PremierInvestor.net Newsletter Wednesday 01-08-2003 section 1 of 2 Copyright ) 2003, 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: Paying the Piper Watch List: ABC, PG, PVN, TDS, UHAL, and more... Play of the Day: Bears Back In Control? ****************************************************************** MARKET WRAP (view in courier font for table alignment) ****************************************************************** 01-08-2003 High Low Volume Advance/Decl DJIA 8595.31 - 44.11 8736.07 8580.10 1770 mln 509/1252 NASDAQ 1401.07 - 30.50 1424.12 1399.06 1431 mln 224/1194 S&P 100 460.06 - 7.78 467.84 459.34 totals 733/2446 S&P 500 909.93 - 13.00 922.93 908.32 RUS 2000 389.07 - 4.88 393.95 389.07 DJ TRANS 2370.65 - 26.24 2398.22 2366.45 VIX 28.42 + 0.94 28.78 27.47 VIXN 44.56 + 1.60 45.81 44.44 ****************************************************************** =========== Market Wrap =========== Paying the Piper by Steve Price As we get into earnings season, we are bound to get schizophrenic reactions to surprises on an almost daily basis. The President's tax plan release took us into higher ground to start the week, and Tuesday brought mixed reactions between the techs and the blue chips. The Nasdaq continued to churn higher on EMC's upside surprise, while the Dow pulled back slightly, digesting Democratic resistance to the president's plan and failing at heavy technical resistance after the leg up. Wednesday brought a continued pullback in the Dow and a Nasdaq reversal following a profit warning from Gateway and an Alcoa earnings miss. It would seem that the almost 600-point Dow explosion over the past several days was unsustainable and those concerns appear to be founded. There were several levels of previous resistance on the way up that failed to hold as support today on the way down. While we still have a series of higher highs and higher lows in place from the rally of the last few days, that pattern is becoming endangered, particularly with today's Dow pullback below 8600. The bears have come out of the woods to reinitiate talk about a possible bearish head and shoulders pattern that may be forming in the Dow/OEX/SPX. This is not the first time we've heard this talk this year. From July to September, we saw similar concerns and they wound up being right on. In fact, the head and shoulders pattern at that time fulfilled its downside measuring objective just below 7200 almost exactly. The Dow bottomed at 7197, before rebounding all the way to the December high of 9043. The next time we started predicted a bearish head and shoulders pattern was in the midst of that rally to 9043. That took place from the middle of October, to the middle of November, where a possible left shoulder appeared at 8550 on October 21, a possible head appeared at 8800 on November 6 and then the possible right shoulder appeared at 8579 on November 18. The rollover began from that November 18 high, headed toward a neckline break around 8300. Only problem was that we got a big reversal off a low just over 8400 and raced higher. We learned a lesson about getting ahead of ourselves before that neckline was broken. Now that we are looking at the formation again, we are using what we thought was the head at 8800 as our left shoulder, with the head at 9043. The Monday/Tuesday high of 8800 would certainly provide a symmetrical right shoulder, but we need to be careful not to mistake a series of higher lows and higher highs on the recent rally for a bearish pattern. We also need to be aware that the SPX did not experience the same symmetry as the Dow, having blown through its left shoulder at 925 to a high of 931.77. The OEX, on the other hand, came about a point shy of the 472.47 left shoulder, with a high of 471.41. The move below Monday's support at Dow 8600 would certainly appear as though the higher lows pattern is in danger and traders can use the break under that level as another piece of evidence in favor of the H&S. Similar support levels in the SPX and OEX are 908.59 and 459.20, respectively. Those SPX and OEX levels held up at the close, so we don't yet have confirmation of a pattern break, but we are getting close. Chart of the Dow Chart of the SPX The Nasdaq Found its way all the way down to support at 1400 after the Gateway warning, giving up 2% and 30 points. It failed its 200-dma on Tuesday and today's rollover appears as though that failure more closely represents the last failure at the 200- dma in December, rather than the other milestone it crossed on Tuesday, which is a close over resistance at the August high of 1426. The last time it had closed above that level on the way up, it exploded all the way to 1500. That certainly does not appear to be the case this time around. Chart of the COMP The action in the bond market also indicates that we are seeing a reallocation back into bonds after the equity rally. Traders can watch action in the treasuries for signs of a continued sell-off in stocks. Chart of the Ten Year Note The retailers attempted to mount a comeback today, in spite of more negative news from the sector. Poor Christmas sales led Laura Ashley to lower earnings expectations. Flowery items weren't the only ones seeing disappointing sales, as Men's Wearhouse (MW) also warned for the fourth quarter and full-year 2002. Those warnings were accompanied by a report from Electronics Boutique (ELBO) that said worldwide same store sales were down 9% in the holiday season. That drop in sales was felt not only by retailers, but by electronic manufacturers, as well. It wasn't a surprise, as it matched earlier predictions, but it was confirmation that those doom and gloom predictions are coming true. We are just beginning to get earnings warnings in the retail sector, following sales warnings throughout the month of December. The sector sold off hard during those December sales warnings and the latest bounce appears to be in rollover territory. We will begin to get retail earnings results in February and it is hard to imagine many of them coming in above expectations. The one pleasant surprise in the sector came from Coach, which raised its earnings expectations after what it called "robust holiday sales." This is most likely an aberration, as we will find out tomorrow. Thursday is the day many retailers announce December sales results. Tuesday's chain store sales showed a 2-2.5% gain in same store results. However, according to Michael Niemira, senior retail analyst at Bank of Tokyo-Mitsubishi, which puts out one of the chain store reports, "overall sales were modest for December and for the November- December period as heavy discounting held down reported sales gains." I have said in this space repeatedly for the last couple of months that the shortened holiday shopping season (due to a late Thanksgiving) might not lead to fewer purchases, but lead to a larger percentage of those sales being concentrated closer to the holidays and therefore more goods being sold at deeper discounts. Add to that the poor economy and dock workers' strike and the upcoming earnings reports should be anything but positive in the sector. The question remains just how much of this news is already priced into these stocks. However, if we do get the warnings and earnings misses I think we'll see, I expect another leg lower for retail. The RLX.X is right now holding above support at 260, but if that level breaks, I'd look for a move to the October low around 245. Chart of the Retail Index The Semiconductor Index, which has been a good leading indicator over the past year, turned south quickly on the Gateway warning. Gateway increased the size of its predicted loss on disappointing holiday PC sales and aggressive sales promotions that cut into margins (sounds a lot like the retail story). It was only a few weeks ago that we were hearing about an upturn in chip orders due to increased holiday PC demand. Apparently things didn't exactly go as planned. If Gateway is suffering, then investors figured that there may be other surprises in the sector, as well. After climbing impressively through resistance at 330, the SOX rolled over and gave up %, testing support ten points lower at 320. The fact that it is testing support at 320, however, is actually evidence of a pullback, rather than a decisive rollover. The previous resistance level it cracked before heading up to 330 was actually 310. If we find support at 320, then we may have a trend of higher lows developing. On a move back under 310, then look out below. One of the big factors in today's rollover was the downgrade to J.P. Morgan by UBS Warburg. The banks are another leading group that can signal a change in market direction and today's comments from UBS highlighted issues with capital markets and corporate credit quality. The credit issues have continued to make their way into the news occasionally over the past few months and until the economy improves, they are likely here to stay. UBS also said the stock now discounts stock now discounts a healthier economy and improved market conditions for 2003. Morgan Stanley also got in on the action, cutting its 2003 profit forecasts from $2.42 to $2.20 per share, citing higher credit costs and lower revenue. Apparently not even "cheap" vacation destination point Las Vegas has been able to hold up in the face of a sinking economy. Mandalay Bay Group (MBG) warned that fourth quarter earnings would miss expectations after the bell last night. The company said it would earn only half of analysts expectations ($0.10 v. $0.20) after " Softer-than-expected results on the Las Vegas Strip over the holidays, and a low win percentage on table games." That was a major change from what the company's CFO had said in early December, which was that the holiday appeared as though it would be solid. This was the first casino to warn, but a number of hotel owners have said that the fourth quarter of 2002 was barely an improvement over 2001 and much worse than expected. It didn't take MGM long to join the parade, with its own warning this morning. The casino operator reduced its fourth quarter outlook, as well, citing a weak economy and its impact on high-end domestic customers. General Motors is making more pension news again. After under- funding problems in the billions, now the company will apparently reduce its expected rate of return for the plan from the 10% it has been using since 1993. This could cut further into the company's bottom line and may signal a similar move by other firms facing similar issues. With 60% of its pension fund invested in stocks, a lower predicted rate of return might not only lead to more funding problems to make up the difference, but also a shift in the fund out of stocks and into other assets. If we begin to see pension funds looking to put their money elsewhere, that would weigh even more heavily on equities and could end up as a self-fulfilling bearish prophecy. The telecoms also headed lower today, following a UBS downgrade of regional baby bells (Verizon, BellSouth, SBC). The reduction in rating went from a "hold" to a "reduce," saying fundamentals remain weak and do not justify current price levels. It also said that consensus earnings estimates for 2003 were too high and that the FCC's Triennial Review will not return as favorable an outcome as recent media reports suggest. Those stocks lost 4-5%, reversing much of the gains of the last few days. With the Dow, OEX and SPX rolling over into what could be a head and shoulders formation, traders should watch the support levels highlighted above for a break in the trend of higher highs and higher lows. There may be some bounce after today's sell-off and if it fails significantly below that right shoulder, then we can cautiously begin playing the short side. So far this year we are 50/50 on H&S predictions and should keep that in mind when jumping in. ================================================================== 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 --------------------------------- Amerisourcebergen - ABC - close: 55.57 change: -2.11 WHAT TO WATCH: ABC caught our attention yesterday when it began to roll over from its descending trend of lower highs, below psychological resistance at $60.00 and the 50-dma at $61.05. We considered adding ABC as a short play but were concerned that recent strength in the drug sector might help to buoy the stock. The DRG.X pharmaceutical index did manage to maintain its relative strength during today's session. However, the index's daily chart isn't as encouraging for the bulls. Yesterday's rollover from the 200-dma (311) has led to a violation of the 50- dma at 307. A pickup in selling could take the DRG.X back towards the 295-300 area. ABC looks like a more attractive short play now that the drug group is showing some technical negativity. Today's 3.6% loss produced a three-box reversal on the p-n-f chart and shares underperformed the DRG.X. Short entries can be evaluated on failed rally in the $57-$58 region. Short-term traders could aim for a retest of the December lows near $50.00, but keep an eye out for possible support in the $53-$55 region. --- Human Genome Sciences - HGSI - close: 8.50 change: -0.48 WHAT TO WATCH: Human Genome reaffirmed their fourth-quarter estimates on Monday morning. This news did not have a positive impact on the stock's price; HGSI actually faded the BTK.X biotech index in the afternoon and finished with a small loss. Today's trading saw the stock trend steadily lower throughout the session before closing at the worst levels of the day. This weak performance has raised the possibility that HGSI may fall below its multi-year low of $8.15. As we mentioned on a recent Watchlist, aggressive short-term traders could look for a move below that level to pave the way for a possible retest of the 1999 low at $7.18. Those with a longer-term strategy might target a decline to the $5.00-$6.00 region. P-n-f chartists are still waiting for HGSI to give a double-bottom sell signal at $8.00. --- J.P. Morgan - JPM - close: 26.77 change: -1.07 WHAT TO WATCH: A pair of brokerage downgrades conspired with a weakening Dow Jones to send JPM sharply lower on Wednesday. UBS Warburg reduced the stock's rating from "Buy" to "Hold," citing valuation concerns. Meanwhile, Morgan Stanley lowered its Q4 earnings forecast for JPM. The firm said that higher compensation costs and Enron-related losses would pressure Morgan's bottom line. Technically, JPM is looking pretty weak after rolling over from its 200-dma ($27.42) and historical resistance at $27.42. Short-term traders can watch for a move under today's low ($26.51) to clear the way for a test of the $24.00 level. --- Linear Technology Corp - LLTC - close: 28.74 change: -0.60 WHAT TO WATCH: Does anyone else see a burgeoning head & shoulders formation on a daily chart of the semiconductor index? It sure looks that way, with today's 3.2% pullback starting to form the right shoulder. Chart patterns aside, it's interesting to see that the SOX.X has started to roll over after retracing roughly 50% of its steep December losses. The daily stochastics (5,3,3) are beginning to head lower from the overbought region. This last occurred in late-November, just before that index sold off. LLTC has also traced what appears to be a head & shoulders pattern. Shares are looking weak after running headlong into the 200-dma at $30.88, rolling over, and then moving below the 50-dma at $29.27. If the chip group continues to decline we'd expect LLTC to retrace a large chunk of its gains from the first few trading days of 2003 and move towards its relative low of $25.21. --- Procter & Gamble - PG - close: 85.20 change: -1.29 WHAT TO WATCH: PG has proven to be quite resilient over the past few months. With the exception of a move down to $82 in early December, shares have consistently found support near $85.00. But after being turned back repeatedly at $88.00 the bulls may be losing their patience. PG moved south with the Dow today and closed at a new relative low. Could a full-blown selloff be far behind? The rising volume, rolling MACD, and falling stochastics suggest that this might be the case. The point-and-figure chart is also looking weak - PG has just reversed into a column of O's after failing to move above bearish resistance. Other than the $82.00 level, there is no clear support until the July lows near $74.00. While aiming for a retest of this level might be a little optimistic for short-term traders, a decline to the $78- $80 area certainly wouldn't be out of the question if the Dow continues to weaken. Watch for a failed rally at the 50-dma ($86.73) or a move under today's low ($84.60) to provide a potential action point. --- Providian Financial - PVN - close: 7.15 change: +0.23 WHAT TO WATCH: Sub-prime lenders such as Capital One (COF) and Providian caught a bid today following the release of new federal loan guidelines, which were less severe than expected. PVN gained 3.3% and moved to levels not seen since June. This move was backed by the strongest volume in over a month. Shares have been trending higher since October and seem to be on course to reach the next level of resistance at $8.00-$8.50. The optimal long entry for bulls would be a pullback to the 21-dma at $6.48. This moving average has provided reliable support during the uptrend. --- Scotts Co. - SMG - close: 50.73 change: +1.01 WHAT TO WATCH: Shares of Scotts, the manufacturer of lawn-care products such as Miracle-Gro, Roundup, and Turf Builder, reached all-time highs today after the stock received positive comments from Banc of America. BAC started coverage on Scotts with a "buy" rating and a price target of $60, citing growing consumer interest in gardening, brand recognition, and market dominance. The resulting 2.0% gain (which came on the strongest volume in several months) propelled SMG above resistance at $50.00. With shares now trading in breakout territory, the bulls will be looking for a rally to the next level of psychological resistance at $55.00. SMG has been moving higher in a rising regression channel since October. The top of this channel is currently at $52.00. The stock looks like a decent long play at current levels, but traders need to be aware that shares will probably continue to channel higher rather than maintain today's steep rate of ascent. --- Telephone Data Systems - TDS - close: 44.52 change: -3.63 WHAT TO WATCH: That is one ugly chart! TDS has been trending lower for more than three years and is in danger of falling to new multi-year lows. The stock gapped lower with the broader market this morning and drifted lower throughout the session. Things really started to get interesting during the final 20 minutes of trading, when shares went into a freefall and quickly gave back more than 3.5%. Although there was no apparent news to explain this decline, we suspect it may have been related to the company's presentation at the Salomon Smith Barney Telecom conference, being held from January 6th to 9th. The sudden nature of the sell-off suggests that TDS may have said something that didn't sit well with analysts and investors. In any case, the high-volume breakdown below support at $45.00 does not bode well for the bulls. The falling daily stochastics (5,3,3) are hinting that further downside is in store. Short entries could be considered on a break under $44.00, initially targeting a move to psychological support at $40.00. The point-and-figure chart is showing a bearish vertical count of $32.00. --- Amerco - UHAL - close: 5.55 change: +0.95 WHAT TO WATCH: Amerco is the holding company for U-Haul, as well as various real estate and insurance interests. The company announced this morning that it had reached an agreement with Citibank and Bank of America to restructure $26.5 million in defaulted loans. Investors reacted very positively to this news, as evidenced by today's 20.6% rally. These gains took the stock above resistance at $5.50. Obviously it takes a very aggressive trading strategy to chase a stock that's sitting on such a large one-day gain. However, with no resistance levels directly overhead, shares may be able to tack on another dollar and move to the 100-dma at $6.59. This would mirror similar explosive rallies that occurred in late-October and mid-November. High- risk/reward positions can be evaluated on a pullback to $5.00 or a move above $5.59. ========================= Play-of-the-Day (BEARISH high-risk/reward play) ========================= Cephalon Inc - CEPH - close: 48.90 change: -1.28 stop: 52.64 Company Description: Founded in 1987, Cephalon, Inc. is an international biopharmaceutical company dedicated to the discovery, development and marketing of innovative products to treat sleep and neurological disorders, cancer and pain. (source: company press release) - ORIGINAL WRITE UP: December 27th, 2002 - Why We Like It: Cephalon has developed perhaps one of the most intriguing "lifestyle" drugs to come down the pipeline in recent years. On Monday the company submitted an application with the FDA to market its Provigil drug, which is currently approved for use with epilepsy patients, for treatment of "excessive sleepiness associated with disorders of sleep and wakefulness in adults." Studies have shown that Provigil has been effective in allowing individuals to stay awake and alert for up to 48 hours without any major side effects. Should Cephalon receive a green light from the FDA, thousands of Americans would be eligible to receive the drug. However, some have speculated that doctors may use a broad interpretation of "sleep disorders" to prescribe the treatment to anyone dealing with sleep deprivation. This brings to mind images of pilots, truck drivers, and overworked grad students regularly popping Provigil. Needless to say, this would have a very positive effect on Cephalon's bottom line. But as promising as Provigil is, we don't think the prospect of an FDA approval is enough to keep CEPH afloat in the short-run. For one thing, the agency probably won't make its decision for several months. It's unlikely that the company's request will be approved anytime soon. A more pressing issue for shareholders of Cephalon is the recent weakness in the biotech sector. The BTK.X biotech index is looking decidedly bearish after falling to new relative lows on Friday. This breakdown produced a quadruple- bottom breakdown on the p-n-f chart and also took the index below bullish support. Not surprisingly, CEPH has also been subjected to a large amount of selling pressure. The past two sessions saw the stock rollover from its 50-dma ($52.31) and fall below the 200-dma at $50.54. Shares also violated the December low of $49.30. The falling daily stochastics and MACD indicate that CEPH could retrace a large chunk of its rapid October gains. In light of the current sector weakness, we think shares could eventually reach the $42-$43 area. As far as action points are concerned, we'll enter this short play if/when CEPH falls under today's low of $48.78. If we're triggered our stop-loss will be placed at $52.64, above the relative highs and the rising 50-dma. More conservative traders could use a stop just above the 200-dma at $50.54. - Most recent update: January 7th, 2003 - Although the bears offered a spirited defense of Cephalon's 200- dma last week, Monday's broader market rally was more than they could handle. During the middle of yesterday's session it appeared as if CEPH might approach our stop-loss. However, shares faded the NASDAQ and trended slightly lower into the close. This morning's trading gave us another scare as shares traded to an intraday high of $51.92. Investors may have been reacting to news that Cephalon had entered into a research partnership with MDS Proteomics (MDZ). These gains proved to have absolutely no staying power. Shares reversed course and quickly moved into negative territory. A failed rally near $51.00 sent CEPH back down to previous resistance in the $50.00-$50.25 area. Shares showed relative weakness compared to the BTK.X biotech index, which finished flat. Looking at a 15-minute chart, one can see that CEPH has developed a tendency to sell off from its intraday highs. If this trend keeps up we could soon see shares retest the 100-dma at $48.00. We would not recommend new short positions until shares fall below this support level and violate the relative low of $47.76. - Play-of-the-Day Comments: January 8th, 2003 - On Tuesday we talked about Cephalon's bearish habit of selling off from its intraday highs. That was the case yet again on Wednesday, as shares topped out at $50.40 before drifting lower throughout the rest of the session. Of course the same thing could be said of most tech stocks, with the NASDAQ also closing near the worst levels of the day. What's technically encouraging about today's 2.7% decline is the fact that CEPH has fallen below both psychological support at $50.00 and the 200-dma at $49.92. The daily chart also shows that shares have maintained the multi- week trend of lower highs. This mirrors the action in the BTK.X biotech index, which has rolled over from the top of its descending regression channel. Further sector weakness should send CEPH back to support at the 100-dma ($48.02). The recent failed rally has created a sell signal on the daily stochastic oscillator (5,3,3). This is a sign that CEPH could soon be trading at new multi-month lows. A move under the relative low of $47.76 would offer a potential action point to open new short positions. More speculative traders could also think about shorting a failed rally back to the $50.00 level. Picked on December 30th at $48.77 Results since picked: -0.13 Earnings Date 11/06/02 (confirmed) ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright ) 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter Wednesday 01-08-2003 section 2 of 2 Copyright ) 2003, 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 WEN Wendy's Intl. 28.30 +0.63 NLS Nautilus Group 16.07 +0.81 INVN Invision Technologies 27.93 +0.73 MTH Meritage Corp 36.50 +1.35 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- Ticker Company Name Close Change ALN Allen Telecom 11.45 +1.23 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- Ticker Company Name Close Change NCEN New Century Fincl. 29.12 +2.84 SMG Scotts Co 50.73 +1.01 COF Capital One Fincl. 35.41 +3.21 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- Ticker Company Name Close Change CTSH Cognizant Tech. 64.55 -2.50 SWK Stanley Works 32.48 -1.03 AA Alcoa Inc 21.85 -2.53 VCI Valassis Communications 27.50 -1.99 EDMC Education Management 35.61 -1.97 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- Ticker Company Name Close Change CECO Career Education Corp 39.49 -1.88 AVY Avery Dennison 61.54 -1.15 ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright ) 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
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