24.08 +  5.76
W5000   8475.23 + 48.97 8426.26 -202.90 8629.16 -217.52 + 63.55
RUT      386.88 -  1.10  387.98 -  8.74  396.72 -  9.64 +  6.36
TRAN    2324.22 +  5.75 2318.47 - 70.34 2388.81 + 28.19 + 46.64
VIX       31.47 -  0.65   32.12 -  0.56   32.68 +  1.60 +  4.35
VXN       48.51 -  2.41   50.92 -  1.36   52.28 +  2.80 +  2.00
TRIN       0.66            1.34            1.11            1.04
Put/Call   0.88            0.87            0.91            0.62
******************************************************************

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

Lott Trots, Frist First.
by Jim Brown

Senator Trent Lott finally bowed to pressure and said he will
step down as Senate Majority Leader. Tennessee Senator Bill
Frist is now first in line to take over the post. What does
this have to do with the markets? Nothing really but it is
one more distraction out of the way as we move into the
normally bullish holiday period.

Dow Chart - Daily


Nasdaq Chart - Daily


Friday began with a bang on several counts. The final Q3 GDP
came in at +4.0% growth as expected and helped to allay fears
that the economy had slipped at the end of the quarter. The
top line number was strong and there was plenty to worry about
internally but the markets ignored the news. Auto sales have
dropped significantly from the 3Q levels. Retails sales are
coming in at the low end of estimates. Inventories are being
allowed to deplete due to lack of orders in the pipeline. Even
mortgage rates have started to bounce off their lows as the
expectation of future rate hikes grows. The rising unemployment
indicates that the rate of consumer spending in the 1Q should
slow. Despite the negative internals the outlook is still
positive and no change in the headline number eased many traders
minds.

Greenspan provided an upbeat view of the economy Thursday night
and said the economy was working its way through the soft patch
and would eventually emerge stronger for the long term. He
emphasized that inflation, a decades old monster, was under
control and would remain under control and he squashed fears
that deflation could be in our future. He said the Fed was
watching for approaching signs of D-monster and would take
prompt and decisive action if conditions changed. He commented
that since the bursting of stock market bubbles caused such
serious economic problems that maybe they should be prevented
in advance. What? He went on to prove why that idea would not
work and stressed that the passage of time required to erode the
traumatic memories was deterrence enough. He tried to diffuse
the idea that the Fed had collapsed the bubble by raising
rates and stressed it fell from a lack of emerging profits
instead. New technology burst onto the scene filled with promise
of a new era but that new era actually leveled the playing field
for everyone and massive profits never appeared for most companies.
Overall it was seen as a bullish speech and the markets celebrated
his outlook at the open on Friday.

The first quadruple witching event coupled with an NDX and S&P
rebalancing went off pretty smoothly. It appears most positions
were squared earlier in the week and the bounce off 8350 at the
open did not really trigger that much short covering. Surprisingly
the stocks being deleted from the NDX tended to rise on Friday
while the stocks being added have mostly been trending down this
week. It appears the speculators who bought/sold the NDX stocks
or options on them got caught holding the bag when the index
funds failed to show up on time. The index changes actually take
place at the opening of trading on Monday and index funds generally
have three days on either side of Monday to dump the old ones
and add the new ones. With the quadruple witching Friday it
appears many funds have opted to wait till next week to shuffle
the deck.

The big news for Friday was not the rebalancing of stocks but
the rebalancing of funds from the major brokerages and into the
pockets of regulators with a $1.4 billion settlement. Considering
over $7.5 trillion in stock market value went up in smoke while
these brokers were touting stocks in the press and trashing
them internally it looks like a bargain. That equates to about
$1 in penalty for every $5,357 dollars lost. This is far from
over and there are thousands of shareholder suits that will
extract billions more from the banks in the near future. Don't
worry about the banks having enough money to pay the fine.
Citigroup for instance averaged $65 million profit for every
business day in the third quarter. The real blow will come from
the class action law suits which could run in the tens of
billions in settlements.

Jack Grubman agreed to a fine of $15 million and a lifetime
ban on working in the US securities industry for his role in
the scandal. Guess he will have to sell his WCOM stock to pay
the fine. Surely he owns millions of shares of the companies
he recommended, right? He bragged he was close friends with
CEO Bernie Ebbers. He can probably get a loan from him as soon
as Ebbers repays the $1 billion he owes WCOM. He could probably
apply as a high profile securities analyst for some foreign
power. I hear Saddam has an opening coming up and their
communications sector will be exploding soon.

The semiconductor sector shook off the flat book-to-bill numbers
and the seven semi stocks being dropped from the NDX and closed
slightly positive for the day at 297. This was significantly
below the recent resistance at 330 but it appears to be holding
at a higher low despite negative news. Could it be that semis
are about to find a new life? If the Nasdaq is going to have
any chance next week it will require the semis to participate.
The Nasdaq comp rallied to close right at the 38% retracement
level at 1367 and the 50 DMA at 1369. Now that the stocks
leaving the NDX are gone and can no longer impact the index
we have a better chance of breaking through that resistance on
Monday. As I stated several times in the last three weeks I
think any holiday rally will fail in the 1415-1425 range on the
Nasdaq. That gives us a narrow range to trade in the holiday
shortened week.

The Dow took the news that Boeing was dropping its high speed
jet in stride and the stock helped power the +146 point gain.
Only five Dow stocks ended the day negative, MSFT, KO, HD, HON
and HPQ. MMM led the charge on the improvement in the ECRI
Weekly Leading Index and the bullish comments from Greenspan.
After two negative weeks the Dow bounce put it back into positive
territory for the week. Once there it ran into strong resistance
at the 50 DMA at 8512. Once over that 8512 level the Dow is in a
little better shape than the Nasdaq but has strong resistance
just over 8600 and then 8750-8850 range. Despite the historical
trend for a holiday rally there may not be much upside in our
future. I am still looking for the rally but I am also expecting
a post holiday sell off as well. The economy may be improving
slowly but until more indications appear the gains from the
October lows are still at risk. If you are following my
suggestions for the week you should be long from 8350-8450
and looking for 8750 as an exit after the holiday.

Enter Very Passively, Exit Very Aggressively!

Jim Brown

"If you can count your money, you don't have a billion dollars."
J. Paul Getty


=========================
Play-of-the-Day (BULLISH)
=========================
((new Split Trader (ST) long play))

Forest Labs - FRX - close: 98.70 change: +1.63 stop: *text*

Company Description:
Forest Laboratories develops, manufactures, and sells ethical
pharmaceutical products that are used for the treatment of a wide
range of illnesses. Forest Laboratories' growing line of products
includes: Lexapro(TM), indicated as initial as well as
maintenance treatment of major depressive disorder; Celexa(TM),
an antidepressant; Tiazac., a once-daily diltiazem, indicated for
the treatment of angina and hypertension; Benicar(TM)*, an
angiotensin receptor blocker indicated for the treatment of
hypertension; and Aerobid., an inhaled steroid indicated for the
treatment of asthma. (source: company press release)

Why We Like It:
High-profile stock splits have been pretty rare over the past
year.  That's not too surprising.  After all, a stock usually has
to see a large amount of upside action before the company decides
to announce a split.  Large-cap stocks seeing strong, sustainable
gains have been few and far between - But there are always a few
exceptions to the overall trend.  As exhibit A-1, we have Forest
Labs.  Strong sales of its psychotropic drugs Celexa and Lexapro
have helped to send FRX sharply higher since September.  Having
seen great success as an antidepressant, Forest Labs has
petitioned the FDA to market Lexapro as a treatment for
generalized anxiety disorder.  Shares really caught fire on
October 1st after the company said it would beat analyst
expectations by at least 30% in the second quarter.  Over the
next two months FRX ascended in a steep uptrend and eventually
reached an all-time high of $109.98.  Finally, negative news on
December 6th spooked the bulls into taking profits.  Shares
gapped lower after the FDA said it wants additional studies
before it allows Forest to market a hypertension drug called
lercanidipine.

While this delay is a setback, there are other drugs in the
pipeline that may help FRX pick up the slack.  One of the most
promising drugs is memantine.  On Friday Forest Labs submitted an
application with the FDA to use memantine for treatment of
Alzheimer's Disease.  The government agency has 60 days to decide
if it will accept the application for the review.  While that's
way beyond our relatively short-term trading timeframe,
speculation of an FDA approval may help to give FRX a bullish
bias.  More immediate buying pressure may result from the
upcoming 2-for-1 stock split, which was announced on Monday.  The
split will be payable on January 8th to shareholders of record on
December 23rd.  Could a good old-fashioned split run take place
ahead of the payable date?  We think odds are very good if shares
manage to begin filling in the early-December gap.  The stock has
formed a bullish wedge over the past two weeks, while the MACD is
beginning to curl higher below the baseline.  We suspect that a
move into the gap, combined with a breakout above the rising 50-
dma at $100.53, could send FRX towards the $108-$110 region.
Point-and-figure chartists will also note that a trade at $100
will create a double-top buy signal.  Our entry trigger for this
play will be placed at $100.26.  Conservative traders may want to
wait for shares to actually move above the 50-dma.  We think FRX
will have enough upside momentum to break above this moving
average once it slices through psychological resistance at $100.
If the play is triggered our stop will be placed at $95.98.
Those who are more risk-averse could use a stop slightly below
$98.00.

Annotated chart - FRX:



Picked on December xxth at $xx.xx <-- see text
Results since picked:       +0.00
Earnings Date            10/15/02 (confirmed)

Chart =



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

Affiliated Computer Services - ACS - close: 51.86 change: +1.76

WHAT TO WATCH: Nice timing!  With ACS sitting just below
resistance at $50.00, Thursday's news provided the perfect
catalyst for a breakout.  Affiliated Services announced that it
had inked a 10-year, $650 contract with Motorola.  This deal will
allow the two companies to create a new human resources
outsourcing business.  Investors have reacted very positively to
the prospect of increased revenue for ACS.  Shares tacked on 3.5%
today after breaking to new multi-month highs.  This created a
double-top buy signal on the p-n-f chart.  With the $50.00 level
vanquished, the bulls may be able to push ACS up to the June
highs near $56.00.  The rising oscillators are also encouraging
for shareholders.  While aggressive traders could think about
going long on move above $52.00, we'd prefer to wait for a
pullback to $50.50.

Chart =


---

Baxter Intl - BAX - close: 28.25 change: -0.45

WHAT TO WATCH: Today's stock scans didn't turn up a whole lot of
short candidates.  Baxter, however, really caught our eye.  On
Friday the stock hit a new relative low after it sliced through
the 50-dma at $28.84.  The decline was backed by relatively
strong volume of 5.9 million shares.  Shares were pressured by
news that the Federal Trade Commission had approved Baxter's $316
million buyout of Wyeth's generic injectable drug business.  As
far as action points are concerned, we'd be watching for BAX to
drop below support at $28.00.  A move through this level could
send the stock plummeting towards the 52-week lows near $24.00.

Chart =


---

BEA Systems - BEAS - close: 12.15 change: +1.03

WHAT TO WATCH: BEAS finished off the week in style by adding 9.2%
on the strongest volume reading since August 15th.  Try as we
might, we couldn't find any news to explain this rally.  In any
case, today's breakout to multi-month highs is a very bullish
development.  Shares are now poised to move above the May high of
$12.33.  A breakout could send shares towards the next level of
psychological resistance at $15.00.  Long-term traders could
target a move to the March highs near $16.75.  The daily chart
shows possible resistance at $13.75 and $14.50.

Chart =


---

Danaher Corp - DHR - close: 65.10 change: +2.69

WHAT TO WATCH: Today's 4.3% rally took DHR above both the 200-dma
($63.64) and historical resistance at $64.00.  There was no news
to explain the 4.3% rally, which came on the strongest volume in
over two months.  Short-covering pushed the stock higher
throughout the session and helped DHR to close near the best
levels of the day.  While it might be a little risky to play DHR
at current levels, a pullback to the $64.00 area would present a
potential entry point.  In addition to today's strong volume, the
recent MACD crossover and ascending triple-top p-n-f buy signal
are signs of technical strength.

Chart =


---

Greenpoint Financial - GPT - close: 46.00 change: +2.21

WHAT TO WATCH: Fundamentally, we can't think of a whole lot of
reasons why banking stocks such as GPT should be going up.  If
anything, Wall Street's continued economic worries ought to be
driving the stocks lower.  What drew our attention to Greenpoint
is today's 5.0% rally, which took shares above resistance at the
200-dma ($46.19) on the strongest volume in over three months.
We also like how the stock has moved above bearish resistance on
the p-n-f chart.  If GPT can move above today's high ($46.50),
there isn't much overhead resistance to prevent a retest of the
$50-$52 area.  A trade at $47.00 would create a double-top p-n-f
buy signal.

Chart =


---

Ingersoll Rand - IR - close: 43.26 change: +1.18

WHAT TO WATCH: Shares of this truck manufacturer moved above
their 200-dma ($43.16) on Friday after Prudential initiated
coverage on IR with a "Hold" rating.  This breakout has opened
the door for a retest of the November highs near $48.00 or
bearish p-n-f resistance at $47.00.  The MACD is leveling out
above the baseline, and looks like it could soon give a bullish
crossover.  Long entries can be gauged on a move above today's
high of $43.40.

Chart =


---

Netease.com - NTES - close: 12.08 change: +1.59

WHAT TO WATCH: PI readers may recall that we played NTES on the
downside last month.  Things started out well enough, but the
buyers quickly moved in after shares fell below $8.00, and our
play was closed at break-even.  Another failed rally at $10.00
followed shortly thereafter.  It wasn't until Tuesday that shares
finally moved above this level of resistance.  After a brief
pullback, shares exploded by another 15% on Friday.  The catalyst
for this week's explosive movement was a report that said the
number of Chinese internet users has grown to 58 million.  That's
good news for Netease, and in a country with a population of more
than a billion there's a whole lot more room for growth!  While
playing NTES obviously requires a very aggressive strategy,
traders who can handle the volatility can watch for new entries
on a pullback to $11.00.  If the furious buying in Chinese
internet stocks continues it could just be a matter of time
before NTES reaches its all-time highs near $17.00.  A more
realistic target for short-term traders would be psychological
resistance at $15.00.

Chart =


---

United Rentals - URI - close: 10.15 change: +0.64

WHAT TO WATCH: An upgrade from UBS Warburg got the ball rolling
on Tuesday.  URI has since trended higher on ascending volume.
Today's move above psychological resistance at $10.00 is a
promising sign for shareholders.  We also like the three-box p-n-
f reversal and bullish MACD crossover.  URI would be a tempting
long play on a move above the 100-dma at $10.30.  The next level
of visible resistance is up at the August highs near $12.50.
However, non-aggressive traders may balk at playing a stock
that's gained more than 20% over the past five sessions.

Chart =



------------
RADAR SCREEN
------------

GIS - General Mills was featured on the most recent Watchlist.
The stock has since broken out above resistance at $46.00.  The
daily chart shows that GIS might have a clear path to the $50.00
region.  Entries could be targeted on a pullback to $46.00.

SLM - Sallie Mae has moved back above $100.  Look for a pullback
to the 50-dma to provide a bullish action point.  The all-time
high is at $106.95.

HSY - Shares of HSY have broken above the 200-dma.  With this
level of resistance out of the way, the stock may continue to
fill in the large gap on the daily chart.  See the December 18th
Watchlist for more details.

CMA - Another strong banking stock.  CMA has overtaken its 50-dma
after pulling back to support at $42.00.  The rising oscillators
and increasing volume are hinting at a rally back to the November
highs near $48.00.

EXPE - Short-term traders can watch for a move below $66.50.
Expedia has been trending lower for nearly three weeks, and
shares don't have any clear support until the rising 200-dma at
$63.33.


================
Market Sentiment
================

Holiday Cheer
by Steven Price

Now that investors have digested the Iraq news, we may finally be
back on track for a Christmas rally. Over the last 34 years, we
have seen an average gain of over 10% in the Dow from the
November/December low, to the December/January high.  Thursday's
drop took us down to within 30 points of the November low and
today's big bounce made up for that drop and more. Interestingly,
the rally found resistance at the 50 day moving averages in the
Dow, SPX and OEX.   That 50-dma is rising and a move above that
level would seem to confirm the rally.  That average in the
various indices is Dow 8512.90 (close of 8512.01), SPX 899.27
(high of 897.79), OEX 457.90 (high 456.71).  It is probably not a
coincidence that the rallies stopped at that level. If we get a
continued move over those averages heading into a traditionally
bullish week, along with some support, we can probably expect the
"Santa Claus" rally to continue into the end of the year.

There are a couple of red flags traders need to be aware of,
however.   First is the descending trend line in the Dow that
closely coincides with its 50-dma.  That trend line is taken from
the recent high just over 9000 on December 2 and extends through
the high of 8638 on December 17.  It neatly reaches today's high
and can be used to gauge the action on a pullback and then
continued rally after the big gain today, as the 50-dma changes
value in the next few days.   Second is the Nasdaq Composite,
which also failed its 50-dma, as well as its 38.2% Fib
retracement level of the recent rally from October to December.
That retracement level had provided support prior to Thursday's
breakdown and today's rebound stopped short by a couple of
points.  The retracement sits at 1363.05, versus today's close of
1361.51.  Contributing to the Nasdaq failure was the non-
participation in today's rally by the chip stocks.  The
Semiconductor Index (SOX) barely moved, staying beneath 300 with
a finish of 297 (+0.96).  The SOX did trade as high as 305
intraday, but was unable to hold that gain.  There is an awful
lot of resistance just above for these stocks, with additional
speed bumps at 307, 310 and 330.   Any continued rally in the
broader markets will have to weave its way through these
resistance levels in an index that has been a market leader in
recent months.

Another warning sign is that the bond market did not see selling.
Usually in a significant equity rally, cash shifts from bonds to
stocks.  While we saw some selling of the 5-year note today, we
also saw buying of 30-year and 10-year notes.  The 10s and 30s
are both still rising and approaching resistance at 114 and 112,
respectively.  A move over these levels would correspond loosely
to a move below 8300 in the Dow and could signal another leg
lower if today's bounce turns out to be just that, and not the
beginning of a big run. The fact that the dollar ended the day
slightly lower is also a bearish signal that calls the rally into
question.

A number of investment banks finally settled conflict of interest
charges by New York Attorney General Eliot Spitzer.  The total
amount of the settlement was $1.4 billion with the biggest
contributor being Citigroup's Salomon Smith Barney unit, which
will pony up $325 million. The settlement includes the separation
of research analysts from investment banking, a ban on awarding
shares in initial public offerings to executives who are in a
position to influence investment banking decisions, and an
obligation to furnish independent research to investors.  The
settlement sent the banks higher with the bank indices (BKX
+2.39% BIX +1.85%) and Broker Dealer Index (XBD +2.32%) all
leading the charge in the Dow. Spitzer has certainly made a
difference in the way Wall Street does business, as I'm sure
he'll remind us in whatever political campaign he undertakes
next.  I think the last prosecutor to spend this much time in
front of the TV cameras was Marcia Clark.

The 34 year trends of the Santa Claus rally is hard to argue
with, but even if we continue higher for the next several days,
traders need to be aware of the other factors weighing against a
continuing rally. The fact that the bullish percentages have
reversed down in the Dow, OEX, SPX and NDX are also painting an
overall bearish picture. Bulls can certainly feel confident that
history is on their side in the short term, but be sure to keep
tight stops and be ready to jump ship on a rollover below recent
support.
-----------------------------------------------------------------

Market Averages

DJIA ($INDU)

52-week High: 10673
52-week Low :  7197
Current     :  8511

Moving Averages:
(Simple)

 10-dma: 8509
 50-dma: 8513
200-dma: 8367

S&P 500 ($SPX)

52-week High: 1176
52-week Low :  768
Current     :  895

Moving Averages:
(Simple)

 10-dma:  897
 50-dma:  899
200-dma:  966

Nasdaq-100 ($NDX)

52-week High: 1734
52-week Low :  795
Current     : 1013

Moving Averages:
(Simple)

 10-dma: 1024
 50-dma: 1023
200-dma: 1092
-----------------------------------------------------------------


The Semiconductor Index (SOX.X): The Semiconductor Index has been
relatively stable the last two days, hovering around the 300
level.  This is significant for a couple of reasons.  First, it
barely moved on a big down day after the news hit on Thursday
that the U.S. would declare Iraq in violation of its agreement
with the U.N.  On Friday, we got a big snap back rally and once
again the SOX did virtually nothing.  This index has been a
market leader for the past year and Thursday's lack of movement
was an indication that the market collapse was oversold.  It
would seem then that today's lack of movement would indicate that
the bounce was overzealous as well. Until the SOX breaks through
resistance at 300, 310, and 330, it will be tough to get a
continued broad market rally. While some analysts may attribute
the lack of a rally to mediocre book-to-bill numbers yesterday,
if these numbers were really behind the lackluster performance
then we should have seen a bigger drop on Thursday when the
numbers were released. What we are probably seeing is simply a
market that would have seen little activity if not for the Iraq
news.

52-week High: 657
52-week Low : 214
Current     : 297

Moving Averages:
(Simple)

 10-dma: 312
 50-dma: 311
200-dma: 390
-----------------------------------------------------------------

Market Volatility

Today's rally sent the VIX plummeting almost 9% ahead of the
holiday week.  Traders were unwilling to hold onto long premium
ahead of a week that promises to see low volume and little option
order flow to trade out of time decay if necessary.  If the sell-
off had continued, traders would likely have kept the put bids
high, but with the scare of a big drop fading on today's rally,
it was like a game of musical chairs, with no one wanting to be
the highest bid on the board.   The VXN was not nearly as
reactive, as the tech rally was far weaker, indicating remaining
weakness in the sector.


CBOE Market Volatility Index (VIX) = 31.47 -3.08
Nasdaq-100 Volatility Index  (VXN) = 48.51 -0.96
-----------------------------------------------------------------

          Put/Call Ratio  Call Volume   Put Volume

Total          0.88        623,736       551,172
Equity Only    0.70        519,857       353,278
OEX            1.03         38,838        40,145
QQQ            1.70         32,927        56,062
-----------------------------------------------------------------

Bullish Percent Data

           Current   Change   Status
NYSE          49      - 0     Bull Confirmed
NASDAQ-100    62      - 0     Bear Alert
Dow Indust.   56      - 1     Bear Alert
S&P 500       59      - 1     Bull Correction
S&P 100       57      - 1     Bear Alert

Bullish percent measures the number of stocks in an index
currently trading on a buy signal on their point and figure
chart.  Readings above 70 are considered overbought, and readings
below 30 are considered oversold.

Bull Confirmed  - Aggressively long
Bull Alert      - Cautiously long
Bull Correction - Pause or pullback in upward trend
Bear Alert      - Take defensive action if long
Bear Confirmed  - High risk if long, good conditions for shorting
Bear Correction - Pause or rebound in downtrend
-----------------------------------------------------------------

5-Day Arms Index   1.31
10-Day Arms Index  1.32
21-Day Arms Index  1.29
55-Day Arms Index  1.14


Extreme readings above 1.5 are bullish, and readings below .85
are bearish.  These signals don't occur often and tend be early,
but when they do, they can signal significant market turning
points.
-----------------------------------------------------------------

Market Internals

        Advancers     Decliners
NYSE       1926           920
NASDAQ     1853          1398

        New Highs      New Lows
NYSE         73              48
NASDAQ       69              77

        Volume (in millions)
NYSE       2022
NASDAQ     1928
-----------------------------------------------------------------

Commitments Of Traders Report: 12/17/02

Weekly COT report discloses positions held by small specs
and commercial traders of index futures contracts at the
Chicago Mercantile Exchange and Chicago Board of Trade. COT data
can be found at www.cftc.gov.

Small specs are the general trading public with commercials being
financial institutions. Commercials are historically on the
correct side of future trend changes while small specs tend
to be wrong.

S&P 500

Commercials added significantly to both long and short positions,
however added 7,000 more short contracts.  Small traders took a
similar approach in adding to both sides, but came out decidedly
longer, by about 13,000 contracts.

Commercials   Long      Short      Net     % Of OI
11/26/02      447,024   488,250   (41,226)   (4.4%)
12/03/02      444,345   487,411   (43,066)   (4.6%)
12/10/02      446,831   503,583   (56,752)   (5.9%)
12/17/02      465,361   528,896   (63,535)   (6.4%)

Most bearish reading of the year: (111,956) -   3/6/02
Most bullish reading of the year: ( 16,472) - 10/01/02

Small Traders Long      Short      Net     % of OI
11/26/02      155,975    81,962    74,013     31.1%
12/03/02      162,192    82,584    79,608     32.5%
12/10/02      162,115    71,505    90,610     38.8%
12/17/02      194,740    90,803   103,937     36.4%

Most bearish reading of the year:  36,513 - 5/01/01
Most bullish reading of the year: 114,510 - 3/26/02

NASDAQ-100

Commercials reduced the net short position by about 5,000
contracts, while small traders left positions relatively
 unchanged, with a net reduction in the long position of about
800 contracts.

Commercials   Long      Short      Net     % of OI
11/26/02       43,231     52,425   ( 9,194) ( 9.6%)
12/03/02       43,709     51,977   ( 8,268) ( 8.6%)
12/10/02       44,651     51,716   ( 7,065) ( 7.3%)
12/17/02       51,999     54,383   ( 2,384) ( 2.2%)

Most bearish reading of the year: (15,521) -  3/13/02
Most bullish reading of the year:   9,068  - 06/11/02

Small Traders  Long     Short      Net     % of OI
11/26/02       17,574    12,329     5,245    17.5%
12/03/02       13,749     9,869     3,880    16.4%
12/10/02       15,026     9,242     5,784    23.8%
12/17/02       23,027    18,027     5,000    12.2%

Most bearish reading of the year: (10,769) - 06/11/02
Most bullish reading of the year:   8,460  -  3/13/02

DOW JONES INDUSTRIAL

Commercials added to both sides of the position in approximately
equal numbers, while small traders cut down on the short position
by about 400 contracts.

Commercials   Long      Short      Net     % of OI
11/26/02       20,499    15,015    5,484      15.4%
12/03/02       20,176    15,427    4,749      13.3%
12/10/02       19,953    15,759    4,194      11.7%
12/17/02       23,782    20,605    3,177       7.2%

Most bearish reading of the year: (8,322) -  1/16/01
Most bullish reading of the year: 15,135  - 10/16/01

Small Traders  Long      Short     Net     % of OI
11/26/02        6,544    10,350    (3,806)   (22.5%)
12/03/02        5,885     9,781    (3,896)   (24.9%)
12/10/02        5,394     9,499    (4,105)   (27.6%)
12/17/02        5,498     9,045    (3,547)   (24.4%)

Most bearish reading of the year:  (8,777) - 10/12/01
Most bullish reading of the year:   1,909  -  1/16/01
-----------------------------------------------------------------




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

*****************************************************************
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Newsletter, or any Premier Investor Network newsletter please
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*****************************************************************


Copyright ) 2002  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter          Weekend Edition 12-20-2002
                                                    section 2 of 3
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
  Bearish Play Updates:  TECD
  Closed Bearish Plays:  LXK

Stock Bottom / Active Trader
  Bullish Play Updates:  BSX
  Bearish Play Updates:  AIG, COST, DLX

Split Trader / Stock Splits
  New Bullish Plays:     FRX
  Split Announcements:
                         CWTR: 3-for-2 split announcement
                         CVBF: 5-for-4 split announcement



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

===============
NB Play Updates
===============

  --------------------
  Bearish Play Updates
  --------------------

Tech Data Corp. - TECD - cls: 27.72 chg: -0.06 stop: 28.61 *new*

Despite an apparently positive article by Investor's Business
Daily (on the web) about TECD and the VAR business-model, shares
of TECD didn't respond very well.  The stock remains stock in a
tight trading range.  It would appear if you look closely at a
short-term chart (we suggest a 10-minute interval) that the highs
and lows are getting closer together and that smells like a
potential breakout is in the works.  Here's the bad news.  The
sideways trading has thrown most of the oscillators all over the
place and they have not been that much help.  The MACD appears
ready to show bullish signal - especially if you follow the
histogram inside the MACD.  We're going to outline a change of
plans.  Most of the big players in Wall Street are home for the
holidays and the light volume could produce a lot of volatility.
The historical norm is for a bullish week during Christmas thus
we are going to significantly tighten our stop on TECD.  Since
Dec. 11th the short-term overhead resistance has been $28.50.
The Premier Investor Newsletter is placing our new stop at $28.61
to reduce exposure and protect a very small gain.  We would not
suggest any new short-term bearish positions unless the stock
traded below $26.75.

Picked on December 5th at $29.49
Results since picked:      +1.12
Earnings Date           11/25/02 (confirmed)

Chart =



===============
NB Closed Plays
===============

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

Lexmark Intl - LXK - close: 61.91 change: +0.23 stop: 62.56

The fact that LXK did not extend Wednesday's breakdown below
$60.00 had us somewhat concerned last night.  This play was based
on the premise that the stock would sell off once it violated
support.  Our conservative stop-loss was designed to take us out
of the hypothetical trade if shares managed more than a small
bounce from this level.  That's exactly what happened early this
morning, when LXK moved higher with the NASDAQ and briefly spiked
above $62.55.  Our play was closed for a loss of 4.3%.  Traders
who used a more lenient stop-loss can be encouraged with the
small pullback that followed.  Looking at the daily chart, it's
hard not to have a bearish bias.  Despite the rebound, LXK has
not been able to move out of its multi-week downtrend.  The
stochastics (5,3,3) are also declining and the p-n-f chart is
showing a quad-bottom sell signal.  If the tech sector heads
lower next week we'd expect LXK to retest the relative lows.  A
breakdown could send shares tumbling towards the 200-dma at
$55.31.

Picked on December 18th at $59.97
Results since picked:       -2.59
Earnings Date            10/21/02 (confirmed)

Chart =




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

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

  --------------------
  Bullish Play Updates
  --------------------

Boston Scientific - BSX - close: 44.18 change: +0.48 stop: 40.99

Friday's morning's news that one of Boston Scientific's rivals
had received FDA approval for a competing tumor treatment fell on
deaf ears.  BSX joined the broader market in an early rally and
traded in positive territory for most of the session.  Shares
reached our entry trigger at $44.01 shortly after 12:30 EST.  The
stock's 1.0% gain mirrored the action in the DRG.X pharmaceutical
index.  Now that BSX has broken to fresh multi-year highs, we
think odds are good that shares will continue to move higher in
the ascending regression channel.  New entries can be targeted on
a move above $44.25, but keep in mind that the top of the channel
(currently near $45.50) may provide some overhead resistance.  A
move above this level would be a decidedly bullish development.
Our stop for this play is set at $40.99.  Very conservative
traders could use a stop just below $42.00.

Picked on December 20th at $44.01
Results since picked:       +0.17
Earnings Date            10/22/02 (confirmed)

Chart =


  --------------------
  Bearish Play Updates
  --------------------

American Intl. - AIG - cls: 59.07 chg: +0.98 stop: 62.76

AIG rose in tandem with the Dow Jones on Friday and gained 1.6%.
 In last night's update we suggested that traders looking to add
short positions might want to wait for a rollover from $60.00.
Well, the bulls couldn't even push AIG above $59.50.  Although
volume was quite brisk at 9 million shares, the stock wasn't able
to move over Thursday's high.  This completed a perfect streak of
lower highs for the week.  The recent downtrend is still intact
and a small rebound off of the relative lows isn't enough to
alter our bearish expectations for AIG.  Those looking for new
entries can continue to watch for a failed rally at $60.00.
We'll be looking for this level to provide resistance if shares
continue higher on Monday.  Our stop-loss is located at $62.76.
Slightly more aggressive traders may want to force AIG to trade
above the 50-dma at $63.19.

Picked on December 6th at $60.80
Results since picked:      +1.73
Earnings Date           10/24/02 (confirmed)

Chart =


---

Costco Wholesale - COST - cls: 27.89 chg: +0.31 stop: 30.51

A small gain in the RLX.X retail index helped to lift COST off
its multi-year lows on Friday.  Shares finished in the green by
1.1% but weren't able to move above short-term resistance at
$28.20.  Bulls will point out that the oscillators are beginning
to move higher from oversold levels.  However, a small
retracement of the recent sell-off might simply give the bears
another entry point.  With the point-and-figure chart showing a
triple-bottom sell signal, we don't expect that COST will be able
to plow through congestion in the $29-$30 area.  While
speculative entries could be targeted on a rollover from this
region, the most prudent strategy for entering new positions
would entail waiting for a move under the relative low of $27.20.
Our stop remains set at $30.51; conservative traders may want to
use a stop slightly above Monday's high of $28.99.

Picked on December 18th at $27.56
Results since picked:       -0.33
Earnings Date:           12/12/02 (confirmed)

Chart =


---

Deluxe Corp. - DLX - close: 41.70 change: +1.61 stop: 43.76

Whoa!  We knew DLX might bounce back and test the top of its
descending regression channel, but didn't know it would happen
this fast.  The stock went vertical on Friday morning and
recouped nearly all of the past week's losses in one fell swoop.
Those losses came very slowly and gradually, so DLX didn't have
to cover a lot of ground to retrace most of its recent decline.
Nonetheless, today's 4.0% gain (which came on no apparent news)
should have the bears on alert.  Monday's trading could be
pivotal.  Remember the rally in early-December that quickly
petered out at the 200-dma?  That rollover provided a perfect
entry point to add to short positions.  A similar failed rally at
the top of the regression channel could yield another action
point.  On the other hand, a breakout above $42.00 might send DLX
towards the 200-dma at $43.70.  Traders seeking confirmation of a
rollover can wait for shares to fall below intraday support at
$41.40.

Picked on December 4th at $41.28
Results since picked:      -0.42
Earnings Date           10/17/02 (confirmed)

Chart =




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

============
ST New Plays
============

  -----------------
  New Bullish Plays
  -----------------

Forest Labs - FRX - close: 98.70 change: +1.63 stop: *text*

Company Description:
Forest Laboratories develops, manufactures, and sells ethical
pharmaceutical products that are used for the treatment of a wide
range of illnesses. Forest Laboratories' growing line of products
includes: Lexapro(TM), indicated as initial as well as
maintenance treatment of major depressive disorder; Celexa(TM),
an antidepressant; Tiazac., a once-daily diltiazem, indicated for
the treatment of angina and hypertension; Benicar(TM)*, an
angiotensin receptor blocker indicated for the treatment of
hypertension; and Aerobid., an inhaled steroid indicated for the
treatment of asthma. (source: company press release)

Why We Like It:
High-profile stock splits have been pretty rare over the past
year.  That's not too surprising.  After all, a stock usually has
to see a large amount of upside action before the company decides
to announce a split.  Large-cap stocks seeing strong, sustainable
gains have been few and far between - But there are always a few
exceptions to the overall trend.  As exhibit A-1, we have Forest
Labs.  Strong sales of its psychotropic drugs Celexa and Lexapro
have helped to send FRX sharply higher since September.  Having
seen great success as an antidepressant, Forest Labs has
petitioned the FDA to market Lexapro as a treatment for
generalized anxiety disorder.  Shares really caught fire on
October 1st after the company said it would beat analyst
expectations by at least 30% in the second quarter.  Over the
next two months FRX ascended in a steep uptrend and eventually
reached an all-time high of $109.98.  Finally, negative news on
December 6th spooked the bulls into taking profits.  Shares
gapped lower after the FDA said it wants additional studies
before it allows Forest to market a hypertension drug called
lercanidipine.

While this delay is a setback, there are other drugs in the
pipeline that may help FRX pick up the slack.  One of the most
promising drugs is memantine.  On Friday Forest Labs submitted an
application with the FDA to use memantine for treatment of
Alzheimer's Disease.  The government agency has 60 days to decide
if it will accept the application for the review.  While that's
way beyond our relatively short-term trading timeframe,
speculation of an FDA approval may help to give FRX a bullish
bias.  More immediate buying pressure may result from the
upcoming 2-for-1 stock split, which was announced on Monday.  The
split will be payable on January 8th to shareholders of record on
December 23rd.  Could a good old-fashioned split run take place
ahead of the payable date?  We think odds are very good if shares
manage to begin filling in the early-December gap.  The stock has
formed a bullish wedge over the past two weeks, while the MACD is
beginning to curl higher below the baseline.  We suspect that a
move into the gap, combined with a breakout above the rising 50-
dma at $100.53, could send FRX towards the $108-$110 region.
Point-and-figure chartists will also note that a trade at $100
will create a double-top buy signal.  Our entry trigger for this
play will be placed at $100.26.  Conservative traders may want to
wait for shares to actually move above the 50-dma.  We think FRX
will have enough upside momentum to break above this moving
average once it slices through psychological resistance at $100.
If the play is triggered our stop will be placed at $95.98.
Those who are more risk-averse could use a stop slightly below
$98.00.

Annotated chart - FRX:



Picked on December xxth at $xx.xx <-- see text
Results since picked:       +0.00
Earnings Date            10/15/02 (confirmed)

Chart =



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

Coldwater Creek Announces 3-for-2 Stock Split

Prior to the opening bell this morning, Coldwater Creek (NASDAQ:
CWTR) announced that its Board of Directors had declared a 3-for-2
stock split.

The split will be payable on January 30th, 2003 to shareholders of
record on January 8th, 2003.

Shares of the upscale retailer exploded higher on Thursday
following the company's better-than-expected 3rd Quarter earnings
announcement.  Coldwater also said it expected to see solid growth
in 2003.  In light of these powerful gains, traders looking to
play a split run may want to wait for a pullback to the 200-dma at
$17.56.  Also note that CWTR trades on light average daily volume
of 26,000 shares/day.

Shares closed at $20.12 on Thursday.  For a current quote, click
here:

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

About the company
Coldwater Creek Inc. is a retailer of women's apparel, jewelry,
footwear, gift items and home merchandise that operates in two
segments: Direct Marketing and Retail. The Company's Direct
Marketing segment encompasses its traditional catalog business and
Internet-based, e-commerce business, as well as its merchandise
clearance outlet stores. (source: company press release)

---

CVB Financial Announces 5-for-4 stock split and cash dividend

CVB Financial Corp. (NASDAQ: CVBF) announced a 5-for-4 stock split
this afternoon, in addition to a 12 cent cash dividend.

The split will be effective on January 3rd.  Stockholders of
record on that date will receive the additional shares on or about
January 21st.  The cash dividend has a record date of January 6th,
also with a payable date of January 21st.

CVBF has been in a gradual trend since it bottomed out in July.
Shares are currently trading near all-time highs.  Potential
traders need to be aware that CVBF is a relatively slow mover -
it's added less than two points over the past month.

Shares closed at $25.93 on Friday.  For a current quote, click here:

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

About the company
CVB Financial Corp. operates Citizens Business Bank. Citizens
Business Bank is the largest bank with headquarters in the Inland
Empire. It is a dominant community bank in the Inland Empire, Los
Angeles County, Orange County and the Central Valley areas of
California. (source: company press release)




=================================================================
To stop receiving this PremierInvestor.net Newsletter,
send email to remove@PremierInvestor.net
=================================================================
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 advertising@PremierInvestor.net.

*****************************************************************


Copyright ) 2002  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter         Weekend Edition 12-20-2002
                                                   Section 3 of 3
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 three:

Market Watch for Week of December 23rd
   - Major Earnings
   - Stock Splits
   - Economic Reports

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)

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


==========================================
Market Watch for the week of December 23rd
==========================================

------------------------
Major Earnings This Week
------------------------

Symbol  Company               Date           Comment      EPS Est

------------------------- MONDAY -------------------------------

AM    American Greetings Co  Mon, Dec 23  Before Market Open  0.61


------------------------- TUESDAY ------------------------------

None


-----------------------  WEDNESDAY -----------------------------

None


------------------------- THURSDAY -----------------------------

None


------------------------- FRIDAY -------------------------------

WACLY Wacoal Corporation     Fri, Dec 27  Time Not Supplied    N/A


----------------------------------------------
Upcoming Stock Splits In The Next Two Weeks...
----------------------------------------------

Symbol  Company Name              Ratio    Payable     Executable

MUR     Murphy Oil                2:1      Dec. 30th   Dec. 31st
IBCP    Independent Bank Corp.    3:2      Dec. 31st   Jan.  2nd
CLBK    Commercial Bancshares     5:4      Jan.  3rd   Jan.  4th

--------------------------
Economic Reports This Week
--------------------------

Is the traditional Santa Claus rally upon us?  The last two weeks
of the year are a historically bullish phase for the markets.
There is very little economic and earnings activity and most major
players are home for the holidays.  Check for the Personal
Income/Spending numbers on Monday.  Consumer Sentiment and New
Home Sales come out on Friday.

==============================================================
                       -For-

Monday, 12/23/02
----------------
Personal Income (BB)    Nov  Forecast:   0.2%  Previous:     0.1%
Personal Spending (BB)  Nov  Forecast:   0.4%  Previous:     0.4%


Tuesday, 12/24/02
-----------------
Durable Orders (BB)     Nov  Forecast:   0.9%  Previous:     2.4%


Wednesday, 12/25/02
-------------------
None


Thursday, 12/26/02
------------------
Initial Claims (BB)   12/21  Forecast:   400K  Previous:     433K


Friday, 12/27/02
----------------
Mich Sentiment-Rev. (DM)Dec  Forecast:   86.5  Previous:     87.0
New Home Sales (DM)     Nov  Forecast:  1000K  Previous:    1007K
Help-Wanted Index (DM)  Nov  Forecast:    N/A  Previous:       40


Definitions:
DM=  During the Market
BB=  Before the Bell
AB=  After the Bell
NA=  Not Available


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

LTR     Loews Corp                 43.14     +0.92
ATAC    Aftermarket Tech Corp      13.77     +0.97
URI     United Rentals             10.15     +0.64
MYL     Mylan Laboratories         34.40     +1.00
CMA     Comerica Inc               43.99     +0.61

---------------------------------------
Breakout to Upside (Stocks $5 to $20)
---------------------------------------
Ticker  Company Name               Close     Change
IMPH    Impath Inc                 19.48     +1.02
NTES    Netease.com                12.08     +1.59
HDWR    Headwaters Inc             14.43     +1.22

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

MATK    Martek Biosciences         24.94     +2.63
MMM     3M Company                124.13     +3.83
VZ      Verizon Comm.              40.00     +1.21
PAYX    Paychex Inc                27.77     +1.22
ETN     Eaton Corp                 79.05     +2.80
IFIN    Investors Financial Svcs.  28.55     +1.36
BF.B    Brown-Forman Corp          65.32     +1.51
GPT     Greenpoint Financial       46.00     +2.21

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

ABC     Amerisourcebergen          51.30     -3.00
TEVA    Teva Pharmaceutical        37.25     -1.19
FLIR    FLIR Systems               46.50     -1.67

-----------------------------------------
Recently Overbought With Bearish Signals (Stocks over $20)
-------------------------------------------
Ticker  Company Name               Close     Change

WEG     Williams Energy Partners   33.40     -0.80




=================================================================
To stop receiving this PremierInvestor.net Newsletter,
send email to remove@PremierInvestor.net
=================================================================
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 advertising@PremierInvestor.net.

*****************************************************************


Copyright ) 2002  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.

DISCLAIMER

Option Investor Inc is neither a registered Investment Advisor nor a Broker/Dealer. Readers are advised that all information is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All opinions, analyses and information included herein are based on sources believed to be reliable and written in good faith, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. In addition, we do not necessarily update such opinions, analysis or information. Owners, employees and writers may have long or short positions in the securities that are discussed.

Readers are urged to consult with their own independent financial advisors with respect to any investment. All information contained in this report and website should be independently verified.

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