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Daily Newsletter, Friday, 01/31/2003

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PremierInvestor.net Newsletter          Weekend Edition 01-31-2003
                                                    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:      Window Dressing Wins
Play-of-the-Day:  Catching A Bid
Watch List:       BEC, C, FMC, OMC, UNH, and much more...
Market Sentiment: Alan in Wonderland

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MARKET WRAP  (view in courier font for table alignment)
******************************************************************
       WE 01-31        WE 01-24        WE 01-17        WE 01-10
DOW     8053.81 - 77.20 8131.01 -455.73 8586.74 -198.21 +183.26
Nasdaq  1320.91 - 21.23 1342.14 - 34.06 1376.20 - 71.55 + 60.67
S&P-100  432.57 -  3.57  436.14 - 21.22  457.36 - 13.05 + 11.21
S&P-500  855.70 -  5.70  861.40 - 40.38  901.78 - 25.79 +165.21
W5000   8125.07 - 50.67 8175.74 -354.59 8530.33 -228.10 +165.21
RUT      372.17 -  2.89  375.06 - 13.04  388.10 -  8.34 +  6.13
TRAN    2173.35 + 10.02 2163.33 -181.20 2344.53 - 49.14 + 28.73
VIX       35.78 +  0.01   35.77 +  7.09   28.68 +  1.55 -  0.85
VXN       46.81 +  1.76   45.05 +  2.21   42.84 +  0.56 -  3.43
TRIN       0.89            1.69            1.60            0.80
Put/Call   0.84            0.83            0.83            0.75
******************************************************************

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

Window Dressing Wins
by Jim Brown

Mixed economic reports and warnings from the chip sector could
not hold back the markets at the open on Friday as buyers came
off the sidelines. After the initial bounce the war fears took
hold again but buyers were not to be denied. Even a concentrated
selling attempt at 3:PM which pushed the Dow back under 8000
was overrun by window dressing buyers at the close.

Dow Chart - Daily


Nasdaq Chart - Daily


The economic reports surprised traders on Friday and except for
Consumer Sentiment they surprised to the upside. Personal Income
rose +0.4% in December and twice the expected rate. Spending
rose +0.9% and more than twice the +0.4% November rate. It
appears that despite the lackluster holiday sales the consumer
was alive and well. This suddenly bullish explosion of consumer
data was definitely not expected by analysts.

The NAPM-NY report also surprised analysts at 51.9 and up strongly
from December's 42.4. The six-month outlook rose from 41.0 to
61.1! This rebound in the New York business conditions index
was also not expected and could indicate the worst is over in
the financial sector.

Even more good news came from the Chicago PMI, which exploded
to 56.0 and well over the 52.5 consensus. This is the highest
level since June and well above last months number which was
also revised upward to 51.7. Production and new orders continued
to expand but order backlogs fell by -3 points. Excess capacity
is still a problem and inventory levels are still dropping.
There is no real capital expenditure effort yet and very few
companies are committing to any purchases.

The only negative economic news was the Consumer Sentiment,
which fell to 82.4 from 86.7 in December. Consensus was for
83.2 but the whisper number was below 80. The markets
cheered that the number was not worse. The majority of the
drop was related to a -8 point drop in future expectations
due mostly to the war and market outlook. Only dropping to
82.4 was actually bullish in my opinion.

The only major factor still holding back the markets is the
"Iraq ate my earnings" excuse from companies guiding lower
for the year. Last year it was recession then corporate
governance followed by high energy prices as earnings
shortfall excuses. How they can blame current shortfalls
on Iraq is beyond me. "Customers have put capital expenditures
on hold pending the outcome of the war." Are we going to lose?
The current tally of announcers has 62% beating seriously
reduced estimates. Only around 20% have missed estimates.
Guidance going forward is where the Iraqnaphobia comes into
the picture. Companies that are still giving guidance are
using the Iraq excuse for lower expectations due to
uncertainty for the future. You could build a bullish case
for entering the market before the war if you were careful
about your purchases. If you knew for sure the market was
going to rally in four weeks would you buy now?

Chips would probably not be on the top of a cautious
investors list after the AMAT warning on Friday. They said
that orders for the first quarter were worse than expected
and -35% below the 4Q. AMAT had previously guided to a -20%
drop. They said customers were either delaying or canceling
orders for equipment due to lack of demand and budget cuts.
They also warned on Thursday that they were cutting -165
employees and rumor has it that they will close for two
weeks to cut even more costs. ZRAN, a maker of chips for
consumer electronics, warned it would miss estimates for
the quarter and full year due to weak sales of consumer
items. They estimated they would earn 1-3 cents in Q1 and
the analyst consensus was for 14 cents. The SOX gapped down
to a new low at 261 but rallied back to close flat after
trading positive late in the afternoon. Yes, positive.
I was as dumbfounded as anyone why chips would rally back
to positive territory after two major earnings warnings.
I am sure it was some brave bottom fishers who feel all
the bad news is priced into the sector and some of these
chips are so cheap there is not much risk left.

On Friday the Dow held the Nasdaq up or maybe the Nasdaq
held the Dow back depending on how you look at it. The
Dow is down -800 points over the last two weeks and the
last five trading days looks like an EKG on the 10 min
chart. It has traded in a 200-point range between 7950
and 8150 on almost a daily basis. The 8100-8150 level is
proving as tough to break as the 7950 level is on the
downside. It appears there are plenty of willing buyers
at the right price and plenty of happy sellers at 8150.

Despite the morning black hole in the chip sector the Nasdaq
managed to trade in positive territory most of the afternoon.
This amazing resilience ran head first into serious resistance
at 1330 and ended up closing right on critical support from
November at 1320. If it were not for the end of month window
dressing on the broader markets I think the outcome would
have been significantly different.

With the market dropping as expected over the last three
weeks to three month lows many mutual funds and hedge funds
were holding cash while waiting for the bottom. When the
Dow appeared to refuse to break/hold under 7950 on three
different days this week those funds decided to dress up
their month end statements with stocks instead of cash.
There were three separate buying spurts on Friday ending
with one at 3:30 when the Dow rebounded vertically from
the effects of a 3:PM sell off. The break under 8000
once again triggered another buy program and the Dow
gained +60 points into the close despite substantial
event risk over the weekend.

There is also a tendency for the last day of the month and
the first four trading days of the next month to be bullish
due to the influx of monthly retirement deposits. Jane Fox
wrote an excellent review of several of these different
trading cycles in this weekends newsletter.

While I am starting to lean less bearish due to improving
economic reports I am still not in the bullish camp. I
think the "fear" of impending war will continue to pressure
the markets until the shooting starts. We Americans tend to
tire of new events quickly and once the shooting starts and
there are no unforeseen responses from the Iraq defenders
it should not take more than a couple days before investors
will be back to business as usual. If it is over quick we
could see a very strong ramp due to the estimated $5 trillion
in cash on the sidelines.

Still the uncertainty remains. I do not see cash coming into
the market because the Russell-2000 usually outperforms the
big cap averages when funds are buying. It hit a new 3-month
low on Friday of 366.61 before recovering on window dressing.
Small caps are suffering identically with big caps. Techs are
at critical support levels at 1320 but the January bullishness
has evaporated. While I am less bearish due to economics I
still expect further weakness ahead.

Almost every talking head on TV today repeated the January
barometer history of only wrong four times in 52 years. They
were pointing to the markets being down this year as evidence
they would close lower in December. This may well be and the
track record is very strong BUT there were three times the
indicator was thrown off by world events, two were wars
and one was the World Trade Center attack. 1966 and 1968 were
influenced by events in the Vietnam war. Other than that the
indicator has been very successful.

In 1991 the start of the first Iraq war in February depressed
the markets but January still finished slightly positive. Once
the war started the markets forgot about it and the economic
troubles of 1989/90 and began the ramp into the last economic
boom with a +26% gain for the year. Ladies and gentlemen I
think we are getting ready for that same cycle to start again.
The parallels are too close. Start the war and let the buying
begin.

The major flaw I have yet to overcome is the driving force
behind the next bull market. I have discussed over and over
the lack of impact the next PC upgrade cycle may have.
Compared to the Y2K replacement cycle and the Internet bubble
the next one will be much smaller. With tens of thousands of
dot.coms and startups no longer in existence the demand will
just not be there. Sure we will see a surge but equipment
costs 25% of what it did five years ago and comparisons
will be tough. Computers are more of a commodity today
than ever and profits will be harder and harder to achieve.
In my opinion the circumstances are setup to duplicate the
1991 post war rebound but after the initial bounce what will
be the force driving demand? If we get a 2Q post war bounce
and earnings continue to drop then what will power investor
desires? Numerous analysts have suggested we could be range
bound for years. Perish that thought please! Unfortunately
they could be correct.

Cycles tend to come in near decade increments and that puts
the next peak well into the future. This brings up another
worry. Investors initiated to Internet investing with the
huge profits of the 1999-2000 boom are losing money and
interest in stocks in general with week after week of
negative news and negative markets. Some of these investors
will be back with a new bounce over 9000 but they might not
stay if that bounce fails or moves sideways. Without new
money constantly flowing into the ponzi scheme we call the
market it makes it very hard to maintain momentum. That
brings us full circle and back to markets that our fathers
would understand. That is a stock pickers market. It will
not be like 1999 where you could buy any stock with a four
character symbol and be a winner. I believe that after the
post war bounce we will return to the stock picker scenario.
In any market there are stocks that are moving up and good
research will be rewarded. This is what investors should be
expecting. A slightly trending market where superstars are
rewarded. Remember the historical trend for the market is
between +8% to +12% annual return.

There is another market trend that nobody is discussing.
Since 1919 there has only been three times that the 3rd
year of a presidential term has finished in the red. 18
of 21 times the markets rose. The last time it fell was
in 1939. That sounds like a bullish trend to me. That
trend may not assert itself until after the war but with
re-election politics in full swing by fall you can bet the
bulls will be excited. The Dow only has to gain +289 points
over the next eleven months to technically produce a
winning year. Heck, I bet we get that in one week when
the war is over. Let's just hope we don't need a lot more
points than that to breakeven when that time comes.

The next three trading days are typically bullish except
they end on Wednesday with Powell's speech at the UN. This
could be good for the market if he proves his case and
everyone joins the coalition or bad for the market if it
is seen as smoke and mirrors. Monday investors will look
for the ISM report to confirm Friday's bullish economic
numbers. Tuesday has Factory Orders and another ISM for
Services on Wednesday. The big report will be the Nonfarm
Payrolls on Friday. Plenty of potholes left in the road
and plenty of chances for negative news events. If the
bulls want to climb a wall of worry next week they will
need to bring ropes because it could easily turn into
that slippery slope of hope that makes bear markets.

Enter Very Passively, Exit Very Aggressively!

Jim Brown

"I measure what's going on and I try to adapt to it.
I try to get my ego out of the way. The market is smarter
than I am so I adapt to the market."
Martin Zweig


=========================
Play-of-the-Day (BULLISH)
=========================
((new long tech play))

eBay Inc. - EBAY - close: 75.16 change: +0.95 stop: *text*

Company Description:
eBay is the world's online marketplace(TM). Founded in 1995, eBay
created a powerful platform for the sale of goods and services by
a passionate community of individuals and businesses. On any
given day, there are millions of items across thousands of
categories for sale on eBay. eBay enables trade on a local,
national and international basis with customized sites in markets
around the world. (source: company press release)

Why We Like It:
On January 16th EBAY reported strong quarterly earnings of 28
cents/share (analysts were expecting only 24 cents) and then
proceeded to raise their full-year 2003 EPS forecast to $1.27.
The previous consensus estimate was $1.17.  Those were some
amazing numbers, especially considering the dismal earnings that
most of the other high-profile tech companies were reporting.
Wall Street must've seen it coming.  In the three months prior to
this announcement EBAY had already risen sharply from the $50.00
area.  By mid-January shares were trading at 52-week highs.  In
the aftermath of the earnings report shares quickly moved to a
multi-year high of $76.43.  The past eight trading days have seen
the stock slowly unwind from these levels as the broader market
trended lower.

Interestingly, EBAY has been firming up above its 21-dma.  This
moving average previously provided support when the stock was hit
with selling ahead of the earnings report.  The rising daily
stochastics (5,3,3) are signaling that shares could build on
their latest gains.  Bulls can also be encouraged by the recent
pattern of relative strength versus the NASDAQ.  For instance,
EBAY shrugged off a tepid NASDAQ performance on Friday and moved
to a 1.2% gain.  Another intriguing development can be seen on
the point-and-figure chart.  The stock has reversed into a column
of "O" but has not yet produced a sell signal.  Since October,
three-box reversals have offered bullish entry points.  If this
trend continues EBAY could soon move back into a column of "X"
and produce another buy signal at $77.00.  In addition to the
improving technical picture, investors might also be lured by the
prospect of a forthcoming 2-for-1 stock split.  The company split
its stock near $75 in 1999 and 2000.  With the fundamentals
looking strong and shares holding near multi-year highs, it looks
like another split announcement might not be far behind.  As for
upside potential, we'll be initially aiming for a move to the
$80.00 region.  Our exit strategy will be re-evaluated if/when
shares approach this level.  Further upside would not be out of
the question if the overall tech sector were trading strong.  Our
entry point for this play is at $75.51, one cent above today's
high.  If triggered, we'll use a stop at $72.59, just under the
relative low.  In breaking news after the bell today, EBAY
announced that in order to bolster its automotive auctions it had
acquired an online auction management service called CARad.com
and also entered into an agreement with Kelley Blue Book.  We
don't expect that this news will have any material impact on how
EBAY trades on Monday.

Annotated daily chart - EBAY:



Picked on February xth at $xx.xx <- see text
Results since picked:      +0.00
Earnings Date           01/16/03 (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
---------------------------------

Beckman Coulter - BEC - close: 32.21 change: +0.52

WHAT TO WATCH: Shares of this biomedical equipment manufacturer
lost a sizeable chunk of their value in mid-October after the
company announced an earnings warning.  Shares have since been
trending slowly higher.  Business seems to be improving as well.
On January 21st Beckman actually guided higher for the fourth
quarter.  These heightened expectations were met when the company
reported its results six days later.  The stock has been showing
excellent relative strength and is trading above short-term
congestion in the $31-$32 area.  What's especially promising for
the bulls is the fact that BEC is about to begin filling in the
October 15th gap.  If the stock can move into this vacuum region
it might quickly be sucked up to $35.00 or even $37.00.  Confirm
bullishness with a move above the bottom of the gap at $32.65.




---

Citigroup - C - close: 34.35 change: +0.15

WHAT TO WATCH: Citigroup has managed to rake in billions of
dollars in profits, despite the current economic weakness in the
U.S.  Unfortunately for shareholders the geo-political
uncertainty might be taking its toll; C has been trending lower
for more than two weeks.  On Friday the stock managed only a 15-
cent gain while the Dow Industrials tacked on 1.3%.  Shares also
pegged new multi-month lows after falling through support in the
$34.50 region.  This move created a triple-bottom sell signal on
the point-and-figure chart, which also shows a short-term bullish
support trend at $32.00.  The bar chart, on the other hand, shows
no possible support until the bottom of the October 15th gap at
$31.00.  A violation of this level could take C back to the
October lows near $27.00.  Watch for a move under today's low of
$33.65 to yield a potential action point.




---

Crane Co. - CR - close: 16.12 change: +0.32

WHAT TO WATCH: Aggressive bargain-hunters might want to take a
look at CR.  The stock is trading at a sharp discount to its
recent highs after being hammered last Friday when the company
reported a $73 million asbestos-related charge in its earnings
report.  Excluding this liability write-down, the company beat
the earnings consensus by four cents.  Crane, who makes
engineered products in a wide variety of industries (including
the aerospace and chemical groups), also sought to sooth
investors by reaffirming its 2003 full-year forecast of $1.65-
$1.75 per share.  If CR manages to shake off the ill effects of
the one-time charge (albeit a very large one), shares might be
able to quickly retrace a portion of the rapid sell-off that
began near $19.00.  Long entries could be evaluated on a move
above the post-earnings high of $16.18.




---

FMC Corp - FMC - close: 19.98 change: +0.48

WHAT TO WATCH: Here's another aggressive "pick-the-bottom" play.
FMC gapped lower by roughly 30% on Wednesday after the chemical
manufacturing company announced that it expected to see earnings
of only $1.75-$2.00 per share in 2003.  Analysts, on average, had
been looking for a profit of $2.77 per share.  The company cited
lower global prices for industrial chemicals as the primary
reason for the reduced guidance.  FMC did say that it expects its
agricultural products and specialty chemicals businesses will
become increasingly profitable over the next year.  Fourth-
quarter earnings also came in four cents better than
expectations, but that positive news was overshadowed by the
lowered guidance.  In any case, the stock has thus far done a
good job of regaining lost ground.  Traders with a high risk
tolerance could think about entries at current levels, using a
stop slightly below short-term support at $19.00.  Although there
isn't any overhead resistance until the $24.50 area, a 10% move
to $22.00 would probably be a more reasonable upside target.




---

H&R Block - HRB - close: 37.89 change: +0.65

WHAT TO WATCH: If you're like millions of other Americans you're
probably already dreading the approaching tax deadline.  April
15th always seems to arrive too soon, especially if you're not
expecting a refund.  One would expect that shares of HRB might be
getting some buying attention ahead of the crucial tax
preparation season.  However, the recent action has been clearly
negative.  The stock is sitting at the $37.00 support level after
spending the last two weeks trending lower.  Although the
uptrending daily stochastics are a sign that the downtrend may be
complete, the bears might pile on with renewed vigor if support
gives way.  Such a breakdown would put HRB in a fast-move region
that was created by the rapid mid-November gains.  We'd be
looking to ride the stock down to the $32-$34 area.




---

Omnicom Group - OMC - close: 60.30 change: +1.31.2003

WHAT TO WATCH: After a painful drop from the relative highs of
$68.25, bulls can be pleased with how OMC has managed to
stabilize and find support above $58.00.  Shares look to be
curling higher, and there isn't any significant overhead
resistance until the falling 200-dma at $64.29.  Long entries
with an acceptable risk/reward ratio could be targeted at current
levels, with a stop just under the relative low of $58.30.




---

Unitedhealth Group - UNH - close: 87.91 change: +2.20

WHAT TO WATCH: Unitedheath reported Q4 earnings on January 23rd
that were four cents better than expectations.  What really got
the bulls excited was the company's upward revision in its
forecast for 2003 - It now expects a full-year profit of $5.18-
$5.19 per share, more than twelve cents better than the analyst
consensus.  While weakness in the broader market initially put a
damper on the buying, shares broke sharply higher this week after
President Bush outlined his proposal to fix Medicare in his State
of the Union address.  The thinking is that health insurers such
as UNH might benefit from increased government spending.  The
prospect of more revenue was enough to propel the company's stock
to new relative highs on Friday.  Shares closed above the 100-dma
but couldn't quite make it to the ascending 200-dma at $88.47.  A
move above this level would clear the way for a possible rally to
$94-$96 area.  Long entries could be targeted either on a move
above the 200-dma or on a pullback to previous short-term
resistance at $86.00, which should now provide support.





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

CEPH - It's already looking near-term oversold, but CEPH is
showing no signs of recovering from its current sell-off.  The
daily chart shows no support until $40.00.

CMA - Comerica looks like it could soon fall below support in the
$39.40-$39.75 area.  This would open the door to a possible test
of the October lows near $35.00.  The p-n-f chart is showing a
double-bottom sell signal.

HOV - Heavy losses over the past two weeks have taken this
homebuilding stock below support at $30.00.  Bearish traders can
watch for a rollover from the $30.00-$30.50 area to provide an
entry point.  Psychological support at $25.00 offers a potential
downside target.

LIZ - LIZ is trading just above a fast-move region that extends
all the way down to $24.00.  This might be a good short play, but
first the bears will have to prove themselves by taking the stock
below support at $28.00.

LTR - This insurance is continuing to find buyers at its
converging 50-day and 100-day moving averages, which also
coincide with the November/December trendline of higher lows.
Shares have ample upside potential with no clear resistance until
$48.00.

LU - We're still keeping an eye on Lucent, waiting for a breakout
above stubborn resistance at $2.00 and the descending 200-dma at
$2.05.  LU looks like a good high-risk/reward long play on a move
above this level, with a profit-target near $3.00.

MSFT - Looking very weak after breaking through bullish p-n-f
support!  Downside potential might be limited to $44.00, but
short-term traders can watch for entries on a rollover from
$48.00.


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

Alan in Wonderland
by Steven Price

Any trader watching the intraday moves in the major indices today
is most likely wearing a neck brace by now. While we still appear
to be in breakdown territory, the bulls are not giving in easily
and continue to buy dips.  Those dips, however, are getting
slightly lower each day, as are the rally highs.  Ever since
breaking down from support in the Dow 8200-8400/SPX 870-900
ranges, it seems like everyday has been an adventure, with each
one harder to predict than the day before.  Traders listening to
the television analysts know that each day brings a dramatically
different tone.  Most of the action has been pinned on
unpredictable war developments relating to Iraq.  However, we are
also in the heart of earnings season and there has been plenty of
additional information to digest.

Some of that information came by way of a warning from the
world's largest chip manufacturing equipment maker Applied
Materials (AMAT) this morning.  AMAT said it expects a 35% drop
in orders for its latest quarter, instead of the previously
expected 20% drop.  That announcement sent a pre-open bullish
market into the tank early on, with all major indices continuing
Thursday afternoon's slide to new relative lows.  That's when the
schizophrenia began.  The university of Michigan Consumer
Sentiment results came out at 82.4, versus expectations of 83.5.
That was worse than expected, but the market rallied strong, with
the Dow running almost 100 points following the data.  Then came
the good news.  The Chicago PMI report came out at 56% versus
53%, with any number over fifty indicating manufacturing
expansion in the region.  The good news sent the Dow lower by
almost the 100 points that it rallied on the worse than expected
Sentiment number.  Feel like you just fell down the rabbit hole?
The Wonderland scenario (I can just see Alice Greenspan
navigating the chessboard trying to figure out ways to prop up a
sinking market?) continued to play out as the markets rallied all
the way back into the green, including the techs, which had
received the brunt of the bad news from AMAT.

In fact, for those of you that have followed along with my head
and shoulders analysis, we finally got the breakdowns in the COMP
and NDX that I identified as the last straw holding us from truly
caving in.  I should say we got those breakdowns on an intraday
basis, which is important given the closing prints.  The
breakdown in the COMP occurred below 1319, which was the support
level of the November pullback after what so far looks like a
left shoulder up at 1419.  The corresponding NDX level was 972.
Both of those levels held over the last several days, even with
the Dow/SPX /OEX all giving up their November  "neckline" support
last week. However, in spite of the AMAT news that sent those
indices reeling, they bounced hard, turning green for much of the
afternoon.  By the end of the day, they had once again sunk, but
finished yet again just over those breakdown levels.  Actually
the COMP sat right on top, while the NDX had more than 10 points
of breathing room. The last four lows in the COMP had been 1320,
1321, 1320 and 1322.  While today's low dropped all the way to
1303, the end of the day saw a close at 1320.91.   I'd love to
say we got the breakdown, but with bulls defending that support
with so much tenacity, it is hard to call the intraday move a
defining one. After all, if the world's largest chip equipment
maker is going to see a 35% reduction in orders and we still
can't get a breakdown, I'm not sure what will finally cause one.
Tuesday brings Cisco's earnings release, so if we can get the
company to beat forecasts of 13 cents per share, maybe we'll
finally get a "Wonderland" breakdown (GRIN).  In reality, the
company is already predicted to see its number rise from 9 cents
to 13 cents, so the accompanying comments about what it sees for
2003 will likely control market reaction.  After all, IBM and
Microsoft both beat earnings, as well, but both stocks have
dropped precipitously on cautious 2003 guidance.


So far, the Dow, SPX and OEX are all bouncing around beneath
their head and shoulders breakdown levels.  They are setting
slightly lower lows and slightly lower highs, but mostly moving
sideways by the end of the week. Those averages closed slightly
lower for the week, but it looks more like consolidation after
dropping hard from January 15-27.

With the Iraq situation heating up and the markets swinging
wildly, we are likely to see more tough to predict movement, but
right now the overall trend remains down.  However, consolidation
can also mean we are setting a floor.  That seems unlikely, but
if Saddam Hussein heads into exile (which is becoming a
frequently discussed possibility) or the international community
(and Democratic Congressional leadership) puts up enough
opposition to an Iraqi invasion to stall the process, we could
see a big relief rally.  If Cisco gives cautious guidance on
Tuesday, similar to that from Microsoft and IBM, we could see
another big leg down.

The VIX still reflects plenty of downside fear from possible
developments.  The 35% level that had served as resistance over
the last several months, but was broken on the breakdown below
Dow 8200/OEX 440/SPX 870, has begun to act as support, even on
subsequent rallies. When downside concerns finally abate, expect
the VIX to breakdown below 35 and re-test 30.  If we finally put
the Iraq situation behind us, it is even possible that it will
breakdown below the support at 26 that was in place for about the
same time period as the 35 resistance. For now, however, the
support is telling us that there may be further downside in the
immediate future.

Traders can brace for another wild week, with those risk-averse
souls on the sidelines.  Even aggressive traders may want to
stick with risk capital only, as even the most accurate
forecasters' crystal balls are a little cloudy these days.
-----------------------------------------------------------------

Market Averages

DJIA ($INDU)

52-week High: 10673
52-week Low :  7197
Current     :  8053

Moving Averages:
(Simple)

 10-dma: 8203
 50-dma: 8542
200-dma: 8802

S&P 500 ($SPX)

52-week High: 1176
52-week Low :  768
Current     :  855

Moving Averages:
(Simple)

 10-dma:  868
 50-dma:  901
200-dma:  933

Nasdaq-100 ($NDX)

52-week High: 1734
52-week Low :  795
Current     :  983

Moving Averages:
(Simple)

 10-dma: 1003
 50-dma: 1044
200-dma: 1037
------------------------------------------------------------------

The Semiconductor Index (SOX.X):  The SOX recovered impressively
from the morning drop to the minor support level at 260 I pointed
out in Thursday's Market Sentiment.  Following the warning from
AMAT that it would see a 35% drop in first quarter orders, the
recovery from this morning's 13-point drop was actually quite
amazing, but we remain below the previously strong support at the
280 level and have not broken the trend of lower highs since
topping out on January 13. The PnF bearish vertical count
(standard 4-point box over 200) is actually all the way down at
200.  While that may seem extreme, it actually coincides with
October support at 209 and is an eventual target.  The 412
bullish count on the way up also seemed out of reach when we were
below 300, but we came pretty close at 393.

52-week High: 657
52-week Low : 214
Current     : 271

Moving Averages:
(Simple)

 21-dma: 307
 50-dma: 319
200-dma: 352
-----------------------------------------------------------------
Market Volatility

As mentioned above, the VIX is holding its newfound support at
the former 35% resistance level, suggesting another move lower in
stocks. The last VIX spike on the way down in equities found
resistance at 40, however that is still well short of the recent
extreme highs in the upper 50s. The VIX did cluster around 40
throughout October and that level can be viewed as resistance,
but if we breakout above it, then look out below in the equities.

CBOE Market Volatility Index (VIX) = 35.78 -0.59
Nasdaq-100 Volatility Index  (VXN) = 46.81 +0.59
-----------------------------------------------------------------

          Put/Call Ratio  Call Volume   Put Volume

Total          0.84        539,534       451,735
Equity Only    0.67        402,956       268,299
OEX            1.05         20,806        21,748
QQQ            1.36         44,727        60,829
-----------------------------------------------------------------

Bullish Percent Data

           Current   Change   Status
NYSE          45.2    - 0     Bull Correction
NASDAQ-100    47.0    - 1     Bear Confirmed
Dow Indust.   30.0    - 7     Bear Confirmed
S&P 500       46.0    - 2     Bull Correction
S&P 100       43.0    - 2     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  1.36
10-Day Arms Index  1.49
21-Day Arms Index  1.23
55-Day Arms Index  1.26


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       2068           776
NASDAQ     1809          1321

        New Highs      New Lows
NYSE        76               53
NASDAQ      57               67

        Volume (in millions)
NYSE       1,760
NASDAQ     1,554
-----------------------------------------------------------------

Commitments Of Traders Report: 01/28/02

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 increased long and short positions, ending up with a
net short increase of 4,500 contracts.  Small traders took the
opposite approach, reducing both positions, but ending up with a
net increase of 4,300 long contracts.

Commercials   Long      Short      Net     % Of OI
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%)
01/28/03      422,232   468,586   (46,354)   (5.2%)

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
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%
01/28/03      142,734    85,567    57,167     25.0%

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 left positions virtually unchanged, with a net
reduction of 1,300 short contracts.  Small traders Small traders
 left the long side unchanged, while reducing shorts by 800
 contracts.

Commercials   Long      Short      Net     % of OI
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%)
01/28/03       37,955     49,321   (11,366) (13.0%)

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
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%
01/28/03       25,814     7,576    18,238    54.6%

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 reduced the overall long position by 1,400 contracts,
while small traders reduced the net short by 200 contracts.

Commercials   Long      Short      Net     % of OI
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%
01/28/03       16,013    11,574    4,439      16.1%

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
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%)
01/28/03        4,838     7,836    (2,998)   (23.7%)

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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=================================================================
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 01-31-2003
                                                    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
  New Bullish Plays:     EBAY
  Bearish Play Updates:  CCMP, EXPE

Stock Bottom / Active Trader
  Bullish Play Updates:  FRX
  Bearish Play Updates:  APD, JWN

High Risk/Reward
  Closed Bullish Plays:  XLNX

Split Trader / Stock Splits
  Split Announcements:
                         LCI: 3-for-2 split announcement


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

============
NB New Plays
============

  -----------------
  New Bullish Plays
  -----------------

eBay Inc. - EBAY - close: 75.16 change: +0.95 stop: *text*

Company Description:
eBay is the world's online marketplace(TM). Founded in 1995, eBay
created a powerful platform for the sale of goods and services by
a passionate community of individuals and businesses. On any
given day, there are millions of items across thousands of
categories for sale on eBay. eBay enables trade on a local,
national and international basis with customized sites in markets
around the world. (source: company press release)

Why We Like It:
On January 16th EBAY reported strong quarterly earnings of 28
cents/share (analysts were expecting only 24 cents) and then
proceeded to raise their full-year 2003 EPS forecast to $1.27.
The previous consensus estimate was $1.17.  Those were some
amazing numbers, especially considering the dismal earnings that
most of the other high-profile tech companies were reporting.
Wall Street must've seen it coming.  In the three months prior to
this announcement EBAY had already risen sharply from the $50.00
area.  By mid-January shares were trading at 52-week highs.  In
the aftermath of the earnings report shares quickly moved to a
multi-year high of $76.43.  The past eight trading days have seen
the stock slowly unwind from these levels as the broader market
trended lower.

Interestingly, EBAY has been firming up above its 21-dma.  This
moving average previously provided support when the stock was hit
with selling ahead of the earnings report.  The rising daily
stochastics (5,3,3) are signaling that shares could build on
their latest gains.  Bulls can also be encouraged by the recent
pattern of relative strength versus the NASDAQ.  For instance,
EBAY shrugged off a tepid NASDAQ performance on Friday and moved
to a 1.2% gain.  Another intriguing development can be seen on
the point-and-figure chart.  The stock has reversed into a column
of "O" but has not yet produced a sell signal.  Since October,
three-box reversals have offered bullish entry points.  If this
trend continues EBAY could soon move back into a column of "X"
and produce another buy signal at $77.00.  In addition to the
improving technical picture, investors might also be lured by the
prospect of a forthcoming 2-for-1 stock split.  The company split
its stock near $75 in 1999 and 2000.  With the fundamentals
looking strong and shares holding near multi-year highs, it looks
like another split announcement might not be far behind.  As for
upside potential, we'll be initially aiming for a move to the
$80.00 region.  Our exit strategy will be re-evaluated if/when
shares approach this level.  Further upside would not be out of
the question if the overall tech sector were trading strong.  Our
entry point for this play is at $75.51, one cent above today's
high.  If triggered, we'll use a stop at $72.59, just under the
relative low.  In breaking news after the bell today, EBAY
announced that in order to bolster its automotive auctions it had
acquired an online auction management service called CARad.com
and also entered into an agreement with Kelley Blue Book.  We
don't expect that this news will have any material impact on how
EBAY trades on Monday.

Annotated daily chart - EBAY:



Picked on February xth at $xx.xx <- see text
Results since picked:      +0.00
Earnings Date           01/16/03 (confirmed)





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

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

Cabot Micro. - CCMP - cls: 43.90 chg: -0.93 stop: 46.93 *new*

The difficulties facing the chip equipment sector were
underscored on Friday morning when Applied Materials warned that
it expects to see a 35% reduction in first-quarter orders.
Previous guidance was for a decline of only 20%.  The company
cited "ongoing economic weakness and geopolitical uncertainties
(and) deferred capital expenditures" as the reasons for the
slippage in expectations.  Just about any business can blame poor
sales and orders on the poor economy and Iraq-related war
concerns.  The poor capex spending also comes as no surprise.  As
we said last night, Intel had already made it clear that
companies such as AMAT would be receiving less of their money for
equipment upgrades.  Investors with nonetheless disappointed with
this morning's news.  The SOX.X gapped lower and quickly reached
a relative low of 261.  CCMP joined the sector in the downward
gap and opened below our entry trigger at $44.69.  This play was
activated at the initial trade of $43.70.  Short-covering then
took the stock into positive territory before the bears
reasserted themselves.  CCMP finished with a 2.0% loss, easily
underperforming the SOX.X.  That relative weakness is
understandable when you consider that the stock is trading well
above its next clear level of support on the daily chart.  Now
that the $45.00 support region has given way we think chances are
good that shares could soon test psychological support at $40.00.
However, because our entry point is lower than we'd anticipated,
we need to make an according adjustment to our stop-loss.  Our
stop is now set at $46.93, two cents above the rising 100-dma.
More conservative traders could use a stop slightly above the
200-dma at $45.75.  New entries can be targeted on a move under
today's low of $43.30 or on another failed rally at $45.00.

Picked on January 31st at $43.70
Results since picked:      -0.20
Earnings Date           01/23/03 (confirmed)




---

Expedia Inc. - EXPE - cls: 59.95 chg: +0.12 stop: 63.11 *new*

EXPE continued to be pressured this morning by yesterday's
announcement that several of the largest hotel companies
(including HLT, HOT, and MAR) would be rolling out their own
discount lodging website.  The bulls weren't helped by the fact
that CNBC was discussing the development and its potential impact
on Expedia.  Perhaps this helps to explain why a Solomon Smith
Barney valuation upgrade of competitor Hotels.com (ROOM) did not
lead to any sympathetic buying in EXPE.  A new multi-month low of
$58.80 was reached before a broader market rebound pushed shares
back into positive territory.  Despite the intraday reversal, the
stock couldn't avoid closing below $60.00 for the second
consecutive session.  EXPE also traced another lower low and
lower high.  The daily chart shows that the next level of
possible support is at the bottom of the October 24th gap near
$58.00.  Conservative traders may want to take their money off
the table if the stock rebounds from this level next week.  We're
going to be a little more optimistic with an official exit target
at $55.76 - roughly 12% from our entry point.  Our stop has also
been lowered to $63.11, just above the 200-dma.  Also note that
Expedia announces earnings next Wednesday after the bell.  We'll
most likely be closing this play before the announcement.  Given
the limited timeframe, we would not recommend taking new entries
at this time.  The PI newsletter currently has a 5.3% profit in
this paper trade.

Picked on January 22nd at $63.37
Results since picked:      +3.42
Earnings Date           02/05/03 (confirmed)






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

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

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

Forest Labs - FRX - close: 51.75 change: +0.81 stop: 49.74

Although FRX had been showing some signs of technical strength,
we had a pretty good hunch that more broader market weakness
would send the stock back to support at $50.00.  That's exactly
what happened on Friday morning when shares dropped with the Dow
Jones and tagged an intraday low of $49.90.  Our stop at $49.74,
which was designed to give us a small cushion if support was
broken, was not violated.  It didn't take long for buyers to take
advantage of this decline.  FRX quickly regained the $50.00 level
before rallying into positive territory.  A slight uptrend
manifested itself as the session wore on, and shares closed only
5 cents off the best levels of the day.  FRX also closed above
its 50-dma at $51.45.  A similar reversal earlier this week did
not result in a sustainable multi-day bounce.  Will today's
rebound be any different?  We think odds are good as long as the
market continues to stabilize.  The rising daily stochastics and
MACD (which is leveling out above the baseline) are positive
signs for the bulls.  On Monday we'll be looking for shares to
rally towards short-term resistance at $53.00.  A move above this
level would open the door to a possible test of the all-time
highs.

Picked on January 24th at $53.01
Results since picked:      -1.26
Earnings Date           01/16/02 (confirmed)




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

Air Products - APD - close: 41.45 change: +0.94 stop: 42.51

Air Products released a statement today that commended President
Bush for his recent call to adopt hydrogen-powered fuel cell
technologies in automobiles.  APD is the world's largest supplier
of merchant hydrogen.  Could this be a factor in the recent
rebound from support at $40.00?  We doubt it.  Shares of fuel
cell companies such as FCEL and BLDP received a short-term pop on
the morning after the State of the Union speech but quickly
faded.  Hydrogen-powered vehicles remain prohibitively expensive
and the technology has not been sufficiently developed.
Investors know that APD won't be reaping the benefits of Bush's
proposal anytime soon.  But nonetheless, the stock is bouncing
from critical support.  Shares outperformed the Dow Jones today
with a 2.3% gain.  A clear upward trend has been intact ever
since APD tagged a low of $39.32.  We've given this play some
additional breathing room at $42.51.  This will force the stock
to move through short-term congestion in the $42.00-$42.50
region.  A rollover from this area could send APD back towards
the relative lows.  Conservative traders, however, may want to
use a stop just above today's high at $41.82.  We are not
recommending any new short positions at this time.

Picked on January 29th at $39.84
Results since picked:      -1.61
Earnings Date           01/22/03 (confirmed)




---

Nordstrom Inc - JWN - close: 18.04 change: +0.05 stop: 19.06

PI Readers who followed along with our recent short play in
Deluxe (DLX) might be familiar with the current situation.  JWN
is hovering at key support...but it just can't seem to break
down!  There's a heated battle going on between the bulls and
bears, and shares might make a big move once the victor is
determined.  The current indecision is evidenced by the fact that
Nordstrom traded in a tight 34-cent range today.  A move below
$18.00 early in the session looked promising, but strength in the
Dow Jones helped to prevent a sell-off from materializing.  The
buyers showed a similar lack of conviction when JWN rolled over
from the $18.25 area.  Shares finished with only a fractional
gain, underperforming both the Dow and the RLX.X retail index.
Overall the stock still looks poised to break down, but we might
need some more help from the broader market.  Traders thinking
about opening new bearish positions can continue to watch for a
move through the relative low of $17.87.

Picked on January 27th at $17.98
Results since picked:      -0.06
Earnings Date           02/20/02 (confirmed)






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

===============
HR Closed Plays
===============

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

Xilinx Inc - XLNX - close: 19.79 change: -0.38 stop: 19.89

Yanking the carpet out from under the entire semiconductor sector
was news from Applied Materials (AMAT).  The chip equipment
manufacturer reported that it expects orders for the most recent
quarter to drop by 35 percent, which is 15 percent more than
previous forecasts.  As a leading company in the sector, it hit
every chip stock pretty hard.  Shares of XLNX gapped down at the
morning bell to open at $19.21.  This was below our stop of
$19.89, which really increased our losses.  Even though we
qualified this as a very speculative play from the beginning this
was one high risk-reward play that proved to be more risk instead
of reward.  The stock managed to rebound back to the $20 support
level but this time support acted as resistance.  Bears will be
watching the $20.00 - $20.15 level and placing bets on a failed
rally.  Keep an eye on the SOX.  It appears ready for an oversold
rebound but betting on a rally now could be painful.

Picked on January 28th at $20.91
Results since picked:      -1.70
Earnings Date           01/21/03 (confirmed)






=================================================================
Split Trader / Stock Splits (ST) section
=================================================================

Split Announcements
-------------------

Drug Maker Lannett Sets 3-for-2 Stock Split

Prior to the opening bell this morning, Lannett Co. (AMEX: LCI)
announced a 3-for-2 stock split.

The split will be distributed on February 28th to shareholders of
record on February 14th.  Lannett last split its stock in 1993.

LCI has been uptrending for the duration of the year after
bottoming out at $16.28 on the first day of 2003.  Shares are
currently trading slightly below the all-time high at $22.98.
Traders thinking about playing a split run need to be aware that
this level may provide resistance.

Shares closed at $19.71 on Thursday.  For a current quote, click here:

http://user.financialcontent.com/pin1/quote.cgi?account=pin1&ticker=LCI

About the company
Lannett Company, Inc. develops, manufactures, packages, markets
and distributes pharmaceutical products sold under generic
chemical names. In addition, it contract manufactures and private
labels pharmaceutical products for other companies. It
manufactures only solid oral dosage forms, including tablets and
capsules, but it is pursuing partnerships and research contracts
for the development and production of other dosage forms,
including liquids and injectable products. (source: company press
release)




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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 01-31-2003
                                                   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 February 3rd
   - Major Earnings
   - Stock Splits
   - Economic Reports

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


=========================================
Market Watch for the week of February 3rd
=========================================

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

Symbol  Company               Date           Comment      EPS Est

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

ACDO   Accredo Health        Mon, Feb 3  Before the Bell      0.34
CPT    Camden Property Trust Mon, Feb 3  After the Bell       0.83
CRL    Charles River Lab.    Mon, Feb 3  After the Bell       0.36
EW     Edwards Lifesciences  Mon, Feb 3  After the Bell       0.34
EPD    Entrprise Prdcts Part Mon, Feb 3  Before the Bell      0.24
ERICY  Ericsson LM Telephone Mon, Feb 3  -----N/A-----       -0.16
FSH    Fisher Sci Intl       Mon, Feb 3  After the Bell       0.45
GGP    General Growth Prop   Mon, Feb 3  -----N/A-----        1.84
HPT    Hospitality Prop Trst Mon, Feb 3  -----N/A-----        1.00
HUM    Humana Inc.           Mon, Feb 3  -----N/A-----        0.33
JP     Jefferson-Pilot       Mon, Feb 3  After the Bell       0.83
MAT    Mattel                Mon, Feb 3  Before the Bell      0.38
NFS    Nationwide Finl Serv  Mon, Feb 3  After the Bell       0.74
NFS    Nationwide Finl Serv  Mon, Feb 3  After the Bell       0.74
RSG    Republic Serv         Mon, Feb 3  After the Bell       0.35
RMD    ResMed                Mon, Feb 3  After the Bell       0.30
SPP    Sappi Limited         Mon, Feb 3  Before the Bell      0.25
SRA    Serono S.A.           Mon, Feb 3  Before the Bell      0.14
TMX    Telefonos de Mexico   Mon, Feb 3  After the Bell       0.87
VMC    Vulcan Materials      Mon, Feb 3  After the Bell       0.36
WFT    Weatherford Intl      Mon, Feb 3  After the Bell       0.26


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

NDN    99 CENTS Only         Tue, Feb 4  Before the Bell      0.28
ALA    Alcatel               Tue, Feb 4  Before the Bell     -0.12
LNT    Alliant Energy        Tue, Feb 4  Before the Bell      0.49
APCC   Am Power Conversion   Tue, Feb 4  After the Bell       0.21
AVZ    AMVESCAP PLC          Tue, Feb 4  Before the Bell      0.19
AVP    Avon Products Inc.    Tue, Feb 4  -----N/A-----        0.79
BOX    BOC Group PLC         Tue, Feb 4  -----N/A-----         N/A
BWA    BorgWarner, Inc.      Tue, Feb 4  -----N/A-----        1.49
BSX    Boston Scientific CorpTue, Feb 4  After the Bell       0.31
CHRW   C.H. Rbnsn Worldwide  Tue, Feb 4  After the Bell       0.29
CBL    CBL & Associates Prop Tue, Feb 4  After the Bell       1.12
CB     Chubb Corporation     Tue, Feb 4  Before the Bell      1.08
CSB    CIBA SPECIALTY CHEM   Tue, Feb 4  -----N/A-----        0.50
CSCO   Cisco Systems         Tue, Feb 4  After the Bell       0.13
CL     Colgate-Palmolive     Tue, Feb 4  -----N/A-----        0.58
CSC    Computer Sci Corp     Tue, Feb 4  After the Bell       0.60
CVS    CVS Corporation       Tue, Feb 4  Before the Bell      0.47
EDMC   Education Manag Corp  Tue, Feb 4  Before the Bell      0.69
EMR    Emerson Electric      Tue, Feb 4  -----N/A-----        0.54
EC     Engelhard Corporation Tue, Feb 4  Before the Bell      0.44
ETR    Entergy               Tue, Feb 4  Before the Bell      0.26
EOG    EOG Resources         Tue, Feb 4  -----N/A-----        0.33
GYI    Getty Images          Tue, Feb 4  After the Bell       0.11
HCA    HCA - The Health Comp Tue, Feb 4  Before the Bell      0.60
HEW    Hewitt Associates     Tue, Feb 4  Before the Bell      0.28
N      Inco                  Tue, Feb 4  -----N/A-----        0.21
LAF    Lafarge North America Tue, Feb 4  -----N/A-----        1.12
LVLT   Level 3 Comm          Tue, Feb 4  -----N/A-----       -0.67
LZ     Lubrizol              Tue, Feb 4  -----N/A-----        0.48
MFC    Manulife Finl Corp    Tue, Feb 4  During the Market    0.46
MKL    MARKEL CORP           Tue, Feb 4  -----N/A-----        2.20
MBI    MBIA Inc.             Tue, Feb 4  Before the Bell      1.12
OOM    MMO2                  Tue, Feb 4  -----N/A-----         N/A
MCO    Moody's Corporation   Tue, Feb 4  After the Bell       0.42
OHP    Oxford Health Plans   Tue, Feb 4  Before the Bell      0.94
PCAR   Paccar                Tue, Feb 4  -----N/A-----        0.64
PTEN   Patterson-UTI Energy, Tue, Feb 4  Before the Bell      0.01
PFGC   PERFORMANCE FOOD GRP  Tue, Feb 4  Before the Bell      0.38
PNW    Pinnacle West Cptl Co Tue, Feb 4  Before the Bell      0.56
IQW    Quebecor World        Tue, Feb 4  -----N/A-----        0.66
RGC    Regal Enter Grp       Tue, Feb 4  Before the Bell      0.23
RNR    RenaissanceRe Holding Tue, Feb 4  After the Bell       1.31
ROH    Rohm and Haas Company Tue, Feb 4  Before the Bell      0.23
RYAAY  Ryanair Holdings      Tue, Feb 4  -----N/A-----        0.30
CAKE   The Cheesecake Factry Tue, Feb 4  After the Bell       0.26
PFG    The Principal Finl GrpTue, Feb 4  After the Bell       0.53
JOE    The St. Joe Company   Tue, Feb 4  Before the Bell      0.22
VRTX   Vertex Pharm Inc      Tue, Feb 4  After the Bell      -0.40
WPI    Watson Pharm, Inc.    Tue, Feb 4  -----N/A-----        0.44
WSTC   West Corporation      Tue, Feb 4  After the Bell       0.21


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

ATVI   Activision            Wed, Jan 22  -----N/A-----       0.61
ACE    ACE Limited           Wed, Feb 5  After the Bell      -0.06
ADO    Adecco SA             Wed, Feb 5  -----N/A-----         N/A
BUD    Anheuser-Busch Co Inc Wed, Feb 5  -----N/A-----        0.32
ARI    Arden Realty Inc      Wed, Feb 5  -----N/A-----        0.68
AVE    Aventis               Wed, Feb 5  Before the Bell       N/A
BPO    Brookfield Properties Wed, Feb 5  -----N/A-----        0.61
CLU    Canada Life Financial Wed, Feb 5  -----N/A-----        0.52
CSL    Carlisle Companies    Wed, Feb 5  After the Bell       0.45
CD     Cendant Corporation   Wed, Feb 5  After the Bell       0.29
EXBD   Corp Exec Board Co    Wed, Feb 5  After the Bell       0.21
CTMI   CTI Molecular Imaging Wed, Feb 5  After the Bell       0.05
DNB    D&B                   Wed, Feb 5  After the Bell       0.85
ELN    Elan Corporation, PLC Wed, Feb 5  Before the Bell     -0.17
EOP    Eq Office Prop Trst   Wed, Feb 5  Before the Bell      0.77
EQR    Equity Residential    Wed, Feb 5  Before the Bell      0.59
EXPE   Expedia, Inc          Wed, Feb 5  After the Bell       0.41
GXP    Great Plains Energy   Wed, Feb 5  After the Bell        N/A
HNI    HON INDUSTRIES, Inc.  Wed, Feb 5  Before the Bell      0.39
ROOM   Hotel Res Network     Wed, Feb 5  Before the Bell      0.38
JNY    Jones Apparel Group   Wed, Feb 5  Before the Bell      0.50
KB     Kookmin Bank          Wed, Feb 5  Before the Bell       N/A
LIN    Linens 'n Things Inc. Wed, Feb 5  Before the Bell      0.87
MGM    Metro-Goldwyn-Mayer   Wed, Feb 5  -----N/A-----        0.07
MX     Metso Corporation     Wed, Feb 5  -----N/A-----         N/A
MON    Monsanto Company      Wed, Feb 5  Before the Bell      0.29
IX     Orix Corporation      Wed, Feb 5  Before the Bell       N/A
PNP    Pan Pac Retail Props  Wed, Feb 5  Before the Bell      0.76
PSC    Philadelphia Suburban Wed, Feb 5  Before the Bell      0.22
PP     Prentiss Properties   Wed, Feb 5  After the Bell       0.82
QTRN   Quintiles Trans       Wed, Feb 5  -----N/A-----        0.18
REG    Regency Centers Corp  Wed, Feb 5  After the Bell       0.84
RHA    Rhodia S.A.           Wed, Feb 5  During the Market     N/A
SPI    Scottish Power        Wed, Feb 5  Before the Bell       N/A
PCS    Sprint Corp           Wed, Feb 5  Before the Bell     -0.22
FON    Sprint FON Group      Wed, Feb 5  Before the Bell      0.38
TDS    Telephone Data        Wed, Feb 5  Before the Bell      0.39
TDS    Telephone Data        Wed, Feb 5  Before the Bell      0.39
ALL    The Allstate Corp     Wed, Feb 5  After the Bell       0.77
TMO    Thermo Electron Corp  Wed, Feb 5  After the Bell       0.29
TM     Toyota Motor Corp     Wed, Feb 5  -----N/A-----         N/A
TXU    TXU Corp.             Wed, Feb 5  Before the Bell      0.27
UNM    UnumProvident Corp    Wed, Feb 5  After the Bell       0.64
WHR    Whirlpool Corporation Wed, Feb 5  Before the Bell      1.64


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

TW     21st Century Ins      Thu, Feb 6  -----N/A-----        0.14
RKY    Adolph Coors, Co.     Thu, Feb 6  -----N/A-----        0.75
AG     AGCO                  Thu, Feb 6  -----N/A-----        0.28
AMH    AmerUs Group Co.      Thu, Feb 6  After the Bell       0.91
RMK    Aramark Corporation   Thu, Feb 6  Before the Bell      0.30
ASN    Archstone-Smith Trst  Thu, Feb 6  Before the Bell      0.51
AN     AutoNation            Thu, Feb 6  Before the Bell      0.23
CINF   Cincinnati Finl Corp  Thu, Feb 6  Before the Bell      0.45
CFB    Commercial Federal .  Thu, Feb 6  Before the Bell      0.56
CTB    Cooper Tire & Rubber  Thu, Feb 6  Before the Bell      0.29
CVH    Coventry Health Care  Thu, Feb 6  Before the Bell      0.66
DASTY  Dassault Systemes SA  Thu, Feb 6  -----N/A-----        0.43
DVN    Devon Energy Corp     Thu, Feb 6  Before the Bell      1.13
DPL    DPL Inc.              Thu, Feb 6  After the Bell       0.23
EDS    Electronic Data Sys   Thu, Feb 6  After the Bell       0.48
GCI    Gannett               Thu, Feb 6  Before the Bell      1.28
GR     Goodrich Corporation  Thu, Feb 6  After the Bell       0.65
HB     Hillenbrand Inds      Thu, Feb 6  Before the Bell      0.75
ICI    Imperial Chemical Ind Thu, Feb 6  -----N/A-----         N/A
IDC    Interactive Data Corp Thu, Feb 6  Before the Bell      0.17
SFI    iStar Financial       Thu, Feb 6  Before the Bell       N/A
JHF    John Hanck Finl Serv  Thu, Feb 6  After the Bell       0.73
MTD    Mettler-Toledo Intl   Thu, Feb 6  After the Bell       0.68
MHK    Mohawk Industries     Thu, Feb 6  -----N/A-----        1.21
NVO    Novo-Nordisk          Thu, Feb 6  Before the Bell       N/A
NUS    Nu Skin               Thu, Feb 6  Before the Bell      0.22
NUE    Nucor                 Thu, Feb 6  -----N/A-----        0.45
OVER   Overture Services Inc Thu, Feb 6  After the Bell       0.22
POC    P & O Prncss Cruises  Thu, Feb 6  -----N/A-----        0.15
PPE    Park Place Enter      Thu, Feb 6  Before the Bell      0.03
PEP    Pepsico               Thu, Feb 6  Before the Bell      0.50
PIXR   Pixar Animation Stu   Thu, Feb 6  After the Bell       0.22
RL     Polo Ralph Lauren CorpThu, Feb 6  Before the Bell      0.47
POT    Potash Corp of Saskat Thu, Feb 6  Before the Bell      0.31
O      Realty Income Corp    Thu, Feb 6  -----N/A-----        0.72
RD     Royal Dutch Petroleum Thu, Feb 6  Before the Bell      0.84
R      Ryder System, Inc.    Thu, Feb 6  Before the Bell      0.54
SWY    Safeway, Inc.         Thu, Feb 6  Before the Bell      0.78
SC     Shell Trnsprt Trdng CoThu, Feb 6  During the Market    0.68
SHW    Sherwin-Williams      Thu, Feb 6  -----N/A-----        0.39
SHU    Shurgard Strge Cnters Thu, Feb 6  After the Bell       0.75
SPG    Simon Property Grp    Thu, Feb 6  After the Bell       1.15
SUP    Superior Industries   Thu, Feb 6  Before the Bell      0.80
MNY     The MONY Group Inc.  Thu, Feb 6  Before the Bell      0.03
TBL    The Timberland Co     Thu, Feb 6  Before the Bell      0.61
TMK    Torchmark             Thu, Feb 6  Before the Bell      0.91
USAI   USA Interactive       Thu, Feb 6  Before the Bell      0.11
WSH    Wlls Grp Hldngs Lmtd  Thu, Feb 6  Before the Bell      0.47


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

BLC    Belo                  Fri, Feb 7  During the Market    0.38
CRE    Carramerica Realty Co Fri, Feb 7  -----N/A-----        0.86
FUN    Cedar Fair LP         Fri, Feb 7  -----N/A-----       -0.32
CI     CIGNA                 Fri, Feb 7  Before the Bell      1.20
DB     Deutsche Bank         Fri, Feb 7  -----N/A-----         N/A
GRP    Grant Prideco Inc     Fri, Feb 7  Before the Bell      0.02
HTV    Hearst-Argyle TV, Inc Fri, Feb 7  Before the Bell      0.39
PL     Protective Life Corp  Fri, Feb 7  Before the Bell      0.50
SNN    Smith & Nephew        Fri, Feb 7  During the Market    1.13
TIN    Temple-Inland, Inc.   Fri, Feb 7  Before the Bell      0.32
VSH    Vishay Intertech, Inc Fri, Feb 7  Before the Bell      0.09
VOLVY  Volvo AB              Fri, Feb 7  Before the Bell       N/A


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

Symbol  Company Name              Ratio    Payable     Executable

CBI     ChicagoBridge             2:1      Feb. 13th   Feb. 14th
MSFT    Microsoft                 2:1      Feb. 14th   Feb. 18th

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

The earnings flood is slowly starting to ebb.  While Wall Street
will focus on the Bush-Saddam conflict, analysts will be watching
the vehicle sales numbers and ISM index on Monday and the ISM
Services number on Wednesday.  Friday also has a number of
economic reports.

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

Monday, 02/03/02
----------------
Auto Sales (NA)         Jan  Forecast:   5.8M  Previous:     6.1M
Truck Sales (NA)        Jan  Forecast:   7.5M  Previous:     8.7M
ISM Index (DM)          Jan  Forecast:   53.0  Previous:     54.7
Constructin Spending(DM)Dec  Forecast:   0.3%  Previous:     0.3%


Tuesday, 02/04/02
-----------------
Factory Orders (DM)     Dec  Forecast:   0.8%  Previous:    -0.8%


Wednesday, 02/05/02
-------------------
ISM Services (DM)       Jan  Forecast:   54.0  Previous:     54.7


Thursday, 02/06/02
------------------
Initial Claims (BB)   02/01  Forecast:    N/A  Previous:     397K
Productivity-Prel (BB)   Q4  Forecast:   0.5%  Previous:     5.1%


Friday, 02/07/02
----------------
Nonfarm Payrolls (BB)   Jan  Forecast:    50K  Previous:    -101K
Unemployment Rate (BB)  Jan  Forecast:   6.0%  Previous:     6.0%
Hourly Earnings (BB)    Jan  Forecast:   0.3%  Previous:     0.3%
Average Workweek (BB)   Jan  Forecast:   34.2  Previous:     34.1
Wholesale Invntories(DM)Dec  Forecast:   0.2%  Previous:     0.2%
Consumer Credit (DM)    Dec  Forecast:  $4.3B  Previous:   -$2.2B


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




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