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Daily Newsletter, Sunday, 07/06/2003

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PremierInvestor.net Newsletter          Weekend Edition 07-06-2003
                                                    section 1 of 3
Copyright ) 2003, All rights reserved.
Redistribution in any form is strictly prohibited.

The entire newsletter is best viewed in COURIER 10 for alignment
=================================================================

In section one:

Market Wrap:      Fat Finger Fireworks
Play-of-the-Day:  Catching The Big Fish
Market Sentiment: The Weekly View

=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
        WE 7-04         WE 6-27         WE 6-13         WE 6-06
DOW     9070.21 + 81.16 8989.05 -211.70 9200.75 + 83.63 + 54.33 
Nasdaq  1663.45 + 38.19 1625.26 - 19.46 1644.72 + 18.23 -  0.93 
S&P-100  496.08 +  4.47  491.61 - 10.78  502.39 +  4.57 +  2.15 
S&P-500  985.70 +  9.48  976.22 - 19.47  995.69 +  7.08 +  0.85 
W5000   9462.51 +104.02 9358.49 -153.14 9511.63 + 57.47 +  1.72 
RUT      456.35 +  7.60  448.75 -  0.81  449.56 -  0.15 -  4.23 
TRAN    2415.31 -  1.72 2417.03 - 25.25 2442.28 - 13.28 - 25.98 
VIX       21.61 -  0.10   21.71 +  0.62   21.09 -  1.79 -  0.55 
VXN       32.47 +  1.54   30.93 -  1.41   32.34 -  2.12 -  1.67 
TRIN       1.98            1.93            1.00            1.23    
Put/Call   1.07            0.99            0.51            0.73      
WE= Week Ending
================================================================= 

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

Fat Finger Fireworks
by Jim Brown

The Jobs data was not that bad! At least not bad enough to prompt
a drop in the Dow futures to 8478 at 10:40 AM on Thursday. It 
was a fat finger order error that shocked the markets and killed
any hope of a patriotic rally to end the week. Although the error
occurred at 10:38 the market never recovered from the blow and
traded very tentatively the rest of the day. 

Dow Chart - Daily


Nasdaq Chart - Daily


The leading economic disaster for the day was the Jobs Report,
which painted a much bleaker picture than the last report for 
May. In May numbers were revised up for the past couple months 
and led investors to believe the economy was improving. In June
the country lost -30,000 jobs which was below the consensus 
estimates of zero. As if this was not bad enough the numbers 
for May were revised downward to -70,000 from -17,000 and April
numbers were revised down to -22,000 from zero. Essentially we
went from a -17,000 job loss over the last 90 days to -129,000.
This was a significant change in the employment picture and 
emphasized the point that the governments numbers are not to be
trusted. What would June's numbers be revised to in July?
The unemployment number soared to 6.4% and the highest level 
in nine years. This was also the fifth consecutive month of job
losses. The shock to the markets was substantial. 

The current jobs data continued to decline with the current 
Jobless Claims rising to 430,000, an increase of +21,000 from
the prior weeks numbers. This reversal of the four week down
trend also sent shivers through traders and worries that the
economic recovery was slowing or even declining. This was the
20th week over 400,000. 

Helping offset the negative employment numbers was a huge 
increase in the ISM Services number to 60.6 from last months 
54.5% This was the best month since Sept-2000 and the markets
quickly pulled out of their nose dive and rallied back to break
Wednesday's high on the Dow by one point. The new orders and
employment components rose substantially. This was seen as a
leading indicator for the general economy as services tend to 
improve before manufacturing. The substantial amount of the
increase surprised traders and replaced some bullish sentiment
lost by the jobs data. 

All this conflicting economic data and up and down moves in the
market were making traders motion sick by 10:30AM but the worst
was yet to come. About 10:40 the CBOT received an order to sell
10,000 contracts of Dow Emini futures contracts. With the average
daily volume of 48,000 in June this was a huge order that sent
the Dow futures plunging to a low of 8474. This triggered buy 
and sell stops across all the futures products including the
S&P, NDX, ES and NQ contracts. The cash markets dropped from 
Dow 9105 to 9035 in just a few seconds as traders pulled the
plug on buys and stop losses were triggered across the board. 
The problem was a fat finger order which according to the CBOT
was supposed to be for a sell of 100 Dow contracts instead of
10,000. Amazing what a couple extra zeros can do to the market. 

The rebound from the depths was almost instantaneous but the 
after effects were still lingering at the close. When errors like
this are entered they are quickly cancelled and the exchanges
try to right the wrongs by busting the real orders that were
triggered by the error. Busting the trades is not always instant
and not always fun. First the exchange has to research the problem
and then decide what to do. In the case of the Dow futures do 
they bust the trades or not? Where do they bust them from? At
what point do they decide a triggered trade was too far away 
from the market to be material or close enough to the market
to be considered fair game? Do they bust trades in just the 
Dow futures or in the S&P and NDX as well? Considering the very
interdependent markets an error in the Dow futures creates instant
errors in the others as well. Where do you draw the line? The
markets wandered all morning while they waited on the decision. 

Traders were unsure if the gains or losses in their accounts
would be reversed or not. If you were short when the error 
occurred and sold at the bottom you could have made thousands
on the move. If you reversed your position and went long on the
dip you could be holding longs worth thousands. Even if you sold
the longs the outcome was still in doubt. If they busted the
trades you could be put back into your short at 9100 as though
nothing happened. All the gains, losses and positions simply
cancelled. If you are a trader what do you do? You can't spend
the money on new trades. That money could disappear in an instant
and put you into a serious margin bind. Traders were handcuffed
to the clock and were forced to wait for the decision.  

The CBOT finally announced just before 1:PM that all YM03U trades
(September Dow Futures) below 9017 were in error and would be 
busted. The December YM contract would be busted on any trade
at 8985 and below. They limited the bust to trades between 10:38
and 10:40:04. S&P and NDX trades were left on the books. With 
only minutes to go before the close the indexes dived on the 
news as traders raced to square positions in reaction to what
was about to happen to their morning trades. Confusion was 
rampant. My inbox is full of Futures Monitor reader emails with
horror stories and relief messages from the implosion. Readers
who were long with stops in place were filled handfuls of points
below their stops. Traders without stops could not enter orders
because their broker platform crash under the weight of the 
order flow. Anyone long or short any futures contract was 
immediately impacted and had to wait until the close to see 
where they stood. I have readers with $10,000 paper gains 
cussing the bust of their trades and readers with thousands in
losses gushing relief that the trades were busted. 

The broader market wandered about dazed between 11:00 and 1:PM 
while the cobwebs from the sucker punch cleared. Adding to the
confusion was what seemed like a constant stream of news
relating to potential terrorist events. A car with a potential
bomb was rumored to be found at LaGuardia and the entrances to 
the airport shutdown. Explosions later attributed to natural gas
leaks were reported as potential terrorist events. Warnings about
a potential Internet shutdown by hackers over the weekend were 
also making the rounds. The early close at 1:pm was a blessing 
in disguise. 

Despite all the confusion above AND the negative employment 
numbers the Dow still managed to close near 9100. The Nasdaq 
dropped -15 but still closed well above 1650 at 1664 after 
bouncing off strong resistance at 1685 for the third time in
a month. We are well above the 8871 Dow low set on Tuesday and 
the best five days of July are still ahead of us. If today was 
next Friday my outlook would be entirely different. 

Not only did the market shake off the economic news to set a
new high for the week but it did so on a flurry of high profile
earnings warnings. The end of week rush to confess included 
BSX, PMTC, MCRL, BAX, ADPT, SEBL, WEBM, TWTR, DCTM, SOI and ECIL 
among others. DAL warned that passenger traffic fell -5.5% in
June. Traders did not seem to care that the warnings are 
increasing. They are looking forward to the beginning of major
earnings next week. This is what it all boils down to and with
the economic pot barely simmering it could be a cold meal ahead. 

The gains for the week were fueled by the retirement cash flowing
into funds and by the movement of funds out of money markets. 
ICI reported that money market funds saw outflows of -$8.56
billion for the week ended July-2nd. Also, despite the worst
jobs numbers in nine years bonds continued to sell off and that
money is finding its way into the equity markets. Yields closed
at levels not seen since May-9th. What is a bond junkie to do?
The bonds are dropping from 45-year highs despite a Fed commitment
to keep interest rates low. The problem is appears is the stock
market. With 37 million retirees hitting the rolls in the next
five years all basing their retirement income on 10% annual
returns a 3.5% bond is losing ground. They are seeing the stock
market back over 9000 and thinking the worst is over and double
digit returns in stocks are here to stay. I am not going to get
into that argument this week but this is what is powering the
markets. It is purely sentiment based on feeling not on facts. 

That brings us back to next week. Despite the morning bombshell
on Thursday and the flood of earnings warnings the markets only 
pulled back to support. Despite the worst jobs news in nine years
they set a new weekly high. The sentiment and cash flow is rampant. 
That means the historical July trend appears to be intact and we
still have a week of upside left. That assumes of course the 
retirement cash that piles up in mail boxes over the weekend is
put to work and the mutual funds don't front run the historical
July decline before next Friday. I would bet on the funds hitting
the market and I would bet on the front running. The only question
for me is when will the selling start? 

The SPX hit 995 on Thursday and well above the 962 dip low on 
Tuesday. Without the order implosion on Thursday I was projecting
1010-1015 as the high for next week. I am not as convinced today
that we will see those numbers. It all depends on the spin. There
are no major economic reports early next week and that could be 
good or bad. The last time we had no economic news the market 
tanked. Next week I would hope for a different result. With the
bullish sentiment running high and cash flowing from bonds and
retirement funds we should see several more days of gains. The
earnings accelerate from five on Monday to 32 on Thursday and
include such notables as AA, first Dow component to report on
Tuesday, to YHOO on Wed and GE on Friday. The following week we
get the big three, INTC on Tue, IBM Wed, MSFT Thr. It would
stretch my belief system to think the market will hang around
over 9000 until Microsoft announces on Thursday the 17th. That
means I am expecting a top somewhere between 7/10 and 7/17. 

It is not that I think the fundamentals have changed. It does 
not mean I think the market will crash. It only means the normal
second half of July dip should start in the next 5-7 trading days.
I know this is going out on a limb by suggesting a turning point
in the market, especially when the market is so bullish. However
that is what the charts tell us if you take the time to research
the last few years. You can see my past analysis here:
http://members.OptionInvestor.com/MarketWrap/mw_062403_1.ASP

As traders you do not have to believe me. I do not have to believe
what I see. We only have to trade with an eye on the possibility
of it coming true. Currently in the Editors Play section we are
accumulating an August put position on the DJX. We are hedging 
that position with calls we bought on the dip below 8950. If 
everything continues to play out as expected we will be selling 
those calls next week as we near the potential sell on the news
earnings events. If you are long the market I strongly suggest 
you prepare for that chance as well. 

The bullish news is strong. There is every indication the market
is poised to go up. Cash is flowing and the term "new bull market"
is becoming more popular than "new economy" was a couple years 
ago. That alone should cause some conservative thought. At the 
risk of sounding too clichéd I was waiting for somebody at the 
airport last week and two people who did not know me, a shoe 
shine boy and an airport worker, both brought up the stock market 
rally in normal conversation. That made the hairs on my neck 
stand up. While I do not believe their interest is relative 
it does show that the market is coming back around again into 
investor consciousness. Perennial bears would say this was just
in time for the retail investor to get clipped again. I would
rather not make any market calls and just trade what the market
gives us but that is even more clichéd than the pervious statement.
I do not believe you can trade without having a bias and that 
bias had better include an exit plan in case you are wrong. Do 
you have a plan for the eventual end of this rally? 

Enter Very Passively, Exit Very Aggressively!

Jim Brown


=========================
Play-of-the-Day (bullish)
=========================

Graftech Intl - GTI - close: 6.06 change: +0.21 stop: 5.49

Company Description:
Graftech International Ltd. is one of the world's largest 
manufacturers and providers of high quality natural and synthetic 
graphite and carbon based products and services, offering energy 
solutions to industry-leading customers worldwide engaged in the 
manufacture of steel, aluminum, silicon metal, automotive 
products and electronics.  They have 13 manufacturing facilities 
in 7 countries and are the leading manufacturer in all of their 
major product lines.  They produce graphic electrodes that are 
consumed primarily in the production of steel in electric arc 
furnaces, the steel making technology used by all "mini-mills," 
and for refining steel in ladle furnaces.  We also produce carbon 
electrodes that are consumed in the manufacture of silicon metal 
and cathodes that are used in the production of aluminum.  In 
addition, we develop and manufacture natural graphite for use in 
materials and components for proton exchange membrane fuel cells 
and fuel cell systems and thermal interface products for 
computer, communications and other applications.  GRACELL (TM), 
GRAFOIL(R), and eGRAF(TM) are our trademarks. (Source:  Company 
press release.)

Why We Like It:
Graftech is a big fish in its particular pond.  That conveys 
advantages, and one of those advantages is the ability to 
increase prices.  That's what GTI did Monday, announcing that the 
graphite market was tight and that its facilities were running at 
full tilt.  GTI increased electrode prices for South Africa, a 
market that comprises 10-12 percent of its annual graphite 
electrode sales, and also increased prices in the Middle East and 
Asia, excluding China. Monday must have been busy in GTI's media 
department, because the company also announced $55 million in de-
leveraging actions as part of its ongoing debt reduction efforts.

As happened with many stocks over the last week, GTI broke out of 
its bull flag pattern. Unlike what happened with many stocks, GTI 
did it on strong volume, confirming the breakout.  MACD, RSI, and 
21(3)3 stochastics also confirmed the bullishness.  Thursday, GTI 
also closed back over 6.00, a key level for the stock.  The 50-
dma just completed a bullish cross of the 200-dma.  GTI is on a 
P&F ascending triple top breakout signal and is above the bearish 
resistance line.  

We're suggesting two possible entries for GTI.  One is a pullback 
and bounce from the bull flag's support, currently at 5.60, and 
the second is a move over last week's high of 6.20, which will be 
our TRIGGER if GTI does not pull back before moving higher.  
Conservative traders might even elect to wait for a move over the 
June high of 6.44.  Our stop is at 5.49, only 0.71 below our 
trigger but a big percentage move below it, so traders should 
consider carefully the risk they're assuming.  We're targeting 
7.35 as our initial profit target, which will also represent a 
big percentage gain if attained.  GTI reports July 24, so we hope 
it moves quickly as we'll probably be exiting ahead of its 
earnings report.

Annotated Chart for GTI:


Picked on  July 6 at  $6.06
Change since picked:  +0.00
Earnings Date:     07/24/03 (confirmed)
Average Daily Volume:  391 thousand






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

The Weekly View
 
This week saw a number of developments in the various indicators 
we follow.  As we spend our days obsessing over the minutia of 
the subatomic intraday charts, each fresh weekly close is a fresh 
source of perspective.
 
The VIX, VXN and QQV all put in positive closes, the first in 
three weeks and indicating a possible bullish reversal in 
volatility.  There is generally an inverse relationship between 
volatility and market prices, although there is often a lag at 
major market turning points.
 
The INDU, COMPX and SPX all were positive on the week, the COMPX 
the most bullish, with the SPX and INDU printing a lower highs 
and lower low than the previous week.  There is therefore a 
divergence between the volatility indices and equities, and while 
it's uncertain as to which will prevail, one might assume that an 
increase in premiums in the options market will lead a move in 
broader equity markets.  On this basis, we should see equities 
moving lower next week, barring some reversal.
 
The put to call ratio moved lower this week, coinciding with the 
moves higher in equities this week.   The bullish percents remain 
toppy, as do most of the breadth indicators.  While nothing 
precludes a push to new highs, particularly given the solid 
uptrends on the daily charts, the doji prints this week indicates 
that the bulls are having to work a little harder for their 
upside than we've seen at other points this year.  


-----------------------------------------------------------------

Market Averages

DJIA ($INDU)

52-week High:  9410
52-week Low :  7197
Current     :  9070

Moving Averages:
(Simple)

 10-dma: 9070
 50-dma: 8832
200-dma: 8389

S&P 500 ($SPX)

52-week High: 1015
52-week Low :  768
Current     :  986

Moving Averages:
(Simple)

 10-dma:  983
 50-dma:  958
200-dma:  894

Nasdaq-100 ($NDX)

52-week High: 1266
52-week Low :  795
Current     : 1231

Moving Averages:
(Simple)

 10-dma: 1212
 50-dma: 1175
200-dma: 1047


-----------------------------------------------------------------

The VXN has broken out to the upside of its recent two-week 
descending channel.  Meanwhile the VIX remains stuck in its 
horizontal channel between 21 and 25.

CBOE Market Volatility Index (VIX) = 21.61 +0.47
Nasdaq-100 Volatility Index  (VXN) = 32.47 +1.42

-----------------------------------------------------------------

          Put/Call Ratio  Call Volume   Put Volume

Total          1.08        274,362       297,451
Equity Only    0.85        220,566       187,652
OEX            2.83          8,706        24,642
QQQ            9.38          6,291        59,036

-----------------------------------------------------------------

Bullish Percent Data

           Current   Change   Status
NYSE          71.7    + 1     Bull Confirmed
NASDAQ-100    76.0    + 2     Bull Correction
Dow Indust.   83.3    + 0     Bull Confirmed
S&P 500       78.0    + 0     Bull Confirmed
S&P 100       81.0    + 0     Bull Confirmed


Bullish percent measures the number of stocks in an index 
currently trading on a buy signal on their point and figure 
chart.  Readings above 70 are considered overbought, and readings 
below 30 are considered oversold.

Bull Confirmed  - Aggressively long
Bull Alert      - Cautiously long
Bull Correction - Pause or pullback in upward trend
Bear Alert      - Take defensive action if long
Bear Confirmed  - High risk if long, good conditions for shorting
Bear Correction - Pause or rebound in downtrend

-----------------------------------------------------------------

 5-Day Arms Index  1.40
10-Day Arms Index  1.38
21-Day Arms Index  1.25
55-Day Arms Index  1.16


Extreme readings above 1.5 are bullish, and readings below .85
are bearish.  These signals don't occur often and tend be early,
but when they do, they can signal significant market turning
points.

-----------------------------------------------------------------

Market Internals

            -NYSE-   -NASDAQ-
Advancers    1063      1227
Decliners    1658      1635

New Highs     213       202
New Lows       13         9

Up Volume    208M      328M
Down Vol.    656M      602M

Total Vol.   884M      944M

M = millions


-----------------------------------------------------------------

***No New COT Data due to the holiday.  Check for updated COT data
in the Market Sentiment on Tuesday.***

Commitments Of Traders Report: 06/24/03

Weekly COT report discloses positions held by small specs
and commercial traders of index futures contracts at the 
Chicago Mercantile Exchange and Chicago Board of Trade. COT data 
can be found at www.cftc.gov.

Small specs are the general trading public with commercials being 
financial institutions. Commercials are historically on the 
correct side of future trend changes while small specs tend 
to be wrong.  

S&P 500

After last week's quadruple witching Friday rolled around,
we witnessed a HUGE collapse in outstanding positions in both
longs and shorts almost across the board.  For the full S&P 500
contacts, the commercial long positions dropped 114 thousand to 
405K and the shorts dropped 52 thousand to 447 K.  This produced 
the first bearish net negative (more shorts than longs) in quite
a while.

Small traders saw significant drops of 42K in longs to just 
159 thousand and 98K short positions evaporated to leave 85K.
This produced a very strong net long position.  Which is exactly
how these COT reports are traditionally read.  

The Small Traders always tend to do the opposite of the "smart
money" or Commercials.  Unfortunately, it is the commercials
who tend to be correct most of the time, and they're newly 
bearish on the S&P.


Commercials   Long      Short      Net     % Of OI
06/03/03      438,228   422,722    15,506     1.8%
06/10/03      456,967   455,024     1,943     0.2%
06/17/03      519,887   501,401    18,486     1.8%
06/24/03      405,382   447,526   (42,144)   (4.9%)

Most bearish reading of the year: (111,956) -  3/06/02
Most bullish reading of the year:   18,486  -  6/17/03
 
Small Traders Long      Short      Net     % of OI
06/03/03      169,650   167,172     2,478     0.7%
06/10/03      199,356   185,403    13,953     3.6%
06/17/03      202,040   184,028    18,012     4.6%
06/24/03      159,405    85,182    74,223    30.3%

Most bearish reading of the year:  (1,657)- 5/27/03
Most bullish reading of the year: 114,510 - 3/26/02


E-MINI S&P 500

The same scenario took place in the S&P 500 e-mini contracts. 
There were massive drops in outstanding positions.  Commercial
traders dropped 156 thousand long positions and 459 thousand
short positions.  This drastic reduction has produced the most 
bullish reading of the year for the e-minis.

As expected, the small traders took the opposite role and 
produced the most bearish reading.  This was due to a massive
reduction in outstanding long positions of 382K versus a drop
of just 26K in small traders' aggregate shorts.


Commercials   Long      Short      Net     % Of OI 
06/03/03      267,680   512,648   (244,968)  (31.4%)
06/10/03      270,359   543,221   (272,862)  (33.5%)
06/17/03      306,279   661,114   (354,835)  (36.6%)
06/24/03      150,208   201,724    (51,516)  (14.6%)

Most bearish reading of the year: (354,835)  - 06/17/03
Most bullish reading of the year: (222,875)  - 04/01/03

Small Traders Long      Short      Net     % of OI
06/03/03      470,655    58,420   412,235    77.9%
06/10/03      498,999    49,689   449,310    81.9%
06/17/03      466,837    70,609   396,228    73.7%
06/24/03       84,081    44,347    39,734    30.9%

Most bearish reading of the year:  39,734   - 06/24/03
Most bullish reading of the year: 449,310   - 06/10/03


NASDAQ-100

The same disappearing act of outstanding positions occurred
in the NDX 100 futures as well.  Commercials dropped some 32K 
in long positions and 18K in short positions but this left 
them with their most bearish position in quite some time.

Small traders, reacting in lock step mirror image, produced
their most bullish net long position with a major drop in
outstanding shorts.


Commercials   Long      Short      Net     % of OI 
06/03/03       42,232     43,217      (985)  (1.2%)
06/10/03       42,877     45,793    (2,916)  (3.3%)
06/17/03       60,964     65,561    (4,597)  (3.6%)
06/24/03       28,780     47,425   (18,645) (24.4%)

Most bearish reading of the year: (18,645) -  6/24/03
Most bullish reading of the year:   9,068  - 06/11/02

Small Traders  Long     Short      Net     % of OI
06/03/03       11,407     9,092     2,315    11.3%
06/10/03       14,759     7,761     6,998    31.1%
06/17/03       29,400    23,232     6,168    11.7%
06/24/03       24,519     7,064    17,455    55.2%

Most bearish reading of the year: (10,769) - 06/11/02
Most bullish reading of the year:  19,088  - 01/21/02

DOW JONES INDUSTRIAL

Small traders of the DJIA futures didn't do much other 
than reduce a good number of outstanding positions but it
was the commercials who cut a number of shorts that produced
a new relative high in outstanding longs.


Commercials   Long      Short      Net     % of OI
06/03/03       19,480    15,282    4,198      12.1%
06/10/03       17,368    15,263    2,105       6.5%
06/17/03       20,625    18,593    2,032       5.1%
06/24/03       19,373    11,565    7,808      25.2%

Most bearish reading of the year: (8,322) -  1/16/01
Most bullish reading of the year: 15,135  - 10/16/01

Small Traders  Long      Short     Net     % of OI
06/03/03        7,948     9,353    (1,405)   ( 8.1%)
06/10/03        7,968     8,316    (  348)   ( 2.1%)
06/17/03        9,092     9,398    (  306)   ( 1.6%)
06/24/03        5,950     7,442    (1.492)   (11.1%)

Most bearish reading of the year:  (8,777) - 10/12/01
Most bullish reading of the year:   1,909  -  1/16/01

-----------------------------------------------------------------



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PremierInvestor.net Newsletter          Weekend Edition 07-06-2003
                                                    section 2 of 3
Copyright ) 2003, All rights reserved.
Redistribution in any form is strictly prohibited.

The entire newsletter is best viewed in COURIER 10 for alignment
=================================================================

In section two:

Tech Stocks
  Bullish Play Updates:  AMZN, BRCM, SNPS, TSM

Active Trader (Non-tech)
  New Bullish Plays:     GTI
  Bullish Play Updates:  MO, BGP
  Bearish Play Updates:  DHI, WFMI
  Closed Bearish Plays:  ROAD

High Risk/Reward
  Bullish Play Updates:  SIGM, SIRI
  Bearish Play Updates:  HGSI


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

============
PLAY UPDATES
============

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


Amazon.Com - AMZN - close: 37.68 change: -0.17 stop: 35.49 

With the retail index $RLX and Philadelphia Internet Index $DOT.X 
down .60 and .87 percent respectively, it's no surprise that AMZN 
dropped 0.45 percent on Thursday.  In fact, those statistics show 
that AMZN outperformed those sectors.  However, a study of 
competitor Barnes and Noble (BKS) shows that it's probably the 
.com portion of Amazon's name that caused the biggest problem.  
Barnes and Noble, with its bricks-and-mortar component, gained 
.99 percent on Thursday.  The only news in the sector would 
likely have affected both AMZN and BKS equally, with the Carlyle 
Group announcing that it was selling book, video, and music 
supplier Baker and Taylor to Willis Stein & Partners, a private 
equity firm.  Baker and Taylor supplies both AMZN and BKS.

We're not especially worried about today's 17-cent decline.  AMZN 
closed well above the support provided by the horizontal top of 
its bullish right triangle.  It never approached its rising 10-
dma or the ascending trendline that formed the bottom of that 
triangle.  Although the RSI shows a slightly downward hinge, both 
Stochastics and MACD look strong, and all three remain above 
their ascending trend lines.  

New entries could be found on a pullback and bounce anywhere 
above 36.50, near the ascending trendline and 10-dma.  Momentum 
players might consider an entry on a break above Thursday's 38.16 
high, but that entry would not allow optimum risk/reward since 
our target is just under 40.00.

Annotated Chart for AMZN:


Picked on July 2 at   37.85
Change since picked:  -0.17
Earnings Date       7/22/03 (confirmed)
Average Daily Volume:   8.3 million



---


Broadcom Corp. - BRCM - close: 26.59 change: -0.57 stop: 24.50

It wasn't an auspicious start to our bullish play on BRCM, as the 
early breakout attempt over its descending trendline was promptly 
rebuffed and the stock fell back to the $26.50 area and then 
closed near its low of the day.  Our entry trigger of $27.35 was 
satisfied following the 10am ET release of the ISM Services 
report, which came in much stronger than expected, but that 
wasn't the real story of the day.  Some heavy selling in the 
futures pits muffled the early bullish tone and the bulls were 
never able to get it back.  The Semiconductor index (SOX.X) shed 
1.68% by the end of the holiday-shortened session, but BRCM 
exceeded that with its own 2.09% slide.  If there is follow-
through to the downside early next week, then we'll be looking 
for a rebound from mild support near $26 or stronger support at 
$25 to provide an entry point into the play.  Traders that didn't 
take the bait early on Thursday may want to wait for proof of 
renewed strength with a rally above $27.50 (Thursday's intraday 
high) in conjunction with the SOX reclaiming the $375 level 
before taking a position.  Maintain stops at $24.50.

Picked on July 2nd at    $27.16
Change since picked       -0.57
Earnings Date           07/22/03 (confirmed)
Average Daily Volume =  13.6 mln



---

Synopsis, Inc. - SNPS - cls: 62.65 chng: -0.67 stop: 60.50

With another failure below the $64 level on Wednesday and a 
steady bleed lower throughout Thursday's shortened trading 
session, we're starting to lose faith in our SNPS play.  While 
the stock found support again last week at its month-long 
ascending trendline (currently $60.90), the intraday highs on 
each of the past three assaults on the $64 resistance level have 
been slightly lower.  It is difficult to draw any conclusions 
though, until SNPS either breaks that supportive trendline or 
breaks out over our $64.25 entry trigger.  A large part of what 
is allowing SNPS to hold near its recent highs has got to be the 
stellar earnings report in May.  Should the bulls recover their 
footing next week and propel the Semiconductor index (SOX.X) back 
over $375, then that ought to give SNPS the lift it needs to 
finally break through resistance.  Wait for the breakout before 
playing.

Picked on June 25th at   $63.59
Change since picked       -0.94
Earnings Date          08/20/03 (unconfirmed)
Average Daily Volume = 1.58 mln



---


Taiwan Semi - TSM - cls: 10.83 chg: -0.11 - stop: 9.99

Almost.  TSM almost challenged June's high this week.  Instead, 
it hesitated on Thursday, printing an inside day or harami in 
candlestick terms.  Thursday's high and low were inside the range 
of Wednesday's high and low, creating that inside day.

An inside day isn't a big surprise after Wednesday's big gain or 
just ahead of that previous high.  It's an indication of 
indecision, and indecision seems natural as supply and demand 
readjust at these higher numbers.  We were pleased to see the 
consolidation take place above 10.00 and even above the 10.76 
level that is next light resistance.  We were also glad to see 
TSM once again outperform the SOX, with TSM dropping only 1.01 
percent while the SOX dropped 1.68 percent.  It was also natural 
for the SOX to retreat and regroup after breaking out of its bull 
flag on Wednesday.

However, we can't fail to note that TSM's RSI hinged down.  
Stochastics show a hint of a hinge, too.  Those hinges are not so 
pronounced that they can't be turned back up, but traders might 
watch RSI as it approaches its ascending trendline.  A break of 
that RSI trendline might provide the first hint that TSM will 
regroup closer to its former descending trendline near 10.45.  Of 
course, it might signal nothing more than consolidation.
 
Those accustomed to trading inside days might also watch for a 
break above Thursday's high or a break below Thursday's low as a 
signal of strength or weakness.  With TSM so near the 12.00 
target, we would not suggest new entries on upside breaks.  The 
best opportunity for new entries would be on a pullback and 
bounce from 10.50-10.45 region.

Annotated Chart for TSM:


Picked on June 13 at $10.66
Change since picked:  +0.17
Earnings Date      07/24/03 (unconfirmed)
Average Daily Volume: 7.7 million





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

=========
NEW PLAYS
=========

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

Graftech Intl - GTI - close: 6.06 change: +0.21 stop: 5.49

Company Description:
Graftech International Ltd. is one of the world's largest 
manufacturers and providers of high quality natural and synthetic 
graphite and carbon based products and services, offering energy 
solutions to industry-leading customers worldwide engaged in the 
manufacture of steel, aluminum, silicon metal, automotive 
products and electronics.  They have 13 manufacturing facilities 
in 7 countries and are the leading manufacturer in all of their 
major product lines.  They produce graphic electrodes that are 
consumed primarily in the production of steel in electric arc 
furnaces, the steel making technology used by all "mini-mills," 
and for refining steel in ladle furnaces.  We also produce carbon 
electrodes that are consumed in the manufacture of silicon metal 
and cathodes that are used in the production of aluminum.  In 
addition, we develop and manufacture natural graphite for use in 
materials and components for proton exchange membrane fuel cells 
and fuel cell systems and thermal interface products for 
computer, communications and other applications.  GRACELL (TM), 
GRAFOIL(R), and eGRAF(TM) are our trademarks. (Source:  Company 
press release.)

Why We Like It:
Graftech is a big fish in its particular pond.  That conveys 
advantages, and one of those advantages is the ability to 
increase prices.  That's what GTI did Monday, announcing that the 
graphite market was tight and that its facilities were running at 
full tilt.  GTI increased electrode prices for South Africa, a 
market that comprises 10-12 percent of its annual graphite 
electrode sales, and also increased prices in the Middle East and 
Asia, excluding China. Monday must have been busy in GTI's media 
department, because the company also announced $55 million in de-
leveraging actions as part of its ongoing debt reduction efforts.

As happened with many stocks over the last week, GTI broke out of 
its bull flag pattern. Unlike what happened with many stocks, GTI 
did it on strong volume, confirming the breakout.  MACD, RSI, and 
21(3)3 stochastics also confirmed the bullishness.  Thursday, GTI 
also closed back over 6.00, a key level for the stock.  The 50-
dma just completed a bullish cross of the 200-dma.  GTI is on a 
P&F ascending triple top breakout signal and is above the bearish 
resistance line.  

We're suggesting two possible entries for GTI.  One is a pullback 
and bounce from the bull flag's support, currently at 5.60, and 
the second is a move over last week's high of 6.20, which will be 
our TRIGGER if GTI does not pull back before moving higher.  
Conservative traders might even elect to wait for a move over the 
June high of 6.44.  Our stop is at 5.49, only 0.71 below our 
trigger but a big percentage move below it, so traders should 
consider carefully the risk they're assuming.  We're targeting 
7.35 as our initial profit target, which will also represent a 
big percentage gain if attained.  GTI reports July 24, so we hope 
it moves quickly as we'll probably be exiting ahead of its 
earnings report.

Annotated Chart for GTI:


Picked on  July 6 at  $6.06
Change since picked:  +0.00
Earnings Date:     07/24/03 (confirmed)
Average Daily Volume:  391 thousand






============
PLAY UPDATES
============

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


Altria Group - MO - close: 46.12 change: -0.47 stop: 43.95

Considering the wild gyrations in the futures arena on Thursday, 
MO's slight pullback to just above $46 doesn't look too bad.  The 
problem is that the stock gapped up at the open to just below $47 
and then steadily headed lower, closing on its low of the day.  
That does NOT look encouraging.  We had been looking at a push up 
to the $47.50 area as a viable level to harvest some gains, as 
that is our initial profit target, but we didn't get the chance.  
Thursday's price action looks fairly similar to that seen on both 
6/25 and 6/27 when MO surged to a new high and then sold off for 
the remainder of the day.  If this is the same pattern, then look 
for MO to find support above the bottom of the 3-week ascending 
channel (currently $45.60) and rebound.  That rebound would be 
the next solid entry into the play.  Note that MO is still 
obeying the longer-term channel as well, and the bottom of that 
channel is now at $44.15.  So it is still possible to see a more 
significant drop and for the uptrend to remain intact.  Our stop 
remains at $43.95.

Picked on June 18th at  $44.24
Change since picked      +1.88
Earnings Date         07/17/03 (unconfirmed)
Average Daily Volume =    11.7 mln





---


Borders Group - BGP - close: 17.90 change: -0.05 stop: 16.55

What should have been a rather bullish holiday-shortened session 
got bushwhacked by some anomalous action in the futures pits, 
sending the broad markets on a wild, if brief ride lower and then 
back higher just over an hour into the day.  While it may have 
caused consternation for some, it did us the favor of providing a 
decent entry point on our BGP play.  The stock dipped just below 
$17.60 before the buyers re-emerged and the stock spent the rest 
of the day steadily working higher, ending with only a loss of a 
nickel and still very close to that $18 resistance level.  We've 
been expecting a pullback from the upper Bollinger band 
(currently $17.98) and the fact that the pullback delivered on 
Thursday was so shallow is encouraging.  Traders that took 
advantage of that brief entry point are looking good here, with 
the possibility of a breakout next week above $18 providing more 
aggressive entry opportunities.  Conservative traders will still 
want to focus on intraday dips near the $17.50 area as a lower-
risk entry.

Picked on June 29th at   $17.54
Change since picked       +0.36
Earnings Date           08/19/03 (unconfirmed)
Average Daily Volume =      504 K






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

D.R. Horton - DHI - close: 28.45 change: -0.40 stop: 30.25

DHI managed to avoid the volatility that infected most of the 
broad market on Thursday, and performed just like we wanted it 
to.  The stock rolled over just below $29, giving indications 
that this former support is now going to act as resistance.  In 
order to confirm the rollover though, DHI will need to break and 
close below $28, which is just below Tuesday's $28.07 close.  
There was some mild weakness in the $DJUSHB index on Thursday as 
well, but we'll need to see more selling to confirm the sector is 
rolling over as well, preferably with a drop and close back under 
$440.  For now, successive failures to move over $29 look like 
the best setup for new entries.  Traders looking for a momentum 
entry need to be careful, as the rampant bullishness that has 
been so prevalent in the sector has not yet faded from view.  A 
perfect example of what we need to be cautious of is the sharp 
rebound from the $27.40 level after an early break below $28.  
Another break below $28 can be used for aggressive entries, 
although a drop under $27.35 would be preferable.  Note that our 
initial profit target for the play is a test of the 50-dma (now 
at $26.85), so you can see the limited reward involved in chasing 
the stock lower on a breakdown.  Maintain stops at $30.25 until 
DHI closes under $28.

Picked on June 25th at   $28.90
Change since picked       -0.45
Earnings Date          07/17/03 (confirmed)
Average Daily Volume = 1.42 mln



---


Whole Foods - WFMI - cls: 46.32 chg: -0.60 stop: 48.51 *new* 

Grocery stocks had a fire sale Thursday, and WFMI was no 
exception.  Closest competitor Wild Oats (OATS) and big grocers 
Safeway (SWY), Kroger (KR), and Albertson's (ABS) all traded 
down, as did the retail index, the $RLX.  

Today's high unemployment figure may have impacted the grocers.  
Although the assumption remains that people will always buy 
groceries no matter what their employment status, ABS's CEO spoke 
on CNBC a few weeks ago, commenting that people in fact changed 
their grocery-buying habits under economic duress.  They might 
buy ground round instead of steak.  They buy generic-brand paper 
towels instead of high-margin products.  We suspect they also buy 
less of the nice but pricey goods sold at OATS and WFMI.

Today, WFMI plunged tantalizingly close to our 45.00 target, 
dropping as low as 45.78 before rebounding and closing near the 
bottom of February's gap.  Now that the play has proven so 
profitable, we're lowering our stop to 48.51 to ensure that we 
capture some of those gains.  Conservative traders might even 
consider a stop at 48.01, near the bottom of the violated bear 
flag.  Stochastics, RSI, and MACD do not yet warn of an impending 
bounce, but conservative traders who entered the play when it was 
first initiated and are sitting on 3.00 gains may want to 
consider taking partial profits.  Because we're so close to 
achieving our target, we would not suggest new entries at this 
time. 

Annotated Chart for WFMI:


Picked on June 13 at $49.44
Change since picked:  -3.12
Earnings Date      07/30/03 (unconfirmed)
Average Daily Volume: 1.6 million




============
CLOSED PLAYS
============

  --------------------
  Closed Bearish Plays
  --------------------


Roadway Corp - ROAD - cls: 29.41 chg: -0.14 stop: 30.01 

ROAD ended Thursday's trading day just below 29.60 resistance, 
but we were already stopped out of the play by then.  As we 
suspected, the 30.01 stop triggered Thursday, taking us out of 
the play just ahead of our intention to close it this weekend.  
ROAD's earnings will be announced July 8, and as we warned last 
night, we intended to exit ahead of the earnings release.  

Although competitor USFC gained on Thursday, ROAD declined, as 
did competitors SWFT and JBHT and the TRAN.  Volume remained low, 
confirming our suspicion that the recent rise has been fueled by 
shorts taking profit ahead of the earnings release.  We don't 
blame them.  We just wish we'd joined them a little sooner, 
lowering our stop to take us out sooner. 

Picked on  June 8  at 29.75
Change since picked:  -0.34
Earnings Date      07/08/03 (confirmed)
Average Daily Volume:   298 thousand






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

============
PLAY UPDATES
============

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



Sigma Designs - SIGM - close: 11.14 change: -0.07 stop: 9.99  

With the Russell 2000 pausing just below resistance at 460, new 
Russell 2000 initiate SIGM paused, too.  Although SIGM was down 
on the day, it printed a small white candle inside its recent 
consolidation band.  Volume has been dropping appropriately as 
SIGM consolidates. 

We're pleased to see that consolidation continue above the light 
support at 10.80 and stronger support at 10.50, but we're not yet 
ready to raise our stop from 9.99.  The 10-dma is rising strongly 
and currently crosses at 10.29.  We believe that moving average 
will provide support on any pullbacks, but we want to give SIGM 
room to test the breakout level from the bull flag.  If SIGM does 
test that breakout level again, new entries could be sought on a 
pullback and bounce from 10.50.  Aggressive momentum players 
could also seek new entries on a move above last week's 11.62 
high, but risk/reward parameters would not be as good on that 
entry. 
  
*Disclosure* 
One of our research staff currently owns shares of SIGM.

Annotated Chart for SIGM:


Picked on June 27 at 11.02
Change since picked: +0.12
Earnings Date      5/27/03 (confirmed)
Average Daily Volume:  600 thousand




---

Sirius Satellite Radio - SIRI - cls: 1.84 chg: +0.065 stop: 1.60

The underdog prevailed on Thursday.  SIRI gained 3.66 percent 
while competitor XM Satellite Radio Holdings (XMSR) lost 0.54 
percent. Of course, it's not hard for a penny stock to make big 
percentage gains, but we were still glad to see SIRI add to its 
recent gains, triggering our 1.81 entry into the play.  

While we're rooting for underdog SIRI, we don't want to 
competitor XMSR to drag SIRI down.  XMSR broke out of its bull 
flag a day or two ahead of SIRI and appears to be consolidating 
its recent gains.  SIRI will likely do that, too, in a day or 
two, which is the reason for our generous (percentage-wise) 1.60 
stop (also another reason why this is in the high-risk/reward 
section).  We hope that SIRI will find support at its 10-dma, but 
if not, the combined historical support and trendline support at 
1.60 should sustain SIRI on any pullbacks.  

SIRI doesn't appear ready to pull back yet.  RSI pushes up in 
full bullish mode, and 21(3)3 stochastics are turning up from 
oversold levels.  MACD appears to be flattening, ready to turn up 
again, too.  Those seeking a new entry next week might watch for 
a pullback to our 1.81 entry level or a move above Thursday's 
1.85 high.  

REMEMBER, this is an aggressive, high-risk play!

Annotated Chart for SIRI:
 

Picked on July 02 at $ 1.77
Change since picked:  +0.06
Earnings Date      00/00/00 (unconfirmed)
Average Daily Volume:    71  million

 



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


Human Genome Sciences - HGSI - cls: 12.53 chg: -0.09 stop: 13.55

Another day of weakness was the score for our HGSI play, but not 
by much.  With the Biotechnology index (BTK.X) sliding lower by 
just over 0.5%, the stock just didn't have enough direction from 
the sector to either advance or decline by very much.  The 10-dma 
(now at $12.70) is continuing to provide closing resistance, and 
it appears something will have to give way soon.  We're still 
expecting a breakdown below $12, which ought to have the stock 
seeking out its 200-dma ($10.23), but that doesn't mean there 
won't be some more volatility first.  Strong resistance now 
exists in the $13.25-13.45 area, and this is reinforced by the 
50-dma ($13.37), with the 20-dma ($13.61) picking up speed to the 
downside and likely to add further pressure next week.  Failed 
rallies below the 50-dma still look favorable for new entries, 
although more conservative traders may want to wait for a 
decisive break below $12 before adding new positions.  If 
entering on a breakdown, look for confirmation of weakness from 
the BTK index threatening its own 50-dma ($427).  Maintain stops 
at $13.55.

Picked on June 18th at    $13.43
Change since picked        -0.90
Earnings Date           07/24/03 (unconfirmed)
Average Daily Volume =     3.07 mln

 





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PremierInvestor.net Newsletter          Weekend Edition 07-06-2003
                                                    section 3 of 3
Copyright ) 2003, All rights reserved.
Redistribution in any form is strictly prohibited.

The entire newsletter is best viewed in COURIER 10 for alignment
=================================================================

In section three:

Market Watch for Week of July 7th
   - Major Earnings
   - Stock Splits
   - Economic Reports

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)

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

==========================================
Market Watch for the week of July 7th
==========================================

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

Symbol  Company               Date           Comment      EPS Est

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

None


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

AA     ALCOA                 Tue, Jul 08  After the Bell      0.24
AMB    AMB Property Corp     Tue, Jul 08  After the Bell      0.48
PBG    Pepsi Bottling Group  Tue, Jul 08  Before the Bell     0.46


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

BRO    Brown & Brown         Wed, Jul 09  After the Bell      0.39
DNA    Genentech, Inc.       Wed, Jul 09  After the Bell      0.26
ISCA   Intl Speedway         Wed, Jul 09  -----N/A-----       0.26
RI     Ruby Tuesday          Wed, Jul 09  -----N/A-----       0.37
SDX    Sodexho Alliance S.A. Wed, Jul 09  Before the Bell      N/A
YHOO   Yahoo, Inc.           Wed, Jul 09  After the Bell      0.08


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

ABT    Abbott Laboratories   Thu, Jul 10  Before the Bell     0.52
ARA    ARACRUZ CELULOSE S A  Thu, Jul 10  -----N/A-----       0.56
INFY   Infosys Tech LTD      Thu, Jul 10  -----N/A-----       0.40
JNPR   Juniper Networks      Thu, Jul 10  After the Bell      0.02
PEP    Pepsico               Thu, Jul 10  Before the Bell     0.58
SONS   Sonus Networks        Thu, Jul 10  After the Bell     -0.02
STI    SunTrust              Thu, Jul 10  Before the Bell     1.18
SVU    Supervalu Inc.        Thu, Jul 10  -----N/A-----       0.57


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

GE     General Electric      Fri, Jul 11  Before the Bell     0.38


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

Symbol  Company Name              Ratio    Payable     Executable

MTLG    Metrologic Instruments    3:2      Jul   3rd   Jul   7th
NTE     Nam Tai Electronics       3:1      Jul   7th   Jul   8th
CSS     CSS Industries            3:2      Jul  10th   Jul  11th
NCEN    New Century Financial     3:2      Jul  11th   Jul  14th
CNTE    Centene Corp              3:2      Jul  11th   Jul  14th
ANSI    Advanced Neuromodulation  3:2      Jul  11th   Jul  14th
CMTL    Comtech Telecom Corp.     3:2      Jul  14th   Jul  15th
EXJF    Exchange Natl Bancshares  3:2      Jul  15th   Jul  16th


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

Earnings officially start on Tuesday with Dow component Alcoa.  
However, the real flood of earnings doesn't hit for another week.
The lion's share of this week's economic reports will be served
up on Thursday and Friday.

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

Monday, 07/07/03
----------------
None


Tuesday, 07/08/03
-----------------
Consumer Credit (AB)    May  Forecast:   $5.0B  Previous:   $10.7B


Wednesday, 07/09/03
-------------------
Wholesale Invntories(DM)May  Forecast:   0.20%  Previous:   -0.10%


Thursday, 07/10/03
------------------
Initial Claims (BB)   07/07  Forecast:     N/A  Previous:     430K
Export Prices ex-ag.(BB)Jun  Forecast:     N/A  Previous:   -0.10%
Import Prices ex-oil(BB)Jun  Forecast:     N/A  Previous:   -0.20%


Friday, 07/11/03
----------------
Trade Balance (BB)      May  Forecast: -$41.0B  Previous:  -$42.0B
PPI (BB)                Jun  Forecast:   0.40%  Previous:   -0.30%
Core PPI (BB)           Jun  Forecast:   0.10%  Previous:    0.10%


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



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

NFI     Novastar Financial         67.00     +2.90
GLDN    Golden Telecom             27.05     +1.34
SCSS    Select Comfort             18.94     +2.01
CCBI    Commercial Capital         17.50     +0.67
MDTH    Medcath Corp                7.13     +0.76

---------------------------------------
Breakout to Upside (Stocks $5 to $20)
---------------------------------------

GHVI    Genesis Health Ventures    19.91     +1.38
HTRN    Healthtronics Surgical     10.25     +0.88
THOR    Thoratec Corp              16.25     +1.29
NITE    Knight Trading Group        8.50     +1.83
PKTR    Packeteer Inc              17.91     +1.07
FLE     Fleetwood Enterprises      10.45     +2.25

---------------------------------------
Breakout to Upside (Stocks over $20)
---------------------------------------
  
RDY     Dr Reddy's Labs            25.25     +1.33
KIND    Kindred Healthcare Inc     22.42     +1.08

-------------------------------------------
Breakout to Downside (Stocks over $20)
-------------------------------------------

IFC     Irwin Financial Corp       22.68     -2.70
LNY     Landry's Restaurants       21.48     -2.45

-----------------------------------------
Recently Overbought With Bearish Signals (Stocks over $20)
-------------------------------------------

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