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Daily Newsletter, Thursday, 12/26/2002

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PremierInvestor.net Newsletter                 Thursday 12-26-2002
                                                    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:      Holiday Ends Early
Play-of-the-Day:  Awaiting A Breakdown
Market Sentiment: Head Scratcher


************************************************************
MARKET WRAP  (view in courier font for table alignment)
************************************************************
      12-26-2002           High     Low     Volume Advance/Decline
DJIA     8432.61 - 15.50  8565.01  8408.71  .87 bln   1781/1371
NASDAQ   1367.89 -  4.60  1392.58  1363.61  .80 bln   1744/1575
S&P 100   450.60 -  2.67   458.57   449.48   Totals   3525/2946
S&P 500   889.66 -  2.81   903.89   887.48
RUS 2000  389.40 +  1.27   392.21   388.12
DJ TRANS 2316.44 +  8.50  2344.45  2307.17
VIX        31.08 +  1.07    31.61    30.10
VXN        45.36 +  0.23    47.17    45.36
Total Vol   1,781M
Total UpVol   858M
Total DnVol   869M
52wk Highs   145
52wk Lows    116
TRIN        1.05
PUT/CALL    0.71
*************************************************************

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

Holiday Ends Early

Traders who were looking for a post holiday rally missed it
if they slept late. The triple digit bounce to 8565 failed
just before 11:AM and a -141 point drop followed. The Dow
closed below critical support at 8450 and is threatening to
retrace back to the 8328 levels from last week.

Dow Chart - Daily

Nasdaq Chart - Daily


The markets shot up at the open on the strength of the new
Jobless Claims, which came in at 378,000. This was significantly
below the consensus of 410,000 but as we have seen over the last
few weeks holiday reporting has been sketchy at best. With last
weeks number revised up +5,000 the odds are very good this number
will be revised up as well. Even if it isn't that number in a
holiday shortened week is significant. Many workers would likely
have postponed filing for benefits and job hunting until after
the holidays. The jobless claims will not return to normal
reporting until the Jan-9th release, which should be critical
for investor sentiment.

Another number that was under reported was the drop in mortgage
applications. That number fell in the week ended Dec-20th by -8%
and indicates a continued weakening in housing. Over the last
five weeks only one week has shown growth in applications. Refi
applications also fell -9%. The overall mortgage application
level is still high but the decline has definitely begun. Once
the Fed starts raising rates the decline should be dramatic.
The impact on the US in 2003 should be mild but we can no
longer count on the boom to hold up the economy.

Also failing to do their part in holding up the economy were
the consumers. According to the Wall Street Journal this holiday
posted the weakest growth in sales over the last 30 years. TGT,
WMT, JCP and FD were among the top retailers that have already
warned that sales would be at the low end of estimates. WMT
announced on Thursday that same store sales growth would now
be in the 2-3% range for December which is below their previous
guidance of +3-5%. Even Amazon got pounded for a -1.58 loss on
Thursday despite news that they sold over 56 million items
since Nov-1st. This included 62,000 gift certificates purchased
on Dec-24th by shoppers out of delivery options. Analysts were
worried that the huge number of sales were done at a loss in
order to gain market share. With free shipping offered until
Dec-12th this additional transaction cost on 30 million items
could have accelerated those losses. I discussed AMZN on the
Market Monitor last week and the possibility for a coming
sell off. It appears that has begun.

With holiday sales weaker than non-OIN readers expected there
is likely to be a new round of earnings warnings next week.
Historically the trend is for the warnings to be delayed until
the first full week of the new year. The fourth quarter earning
announcements begin in earnest until the week of Jan-13th. This
leaves only two weeks for the majority of earnings warnings to
occur. Considering the economic reports over the last couple
of weeks this could be a very busy two week period. Corporate
earnings for 2003 are dropping faster than pine needles this
week. In July the earnings estimates for 2003 were for 20%
growth for S&P companies. In October that was cut to +17.8%
and in December they were cut to 14.2%. First Call is now
saying they anticipate an additional cut to 11% once the January
warnings begin. Other analysts are expecting only 8-9% for
all of 2003. This is exactly the same scenario we saw for 2002.
Remember the anticipated second half rebound for 2002? Now
those same forecasters are repeating their bullish forecasts
for 2003. "Strong second half rebound in corporate spending
will lead to strong profits." Time will tell but a survey of
65 analysts was released this week and only two were expecting
the markets to close lower in 2003. The bullishness is rampant
for the long term but for the near term it is looking grim.

The volume today was the lightest full day of the year with the
NYSE only trading 716 million shares during regular trading.
Volume is never high the day after Christmas but there is
normally a sellers strike as well. Sellers were not on strike
on Thursday and showed up in force when the Dow rose to 8550
just after the open. Besides the reasons mentioned earlier
there were continued geopolitical concerns. Oil rose to $32.65
a barrel and gold hit a new high as the US and Britain attacked
Iraq in retaliation for shooting down the observation plane.

The very light volume makes it difficult to apply too much
credibility to the sell off but the trend has not changed.
For a normally bullish week we have seen three down days for
a -80 point total drop. There were strong rallies on Monday
and Thursday but both failed completely after hitting 8550.
The lack of follow through in a bullish holiday week has
prompted me to change my outlook. I had been expecting the
Dow to retest 8750 before January 1st but now I think that
is not going to happen. I am concerned now that the lack of
follow through is an indication that we could retest the 8328
low from last week or even lower. We are obviously entering
a very volatile period and there is nothing on the immediate
horizon to provide the bulls with the hope needed to power a
rally. There will be additional tax selling and portfolio
balancing over the next three trading days and the outcome
is far from certain. Be very careful with short term
positions over the next couple weeks.

Enter Very Passively, Exit Very Aggressively!

Jim Brown
Editor


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

Costco Wholesale - COST - cls: 27.65 chg: +0.41 stop: 30.51

Company Description:
Costco Wholesale Corporation operates an international chain of
membership warehouses, mainly under the "Costco Wholesale" name,
that carry quality, brand name merchandise at substantially lower
prices than are typically found at conventional wholesale or
retail sources. The warehouses are designed to help small-to-
medium-sized businesses reduce costs in purchasing for resale and
for everyday business use. Individuals belonging to certain
qualified groups are also able to purchase for their personal
needs. (source: company website)

- ORIGINAL WRITE UP: December 17th, 2002 -

Why We Like It:
Business is not booming at Costco. The company reported earlier
this month that November same-store sales rose by 2%,
significantly less than the 3.7% improvement that was forecast by
analysts. More evidence of fundamental weakness was on display
last Thursday, when Costco issued a cautious outlook during its
quarterly earnings report. The company lowered its earnings
expectations for the fiscal second quarter to the $0.42-
$0.44/share range. Analysts were expecting an EPS result of $0.45
per share. While news of a difficult retail environment doesn't
come as a huge revelation, COST has faced the additional
difficulty of increased competition from Wal-Mart's Sam's Club
and BJ's Wholesale Club.

The daily chart for COST reflects these recent developments. At
first glance, the stock looks like it might be overextended.
Shares have lost more than 15% since the weak sales numbers were
released on December 5th. However, the deteriorating technical
picture suggests that the stock could have plenty of downside
remaining. Today's 3.3% decline took COST below the $28.25-$28.50
area, which provided support during the previous four sessions.
This breakdown (which came on brisk volume of 9.2M shares)
created a triple-bottom sell signal on the point-and-figure
chart. Interestingly, the retail sector's bullish percent has
just reversed into "bear alert" status. This indicates that
retail stocks (as a whole) are beginning to show relative
weakness versus the overall market. The retail index is looking
bearish as well, with the RLX.X threatening to break support near
272. Zooming out to a weekly chart, we see that COST is trading
at levels not seen since May of 2000, when shares spiked down to
the $26.00 area. You'd have to look all the way back to 1998 to
find the next level of substantial support at $20.00.
Interestingly, the p-n-f chart shows a bearish vertical count of
$18. For the purposes of this play we'll be targeting a decline
to the $21-$22 area. Shorter-term traders could aim for a move to
$25.00. We'll enter this paper trade if COST falls below $27.57.
Once the play is triggered we'll use a 10.7% stop-loss at $30.51.
More conservative traders may want to place their stops just
above last Thursday's high of $29.70.

- Most recent update: December 20th, 2002 -

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.

- Play-of-the-Day Comments: December 26th, 2002 -

Revelations of less-than-spectacular holiday business at Wal-Mart
(WMT) and Federated (FD) sent COST lower on Monday.  WMT's
announcement that its December same-store sales would come in at
the lower end of expectations were particularly bad for COST,
because Wal-Mart's Sam's Club is a direct competitor of Costco.
After Monday the stage appeared to be set for a breakdown below
short-term support at $27.00.  However, COST and the overall
retail sector both managed to move slightly higher during today's
session.  This came despite another sales estimate reduction from
WMT.  Some pundits on CNBC were speculating that the market had
already priced in a weak holiday retail season.  While this may
be the case, we think the group will have a hard time bottoming
out if the major players (such as WMT and TGT) continue to
release negative news.  Technically, COST looks like it could
really get hammered if it breaks through support.  Traders
looking to open new short positions can watch for a move below
$27.00.

Picked on December 18th at $27.56
Results since picked:       -0.09
Earnings Date            12/12/02 (confirmed)





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

Head Scratcher
by Steven Price

This morning's economic data showed that Santa dropped a few jobs
down the chimney this year, with last week's initial unemployment
claims number dropping by 60,000 to 378,000.  However, the four-
week moving average edged up slightly to 404,500.  The 400,000
mark is usually the gauge as to whether the jobs market is
improving or declining. The markets reacted positively to the
data, starting the day strong with a gain in the Dow of 116.90
points.  That gain came in spite of disappointing retail data
that showed the last minute Christmas shopping rush did little to
reverse a trend of disappointing retail sales leading into the
holiday season.

Wal-Mart cut its December sales estimate this morning, saying it
now expects growth of only 2-3%, instead of previously indicated
3-5% growth.  This is now fully half of its traditional growth
rate of 4-6% during most months the previous few years and that
reduction came during the holiday months.  I can only imagine
what we are in store for after the holiday sales have ended. I
was beginning to think all of the doomsayers (myself included)
had overestimated just how poor a Christmas season the retailers
would have, as the comments about poor sales traffic seemed
almost too negative, but after this morning's warning, I'm
wondering if we may have underestimated just how poor a season it
was.   Investors who were expecting even worse numbers did dip
their toes back in the water, with the Retail Index (RLX.X)
finishing up slightly on the day.  This was most likely a relief
rally, with traders who sold off the group last week buying in
positions after numbers were not as bad as those shorts had
hoped. However, I think the already poor sales numbers that have
been released were done on lower margins, as a result of
aggressive markdowns, and we may be getting some disappointing
earnings when those numbers come out in a couple of months. There
has been some debate over whether this season's sales will show a
gain as low as 1.5% (which would be the lowest in 30 years), or
as much as 4% (which would be the lowest in 5 years).  Either
number would still be a disappointment, and if the trend of
lowering estimates continues, it may be closer to the former.

The morning rally certainly made it appear as though the Santa
Claus rally had finally arrived.  However, by late afternoon, it
had faded all the way into the red for a few brief moments.
What is most disturbing about the fade is that after taking out
significant resistance levels, none of those levels served as
support on the way down.  The SPX fought the 900 level on the way
up, but the bears were able to overcome support there this
afternoon and leave us scratching our heads in search of a
pivotal level.  Dow 8500-8525 served a similar purpose.  What we
did see, however, was the growing importance of using the OEX for
confirmation of action in the Dow and SPX.  While the Dow and SPX
have both turned up and given point and figure buy signals, the
OEX has lagged, establishing itself as the fly in the ointment.
It was also the only index not to cross its 50-dma today, before
the rally faded. We are seeing a definite lack of continued trend
right now, and confirmation is becoming more important for
traders looking to capture a move. The Santa Claus rally had been
remarkably consistent for the last 34 years, however we are also
seeing one of the worst years for consumer and business spending
in recent history. All trends eventually come to an end and given
the recent downtrend since we topped out in most major indices on
December 2, we may be looking at the inevitable end of this one.
It will still take an awful lot of selling pressure to break down
below those late October, early November lows, which we re-
visited last Thursday.  The highest percentage plays may
currently be playing bounces from those lows, with a tight stop.
While I'd also like to short the failed rallies, it is becoming
increasingly difficult to pick the tops, as there has been no
consistent rollover level. We are most likely in for a period of
range bound activity until we hit the next earnings cycle in
February and we need to trade what we see.  Right now what we see
are repeated bounces from the Dow 8300-8400 range.

The Semiconductor Index (SOX), which has, been leading the
broader indices recently, also finished the day in the red, but
managed to hold above the pivotal 300 level. The failure of the
big rally that took the SOX up to 310.84, which is a previous
resistance point, is certainly bearish.  However, it did hold
above support and currently suggests that investors are fighting
closely over recent upturns in demand, coupled with warnings from
some of the largest chipmakers that we are not yet out of the
woods when it comes to IT spending.

Another gauge that has been somewhat reliable, if not an exact
correlation, is the oil market.  I have pointed out in a graph in
my December 18 Market Wrap that the increase/decrease in the
price of oil has had an inverse relationship to the stock market
in recent months.  This reflects not only added costs to almost
all businesses, but also the fear of war, which directly affects
investor confidence.  Oil finished up once again today, with
Crude Oil Futures (Feb 2003) breaking the $32 level for the first
time this year.

The factor that makes today's action difficult to gauge is the
extremely low-volume across both major exchanges.  Volume on the
NYSE was only 709 million shares, by far the lowest volume of the
year for a full trading day.  The Nasdaq saw extremely light
volume, as well, with only 811 million shares.  That means that
none of the moves today came with much conviction.  It becomes
harder to gauge just what the moves mean when many traders are
gone for the holidays.  However, the aforementioned support
levels were solid and based on higher trading volumes earlier in
the year. For now, traders can rely on those levels and look for
the high percentage play at those points.
-----------------------------------------------------------------

Market Averages

DJIA ($INDU)

52-week High: 10673
52-week Low :  7197
Current     :  8432

Moving Averages:
(Simple)

 10-dma: 8480
 50-dma: 8538
200-dma: 9027

S&P 500 ($SPX)

52-week High: 1176
52-week Low :  768
Current     :  889

Moving Averages:
(Simple)

 10-dma:  895
 50-dma:  901
200-dma:  962

Nasdaq-100 ($NDX)

52-week High: 1734
52-week Low :  795
Current     : 1016

Moving Averages:
(Simple)

 10-dma: 1023
 50-dma: 1029
200-dma: 1084
-----------------------------------------------------------------

The Retail Index (RLX.X): The Retail Index (RLX.X) eked out a
gain today, in spite of Wal-Mart's announcement that sales once
again came in below previous estimates.  The trend disappointing
sales results has continued since the summer and there is little
reason to believe that trend will reverse itself anytime soon.
This morning's jobs data was encouraging and a decline in
unemployment claims certainly bodes well for the economy and for
post-holiday shopping trends.  However, those numbers are very
unreliable this time of year and what we are left with are the
hard sales results - which have been less than mediocre.  The
bounce today was likely a relief bounce, as some traders were
expecting even worse results, but the downward trend for the RLX
is still in tact. If the best expectations are for the worst
holiday shopping season in five years, then traders should
probably be leaning to the short side in the retail sector

52-week High: n/a
52-week Low : 244
Current     : 263

Moving Averages:
(Simple)

 10-dma: 270
 50-dma: 282
200-dma: 308
-----------------------------------------------------------------

Market Volatility

The VIX was the first clue today that the morning rally may not
have been for real. In spite of a triple digit gain in the Dow,
the VIX actually posted a gain and held above support at 30.  We
usually see the VIX drop on rallies, but in this case we saw the
opposite, indicating there were still put buyers out there who
did not believe in the early gains. Sure enough, the broader
markets gave up the entire gain and finished the day in the red.
Traders should keep an eye on this index, as it measures activity
in the OEX options market.  If it fails to drop on a market gain,
then there are still enough institutional bears supporting put
premiums to put traders on alert that someone is planning on
there being some downside in the near future.

CBOE Market Volatility Index (VIX) = 31.09 +1.07
Nasdaq-100 Volatility Index  (VXN) = 45.36 +0.23
-----------------------------------------------------------------

          Put/Call Ratio  Call Volume   Put Volume

Total          0.71        256,440       182,962
Equity Only    0.68        212,140       143,690
OEX            1.66          4,469         7,430
QQQ            1.25          8,992        11,231
-----------------------------------------------------------------

Bullish Percent Data

           Current   Change   Status
NYSE          49      - 0     Bull Confirmed
NASDAQ-100    63      + 1     Bear Alert
Dow Indust.   57      - 1     Bear Alert
S&P 500       60      - 0     Bull Correction
S&P 100       58      - 0     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   1.44
10-Day Arms Index  1.35
21-Day Arms Index  1.39
55-Day Arms Index  1.15


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       1611          1177
NASDAQ     1689          1467

        New Highs      New Lows
NYSE         65              37
NASDAQ       61              35

        Volume (in millions)
NYSE        862
NASDAQ      798
-----------------------------------------------------------------

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
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guaranteed as to accuracy or completeness. PremierInvestor.net
staff makes every effort to provide timely information to its
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Copyright ) 2002  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter                 Thursday 12-26-2002
                                                    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:

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)


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

PLCE    Children's Place           10.84     +0.51
LAF     Lafarge North America      32.17     +0.82

---------------------------------------
Breakout to Upside (Stocks $5 to $20)
---------------------------------------
Ticker  Company Name               Close     Change
FTO     Frontier Oil Corp          17.28     +1.28
SHRP    Sharper Image              18.54     +1.02

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

HITK    Hi-Tech Pharmacal          27.35     +1.75
GOLD    Randgold Resources         27.48     +2.19
VRNT    Verint Systems             21.34     +3.35

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

AMZN    Amazon.com                 20.30     -1.58

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

CRR     Carbo Ceramics             34.86     -0.16




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

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