PremierInvestor.net Newsletter Monday 03-03-2003 section 1 of 2 Copyright ) 2003, All rights reserved. Redistribution in any form is strictly prohibited. The entire newsletter is best viewed in COURIER 10 for alignment ================================================================= In section one: Market Wrap: Iraq vs. The Economy Watch List: BBI, BEC, FDO, MAN, XL, and more... Play of the Day: The Trend Is Our Friend ****************************************************************** MARKET WRAP (view in courier font for table alignment) ****************************************************************** 03-03-2003 High Low Volume Advance/Decl DJIA 7838.86 - 53.22 7981.46 7822.73 1392 mln 500/864 NASDAQ 1320.29 - 17.23 1353.31 1316.85 1216 mln 251/945 S&P 100 422.18 - 3.18 431.39 420.92 totals 751/1809 S&P 500 834.81 - 6.34 852.34 832.74 RUS 2000 359.31 - 1.21 364.63 358.28 DJ TRANS 2066.08 + 17.03 2084.65 2046.51 VIX 34.09 - 0.06 40.89 36.71 VIXN 45.83 + 0.17 46.02 44.62 Put/Call Ratio 1.02 ****************************************************************** =========== Market Wrap =========== Iraq vs. The Economy by Steven Price Is it all still about Iraq? It certainly was about the geo- political picture early on, but some conflicting economic data also proved that the economy is still playing a part in traders' minds. We got a good snapshot today of reactions to both the geo- political landscape, as well as current economic conditions. The economic worries won out today, but it was only one chapter in a very long book. After a Friday afternoon that looked as though we had finally exhausted whatever bullishness was left in the broader indices, we got some news over the weekend that tipped the scales away from an Iraqi invasion. While it remains highly probable that the U.S. will still invade, there were a couple of items that made it a little more difficult. First was the expected destruction of missiles by Iraq. The U.N. weapons inspectors requested destruction of Iraq's Al-Samoud missiles, which they deemed to have a range beyond that allowed by the U.N. resolutions. Iraq agreed to do so last week, but said they did not know how and would require assistance, keeping alive the notion that they may just be wiggling. When the destruction began as planned, it was just one more factor that weighed against a U.S. invasions Iraq continues to throw bones to the U.N. every couple of weeks. The U.N. weapons inspectors also said that they had been allowed to interview more scientists. Iraq destroyed more missiles on Monday, but has said it would cease complying with the inspectors' request if it appears the U.S. will go to war anyway. The second factor, and possibly an even more important one, was the vote by the Turkish parliament on allowing U.S. troops to base in its country. What appeared to be a victory for the U.S. with more members voting for than against the U.S. plan, quickly turned sour when the vote was declared "rejected" by the Prime Minister. The vote fell three votes shy of a majority due to 19 abstentions. Turkey's financial markets fell hard on the news, after they had rallied on the expectations that the country would be receiving U.S. aid that could help ease a $90 billion hole the country is facing and large IMF payments facing it. There has been talk of another vote, but that likely will not come until next week, after parliamentary elections this weekend. The rejection has a big effect on the U.S., which had planned on stationing troops in Turkey for an attack on Iraq from the North. While the U.S. has said the decision would not alter its overall plans, it will require some major re-positioning and could delay any military action. The U.S. has said it would be successful in an action against Iraq with or without Turkey's help. My guess is still that Turkey eventually takes the much needed infusion of aid and allows U.S. troops. However, just a few days before their elections, a topic that does not have popular support there may have simply had too much working against it. There were still more votes cast in favor of the U.S. plan than against it, so there is enough sentiment from those close to the problem to build on. I imagine the 11% decline in their stock market that followed the decision will only help the U.S. case. The arrest of a high-level Al Qaeda operative also gave the markets a boost early on. Al Qaeda operations chief Khalid Shaikh Mohammed was arrested in Pakistan and U.S. officials seized computers, computer disks, paper documents and cell phones, which they will use to try and determine where other operatives might be hiding and what plans might be in the works. The opening euphoria got another boost from a better than expected construction spending report. Construction spending rose 1.7% in January, to record levels, and also reflected an upwardly revised number for December. On the negative side, however, was consumer spending. Analysts were expecting a 0.1% rise in nominal consumer spending and instead got a reduction of 0.1%. Overall, consumers reduced real spending by 0.3%. It was only the second time in the last 14 months that spending has declined. It would also seem to correlate to recent numbers from the housing market, which showed a big drop in new home sales for January. One of the biggest factors in keeping consumer spending alive, and supporting the economy, has been low interest rates. When we start to see a lesser effect in the housing market, it is a red flag for spending in general, as it indicates fewer consumers are taking advantage of those rates to either extract money from current homes or purchase a new one. While it is not a direct correlation, weakness in the housing sector can be used as a red flag for spending in general. The drop in spending also portends more economic troubles for the country, as consumer spending has been one of the only positives we have seen in a climate where businesses have refused to spend. Consumer spending makes up 2/3 of GDP and a decline may have a serious impact on first quarter GDP. Real spending on durable goods dropped 5.4%, following a 7.2% increase in December. That was the largest decline in 13 years and reflected a drop in auto sales. As consumer debt has reached record levels, some of that previous spending is also making it back into savings accounts ahead of war concerns. The personal savings rate grew from 3.9% to 4.3%. Personal consumption was also flat, when excluding energy. One of the reasons for a drop in spending can also be linked to a smaller than expected gain in personal incomes. Personal income grew 0.3%, which was a touch lower than the already anemic 0.4% that was expected. We got reports from several automakers, with GM showing the worst results. GM reported a 19% drop in February sales. Ford reported flat sales and Daimler Chrysler reported a drop of 4.5%. The total industry numbers came in below expectations. The biggest report we were waiting on was the ISM manufacturing report. Last week's release of the Chicago PMI, which reflects manufacturing data in the region, came in better than expected. That was enough to get the bulls geared up for this morning's ISM release and we rallied into the data release. Oops. The ISM came in at 50.5% for February, well below the expectations for 52.0%. The internals of the report showed both employment and new orders down, while prices paid went up. While the 1.5% difference between the expected and actual levels may not seem like a big difference, its proximity to the 50% level is important. Anything over 50% shows expansion in the sector, while anything below that level shows contraction. The trend in both indices is down and now bordering on contraction. While the Chicago PMI was better than expected at 54.9, it was still a downtick from the previous reading of 56.0. The disappointing report led to a quick turnaround in the Dow, which had once again been on its way to testing 8000. It reached as high as 7981, before rolling over and dropping more than 100 points subsequently. The chip stocks have been one of the hotter sectors over the past week. After bottoming around 260, just before we got a bounce in the broader markets from our recent lows, the Semiconductor Index (SOX) ran all the way up to a test of resistance at 300. This 15% gain outstripped the rest of the market and indicated that this sector may be leading us higher. While the SOX is only a sector index, it has a high correlation to the broader markets, as it measures spending and demand for the hard components that businesses invest in (or don't). The SOX finally hit the 300 mark this morning, topping out at 304, but that move apparently brought in the sellers that point to a continued lack of IT business spending. After hitting its morning high, it did a 180- degree turn and fell back to 285. It was the first indication that we might see a turnaround off the bottom a couple of weeks ago when it found support and started creeping higher and if today's rejection is any indication, the recent pop in equities may be running out of steam. The sector was not helped any by a report from UBS Warburg that said the Semiconductor Industry Association results for January were below expectations, despite some good data coming from Asian source around the Chinese New Year. UBS said most categories were down, with the exception of Flash and SRAM, but it expects a mild sequential increase in February. That report was out early and we got a morning rally, anyway, so the reversal is more likely due to valuation than that piece of news. Chart of the SOX While we did get a series of intraday lower highs after the initial morning spike, we also got a higher high in the Dow than we did on Friday. While the bullish percents remain in sinking columns of "O," indicating an uphill battle for any continued rally, we need to note that we have also maintained much of the bounce of recent lows in the broader indices. The Dow touched a relative low of 7628 on February 13, before bouncing 400 points. We have held onto much of those gains and have mostly moved sideways. The 50% mark of those gains is 7852 and that level has served as significant intraday support over the past couple of days. Today's drop through that level near the end of the day also led to a failed bounce just below it, indicating we may now be seeing resistance where we have seen recent support. That would certainly seem bearish. However, we are seeing a low volume market, with no real decisive trend. The point and figure charts continue to reverse from bullish "X" columns to bearish "O" columns every couple of days it seems. I highlighted a flag pattern forming in the Dow PnF chart last week and that pattern has remained as such, indicating indecision in progressively smaller trading ranges. The SPX and OEX had been in bullish columns of "X" and added another upside box this morning. Their subsequent rollovers would have turned them back down into columns of "O" at 835 and 422.50 (2.5 point box) if not for the earlier addition to the upside. If we trade the same lower levels tomorrow, they will reverse down. That can be seen as bearish confirmation, but with all of the sudden reversals, it is getting harder to simply conclude that we are heading in one direction or another. The main reason, of course, is the market sensitivity to world events. 60 min. Chart of the Dow PnF Chart of the SPX What happens if Iraq completes destruction of all of their Al- Samoud missiles? Or if the U.S. and Turley reach a new agreement? Or if Saddam heads into exile? We can certainly guess at the likely outcome, but we have no real idea what the next day will bring. After all, it seemed like a foregone conclusion that Turkey would allow U.S. troops. We also got some contrarian indications today from the broader market movement. The Dow Transports, which had been testing October lows and underperforming even a sinking equity market, got a boost today, most likely from the continued slide in fuel prices. That slide has come as Iraq has begun to comply with U.N. requests and U.S. oil inventories have gotten a break from the passing of bad weather in the East. The Market Volatility Index also finished slightly down on the day, indicating a lack of downside fear. It usually rises on market drops and although it bounced from intraday lows, it still remained in the red at the close. It has tested the 34% level on two recent occasions, before equity drops took it back over 35%. Today it crept just over that level in the afternoon to close at 34.09. It appears that for the moment the trend is down, and I will continue to trade that way. However, without a clear-cut pattern, and the possibility that the tide will change quickly on world events, I am sticking to risk capital and will likely do so until world events are sorted out. ================================================================== 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 --------------------------------- Blockbuster Inc - BBI - close: 15.55 change: +0.25 WHAT TO WATCH: BBI still looks like a good bullish play. In Friday's Watch List we discussed the positive technicals in Blockbuster. The stock has traded strong ever since it rebounded from the 50-dma last week. This upside momentum carried over into Monday's session, as shares outperformed the broader market, moved to new relative highs, and triggered a double-top buy signal on the point-and-figure chart. The stock topped out just below $16.00. That level is significant because it's the bottom of the large December 18th gap, which resulted from an earnings warning. We'd be watching for a move above $16.00 to provide a possible buying opportunity - initially targeting a move to the $18.00 region. --- Beckman Coulter - BEC - close: 32.91 change: -0.19 WHAT TO WATCH: Shares of this biomedical instrument manufacturer suffered a rapid decline from the $37.00 region when the company announced a revenue warning in October. This created a large fast-move region on the daily chart, including a gap from $35.22 to $32.65. Technicians will note that this gap is now in the process of being filled. Short-term traders could watch for bullish entries on a move above today's high ($33.44), initially targeting the $35.00 region. A more optimistic upside target would be the descending 200-dma at $36.58. --- Ford Motor - F - close: 8.07 change: -0.25 WHAT TO WATCH: Ford reported today that its total U.S. sales figures were unchanged on a year-over-year basis. Investors responded with a clear sell-side bias, dragging F to a 3.0% loss. This negative reaction largely appears to have been a result of General Motors' own February sales data, which showed a sharp 19% decline. GM also said they're now expecting a 10.5% decline in Q2 compared to the same quarter last year. These indications of weakness in the automotive industry aren't going to help shares of F hold above key support at $8.00. A breakdown below that level would clear the way to a possible retest of the October lows near $7.00. --- Family Dollar Stores - FDO - close: 27.82 change: -0.40 WHAT TO WATCH: This is a possible bearish retail play that's better suited towards longer-term traders. FDO is a pretty slow mover - it traded in a range of less than $3.50 in February. The stock has been bleeding gradually lower ever since it rolled over from $32.00 in January. News of an increase in same-store sales for that month did not help the stock find a bid. Shares are currently trading below support at $28.00 and threatening to break under the relative low of $27.43. With a large underlying fast-move region created by the steep October gains, it looks like FDO could eventually revisit the $24.00 region. While a breakdown to new lows might yield a bearish action point, traders seeking additional confirmation will want to wait for the stock to move below $27.00. This would create a double-bottom sell signal on the point-and-figure chart and also take FDO below the bullish support trend. --- Manpower Inc - MAN - close: 30.01 change: -0.36 WHAT TO WATCH: Shares of Manpower have been moving lower over the past month, but the bulls are doing their best to defend psychological support at $30.00. This level coincides with bullish support on the p-n-f chart. MAN has traded in a narrow range over the past four sessions, sometimes moving below $30.00 but always managing to gravitate back to that area. Bears can watch for a wholesale violation of support (perhaps a move below $29.50 backed by strong volume) to present an entry point. The daily chart shows no clear underlying support until the October lows at $25.00. --- Telephone Data Systems - TDS - close: 39.70 change: -0.37 WHAT TO WATCH: News of a new stock repurchase plan failed to ignite shares of TDS on Friday. Shares have been drifting steadily lower over the past three months, with the 21-dma at $40.93 providing reliable resistance. A failed rally at this moving average might provide a shorting opportunity. However, with both the MACD and daily stochastics (5,3,3) looking ready to give bearish crossovers, it wouldn't be surprising to see the stock trading at new multi-year lows in the very near future. A move below the $39.00 region would raise the possibility that TDS might test psychological support at $35.00. --- Valero Energy - VLO - close: 39.39 change: +0.38 WHAT TO WATCH: There doesn't appear to be much of a correlation between the price of crude oil (cl03k) and shares of Valero. If that were the case, VLO would already be trading at long-term highs after rallying sharply over the past few months. However, upward action in the price of the commodity does seem to be helping the stock find a bid. The daily chart shows that VLO is trading just under resistance at $40.00. A breakout above that level (using a move above the relative high of $40.10 to provide bullish confirmation) might present an entry point. Short-term traders could aim to capture a move to the $43.00-$44.00 area of congestion, while those with a longer timeframe could target a move to $47.00. However, potential traders need to remember that any sudden or unexpected developments in the Middle East could lead to sharp movements in oil stocks. --- XL Capital - XL - close: 68.95 change: -1.99 WHAT TO WATCH: XL was hit for a 2.8% loss today after the stock was downgraded from "Outperform" to "Market Perform" by Wachovia. This selling led a violation of support at $70.00 and also created a double-bottom sell signal on the point-and-figure chart. Given the deteriorating technical picture, it looks like the bears might now be able to take XL down to the July lows in the $60.00 region. Possible additional support lurks at the August lows ($66.50) and the psychologically important $65.00 level. In terms of sector strength (or lack thereof), the IUX.X insurance index has been drifting back towards key support at 220 after experiencing an oversold rebound in mid-February. A breakdown below that level would be quite bearish for the entire group. Bears will first be watching for the index to fall below short-term support at 225.50. =============== Play-of-the-Day (BULLISH high risk/reward play) =============== Amgen Inc. - AMGN - close: 53.87 change: -0.77 stop: 51.54 Company Description: Amgen is a global biotechnology company that discovers, develops, manufactures and markets important human therapeutics based on advances in cellular and molecular biology. (source: company press release) - ORIGINAL WRITE UP: February 11th, 2003 - Why We Like It: Finding a solid bullish trend that has existed for more than a week in the current market environment is tough enough, but how about a stock that has steadily posted higher highs and higher lows since late September? Further narrowing the field, how many stocks in that group are above their 50-dma, with the 50-dma above the 200-dma? Not many. Believe it or not, we're talking about Biotechnology giant, AMGN, which has been steadily marching up the charts in defiance of the both the broader market weakness and even the lackluster action in the Biotech index (BTK.X), which is a lot closer to its October lows, than its December highs. One factor that may be influencing the recent bullish action could be the company's analyst meeting, currently scheduled for February 25th. We could see a strong move leading up to that event. Not only is the price action in AMGN impressive (trading a new 9-month intraday high of $53.96 today), but so is the volume. For example, today's rally to new relative highs was backed by the strongest volume reading in over two weeks. Overall, AMGN looks ready to stage a solid breakout with a trade at $54.00. A trade at this level would create a double-top buy signal on the point-and-figure chart. The p-n-f chart also shows a bullish objective of $69. While that's a bit too high of an upside target for our relatively short-term play, the daily chart shows few obstacles in between current levels and the psychological resistance at $60.00. This will be our initial target region. At retest of the 2002 highs near $63.00 wouldn't be out of the question if we get some cooperation from the BTK.X. The weekly chart shows that AMGN is trading in a bullish wedge with previous support (which might now act as resistance) at $55.00. This level roughly coincides with a long-term trend of lower highs. We're being somewhat aggressive with an action trigger at $54.06. Traders seeking more upside confirmation may want to wait for a move above $55.00. Alternatively, a pullback to the rising 21-dma ($51.73) might also present an entry point if you feel more comfortable buying a dip. Our stop-loss (if the play is activated) will be set at $50.49. More conservative traders could use a stop slightly below the 21-dma. - Last Update: February 28th, 2003 - Talk about dependability! Every time AMGN approaches its ascending trendline, the bulls defend that support line with a vengeance and the resulting bounce invariably takes the stock up to test its recent highs. Last week was no exception, with an early dip to support on Tuesday that met with vigorous buying after the company reaffirmed its revenue growth (30-32%) and EPS growth (25-27%) forecast through 2005 at its investor's conference. Trading a low of the day just above $52.00, that news was the catalyst to drive the stock steadily higher throughout the week, ending with a new 10-month closing high of $54.64 on Friday. The trend remains very much intact and barring some unforeseen event over the weekend, AMGN looks ready to break through the $55 level next week. The ascending trendline that began last September has now risen to $52.50 and should continue to support the stock on successive pullbacks. While aggressive traders may feel compelled to chase the stock higher on a breakout over $55, their enthusiasm should be tempered by the strong resistance that is looming just overhead near $56 and continuing up through the $60 level. Additionally, AMGN has not shown a recent pattern of being able to sustain a breakout, instead pulling back after each higher high to consolidate and confirm higher support. So the best approach for entering the play remains to take advantage of rebounds from the ascending support line. This weekend, we're leaving our stop in place at $51.54, but will consider raising it once AMGN is able to close over the $55 level. - Play-of-the-Day Comments: March 3rd, 2003 - We've talked at length about the long-term ascending trend that has provided support in AMGN. On Monday morning the stock distanced itself from that trend and moved to a multi-month high of $54.95. But with the NASDAQ not showing any leadership, shares were unable to move above psychological resistance at $55.00. The subsequent intraday reversal erased Friday's gains and dragged AMGN to a loss of 1.4%. A promising development for the bears? We don't think so. As a matter of fact, a pullback to the ascending trendline on Tuesday might present a favorable entry point for traders who are looking to open new long positions. That trendline is bolstered by the rising 21-dma at $52.93. AMGN does have overhead resistance at $55.00 and $56.00. However, a stop slightly below the 50-dma at $51.70 should keep downside risk to a manageable level in the event that AMGN fails to clears those hurdles and violates the pattern of higher lows. On a news-related note, U.S. regulators will ask for an advisory panel's advice tomorrow on how to handle the question of whether a certain class of arthritis drugs (including Amgen's Enbrel treatment) may be linked to cases of lymphoma (source: Reuters). Industry analysts do not expect the FDA to make any decisions that would adversely impact the manufacturers of those drugs. Nevertheless, conservative traders not willing to harbor the risk of news-induced volatility might want to look elsewhere for possible plays. Picked on February 14th at $52.51 Results since picked: +1.36 Earnings Date 04/24/03 (unconfirmed) ================================================================= 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 Monday 03-03-2003 section 2 of 2 Copyright ) 2003, All rights reserved. Redistribution in any form is strictly prohibited. The entire newsletter is best viewed in COURIER 10 for alignment ================================================================= In section two: High Risk/Reward Triggered Plays: GLW (bullish) Trading Ideas Value Plays With Bullish Signals Breakout to Upside (Stocks $5 to $20) Breakout to Upside (Stocks over $20) Breakout to Downside (Stocks over $20) Recently Overbought With Bearish Signals (Stocks over $20) ================================================================== HIGH RISK/HIGH REWARD (HR) section ================================================================== =============== HR Play Updates =============== Triggered Plays --------------- Corning Inc. - GLW - close: 5.10 change: +0.18 stop: 4.53 GLW displayed excellent relative strength today, tacking on 3.6% despite a 1.2% loss in the NASDAQ. A 5-minute chart shows that most of the session's gains came within the first half-hour of trading. Shares shot higher after the opening bell and quickly reached our entry trigger at $5.01. The stock maxed out at $5.21 before moving back towards the $5.00 region for the rest of the day. Bulls can be encouraged by the way GLW remained above that level of former resistance, which should now provide support. Our stop for this play is set at $4.53. New entries can be targeted on a move above today's high. In the news today, Corning completed its acquisition of Tyco International's Power Materials unit. ================== Trading Ideas ================== This section contains stocks that meet criteria which may make them of interest to long and short side traders. These are not recommendations, nor have they been reviewed by PremierInvestor editors for investment potential. However, each of them has technical and fundamental characteristics that make them worthy of further review by traders and investors looking for fresh ideas. New stocks will appear daily following the market close. Value Plays With Bullish Signals --------------------------------- Ticker Company Name Close Change SWK Stanley Works 26.52 +0.71 ABFS Arkansas Best 24.31 +0.61 EQT Equitable Resources 37.08 +0.78 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- Ticker Company Name Close Change IMCL Imclone Systems 14.35 +1.02 UTSI UTStarcom Inc 19.22 +1.04 CNP Centerpoint Energy 5.80 +1.15 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- Ticker Company Name Close Change VIP Vimpel Communications 38.44 +1.08 PHCC Priority Healthcare 23.80 +1.18 BLK Blackrock Inc 42.70 +1.10 JOSB Jos A Bank 24.20 +1.10 MBT Mobile Telesys 44.17 +1.4 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- Ticker Company Name Close Change DRS DRS Technologies 21.10 -1.49 CRR Carbo Ceramics 34.13 -1.12 BWA Borg Warner 50.61 -1.61 XL XL Capital 68.95 -1.99 NWL Newell Rubbermaid 27.05 -1.15 COF Capital One Financial 28.25 -2.72 CVD Covance Inc 21.23 -2.32 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- Ticker Company Name Close Change EOG EOG Resources 40.90 -0.40 QSII Quality Systems 24.50 -0.83 ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
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