PremierInvestor.net Newsletter Thursday 07-10-2003 section 1 of 2 Copyright (c) 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: No Recovery, No Kidding Watch List: ADBE, AIG, XL, CTX and more! Market Sentiment: Trend change ================================================================= MARKET WRAP (view in courier font for table alignment) ================================================================= 07-10-2003 High Low Volume Advance/Decline DJIA 9036.04 -120.20 9154.53 8996.76 1.78 bln 916/2273 NASDAQ 1715.86 - 31.60 1735.13 1707.49 1.72 bln 1090/2132 S&P 100 497.09 - 6.54 503.63 494.38 Totals 2006/4405 S&P 500 988.70 - 13.51 1002.21 983.63 W5000 9523.27 -129.40 9652.71 9480.09 RUS 2000 469.03 - 7.96 476.99 467.61 DJ TRANS 2538.45 - 24.00 2561.94 2529.26 VIX 21.53 + 0.50 22.30 21.34 VXN 33.66 + 0.44 34.55 33.00 Total Volume 3,779M Total UpVol 656M Total DnVol 3,072M 52wk Highs 528 52wk Lows 20 TRIN 1.88 PUT/CALL 0.73 ================================================================= =========== Market Wrap =========== No Recovery, No Kidding The market lost ground today after economic reports and several corporate executives suggested the recovery may not happen until 2004. Where have I heard that before? Maybe in July 2000, 2001 and 2002. It is the month where expectations meet reality and for the last three years it has been the blind date from hell. Dow Chart - Daily Nasdaq Chart - Daily Bar Nasdaq Chart - Daily Candle The string is unbroken at 21 weeks and it does not look like it will change anytime soon. The Jobless claims soared to 439,000, +14,000 over consensus estimates and last week's number was revised up to 434,000. Continuing claims rose to 3.82 million and a level not seen since the early 1980s. This 20-year high was not received well by Wall Street. The insured jobless rate rose to 3.0%. Analysts trumpeted their seasonality claim for the increase this week. They have been trying to find an excuse for each of the last 21 weeks to no avail as the numbers continue to disappoint each week. This is also setting up another negative number in the Jobs Report for July. The lack of a recovery is being shown in the lack of jobs and the continued layoffs by companies still trying to cut costs from lack of demand. Chain Store Sales showed a slight improvement of +2.4% but the gains were not broad based. WMT sales rose +2.7% but TGT only gained +0.8%, JCP +0.1% and KSS fell -2.4%. Several retailers issued profit warnings today after a lackluster month. The survey showed that most gains came from heavy promotional selling with high discounts which could hurt the bottom line as we saw with the earnings warnings. Additionally much of the sales gains came from the Harry Potter book and several new video releases. Those are one time events, not month to month improvements in general volume. Barnes and Noble said half of their +10.5% sales increase was due to the Potter book. Most retailers said their inventories are above plan which means they have not sold as much as expected and that old inventory will have to be heavily discounted to make way for the fall merchandise. Tax rebate checks and lower tax withholding beginning in July should help retailers get rid of the excess inventory but unemployment is still a problem. Import/Export prices were about the only friendly report today with Import prices rising +0.8% and export prices falling by -0.2%. This is due to falling energy prices and the falling dollar. Considering the May import number was revised down to a drop of -0.8% the gain for June only produced a breakeven. Still the report was seen as evidence that deflation is less of a problem than earlier thought. The MAPI Survey today fell to 60 for the 2Q, down from 63 in Q1 and 67 in Q4. The new orders index fell to 53 from 67. While this still shows growth most would argue that the magnitude of the drop is significant and could be seen as a warning for Q3. 77% of the survey participants reported operating under 85% of manufacturing capacity. The capital-spending component fell to 54 from 62 and indicates the potential for limited spending in the 3Q. While the overall survey still showed limited growth it did show that that growth was continuing to slow. As if these economic reports were not enough we had Greenspan testifying before Congress on energy prices. The bottom line to the speech was don't expect them to improve anytime soon and high energy prices could be detrimental to the potential recovery. The speech was soft peddled by the press but the outlook was clear. There is no light at the end of the energy tunnel and the recovery has one more unexpected obstacle in its path. It was assumed the soaring energy prices would return to lower levels once the war was over and Iraq resumed production. After a brief dip to $25 at the end of the war oil has resumed its rise and closed on Thursday near $31 a barrel. The earnings parade is beginning and already we have some no shows and several predictions of negative events ahead. JP Morgan said the semiconductor sector was "rich" and warned that they were ripe for the traditional summer drop. They fear the guidance from semis for the 3Q could disappoint. Cisco CEO John Chambers said in Europe on Wednesday that he saw a pickup in IT spending 2-4 months AFTER any pickup in the economy. Assuming the economy picked up in the 3Q, not likely since it is traditionally the weakest quarter of the year, then the IT spending would not occur until December or sometime in early 2004. If the recovery does not appear until the 4Q then IT spending would be late Q1-2004 or later. Intel CEO Craig Barrett said today that he expects growth in the semiconductor sector to slow several percentage points. Not a good indication for their earnings guidance next week. The President of UBS said the recovery in the markets exceeded the recovery in the economy and the current rally did not smell like a new bull market. This was not the outlook investors were expecting. After all just a couple weeks ago the number of analysts surveyed by Investors Intelligence was near 80% and at five-year highs. The most current barometers for the tech sector were the earnings by YHOO and JNPR. Both beat the street but both suffered strong losses in heavy trading. Neither warned but the performance and guidance was less than investors expected. JNPR said today that the 3Q would be flat due to seasonal weaknesses. The keywords here were "seasonal weakness". Investors have been expecting a strong 3Q as the economy begins its recovery. Very few companies have actually said they were seeing any recovery. Remember, this is only the first week or earnings and a light week at that. Investors are now seeing the potential for even more serious questions next week and are becoming more cautious. On Friday morning we get GE earnings and while nobody expects them to miss there are plenty of analysts that think GE will try and talk down estimates for 2003 AND 2004. GE is very good at spinning their earnings and I do not expect a major event tomorrow. They typically dribble out negative comments in measured doses throughout the quarter it order to manage expectations. Still most analysts will be using their microscope tomorrow to try and derive the state of the economy from the GE comments. The Dow traded below 9000 once again today and well off the highs from Monday at 9261. The Nasdaq traded down to 1707 and well off its 1758 high from Wednesday. While the selling was anticipated I did not think we would see 9000 until next week. The Dow 9000 support level is strong and it withstood a concentrated attack today. That does not mean it will hold. Remember we traded down to 8871 just a week ago and could easily return to that level or lower as the earnings begin to flow. I am not going to repeat the justifications for my outlook as you will get the expanded and updated version with this weekends newsletter. Suffice to say that there is nothing "surprising" in the earnings for investors to cheer about and the markets are still priced for perfection. The worry today was that history was repeating itself again. Not that we would see a dip in July but that the second half recovery was going to be missing in action for the fourth consecutive year. To investors that thought is worse than any Freddy Kruger movie and could be appropriately named "Nightmare on Wall Street Chapter IV". This week's sneak preview of 2Q earnings was not met with rave reviews and today traders reviewed their investment "Matrix" to decide which positions should be "Terminated". The GE earnings tomorrow will be the last chapter for the week and the potential for a positive surprise ending is close to zero. With the flood of mid year retirement cash slowing to a trickle remember to keep those stops tight if you are long. Enter Very Passively, Exit Very Aggressively! Jim Brown ================================================================== 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 --------------------------------- Adobe Systems - ADBE - close: 34.26 change: -0.53 WHAT TO WATCH: We've had our eye on ADBE for a few weeks now, looking for a fill of that gap just below $36 to provide a nice shorting opportunity. We're going to call the rejection from just above the $35 level close enough and would look for new entries near current levels, targeting an eventual breakdown under $30. --- American International Group - AIG - close: 55.85 change: -1.16 WHAT TO WATCH: It has definitely been a volatile path, but shares of Insurance giant AIG look like they are getting ready to finally break down. After a brief foray over the $60 level, the stock is back under $58 resistance, as well as the 50-dma and the 200-dma. While there could be another brief bounce in the works, failure below $58 again looks like a solid entry ahead of an expected breakdown under $54 and then a drop to $50 support. --- XL Capital - XL - close: 81.42 change: -2.37 WHAT TO WATCH: While we're just starting to see signs of weakness emerge from the Financial sector, XL has been building a solid top for more than 2 months now and appears on the verge of a major breakdown. Look for a drop under $80 to get the party started and then target a drop into the $74-75 area, keeping one eye peeled for a possible bounce from the 200-dma. --- Centex Corp. - CTX - close: 78.00 change: -1.56 WHAT TO WATCH: Is it time to short the home builders again? From the looks of the charts it is, and CTX is approaching important support at the 50-dma and then $75. Target a breakdown under those measures of support and look for a near-term move to $70, using the $DJUSHB index as a measure of strength/weakness in the overall sector. =================== On the RADAR Screen =================== AU $31.86 - Here's one for the bulls and it's one for the gold bugs as well. AU has been working in a nice ascending channel for the past 3 months and it just rebounded from solid support (prior resistance) at $31 and looks headed for the top of the channel. Note that there should now be strong support near the 200-dma, as it coincides with the bottom of the channel. FNM $70.14 - It is getting to be a regular habit listing FNM here, but this GSE (government sponsored entity) is looking weaker by the week. This week's rebound failed at the 50-dmaand if the volume picks up, a break of the recent lows near $65 could be in the cards. GM $35.70 - Broad market strength has been propping up shares of GM in recent weeks, but with that prop weakening, GM appears to be following suit. Breaking below both the 50-dma and the 200- dma on Thursday, the stock appears headed back for a test of May's support in the $33 area. CI $46.62 - As the Insurance sector has continued to weaken over the past couple days, the weaklings are starting to make their presence known. CI is at the head of that list, having grossly underperformed the market for the past 6 weeks and looking poised for a breakdown below $46 support. If that gives way, then a quick drop to strong support near $42-43 seems reasonable. =============================== Market Sentiment =============================== Trend change Jonathan Levinson "Catching the turns" is one of the most valuable, and possibly the most dangerous activities in which traders engage. Trying to "catch a falling knife" is a well-worn and appropriate cliché. Nevertheless, reward rarely comes without risk, and for traders, managing that risk against anticipated rewards is the name of the game. We've been watching countless breadth and price oscillators and indices set records and remain in territory usually associated with market tops, with numerous false signals during the past weeks. Although much of this data based on today's closing values has yet to be released, today's tape felt reminiscent of last summer's, indicating a possible trend change. The short cycle stochastics and MACD had very little price traction to the upside, and price rolled over to new lows for most of the downphases. Without seeing the updated bullish percents and breadth indices, I can tell that today's downside break represented a different trend than that which brought the indices to their highs yesterday, based solely on the action of the oscillators. Despite the bounce off the lows in the late afternoon, the indices all printed lower highs and lower lows. Note further that the Nasdaq futures, which led this leg of the rally to the upside, underperformed both the Dow and S&P futures today. In planning your trades, allow your market bias to follow the trend, and let the data guide your trading style. And when it feels wrong or you feel confused, wait until you're not before jumping in. ----------------------------------------------------------------- Market Averages DJIA ($INDU) 52-week High: 9353 52-week Low : 7197 Current : 9036 Moving Averages: (Simple) 10-dma: 9094 50-dma: 8890 200-dma: 8412 S&P 500 ($SPX) 52-week High: 1015 52-week Low : 768 Current : 988 Moving Averages: (Simple) 10-dma: 990 50-dma: 966 200-dma: 897 Nasdaq-100 ($NDX) 52-week High: 1307 52-week Low : 795 Current : 1268 Moving Averages: (Simple) 10-dma: 1246 50-dma: 1190 200-dma: 1055 ----------------------------------------------------------------- While we're finally starting to see some (small) gains in the volatility indices but they continue to remain way too low. Frankly their lack of reaction to the weakness today does not denote much fear in the markets at all. Oddly, the VIX is struggling with overhead resistance at its simple 50-dma but I doubt there is much significance in that observation. CBOE Market Volatility Index (VIX) = 21.53 +0.50 Nasdaq-100 Volatility Index (VXN) = 33.66 +0.44 ----------------------------------------------------------------- Put/Call Ratio Call Volume Put Volume Total 0.73 626,187 457,730 Equity Only 0.65 478,079 309,311 OEX 0.75 34,660 26,037 QQQ 3.28 25,446 83,353 ----------------------------------------------------------------- Bullish Percent Data Current Change Status NYSE 72.6 + 0 Bull Confirmed NASDAQ-100 80.0 + 1 Bull Correction Dow Indust. 86.6 + 0 Bull Confirmed S&P 500 79.0 + 0 Bull Confirmed S&P 100 83.0 + 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 1.25 10-Day Arms Index 1.19 21-Day Arms Index 1.20 55-Day Arms Index 1.15 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 795 1012 Decliners 2035 2055 New Highs 145 267 New Lows 18 8 Up Volume 320M 290M Down Vol. 1438M 1400M Total Vol. 1764M 1714M M = millions ----------------------------------------------------------------- Commitments Of Traders Report: 07/01/03 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 There doesn't appear to be much change in the commercial or small traders positioning since the previous week's big move. Big money remains net short while retail traders remain heavily net long. Commercials Long Short Net % Of OI 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%) 07/01/03 415,976 453,005 (37,029) (4.3%) 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 06/10/03 199,356 185,403 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% 07/01/03 150,232 75,937 74,295 32.8% 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 Sometimes it is amazing how the relationship between commercial traders and small traders continue to play out. Traditionally, institutional traders (commercials) are historically on the right side of the trend week in and week out. Despite this success the small trader is generally on the opposite side. This time big money is showing their most bullish reading in quite some time while the small traders is the complete opposite and marking their most bearish reading in many a month. Commercials Long Short Net % Of OI 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%) 07/01/03 175,893 216,993 (41,100) (10.5%) Most bearish reading of the year: (354,835) - 06/17/03 Most bullish reading of the year: (41,100) - 07/01/03 Small Traders Long Short Net % of OI 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% 07/01/03 57,639 67,449 9,810 7.8% Most bearish reading of the year: 9,810 - 07/01/03 Most bullish reading of the year: 449,310 - 06/10/03 NASDAQ-100 It looks like the commercials have been caught off guard. They are growing increasingly bearish on the NDX, which is hitting new 52-week highs. Either institutions are expecting a reversal soon or this has been a painful bout of denial as tech stocks continue to rally higher. Commercials Long Short Net % of OI 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%) 07/01/03 28,662 48,265 (19,603) (25.5%) Most bearish reading of the year: (19,603) - 07/01/03 Most bullish reading of the year: 9,068 - 06/11/02 Small Traders Long Short Net % of OI 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 55.3% 07/01/03 26,777 8,498 18,279 51.8% 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 The action in the INDU futures remains somewhat dull after watching the big moves in the e-minis above. As expected small traders are fading the commercials who are net long. Commercials Long Short Net % of OI 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% 07/01/03 20,504 11,871 8,633 26.7% 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 06/10/03 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%) 07/01/03 5,799 6,822 (1,023) ( 8.1%) Most bearish reading of the year: (8,777) - 10/12/01 Most bullish reading of the year: 1,909 - 1/16/01 ----------------------------------------------------------------- ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright ) 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter Thursday 07-10-2003 section 2 of 2 Copyright (c) 2003, All rights reserved. Redistribution in any form is strictly prohibited. The entire newsletter is best viewed in COURIER 10 for alignment ================================================================= Play of the Day: Outperforming Again Closed Plays: TSM 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) ================================================================= Play-of-the-Day (bullish) =============== Synopsis, Inc. - SNPS - cls: 63.80 change: -0.59 stop: 61.75*new* Company Description: Synopsis is a supplier of electronic design automation software to the global electronics industry. The company's products are used by designers of integrated circuits (ICs), including system-on-a- chip ICs, and the electronic products (such as computers, cell phones, and internet routers) that use such ICs to automate significant portions of their chip design process. SNPS' products offer its customers the opportunity to design ICs that are optimized for speed, area, power consumption and production cost, while reducing overall design time. Why we like it: The big story in the NASDAQ on Wednesday was the Semiconductor index (SOX.X) managing its first close over $400 since last June. Our SNPS play had its breakout over the $64.25 trigger on Monday and over the past couple sessions, it has been consolidating above that level. Traders looking for a reason why the stock wasn't able to immediately build on its breakout may want to look at the upper Bollinger band, which had flattened out just below $65. The price action this week has once again started an expansion of the bands, and that should open the way for SNPS to move higher after the current consolidation runs its course. There should be strong support now in the $63.00-63.50 area (former resistance) and a dip and rebound from above that zone can be used for new entries. Note that the 10-dma ($63.38) should reinforce that support zone. Note that our stop has moved up to $62.25 tonight, which is just below the converged 20-dma ($62.40) and 30-dma ($62.30). Why This is our Play of the Day It was actually a pretty dismal day in the markets if you were bullish, as nearly every sector ended in the red, and the Semiconductor sector (SOX.X) was near the top of the loser board with a 2.87% slide by the close. Against that backdrop, we're pretty happy with the fractional loss on our SNPS play, especially seeing how it bounced back in the afternoon. In fact, it is impressive how the stock managed to claw its way back to its opening levels by the close. As shown on the chart below, the rebound began shortly after the open and gathered steam heading into the close. A break back over the $64.25 level that was our initial entry trigger can be used for entering new positions, as can another rebound from above today's intraday low. Note how the stock continues to have strong support at the 6-week ascending trendline, now at $61.90. Recall that we raised our stop to $62.25 earlier in the week, which is just below last Thursday's intraday low. That may have been a bit premature, given the location of the ascending trendline, so we're relaxing that stop just a bit to $61.75. Annotated Chart of SNPS: Picked on June 25th at $63.59 Change since picked +0.21 Earnings Date 08/20/03 (unconfirmed) Average Daily Volume = 1.54 mln ================================================================= Net Bulls / Tech Stocks ================================================================= =========== CLOSED PLAY =========== -------------- Closed Bullish -------------- Taiwan Semi - TSM - cls: 10.00 chg: -0.62 stop: 10.30 If we're going to be stopped out of a play, we might as well have that happen on big volume. Tech weakness in Asian bourses carried through to U.S. markets Thursday, sending the Nasdaq, SOX, and TSM down. TSM gapped down to 10.20 on the open, below our 10.30 stop. After testing the opening level an hour after the open, TSM fell toward 10.00. By midday, TSM's volume had already eclipsed its daily average and more than doubled it by the close. Picked on June 13 at $10.66 Change since picked: -0.66 Earnings Date 07/24/03 (unconfirmed) Average Daily Volume: 7.7 million ================== 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 WYE Wyeth 47.69 +0.60 TLB Talbots Inc 33.65 +1.60 NCT Newcastle Investment 20.85 +0.65 WHC Wackenhut Corrections 18.47 +1.17 LBY Libbey Inc 26.96 +1.34 SGDE Sportsman's Guide Inc 12.45 +1.17 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- PDII PDI Inc 17.35 +6.42 MRGE Merge Technologies 15.13 +1.59 MED Medifast Inc 14.44 +2.07 FTUS Factory 2-U Stores 6.45 +1.05 GILTF Gilat Satellite Network 6.44 +1.04 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- PEP Pepsico Inc 46.95 +2.40 INFY Infosys Technologies 58.50 +2.00 WIT Wipro Ltd (ADS) 27.23 +2.63 KMT Kennametal Inc 38.55 +1.72 VMSI Ventana Medical 33.70 +4.03 CENT Central Garden & Pet Co 28.89 +1.79 SHRP Sharper Image 29.75 +1.40 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- GSK GlaxoSmithKline (ADR) 38.73 -1.29 DEO Diageo Plc (ADS) 42.05 -1.01 BVF Biovail Corp 44.01 -2.07 AJG Arthur J. Gallagher 25.70 -1.30 LOGI Logitech Intl (ADR) 28.00 -3.01 HRH Hilb Rogal & Hamilton 31.90 -2.42 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- YHOO Yahoo! Inc 32.56 -2.73 BCR C.R.Bard Inc 69.42 -1.72 SVU SuperValu Inc 21.71 -1.14 NDN 99 Cents Only Stores 33.63 -1.08 IFIN Investors Financial Srvcs 31.22 -1.09 LF Leapfrog Enterprises 31.97 -1.03 ANN Ann Taylor Stores 28.37 -1.64 ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
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