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Daily Newsletter, Wednesday, 01/08/2003

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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)







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DISCLAIMER
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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




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