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 ----------------------------------------------------------------- ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright ) 2002 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter 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 ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright ) 2002 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
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