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Daily Newsletter, Friday, 01/17/2003

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PremierInvestor.net Newsletter          Weekend Edition 01-17-2003
                                                    section 1 of 3
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:      Is That It?
Play-of-the-Day:  Taking Another Shot
Watch List:       AGE, EBAY, MU, NTES, SNPS, and lots more...
Market Sentiment: Slip Sliding

******************************************************************
MARKET WRAP  (view in courier font for table alignment)
******************************************************************
       WE 01-17        WE 01-10        WE 01-03        WE 12-27
DOW     8586.74 -198.21 8784.95 +183.26 8601.69 +297.91 -208.22
Nasdaq  1376.20 - 71.55 1447.75 + 60.67 1387.08 + 38.62 - 14.59
S&P-100  457.36 - 13.05  470.41 + 11.21  459.20 + 16.14 - 12.40
S&P-500  901.78 - 25.79  927.57 +165.21  908.59 + 33.17 - 20.34
W5000   8530.33 -228.10 8758.43 +165.21 8593.22 +287.59 -169.60
RUT      388.10 -  8.34  396.44 +  6.13  390.31 +  6.15 -  2.72
TRAN    2344.53 - 49.14 2393.67 + 28.73 2364.94 + 73.28 - 32.56
VIX       28.68 +  1.55   27.13 -  0.85   27.98 -  6.17 +  2.68
VXN       42.84 +  0.56   42.28 -  3.43   45.71 -  1.00 -  1.80
TRIN       1.60            0.80            1.32            3.60
Put/Call   0.83            0.75            0.76            0.94
******************************************************************

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

Is That It?
by Jim Brown

The Dow lost -111, the S&P -13, is that all we get from a
seriously negative flurry of earnings? No, the real damage
came in the Nasdaq which dropped -47 points on Friday with
Microsoft leading the drop at -$4.00. I guess investors were
not that excited about the dividend.

Dow Chart - Daily


Nasdaq Chart - Daily


Let's get the economic news out of the way first. Industrial
production surprised analysts with a drop of -0.2% compared
to estimates for a gain of +0.3%. Nearly all the major
segments experienced a decline. Makes you wonder what the
next ISM report will show. Possibly a major correction to
the last blowout number. With Capacity Utilization at 75.4%
and the lowest since last March, the inflation pressures
remain zero because pricing power is zero. The only positive
factor, or so the analysts tell us, is that inventory levels
are so low that any increase in demand will cause a strong
jump in manufacturing. The key word in that sentence is
demand.

The Michigan Consumer Sentiment came in at 83.7 compared to
consensus estimates of 87. The index is getting very close
to the October low of 80.6 despite the holidays and the Bush
tax cut package. Unemployment is still rising and consumer
debt is increasing. As more troops saddle up to leave for
Iraq everyone in their extended family begins to worry that
the war could be messy, lengthy and dangerous to their loved
ones. The stock market rally has failed to produce any
follow though in January and that was before the negative
earnings guidance on Thursday.

Home Sales may have peaked according to the NAHB Index. It
is much too early to tell but the index dropped from its
high of 65 in December to 64 in January. Not a screaming
decline but with everyone predicting the eventual demise
it could be the beginning of the end. With the recent
economic reports I don't think there is any chance of a
rate hike soon which means a booming spring if everything
remains the same. Once those rates start up it could be
a long dry spell for builders.

Scratch the second half recovery. That was the tone of
many analysts on Friday. They are quickly abandoning the
hope of a recovery in the second half of 2003 and it is
only January. There were several interviews on Friday
about the "lack of any significant global IT spending"
comment from Microsoft. Suddenly those bears who had
been reconsidering their position only a week ago have
suddenly become diehards again. When a dozen of the
largest companies in the US lower guidance for the year
due to a lack of visibility it makes for a lot of headline
grabbing. Remember also that the early reporters typically
have the best results and that paints a dreary picture for
our future.

The Semiconductor sector was probably one of the hardest
hit this week. With Intel's warning on Tuesday and several
other unfriendly reports during the week the SOX dropped
over -14% from the opening high of 348 last Monday to
297 at Friday's close. PMCS added to the gloom by saying
they would be cutting -16% of their workforce. You could
be tempted to buy chip stocks at this level because it
is strong support. However, investors would be hard
pressed to provide a reason to own them other than really
long term given the recovery now moving to 2004.

GE added to the negative sentiment with a -$1.5 billion
loss at a reinsurance unit and warned that profits could
fall as much as -10% in the current quarter. The company
has been hit in insurance, power generation, jet engines,
airline maintenance and problems with its pension fund.
GE said power systems could see its net income drop by
-50% in the 1Q. The CEO said the pension fund was dwindling
and could fall from its $14 billion surplus in 2001 to
as little as $2 billion in 2003. Historically pension
income has been a plus to the GE bottom line with +$1.4B
in 2001 but in 2003 it will be a -$300 million drain
instead. GE announced earnings of 31 cents, which were
inline with reduced estimates. They are a long way from
broke with net income for the year at $15.1 billion. They
are just suffering from the same problems that are killing
the smaller companies.

EBAY soared +3.60 and touched $75 intraday. CEO Meg
Witman said they would consider offering a dividend once
the tax plan was approved. She did not mention a stock
split but they split at $75 in both 1999 and 2000. Does
lightning strike three times in the same spot? Stay tuned.

The number one home improvement supply company, Home Depot,
warned that same store sales could fall as much as -10%
this quarter alone. They lowered their outlook for the
year and said they were going to spend $4 billion to
renovate old stores and enhance service levels. HD said
long term sales were now expected to grow only +10%
compared to prior estimates of +15% to +18%. The stock
has fallen to $22 from $52 in 2002 and actually closed
up +26 cents on Friday.

Microsoft took a lot of heat for its dividend program.
For a company with nearly $50 billion in cash the 0.28%
dividend was considered chump change. The average dividend
from S&P companies in 2002 was 1.80% or six times the
MSFT dividend. Considering the -4.00 drop in the stock
it is going to take a long time to recover the money.
With the cash on hand MSFT could pay the dividend for
51 years. Hopefully it won't take that long to breakeven.

The Fed heads are worried. At least that is the message
I am seeing. SF Fed President Robert Parry said on Friday
that there "are good reasons to feel a good deal of
uncertainty about the road ahead." He said the war in
Iraq, terrorists, lingering concerns over corporate
governance and the fragile state of the economy were
all causes for concern. Parry is a voting member of
the FOMC. The next two day meeting is a little over a
week away on Jan-28th/29th. No, they will not raise rates
and an unexpected rate cut could send the market reeling
on fears of the unknown.

Next week could be rocky for the major indexes. We came
to a screeching halt at 900 on the S&P and 8560 on the
Dow with the Nasdaq leading the drop. The bulls are
kicking and screaming as they slide down that slope of
hope and the odds are good we could see a rebound on
Tuesday. Monday is a market holiday. I think a three
day weekend prompted many traders to go flat or limit
positions but they will come back into the market rested
and eager on Tuesday. I see resistance at 8600 and again
at 8650 and 8700. Going uphill is going to be rough. The
only major support is at 8560 then it could be free fall
to 8400 where the 100 DMA could slow the descent to real
support at 8350.

The Nasdaq is grossly oversold with its -47 point drop
but it may not be done. 1361 is the next support but that
support may be weaker now than before. The 100 DMA at
1332 is the most likely resting place. Chips are on support
at 297 on the SOX and MSFT could rest just over $50. The
tech majors have already announced and what they said will
now weigh on those others to come.

Colin Powell made a strong statement on Friday. He said
that by the end of the month Iraq will be proven beyond
a doubt to be in violation of the UN resolution. He said
it forcefully and without wavering. There is a good
possibility that somebody knows something and they are
waiting until just before the Jan-27th UN meeting to "find"
it. This would prevent days of posturing and excuses by
Iraq and a "major" find the day before would color the
opinions of the security council. The war could then begin
around Feb-14th after the Muslim pilgrims return home. The
deadline is fast approaching, Saddam is more defiant than
ever and troop movements are escalating. All the players
are taking their places and the curtain is about to go up
on the show.

The market may rally once the shooting starts but with
world opinion strongly against the war it is more likely
to go down before the deadline. The UN deadline is Jan-27th
and the President's State of Union speech is Jan-28th. The
Muslim holy days are over Feb-12th and all troops and
equipment will be in theater by Feb-14th. The key point
for me is the Jan-27th and Jan-28th events. I suspect
the speech will tell us we are going to start the war.
The markets will expect this also and that weight should
push them down in advance. Just my opinion but I think
roadmap is clear. I see no reason to buy stocks now and
I expect institutions are thinking the same thing. What
if? What if Saddam really has a couple of nasty weapons
and he manages to launch a preemptive strike somewhere?
What if Osama is ready to launch a round of attacks on
us when we attack Iraq. He already warned about it. "What
if" is a game the market plays well. Are you ready to play?

Enter Very Passively, Exit Very Aggressively!

Jim Brown

"An optimist sees an opportunity in every calamity, a
pessimist sees a calamity in every opportunity."
Winston Churchill


=========================
Play-of-the-Day (BEARISH)
=========================
((new high-risk/high-reward play))

Electronic Arts - ERTS - close: 47.95 change: -1.78 stop: *text*

Company Description:
Electronic Arts, headquartered in Redwood City, California, is
the world's leading interactive entertainment software company.
Founded in 1982, Electronic Arts posted revenues of more than
$1.7 billion for fiscal 2002. The company develops, publishes and
distributes software worldwide for video game systems, personal
computers and the Internet. (source: company press release)

Why We Like It:
Okay...Let's try this again.  Ten days ago we added ERTS to our
bearish play list.  Speculation that the company's critical "Sims
Online" game was seeing weak initial sales had sent the stock to
52-week lows.  However, shares quickly rebounded after Electronic
Arts' CEO said that the program had sold 90,000 copies within the
first three weeks of its release.  ERTS then gravitated to the
$50.00 area before Steve Ballmer & Co. dropped a bombshell on the
NASDAQ last night.  Microsoft's earnings report was responsible
for a lot of the tech weakness on Friday.  The company said that
in addition to a "tepid" IT spending environment, demand for
personal computers continues to be poor.  But it was additional
comments regarding the X-Box videogame console that really
spooked shareholders of ERTS.  Electronic Arts, you'll recall, is
a leading software producer for the system.  MSFT's CFO said that
a softer-than-expected videogame market would result in less
revenue from the X-box.  As a matter of fact, this challenging
environment was cited as one of the primary reasons for
Microsoft's subdued third-quarter outlook. It doesn't take a
brain surgeon to link poor X-box results to a weaker bottom line
for Electronic Arts.  Both stocks responded in predictable
fashion on Friday morning.

ERTS gapped lower and finished the day with a 3.5% loss.  This
decline did a significant amount of damage to the technical
picture.  In addition to breaking down to new multi-month lows,
the stock also violated its 200-week moving average for the first
time since 1997.  This moving average has acted as support on
various pullbacks in 1998 and 2000.  With shares now trading
below the 200-wma ($48.21), there is no historical support until
the 2001 lows at $41.00.  We're going to be somewhat aggressive
with this hypothetical trade and target a move to psychological
support at $40.00.  Due to the large amount of selling that's
taken place over the past week, we've also classified ERTS as a
high-risk/high-reward play.  The rolling MACD and technical
breakdown suggest that the selling will continue.  However, we
need to be aware of the possibility that short-covering could
send the stock back towards the $50.00 area.  Conservative
traders may want to wait for a failed rally at this level to
enter short positions.  We're taking a more aggressive approach
with an entry trigger at $47.49, two cents under today's low.  If
the play is activated our stop-loss will be set at $51.33, just
above the descending 21-dma.  Those looking for less upside
exposure could use a stop slightly above $50.00.  And on another
earnings-related note, Electronic Arts is expected to announce
their quarterly results on January 29th.  We'll let you know as
soon as this date is confirmed.

Picked on January xxth at $xx.xx <- see text
Results since picked:      +0.00
Earnings Date           01/29/03 (unconfirmed)





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

AG Edwards - AGE - close: 31.44 change: -0.75

WHAT TO WATCH: Recent weakness in the financial sector has taken
its toll on AGE.  The past three sessions have seen the stock
sell off from its 50-dma ($34.21) and move below the January low
of $32.65 on strong volume.  Shares are now trading below more
substantial support at $32.00.  With this level violated, it
looks like AGE could retrace its steep mid-October gains and move
down to the $27.00 area.  Short entries can be targeted on a
break under today's low ($31.12) or a failed rally at $32.00.
However, take note that the daily stochastics (5,3,3) have
already reached oversold levels.




---

eBay Inc. - EBAY - close: 74.85 change: 3.60

WHAT TO WATCH: Amid the flood of negative news on Thursday night,
eBay stood out like a diamond in the rough.  The internet
auctioneer reported that its earnings tripled on a year-over-
basis, from 9 cents/share to 28 cents/share.  What really grabbed
investors' attention was the boosted guidance for 2003.  eBay now
expects to earn as much as $1.27 for the full-year period (ex-
items), compared to the analyst consensus of $1.17.  Shareholders
rode the positive news to a 5.0% gain on Friday.  This took the
stock to new multi-year highs.  At this point it looks like EBAY
might have enough momentum to reach the $78-$80 area.  The strong
volume and daily stochastics (which have reversed at the mid-
level) are encouraging signs for technicians.  New entries can be
gauged on a move above today's high ($75.10), while more
conservative traders could wait for a pullback to the $72.00
area.  The bulls got more to cheer about this afternoon when CEO
Meg Whitman showed up on CNBC and said that the company would
consider adding a dividend.  What's also interesting is the fact
that EBAY previously split its stock in 1999 and 2000 when shares
were trading near $75.00.  Could a 2-for-1 split announcement be
far behind?  We certainly wouldn't be surprised!




---

Jeffries Group - JEF - close: 41.10 change: -1.60

WHAT TO WATCH: Jeffries reports earnings on Wednesday.  A
negative reaction to the announcement might provide the catalyst
the bears need to push JEF under support at $40.00.  $40.00 also
happens to be the location of bullish support on the point-and-
figure chart.  Shares have been trading above this level since
mid-October, with the $45.00 area consistently providing
resistance.  This past week saw the stock succumb to heavy
selling pressure.  The converging 21-day, 50-day, and 200-day
moving averages at $42.75 provided temporary support, but were
completely abandoned with today's 3.7% decline.  The rising
volume and bearish MACD crossover are indications that JEF could
soon begin to retrace its rally off the October lows near $33.00.
Watch for a breakdown below $40.00 to provide a possible bearish
action point.  We would not advise taking any entries ahead of
the earnings announcement.




---

Jo-Ann Stores - JAS.A - close: 26.35 change: -0.20

WHAT TO WATCH: Shares of this fabric retailer have been showing
good relative strength versus the RLX.X retail index.  JAS.A
moved sharply higher over the past week after the company
reported a 13.7% increase in same-store sales and boosted its
2003 EPS guidance.  The stock is on a triple-top p-n-f buy signal
and quickly approaching resistance in the $27.00-$27.50 area.  A
move through this region might send JAS.A towards the September
highs near $34.00.  Aggressive traders could target entries at
current levels, using a stop slightly below either the 200-dma
($25.05) or the 50-dma at $24.41.




---

Micron Technology - MU - close: 9.16 change: -0.49

WHAT TO WATCH: Reality bites.  Just ask investors who were long
chip stocks this week.  The semiconductor index, which had
rallied nicely from its late-December lows, was confronted with
the cold, hard facts on Tuesday when Intel issued some cautious
comments and lowered its 2003 capex spending expectations.  This
news alone was enough to take the SOX.X below its 50-dma.  Any
remaining hopes for a rebound in chip sales were dashed on
Thursday night when MSFT said that in addition to a weak IT
spending environment, demand for personal computers continues to
remain "soft."  AMD didn't help matters either when they missed
earnings by more than 20 cents.  This laundry list of negative
news was good for a 5.7% loss in the SOX.X.  MU, which had
previously been hovering near the $10.00 area, broke down to
levels not seen since 1996.  While the stock has historical
support near $8.00 dating back to 1994, there's no telling where
shares will finally rebound if the semiconductor group keeps
falling.  Aggressive traders could target entries on a move below
$9.00, which would create a double-bottom p-n-f sell signal.
Short positions could also be evaluated on a failed rally at
$10.00.




---

Netease.com - NTES - close: 16.40 change: +0.50

WHAT TO WATCH: Just like the Energizer bunny, NTES keeps going
and going!  The stock pulled back to its ascending trendline of
higher lows before bouncing enthusiastically on Thursday.
Positive news from fellow Internet player EBAY (see above) helped
to propel shares above resistance at $16.00 during today's
session.  The stock is trading at fresh multi-year highs, quickly
approaching the all-time high of $17.25.  This level is likely to
provide resistance.  On the other hand, a move above $17.25 could
trigger yet another round of buying.  As far as action points are
concerned, very aggressive traders could watch for a pullback to
the $15.00 area.  The stock stopped just short of giving a
double-top p-n-f buy signal at $16.50 today.




---

SLM Corp. - SLM - close: 109.97 change: +4.22

WHAT TO WATCH: Right on que, SLM rebounded from the bottom of its
ascending regression channel on Friday.  This level roughly
coincides with the 21-dma.  Of course, it didn't hurt that the
stock was upgraded from "Neutral" to "Buy" by UBS Warburg.
Citing SLM's Q2 earnings report and conference call on Thursday,
the firm is looking for stabilizing interest margins and stronger
fee income growth over the next two years.  The strong volume
that accompanied today's breakout, combined with the rising
oscillators, indicate that SLM will be able to clear
psychological resistance at $110.  While aggressive traders could
target entries on a move above today's high ($110.05), the more
prudent strategy would be to wait for a pullback to $108 area.
If shares are able to break above the regression channel we could
see the $115 level tested in short order.




---

Synopsys Inc. - SNPS - close: 40.00 change: -0.63

WHAT TO WATCH: Synopsys supplies design automation software for
use in the electronics industry.  Its products are used in
everything from computers to cell phones.  With the overall tech
sector in a state of decline this week, the bulls were hard-
pressed to maintain support at $41.00-41.50.  Shares broke to new
relative lows during two past two sessions and also moved below
bullish support on the p-n-f chart.  The daily chart shows that
the next level of clearly-defined support is at $35.00.  Short
entries could be considered on a move under today's low ($39.30),
which was minted early on Friday morning before shares rebounded
to the $40.00 area.




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

COST - COST has been riding its descending 50-dma to steady
(albeit very gradual) losses.  If support at $30.00 gives way, it
looks like shares could retrace their December/January gains and
move back towards the $27.00 area.

EDS - Here's a possible play for all you contrarians. EDS has
been channeling higher for several months and is moving back
towards the bottom of that channel, which is backed up by the 50-
dma ($17.72).  As negative as the IT news sounds, aggressive
traders could think about going long on a rebound from the
$18.00-$18.25 area.

TSH - Shares of CTSH were hammered for some heavy losses over the
past two weeks.  The stock is trading just above previous
resistance at $60.00.  A move below this level could lead to a
test of the $55.00 region.  Possible support lurks at the 200-dma
($57.80).

OCR - Omnicare ascended with the healthcare sector on Friday en
route to a new multi-month high.  There's some congestion
overhead, but OCR doesn't face any significant challenges until
the $28.50 area.  The p-n-f chart shows that shares have broken
above bearish resistance.

IP - A slight upside revenue guidance on Thursday wasn't enough
to send IP through its 200-dma at $38.60.  Shares held up
relatively well on Friday, but we'd expect more downside if the
200-dma continues to act as resistance...Plus there's the
possible Head & Shoulders pattern that we discussed on
Wednesday's Watchlist.


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

Slip Sliding
by Steven Price

The rollover continued today, as expected.   The after hours
pounding in IBM and Microsoft resumed in mass when the market
opened, driving both stocks lower throughout the day and into the
close. IBM lost -$4.75 and fell through its 200 exp, 50 and 21
day moving averages to close at $81.30.  Microsoft lost -$3.89 to
fall through its 200, 100, 50 and 21 day moving averages and
finished the day at $51.46.  Those stocks led all major indices
lower.  Dow lost -113 points and fell below support at the 50-dma
(8607).  The COMP lost -47.56 to fall through the 21, 50 and 200
dmas, as well as support at 1400, finishing at 1376.  The SPX
lost -12.82, dropping through its 50 and 21 dmas to finish just
above support at 900, with a close of 901.78.  It was just a few
days ago we were looking at a possible breakout to new highs
after these indices ran to their 200-dmas on the upside.  After
gaining 6-7% in the Dow, SPX and OEX, and 9-11% in the COMP and
NDX over the first two weeks of the year, we have not only paid
the piper, but overpaid the piper and gone into debt.

Why the sudden reversal of fortune?  Part of the reason is the
worse than expected comments about prospects for 2003.  Combine
that guidance with an unsustainable rally on no real fundamental
basis, other than the President's plan to make dividends tax-
free, and the recipe for a sell-off seemed complete. However,
trading on expectations doesn't usually lead to profits if those
expectations never come true.  It appears, however, that
expectations for a rollover are finally fulfilling themselves. Of
course, if the President's plan does make it through Congress in
tact, dividend-paying stocks will automatically provide higher
returns than they do now, all other things being equal.  Of
course, all other things will not be equal if the current
business environment does not improve.  If one trend has been
reliable over the past couple of years, it is the trend of
predicting a recovery 6 months to a year out.  Even Apple CEO
Steve Jobs said recently that he continues to hear that
prediction every six months or so, and has seen no real sign of
it yet.  Now that Microsoft lowered guidance for the full year
2003, we are looking at least a year ahead, if not more.

The bearish head and shoulders pattern that would include a left
shoulder at the November 6 Dow high of 8800; the head at the
December 2 high of 9043; and the right shoulder recently formed
over the last couple weeks between Dow 8800 and 8869; continues
to get signals each day that it is still very much alive.  The
point and figure charts registered sell signals today in the SPX
at 905 and OEX at 457.50, with the Dow coming only a few points
shy of its own sell signal at 8550.   This mirrors the point and
figure pattern we saw on the possible left shoulder, where the
second leg up of the rally gave a buy signal and then almost
immediately rolled over to new relative lows. We just got buy
signals in the Dow at 8850, SPX at 935 and OEX at 472.50 on the
second leg of the rally, before rolling over into sell signals
now present in two of the three. Of course those rallies in
November eventually bounced and achieved a new relative high a
month later, but not before turning bulls into grumpy old bears
with an immediate loss of 4.5% in the Dow and 5.2% in the SPX.
If the head and shoulders pattern does complete itself with a
neckline break at the Dow 8200-8250 range, the measuring
objective is down around 7500, over 1000 downside points from
here.

Given the string of cautious statements accompanying most recent
earnings releases in both the tech and non-tech sectors, it is
hard to imagine an event that will turn the tide back in a
positive direction.  However, we are now into the meat of
earnings season and sentiment can shift quickly. Dow theorists
will point to the need to confirm downtrends with the Dow
Transports, as well, and so far the Transports are holding above
the 50-dma of 2337, with a close at 2344.  While the theory has
its merits, it seems outdated to focus on the transports in a
clearly technology driven market.  Still, conservative traders
can look for a breakdown in the TRAN below that 50-dma and the
point and figure sell signal in the Dow at 8550 to confirm the
sell-off.  The TRAN still remains in a point and figure column of
"X" and would require a trade of 2,250 to reverse into a column
of "O."  The sell signal would not come until 2,200 and by then
the Dow could be testing support in the 8400 range.


A failed rebound below Dow 8700/SPX 910 may provide an excellent
short entry point after today's big sell-off, now that we have
gotten the sell-signals in the OEX and SPX and the cue from the
biggest tech players that earnings season will most likely bring
further disappointments.  While it is possible that we don't get
any bounce, it seems likely after such big gaps down in IBM and
Microsoft.  If we don't get a bounce, then that confirming sell
signal in the Dow may be the next signal for short entries.
-----------------------------------------------------------------

Market Averages

DJIA ($INDU)

52-week High: 10673
52-week Low :  7197
Current     :  8586

Moving Averages:
(Simple)

 10-dma: 8731
 50-dma: 8606
200-dma: 8896

S&P 500 ($SPX)

52-week High: 1176
52-week Low :  768
Current     :  901

Moving Averages:
(Simple)

 10-dma:  921
 50-dma:  908
200-dma:  945

Nasdaq-100 ($NDX)

52-week High: 1734
52-week Low :  795
Current     : 1017

Moving Averages:
(Simple)

 10-dma: 1067
 50-dma: 1049
200-dma: 1054
-----------------------------------------------------------------

The Semiconductor Index (SOX.X):

The chip stocks took a tumble today, following cautious
statements from IBM and Microsoft about the coming quarter and
coming year. While neither of these techs make up the index, they
set the tone for the computer industry and when combined with a
big earnings miss from AMD, sent the COMP down almost 50 points
and the SOX down to a failed support test at 300.  The 300 level,
as noted in this space last night, has tended to stick like glue
for long periods.  Today's action found support just above that
level for much of the morning, before breaking down and finding
resistance there on a failed afternoon rally attempt. If the SOX
is unable to break back above that level on a Monday morning
bounce, look for the next support level in the 283-289 range.  If
we break below 280, then it may be a steep drop down into the low
200s. Given the slew of earnings releases still ahead, a break of
280 seems entirely possible in the next couple of weeks if we
don't get any better news from the tech sector than IBM, AMD and
Microsoft had Thursday night.

52-week High: 657
52-week Low : 214
Current     : 336

Moving Averages:
(Simple)

 21-dma: 312
 50-dma: 323
200-dma: 365
-----------------------------------------------------------------

Market Volatility

The VIX once again bounced from the 26% support level, which has
been reliable as far as picking recent market tops from the
contrarian side. If we are going to break down below that level,
we will need a broad market rally that at least erases the losses
of the last several days.  If we continue to sell off, the VIX is
likely to move back toward the recent resistance range around 35-
36.  That range has been reliable as far as indicating recent
market bottoms around Dow 8200-8300.

CBOE Market Volatility Index (VIX) = 28.68 +1.01
Nasdaq-100 Volatility Index  (VXN) = 42.84 -1.96
-----------------------------------------------------------------

          Put/Call Ratio  Call Volume   Put Volume

Total          0.82        891,456       733,634
Equity Only    0.74        751,226       555,660
OEX            1.12         41,590        46,635
QQQ            1.80         36,665        66,047
-----------------------------------------------------------------

Bullish Percent Data

           Current   Change   Status
NYSE          52.7    + 0     Bull Confirmed
NASDAQ-100    63.0    - 2     Bull Confirmed
Dow Indust.   60.0    + 0     Bull Confirmed
S&P 500       61.4    - 2     Bull Correction
S&P 100       61.0    + 0     Bull Confirmed

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  1.32
10-Day Arms Index  1.11
21-Day Arms Index  1.33
55-Day Arms Index  1.25


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        899          1971
NASDAQ     1021          2075

        New Highs      New Lows
NYSE        133              25
NASDAQ       96              38

        Volume (in millions)
NYSE       1,639
NASDAQ     1,607
-----------------------------------------------------------------

Commitments Of Traders Report: 01/14/02

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 left positions mostly unchanged with a small
reduction to the short side.  Small traders reduced the long side
by 1,000 contracts, while adding 9,000 contracts to the short
side.

Commercials   Long      Short      Net     % Of OI
12/23/02      408,592   467,259   (58,667)   (6.7%)
12/31/02      410,968   462,782   (51,814)   (5.9%)
01/07/03      411,542   455,538   (43,996)   (5.1%)
01/14/03      411,052   453,164   (42,112)   (4.9%)

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
12/23/02      138,756    58,236    80,520     40.9%
12/31/02      139,383    75,640    63,743     30.0%
01/07/03      143,169    83,895    59,274     26.1%
01/14/03      144,182    92,358    51,824     21.9%

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 added slightly to the long side, while reducing short
positions by 3,000 contracts.  Small traders added 1,000 to the
 long side and left shorts virtually unchanged.

Commercials   Long      Short      Net     % of OI
12/23/02       32,067     44,451   (12,384) (16.2%)
12/31/02       31,399     44,387   (12,988) (17.1%)
01/07/03       37,966     48,156   (10,190) (11.8%)
01/14/03       38,057     45,060   ( 7,003) ( 8.4%)

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
12/23/02       17,009     5,865    11,144    49.0%
12/31/02       19,841     5,009    14,832    60.1%
01/07/03       19,708     8,453    11,255    40.1%
01/14/03       20,757     8,320    12,437    42.8%

Most bearish reading of the year: (10,769) - 06/11/02
Most bullish reading of the year:  14,832  - 12/31/02

DOW JONES INDUSTRIAL

Commercials added slightly to both sides, with a net 500 contract
ncrease on the long side. Small traders reduced long and short
positions slightly.

Commercials   Long      Short      Net     % of OI
12/23/02       14,991    11,103    3,888      14.9%
12/31/02       15,940    11,253    4,687      17.2%
01/07/03       16,210    11,333    4,877      17.7%
01/14/03       17,804    12,427    5,377      17.8%

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
12/23/02        4,584     6,296    (1,712)   (15.7%)
12/31/02        4,997     6,553    (1,556)   (13.5%)
01/07/03        4,963     8,334    (3,371)   (25.4%)
01/14/03        4,552     7,697    (3,145)   (25.7%)

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




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To stop receiving this PremierInvestor.net Newsletter,
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=================================================================
DISCLAIMER
=================================================================

This newsletter is a publication dedicated to the education
of stock traders. The newsletter is an information service
only. The information provided herein is not to be construed
as an offer to buy or sell securities of any kind. The
newsletter picks are not to be considered a recommendation
of any stock but an information resource to aid the investor
in making an informed decision regarding trading in stocks. It
is possible at this or some subsequent date, the editors and
staff of PremierInvestor.net may own, buy or sell securities
presented. All investors should consult a qualified professional
before trading in any security. The information provided has
been obtained from sources deemed reliable but is not
guaranteed as to accuracy or completeness. PremierInvestor.net
staff makes every effort to provide timely information to its
subscribers but cannot guarantee specific delivery times due to
factors beyond our control.

Please read our disclaimer at:
http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html

*****************************************************************
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          Weekend Edition 01-17-2003
                                                    section 2 of 3
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:

Net Bulls
  Bullish Play Updates:  BBH

Stock Bottom / Active Trader
  Bullish Play Updates:  BSX, CI, RJR, SYK
  Bearish Play Updates:  CTAS, DLX

High Risk/Reward
  New Bearish Plays:     ERTS



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

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

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

Biotech HOLDRS - BBH - close: 91.40 change: -1.65 stop: 86.94

The NASDAQ was doomed to trade sharply lower today.  Last night's
flood of negative forward-looking comments from MSFT and IBM (not
to mention a huge earnings miss by AMD) pretty much negated the
possibility that tech stocks would finish the week on a positive
note.  Investors responded by hammering the NAZZ for a 3.3% loss.
In light of the overall tech weakness, it wasn't surprising to
see the Biotech HOLDRS give back some of Thursday's gains.
Shares traded an Inside Day and posted a loss of 1.7%.  That's
not too bad, considering the sharp NASDAQ decline.  Sector leader
AMGN actually finished with a small gain.  These gains came at
the expense of BGEN, which got whacked for a loss of more than
9.0%.  Biogen was dragged lower by news than Amgen's rheumatoid
arthritis had shown positive results in a late-stage study.  BGEN
is seeking FDA approval has a competing psoriasis treatment.  As
we mentioned in the original play write-up, one of the nice
things about playing the HOLDRS is that one company's misfortune
doesn't have a huge detrimental impact on the BBH.  We'll be
expecting the stock to resume its uptrend next week if the NASDAQ
begins to stabilize.  While some traders could watch for new
entries on a move above $93.00, those seeking more confirmation
of upside momentum will probably want to wait for shares to move
above yesterday's high of $94.00.

Picked on January 16th at $92.12
Results since picked:      -0.72
Earnings Date                N/A






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

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

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

Boston Scientific - BSX - cls: 45.77 chg: +0.60 stop: 42.22 *new*

With futures selling off this morning on negative tech earnings
and weak economic data, the prospects for new highs in BSX seemed
rather slim.  But lo and behold, the stock showed impressive
strength right out of the starting gate!  Shares traded higher
throughout the morning before tagging an intraday high of $45.95.
An afternoon pullback was largely negated by a late-session rally
that lifted BSX during the final 15 minutes of trading.  The
stock finished with a gain of 1.3%, easily outperforming the
major equity indices.  The source of this relative strength was
largely a result of bullishness in the overall healthcare sector;
we noticed solid gains in both the HMO.X health provider index
and RXH.X healthcare index.  Of course it doesn't hurt that the
stock is trading at fresh multi-year highs.  Factor in some
rising oscillators, and the technical picture is looking quite
strong.  At this point, however, it might be a bit difficult to
target new entries.  While some traders could consider going long
on a move above $46.00, immediate upside might be limited by the
1999 highs near $47.00.  Short-term traders who entered at our
suggested action point should actually be thinking about taking
profits if BSX rolls over from that level.  We believe the stock
will eventually be able to move up to the $50.00 region.  Our
stop has been raised to $42.22, just below the 50-dma.

Picked on December 20th at $44.01
Results since picked:       +1.76
Earnings Date            02/04/03 (confirmed)




---

Cigna Corp. - CI - close: 46.23 change: -0.04 stop: 42.44

Shares of CI came within four cents of setting a new relative
high on Friday.  That fact alone is pretty impressive, given the
overall market's nosedive.  Shares traded in a narrow 96-cent
rage before finishing with a fractional loss, outpacing both the
Dow Jones and the IUX.X insurance index.  CI still looks poised
to fill in a larger chunk of its October 25th gap, but the bulls
may have a tough time gaining traction if the market sees more
weakness next week.  On the other hand, a reversal in the major
indices would provide the perfect climate for a rally to the
$50.00 area.  Traders looking to enter new long positions can
continue to watch for a move above $46.69 or a pullback to
$45.00.  We'd be looking for the latter level to provide support
if shares head lower on Tuesday.

Picked on January 14th at $45.01
Results since picked:      +1.22
Earnings Date           02/07/03 (confirmed)




---

RJ Reynolds - RJR - close: 46.93 change: +0.69 stop: 42.98

The tobacco group is typically thought of as one of the
"defensive" sectors that sees buying during times of weakness in
the overall market.  This makes sense from a fundamental
perspective.  After all, cigarettes are a relatively recession-
proof product.  The high dividends offered by tobacco companies
also help to attract buyers when the market is in turmoil.
Today's action was a textbook case of defensive rotation.  RJR,
apparently oblivious to the sinking Dow Jones, ticked higher
throughout the session before finishing near the highs of the
day.  The 30-minute chart shows a bullish trend of steady gains
that began on the third trading day of the year.  RJR has been
able to move higher regardless of what the market is doing.
Based on this pattern of strength, it looks like shares will be
able to continue higher next week - even if the Dow manages to
retrace its latest decline and money moves back out of more
defensive sectors.  On the other hand, it wouldn't be surprising
to see some profit-taking in RJR to consolidate some of the
recent gains.  If a pullback does take place we'll be looking for
support at $45.00.  A rebound from this level would provide a
potential entry point for traders thinking about taking new long
positions.  But wait...Doesn't RJR announce earnings next
Thursday?  According to our usually-reliable source for earnings,
the company has moved its release date to January 28th.  However,
we weren't able to confirm this information at the RJR investor
relations department or through a secondary news source.  So
while it appears the company won't be announcing until the 28th,
we won't assume that's the case until we get some solid
confirmation.  We'll update this situation on Tuesday.

Picked on January 15th at $45.33
Results since picked:      +1.60
Earnings Date           01/23/03 <- see text




---

Stryker Corp - SYK - close: 67.15 change: -0.20 stop: 66.74

Optimistic bulls can be somewhat happy with Friday's action in
Stryker.  The stock posted only a small loss, despite a steep
sell-off in the rest of the market.  Shares were also able to
hold above $67.00 after testing that support level for the fourth
straight session.  Less encouraging is the fact that shares
reached an intraday high of $68.31 early in the morning, only to
bleed steadily lower for the rest of the day.  Shares also showed
disconcerting weakness versus the broader healthcare group.  But
with near-term support holding above our tight stop-loss, we see
no reason to close the play at current levels.  As we mentioned
last night, the daily stochastics (5,3,3) have returned to the
oversold region.  This is an indication that SYK may be able to
shake off the latest round of profit-taking and move back towards
its all-time highs.  The first challenge for the bulls will be to
move above today's high ($68.31) and put a halt to the recent
trend of lower highs on the daily chart.

Picked on January 3rd at $68.26
Results since picked:     -1.11
Earnings Date          01/27/03 (confirmed)




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

Cintas Corp. - CTAS - close: 43.26 change: -1.53 stop: 45.51*new*

It's nice to see some follow through by the bears heading into
the weekend.  With the broader indices in pull back mode, shares
of CTAS accelerated lower losing 3.4% compared to the 3.3% and
4.1% drops in the Nasdaq composite and the Nasdaq 100 index
(NDX), respectively.  What is encouraging for traders holding
bearish positions in CTAS is the new triple-bottom breakdown on
its PnF chart.  Per our instructions in Thursday night's
newsletter, PremierInvestor.net added CTAS to our hypothetical
short portfolio at the 44.49 trigger point today.  We're going to
lower our stop to $45.51, which is above overhead resistance at
$45.  Our target remains near the $40 mark but keep an eye on the
$41 level, which has acted as support in the past.  New positions
should only be added to carefully as the stock appears ready to
accelerate to the downside.  Meanwhile a failed rally at $44.50
might be an opportunity to go short again.

Picked on January 17th at $44.49
Results since picked:      +1.23
Earnings Date:          12/19/02 (confirmed)




---

Deluxe Corp. - DLX - close: 39.82 change: -0.61 stop: 41.34

It would appear that our patience in DLX might be ready to pay
off.  The overall broader market weakness has given sellers
enough of an edge to push shares of DLX through the $40 support
level.  We've been waiting for weeks for this event to occur.
All of the technical indicators are favoring the bears and we'd
be looking for some follow through next week.  Those traders who
have been waiting to consider new positions need to refocus on
their entry point strategy.  This looks like a good entry point
for new shorts (as long as the stock remains under the $40 mark).
Very short-term traders can target a move to the $38 level.
We're still holding out for the $35-33 region as our ultimate
goal.

Picked on December 4th at $41.28
Results since picked:      +1.46
Earnings Date           01/30/03 (confirmed)






==================================================================
HIGH RISK/HIGH REWARD (HR) section
==================================================================

============
HR New Plays
============

  -----------------
  New Bearish Plays
  -----------------

Electronic Arts - ERTS - close: 47.95 change: -1.78 stop: *text*

Company Description:
Electronic Arts, headquartered in Redwood City, California, is
the world's leading interactive entertainment software company.
Founded in 1982, Electronic Arts posted revenues of more than
$1.7 billion for fiscal 2002. The company develops, publishes and
distributes software worldwide for video game systems, personal
computers and the Internet. (source: company press release)

Why We Like It:
Okay...Let's try this again.  Ten days ago we added ERTS to our
bearish play list.  Speculation that the company's critical "Sims
Online" game was seeing weak initial sales had sent the stock to
52-week lows.  However, shares quickly rebounded after Electronic
Arts' CEO said that the program had sold 90,000 copies within the
first three weeks of its release.  ERTS then gravitated to the
$50.00 area before Steve Ballmer & Co. dropped a bombshell on the
NASDAQ last night.  Microsoft's earnings report was responsible
for a lot of the tech weakness on Friday.  The company said that
in addition to a "tepid" IT spending environment, demand for
personal computers continues to be poor.  But it was additional
comments regarding the X-Box videogame console that really
spooked shareholders of ERTS.  Electronic Arts, you'll recall, is
a leading software producer for the system.  MSFT's CFO said that
a softer-than-expected videogame market would result in less
revenue from the X-box.  As a matter of fact, this challenging
environment was cited as one of the primary reasons for
Microsoft's subdued third-quarter outlook. It doesn't take a
brain surgeon to link poor X-box results to a weaker bottom line
for Electronic Arts.  Both stocks responded in predictable
fashion on Friday morning.

ERTS gapped lower and finished the day with a 3.5% loss.  This
decline did a significant amount of damage to the technical
picture.  In addition to breaking down to new multi-month lows,
the stock also violated its 200-week moving average for the first
time since 1997.  This moving average has acted as support on
various pullbacks in 1998 and 2000.  With shares now trading
below the 200-wma ($48.21), there is no historical support until
the 2001 lows at $41.00.  We're going to be somewhat aggressive
with this hypothetical trade and target a move to psychological
support at $40.00.  Due to the large amount of selling that's
taken place over the past week, we've also classified ERTS as a
high-risk/high-reward play.  The rolling MACD and technical
breakdown suggest that the selling will continue.  However, we
need to be aware of the possibility that short-covering could
send the stock back towards the $50.00 area.  Conservative
traders may want to wait for a failed rally at this level to
enter short positions.  We're taking a more aggressive approach
with an entry trigger at $47.49, two cents under today's low.  If
the play is activated our stop-loss will be set at $51.33, just
above the descending 21-dma.  Those looking for less upside
exposure could use a stop slightly above $50.00.  And on another
earnings-related note, Electronic Arts is expected to announce
their quarterly results on January 29th.  We'll let you know as
soon as this date is confirmed.

Picked on January xxth at $xx.xx <- see text
Results since picked:      +0.00
Earnings Date           01/29/03 (unconfirmed)







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=================================================================
DISCLAIMER
=================================================================

This newsletter is a publication dedicated to the education
of stock traders. The newsletter is an information service
only. The information provided herein is not to be construed
as an offer to buy or sell securities of any kind. The
newsletter picks are not to be considered a recommendation
of any stock but an information resource to aid the investor
in making an informed decision regarding trading in stocks. It
is possible at this or some subsequent date, the editors and
staff of PremierInvestor.net may own, buy or sell securities
presented. All investors should consult a qualified professional
before trading in any security. The information provided has
been obtained from sources deemed reliable but is not
guaranteed as to accuracy or completeness. PremierInvestor.net
staff makes every effort to provide timely information to its
subscribers but cannot guarantee specific delivery times due to
factors beyond our control.

Please read our disclaimer at:
http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html

*****************************************************************
ADVERTISING INFORMATION

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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         Weekend Edition 01-17-2003
                                                   Section 3 of 3
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 three:

Market Watch for Week of January 20th
   - Major Earnings
   - Stock Splits
   - Economic Reports

Trading Ideas
  Value Plays With Bullish Signals
  Breakout to Upside (Stocks $5 to $20)
  Breakout to Upside (Stocks over $20)
  Breakout to Downside (Stocks over $20)
  Recently Overbought With Bearish Signals (Stocks over $20)

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


==========================================
Market Watch for the week of January 20th
==========================================

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

Symbol  Company               Date           Comment      EPS Est

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

BXS    BancorpSouth, Inc.    Mon, Jan 20  After the Bell      0.38
CX     CEMEX S.A.            Mon, Jan 20  -----N/A-----       0.47
FAST   Fastenal              Mon, Jan 20  Before the Bell     0.21
FISV   Fiserv                Mon, Jan 20  After the Bell      0.35
HE     Hawaiian Electric     Mon, Jan 20  -----N/A-----       0.77


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

MMM    3M Company            Tue, Jan 21  07:30 am ET         1.28
ADTN   ADTRAN, Inc.          Tue, Jan 21  Before the Bell     0.29
ACS    Affiliated Comp Serv  Tue, Jan 21  Before the Bell     0.53
AMTD   Ameritrade Holding Co Tue, Jan 21  Before the Bell     0.04
ARM    ArvinMeritor, Inc.    Tue, Jan 21  Before the Bell     0.46
AVB    Avalonbay Communities Tue, Jan 21  After the Bell      0.85
BPC    Banco Com Portugues   Tue, Jan 21  After the Bell       N/A
BJS    BJ SVCS CO            Tue, Jan 21  09:15 am ET         0.22
BXP    Boston Properties     Tue, Jan 21  After the Bell      1.07
BNI    Burl No Santa Fe Corp Tue, Jan 21  Before the Bell     0.52
CDN    Cadence Design Sys    Tue, Jan 21  After the Bell      0.04
CNI    Canadian Natl Railway Tue, Jan 21  After the Bell      0.84
CKFR   CheckFree             Tue, Jan 21  After the Bell      0.17
C      Citigroup Inc.        Tue, Jan 21  -----N/A-----       0.46
CYT    Cytec Industries Inc. Tue, Jan 21  After the Bell      0.35
DV     DeVry                 Tue, Jan 21  -----N/A-----       0.20
ETN    Eaton                 Tue, Jan 21  -----N/A-----       0.92
F      Ford Motor Company    Tue, Jan 21  Before the Bell     0.06
FULT   Fulton Financial      Tue, Jan 21  After the Bell      0.34
GP     Georgia-Pacific       Tue, Jan 21  Before the Bell     0.22
GPT    GreenPoint Financial  Tue, Jan 21  Before the Bell     1.44
HDI    Harley-Davidson       Tue, Jan 21  Before the Bell     0.46
HCP    Health Care Property  Tue, Jan 21  Before the Bell     0.89
HMA    Hlth Mana Ass Inc.    Tue, Jan 21  Before the Bell     0.24
HUBb   Hubbell Incorporated  Tue, Jan 21  11:00 am ET         0.46
HU     Hudson United Bancorp Tue, Jan 21  Before the Bell     0.61


ICBC   Independence Com Bank Tue, Jan 21  4:00 pm ET          0.58
JNJ    Johnson & Johnson     Tue, Jan 21  Before the Bell     0.47
KRI    Knight Ridder         Tue, Jan 21  05:30 am ET         1.14
LEE    Lee Enterprises, Inc  Tue, Jan 21  -----N/A-----       0.50
LOGI   Logitech Intl         Tue, Jan 21  11:30 am ET         0.71
MXO    Maxtor                Tue, Jan 21  After the Bell      0.12
MCK    McKesson Corporation  Tue, Jan 21  After the Bell      0.46
MEL    Mellon Financial Corp Tue, Jan 21  -----N/A-----       0.42
MOT    Motorola Inc.         Tue, Jan 21  After the Bell      0.10
PRK    Park National         Tue, Jan 21  -----N/A-----       1.60
PPP    Pogo Producing        Tue, Jan 21  12:00 pm ET         0.59
PCO    Premcor Inc.          Tue, Jan 21  -----N/A-----       0.39
RYN    Rayonier Inc.         Tue, Jan 21  After the Bell      0.34
RGIS   Regis Corporation     Tue, Jan 21  Before the Bell     0.46
RFMD   RF Micro Devices, Inc Tue, Jan 21  -----N/A-----       0.05
ROK    Rockwell Automation   Tue, Jan 21  -----N/A-----       0.20
SANM   Sanmina-SCI Corp.     Tue, Jan 21  After the Bell      0.01
SOV    Sovereign Bancorp     Tue, Jan 21  After the Bell      0.33
SU     Suncor Energy         Tue, Jan 21  -----N/A-----       0.28
TKR    The Timken Company    Tue, Jan 21  Before the Bell     0.18
TMA    Thornburg Mortgage,   Tue, Jan 21  After the Bell       N/A
TDW    Tidewater             Tue, Jan 21  Before the Bell     0.42
TRMK   Trustmark Corporation Tue, Jan 21  -----N/A-----       0.50
USB    U.S. Bancorp          Tue, Jan 21  -----N/A-----       0.48
UIS    Unisys                Tue, Jan 21  After the Bell      0.27
UBSI   United Bankshares     Tue, Jan 21  Before the Bell     0.53
WM     Washington Mutual     Tue, Jan 21  After the Bell      1.03
WFC    Wells Fargo           Tue, Jan 21  Before the Bell     0.86
WABC   Westamerica Bancorp   Tue, Jan 21  08:00 am ET         0.67
XLNX   Xilinx, Inc.          Tue, Jan 21  After the Bell      0.12

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

ATVI   Activision            Wed, Jan 22  -----N/A-----       0.61
ACXM   Acxiom                Wed, Jan 22  After the Bell      0.19
APD    Air Products & Chem   Wed, Jan 22  Before the Bell     0.59
ALTR   Altera Corporation    Wed, Jan 22  4:15 pm ET          0.06
DOX    Amdocs Limited        Wed, Jan 22  After the Bell      0.18
AMR    AMR Corporation       Wed, Jan 22  -----N/A-----      -3.84
BAX    BAXTER INTL INC       Wed, Jan 22  Before the Bell     0.60
BSG    BISYS GROUP INC       Wed, Jan 22  After the Bell      0.24
BCC    Boise Cascade         Wed, Jan 22  Before the Bell     0.09
BOKF   BOK Financial         Wed, Jan 22  -----N/A-----       0.59
EAT    Brinker International Wed, Jan 22  Before the Bell     0.43
BRO    Brown & Brown         Wed, Jan 22  After the Bell      0.29
CFFN   Capitol Federal Finl  Wed, Jan 22  Before the Bell     0.35
CDWC   CDW Computer Centers  Wed, Jan 22  After the Bell      0.51
CTX    Centex Corporation    Wed, Jan 22  Before the Bell     2.14
CHKP   Chk Point Sftwre Tech Wed, Jan 22  After the Bell      0.24
CTXS   Citrix Systems        Wed, Jan 22  After the Bell      0.15
COH    Coach, Inc.           Wed, Jan 22  Before the Bell     0.65
CA     Computer Ass Intl     Wed, Jan 22  After the Bell      0.04
CPWR   Compuware Corporation Wed, Jan 22  -----N/A-----       0.07
CVG    Convergys Corporation Wed, Jan 22  -----N/A-----       0.32
ET     E*TRADE Group, Inc.   Wed, Jan 22  Before the Bell     0.14
EK     Eastman Kodak Company Wed, Jan 22  Before the Bell     0.68

FIC    Fair, Isaac Com Inc.  Wed, Jan 22  After the Bell      0.36
FII    Federated Investors B Wed, Jan 22  After the Bell      0.43
FMBI   First Midwest Bancorp Wed, Jan 22  Before the Bell     0.47
FO     Fortune Brands        Wed, Jan 22  Before the Bell     0.91
FBN    Furniture Brands      Wed, Jan 22  After the Bell      0.52
GD     General Dynamics      Wed, Jan 22  Before the Bell     1.45
HP     Helmerich & Payne,    Wed, Jan 22  -----N/A-----       0.07
ICST   Integrted Circuit Sys Wed, Jan 22  Before the Bell     0.23
IGT    Intl Gaming Tech      Wed, Jan 22  -----N/A-----       0.92
ITT    ITT Industries        Wed, Jan 22  Before the Bell     0.97
JPM    J P MORGAN CHASE & CO Wed, Jan 22  Before the Bell    -0.06
JEF    Jefferies Group       Wed, Jan 22  -----N/A-----       0.52
LRCX   Lam Research          Wed, Jan 22  After the Bell      0.00
LSI    LSI Logic             Wed, Jan 22  After the Bell      0.01
LU     Lucent Tech Inc.      Wed, Jan 22  Before the Bell    -0.21
MYG    Maytag                Wed, Jan 22  After the Bell      0.62
MERQ   Mercury Interactive   Wed, Jan 22  After the Bell      0.24
NSCN   NetScreen Tech        Wed, Jan 22  After the Bell      0.07
NYB    New York Comm Banc    Wed, Jan 22  07:30 am ET         0.57
NTRS   Northern Trust        Wed, Jan 22  -----N/A-----       0.47
PSFT   PeopleSoft            Wed, Jan 22  After the Bell      0.14
PLCM   Polycom Incorporated  Wed, Jan 22  After the Bell      0.07
PGN    Progress Energy       Wed, Jan 22  Before the Bell     0.69
QCOM   QUALCOMM Inc.         Wed, Jan 22  After the Bell      0.37
RSLN   Roslyn Bancorp, Inc.  Wed, Jan 22  -----N/A-----       0.46
SNDK   SanDisk Corp.         Wed, Jan 22  After the Bell      0.19
SIB    SI Bank & Trust       Wed, Jan 22  After the Bell      0.58
SEBL   Siebel Systems        Wed, Jan 22  After the Bell      0.04
SLAB   Silicon Labs Inc.     Wed, Jan 22  After the Bell      0.18
SKM    SK Telecom            Wed, Jan 22  -----N/A-----        N/A
SWKS   Skyworks              Wed, Jan 22  After the Bell     -0.02
SNA    Snap-on Incorporated  Wed, Jan 22  Before the Bell     0.50
LUV    Southwest Airlines    Wed, Jan 22  Before the Bell     0.03
STK    Storage Technology    Wed, Jan 22  After the Bell      0.41
STU    Student Loan          Wed, Jan 22  -----N/A-----        N/A
TE     TECO Energy Inc.      Wed, Jan 22  -----N/A-----       0.41
TLAB   Tellabs               Wed, Jan 22  -----N/A-----      -0.03
TXN    Texas Instruments     Wed, Jan 22  4:30 pm ET          0.03
JNC    The John Nuveen Comp  Wed, Jan 22  Before the Bell     0.34
PGR    The Progressive Group Wed, Jan 22  -----N/A-----       0.83
REY    The Reynolds Reynolds Wed, Jan 22  08:00 am ET         0.40
TYC    Tyco International    Wed, Jan 22  Before the Bell     0.34
UNP    Union Pacific         Wed, Jan 22  -----N/A-----       1.08
WBS    Webster Financial     Wed, Jan 22  Before the Bell     0.84
WY     Weyerhaeuser Co.      Wed, Jan 22  Before the Bell     0.26


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

AGRa   Agere Systems         Thu, Jan 23  Before the Bell    -0.08
ATG    AGL Resources         Thu, Jan 23  -----N/A-----       0.47
ACV    Alberto-Culver Co.    Thu, Jan 23  10:30 am ET         0.56
ALEX   Alexander & Baldwin   Thu, Jan 23  After the Bell       N/A
ATK    ALLIANT TECHSYSTEMS   Thu, Jan 23  Before the Bell     0.84
AMZN   Amazon.com, Inc.      Thu, Jan 23  After the Bell      0.14
ABK    AMBAC FINL GROUP INC  Thu, Jan 23  Before the Bell     1.22
AXL    Am Axle Manu Holdings Thu, Jan 23  -----N/A-----       0.85
AMGN   Amgen                 Thu, Jan 23  -----N/A-----       0.35
AOT    Apogent Technologies  Thu, Jan 23  After the Bell      0.29
ABI    Applied Biosystems    Thu, Jan 23  Before the Bell     0.23
AMCC   Applied Micro Circ Co Thu, Jan 23  After the Bell     -0.05
ASH    Ashland               Thu, Jan 23  Before the Bell     0.44
AF     Astoria Financial Co  Thu, Jan 23  After the Bell      0.72
T      AT&T                  Thu, Jan 23  Before the Bell     0.70
ATML   Atmel Corporation     Thu, Jan 23  After the Bell     -0.06
ALV    Autoliv               Thu, Jan 23  -----N/A-----       0.45
AVT    Avnet                 Thu, Jan 23  After the Bell      0.04
AVX    AVX Corporation.      Thu, Jan 23  Before the Bell     0.00
BDX    BD                    Thu, Jan 23  Before the Bell     0.39
BLS    BellSouth Corporation Thu, Jan 23  Before the Bell     0.51
BMS    Bemis Company, Inc.   Thu, Jan 23  Before the Bell     0.80
BMC    BMC Software          Thu, Jan 23  Before the Bell     0.08
BRCM   Broadcom              Thu, Jan 23  After the Bell     -0.03
BR     Burlington Resources  Thu, Jan 23  Before the Bell     0.60
CBT    Cabot                 Thu, Jan 23  After the Bell      0.48
CCMP   Cabot Microelec       Thu, Jan 23  Before the Bell     0.42
CAI    CACI International    Thu, Jan 23  Before the Bell     0.34
CAH    Cardinal Health, Inc. Thu, Jan 23  Before the Bell     0.77
CAT    Caterpillar Inc.      Thu, Jan 23  Before the Bell     0.67
CEN    Ceridian              Thu, Jan 23  -----N/A-----       0.25
CERN   Cerner Corporation    Thu, Jan 23  After the Bell      0.42
CPS    ChoicePoint, Inc.     Thu, Jan 23  Before the Bell     0.35
CIN    Cinergy Corp.         Thu, Jan 23  Before the Bell     0.64
CIT    CIT Group             Thu, Jan 23  Before the Bell     0.67
CBE    Cooper Industries     Thu, Jan 23  Before the Bell     0.62
GLW    Corning               Thu, Jan 23  After the Bell     -0.09
CVD    Covance               Thu, Jan 23  After the Bell      0.26
CR     Crane                 Thu, Jan 23  After the Bell      0.33
XRAY   DENTSPLY Intl Inc.    Thu, Jan 23  After the Bell      0.52
DLTR   Dollar Tree Stores    Thu, Jan 23  After the Bell      0.77
D      Dominion Resources    Thu, Jan 23  Before the Bell     1.15
DJ     Dow Jones & Company   Thu, Jan 23  -----N/A-----       0.24
LLY    Eli Lilly             Thu, Jan 23  Before the Bell     0.68
EMC    EMC Corporation       Thu, Jan 23  Before the Bell     0.01
ELX    Emulex                Thu, Jan 23  -----N/A-----       0.19
EEP    Enbridge Energy Part  Thu, Jan 23  After the Bell      0.54
EFX    Equifax Inc.          Thu, Jan 23  Before the Bell     0.38
FDC    First Data            Thu, Jan 23  Before the Bell     0.48
FLEX   Flextronics           Thu, Jan 23  After the Bell      0.11
GDW    Golden West Financial Thu, Jan 23  -----N/A-----       1.57
HYSL   Hyperion              Thu, Jan 23  After the Bell      0.18
IEX    Idex                  Thu, Jan 23  Before the Bell     0.40
IKN    Ikon Office Solutions Thu, Jan 23  Before the Bell     0.21
IMO    Imperial Oil Limited  Thu, Jan 23  -----N/A-----        N/A
IR     Ingersoll-Rand Co.    Thu, Jan 23  Before the Bell     0.93
ISCA   Intl Speedway         Thu, Jan 23  -----N/A-----       0.69
IRF    Intl Rectifier        Thu, Jan 23  -----N/A-----       0.13
ISSX   Inter Sec Systems     Thu, Jan 23  After the Bell      0.15
ITG    Investment Tech Grp   Thu, Jan 23  Before the Bell     0.34
IFIN   Investors Finl Serv   Thu, Jan 23  -----N/A-----       0.26
ESI    ITT Educational Serv  Thu, Jan 23  Before the Bell     0.36
JEC    Jacobs Enginering Grp Thu, Jan 23  Before the Bell     0.51
JDSU   JDS Uniphase Corp     Thu, Jan 23  After the Bell     -0.05
KLAC   KLA-Tencor            Thu, Jan 23  After the Bell      0.14
LR     Lafarge               Thu, Jan 23  Before the Bell      N/A
LSCC   Lattice Semiconductor Thu, Jan 23  After the Bell      0.06
LXK    Lexmark Intl, Inc.    Thu, Jan 23  -----N/A-----       0.85
MRO    Marathon Oil Corp     Thu, Jan 23  Before the Bell     0.62
KRB    MBNA                  Thu, Jan 23  -----N/A-----       0.46
MCD    McDonalds Corporation Thu, Jan 23  -----N/A-----       0.25
MCHP   Microchip Technology  Thu, Jan 23  After the Bell      0.17
MCHP   Microchip Technology  Thu, Jan 23  After the Bell      0.17
NATI   National Instruments  Thu, Jan 23  -----N/A-----       0.19
NCR    NCR Corporation       Thu, Jan 23  -----N/A-----       0.71
NET    Network Associates    Thu, Jan 23  Before the Bell     0.24
NOK    Nokia                 Thu, Jan 23  -----N/A-----       0.23
NT     Nortel Networks       Thu, Jan 23  -----N/A-----      -0.06
NVS    Novartis Corporation  Thu, Jan 23  Before the Bell     0.45
NST    NSTAR                 Thu, Jan 23  -----N/A-----       0.69
ONB    Old National Bancorp  Thu, Jan 23  Before the Bell     0.42
ORI    Old Republic Intl     Thu, Jan 23  -----N/A-----       0.82
OSK    Oshkosh Truck         Thu, Jan 23  Before the Bell     0.48
PKG    Packaging Corp of Am  Thu, Jan 23  Before the Bell     0.13
PTV    Pactiv                Thu, Jan 23  Before the Bell     0.35
PCL    Plum Creek Timber     Thu, Jan 23  After the Bell      0.27
PMCS   PMC-Sierra, Inc.      Thu, Jan 23  After the Bell     -0.07
DGX    Quest Diagnostics     Thu, Jan 23  After the Bell      0.78
RDA    READERS DIGEST ASSN   Thu, Jan 23  Before the Bell     0.97
RESP   Respironics, Inc.     Thu, Jan 23  Before the Bell     0.40
RHI    Robert Half Intl      Thu, Jan 23  -----N/A-----      -0.01
SLE    Sara Lee              Thu, Jan 23  -----N/A-----       0.42
SGP    Schering-Plough       Thu, Jan 23  Before the Bell     0.41
SI     Siemens AG            Thu, Jan 23  -----N/A-----        N/A
SBUX   Starbucks             Thu, Jan 23  After the Bell      0.18
STE    Steris                Thu, Jan 23  -----N/A-----       0.28
SUN    Sunoco                Thu, Jan 23  -----N/A-----       0.80
TXT    Textron Inc.          Thu, Jan 23  Before the Bell     1.01
SSP    The E.W. Scripps Co   Thu, Jan 23  -----N/A-----       0.86
SMG    The Scotts Company    Thu, Jan 23  Before the Bell    -1.53
UNH    UnitedHealth Group    Thu, Jan 23  Before the Bell     1.16
UTSI   UTStarcom             Thu, Jan 23  After the Bell      0.31
VAR    Varian Medical Sys    Thu, Jan 23  After the Bell      0.24
VSEA   Varian Semi Eq Ass    Thu, Jan 23  After the Bell      0.00
VRSN   VeriSign, Inc.        Thu, Jan 23  After the Bell      0.14
VVI    VIAD CORP             Thu, Jan 23  -----N/A-----       0.25
WDC    Western Digital Corp. Thu, Jan 23  After the Bell      0.13
ZION   Zions Bancorp         Thu, Jan 23  After the Bell      0.94


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

ALE    Allete                Fri, Jan 24  Before the Bell     0.31
AEP    American Elec Power   Fri, Jan 24  -----N/A-----       0.57
ABC    AmeriSourceBergen     Fri, Jan 24  Before the Bell     0.82
ADM    Archer Daniels Mdlnd  Fri, Jan 24  Before the Bell     0.18
CEY    Certegy               Fri, Jan 24  Before the Bell     0.44
CFC    Countrywide Finl Corp Fri, Jan 24  Before the Bell     1.91
FPL    FPL Group             Fri, Jan 24  07:45 am ET         0.70
LMT    Lockheed Martin       Fri, Jan 24  Before the Bell     0.80
PGL    Peoples Energy Corp.  Fri, Jan 24  Before the Bell     0.87
RTN    Raytheon              Fri, Jan 24  -----N/A-----       0.65
SWK    The Stanley Works     Fri, Jan 24  Before the Bell     0.56
WPO    The Wash Post Company Fri, Jan 24  -----N/A-----       7.47
UST    UST Inc.              Fri, Jan 24  Before the Bell     0.77


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

Symbol  Company Name              Ratio    Payable     Executable

PVBT    PrivateBancorp            3:2      Jan. 17th   Jan. 20th
CWTR    Coldwater Creek           3:2      Jan. 30th   Jan. 31st

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

Welcome to another week of Q4 earnings reports!  If the tensions
in Iraq don't steal the spotlight again then major earnings from
the likes of MMM and Citigroup will be headlining the week.
Inside we have a big list of the major companies announcing.

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

Monday, 01/20/02
----------------
None


Tuesday, 01/21/02
-----------------
Housing Starts (BB)     Dec  Forecast: 1.693M  Previous:   1.697M
Building Permits (BB)   Dec  Forecast: 1.700M  Previous:   1.738M


Wednesday, 01/22/02
-------------------
Treasury Budget (DM)    Dec  Forecast:  $9.0B  Previous:   $26.6B


Thursday, 01/23/02
------------------
Initial Claims (BB)   01/18  Forecast:    N/A  Previous:     360K
Leading Indicators(DM)  Dec  Forecast:   0.0%  Previous:     0.7%


Friday, 01/24/02
----------------
None


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


==================
  Trading Ideas
==================

This section contains stocks that meet criteria which may make
them of interest to long and short side traders.  These are not
recommendations, nor have they been reviewed by PremierInvestor
editors for investment potential.  However, each of them has
technical and fundamental characteristics that make them worthy
of further review by traders and investors looking for fresh ideas.
New stocks will appear daily following the market close.

Value Plays With Bullish Signals
---------------------------------
Ticker  Company Name               Close     Change

HNT     Healthnet Inc              26.81     +0.56

---------------------------------------
Breakout to Upside (Stocks $5 to $20)
---------------------------------------
Ticker  Company Name               Close     Change

CYH     Community Health Systems   18.71     +1.23
EMIS    Emisphere Technologies      5.44     +1.09
ELK     Elkcorp                    17.80     +1.51

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

TRI     Triad Hospitals            27.85     +1.90
GPRO    Gen Probe Inc              27.40     +2.81
CVH     Coventry Health Care       28.43     +1.14

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

ADTN    Adtran Inc                 36.24     -3.86
SYMC    Symantec Corp              45.05     -2.60
JEF     Jefferies Group            41.10     -1.60
HYSL    Hyperion Solutions         29.86     -1.71
CTSH    Cognizant Tech.            60.14     -1.33
ZNT     Zenith Natl. Insurance     21.49     -1.01
WGOV    Woodward Governor          39.55     -1.92
TBL     Timberland Co              34.07     -1.05

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

CEPH    Cephalon Inc               52.05     -0.72
MMM     3M Company                126.32     -0.33
BRO     Brown & Brown              32.17     -1.48
ABCO    Advisory Board             31.40     -1.07




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