PremierInvestor.net Newsletter Monday 03-17-2003 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: Diplomacy Is Dead Watch List: ADCT, BBY, MMM, MXIM, RJR, and more... Play of the Day: Booting the Bears ****************************************************************** MARKET WRAP (view in courier font for table alignment) ****************************************************************** 03-17-2003 High Low Volume Advance/Decl DJIA 8141.92 + 282.21 8145.84 7779.73 2003 mln 1852/143 NASDAQ 1392.27 + 51.94 1392.41 1326.28 1834 mln 1665/151 S&P 100 438.64 + 14.57 438.64 420.12 totals 3517/294 S&P 500 862.79 + 29.52 862.79 827.17 RUS 2000 365.40 + 11.01 365.40 352.38 DJ TRANS 2094.06 + 66.97 2096.84 2008.03 VIX 36.46 + 0.13 37.75 36.39 VIXN 46.67 + 0.87 48.65 46.63 Put/Call Ratio 0.70 ****************************************************************** =========== Market Wrap =========== Diplomacy Is Dead Finally a decision. That's what the markets seemed to be saying today as the U.S., Great Britain and Spain announced they would bypass a vote on a new U.N. resolution and deal with disarming Iraq themselves. The announcement came from those countries' ambassadors this morning, which cited France's stated intention to veto as the reason for not calling a vote. Just asking, did France give the U.S. exactly what it needed - a reason not to count votes and a reason not to blame Russia? President Bush will be addressing the nation tonight and according to Colin Powell, will be issuing a final ultimatum to Saddam Hussein. The U.S. has already suggested that UN weapons inspectors leave the country and that the time for inspections is over. Short of Saddam lining up his mobile weapons factories and handing them over to the U.S., it seems unlikely that the current situation will end in anything but an invasion. The U.N. is pulling its personnel out of Iraq and the Israeli army has instructed its citizens to attain the insulation and other materials they may need for sealed spaces in advance of a possible attack by Iraq. We also got news late in the day that Turkey would now allow U.S. troops. Apparently they decided to take the money that was offered since there was going to be an invasion either way. The trick for traders is deciding just how the markets will react. There has been talk of a possible war rally, as an invasion would finally start the clock ticking toward an end to the uncertainty surrounding war. The futures certainly did not indicate that would be the case overnight. They started out down severely, following similar action in Europe, after last night's announcement that the U.S. was giving the UN until today to get on board. However, once the UN Ambassadors stepped to the mike and said there would be no vote due to France's stated intention to veto, the markets caught fire, reversing from morning lows and rallying strongly. The Dow saw a turnaround of 300+ points intraday following the announcement. Think we're just a little sensitive to each war-related announcement? Overall the market seems to be pricing in a short war. It just took someone to roll the dice and start the game to get the clock ticking. The theory on the recent weakness in the stock market has been traced back to spending by businesses and their reluctance to make any plans ahead of a possible war. Even Alan Greenspan said it was difficult to tell just what type of economy we were looking at until after geo-political concerns had worked themselves out. Businesses are supposedly holding off on spending and hiring until after there is some resolution, either through war or otherwise. The high cost of fuel has not helped either. However, with the start of war apparently imminent, since Saddam Hussein's only response so far has been to threaten worldwide terrorism, we should think about what we are seeing in the economy, since that's all that we will be left with after the invasion. Granted, all of the negativity can be traced back to a reluctance to spend and bulls are hoping for a quick loosening of the purse strings after the uncertainty ends. However, I would be hesitant to assume that all of our economic problems are based on fuel costs or war hesitations. The economy was already starting to crack, heading into recession last year, before things in Iraq started to heat up. The drop in technology spending fueled a stock sell-off that experienced some bounces along the way, but in reality was largely dependent on disappointing earnings and low future outlooks given by both techs and traditional companies. The world economy continues to suffer along with the U.S. and it will take more than the completion of a war in Iraq to turn things around. Will a drop in fuel costs after a war help things? Most definitely. But will it help things to the point of a complete economic turnaround? That seems less likely. I can certainly point out numerous reasons to short the current rally. The most apparent is the fact that once we have the war behind us, we will be faced with the same negativity that ended the January rally. Specifically, the 2003 outlooks by companies such as IBM and Microsoft that included the possibility of geo- political problems eventually ending and still saw a disappointing year. Once the beginning of the year fund contributions were out of the way, that's exactly what we got - bottom line earnings reports and disappointing future guidance. However, any casual market observer will note the massive reversal we have seen over the past few days and certainly can argue that we have seen a reversal in trend off the bottom. We achieved head and shoulders bearish objectives in the Dow, SPX and OEX and have been moving higher ever since. Bears that have mad an attempt at shorting the rallies have had no success and although we can point out plenty of reasons to go short, so far we have not seen signs of weakness. Trade what you see, right? It is certainly hard to do in the current environment and we are steaming ahead right into serious resistance levels. The Dow has now bounced almost 700 points in less than a week. That certainly seems unsustainable and we are likely due for a pullback at some point. But if this constitutes a trend reversal, then should we be looking to buy the pullback? In an uncertain economic environment, there are undoubtedly plenty of bears looking to short any sign of weakness and today's stall as we got into a previous level of resistance from late January and late February would seems to indicate we have run into a significant barrier. Especially considering the rally came on a news event. Unfortunately, we really don't know how much of the recent decline came on geo-political concerns and how much was based on the poor outlooks from individual companies. Therefore, it is difficult to predict just how far we may bounce when the pressure of uncertainty is released. For those traders who are looking for a similar recent pattern in the charts, look no further back than October. At that time, the bullish percents were similarly extended to the downside. The Dow bullish percent was down at 8%, similar to the current reading of 10% heading into today's trading. This reflects the percentage of stocks in the index giving point and figure buy signals. The big rally, with today's extension certainly looks like a similar pop. In October, we gained 15% in the first four days of the reversal off the bottom, which is certainly greater than the 9% gain over the past four sessions, but nevertheless was a significant pop and signaled a coming reversal. While we did get a pullback, it was only for a day, before we headed significantly higher, eventually reaching a top of Dow 8800 before a more significant pullback. Today's rally took out significant resistance at Dow 8000, but eventually stopped dead at the 8150-8160 level that capped the January bounces repeatedly after the Dow broke its head and shoulders neckline earlier that month. The high on the day was 8145, but of course that was after a rally of 284 points, so we must take that failure in context. Daily Chart of the Dow We also broke the 50 day moving average in the broader indices. Rallies in the Dow, OEX and SPX all failed at that level this morning, but cruised past those numbers in the afternoon. The Dow 50-dma of 8097; the SPX 50-dma of 857.76; and the OEX 50-dma of 434.57 all fell in afternoon trading. The point and figure charts show a reversal that has been strong enough to create buy signals in the Dow, OEX and SPX. The signal in the SPX amounts to a triple-top buy signal at 855, which is a very bullish indication. The triple-top also carries with it the possibility of a bull trap, which is a sudden reversal down and would require a trade of 860 to break. We got that trade of 860, when we topped out at 862.68. Unfortunately for bulls, the bearish resistance lines in those averages also lie just above at 870 in SPX (which coincides with resistance from the end of January in the 865-868 range), 8300 in the Dow (which was previously strong horizontal support before the January breakdown, and 442.50 in the OEX (which coincides with strong resistance at 440 from January). Point and Figure Chart of the SPX The COMP, following a 50 point rally to 1392.25, is also approaching its next level of resistance at 1400, powered partially by the chip stocks. The SOX gained 5.6% to close at 322.25 and has crossed its 200-dma to the upside for the first time since May 2002. The next level of resistance in the SOX is likely to be 230, where there is heavy horizontal resistance. The dollar jumped through recent resistance and bonds sold off decisively, lending credence to the idea that now that we have some certainty, the bears are getting out of the way and money is coming back into stocks. One of the factors behind today's rally that was also connected to the war news was a drop in the price of oil futures. While I mentioned above that a decrease in fuel costs might not lead to a complete economic turnaround, it certainly will give the economy some boost by reducing the operating costs of almost all companies, whether they are involved in manufacturing or simply pay shipping costs for their products. Crude Oil Futures dropped another 0.50 per barrel on news that the U.S. may tap its strategic petroleum reserves. While that possibility was not a new one, talk heated up about the possibility in the wake of today's developments. The fact that we have seen oil futures drop over the past few sessions continues the inverse relationship between fuel prices and the stock market. I began highlighting the longer term charts going back to last summer that charted the general trends between the two and so far, little has changed in that relationship. Of course, much of it is due to the fact that both reflect geo-political developments in opposite ways, but the action of the past few days is particularly interesting, since they have been reacting opposite to their traditional behaviors as war becomes more certain, but still maintain to inverse relationship to each other. Chart of Crude Oil Futures and the Dow Does it seem that all I want to talk about is war? Maybe it's because that was the driving force behind today's action. However, there were some developments that are worth noting and could draw some attention after the impact of today's events on the markets begins to fade. J.P. Morgan cut its estimates well below previous estimates for auto stocks and their suppliers. It said preliminary feedback regarding March sales and a slowing momentum of industry incentive spending led it to predict light vehicle sales would fall to 15 million or lower in March and 14.5 million or lower in April. It said it expects the drops to lead to production cuts that are more dramatic than those that have already been announced. Oracle releases results on Tuesday after the bell. This morning we got cautious statements from Pacific Growth, which echoed statements from Lehman on March 5. Lehman cited concerns that ORCL's license revenues could be weak. PG cited similar concerns and said the company should match estimates due to currency and cost cuts, but that revenues and licenses should be lower than forecasts. A disappointing report from Oracle could certainly erase much of the gains from the past few days, but if the auto news didn't put an anchor on the rally then it is likely even results from Oracle will take a back seat to global developments. We also got some indications on retail sales that were mixed. Wal-Mart and Federated both affirmed earlier predictions for March same store sales. Wal-Mart is expecting an increase in the low single digits, while Federated is expecting a drop of 3-4%. J.C. Penney, on the other hand, said its department stores might miss forecasts for little change or a slight decline. One of the more curious developments today was the rise in the Market Volatility Index (VIX). The VIX, which reflects implied volatility levels of options in the OEX, generally rises on rallies and falls on market drops. Part of this is due to the fact that markets generally drop faster than they rise and the other reason is that covered writing (the purchase of stock and sale of out of the money calls) creates selling pressure on the way up. The VIX is usually moved by institutional order flow, since the OEX is a heavily traded product and small retail orders don't usually make much of a dent. Rather than drop on today's big rally, the VIX actually rose, diverging from its usual pattern and suggesting institutions may not believe we are out of the woods just yet. Now we are left to decide where we are headed next. If we follow October's pattern, we could be headed much higher. However, what more can the President say tonight that would make war any more imminent than it seemingly became this morning, or any shorter than analysts are already expecting? Shouldn't the short-covering be over by now? Won't oil spike up initially? Isn't the risk to oil prices greater that Saddam sets the field on fire than that he doesn't? Certainly it is difficult to step in front of a speeding train and even those bears who would like to enter in front of that resistance at Dow 8150 should do so with only small positions. Overnight futures trading should give us an idea of the initial reaction to the President's speech. A move through Dow 8170 could certainly indicate a continued run and if we do break that level, I would suggest shorts step to the side and wait for a test of bearish resistance at SPX 870. If we make it above SPX 870 (actually a break of bearish resistance comes at 875), look out above. For now, we need to respect the extreme uncertainty surrounding the current environment and make sure our bets reflect that uncertainty. I'd like to tell readers just how we will react to the President's speech, which I can't; but if the action of the last few days is any indication, then we have seen a major trend reversal. However, I would feel more comfortable coming to that conclusion if our jittery markets weren't making unpredictable moves each time we get new information on the global front. ================================================================== 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 --------------------------------- ADC Telecommunications - ADCT - close: 2.50 change: +0.15 WHAT TO WATCH: Aggressive traders may want to keep an eye on ADCT. The stock is already sitting on some large gains after rallying from the $2.10 region, but with plenty of room until the January high of $3.15 it wouldn't be surprising to see the short squeeze continue. Rather than chasing the stock higher, we'd be looking for a pullback to the $2.30-$2.40 region to offer an entry point. Although the daily chart shows possible overhead resistance at $2.55 and $2.65, those levels would probably be easily dispatched if the tech sector continues to rally. --- Best Buy - BBY - close: 29.87 change: +1.51 WHAT TO WATCH: A huge turnaround in the RLX.X retail index has pushed BBY up to solid resistance at $30.00. This level stymied the bulls during rally attempts in December, January, and February. A trade at $30.00 would create a double-top buy signal on the point-and-figure chart, which also shows that BBY has broken above bearish resistance. It's hard to make a fundamental case for a continued rally in the retail sector, but investors may be anticipating that a quick resolution to the pending war with Iraq will lead to a sharp increase in consumer spending habits. Watch for a move above $30.00 to clear the way for a possible rally to the $33-$35 region. Traders seeking upside confirmation may want to wait for shares to break above the December high of $30.45 before considering long positions. --- C.R. Bard - BCR - close: 59.74 change: +1.34 WHAT TO WATCH: Shareholders of this medical device manufacturer will be singing a happy song if BCR breaks above resistance at $60.00. That level has a historical tendency to give the bulls fits and has kept a lid on several rally attempts since November. The point-and-figure chart shows that a trade at $60.00 would create a quadruple buy signal. Meanwhile, the rising daily stochastics (5,3,3) suggest that there could be more upside in store for Bard. Should a breakout occur, we'd be looking for shares to rally back to the late-2001 highs near $65.00. --- Broadcom Corp. - BRCM - close: 15.95 change: -0.06 WHAT TO WATCH: Broadcom seemed to be nearly oblivious to the large semiconductor rally on Monday. The stock trended lower throughout the session after failing at Friday's high and closed below its 200-dma. BRCM will have a tough time regaining that moving average if the SOX.X loses its upward momentum and starts to retrace its recent gains. Short positions could be targeted at current levels, initially targeting a move back to the $14.50 region. Possible support lies at the converging 50-day and 100- day moving averages near $15.40. --- 3M Corp. - MMM - close: 129.50 change: +3.95 WHAT TO WATCH: The Dow Jones has covered an incredible amount of ground since it bottomed out last Wednesday, gaining roughly 10% and moving above resistance at 8000. That's quite impressive, but is the rally sustainable? Profit-taking could be fast and furious if the market decides that the looming war with Iraq might not be as quick and painless as some observers have speculated. Should the Dow roll over and start to retrace its recent gains, we like MMM as a possible short. The stock has rebounded from the lower end of its multi-month trading range and now must contend with overhead resistance in the $130.00-$131.55 region. Bears can watch for a failed rally from this area to offer an entry point. And what if MMM does breakout to new all- time highs? At this point it would take a very aggressive approach to chase the stock higher. Bulls will probably want to see some sideways consolidation before attempting to buy a breakout. --- Maxim Integrated - MXIM - close: 39.47 change: +1.94 WHAT TO WATCH: The semiconductor index has led the NASDAQ's charge higher over the past four sessions. It's already looking overextended on a short-term basis, but today's breakout above the 200-dma has raised the possibility that the SOX.X might retest resistance in the 340 region. Aggressive short-term traders could think about long positions in MXIM if the stock breaks above the $40.00 mark. Maxim is signaling a fresh double- top point-and-figure buy signal and has no bar chart resistance until the $43-$44. But remember - the stock has already seen some large gains over the past week, so the potential for profit- taking would be pretty high if the sector bullishness fades. --- RJ Reynolds - RJR - close: 36.69 change: +0.37 WHAT TO WATCH: Tobacco stocks were notably absent from today's huge market rally as the sector choked on news of a downgrade from Solomon Smith Barney. The firm reduced its rating on the tobacco industry from "market-weight" to "under-weight," citing fundamental concerns in the domestic cigarette market and the likelihood of a negative court ruling in an Illinois class action lawsuit targeting Altria (MO). RJR looks like a good short within the group because it's threatening to break below critical support at $35.00. Using a move under last year's low of $34.83 to provide bearish confirmation, traders can attempt to capture a move down to the $31-$32 area of congestion. --- Sylvan Learning Systems - SLVN - close: 15.21 change: -0.20 WHAT TO WATCH: Shares of SLVN rallied sharply last week after the education service announced it would divest its K-12 operating units in an effort to focus on the post-secondary market. Investors applauded this shift towards college and adult education and launched the stock from $12.00 to $16.00 in just three sessions. However, the bullish momentum now appears to be losing steam. The stock faded the market today and finished with a 1.2% loss. Shares are beginning to roll over from the descending 200-dma ($15.85) while the daily stochastics (5,3,3) begin to fall from the overbought extreme. Speculative traders could target short positions at current levels, using a stop-loss slightly above $16.00. =============== Play-of-the-Day (BULLISH non-tech play) =============== Timberland - TBL - close: 41.78 change: +0.79 stop: 38.74 Company Description: The Timberland Company designs, develops, engineers, markets and distributes, under the Timberland, Timberland PRO and Mountain Athletics by Timberland brands, footwear and apparel and accessories products for men, women and children. The Company's products fall into two primary groups, footwear and apparel and accessories (including product care and licensed products). Timberland's products are sold in the United States and international better-grade department stores and athletic stores. (source: company website) - ORIGINAL WRITE UP: March 13th, 2003 - Why We Like It: A scan of news stories for TBL turns up few recent developments. As a matter of fact, the latest noteworthy event was the company's earnings announcement on February 6th. But what an announcement it was! Timberland reported fourth-quarter results that beat Multex estimates by 11 cents per share, and revenue growth of 4.7% on a year-over-year basis. Not too shabby, considering the otherwise bearish retail environment. The company's CEO also said that TBL is anticipating low double-digit revenue growth in the first half of 2003 and mid single-digit growth for the second half. These sunny expectations did not fall on deaf ears. TBL gapped higher in reaction to the earnings report and hasn't looked back. Shares have shown excellent relative strength over the past five weeks, trading contrary to the steadily downtrending Dow Jones. Shares of competitors Nike (NKE) and Reebok (RBK) are also trading at or near long-term highs. After a brief pullback from resistance at $40.00, today's broader market rally helped to push TBL to new multi-month highs. This breakout created a double-top buy signal on the point-and-figure chart. The bullish vertical count is $66. Glancing at the weekly chart, you can see that the next region of overhead resistance is at the May 2002 highs of $43.00. This would offer a possible short-term upside target. We're anticipating that TBL will eventually break above that level and make its way towards the highs for that year in the $45.50 area. Our entry strategy for this play will be to enter a hypothetical long position if TBL breaks above today's high of $40.80. Conservative traders might want to wait for shares to first pull back and test the $40.00 level, which should now offer support. If the play is activated our stop will be set at $38.74, slightly under yesterday's low. Those with a more aggressive strategy could use a stop below the rising 21-dma at $38.25. TBL hasn't traded under that moving average since it gapped higher on February 6th. - Last Update: March 14th, 2003 - Our new bullish play did a decent job in out performing both the Dow Jones Industrials and the S&P Retail Index (RLX). While a 30- cent gain isn't much to write home about it's still a positive day. Those traders who were looking for a dip to the $40 level probably got that opportunity early on when shares dripped to 40.11 before hitting new relative highs. Now that Premier Investor has been hypothetically triggered into this play when TBL traded at 40.81, our stop loss is at 38.74. We are going to attempt to monitor this stop loss carefully. TBL, while displaying incredible relative strength the last several weeks is looking a little overbought and due for a pull back. Fortunately, with the significant breakout over $40 on Thursday, the shorts could be scared into covering and accelerate the stock's rise to our target area in the $45 region. - Play-of-the-Day Comments: March 17th, 2003 - Timberland's breakout to new multi-month highs has coincided nicely with the broader market's stunning reversal. TBL extended its gains on Monday and moved towards the next area of overhead resistance at $43.00. Shares found strong intraday resistance at $42.00, so a breakout about that level on Tuesday might present a bullish action point. However, TBL has posted some relatively large gains over the past four sessions and might be due for some consolidation. With that in mind, entries on a breakout to new highs are probably better left to more aggressive traders. The alternate approach would be to wait for a pullback to the $40.50- $41.00 range before legging into long positions. Our stop-loss for this play is currently set at $38.74, just below the 21-dma. Traders looking for less downside could use a stop slightly below psychological support at $40.00. Picked on March 14th at $40.81 Results since picked: +0.97 Earnings Date 04/17/03 (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. 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PremierInvestor.net Newsletter Monday 03-17-2003 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: Stock Bottom / Active Trader Stop Adjustments: TOO (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) ================================================================== Stock Bottom / Active Trader (AT) section ================================================================== =============== AT Play Updates =============== Stop Adjustments ---------------- TOO Inc - TOO - close: 17.20 change: +1.00 stop: 16.94 *new* The RLX.X retail index exploded for a 4.9% gain today after both Wal-Mart (WMT) and Federated (FD) reiterated their March sales expectations. There was also rampant speculation that the war with Iraq (which now appears to be a matter of "when" instead of "if") will come to a swift conclusion. This sentiment actually fueled the large broader market gains on Monday. Many analysts also believe that a quick end to the war would lead to a large increase in consumer spending, which would obviously be a boon for the retail sector. In terms of our long play, TOO has posted some very large gains over the past three sessions and appears to be headed for a test of whole-number resistance at $18.00. At this time we're going to place an official exit target just below that level at $17.94. We've also raised our stop-loss to $16.94, which should protect a gain of roughly 8%. Traders looking to harvest a larger gain may want to consider taking profits at current levels. The PI newsletter is currently up 9.8% in this hypothetical trade. ================== 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 GD General Dynamics 56.26 +3.59 SFG Stancorp Financial 50.80 +2.01 CUB Cubic Corp 16.26 +1.07 JNY Jones Apparel Group 29.12 +0.79 LZB La-Z-Boy Inc 18.00 +0.56 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- Ticker Company Name Close Change NFLX Netflix Inc 18.00 +1.45 THQI THQ Inc 14.07 +1.57 UNM Unumprovident Corp 9.01 +1.45 BSG Biosys Group 15.97 +1.11 CREE Cree Inc 19.60 +1.52 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- Ticker Company Name Close Change NKE Nike Inc 51.57 +1.82 ADI Analog Devices 30.36 +1.60 MWD Morgan Stanley 38.40 +2.52 FAST Fastenal Company 30.62 +1.24 AFFX Affymetrix Inc 28.91 +1.81 MXIM Maxim Integrated 39.47 +1.94 SNDK Sandisk Corp 20.41 +1.30 CHIR Chiron Corp 38.49 +1.80 NOC Northrop Grumman 86.17 +1.77 MOLX Molex Inc 23.45 +1.45 BWA Borg Warner 46.58 +1.28 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- Ticker Company Name Close Change OFIX Orthofix Intl. 24.72 -1.33 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- Ticker Company Name Close Change
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