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Daily Newsletter, Wednesday, 03/26/2003

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PremierInvestor.net Newsletter              Wednesday 03-26-003
                                                  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:      It's Not the Economy... For Now
Watch List:       ACS, BRCD, EBAY, MEDI, JEF, and more...
Play of the Day:  Breakout Approaching?

******************************************************************
MARKET WRAP  (view in courier font for table alignment)
******************************************************************
03-26-2003                   High    Low     Volume Advance/Decl
DJIA     8229.88 -  50.35  8284.99  8187.73   1546 mln  521/999
NASDAQ   1387.45 -  3.56   1397.94  1383.35   1374 mln  806/545
S&P 100   442.07 -  2.70    445.43  440.46    totals   1327/1544
S&P 500   869.95 -  4.79    875.80  866.47
RUS 2000  368.18 -  3.61    371.79  367.65
DJ TRANS 2203.88 +  1.81   2214.48 2190.91
VIX        32.16 -  0.50    33.52   32.05
VIXN       43.94 -  1.06    45.56   43.43
Put/Call Ratio 0.86
******************************************************************

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

It's Not the Economy... For Now
by Steven Price

The market seems to be betting on an economic recovery when the
conflict in Iraq is finally behind us.  Unfortunately this
morning's economic numbers let us know that the recovery is still
a ways off. The market took an undecided approach to the data,
while it continued to focus on the war in Iraq.

One of the biggest factors preventing an economic collapse in the
United States over the past year has been the strength of the
housing sector.  With consumers able to tap into their homes for
re-financing dollars and also sell their houses in a sellers'
market, there has been a reliable source of emergency dollars
since interest rates - and mortgage rates - began dropping to
multi-decade lows.  Apparently some of those dollars have finally
begun to slow.  After a year in which it seems everyone with the
ability to re-finance or buy a new house did so, we are starting
to see declines in the housing market that have become measurable
in numbers released over the past couple of days. February new
home sales fell 8.1% to an annual rate of 854,000.  This follows
a 12.6% decline in January and is the lowest level since August
2000.  The weather in the Northeast was partially to blame, as
that area saw a decline of 37% to its lowest level since 1996,
but with consecutive declines to multi-year lows, the trend seems
obvious.  The trend also seems to confirm comments that Alan
Greenspan made earlier this year that we could not expect to rely
on money from the housing market to the same extent we have over
the past year.  Further evidence that the market is cooling is
the 352,000 homes that stood for sale at the end of the month,
which is the highest number since June 1996. The 20 basis point
jump in the 30-year mortgage probably won't help the recent
declines, either.  Recent data did show a drop in mortgage
delinquencies, but the data does not include those mortgages in
any stage of foreclosure.  According to the Mortgage Bankers
Association, "The percentage of loans in the process of
foreclosure was 1.18 at the end of the 2002 fourth quarter, up
from 1.15 percent at the end of the third quarter. This most
likely indicates that loan foreclosures, which lag unemployment
and delinquencies, are peaking."

We also got data on durable goods that was not terribly
encouraging. Monthly orders for durables dropped 1.2% in February
and reflected drops in demand for computers (-12%), machinery (-
2.5%), automobiles, electronics (-1.9%) and metals (-2%).
Shipments of durables also fell, dropping 1.6%, accompanied b a
drop of 0.3% in unfilled orders and a 0.1% decrease in
inventories.  Just to clarify, these are not signs of growth.  If
we factor out defense, the non-defense capital goods number
showed a decline of 5.2% (although without the 26% drop in
commercial aircraft orders the decline was 2.8%). Orders
excluding defense dropped 2.7%, wiping out January's 2.2% gain
and more. These numbers show that while many economists are
hoping that businesses will increase spending with the war behind
us, it has yet to happen.

The University of Michigan Consumer Sentiment report that comes
out on Friday may give us an indication of just when we can
expect to see a turnaround in spending.  As long as consumer
spending remains questionable, companies will refrain from
placing orders for new capital equipment.  After the lowest
Consumer Confidence reading in ten years on Monday (which
reflected data only up to March 18), Friday's data, which is more
consumer heavy and reflects data tallied up through this week,
may give us an idea of just how consumers are reacting to the war
thus far.

One of the areas I've given a lot of attention lately is the oil
market.  It is a reflection of how the well the war is going from
an economic standpoint and reflects costs to businesses which
have played a role in many recent earnings releases.  Today's
example of that factor came from Temple-Inland (TIN), which
announced it would see a first-quarter loss, as opposed to the
$0.15 gain expected by analysts.  It blamed higher energy and
pension costs, with energy costs making up more than 2/3 of that
equation.  Today's intraday drop in the broader markets once
again accompanied a rise in oil prices, as reflected by the crude
oil futures.  May Crude Oil Futures rose 0.62 per barrel,
following several disappointing overseas developments. The first
was the fact that the Iraqi military has begun burning oil fields
in Rumalia, which produces slightly more oil per day than the
state of Texas. Add to that the advancement of Turkish troops
toward northern oil fields in Kirkuk and suddenly the control of
oil fields by the U.S. looks murky.  While it is unlikely that
anyone but the U.S. will eventually control those supplies,
assuming control may take longer than planned. Crude Oil Futures
reflected that activity and traded pretty much in tandem
(inversely) with the Dow for most of the day. While this
certainly is not a traditional measure of the equity market, such
as activity in the bond market, it seems to be serving that
purpose during the conflict with Iraq.  In fact, the failure to
break the $29 per barrel level mid-day timed closely with the
bounce in the Dow. The events in Iraq have even trumped the news
coming out of Venezuela, which announced that it intended to
start exporting gasoline by the end of the month.  Last year that
country exported 16.7 million barrels of gasoline, so it could
have a noticeable impact once those exports begin.  I imagine
things would be much different if the U.S. was invading France.
We may be tracking the price of wine stocks instead.

Chart of Crude Oil Futures


It seems that each day we get some additional news that tells us
the war will be a more drawn out affair than expected. Today we
heard that Iraqis have had success in destroying U.S. tanks and
are planning on blowing up bridges as the U.S. closes in on
Baghdad. That news continued to drive us today and the market
reacted intraday to rumors and developments yet again.  While we
traded in a very tight range for the most part, we did make a
couple of trips outside that range on war-related news/rumors. We
saw a quick intra-day drop on a rumor that the government was
raising the terror alert to red status, which is the highest
level of alert.  That rumor turned out to be false and we got a
sudden bounce.  That bounce was followed by news that the U.S.
had attacked an Iraqi convoy of 1,000 vehicles moving south to
engage U.S. troops and we rallied all the way back into the green
temporarily.

Intraday Chart of the Dow


We did get another look at a support level that has held up well
over the past week.  On the way up last week, we saw several
pullbacks to the OEX 437-440 level that has been pivotal over the
past several months.   Even on the code red rumor, the pullback
stopped at OEX 440.46.  The 50% retracement of the August highs
and October lows in the Dow and OEX have acted as both support on
the latest rally and also as resistance during a consolidation
period at the end of January and beginning of February.  That
retracement comes in at OEX 437 and has put a floor on the market
since the big breakout.  Traders looking for a pivot point in a
market that is hard to assess can use that level as the closest
indicator to where we now stand.

Chart of the OEX


The Nasdaq Composite also continues to find a ceiling at the 1400
level.  That level has acted as resistance (within a couple of
points) in six of the last seven sessions. The first bullish move
in the equities that sticks will likely have to involve a break
back above that level.  We did get through it on March 21, when
we ran into the 1426 level that has been even more pivotal.
However, since the pullback on Monday, we have been unable to
crack it again, although we have tried the past two sessions,
with highs of 1400 and 1397.

In business news, Sears said it is considering selling its
troubled credit card unit. The $30.8 billion dollar portfolio,
which garnered attention for its possible defaults in 2002 that
required the company to set aside millions of dollars, is
expected to fetch around $6 billion. While the money will help
clear up the company's balance sheet, critics are pointing to the
$1.5 billion in profits - 60% of the company's total - that Sears
will lose and saying that the  loss of revenue may make it more
difficult to turn around other sectors of its business. While
Sears is hoping that the portfolio sells at a premium, the poor
economy and increasing bankruptcies might weigh against the price
a big credit card issuer, such as Citibank or Bank One, might be
willing to pay. Investors loved the news, however, jumping into
the stock, which gained $2.69.

Another factor that continued to weigh on the market was
yesterday's vote by the Senate to cut the President's tax-cut
plan in half.  Those cuts could severely reduce his plan to
eliminate the double taxation on dividends.  The plan, when
announced, led to a big rally due to the sudden inflated value of
dividends to both corporations and the shareholders that receive
them. If those dividends don't receive the tax benefits President
Bush is pushing for, they can suddenly lose as much value as they
seemed to have gained, taking value out of the stocks that pay
them.

For the first time in a while, we traded in a tight range, with
only a couple of intraday swings that qualified as significant
moves.  And those moves were mostly news-based.  Volume was also
on the light side at 1.2 billion shares on the NYSE and 1.4
billion shares on the NASDAQ. The aimless drifting for most of
the day seemed to signal exhaustion and a waiting period for the
next big development in the war effort.  While the economic data
we saw suggests a worsening economy, all attention remains on the
war as it appears to be the last great hope for the economy. If
the theory that businesses will start spending once it is over
pans out, then we may make another run at last year's highs.
However, with no hard evidence yet that that is the case, the
market will continue to trade on hope, or the lack thereof.


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

Affiliated Computer Svcs. - ACS - close; 45.40 change: +0.25

WHAT TO WATCH: Like most tech stocks, ACS posted some solid gains
after it bottomed out earlier this month.  However, the rally ran
out of steam once ACS reached its 50-dma at $47.52.  Yesterday's
session saw the stock move below its 200-dma ($46.78) on the
strongest volume since early-February.  Shares are now sitting
just above the 21-dma at $44.77.  That moving average coincides
with the 50% retracement level from the October lows to January
highs.  A breakdown through that region would open the door to a
possible retest of the relative lows near $41.  Bears thinking
about going short will probably want to wait for a move under
last Thursday's low of $44.56 to provide downside confirmation.




---

Brocade Communications - BRCD - close: 5.13 change: +0.09

WHAT TO WATCH: Former high-flyer BRCD has been trending higher
for more than a month.  What's interesting about the recent price
action is that shares have broken above resistance at $5.00,
which coincides with the 100-dma.  The next obstacle for the
bulls is the January highs near $6.00.  That would present a
reasonable short-term target for aggressive traders.  In terms of
potential entry points, one strategy would be to wait for a
pullback and bounce from the $5.00 level before going long.
Other traders could watch for BRCD to break above today's Inside
Day pattern and move over the relative high of $5.27.




---

eBay Inc - EBAY - close: 90.15 change: +1.45

WHAT TO WATCH: That's right...It's another Watchlist appearance
for EBAY.  On Monday we were looking for shares to roll over from
the $90.00 region and move back towards the steady uptrend that
had been in place since October.  But this stock just does not
want to cooperate with any bearish expectations!  Instead, the
upward momentum has propelled shares to new 52-week highs.  EBAY
has just about achieved its bullish vertical count (derived from
the point-and-figure chart) of $91.  However, there are signs
that the uptrend could continue.  YHOO is rocketing higher and
seems to be taking other internet stocks along for the ride.
EBAY also stands to benefit from end-of-quarter window dressing
during the end of the month as fund managers try to bolster their
portfolios with stronger performers.  How much upside remains?
Short-term bulls will now be targeting a move to the $100 level,
which should act as a powerful price magnet.  Long entries could
be gauged on a move above $90.50, with a stop under the Monday
lows near $87.00.  This would create a favorable risk/reward
setup.




---

Jeffries Group - JEF - close: 37.75 change: -1.24

WHAT TO WATCH: Following an extended decline that took JEF from
the January highs near $45 to a 52-week low of $32.65, this
financial stock experienced a rapid short-covering rally.  Shares
moved higher with the Dow Jones but weren't able to break above
the 100-day and 200-day moving averages, just above psychological
resistance at $40.00.  The stock trended lower from that level on
Monday and Tuesday while holding above the 50-dma ($37.89).  That
moving average was violated during today's session, as JEF
underperformed the market with a 3.1% loss.  The decline (which
was backed by the strongest volume since July of last year) also
created a three-box reversal on the point-and-figure chart.  This
breakdown has raised the possibility that JEF could retrace its
rapid gains and retest the $33-34 area.  Watch for a move under
today's low ($37.75) to offer a bearish action point.




---

MedImmune - MEDI - close: 33.78 change: +0.23

WHAT TO WATCH: A breakout might be looming for this biotech
stock.  It's spent nearly two weeks in the $32-$34 area,
consolidating a move to multi-month highs.  There are now signs
that resistance at $34.00 is eroding.  Shares actually ticked to
a high of $34.40 today before they were dragged lower by weakness
in the BTK.X biotech index.  The reversing daily stochastics
(5,3,3) and rising volume are hinting that pressure might be
building for a break to the upside.  With the weekly chart
showing no clear levels of resistance directly overhead, it looks
like MEDI has plenty of upside potential.  Short-term traders
could aim for a move to the next level of daily chart resistance
at $38.  Long positions could be targeted on either a move above
today's high ($34.40) or a pullback to $32.00.




---

Nvidia - NVDA - close: 14.41 change: +0.39

WHAT TO WATCH: Nvidia caught a bid today after the company
announced that it had entered into an outsourcing agreement with
IBM.  Under the deal, Big Blue will manufacture NVDA's next
generation of high-end graphics chips.  The stock tacked on 2.7%,
distancing itself from the 200-dma at $13.14.  Another day of
similar gains would put shares within range of resistance at
$15.00.  Should that level give way, NVDA might be able to rally
towards the long-term bearish point-and-figure trend at $18.00
and the December highs at $18.27.




---

Scholastic Corp. - SCHL - close: 26.78 change: -0.04

WHAT TO WATCH: Shareholders of SCHL suffered a painful downward
gap on February 11th after the publishing company announced an
earnings warning.  The stock drifted lower after the initial
sell-off before it finally stabilized in the $23-$25 area.
Shares were lifted out of that range by the recent market rally
and are now beginning to fill in the large gap, which extends all
the way up to $33.  Other than the descending 50-dma at $28.91,
there are mo major obstacles to prevent a continued ascent.
Aggressive traders can watch for a move above the relative high
($27.35) to provide a potential action point.




---

Wellpoint Health Ntwk. - WLP - close: 74.15 change: -1.10

WHAT TO WATCH: WLP has staged an impressive breakout above
several levels of resistance, including the February high
($72.70), the January high ($73.79), and the 200-dma at $73.41.
On Tuesday the stock also cleared bearish point-and-figure
resistance at $75.  That's an impressive performance - but rather
than chase this one higher, we'd feel more comfortable targeting
a pullback to the 200-dma.  Once the bulls have a chance to catch
their breath the stock might be able to make its way towards the
$80.00 level.  The daily chart shows possible resistance at $78.





=========================
Play-of-the-Day (BULLISH High-risk/High-reward play)
=========================

Black Box Corp. - close: 30.50 change: +0.34 stop: 28.69

Company Description:
Black Box is the world's largest technical services company
dedicated to designing, building and maintaining today's
complicated network infrastructure systems. Black Box services
clients through 117 offices in 132 countries throughout the
world. (source: company press release)


- ORIGINAL WRITE UP: March 18th, 2003 -

Why We Like It:
As Albert Einstein once pointed out, opportunity can often be
found in the midst of great difficulty. That piece of wisdom
applies particularly well to the recent trading in BBOX. Shares
of the networking company lost roughly a third of their value on
March 12th after Black Box reduced its fourth-quarter earnings
expectations to 53-54 cents/share. Analysts, on average, had been
expecting an EPS result of 74 cents. Explaining the shortfall,
BBOX said "overcapacity in just about all vertical
markets...continues to have an impact on our business." They also
cited the continued war and terrorism concerns as reasons for the
weakness, but of course that could be said for the entire economy
in general. Investors were not pleased with these bearish
comments regarding IT demand. BBOX gapped from $39.14 to $26.78
on extremely high volume of 7.5 million shares. The stock
continued to decline and bottomed out at $25.58 during the
following session. Things were looking awfully bleak as BBOX fell
to multi-year lows, but the bears finally decided to call it
quits when they were confronted with Thursday's broader market
rally.

Although there have been no fresh news developments for Black Box
since last week's earnings warning, bargain-hunting and short
covering have pushed BBOX sharply higher over the past two
sessions. Obviously yesterday's market rally played a big factor
in those gains. Shares continued to trade strong on Tuesday and
outperformed the NASDAQ with a gain of 7.4%. That relative
strength is a positive sign for the bulls. Point-and-figure
chartists will also note that BBOX has reversed into a column of
"X." And while a case could be made for some consolidation of the
recent bounce from the $26.50 region, we feel the stock is poised
to continue higher as it fills in the March 12th gap. An entire
retracement of those losses would take BBOX to the $39-$40 area.
This might be a realistic goal for longer-term traders. Because
we have a shorter-term timeframe, our objective will be to
capture a rally to our official exit target at $34.94, just below
psychological resistance. The action trigger to enter this play
is set at $30.86. Should we be triggered, we'll use a stop-loss
at $28.69, five cents under today's low. Those looking for less
downside risk might want to use a stop slightly below $29.50,
which acted as a price magnet during the middle of today's
session.

- Last Update: March 25th, 2003 -

There is not too much new to report on BBOX unless you're
interested in hearing more about the shareholder lawsuits that
pop up whenever a stock gaps down like BBOX did. The rally
attempt to fill the gap has been turned sideways. Shares continue
to consolidate around the $30 mark. We're going to keep our stop
at $28.69 but more conservative traders could bump their stop up
to $29.00 or even $29.25, which was today's low. We'll continue
to monitor the action but there is not any need to rush into a
long position. The company has obvious earnings problems and the
traditional "fill the gap" action may be slow in coming. If you
are the type of trader that likes to move in with momentum then
wait and look for BBOX to trade back above the $31 mark.

- Play-of-the-Day Comments: March 26th, 2003 -

Things are looking up for BBOX.  Although the stock continues to
trade it its recent sideways range, today's action suggests that
a breakout to new highs might not be too far behind.  Black Box
shook off the general malaise that plagued the NASDAQ and
outperformed the NWX.X networking index, which finished with a
fractional gain.  Shares also traced a higher high and higher low
compared to Tuesday's session.  With the MACD on the verge of a
bullish crossover from deeply oversold levels, it looks like BBOX
could continue to fill in its March 12th gap.  Aggressive traders
can target new entries on a move above $31.00, while those
seeking more upside confirmation will want to wait for a break
above the relative high ($31.38) before considering long
positions.

Picked on March 19th at $30.86
Results since picked:    -0.36
Earnings Date         05/08/03 (unconfirmed)







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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 03-26-2003
                                                   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
  Triggered Plays:      ADBE (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)


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

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

Triggered Plays
----------------

Adobe Systems - ADBE - close: 31.95 change: +0.28 stop: 29.88

As was the case on Tuesday, ADBE traced a higher high and higher
low during today's session.  The stock showed good relative
strength versus both the NASDAQ and GSO.X software index.  That's
impressive, considering the fact that Deutsche Securities
reiterated their Sell rating on ADBE this morning.  Investors
paid the negative comments little attention, as shown by the
eager buyers that emerged when shares reached an intraday low of
$31.00.  Our long play was activated in afternoon trading when
ADBE traded above $32.00.  Our stop for this play is set at
$29.88.  If shares continue to rise tomorrow, new entries can be
targeted on a move above today's high of $32.16.





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

BWS     Brown Shoe Co              28.62     +0.60
RD      Royal Dutch Petroleum      41.73     +0.55
HNP     Huaneng Power              36.30     +0.64
GLYN    Galyan's Trading           12.90     +0.85

---------------------------------------
Breakout to Upside (Stocks $5 to $20)
---------------------------------------
Ticker  Company Name               Close     Change

UNTD    United Online              18.57     +1.54
NTES    Netease.com                16.60     +2.40

---------------------------------------
Breakout to Upside (Stocks over $20)
---------------------------------------
Ticker  Company Name               Close     Change

YHOO    Yahoo Inc                  24.76     +1.14
BSTE    Biosite Inc                38.47     +2.30
MATK    Martek Biosciences         28.93     +1.08
NFLX    Netflix Inc                20.60     +1.35
ROOM    Hotel Reservations Ntwk.   60.74     +1.72
JCOM    J2 Global Communications   30.20     +2.40

-------------------------------------------
Breakout to Downside (Stocks over $20)
-------------------------------------------
Ticker  Company Name               Close     Change

URBN    Urban Outfitters           22.86     -1.38
TECUA   Tecumseh Products          42.01     -1.23
JEF     Jefferies Group            37.75     -1.24
TIN     Temple Inland              38.85     -2.93

-----------------------------------------
Recently Overbought With Bearish Signals (Stocks over $20)
-------------------------------------------
Ticker  Company Name               Close     Change

MCO     Moody's Corp               46.58     -0.69




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

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

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

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

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

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


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

DISCLAIMER

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

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

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Option Investor Inc
PO Box 630350
Littleton, CO 80163

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