Option Investor
Newsletter

Daily Newsletter, Friday, 01/24/2003

HAVING TROUBLE PRINTING?
Printer friendly version
PremierInvestor.net Newsletter          Weekend Edition 01-24-2003
                                                    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:      Preemptive Strike?
Play-of-the-Day:  Selling's In Fashion
Watch List:       AEP, KO, LU, MXIM, PDG, and lots more...
Market Sentiment: Breakdown

******************************************************************
MARKET WRAP  (view in courier font for table alignment)
******************************************************************
       WE 01-17        WE 01-10        WE 01-03
DOW     8131.01 -455.73 8586.74 -198.21 8784.95 +183.26 +297.91
Nasdaq  1342.14 - 34.06 1376.20 - 71.55 1447.75 + 60.67 + 38.62
S&P-100  436.14 - 21.22  457.36 - 13.05  470.41 + 11.21 + 16.14
S&P-500  861.40 - 40.38  901.78 - 25.79  927.57 +165.21 + 33.17
W5000   8175.74 -354.59 8530.33 -228.10 8758.43 +165.21 +287.59
RUT      375.06 - 13.04  388.10 -  8.34  396.44 +  6.13 +  6.15
TRAN    2163.33 -181.20 2344.53 - 49.14 2393.67 + 28.73 + 73.28
VIX       35.77 +  7.09   28.68 +  1.55   27.13 -  0.85 -  6.17
VXN       45.05 +  2.21   42.84 +  0.56   42.28 -  3.43 -  1.00
TRIN       1.69            1.60            0.80            1.32
Put/Call   0.83            0.83            0.75            0.76
******************************************************************

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

Preemptive Strike?
by Jim Brown

Investors took the governments advice and fled to safety on
Friday. The U.S. government sent a message to embassies and
consulates around the world warning them to tell U.S. citizens
to be ready to leave foreign countries on short notice. Investors
heard the message and left the markets instead. It may not have
been a smart bomb delivered by a B2 but the damage to the
market internals was just as severe.

Dow Chart


Nasdaq Chart - Daily


It was an ugly day and it started overseas. The London FTSE
closed down for the tenth consecutive day breaking records
dating back to the beginning of the index. The -370 point
ten day loss was nearly a -10% drop and took the index to
a seven year low. The selling was wide spread with only 10
of the 42 major world markets posting gains. The countdown
to the war is producing a growing feeling of uneasiness on
a global level.

Feelings in other countries are polarizing and riots and
demonstrations are growing. The warning for U.S. citizens
to prepare to leave foreign countries on short notice was
just another visible indication that the fuse on this powder
keg is growing short. The state dept issued the warning due
to feared retaliation and terrorist attacks against U.S.
citizens and interests around the world.

There was minimal stock news to power the market and all
eyes were on the numerous press conferences and news channels
along with a rumor mill that was running full speed. One of
the major events of the day was the U.S. claim that Saddam
was going to blow up his own oil fields when the attack
began. Traders worried that a further reduction of global
oil production by another -3%, which is Iraq's contribution,
would drive prices up yet again. Expectations of +$2.00
gas were being fielded by petroleum analysts. Worse than
that there was rumors that he was going to use "dirty"
radiation bombs which would prevent a quick repair. While
this is probably a rumor started by traders long oil and
gold futures it was still a widespread rumor.

The BBC reported that Iraqi soldiers and emergency personnel
were being issued Nuclear/Biological/Chemical protection
suits and crash instructions for their use. Japan issued
orders for all Japanese nationals to be out of Iraq by next
Wednesday. Syria issued orders to close its diplomatic
offices in Iraq by Feb-15th. The U.S. issued orders to
deploy another 20,000 troops to the Gulf.

The press constantly replayed the tape of the Iraq minister
saying the inspectors could not talk to scientists. Iraq
says they asked all the scientists to talk freely to the
inspectors and all the scientists refused. Sure, and I
am looking for a bridge to buy too. Do you think the
threat of death if they talked influenced their decision?
One of Saddam's sons said on TV that should the U.S. attack
they would retaliate in the U.S. and Americans would think
that 9/11 was a picnic compared to the destruction they
would cause. We all remember the "mother of all battles"
comments from the last war and days after days of idle
threats for political gain. However, after 9/11 proved how
easy it is to attack America we can no longer shrug them
off so easily.

There was also several reports that Syria had taken delivery
of tons of chemical and biological weapons and was storing
them in Syria for Saddam. This report was covered on several
different networks and was used as a further indication that
he was willing to transfer or sell weapons that could be
used by terrorists instead of destroy them. True or false
we do not know but these rumors were the driving force
behind the market on Friday.

Next week has another round of earnings with 150+ companies
reporting. Unfortunately nobody is going to be paying
attention to any good news. Bad news could provide
additional downside pressure but good news could be
ignored. The big events on the calendar look like this.

Monday: Hans Bliz reports to the UN and it is not expected
to be pretty. He will have no smoking gun but according
to the press he will cite numerous instances of outright
lack of cooperation and blocked inspection attempts. The
report will be debated by the UN Security Council on
Wednesday.

Tuesday: President Bush delivers his State of the Union
speech and it is sure to include a strong push for the
war based on the report. The FED begins a two-day FOMC
meeting on economic policy.

Wednesday: The UN Security Council begins debate on the
Iraq problem. The Fed concludes it's meeting at 2:15 PM.

Friday: President Bush and British Prime Minister Tony
Blair will meet on Friday at Camp David to discuss a
timetable for the war.

That would be a tough week by itself but the economic
calendar is also full. Monday will see Existing Home
Sales again which is expected to be positive. Tuesday
we see the Chain Store Sales for January, Durable Goods,
Consumer Confidence and New Home Sales. Thursday has
Jobless Claims, GDP, Employment Cost Index, Help Wanted
Index and FOMC minutes. Friday is Personal Income/Spending,
Consumer Sentiment and PMI.

The key market moving reports will be the Confidence report
on Tuesday, Thursday GDP and Sentiment on Friday. With the
market down and war imminent the Confidence/Sentiment reports
are not going to be exciting. The GDP could be the killer.
Currently "official" estimates are for +0.9% but numerous
economists are already predicting in public a negative
number for the 4Q. This would be very detrimental to
future confidence/sentiment and the current economic
climate. With all the flat to down guidance due to restrained
capital spending we could see another pull back wave if
businesses think another recession is already upon us. I
would seriously doubt the number will be negative. Maybe
I am a conspiracy theorist after all but I could see the
number being estimated higher in order to protect the
fragile economy for another couple of months on the premise
of national security. This is a preliminary number and is
mostly estimates to begin with.

This crush of coming economic news, war talk and weak
earnings guidance has pushed the indexes into serious
trouble. Several critical levels were breached on Friday
and the Dow closed down -455 for the week. The first level
breached was the December low at 8242 which held for about
12 minutes. The second level was the 50% retracement level
from the October lows at 8120, which held for most of the
afternoon. The Dow hit a low of 8112 in the last hour but
rebounded to close just over the 50% level by +10 points.
This is definitely not confidence inspiring. With more bad
news ahead next week the Dow appears poised to move even
closer to the October lows.

The Nasdaq only dropped -34 points for the week and is
much more technically sound than the Dow. The close at
1342 is still above the December lows of 1327 and above
the 100 DMA at 1334. It is however developing some strong
overhead resistance beginning at 1389. The Nasdaq was the
strength that kept the markets out of real trouble this
week but another -20 point drop could change that picture.

Much of the selling is reported to be from Europe and
Asia as traders who hoped for a quick rebound in the U.S.
economy are deciding they need to cut their losses. The
fall of the dollar and the weak U.S. economy along with
negative feelings about the war are causing strong outflows
of funds. AMG data reported a $3 billion outflow from
stock funds last week. This is huge in a period normally
know for an inflow of cash from retirement accounts.

Remember the January barometer? January results have a
remarkable 92% record of predicting odd numbered year
direction for the full year since 1937. Since the
Dow is -200 points down for the year it does not look
good for the home team. But then streaks are made to be
broken.

For investors wanting to go long you have to ask yourself
what the risks are going to be in the short term. One risk
is a potential negative GDP. This could shock the markets
into expecting a second recessionary dip. Another risk is
that the Iraq war turns into quicksand and becomes much
longer and more expensive in terms of lives and money.
Fighting in sandy deserts with tanks and smart bombs is
much different than house to house with rifles. Remember
the battle in Mogadishu Somalia? You don't eliminate a
rifle in every closet with smart bombs. Another risk is
retaliation by terrorist groups or even worse alliances
by major powers. With no smoking gun could Russia decide
to help their business partner to solidify their position?
With no smoking gun could OPEC decide to withhold oil?
Will Saddam be able to follow through on his pledge to
take out Israel if attacked?

Nobody knows the answer to these questions but this is
what tanked the market on Friday. It was not a major
earnings miss by a Dow component or a worse than expected
Semiconductor book-to-bill report. It was uncertainty
about geopolitical events. I had a reader cancel last week
because I said something about the coming war. "Quit writing
about the Iraq war and write about the markets." Unfortunately
they are connected. The amount of stock news on Friday would
not have taken two paragraphs and had zero impact on the
market. Trust me, I would much rather be discussing the
coming PC replacement cycle, predicting the bursting of
the housing bubble or celebrating the passing of the new
tax cut package. Unfortunately none of those have appeared
and none had any impact on the market on Friday. I have
been predicting this market drop for several weeks based on
my economic and geopolitical view. Maybe the reader should
have been paying more attention to those events.

Everyone needs to remember this is just a cycle. It is
not the end of the world. The war will end and that is
normally bullish for the market. The economy will recover
with the Fed giving away money and that will be bullish
for the market. Hopefully the market will recover before
the Fed starts raising rates and that would remain bullish
for housing. The key point is that this will not happen
next week and probably not next month. When it does happen
it could happen with a rush and there will be a lot of
money to be made. Heck, there is a lot of money to be
made now for traders on the downside! Chill out and
just realize that the next 4-6 weeks could be rocky and
plan your trading accordingly. Sit back and watch the
game this weekend and worry more about excess calories
than next weeks market direction. An instant on the lips,
forever on the hips. Don't you wish it was that way for
market profits, forever in your account? Unfortunately
we have to work to make profits and then work again to
keep them.

Enter Very Passively, Exit Very Aggressively!

Jim Brown

"Every man is the architect of his own fortune."
Appius Claudius


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

Nordstrom Inc - JWN - close: 18.19 change: -0.45 stop: *text*

Company Description:
Nordstrom, Inc. is one of the nation's leading fashion specialty
retailers, with 143 US stores located in 27 states. Founded in
1901 as a shoe store in Seattle, today Nordstrom operates 88
full-line stores, 48 Nordstrom Racks, five Faconnable boutiques,
one free-standing shoe store, and one clearance store. (source:
company website)

Why We Like It:
Nordstrom was actually one of the few apparel retailers that
posted an increase in business for December.  On January 8th the
company reported that same-store sales for the month were up by 3.4%.
While these numbers (which were in-line with analyst
expectations) were good for a quick pop in shares of JWN, the
chances for any sustainable rally were nullified by the
overwhelming lack of strength in its fellow retailers.  FD, JCP,
KSS, and MAY have all reported weak sales and/or bearish forward-
looking guidance.  Nordstrom may have been able to stay in the
green last month, but if the entire sector is suffering to this
extent it may only be a matter of time before the company (and
stock) succumb to the industry-wide weakness.  With the prospect
of war looming overhead, many investors are also fearful that a
decline in consumer confidence could be just around the corner.

The daily chart for JWN reflects these concerns.  After
repeatedly failing to move above resistance at $19.50 (which
roughly coincides with the 100-dma), shares fell below short-term
support at $18.75.  The stock then proceeded to test the December
lows at $18.00.  A two-day rebound off this level was largely
erased by today's 2.4% decline.  The steady increase in volume
over the past week is a sign that the bears are gaining momentum.
On the point-and-figure chart, we see that JWN has already broken
its bullish support trend after rolling over from bearish
resistance.  It's also interesting to note that a trade at $17.50
would create a double-bottom sell signal.  Our trigger for this
short play is set at $17.98.  Should the $18.00 level give way,
we think shares could quickly move down to the $15.50-$16.00
area.  Our stop loss (if the play is activated) will be set at
$19.06.  This will set up a risk/reward ratio of roughly 1:2.
More conservative traders may want to use a stop just above
Thursday's high of $18.72.  On a final sector-related note,
retail bulls should be highly concerned about the recent action
in sector leader Wal-Mart.  Shares are currently trading at
multi-month lows after falling below support at $48.00.

Picked on January xxth at $xx.xx <- see text
Results since picked:      +0.00
Earnings Date           02/20/03 (confirmed)





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

American Electric Power - AEP - close: 25.65 change: -1.24

WHAT TO WATCH: Shares of AEP were hit for a 4.6% loss today after
the utility provider reported fourth-quarter earnings that were 3
cents below analyst expectations.  To make matters worse,
American Electric also guided lower for 2003 and announced a 5%
reduction in their workforce.  The company cited weakness in the
wholesale energy market as the primary reason for the poor
performance.  Investors reacted in predictable fashion and
quickly took AEP below support at $25.00 on Friday morning.
Although an intraday rebound erased some of the early losses, the
stock looks to be in danger of an extended decline.  How far
might AEP fall?  The daily chart shows no clear support until the
$18.00 area.  The p-n-f chart is also showing that AEP is on a
fresh double-bottom sell signal after rolling over from bearish
resistance.  Watch for a failed rally at $26.00 (previous
support) or a move under $24.40 to provide a shorting
opportunity.




---

Coca-Cola - KO - close: 42.83 change: -1.07

WHAT TO WATCH: Coke has been trending in a descending regression
channel since October.  This channel was tested in December after
Wall Street frowned on the company's decision to stop offering
earnings guidance.  Shares managed to stair-step their way to the
upper trendline, only to be pulled lower again by a weakening Dow
Jones.  Now the stock is in danger of falling out of the
channel's lower band at $42.00.  Pulling up a weekly chart, we
see that KO is also trading near key historical support.  Shares
rebounded from the $42.00 area in both 2000 and 2001.  A move
under this level could send the stock careening towards $35.00.
Although the stock is looking oversold on a short-term basis, a
violation of these support levels could give the bears a second
wind.  P-n-f enthusiasts will also note that a trade at $42.00
would create a double-bottom sell signal.




---

Maxim Integrated Products - MXIM - close: 31.69 change: -1.54

WHAT TO WATCH: Positive news from the Texas Instruments camp
pushed the semiconductor index to a rare gain on Thursday.  That
bullish sentiment completely evaporated today, as the NASDAQ
retraced what was left of its 2003 gains.  The SOX.X found
stubborn intraday resistance at 286 before closing slightly above
support at 281.  A move through this level could open the door
for an eventual test of the 220-240 region.  On a similar note,
MXIM is sitting just above support at $31.00.  Today's 4.6%
decline produced a double-bottom sell signal on the point-and-
figure chart.  The stock has lost a good chunk of its value over
the past seven trading days, but has plenty of room to fall if
the sector continues to sell off.  Prior resistance at $26.00
would provide a reasonable downside profit target.  Conservative
entries can wait for a failed rally near $33.60 to provide an
entry point, while more aggressive traders could watch for a move
below $31.00.




---

Microsoft Corp. - MSFT - close: 49.85 change: -2.43

WHAT TO WATCH: In the wake of Microsoft's downward third-quarter
guidance last week, shares of the company's stock plunged towards
the 200-dma near $52.00.  MSFT then spent the following week
gravitating towards this level while ominously tracing lower
lows.  However, with today's NASDAQ sell-off the stock completely
abandoned its 200-dma.  Shares posted a hefty loss of 4.6% and
moved below both the $52.00 and $50.00 support levels.  With the
stock now trading at multi-month lows, it looks like a
retracement of the rapid October gains might be just around the
corner.  Aggressive traders could evaluate short entries on
further weakness from current levels, with an initial profit-
target near $44.00.  The more prudent approach would be to wait
for a breakdown below bullish p-n-f support at $49.00.  By the
way, did you notice that huge volume today?  That's an indication
that the stock might be losing institutional sponsorship.




---

Gucci Group - GUC - close: 93.85 change: +0.99

WHAT TO WATCH: Gucci was among the handful of possible bullish
plays that we found on Friday.  Shares have been trending higher
for several weeks and are close to breaking above the relative
high of $94.50.  A move above this level could send the stock
towards its 52-week highs near $99.00.  The rising volume and
reversing daily stochastics (5,3,3) suggest shares could see more
upside in the near-term.  Note that GUC tends to get the majority
of its movement through gaps before the opening bell, so
daytraders need not apply.




---

Lucent Technologies - LU - close: 1.98 change: +0.06

WHAT TO WATCH: It wasn't too long ago that Lucent was literally a
penny stock.  But lo and behold, shares have nearly quadrupled
from the all-time low of 55 cents.  LU is now threatening to move
above the $2.00 level, which has thwarted rally attempts on
numerous occasions over the past six months.  The stock also
looks like it could soon close above its 200-dma ($2.11) for the
first time in over a year.  Aggressive traders looking for a
high-risk/high-reward trade could think about going long if LU
rises above this moving average.  In terms of upside targets,
we'd be targeting a rally to the $3.00 area.  That would
represent a gain of roughly 40% from the 200-dma.




---

Placer Dome - PDG - close: 11.90 change: +0.20

WHAT TO WATCH: Gold bugs have been one of the few beneficiaries
of the recent geo-political tensions in the Mideast and
Venezuela.  The persistent uncertainty will probably only
intensify if the U.N. decides on Monday to give weapons
inspectors more time to scour Iraq.  With the market already
selling off and investors growing more fearful (check out that
spike in the VIX.X!), the XAU.X Gold/Silver index plowed through
the $80.00 resistance level on Friday.  The next stop could be
the 52-week highs near $89.00.  We like PDG as a bullish sector
play because the stock is on the verge of breaking through its
own solid resistance at $12.00.  A move above $12.08 (which was
the intraday high over the past two sessions) could potentially
clear the way for a rally to the $13.00-$13.50 area.  A glance at
the p-n-f chart shows that PDG is currently trading at bearish
resistance.  It'll take a trade at $12.50 to violate this trend.




---

Telephone Data Systems - TDS - close: 42.75 change: -1.05

WHAT TO WATCH: It was not a pleasurable week for telecom bulls.
Although investors received good news in the form of QCOM and NOK
earnings, AT&T single-handedly obliterated the chances for a
rally within the sector.  Ma Bell stunned Wall Street with a
quarterly loss of 79 cents and a sizable reduction in sales.  The
company also said it would refrain from giving annual and
quarterly guidance.  Throw in disappointing from Bellsouth (BLS),
and you've got a very bearish fundamental outlook for the telecom
group.  This news helped to push communications equipment maker
TDS to new multi-year lows, which in turn created a double-bottom
breakdown on the p-n-f chart.  While shares may find support at
the psychologically-important $40.00 level, it would not be
surprising to see a near-term decline to the $35.00-$37.00 area.
Short entries could be targeted under today's low ($42.34) or on
a failed rally at $43.00.




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

ALK - Alaska Air reports earnings on January 30th.  While we
wouldn't advise holding over the announcement, nimble short-term
traders might be able to take advantage of a breakdown below
support in the $20.00 area.  Other than the December low of
$19.62, we don't see any potential levels of support until
$18.00.

PG - Weakness in the Dow Industrials has taken its toll on PG.
Shares are trading at relative lows, with only the December low
of $82.00 standing in the way of a retest of the $74-$75 area.
PG has proven to be remarkably resilient over the past month, but
shares will have a tough time snapping back if the company
reports poor earnings on Tuesday.

STI - Shares of this banking stock are in danger of breaking
below solid support at $56.00.  If this level gives way there are
no major obstacles to prevent a retest of the October lows near
$52.00.

TJX - The chart for TJX bares a striking resemblance to that of
JWN, which was added tonight to the bearish play list.  TJX is
trading just above a "fast-move" region, with the next support
level near $16.00.  Watch for a move under the November low of
$18.90 to yield a possible bearish action point.

HD - Another weak retail stock.  Home Depot is at multi-year lows
after giving a triple-bottom p-n-f breakdown at $24.00.  Short
entries can be evaluated on a move below $21.00, but remember
that the bulls may defend psychological support at $20.00.


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

Breakdown
by Steven Price

We saw quite a breakdown today following yesterday's bounce off
support in the major averages. The Dow not only closed below 8300
for the first time since October 17, but also took out the
November 19 intraday low just below 8200 decisively on a closing
basis.  That November low was the last visible bastion of support
in the 8200-8300 range that has served as a floor for the last
three months.  At the end of the day, we had seen massive
bleeding across all sectors.  The Dow dropped 238 points, the SPX
lost 25.94 and the Nasdaq Composite lost 46.14.  The Dow and SPX
both completed what looks like a head and shoulders pattern, with
neckline breaks at 8200 and 865.  The downside measuring
objective of those patterns are around Dow 7500 and SPX 787.
Traders need to be careful, however, since much of today's sell-
off was attributed to investor fear ahead of Monday's U.N.
Weapons Inspector report, and the President's State of the Union
address on Tuesday.  The news-event related sell-off can be
tricky to decipher, but there was nonetheless overpowering
selling power today.  Traders should be always be skeptical,
however, when a news event triggers a move in one direction and
use tight stops in case of a snap back when the fear abates. The
general rule is that the longer support or resistance has been in
place, the more significant will be the breakout or breakdown.
That 8200-8300 level not only served as support over the last
three months, but also served as a breakdown level in the July to
September head and shoulders formation that fulfilled its
measuring objective down to 7200.   That support seems awfully
significant and the breakdown should be, as well.  Traders can
see the similarities between the two patterns highlighted on the
Dow chart in the latest Swing Trade Wrap.

Thursday night's earnings reports were generally on the positive
side, and the timing of the Friday sell-off seems more geo-
political than stock related.  Traders who want to avoid the
whipsawing that might go on next week may have to sit on the
sidelines until after Wednesday's U.N. meeting to discuss Iraq,
before finding out just what the immediate future holds.  It
appears for the moment that it will be tough to get a resolution
next week to invade the country, but the U.S. seems to be
lobbying hard for one.  Certainly a lot can happen during the
week and we can expect some schizophrenic movement.  We already
know what the U.S. would like to do and next week's market
activity will likely depend on the actions of the international
community.

The selling hit all sectors, unlike Thursday, when just a few
stocks dragged down the Dow and S&P before a late day rally
provided a bounce after what was then a 500-point sell-off from
the year's high on January 14. Today showed either basic fear, or
a combination of fear and the fact that investors were
unimpressed with results from Amazon, Starbucks, PMC-Sierra,
Broadcom, KLA-Tencor, Genesis Microchip and Nortel, all of which
beat earnings estimates for last quarter. Of course, KLAC also
gave disappointing orders and shipment guidance for the March
2003 quarter.  On the positive side, however, Broadcom guided
higher, in spite of the resignation of its CEO.  The earnings
beats were largely ignored in today's sell-off.  While a few of
those stocks (AMZN, SBUX, NT) finished the day higher, they
couldn't rescue their sectors. The bleeding certainly fits the
recent sentiment, during which we've seen selling in the face of
decent results. This seems to be the opposite of what we got last
fall, when we rallied significantly in the face of multiple
warnings and earnings misses.

Since it is impossible for the small trader to know how geo-
political events will pan out, we are left with a "trade what you
see" approach.  Right now what we see is significant selling
through longtime support and the completion of a bearish head and
shoulders neckline break.  Next week's trading is not for those
with a conservative approach, but one thing is certain: the trend
remains down.  If we were going to get a bounce, it was most
likely from the support level that was broken today. That didn't
happen, and although we are likely to get a bounce from the 8000
level in the Dow, that round number does not have nearly the
recent historical significance as the level we erased today.
-----------------------------------------------------------------

Market Averages

DJIA ($INDU)

52-week High: 10673
52-week Low :  7197
Current     :  8131

Moving Averages:
(Simple)

 10-dma: 8602
 50-dma: 8584
200-dma: 8866

S&P 500 ($SPX)

52-week High: 1176
52-week Low :  768
Current     :  861

Moving Averages:
(Simple)

 10-dma:  903
 50-dma:  906
200-dma:  940

Nasdaq-100 ($NDX)

52-week High: 1734
52-week Low :  795
Current     :  996

Moving Averages:
(Simple)

 10-dma: 1046
 50-dma: 1049
200-dma: 1047
-----------------------------------------------------------------

The Gold and Silver Index (XAU.X):  The SOX is making a comeback.
In spite of a sell-off in Dell, the chip stocks rallied back
through the pivotal 330 mark after bouncing from the 50-dma at
321.  The latest pullback to that average and then subsequent
move higher, appears as though we are seeing more than just an
oversold bounce. The December high in the SOX was 393, which
closely coincided at that time with its bullish vertical count
just over 400 on the point and figure chart. The current count is
448 and if we get the next buy signal, which comes at either 344
or 345, depending on whether you use a 5-point box, or
traditional measure, it is possible we could make another run.
There is bearish resistance just over 350, so traders can target
a move over the August high of 367 for confirmation of the
bullish move.  If we reach that level, it is likely the Dow, SPX
and OEX will all have reached buy signals as well.

52-week High: 89
52-week Low : 54
Current     : 82

Moving Averages:
(Simple)

 10-dma: 77.22
 50-dma: 72.47
200-dma: 71.52
-----------------------------------------------------------------

The VIX, which has been a reliable indicator of both equity
support on its rallies to the 100-ema and equity resistance on
its drops to 26, broke the 100-ema decisively today.  It also
broke through horizontal resistance at 35 that had coincided with
that 100-ema on the last three VIX spikes.  The indication is
that we are seeing plenty of downside fear ahead of the weekend
and next week's geo-political ramifications. Of course, today's
Dow drop through longstanding support coincided with the jump
through VIX resistance and both are signaling a further drop in
the equity markets.

CBOE Market Volatility Index (VIX) = 35.77 +4.80
Nasdaq-100 Volatility Index  (VXN) = 45.05 +1.78
-----------------------------------------------------------------

          Put/Call Ratio  Call Volume   Put Volume

Total          0.83        564,561       468,281
Equity Only    0.64        411,506       263,970
OEX            1.11         24,805        27,460
QQQ            0.80         63,970        51,141
-----------------------------------------------------------------

Bullish Percent Data

           Current   Change   Status
NYSE          49.4    - 1     Bull Confirmed
NASDAQ-100    52.0    - 5     Bear Confirmed
Dow Indust.   40.0    - 3     Bear Confirmed
S&P 500       54.0    - 2     Bull Correction
S&P 100       50.0    - 4     Bear 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  1.61
10-Day Arms Index  1.37
21-Day Arms Index  1.34
55-Day Arms Index  1.29

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        684          2197
NASDAQ      844          2307

        New Highs      New Lows
NYSE        107              85
NASDAQ      75               72

        Volume (in millions)
NYSE       1,838
NASDAQ     1,560
-----------------------------------------------------------------

Commitments Of Traders Report: 01/21/02

Weekly COT report discloses positions held by small specs
and commercial traders of index futures contracts at the
Chicago Mercantile Exchange and Chicago Board of Trade. COT data
can be found at www.cftc.gov.

Small specs are the general trading public with commercials being
financial institutions. Commercials are historically on the
correct side of future trend changes while small specs tend
to be wrong.

S&P 500

Commercials added similar amounts to both sides, ending the
period slightly less short, but not by a significant percentage.
Small traders also added similar amounts to both sides, finishing
the period with an additional 1,000 long contracts overall.

Commercials   Long      Short      Net     % Of OI
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%)
01/21/03      415,028   456,885   (41,857)   (4.8%)

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
12/31/02      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%
01/23/03      148,227    95,356    52,871     21.7%

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 decreased long positions by 1,000 contracts, while
adding almost 5,000 contracts to the short side.  Small traders
added 5,000 contracts to the long side, while reducing shorts by
1,500.

Commercials   Long      Short      Net     % of OI
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%)
01/23/03       37,174     49,789   (12,615) (14.5%)

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
12/31/02       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%
01/23/03       25,852     6,764    19,088    58.5%

Most bearish reading of the year: (10,769) - 06/11/02
Most bullish reading of the year:  19,088  - 01/21/02

DOW JONES INDUSTRIAL

Commercials added 1,000 contracts to the long side, while
reducing shorts by 1,400.  Small traders added approximately 600
contracts to both sides, leaving the net virtually unchanged.

Commercials   Long      Short      Net     % of OI
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%
01/23/03       16,901    11,031    5,870      21.0%

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
12/31/02        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%)
01/23/03        5,120     8,282    (3,162)   (23.6%)

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




=================================================================
To stop receiving this PremierInvestor.net Newsletter,
send email to Contact Support
=================================================================
DISCLAIMER
=================================================================

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

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

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

For more information on advertising in PremierInvestor.net
Newsletter, or any Premier Investor Network newsletter please
contact Contact Support.

*****************************************************************

Copyright ) 2003  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter          Weekend Edition 01-24-2003
                                                    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
  Bearish Play Updates:  EXPE

Stock Bottom / Active Trader
  New Bearish Plays:     JWN
  Bullish Play Updates:  BSX, CI, FRX
  Bearish Play Updates:  CTAS, DLX
  Closed Bullish Plays:  RJR


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

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

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

Biotech HOLDRS - BBH - close: 89.54 change: -2.66 stop: 86.94

The $90.00 support region that we discussed yesterday initially
showed signs of holding on Friday morning.  Alas, the steep
broader market sell-off was more than the bulls could handle.
The BTK.X biotech index and BBH moved lower with the NASDAQ
throughout the session as nearly all noteworthy sector stocks
finished solidly in the red.  As expected, Amgen lost some ground
following its in-line earnings report.  Shares pulled back by
2.3% but still managed to close above Thursday's low.  Meanwhile,
BGEN gave back another 2% and continued to gravitate towards
support at $35.00.  With the $90.00 level now broken, we'll be
looking for the BBH to find support at its 21-dma ($88.93) or 50-
dma ($88.61).  Conservative traders may want to use a stop
slightly below the latter level.  For the time being we'll keep
our stop set at $86.94.  The biotech sector looks like it wants
to keep moving higher (the BBH showed relative strength versus
the NASDAQ today), but it'll probably take a broader market
rebound to put the bulls back in control.  Speculative traders
could think about adding long positions on a rebound from the 50-
dma.

Picked on January 16th at $92.12
Results since picked:      -2.58
Earnings Date                N/A




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

Expedia Inc. - EXPE - close: 63.76 change: -0.91 stop: 68.01

It was a slow drift lower for EXPE on Friday.  After posting an
intraday high slightly below $65.00 early in the morning, shares
bled gradually lower with the overall market.  The shallow of the
nature of this downtrend helps to explain the stock's relative
strength - EXPE finished with a 1.4% loss, while the NASDAQ gave
back 3.3%.  Bulls will point out that shares also held above the
200-dma at $63.33.  On a more negative technical note, it was
encouraging to see that today's decline came on stronger volume
compared to the past two days of gains.  Furthermore, the daily
chart shows a trend of lower highs that has not been broken for
over a week.  While shares have thus far managed to stabilize
above the 200-dma, this moving average will probably fail if the
NASDAQ continues to move sharply lower.  New entries could be
targeted on a move under the relative low of $62.76.
Conservative traders may also want to use a stop-loss just above
the weekly high of $66.29.  Our stop is still located at $68.01.

Picked on January 22nd at $63.37
Results since picked:      -0.39
Earnings Date           02/05/03 (confirmed)






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

============
AT New Plays
============

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

Nordstrom Inc - JWN - close: 18.19 change: -0.45 stop: *text*

Company Description:
Nordstrom, Inc. is one of the nation's leading fashion specialty
retailers, with 143 US stores located in 27 states. Founded in
1901 as a shoe store in Seattle, today Nordstrom operates 88
full-line stores, 48 Nordstrom Racks, five Faconnable boutiques,
one free-standing shoe store, and one clearance store. (source:
company website)

Why We Like It:
Nordstrom was actually one of the few apparel retailers that
posted an increase in business for December.  On January 8th the
company reported that same-store sales for the month were up by 3.4%.
While these numbers (which were in-line with analyst
expectations) were good for a quick pop in shares of JWN, the
chances for any sustainable rally were nullified by the
overwhelming lack of strength in its fellow retailers.  FD, JCP,
KSS, and MAY have all reported weak sales and/or bearish forward-
looking guidance.  Nordstrom may have been able to stay in the
green last month, but if the entire sector is suffering to this
extent it may only be a matter of time before the company (and
stock) succumb to the industry-wide weakness.  With the prospect
of war looming overhead, many investors are also fearful that a
decline in consumer confidence could be just around the corner.

The daily chart for JWN reflects these concerns.  After
repeatedly failing to move above resistance at $19.50 (which
roughly coincides with the 100-dma), shares fell below short-term
support at $18.75.  The stock then proceeded to test the December
lows at $18.00.  A two-day rebound off this level was largely
erased by today's 2.4% decline.  The steady increase in volume
over the past week is a sign that the bears are gaining momentum.
On the point-and-figure chart, we see that JWN has already broken
its bullish support trend after rolling over from bearish
resistance.  It's also interesting to note that a trade at $17.50
would create a double-bottom sell signal.  Our trigger for this
short play is set at $17.98.  Should the $18.00 level give way,
we think shares could quickly move down to the $15.50-$16.00
area.  Our stop loss (if the play is activated) will be set at
$19.06.  This will set up a risk/reward ratio of roughly 1:2.
More conservative traders may want to use a stop just above
Thursday's high of $18.72.  On a final sector-related note,
retail bulls should be highly concerned about the recent action
in sector leader Wal-Mart.  Shares are currently trading at
multi-month lows after falling below support at $48.00.

Picked on January xxth at $xx.xx <- see text
Results since picked:      +0.00
Earnings Date           02/20/03 (confirmed)





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

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

Boston Scientific - BSX - cls: 43.77 chg: -1.11 stop: 43.11

Earlier this week BSX bounced back after breaking below its
ascending regression channel.  Shares subsequently found support
at this rising trend of higher lows.  However, that level gave
way on Friday as the major market indexes moved sharply lower.
Shares also broke below the 21-dma and finished near the worst
levels of the session.  If you're an optimist you'll be
encouraged by the fact that BSX's 2.4% decline was slightly
better than the 2.8% loss posted by the Dow Jones.  Indeed, it
doesn't seem as though the stock is weak on its own merits.
After all, BSX was trading at multi-year highs as recently as
Monday.  Shares just haven't been able to shake the broader
market weakness.  We'd expect to be stopped out next week if the
Dow Jones continues towards the 8000 area.  More aggressive
traders may want to force BSX to trade below the 50-dma at
$42.66.  In the news today, Boston Scientific said that it would
participate in Piper Jaffray's Health Care conference next week.
The company's CFO is scheduled to make a presentation on January
30th.

Picked on December 20th at $44.01
Results since picked:       -0.24
Earnings Date            02/04/03 (confirmed)




---

Cigna Corp. - CI - close: 43.50 change: -1.36 stop: 42.94 *new*

CI broke out of its Inside Day formation on Friday, but not in
the direction we hoped it would.  At first glance it looks like
the stock simply fell victim to the general bearish trend in the
equity market.  A closer examination of the insurance group,
however, reveals that sector weakness was the primary culprit for
Cigna's 3.0% decline.  The IUX.X insurance index underperformed
the Dow Jones with a loss of more than 5%.  The source of this
negativity was a Morgan Stanley downgrade of the entire property-
casualty industry on Friday morning.  The firm also slashed
ratings on seven specific stocks, based on its belief that rates
have maxed out.  While Cigna is a healthcare insurance provider,
the weakness in its property/casualty brethren was enough to drag
the stock down to its 21-dma at $43.50.  Shares closed right on
this moving average, offering hope for a possible rebound on
Monday.  But in light of the current weakness in both the
insurance group and the overall market, it looks like CI could
test the $43.00 region within the next few sessions.  We're going
to raise our stop to $42.94, slightly below this area of previous
congestion.  We would not advise taking new long positions at
this time.

Picked on January 14th at $45.01
Results since picked:      -1.51
Earnings Date           02/07/03 (confirmed)




---

Forest Labs - FRX - close: 52.01 change: -0.86 stop: 49.74

The bullish momentum from Thursday's late-session rally carried
over into FRX's early trading on Friday.  Shares gapped slightly
higher and quickly reached our entry trigger at $53.01.  If you
were watching the market today then you probably have a good idea
of what happened next.  Widespread weakness in nearly every
sector (including pharmaceuticals) dragged FRX back to its 50-dma
at $51.49.  The subsequent rebound from this moving average is a
positive development for the bulls.  We're also encouraged by the
fact that FRX outperformed both the DRG.X pharmaceutical index
and Dow Jones with a loss of only 1.6%.  This leads us to believe
that shares will be able to move towards the $56.00 level if the
market stabilizes.  New entries could be gauged on a move above
today's high of $53.39.  We've attempted to limit downside risk
with a stop at $49.74.  More aggressive traders could use a stop
slightly below $49.00.

Picked on January 24th at $53.01
Results since picked:      -1.00
Earnings Date           01/16/02 (confirmed)




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

Cintas Corp. - CTAS - close: 41.40 change: -1.31 stop: 42.27 *new*

Ouch!  It's starting to get rather ugly out there with investors
cashing in some chips as Wall Street waits to hear the next step
by Hans Blix and President Bush in this Iraqi inspired drama.
CTAS suffered a 3% loss on Friday following similar losses in the
Industrials and the Nasdaq Composite.  Obviously as bears in this
play we're encouraged by the move but the stock is so very short-
term oversold we could see a big move up at any time.  Therefore,
we're adjusting our game plan a bit.  First, we do not recommend
any new shorts at this time.  Second, we reiterate our exit price
of $40.26.  You may want to adjust yours to your liking.  For
you, the appropriate target may be $40.00 or $41.00.  We are
going to move our hypothetical stop loss down to $42.27.  This
should protect a 5% gain in the play.  Currently, Premier has a
6.9% gain.  Again, we stress that the stock looks very oversold
despite the very bearish close under $42.  In the news, Cintas
Corp announced they were raising their annual dividend from 25
cents a share to 27 cents a share.  The dividend is payable on
March 14th to shareholders on record as of Feb. 7, 2003.

Picked on January 17th at $44.49
Results since picked:      +3.09
Earnings Date:          12/19/02 (confirmed)




---

Deluxe Corp. - DLX - close: 39.51 change: +0.02 stop: 41.34

Shares of Deluxe Corp displayed a very surprising show of
strength today, especially in light of the 238-point drop in the
Dow Jones Industrials.  We suspect that yesterday's and today's
green candles, as small as they are they are still green, is
partially due to the positive press being garnered by sector-mate
Moore (MCL).  MCL reaffirmed earnings on Thursday and Friday
garnered a lot of attention with a merger with Wallace Computer.
We don't feel that DLX bears should be too worried.  DLX has
remained under the $40 level thus far but it helps to know where
any unknown strength might be coming from.  This still looks like
a potential entry point for new bearish positions but
conservative traders might consider using the $40 mark as a
potential stop loss level.  This would seriously limit possible
exposure (there is always a risk of an opening gap).

Picked on December 4th at $41.28
Results since picked:      +1.77
Earnings Date           01/30/03 (confirmed)





===============
AT Closed Plays
===============

  --------------------
  Closed Bullish Plays
  --------------------

RJ Reynolds - RJR - close: 43.59 change: -0.78 stop: 43.88

With RJR showing disconcerting weakness on Thursday, we bumped
this play's stop-loss up to $43.88.  Previously RJR had been
attracting defensive buying - moving higher even when the rest of
the market was selling off.  This trend was absent for most of
the week, and Friday's action was no exception.  Of course with
the Dow plummeting by 238 points, the only real beneficiary of
defensive sector rotation was the gold group.  Everything else,
from tobacco to tech, was subjected to selling pressure.  Our
long play was closed for a loss of 3.1% early in the day.  Shares
continued to move lower before basing out above previous
resistance at $43.00.  With a good deal of underlying congestion,
long-term traders should be watching for the stock to remain
above its rising 50-dma at $41.73.  Those who are still holding
on to bullish positions also need to remember that RJR announces
earnings on Tuesday.

Picked on January 15th at $45.33
Results since picked:      -1.45
Earnings Date           01/28/03 (confirmed)







=================================================================
To stop receiving this PremierInvestor.net Newsletter,
send email to Contact Support
=================================================================
DISCLAIMER
=================================================================

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

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

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

For more information on advertising in PremierInvestor.net
Newsletter, or any Premier Investor Network newsletter please
contact Contact Support.

*****************************************************************

Copyright ) 2003  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter         Weekend Edition 01-24-2003
                                                   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 27th
   - Major Earnings
   - Stock Splits
   - Economic Reports

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


==========================================
Market Watch for the week of January 27th
==========================================

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

Symbol  Company               Date           Comment      EPS Est

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

AAA    Altana AG             Mon, Jan 27  -----N/A-----        N/A
AXP    American Express Co   Mon, Jan 27  After the Bell      0.51
BOH    Bank of Hawaii Corp   Mon, Jan 27  Before the Bell     0.44
BEC    Beckman Coulter       Mon, Jan 27  Before the Bell     0.85
CP     Canadian Pac Railway  Mon, Jan 27  After the Bell      0.46
CNF    CNF Inc.              Mon, Jan 27  After the Bell      0.44
CTC    Co de Telecom Chile   Mon, Jan 27  -----N/A-----       0.03
DOV    Dover Corporation     Mon, Jan 27  After the Bell      0.30
ESA    Extended Stay America Mon, Jan 27  After the Bell      0.10
FCNCA  First Ctzens BncShrs  Mon, Jan 27  -----N/A-----        N/A
FTI    Fmc Technologies, Inc Mon, Jan 27  After the Bell      0.33
FRE    Freddie Mac           Mon, Jan 27  Before the Bell     1.28
HMY    Harmony Gold Mining   Mon, Jan 27  Before the Bell      N/A
HIG    Hartford Finl Serv    Mon, Jan 27  After the Bell      1.10
HLT    Hilton Hotels Corp    Mon, Jan 27  Before the Bell     0.10
IDXX   Idexx Laboratories    Mon, Jan 27  Before the Bell     0.36
KMB    Kimberly Clark        Mon, Jan 27  Before the Bell     0.74
LEA    Lear Corp.            Mon, Jan 27  Before the Bell     1.63
MDU    MDU Resources         Mon, Jan 27  -----N/A-----       0.49
WFR    MEMC Electronic Mat   Mon, Jan 27  After the Bell      0.08
MEOH   Methanex              Mon, Jan 27  -----N/A-----       0.48
NFG    National Fuel Gas Co  Mon, Jan 27  After the Bell      0.51
OGE    OGE Energy            Mon, Jan 27  Before the Bell      N/A
PKI    PerkinElmer           Mon, Jan 27  -----N/A-----       0.13
SAFC   SAFECO Corp.          Mon, Jan 27  -----N/A-----       0.55
SO     Southern Company      Mon, Jan 27  Before the Bell     0.16
SYK    Stryker               Mon, Jan 27  After the Bell      0.50
SYY    SYSCO Corporation     Mon, Jan 27  Before the Bell     0.28
SPC    The St. Paul Co Inc.  Mon, Jan 27  Before the Bell     0.83
TSN    Tyson Foods           Mon, Jan 27  -----N/A-----       0.16
UDI    United Dfnse Ind      Mon, Jan 27  Before the Bell     0.51


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

AFCI   Advanced Fibre Com    Tue, Jan 28  After the Bell      0.05
ADVP   AdvancePCS            Tue, Jan 28  After the Bell      0.44
AME    AMETEK Inc.           Tue, Jan 28  After the Bell      0.63
AWE    AT&T Wireless         Tue, Jan 28  -----N/A-----      -0.02
AVY    Avery Dennison Corp   Tue, Jan 28  During the Market   0.68
BGEN   Biogen, Inc.          Tue, Jan 28  Before the Bell     0.42
BOW    Bowater Incorporated  Tue, Jan 28  Before the Bell    -0.78
BCR    C.R. Bard, Inc.       Tue, Jan 28  After the Bell      0.88
CECO   Career Education      Tue, Jan 28  After the Bell      0.59
GIB    CGI Group             Tue, Jan 28  Before the Bell      N/A
CNX    CONSOL Energy         Tue, Jan 28  -----N/A-----      -0.01
CPO    Corn Products Intl    Tue, Jan 28  Before the Bell     0.38
CYMI   Cymer, Inc.           Tue, Jan 28  After the Bell      -0.12
CYTC   Cytyc Corporation     Tue, Jan 28  After the Bell      0.13
DO     Diamond Ofshre Drllng Tue, Jan 28  Before the Bell     0.04
DST    DST Systems           Tue, Jan 28  After the Bell      0.44
DUK    Duke Energy Corp      Tue, Jan 28  Before the Bell     0.29
DD     DuPont                Tue, Jan 28  Before the Bell     0.32
ENT    Equant NV             Tue, Jan 28  After the Bell       N/A
GLK    Great Lakes Chemical  Tue, Jan 28  After the Bell      0.15
IMN    Imation Corp.         Tue, Jan 28  Before the Bell     0.47
ISIL   Intersil Corporation  Tue, Jan 28  After the Bell      0.18
KSE    KeySpan               Tue, Jan 28  Before the Bell     0.93
KFT    Kraft Foods           Tue, Jan 28  After the Bell      0.52
LLL    L-3 Comm Holdings     Tue, Jan 28  Before the Bell     0.77
MRK    Merck & Co., Inc.     Tue, Jan 28  Before the Bell     0.83
MDP    Meredith Corporation  Tue, Jan 28  Before the Bell     0.38
MGG    MGM MIRAGE            Tue, Jan 28  Before the Bell     0.25
MLNM   Millennium Pharms     Tue, Jan 28  After the Bell     -0.27
MUR    Murphy Oil Corp       Tue, Jan 28  After the Bell      0.55
NEU    Neuberger Berman      Tue, Jan 28  Before the Bell     0.39
NU     Northeast Utilities   Tue, Jan 28  Before the Bell     0.30
NOC    Northrop Grumman      Tue, Jan 28  Before the Bell     1.66
NVLS   Novellus Systems, Inc Tue, Jan 28  -----N/A-----       0.10
OEI    Ocean Energy, Inc.    Tue, Jan 28  Before the Bell     0.39
ORI    Old Republic Intl     Tue, Jan 28  -----N/A-----       0.82
OI     Owens Illinois        Tue, Jan 28  After the Bell      0.34
PBG    Pepsi Bottling Group  Tue, Jan 28  Before the Bell     0.17
PAS    PepsiAmericas         Tue, Jan 28  After the Bell      0.08
PBI    Pitney Bowes Inc.     Tue, Jan 28  After the Bell      0.64
PMI    PMI Group             Tue, Jan 28  Before the Bell     0.97
PG     Procter & Gamble Co   Tue, Jan 28  -----N/A-----       1.12
PEG    PSEG                  Tue, Jan 28  Before the Bell     1.14
PHM    Pulte Homes Inc.      Tue, Jan 28  Before the Bell     2.65
RJR    R.J. Reynlds Tobacco  Tue, Jan 28  Before the Bell     0.40
SBC    SBC Communications    Tue, Jan 28  Before the Bell     0.62
SEE    Sealed Air            Tue, Jan 28  -----N/A-----       0.66
SEPR   Sepracor              Tue, Jan 28  -----N/A-----      -1.21
SKFR   SKF AB                Tue, Jan 28  Before the Bell      N/A
STJ    St. Jude Medical, Inc Tue, Jan 28  08:00 am ET         0.39
SY     Sybase                Tue, Jan 28  Before the Bell     0.29
TECH   Techne                Tue, Jan 28  Before the Bell     0.25
MHP    The McGraw-Hill Com   Tue, Jan 28  Before the Bell     0.67
NYT    The New York Tms Co   Tue, Jan 28  Before the Bell     0.67
TRP    TransCanada Pipelines Tue, Jan 28  -----N/A-----       0.24
TSM    TSMC                  Tue, Jan 28  -----N/A-----       0.03
UPS    UN PARCEL SERVICE INC Tue, Jan 28  Before the Bell     0.57
X      Un States Stl Corp.   Tue, Jan 28  -----N/A-----       0.57
VLO    Valero Energy Corp.   Tue, Jan 28  Before the Bell     0.71
VRTS   VERITAS Sftwre Corp   Tue, Jan 28  After the Bell      0.14
WDR    Waddell & Reed Finl   Tue, Jan 28  Before the Bell     0.26
WAT    Waters Corporation    Tue, Jan 28  Before the Bell     0.39
WWY    Wm. Wrigley Jr. Co.   Tue, Jan 28  -----N/A-----       0.46
WYE    WYETH                 Tue, Jan 28  Before the Bell     0.64
XRX    Xerox Corporation     Tue, Jan 28  Before the Bell    -0.10

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

ABY    Abitibi-Consolidated  Wed, Jan 29  Before the Bell      N/A
AMG    Affiliated Managrs GrpWed, Jan 29  -----N/A-----       1.10
AFFX   Affymetrix            Wed, Jan 29  After the Bell      0.06
ARG    Airgas                Wed, Jan 29  After the Bell      0.21
AGN    Allergan              Wed, Jan 29  -----N/A-----       0.53
ADS    Alliance Data Systems Wed, Jan 29  -----N/A-----       0.18
AOL    AOL Time Warner       Wed, Jan 29  After the Bell      0.26
AJG    Arthur J. Gallagher.  Wed, Jan 29  After the Bell      0.42
BLL    Ball Corporation      Wed, Jan 29  Before the Bell     0.49
STD    Bnc Sntndr Cntrl Hisp Wed, Jan 29  Before the Bell      N/A
BCE    BCE                   Wed, Jan 29  Before the Bell     0.27
BOBJ   Business Objects      Wed, Jan 29  After the Bell      0.17
CHIR   Chiron                Wed, Jan 29  After the Bell      0.33
CCE    Coca-Cola Enterprises Wed, Jan 29  Before the Bell     0.12
COP    ConocoPhillips        Wed, Jan 29  Before the Bell     1.11
CAM    Cooper Cameron        Wed, Jan 29  -----N/A-----       0.39
COCO   Corinthian Colleges   Wed, Jan 29  Before the Bell     0.31
TEU    CP Ships              Wed, Jan 29  Before the Bell     0.26
CUM    Cummins Inc.          Wed, Jan 29  Before the Bell    -0.15
DL     Dial                  Wed, Jan 29  Before the Bell     0.30
DBD    Diebold               Wed, Jan 29  Before the Bell     0.70
RDY    Dr. Reddy's Labs      Wed, Jan 29  -----N/A-----        N/A
DRE    Duke Realty Corp      Wed, Jan 29  -----N/A-----       0.59
ERTS   Electronic Arts       Wed, Jan 29  After the Bell      1.57
ENB    Enbridge Inc.         Wed, Jan 29  -----N/A-----        N/A
EGN    Energen               Wed, Jan 29  -----N/A-----       0.46
ESV    ENSCO International   Wed, Jan 29  Before the Bell     0.24
EXC    Exelon Corporation    Wed, Jan 29  -----N/A-----       1.17
FNF    Fidelity National FinlWed, Jan 29  Before the Bell     1.54
FDRY   Foundry Networks      Wed, Jan 29  After the Bell      0.06
GGB    Gerdau S.A.           Wed, Jan 29  -----N/A-----       0.72
GSF    GlobalSantaFe Corp.   Wed, Jan 29  Before the Bell     0.27
HSY    Hershey Foods Corp    Wed, Jan 29  Before the Bell     1.02
ITW    Illinois Tool Works   Wed, Jan 29  Before the Bell     0.72
NDE    IndyMac Bancorp, Inc. Wed, Jan 29  Before the Bell     0.63
KMT    Kennametal Inc.       Wed, Jan 29  Before the Bell     0.28
KMG    Kerr-McGee            Wed, Jan 29  -----N/A-----       0.62
LEG    Leggett & Platt       Wed, Jan 29  After the Bell      0.24
MAN    Manpower              Wed, Jan 29  Before the Bell     0.45
MXIM   Maxim Integrated Prds Wed, Jan 29  After the Bell      0.23
MKC    McCormick & Company   Wed, Jan 29  Before the Bell     0.55
MWV    MeadWestvaco          Wed, Jan 29  Before the Bell     0.07
MEG    Media General         Wed, Jan 29  Before the Bell     0.87
NBL    Noble Energy, Inc.    Wed, Jan 29  -----N/A-----       0.33
NSC    Norfolk Southern Corp Wed, Jan 29  Before the Bell     0.30
NBP    Northern Border Part  Wed, Jan 29  After the Bell      0.65
NCX    Nova Chemical         Wed, Jan 29  Before the Bell    -0.24
OXY    Occidental Petro Corp Wed, Jan 29  Before the Bell     0.78
PPDI   Pharm Prod Devel      Wed, Jan 29  After the Bell      0.36
PD     Phelps Dodge          Wed, Jan 29  Before the Bell    -0.47
MO     Philip Morris Co Inc. Wed, Jan 29  -----N/A-----       0.92
PX     Praxair Inc           Wed, Jan 29  Before the Bell     0.84
PLD    ProLogis Trust        Wed, Jan 29  After the Bell      0.61
RBK    Reebok                Wed, Jan 29  Before the Bell     0.25
SEIC   SEI Investments       Wed, Jan 29  Before the Bell     0.32
SSCC   Smurfit-Stone Cont Co Wed, Jan 29  Before the Bell     0.12
SON    Sonoco Products       Wed, Jan 29  Before the Bell     0.37
SNE    Sony Corporation      Wed, Jan 29  -----N/A-----        N/A
HOT    Starwood Htls & Rsrts Wed, Jan 29  Before the Bell     0.21
TRB    Tribune               Wed, Jan 29  Before the Bell     0.55
UGI    UGI                   Wed, Jan 29  -----N/A-----       1.06
UMC    United Microelec Co   Wed, Jan 29  -----N/A-----       0.00
UCL    Unocal                Wed, Jan 29  Before the Bell     0.45
VVC    Vectren Corporation   Wed, Jan 29  After the Bell      0.64
VZ     Verizon               Wed, Jan 29  Before the Bell     0.79
GWW    W.W. Grainger         Wed, Jan 29  Before the Bell     0.66
WGL    WGL Holdings          Wed, Jan 29  After the Bell      0.79
WIN    Winn-Dixie Stores     Wed, Jan 29  After the Bell      0.41
XEL    Xcel Energy           Wed, Jan 29  -----N/A-----       0.32
ZMH    Zimmer Inc.           Wed, Jan 29  After the Bell      0.34


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

AGRa   Agere Systems         Thu, Jan 23  Before the Bell    -0.08
AFL    AFLAC Incorporated    Thu, Jan 30  After the Bell      0.41
AC     Alliance Capl Mana    Thu, Jan 30  -----N/A-----       0.48
AT     ALLTEL Corp.          Thu, Jan 30  -----N/A-----       0.82
AHC    Amerada Hess          Thu, Jan 30  -----N/A-----       1.56
ASD    American Standard     Thu, Jan 30  -----N/A-----       1.00
APA    Apache Corporation    Thu, Jan 30  Before the Bell     1.27
AZN    AstraZeneca PLC       Thu, Jan 30  Before the Bell     0.41
BBV    Banco Blbo Vizcaya    Thu, Jan 30  -----N/A-----        N/A
BCH    Banco de Chile        Thu, Jan 30  -----N/A-----       0.22
BOL    Bausch & Lomb         Thu, Jan 30  Before the Bell     0.55
BE     BearingPoint, Inc.    Thu, Jan 30  Before the Bell     0.10
BDK    Black & Decker Corp   Thu, Jan 30  -----N/A-----       1.02
BC     Brunswick Corporation Thu, Jan 30  Before the Bell     0.20
CAJ    Canon                 Thu, Jan 30  -----N/A-----        N/A
CTL    CenturyTel, Inc.      Thu, Jan 30  Before the Bell     0.53
CME    Chicago Merc Exchange Thu, Jan 30  Before the Bell      N/A
COLM   Columbia Sportswear   Thu, Jan 30  -----N/A-----       0.63
CGI    Commerce Group        Thu, Jan 30  -----N/A-----       1.02
COT    Cott Corporation      Thu, Jan 30  Before the Bell     0.17
CSX    CSX                   Thu, Jan 30  Before the Bell     0.57
DHR    Danaher               Thu, Jan 30  Before the Bell     0.77
DLX    Deluxe Corporation    Thu, Jan 30  Before the Bell     0.76
EMN    Eastman Chemical Co   Thu, Jan 30  After the Bell      0.02
EPN    El Paso Energy Part   Thu, Jan 30  Before the Bell     0.25
EN     Enel S.p.A.           Thu, Jan 30  -----N/A-----        N/A
EQT    Equitable Res         Thu, Jan 30  Before the Bell     0.67
XOM    Exxon Mobil Corp      Thu, Jan 30  -----N/A-----       0.50
FHR    Fairmont Htl & ResortsThu, Jan 30  -----N/A-----       0.14
FLR    Fluor Corporation     Thu, Jan 30  After the Bell      0.55
GMT    GATX Corporation      Thu, Jan 30  -----N/A-----       0.32
GILD   Gilead Sciences       Thu, Jan 30  After the Bell      0.14
GFI    Gold Fields Limited   Thu, Jan 30  Before the Bell     0.17
GDT    Guidant               Thu, Jan 30  Before the Bell     0.61
HAR    Harman Intl Ind       Thu, Jan 30  -----N/A-----       0.77
HSC    Harsco Corporation    Thu, Jan 30  Before the Bell     0.56
HHS    Harte-Hanks           Thu, Jan 30  Before the Bell     0.26
HR     Healthcare Realty TrstThu, Jan 30  After the Bell      0.68
ICOS   ICOS Corporation      Thu, Jan 30  After the Bell     -0.75
IDPH   IDEC Pharmaceuticals  Thu, Jan 30  After the Bell      0.24
IGL    IMC Global            Thu, Jan 30  -----N/A-----      -0.07
IP     International Paper   Thu, Jan 30  Before the Bell     0.27
JNS    Janus Capital Group   Thu, Jan 30  Before the Bell     0.15
JBLU   JetBlue Airways       Thu, Jan 30  Before the Bell     0.20
K      Kellogg Co.           Thu, Jan 30  Before the Bell     0.47
LANC   Lancaster Colony Corp Thu, Jan 30  Before the Bell     0.72
LYO    Lyondell Petrochem    Thu, Jan 30  Before the Bell    -0.34
MEDI   MedImmune             Thu, Jan 30  Before the Bell     0.33
MYL    Mylan Laboratories    Thu, Jan 30  Before the Bell     0.51
NBR    Nabors Industries     Thu, Jan 30  Before the Bell     0.12
NWL    Newell Rubbermaid     Thu, Jan 30  Before the Bell     0.48
NE     Noble Corporation     Thu, Jan 30  -----N/A-----       0.39
BTU    Peabody Energy Corp.  Thu, Jan 30  Before the Bell    -0.09
PY     Pechiney              Thu, Jan 30  -----N/A-----       0.20
PNR    Pentair, Inc.         Thu, Jan 30  Before the Bell     0.55
PCZ    Petro-Canada          Thu, Jan 30  -----N/A-----       0.72
PIO    Pioneer Corporation   Thu, Jan 30  -----N/A-----        N/A
PXD    Pioneer Natl Res Com  Thu, Jan 30  Before the Bell     0.18
PII    Polaris Industries    Thu, Jan 30  Before the Bell     1.50
PVN    Providian Finl Corp   Thu, Jan 30  After the Bell      0.09
RGA    Reinsurance Grp Am IncThu, Jan 30  After the Bell      0.72
RRI    Reliant Resources     Thu, Jan 30  Before the Bell     0.09
RCL    Royal Caribbean Cru   Thu, Jan 30  Before the Bell     0.01
DNY    RR Donnelley          Thu, Jan 30  Before the Bell     0.50
SAP    SAP AG                Thu, Jan 30  Before the Bell     0.31
SII    Smith International   Thu, Jan 30  Before the Bell     0.19
SFG    StanCorp Finl Group   Thu, Jan 30  Before the Bell     1.03
SEO    Stora Enso            Thu, Jan 30  Before the Bell     0.12
BA     The Boeing Company    Thu, Jan 30  Before the Bell     0.71
DOW    The Dow Chemical Co   Thu, Jan 30  Before the Bell     0.00
EL     The Estie Lauder Co   Thu, Jan 30  -----N/A-----       0.40
G      The Gillette Company  Thu, Jan 30  Before the Bell     0.34
MNI    The McClatchy Company Thu, Jan 30  Before the Bell     0.80
RIG    Transocean Inc.       Thu, Jan 30  Before the Bell     0.26
UPM    UPM-Kymmene Group     Thu, Jan 30  -----N/A-----       0.59
DIS    Walt Disney           Thu, Jan 30  After the Bell      0.15
WPS    WPS Resources         Thu, Jan 30  Before the Bell     0.52


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

APC    Anadarko Petroleum Co Fri, Jan 31  Before the Bell     1.05
AU     Anglogold Limited     Fri, Jan 31  -----N/A-----       0.43
CVX    ChevronTexaco         Fri, Jan 31  Before the Bell     1.27
CEG    Constellation Energy  Fri, Jan 31  Before the Bell     0.38
DQE    DQE                   Fri, Jan 31  After the Bell      0.28
EAS    Energy East Corp      Fri, Jan 31  -----N/A-----       0.36
HCR    HCR Manor Care        Fri, Jan 31  Before the Bell     0.33
HON    Honeywell             Fri, Jan 31  Before the Bell     0.50
TAC    TRANSALTA CORP        Fri, Jan 31  -----N/A-----        N/A
VRC    Varco International   Fri, Jan 31  Before the Bell     0.22
WEN    Wendy's International Fri, Jan 31  After the Bell      0.44


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

Symbol  Company Name              Ratio    Payable     Executable

CWTR    Coldwater Creek           3:2      Jan. 30th   Jan. 31st


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

Wall Street is still stuck in the middle of Q4 earnings season
but Iraq is casting such a strong shadow any light of a rally
attempts have been lost.  Not that earnings have been that great
anyway.  We have a two-day FOMC meeting this week along with a
number of economic reports.   Plus the markets will be holding
their breath for the UN report on Monday and the President's
state of the union speech on Tuesday.

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

Monday, 01/27/02
----------------
Existing Home Sales(BB) Dec  Forecast:  5.61M  Previous:    5.56M


Tuesday, 01/28/02
-----------------
Durable Orders (BB)     Dec  Forecast:   0.7%  Previous:    -1.5%
Consumer Confidence(BB) Jan  Forecast:   79.0  Previous:     80.3
FOMC Meeting (2-Day) (DM)

Wednesday, 01/29/02
-------------------
FOMC Meeting (2-Day) (DM)


Thursday, 01/30/02
------------------
Initial Claims (BB)   01/25  Forecast:   385K  Previous:     381K
GDP-Adv. (BB)            Q4  Forecast:   1.0%  Previous:     4.0%
Chain Deflator-Adv. (BB) Q4  Forecast:   1.4%  Previous:     1.0%
Employment Cost Index(BB)Q4  Forecast:   0.9%  Previous:     0.8%
Help-Wantes Index (DM)  Dec  Forecast:     40  Previous:       40
FOMC Minutes (DM)


Friday, 01/31/02
----------------
Personal Income (BB)    Dec  Forecast:   0.2%  Previous:     0.3%
Personal Spending (BB)  Dec  Forecast:   0.7%  Previous:     0.5%
Mich Sentiment-Rev.(DM) Jan  Forecast:   83.7  Previous:     83.7
Chicago PMI (DM)        Jan  Forecast:   52.2  Previous:     51.3


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




=================================================================
To stop receiving this PremierInvestor.net Newsletter,
send email to Contact Support
=================================================================
DISCLAIMER
=================================================================

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

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

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

For more information on advertising in PremierInvestor.net
Newsletter, or any Premier Investor Network newsletter please
contact Contact Support.

*****************************************************************


Copyright ) 2003  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.

DISCLAIMER

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

Readers are urged to consult with their own independent financial advisors with respect to any investment. All information contained in this report and website should be independently verified.

To ensure you continue to receive email from Option Investor please add "support@optioninvestor.com"

Option Investor Inc
PO Box 630350
Littleton, CO 80163

E-Mail Format Newsletter Archives