PremierInvestor.net Newsletter Wednesday 03-12-2003 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: Will History Repeat? Watch List: BAC, CSCO, DLX, LLY, XLNX, and more... Play of the Day: Two Possible Action Points ****************************************************************** MARKET WRAP (view in courier font for table alignment) ****************************************************************** 03-12-2003 High Low Volume Advance/Decl DJIA 7552.07 + 28.01 7552.07 7416.64 1839 mln 877/925 NASDAQ 1279.24 + 7.77 1279.59 1253.22 1491 mln 824/601 S&P 100 408.92 + 2.18 408.92 400.24 totals 1701/1526 S&P 500 804.19 + 3.46 804.19 788.90 RUS 2000 345.94 - 1.09 347.03 343.06 DJ TRANS 1950.65 + 8.46 1951.63 1918.12 VIX 38.99 + 0.91 41.16 38.88 VIXN 47.50- 0.03 48.33 46.59 Put/Call Ratio 0.89 ****************************************************************** =========== Market Wrap =========== Will History Repeat? by Steven Price For the last few months, the possibility of war has been blamed for the market's big drop. However, anyone watching only the charts would have pegged a move right to these levels. I'm not suggesting we ignore the environment in which we are trading, but it is interesting just how reliable the technical indicators have been. I'm looking at the head and shoulders patterns that have formed over the past few months in the Dow, OEX and SPX in particular. It may have taken the specter of war to get us there, but the breakdowns over the past few sessions mirrored those that we saw over the summer-fall session. Not only did the Dow fulfill its objective, as it did in October, but so did the SPX and OEX (more on these objectives later). A look at the daily charts completes the picture that I've been drawing over the past couple of months and leaves us wondering if it's time to call a bottom, or jump on short for a further breakdown. Certainly we see no signs that would indicate a possible reversal, with not only the U.S. testing multi-month lows, but also European markets sinking hard. The FTSE dropped 4.8%, the DAX fell 4.4%. When the market plague is spreading across the globe, it is hard to find any reason to step in long. However, we did see a big bounce after fulfilling those objectives in the U.S. markets and bulls will point to history (as far back as October, at least) as a possible indicator that it is time for a rally. Chart of the Dow We continue to hear that the possibility of war is what drove the recent collapse. But we have known the U.S. was planning an Iraqi invasion ever since last summer. How then do we explain the rallies of last fall and early January? The easy explanation is that last fall we got a number of earnings releases that, while seemingly awful, weren't as bad as some had predicted. That led to a reallocation between bonds and stocks that gave the market a boost. Once we got into the retail season and saw signs of further weakness in consumer spending, it was back down again until the end of the year. Then came the fund money. Those investors funding their retirement plans and brokerage accounts at the beginning of each year were apparently the impetus for the beginning of the year rally for the first couple of weeks, as was the President's announcement that his stimulus plan would seek to eliminate the tax on dividends. That would have amounted to a fundamental change in the value of dividend paying stocks and gave the bulls an excuse to step back in. However, the rally failed once again, forming a nice right shoulder to the head and shoulders pattern we saw market wide. The failure came as companies beat fourth quarter expectations with January and February earnings releases, but painted a grim picture for the rest of the year. We saw numerous lowered expectations and heard many cautious statements. That turned attention back on the economy and with war closer and fuel prices higher, there was a snow ball effect. We continue to get daily doses of international developments and although we can spin them as bullish or bearish for the market, the overall trend has remained down. That indicates that even developments that seem to delay the war, such as Britain's new set of conditions for Iraq, can't seem to give the market a boost. Most analysts simply say the market hates uncertainty and once we know whether we will attack and when, we'll finally get a rebound. Another school of thought says that Britain's new proposal suggests a split with the U.S. that indicates the U.S. will be heading in alone. That could be bad for the U.S. markets, as foreign investors pull money out of dollar denominated stocks. While the war fears have remained consistent, the price of oil has continued to climb as the timetable grows closer. While we have yet to approach the spike to $40 per barrel in the crude oil futures that was achieved on February 27, we have maintained much of the recent gains, with the futures still holding over $37. That is a far cry from 2002's top right around $30. As fuel prices remain high, business costs do as well. In spite of OEPC and Saudi Arabia's comments this week that they would make up for any shortfall in the world oil supply in the case of war, anyone who has filled up a car with gas recently is feeling the same pinch as many businesses. We are already in a world of weak business spending and the price of fuel continues to cut further into the bottom line. This can be seen especially in the Dow Transports. Traditional Dow Theory relies on this average to confirm moves in the Dow Industrials and so far we are seeing new multi-year lows in that average. When it bounced from its October low on February 25, it appeared we may have seen a short- term bottom. However, that bounce was short lived and not only have we rolled back over below that October low, but also took out the September 2001 low on an intraday basis this morning. That low followed the 9/11 attacks and cut the price of many airline stocks in half. The Transports seem to be signaling another shot at the October lows in the Industrials, which would give us another 200 points of downside, at least. However, today's bounce back above that September 2001 low and into positive territory by the close may also signal that we finally reached at least a temporary floor, as we bounced from a significant level. At the very least, it signals a confluence of important levels tested across the board today. Another 200 points of downside may be wishful thinking for shorts, but there is little argument that the trend is on their side. There is little horizontal support on the bar charts to indicate any point at which we might bounce now that we have taken out the 7500 level intraday. Not only was that the July low, it was also the head and shoulders objective and the point and figure target on the Dow Diamonds (75.00). The head and shoulders objectives I referred to earlier are just below 400 in the OEX; just under 790 in the SPX and 7500 in the Dow. Those objectives were hit almost to the point in the OEX and SPX, with lows of SPX 788.90 and OEX 400.24. The fact that the Dow fell below its H&S objective this morning can be seen one of two ways when comparing it to the SPX and OEX. Bears will view it as signaling further weakness and as the first domino to fall ahead of the others. Bulls will cite the reversal after the objectives were matched, similar to October's action, as well as the higher number of stocks in the OEX and SPX and the ability to trade futures on the SPX as signs that they are more representative of true sentiment. If the bulls were able to defend those broader averages, then maybe we should be weighing the action there more heavily than the break below 7500 in the Dow. Remember that the Dow did not close below that H&S objective. Also note the fact that the Dow underperformed the others in October, hitting its H&S objective while the others bounced just above theirs. That would be similar to relative levels we see now if we rally from here. Chart of the OEX Chart of the SPX Chart of Crude Oil Futures Those point and figure charts are showing us some signals that actually favor the bulls at this point. Now that we have fulfilled the head and shoulders objectives in the broad market indices, we are also seeing the bullish percents across the board in oversold conditions. 30% is considered oversold and the current readings are Dow 10% SPX 30% and OEX 24%. These bullish percents measure the number of stocks in an index that are currently giving buy signals on the point and figure charts. The Dow saw its bullish percent sink as low as 4% in July and 8% in October. Those extended percents both signaled a coming rebound. The current reading of 10% would indicate a similar extension and when combined with the achievement of the 75.00 target on the Diamonds, which are based on the Dow, we see a shift of risk less in favor of the bears. The OEX is also bounced just 10 points away from its target at 390. The SPX target is 785, which we came just points 3.90 points away from achieving, as well. The SPX, however, derives its count from the current column it is working on to the downside and if it does trade 785 on this drop, the count is extended lower to 775 (and 10 additional points for each five it falls until a rebound of 15 points). Certainly none of these indicators is an absolute target. Each of the indices is made up of numerous stocks. However, there are plenty of technicians and institutions watching these patterns and they tend to become a self-fulfilling prophecy. If you were going to pick a bottom, the completions of a number of head and shoulders patterns, combined with extended, oversold bullish percents might not be a bad place to do it. Therefore, we tend to get some nibbling from the long side when we achieve those targets. The last time we achieved the Dow target, we got a massive reversal the same day. While we did end the day in the green, registering a reversal of 140 points intraday, it still does not measure up to the bounces we got in July or October off the bottoms. However, the fact that they successfully defended the OEX and SPX head and shoulders fulfillments could still be signaling at least a short-term bounce. Certainly if history were to repeat itself, a rally from these levels would fit the pattern. How far that takes us is still anyone's guess and in a weak economic environment, it may be just another shorting opportunity. Another indicator that has been reliable in the recent past has been the Market Volatility Index (VIX). The VIX has been range bound between 34-35% and 40-41% for the past couple of months, with moves to those levels signaling at least short-term reversals in the equity markets. The VIX, which measures option premiums in the OEX, generally increases as the market drops and traders are more leery of selling puts and decreases on the way up as the fear abates. The upper end of that range has been between 40-41% intraday, with each foray over 50% eventually ending in a market bounce and a close below that level. The 40% mark was hit again today for the first time since February 13, and voila! - a market bounce. We traded as high as 41.16% intraday, but finished the day at 38.99%. Traders should have this measure on their screens and exercise caution with current positions think about tightening stops as we approach either end of the range. If traders are looking for a pocket of strength in stocks, they should look no further than the formerly beleaguered Semiconductor Stocks. This sector led the way down in 2002 and again in late January. However, it stayed in the green for most of the day and finished with a 3% gain. While its hard to peg just why these stocks are hanging in there, they have held support at 280 ever since making a failed run at 300 a couple of weeks ago. For those traders taking clues from this sector, it gave a good indication that the early sell-off was doomed. The Nasdaq Composite staged an equally impressive rally. After closing at new relative lows on Tuesday, it continued down past its Feb 13 bounce level at 1261 and looked as though it was on its way to a test of 1200. However, after bottoming at 1253, it followed the Dow, SPX and OEX to a close up 7 points, finishing on its highs of the day. Financials got yet another dose of the ongoing credit problems. It all started last year when J.P. Morgan suffered losses due to growing problems with underperforming debt in the telecom industry. Those problems have extended to almost every area of business, and also to consumers. Morgan Stanley was downgraded today by Wachovia, which lowered its estimates for 2003 and 2004 due to weakening consumer credit trends which could lead to a higher credit card charge-off scenario. Chart of the VIX So what did we see today? We saw some downside objectives filled and a big bounce afterward. It wasn't the same type of major reversal off the lows we saw in July and October, but it was still an impressive defense by the bulls. The trend remains down, and the world markets are still setting new lows. However, with oversold bullish percents, a VIX reading at the top of its range and a recent drop of more than 1300 Dow points from the January highs, the risks certainly seem to be shifting. I'm not going to declare the end of the drop, but if there were ever a time for the bears to start worrying and tightening their stops, this is it. ================================================================== 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 --------------------------------- Bank of America - BAC - close: 65.84 change: +0.21 WHAT TO WATCH: The financial sector continued to display weakness on Wednesday, with both the BIX.X and BKX.X banking indexes falling to fresh multi-month lows. BAC followed suit and continued to retrace its October gains. It wasn't until the final 90 minutes of trading that shares rebounded with the broader market and erased the intraday losses. That's not a bad performance by the bulls...but we're not convinced. We've seen several of these "miraculous comebacks" by the Dow Jones over the past few weeks, and every time the upward momentum has quickly dissipated. Should this be the case again, we like BAC as a possible short at current levels. The stock has fallen into a fast-move region with no historical support until $54.00. Short- term traders could aim for bullish point-and-figure support at $61.00. --- Coach Inc - COH - close: 36.86 change: +0.70 WHAT TO WATCH: Did someone forget to tell Coach that the rest of the market is tanking?! The stock has shown incredible relative ever since it rallied off its 50-dma (32.90) in late-February. In sharp contrast to the Dow Jones, the stock has gradually trended higher and moved up to all-time highs. The tendency to outperform the market was on display today, as shares traded strong throughout the session and finished with a 1.9% gain. With COH trading in blue-sky territory, shares could be headed for a test of the next level of psychological resistance at $40.00. How to play Coach? Those with an aggressive strategy might want to target long entries at current levels. A more conservative approach would be to wait for a pullback to the $35.00-$35.50 region. FYI...the point-and-figure chart is currently showing a bullish vertical count of $52.00. --- Cisco Systems - CSCO - close: 12.69 change: -0.33 WHAT TO WATCH: CSCO was hit for a 2.5% loss today after fellow networker Black Box (BBOX) announced that weak IT spending would lead to a sharp reduction in its fourth-quarter results. Some analysts speculated that poor conditions in the small-to-medium business market, from which Cisco derives about 25% of its sales, could severely hamper the company's bottom line. On the daily chart, we see that CSCO has broken through support at $13.00 after tracing what looks an awful lot like a lopsided head-and- shoulders formation. The p-n-f chart is showing a fresh triple- bottom breakdown, with shares now resting just above bullish support at $12.00. Short positions could be gauged on a violation of that level, which would clear the way for a possible decline to key psychological support at $10.00. A failed rally near $13.00 might also provide an entry point. --- Deluxe Corp. - DLX - close: 37.78 change: +0.06 WHAT TO WATCH: Tuesday's violation of key support at $38.00 does not bode well for shareholders of Deluxe. Although the stock tends to be a slow mover, there are some indications that the downside momentum is accelerating. After repeatedly finding resistance at the 50-dma, the stock has more recently been unable to clear its 21-dma at $39.19 - and yesterday's breakdown only bolsters the bearish technicals. Other than the August low of $36.75, there is no clear underlying support until the $33.00 region. Watch for a failed rally at $38.00 or a move under today's low ($37.25) to provide a shorting opportunity. --- eResearch Technology - ERES - close: 24.50 change: +0.23 WHAT TO WATCH: Shares of this IT company have displayed good relative strength over the past week. Slapping a regression channel on ERES, we see that that stock has bounced from the lower band and is currently trading just under ascending trendline. A breakout above that level (which roughly coincides with psychological resistance at $25.00) might give aggressive traders a chance to go long. However, the most prudent strategy for the bulls would entail waiting for a pullback to the bottom of the channel, which is bolstered by the rising 21-dma at $22.06. ERES is currently trading at all-time highs. --- Intl. Business Machines - IBM - close: 75.18 change: -0.17 WHAT TO WATCH: It's not looking good for Big Blue. The stock was hit for a steep intraday loss today after falling through support at the 200-dma ($75.45). This decline took IBM below its February low. Shares are now in danger of retracing powerful October rebound from the $55.00 region. A reasonable downside target for short-term traders would be the bearish vertical count of $68.00, which is derived from the point-and-figure chart. Bearish positions could be evaluated at current levels, using a stop above slightly above Monday's high of $76.33. Very conservative traders could use a stop just over today's high of $75.63. Of course, today's strong market reversal has raised the possibility that IBM may have put in a short-term bottom. We'd be watching for renewed broader market weakness to provide some bearish confirmation before gauging short entries. --- Eli Lilly - LLY - close: 54.04 change: +0.34 WHAT TO WATCH: A protracted downtrend has taken LLY sharply lower from its January highs near $68.00. Shares managed to stabilize above $55.00 in recent weeks, but that support level failed on Tuesday. The catalyst for the breakdown was a report that Zyprexa, a drug used to treat schizophrenia, is under increasing risk from a court challenge related to a generic competitor. Zyprexa is Lilly's largest-selling drug. With the $55.00 obstacle out of the way and both the MACD and daily stochastics (5,3,3) looking weak, short-term bears will now be aiming for a test of psychological support at $50.00. The bar chart shows possible underlying support at the August low ($51.35) and $47.50. Watch for a failed rally near $55.00 to present a potential bearish entry point. On a related note, shares of fellow drug-maker Amerisourcebergen are also looking quite weak after breaking through support at $50.00. --- Xilinx Inc - XLNX - close: 23.35 change: +1.17 WHAT TO WATCH: XLNX was one of the best performing NASDAQ-100 stocks today, finishing with a 5.2% gain after rocketing higher during the final two hours of trading. The chip group was helped along by Altera (ALTR), who raised its first-quarter estimates on Wednesday morning. The company now expects revenue growth of 4 percent sequentially, compared to the previous estimates of flat- to-2 percent growth. This bodes well for ALTR's competitors, including LSCC and XLNX. Technically, we like Xilinx as a possible long play because the stock has lifted off its converging 21-day and 50-day moving averages and broken out to new relative highs. In the current market it's quite difficult to find other tech stocks that are displaying similar bullishness. But given the steep nature of this afternoon's gains, it seems likely that shares could come back to test previous short-term resistance at $22.80. Long entries could be gauged on a rebound from that region, which should now act as support. ========================= Play-of-the-Day (BULLISH High-risk/High-reward play) ========================= Amgen Inc. - AMGN - close: 55.16 change: +0.16 stop: 52.51 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: March 11th, 2003 - While we wouldn't exactly call AMGN's behavior this week bullish as the stock pulls back from last week's test of the $56 resistance level, compared to the rest of the market, this biotech giant is still looking awfully good. We knew there was going to be a fair amount of overhead congestion to work through in this play, and that was the primary reason behind our avoiding entries on breakouts. Instead, we've been looking to open new positions on successful rebounds from support, most notably the rising trendline that has now moved up to $53.30. While a dip back to around the $53.50 level would certainly be a gift of an entry point, the way the stock has held up in the face of the weakness both in the broad market and in the BTK index, it seems unlikely that we'll be so fortunate. So for traders still looking for an entry into the play, the most likely area to consider new positions would be on a dip and rebound from the vicinity of the $54 level, which is prior resistance, as well as the site of the 20-dma. Traders looking to lock in a small gain could raise stops to $53.25. - Play-of-the-Day Comments: March 12th, 2003 - Wednesday afternoon's broader market rally helped to lift AMGN from its intraday lows, slightly above previous resistance at $54.00. With two additional underlying support levels at the ascending 21-dma ($53.94) and the long-term bullish trendline in the $53.50 region, the bears will have tough time taking AMGN out of its recent trading range. Pullbacks to the rising trend have offered optimal buying opportunities over the past four months. With this in mind, bullish traders can use another test of the $53.50-$54.00 region to offer a potential entry point. Those with a more aggressive short-term approach could consider adding long positions on a move above stubborn resistance at $56.00. Our stop for this play remains at $52.51. More conservative traders might want to use a stop slightly below $53.50. Picked on February 14th at $52.51 Results since picked: +2.65 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 Wednesday 03-12-2003 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: Net Bulls Closed Bullish Plays: SLAB Stock Bottom / Active Trader Triggered Plays: MWD (bearish) 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) ================================================================== Net Bulls (NB) Tech Stock section ================================================================= =============== NB Closed Plays =============== -------------------- Closed Bullish Plays -------------------- Silicon Labs - SLAB - close: 26.00 change: -0.18 stop: 25.74 No real surprise here. SLAB's pattern of relative strength began to fade on Tuesday as shares descended towards the rising 21-dma near $26.00. That level was broken during today's session as the NASDAQ tanked to a new multi-month low. Our break-even stop loss was violated shortly thereafter. Interestingly, the semiconductor index actually outperformed the broader market throughout the day and finished with a gain of nearly 3%. Of course the index still hasn't broken its recent downtrend and the bulls will also be challenged by overhead resistance at 290 and the 50-dma at 292. As we said last night, SLAB has additional underlying support at $25.00 and $24.00. But in light of the rolling oscillators (the MACD recently produced a bearish crossover) and today's relative weakness versus the SOX.X, we're satisfied to exit this play without a loss. Traders still long may want to be using a stop-loss just under today's low of $25.30. Picked on February 20th at $25.74 Results since picked: +0.00 Earnings Date 01/22/03 (confirmed) ================================================================== Stock Bottom / Active Trader (AT) section ================================================================== =============== AT Play Updates =============== Triggered Plays --------------- Morgan Stanley - MWD - close: 33.57 change: -0.75 stop: 36.51 This play exploded out of the starting block this morning after Wachovia Securities reduced its profit outlook for Morgan Stanley. The firm said that weakening consumer credit trends had prompted them to lower their full-year EPS forecast for 2003 from $3.00 to $2.90, and 2004 expectations from $3.36 to $3.23. These comments resulted in a rapid morning sell-off that triggered this short play at $34.19. Shares based out above $32.50 and traded near that level until the final two hours, when they were lifted by the broader market rally. If shares continue higher on Thursday morning we'll be looking for MWD to roll over near the February low of $34.32. A failed rally from this region might present a bearish entry point. Our stop for this play is located at $36.51. ================== 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 ESPD Espeed Inc 10.05 +0.60 TE Teco Energy 10.71 +0.55 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- Ticker Company Name Close Change MGAM Multimedia Games 18.15 +1.19 POSS Possis Medical 16.48 +1.55 NTES Netease.com 11.72 +1.04 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- Ticker Company Name Close Change AVP Avon Products 52.40 +1.27 UST UST Inc 29.65 +1.03 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- Ticker Company Name Close Change ABC Amerisourcebergen 48.70 -2.44 MRCY Mercury Computer Sys. 25.78 -1.84 HAR Harman Intl. 53.84 -1.58 RD Royal Dutch 37.53 -1.33 APH Amphenol Corp 38.42 -1.23 UN Unilever N.V. 52.95 -1.32 NAB National Australia Bank 85.77 -1.08 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- Ticker Company Name Close Change OEI Ocean Energy 20.15 -0.20 PCO Premcor Inc 24.57 -1.28 ================================================================= 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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