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Daily Newsletter, Sunday, 07/13/2003

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PremierInvestor.net Newsletter          Weekend Edition 07-13-2003
                                                    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:      Conflicting Evidence
Play-of-the-Day:  Investing with Style
Market Sentiment: Trend change?

=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
        WE 7-11          WE 7-04         WE 6-27          WE 6-13 
DOW     9119.59 + 49.38  9070.21 + 81.16 8989.05 -211.70  + 83.63 
Nasdaq  1733.93 + 70.48  1663.45 + 38.19 1625.26 - 19.46  + 18.23 
S&P-100  502.48 +  6.40   496.08 +  4.47  491.61 - 10.78  +  4.57 
S&P-500  998.14 + 12.44   985.70 +  9.48  976.22 - 19.47  +  7.08 
W5000   9610.89 +148.38  9462.51 +104.02 9358.49 -153.14  + 57.47 
RUT      473.77 + 17.42   456.35 +  7.60  448.75 -  0.81  -  0.15 
TRAN    2545.58 +130.27  2415.31 -  1.72 2417.03 - 25.25  - 13.28 
VIX       20.72 -  0.89    21.61 -  0.10   21.71 +  0.62  -  1.79 
VXN       32.80 +  0.33    32.47 +  1.54   30.93 -  1.41  -  2.12 
TRIN       0.94             1.98            1.93             1.00 
Put/Call   0.98             1.07            0.99             0.51     
WE= Week Ending
================================================================= 

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

Conflicting Evidence
- by Linda Piazza

Conflict brews over President Bush's apparently unsupported 
allegation that Iraq had sought uranium from Niger, with that 
statement made during his January State of the Union address. 
Friday afternoon, CIA Director George Tenet took the blame.  CNBC 
reported on the issue all afternoon, noting that questions about 
the issue dogged President Bush in his trip in Africa, a trip he 
intended to focus attention on other issues.

Conflicting evidence presents itself in a study of the markets, 
too.  Economic numbers released this week muddied the economic 
picture, with this week's much worse-than-expected initial claims 
numbers conflicting with last week's much better-than-expected 
ISM services number.  Today saw the release of May trade deficit 
and June PPI numbers, with the trade gap widening to $41.8 
billion, in line with expectations that ranged from $41.5 billion 
to $42 billion.  Exports rose 0.9 percent while imports rose 0.7 
percent.  Increased sales of autos, capital goods, and industrial 
materials added to export figures, while the imports figure rose 
in part due to the declines in the U.S. dollar.  Are we really 
importing more goods?  The same volume of imports now costs more 
U.S. dollars, and those figures are recorded in U.S. dollars, but 
some do believe the higher figure resulted from increasing demand 
for capital goods and industrial materials.

June core PPI, which excludes energy and food, fell 0.1 percent 
rather than rising 0.3 percent as had been expected.  PPI climbed 
0.5 percent.  The falling core PPI gave rise to debates whether 
deflation worries might be legitimate, but the number certainly 
reflects a continued inability to raise prices among the 
producers.   

Dow biggie General Electric reported Q2 earnings that met 
expectations, but the bellwether stock narrowed its 2003 
expectations to $1.55 to $1.61 per share from its earlier 
estimate of $1.55 to $1.70 per share.  While some also 
characterized this guidance as being in line since many analysts 
had pegged the expectations at $1.60 per share, others reacted 
more negatively and the stock lost 0.25 percent.  Whether this 
number was expected or not, it did not suggest an economic 
rebound underway.  GE traded as high as 28.85 and as low as 27.99 
on higher-than-average volume on a light-volume day on the 
indices, but closed at 28.12.  GE blamed higher plastics and oil 
costs for the narrowed expectations.  While the quarterly 
earnings of 38 cents per share met expectations, they were below 
the year-ago earnings of 44 cents per share.  Revenue, although 
above expectations, was also slightly below year-ago levels.

Coca-Cola will also be battling conflicting evidence, as a former 
employee filed a wrongful termination suit against the company in 
which he charged that the company pumped up revenues and 
manipulated product test studies.  The Justice Department now 
investigates, adding its heft to the SEC, which began an inquiry 
into the charges a month ago.  During that month, KO has traded 
down from its June high of $48.34 to today's closing price of 
$43.91.  Although down $0.10 today, KO bounced from its low of 
43.35 to close at 43.91.

Foreign markets presented conflicting evidence of global economic 
strength or weakness.  The Nikkei fell 320.27 points or 3.22 
percent in Friday's trading, but other global bourses took little 
notice.  The FTSE 100 closed up 0.73 percent, the CAC 40 traded 
up 1.29 percent, and the DAX added 1.73 percent.  Our markets 
behaved similarly, with the Dow adding 0.92 percent, the SPX 0.95 
percent, the OEX 1.08 percent, and the COMPX 1.05 percent.

I ended last weekend's Market Wrap with the prediction that the 
indices seemed primed to move higher, perhaps only over the next 
week or so, with maybe a down day or two along the way.  We got 
the move higher from last weekend's levels and the couple of down 
days.  Do I still believe that the move higher will end in within 
that period I predicted?  The charts present conflicting 
evidence.

Daily Chart of the SPX:


After breaking out of its bull flag week before last, the SPX 
this week maintained 986 support. Friday, the SPX dipped below 
its ascending trendline and its 21-dma, but closed above both. 
That's the evidence on the bullish side of the case.

The bearish side can present evidence, too.  The SPX's rise did 
not even test the midline resistance of the ascending channel, 
nor did it test the June high.  While the SPX made a lower high, 
the 5(3)3 stochastics were perhaps setting up bearish divergence, 
with the stochs making equal highs while the price made a lower 
high.  RSI turns over again from a lower low, not signaling 
divergence, but not signaling strength, either.  

MACD remains inconclusive and the modest ADX level currently 
shows a trend-less or range-bound market.  I haven't shown the 
hourly chart here, but it depicts similar conflicting evidence:  
RSI turning up again while the stochastics turn down out of 
overbought territory, the -DI ADX line making a bearish cross of 
the +DI line, and a flattening MACD.  

Bearish and bullish evidence appears evenly matched, but next 
week's evidence of continued economic weakness or economic 
recovery may make one case stronger than the other.  Market 
pundits will have much evidence to weigh, with such heavyweights 
or former heavyweights as C, INTC, MOT, PHTN, FRMD, TER, YUM, 
JPM, GENZ, GMH, AMD, AAPL, CDWC, CERN, IBM, ISSX, QLGC, SNDK, MO, 
KO, GM, IGT, NXTL, NOK, SAP, DCTM, CY, IDPH, MCHP, MSFT, NFLX, 
PSFT, SFA, SNWL, UTSI, WEBX, XLYX, and ERCY reporting.  C reports 
Monday before the open, and INTC, MOT, PHTN, RFMD, TER, and YUM 
report Tuesday.

While many point to the easy comparisons to be made and the 
possibility that many companies can surprise to the upside, GE's 
experience Friday showed that participants will look beyond the 
easy comparisons.  In addition, markets seemed priced to 
perfection.  Take a look at only one of these stocks due to 
report next week.

Daily Chart of SFA:


This is a good-looking price chart complete with ascending moving 
averages, a stair-stepping climb higher, and an ADX still above 
30, but that steep rise cannot persist forever.  SFA must 
consolidate or pull back at some time.  Evidence shows warning 
signs in the form of bearish divergences on the indicators.  Even 
ADX has begun to slope down.  These kinds of divergences have 
shown up previously in the chart--check out the stochastics highs 
in mid-May and mid-June and compare them to price highs--while 
prices continued to move higher, but they will someday signal 
what bearish divergences usually do signal.  

SFA has more than doubled in price since February. The company's 
prospects had better have increased, too.  Dramatically.  I have 
no foreknowledge of SFA's likely results, and it's possible that 
they will surprise to the upside and the stock will continue to 
gain.  This is just meant to be a representative chart.  I can 
reproduce dozens of charts that look like this one.  So far, few 
have stumbled, with most continuing to climb, consolidate, and 
then resume their climbs.  Perhaps they can do that all the way 
into next year, but that seems doubtful.  

In addition, next week's economic calendar is full, with the 
Kansas City Fed Manufacturing Index due Monday; NY Empire 
Manufacturing Index due Tuesday along with retail sales; June 
CPI, Capacity Utilization, and Industrial Production due 
Wednesday; Initial Claims, Building Permits, Housing Starts, and 
the July Philadelphia Fed due Thursday, and July preliminary 
Michigan Sentiment due Friday.  Several of those numbers will 
have the capacity to move the markets, but perhaps none will be 
as important as the Greenspan testimony at the House on monetary 
policy.  That testimony takes place at 10:00 ET Tuesday and it 
wouldn't be unlikely for market participants to decide to take 
profit ahead of that testimony.

Jeff Bailey sometimes poses the thought that perhaps markets 
aren't hit or buoyed by a specific piece of news as much as they 
were already primed to move a certain direction and the news 
provided the impetus.  Right now, markets are priced as if the 
economic recovery had already begun, and that's where the danger 
lies.  With conflicting technical developments, confirmation must 
come from price action, however.

One type of price action would be consolidation, with the SPX 
holding current 986 support while daily oscillators relieve 
overbought pressure.  The modest level of the ADX hints at that 
possibility.  If that's to happen, look for MACD to remain flat 
while price holds above 984-96 and RSI and the stochs travel down 
toward oversold levels.  If consolidation occurs, it might do so 
in the form of a bearish right triangle, with a flat bottom 
either near 984-986 or slightly lower at 972-975, with a 
descending top formed from the two recent highs.  This formation 
appears to be setting up on the chart and would indicate likely 
lower prices sometime within the next two weeks, but bearish 
formations can break to the upside, too.

This range would be difficult to trade as traders could not be 
sure how many touches of the upper trendline would occur before a 
fall through the lower trendline, with the best policy perhaps 
being a decision to wait for either an upside or downside break 
of the triangle. 

A fall through 984 might therefore find next support at 972-975 
historical support, but a break of 972 might drive the OEX down 
to the 959-962 level that represents the 25 percent rally 
retracement.  SPX 929 represents the 38.2 percent rally 
retracement and also is the area of the 200-ema, but there's also 
light support at 935.

If the SPX instead bounces from the 984-986 level, it perhaps 
will see next resistance at 1000, of course, and then at 1010 and 
1015, near the June 1015.33 high.  Above that is the resistance 
implied by the midline of the rising regression channel, 
somewhere between 1023 and 1027 depending on how quickly the SPX 
should rise, and then again near 1045-1050.  Evidence does not 
currently suggest a move above the June high, but instead would 
favor either range-bound trading or a move lower, perhaps to test 
the 25 percent retracement near 960 again.  Ahead of the initial 
reactions to Greenspan's address and the earnings and economic 
numbers due next week, it's not possible to project how deep a 
retracement would take the SPX, but a retracement between 25 
percent (960) and 38.2 percent (929-930) seems most likely.  That 
depends on earnings that reasonably approximate expectations and 
outlooks that leave room for hope of economic recovery.  There's 
no guarantee that either will happen.

The OEX daily chart also displays conflicting evidence.  The OEX 
also tested its descending trendline and its 21-dma, and closed 
above both.  It also formed a lower high, but held 494-496 
support.  Bearish divergence shows up on the chart.  

Daily Chart of the OEX:


Here I've included both the 21(3)3 and 5(3)3 stochastics.  The 
5(3)3 stochastics reveal bearish divergence (equal stochastics 
highs while price makes a lower high), but the 21(3)3's do not, 
although their downturn in midrise signals weakness, too.  Unlike 
the SPX's RSI, OEX RSI kicked back up again on Friday, perhaps 
indicating that market strength was concentrated in the big caps 
that might be represented in the OEX.  That conclusion is belied 
by the RUT, however, which also gained and showed an RSI that 
kicked back up.  

OEX MACD flattens.  I have not shown ADX here, but it dives even 
more strongly than the ADX for the SPX, indicating a continued 
loss of strength in the previous rally.  -DI made a bearish cross 
of +DI, but they're still close and can recross in the other 
direction.  

Although the low ADX shows that oscillator evidence can be 
trusted since the market is not strongly trending, the oscillator 
evidence proves inconclusive and may be pointing to a choppy 
market.  Price must guide decisions and hopefully will realign 
the oscillators so that evidence can be found of future 
direction.  CCI, shown here, is also inconclusive as it 
oscillates around the signal line.  The same possible bearish 
right triangle sets up on this chart, with the preferred tactic 
possibly being to await either a downside or upside break of the 
triangle to initiate plays.  

Support is layered underneath the current position, perhaps 
strongest at 500.80-501, 497.60-498, 494-496, and then 489-491, 
at which point it would be testing the bull flag's support.  
Other support might be found at the 25 percent rally retracement 
just below 485, at 478.50-480, and at the 38.2 percent rally 
retracement and 200-ema at 469-470. 

OEX resistance is also layered closely overhead, in two-point 
increments.  OEX 504 and 506 have proved to be resistance in the 
past week.  The descending trendline off the recent price tops 
crosses near 507.75, just below last week's 508.28 high.  The OEX 
would find a zone of resistance between 510-513, and a close 
above that level would hint at a move toward the top of the 
regression channel, currently near 530. If the OEX moves that 
far, it might then see light resistance near the June high, near 
417.50, near the top of the regression channel, and again at 533 
and 542.  If the OEX did manage a move to the top of the 
regression channel, the currently low ADX hints that it might 
also establish a trading range throughout the summer doldrums.

If each of these charts presents conflicting evidence, a 
comparison of the DJI and NDX offers even more conflicting 
evidence.  Unlike the other indices, the DJI did not close above 
its 21-dma.  In fact, it challenged that average and fell back 
from it, displaying more weakness than the two S&P's.

Daily Chart of the DJX, as proxy for DJI:


Because the DJI could not close above its 21-dma, it perhaps 
might be expected to show more price or oscillator weakness, too, 
but prices this week also maintained 9050 support on a closing 
basis and oscillators show similar mixed evidence.  

The comparative weakness might lend more evidence to the theory 
that the DJI will again test its 25 percent retracement level 
near 8880, but the holding of 9050 support challenges that 
evidence.  The DJI appears to be setting up a bearish right 
triangle, too, with the likely outcome being a downside break of 
that triangle.  The break might not be catastrophic, however, 
perhaps portending a drop only to a 25 percent or 38.2 percent 
retracement of the rally.  Support might be found in 50-point 
increments down to 8950.  The 25 percent rally retracement lies 
at 8880, some support exists between 8710-8740, and the 38.2 
percent retracement and 200-ema lie between 86.20 and 86.60.

An upside break of the potentially bearish right triangle would 
occur at a move over 9200, with last week's 9260 level providing 
next resistance, and with 9300, 9350, and 9400 also providing 
possible resistance.  DJI 9400 would be the location of the 
midline resistance.  Although oscillator evidence does not now 
point to a move above the midline resistance, a break above that 
level might send the DJI to test the top of the channel, 
currently near 9770.  Interim resistance would be found at 95-
95.50 and 9700.  

One caution exists:  Unlike the DJI, the TRAN did make a higher 
high this week, and at 2538.45, it closed far above its 21-dma at 
2461.61.  The TRAN often leads its sister index, the DJI, but Dow 
theory says that the DJI now must confirm that higher high on the 
TRAN.  If not, we have seen divergence between the sister 
indices, and that predicts a fall in both.

The NDX also shows far more strength than the DJI, offering 
another piece of conflicting evidence.  The NDX broke out of its 
bear flag formation and traded at a new relative high this week.  
Not only did it trade at a new relative high, but during this 
week's pullbacks, it also found support at the level of its June 
high.  Oscillator evidence proved much less bullish than the 
price action, however.

Daily chart of the NDX:


Bearish divergences have been setting up, but just as with the 
SFA chart shown earlier, we've seen those NDX bearish divergences 
set up at other points throughout the rally without any 
significant damage to the rally.  At some point, they will result 
in the pullback they're predicting, but it's not yet clear that 
time is upon us.  ADX remains strong, above 30, but it has 
flattened.  The buying pressure line has turned down, but there 
has as yet been no bearish cross of the two lines.  

It's also possible to draw alternative lines to the ones I've 
drawn on the formation, what Jonathan Levinson calls a bulloney 
bullhorn: a widening formation of ever higher highs and lower 
lows that indicates emotional and unstable trading.  Because 
these are widening formations, it's difficult to pinpoint a 
breakout or breakdown, but traders looking for a sign of a 
breakdown might first watch for a move below 1250.  It's 
difficult to suggest a short/put play at such a breakdown, 
though, because that brings the NDX into a congestion zone in 
which support might be found at any one of several different 
points, including the 21-dma near 1235, 1200, and the July 1 low 
of 1180.  NDX 1162-1166 might offer next support, with 1140 the 
site of historical resistance.  
  
NDX proves the most difficult index for which to predict action 
because the emotional trading displayed by the bullhorn or 
megaphone formation produces unclear indicator evidence.  This 
adds confusion to the conflicting evidence presented by all the 
indices:  a strong TRAN coupled with a weaker sister DJI index; 
S&P charts with bearish right triangles holding support and the 
21-dma; individual stock charts showing bearish divergence while 
charts continue to stair-step higher.  

Markets behaved pretty much this week as I predicted last week.  
My best guess for immediate market direction is one I dread to 
make:  markets that stutter one direction and then another, 
chopping around in a trading range in a manner that defies easy 
trading decisions.  I do believe that markets will retrace again 
within the next two weeks and possibly next week, although 
perhaps not as deeply as many expect.  Next week will give me and 
all of us a better look, though, and it's my sincere hope that my 
best guess for immediate market direction proves less trustworthy 
than last week's best guess turned out to be.  We'll have more 
evidence before us this time next week, and perhaps our guesses 
will be less guesswork and more analysis of less conflicting 
technical and fundamental evidence.



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

Coach Inc. - COH - close: 55.33 change: +0.91 stop: 51.99

Company Description:
Coach, with headquarters in New York, is a leading American 
marketer of fine accessories and gifts for women and men, 
including handbags, women's and men's small leathergoods, 
business cases, weekend and travel accessories, footwear, 
watches, outerwear, jewelry, sunwear, furniture and related 
accessories. Coach is sold worldwide through Coach stores, select 
department stores and specialty stores, through the Coach 
catalogue in the U.S. by calling 1-800-223-8647 and through 
Coach's website at www.coach.com. (source: company press release)

Why We Like It:
Investing in what you know.  That was Peter Lynch's winning 
theory and it appears to be working for shareholders of popular 
handbag and accessories seller Coach Inc.  This stock has had a 
decent amount of favorable press lately and for good reason.  
Shares are up more than 400 percent since the end of 2000.  Its 
performance has really been heating up this year as shares have 
almost doubled from their February lows near $30.

If you do any digging you'll likely stumble across some of the 
recent exposes on COH, with many of them filled with glowing 
praise.  When the economy was soft a couple of years ago, COH 
still managed double-digit sales growth.  Total sales have 
continued to grow with sales for the first nine months of this 
fiscal year up 32%, which is almost triple the growth of fiscal 
2000.  Earnings growth has been incredibly strong and is driving 
that share price along with it.  Net income for the first nine 
months of this fiscal year is up more than 70 percent ahead of 
last year's.  Powering these amazing numbers are rising gross 
margins, which are currently hovering around 70 percent as well.

We're just trading COH with a short-term time frame so these 
fundamentals don't have quite the importance they would to a 
longer-term investor.  Still, they are impressive and the reason 
for the strong buying pressure on the stock.  COH has finished 
its recent consolidation through the majority of June and has 
rallied to new highs on strong volume yet again.  The two-day dip 
on Wednesday-Thursday this week was enough to let COH slip to 
$54.00, which was previous resistance in early June.  Dip buyers 
saw their opportunity and the stock ticked higher on Friday.

Given the impressive sales and growth numbers and COH's recent 
pattern of beating the estimates we suspect momentum traders 
could drive COH into an old-fashioned pre-earnings ramp up.  To 
make the bait even sweeter for momentum traders is the 
probability of a split announcement with the company's end of 
July earnings report.  The stock last split 2-for-1 on July 5th, 
2002 near $50.  The stock is trading above $50 now and management 
is authorized to issue up to 250 million shares.  COH only has 90 
million outstanding.  There is certainly room for another 2:1 
split announcement.  Keep in mind the split concept is just 
speculation.  Currently, COH's Q2 report date is unknown.  For 
the last two years the company has announced on July 30th but 
we're listing it as July 29th just to be safe.  At the moment, we 
do not plan on holding over earnings. 

We're suggesting bullish entries at current levels but should the 
broader markets pull back, then bounces from anywhere above the 
10-dma should work.  We're going to list our initial stop loss at 
$51.99, just below the 10-dma.  Our first target is $60.00.  More 
aggressive traders could use a stop under $50.00 if they're 
willing to take the risk.

Annotated Chart:



Picked on July 13 at $55.33
Change since picked:  +0.00
Earnings Date       7/29/03 (unconfirmed)
Average Daily Volume:   966 K






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


Trend change?
Jonathan Levinson
 
On Thursday, we discussed the possibility of a change of trend 
based on the many extreme readings we've been following here and 
the "feel" of the tape on Thursday's downside reversal.
 
Friday gave us positive closes on the Dow, Nasdaq and S&P, but 
without violating the highs from Thursday.  We saw a number of 
surprising developments in the options market, with the put to 
call ratio printing extreme readings above 1.0, and the equity 
put to call ratio exceeding the index put to call ratio for 
several consecutive half hour segments.  This is a rare event, as 
the index put to call ratio is almost always higher than the 
equity put to call ratio, and usually by a wide margin.
 
As a sentiment indicator, the put to call ratio is imperfect due 
to the plethora of bullish and bearish strategies that can be 
applied using either puts or calls.  Nevertheless, the 
predominance of put volume over call volume is generally seen as 
indicating bearish option speculation, and on a contrarian basis, 
it's generally taken as a bullish indicator.  The price action 
obliged, proving resilient to anything more than corrective price 
drops, and the averages finished positive.   The volatility 
indices were all negative, and combined with the high put to call 
readings, it gave the appearance of net selling of puts by option 
writers.  Next week is option expiration week, which should help 
to muddle the issue further still.
 
The indices failed to exceed Thursday's highs, and to that 
extent, our downside reversal thesis is still intact.  However, 
as I note in the Futures Monitor, the uptrend on the daily candle 
charts is still very much intact.  We watch market breadth, 
commitments of traders, and the bullish percents to try to gain a 
lead major market turns before price confirms it.  Were the high 
put to call readings net bullish or bearish?   We'll find out 
next week.


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

Market Averages

DJIA ($INDU)

52-week High:  9353
52-week Low :  7197
Current     :  9119

Moving Averages:
(Simple)

 10-dma: 9098
 50-dma: 8903
200-dma: 8419

S&P 500 ($SPX)

52-week High: 1015
52-week Low :  768
Current     :  998

Moving Averages:
(Simple)

 10-dma:  991
 50-dma:  965
200-dma:  897

Nasdaq-100 ($NDX)

52-week High: 1307
52-week Low :  795
Current     : 1280

Moving Averages:
(Simple)

 10-dma: 1252
 50-dma: 1193
200-dma: 1057


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

If we remember correctly the old market maxim says "when the VIX
is high it's time to buy and when the VIX is low it's time to go."
The problem is the VIX has been "low" for more than two months as
it churns between 21 and 25.  Traditionally, the "sell" signal was
when the VIX neared or traded under the 20 level.  Well, we're 
seeing the range on the VIX narrow substantially this week and 
Friday's candle ended at its lows and approaching a new 52-week
low.  If this were a stock, one might be thinking it's about to 
breakdown through support of 20 and initiate a new bearish leg down.
That's not good from a contrarian standpoint but probably means we
still have another leg (however brief) higher in the markets.

CBOE Market Volatility Index (VIX) = 20.72 -0.81
Nasdaq-100 Volatility Index  (VXN) = 32.80 -0.86

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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.98        533,391       521,795
Equity Only    0.88        425,661       378,041
OEX            0.99         26,885        26,851
QQQ            3.98         36,628       145,783

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

Bullish Percent Data

           Current   Change   Status
NYSE          72.8    + 0     Bull Confirmed
NASDAQ-100    80.0    + 0     Bull Confirmed
Dow Indust.   86.6    + 0     Bull Confirmed
S&P 500       79.4    + 0     Bull Confirmed
S&P 100       82.0    - 1     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  1.02
10-Day Arms Index  1.21
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    1947      1939
Decliners     882      1102

New Highs     201       340
New Lows        8         7

Up Volume    967M      989M
Down Vol.    479M      457M

Total Vol.  1479M     1494M

M = millions


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

Commitments Of Traders Report: 07/08/03

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 was little change last week in the large S&P contracts.
It appears both big and small traders are waiting to see how the
initial burst of Q2 earnings come in and how investors react to
them.


Commercials   Long      Short      Net     % Of OI
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%)
07/08/03      415,053   453,720   (38,667)   (4.5%)

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
06/17/03      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%
07/08/03      152,239    74,749    77,490    34.2%

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 holds true for the commercials here in the e-minis,
as they appear to be waiting before making any big commitments.
However, we've seen a drastic turnaround in the small traders
sentiment going from extremely bullish to know the most bearish
in months.  

Commercials   Long      Short      Net     % Of OI 
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%)
07/08/03      192,815   224,124    (31,309)  ( 7.5%)

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
06/17/03      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%)
07/08/03       56,394    72,090   (15,696)  (12.2%)

Most bearish reading of the year: (15,696)  - 07/08/03
Most bullish reading of the year: 449,310   - 06/10/03


NASDAQ-100

NASDAQ futures remain in a holding pattern.  Commercials
remain net short and small traders remain net long.


Commercials   Long      Short      Net     % of OI 
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%)
07/08/03       30,489     48,311   (17,822) (22.6%)

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
06/17/03       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%
07/08/03       26,136     9,035    17,101    48.6%

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

Ditto here too.  There's almost no change in the commercials'
net long position in the Industrial futures and there is
a small bump in the small traders net short position.


Commercials   Long      Short      Net     % of OI
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%
07/08/03       20,752    11,860    8,892      27.3%

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
06/17/03        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%)
07/08/03        5,005     8,093    (3,088)   (23.6%)

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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only. The information provided herein is not to be construed
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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.

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Do not duplicate or redistribute in any form.



PremierInvestor.net Newsletter          Weekend Edition 07-13-2003
                                                    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:  BRCM, SNPS
  Closed Bullish Plays:  AMZN

Active Trader (Non-tech)
  New Bullish Plays:     COH
  Bullish Play Updates:  BGP, GTI
  Bearish Play Updates:  BMS, WFMI

High Risk/Reward
  Bullish Play Updates:  EELN, SIGM, SIRI


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

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

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

Broadcom Corp. - BRCM - cls: 27.86 chng: +0.31 stop: 26.50

After topping out just shy of $30 early in the week, our BRCM 
play has made a convincing show of testing support near $27.50 
over the past couple days, and so far that test has been 
successful.  With the 10-dma ($27.14) rising to meet that support 
area, we could have the next entry point setting up early next 
week.  The main problem confronting the bulls is that daily 
Stochastics have now rolled over and that means buyers are going 
to have their work cut out for them next week.  On a positive 
note, volume has been on the wane during this latest round of 
profit taking, and that points to a lack of selling pressure.  
After a brief foray over $400, the Semiconductor index (SOX.X) is 
back under that pivotal level and if BRCM is going to stage a 
serious assault on the $30 level, it's going to need the SOX to 
get back over $400.  New entries look favorable on a rebound from 
above $27, although more conservative traders may want to wait 
for a rally back above $28.40, which will move the stock back 
into the gap left behind on Tuesday's drop.  Our stop remains at 
$26.50, which is just below the broken descending trendline, now 
at 26.85.

Picked on July 2nd at    $27.16
Change since picked       +0.70
Earnings Date           07/22/03 (confirmed)
Average Daily Volume =  13.6 mln



---

Synopsis, Inc. - SNPS - cls: 64.50 chng: +0.70 stop: 61.75

While it didn't provide the follow through to the upside that we 
expected after scaling the $64.25 resistance, SNPS is making a 
convincing show of wanting to continue its rally.  The mid-week 
swoon found support at the 10-dma (now at $63.52) and the stock 
rebounded to close at $64.50.  This is encouraging, as old 
resistance in the $63.50-64.00 area now seems to be providing 
support for the next leg up the chart.  The only fly in the 
ointment appears to be the fact that Friday's rebound came on 
light volume that barely topped half of the ADV.  Bargain hunters 
can continue to target shoot new entries on intraday dips above 
the 10-dma, while those looking for a momentum entry will need to 
wait for a decisive rally through the Wednesday's intraday high 
($65.67) before jumping into the fray.  On a move severe dip, the 
$62 level should provide strong support, so we're maintaining our 
stop at $61.75.

Picked on June 25th at   $63.59
Change since picked       +0.91
Earnings Date          08/20/03 (unconfirmed)
Average Daily Volume = 1.52 mln






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

  --------------------
  Closed Bullish Plays
  --------------------

Amazon.Com - AMZN - close: 37.65 change: -0.60 stop: 37.74

Retailers might have been higher today.  AMZN competitor Barnes 
and Noble (BKS) might have been higher, too.  AMZN wasn't.  AMZN 
closed down 1.57 percent, triggering our new 37.74 stop as well 
as our suggested alternative 38.19 stop, cutting short what was 
shaping up to be an ideal play.  

What happened?  Rumors swirled that someone was selling a huge 
block of AMZN stock.  Articles on financial websites pointed 
again to AMZN's rich valuations.  The reaction to YHOO's earnings 
cratered many of the Internet stocks.  AOL ended its temporary 
relationship with AMZN, electing to sell its own DVDs and CDs. We 
could point to any one of those as reasons behind AMZN's end-of-
week decline or perhaps the combination was just too much for 
AMZN investors.  

The sell-off occurred on greater-than-average volume, but did 
maintain next support at 36.80.  Oscillators currently look 
bearish, so we're not sure that support will continue to hold.  
At this point, we're glad we raised the stop and glad some had 
the opportunity to profit from our first 39.90 target.

Picked on July 2 at   37.85
Change since picked:  -0.11
Earnings Date       7/22/03 (confirmed)
Average Daily Volume:   8.3 million







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

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

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

Coach Inc. - COH - close: 55.33 change: +0.91 stop: 51.99

Company Description:
Coach, with headquarters in New York, is a leading American 
marketer of fine accessories and gifts for women and men, 
including handbags, women's and men's small leathergoods, 
business cases, weekend and travel accessories, footwear, 
watches, outerwear, jewelry, sunwear, furniture and related 
accessories. Coach is sold worldwide through Coach stores, select 
department stores and specialty stores, through the Coach 
catalogue in the U.S. by calling 1-800-223-8647 and through 
Coach's website at www.coach.com. (source: company press release)

Why We Like It:
Investing in what you know.  That was Peter Lynch's winning 
theory and it appears to be working for shareholders of popular 
handbag and accessories seller Coach Inc.  This stock has had a 
decent amount of favorable press lately and for good reason.  
Shares are up more than 400 percent since the end of 2000.  Its 
performance has really been heating up this year as shares have 
almost doubled from their February lows near $30.

If you do any digging you'll likely stumble across some of the 
recent exposes on COH, with many of them filled with glowing 
praise.  When the economy was soft a couple of years ago, COH 
still managed double-digit sales growth.  Total sales have 
continued to grow with sales for the first nine months of this 
fiscal year up 32%, which is almost triple the growth of fiscal 
2000.  Earnings growth has been incredibly strong and is driving 
that share price along with it.  Net income for the first nine 
months of this fiscal year is up more than 70 percent ahead of 
last year's.  Powering these amazing numbers are rising gross 
margins, which are currently hovering around 70 percent as well.

We're just trading COH with a short-term time frame so these 
fundamentals don't have quite the importance they would to a 
longer-term investor.  Still, they are impressive and the reason 
for the strong buying pressure on the stock.  COH has finished 
its recent consolidation through the majority of June and has 
rallied to new highs on strong volume yet again.  The two-day dip 
on Wednesday-Thursday this week was enough to let COH slip to 
$54.00, which was previous resistance in early June.  Dip buyers 
saw their opportunity and the stock ticked higher on Friday.

Given the impressive sales and growth numbers and COH's recent 
pattern of beating the estimates we suspect momentum traders 
could drive COH into an old-fashioned pre-earnings ramp up.  To 
make the bait even sweeter for momentum traders is the 
probability of a split announcement with the company's end of 
July earnings report.  The stock last split 2-for-1 on July 5th, 
2002 near $50.  The stock is trading above $50 now and management 
is authorized to issue up to 250 million shares.  COH only has 90 
million outstanding.  There is certainly room for another 2:1 
split announcement.  Keep in mind the split concept is just 
speculation.  Currently, COH's Q2 report date is unknown.  For 
the last two years the company has announced on July 30th but 
we're listing it as July 29th just to be safe.  At the moment, we 
do not plan on holding over earnings. 

We're suggesting bullish entries at current levels but should the 
broader markets pull back, then bounces from anywhere above the 
10-dma should work.  We're going to list our initial stop loss at 
$51.99, just below the 10-dma.  Our first target is $60.00.  More 
aggressive traders could use a stop under $50.00 if they're 
willing to take the risk.

Annotated Chart:



Picked on July 13 at $55.33
Change since picked:  +0.00
Earnings Date       7/29/03 (unconfirmed)
Average Daily Volume:   966 K






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

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


Borders Group - BGP - close: 18.55 change: +0.21 stop: 17.54*new*

After Monday's strong breakout over the $18 level, we had been 
waiting and hoping for a decent pullback to provide for secondary 
entries and that opportunity arrived early on Thursday.  Dropping 
sharply at the open, shares of BGP found strong buying interest 
just above $18 and rebounded just as sharply as they had plunged, 
finishing off the day by consolidating near the $18.35 area.  
Apparently there was some more pent-up buying interest on Friday, 
as the stock gave a slight gap up and then spent the rest of the 
low-volume session chopping along in a tight range.  Traders that 
missed Thursday's entry point can either look for another rebound 
from above the $18 level or a breakout over $18.75 (just above 
Friday's intraday high) to provide the next likely entry point.  
Raise stops to break-even ($17.54), which is right on the 
steadily-rising 20-dma.

Picked on June 29th at   $17.54
Change since picked       +1.01
Earnings Date           08/19/03 (unconfirmed)
Average Daily Volume =    493 K




---

Graftech - GTI - close: 6.33 change: +0.13 stop: 5.79 *new*

Is GTI setting up another bull flag?  Could be.  GTI leaped above 
one of our two triggers on Monday, but has since subsided in a 
pattern that looks a lot like a bull flag.  Volume dropped off, 
too, as often happens as this consolidation pattern forms.

The 10-dma rose sharply under GTI's current price.  From 
Wednesday through Friday, GTI probed the 6.00 level, stopping 
just above that level and springing up again.  We like this 
action as well as the action of the MACD, still turning up.  RSI 
appeared to hinge up, too, after flattening for most of the week.  
That hinge only hints at an upturn in prices, though, so we'll 
have to wait until next week to see whether its promise is 
fulfilled.  Stochastics have flattened but haven't yet turned 
down below 70.  

We couldn't find any news directly concerning GTI this week, but 
if Morgan Stanley's downgrade of the European steel industry hurt 
GTI, the chart hasn't shown the impact.  Those seeking new 
entries could target an upside breakout of the potential bull 
flag, waiting until a confirming move over last week's 6.50 high, 
but traders seeking this entry should set an alternative stop, 
too, since our profit target is 7.35.  After a breakout of the 
flag, those aggressive traders could set alternative stops at 
5.99 or 6.19.  Conservative traders who first entered at 6.20 
could consider that alternative 5.99 stop, too.  We're raising 
our official stop to 5.79, just below the 6.00 support from last 
week and the rising 10-dma.

Annotated Chart for GTI:


Picked on  July 6 at  $6.06
Change since picked:  +0.27
Earnings Date:     07/24/03 (confirmed)
Average Daily Volume:  391 thousand





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

Bemis Company - BMS - close: 43.90 change: -0.95 stop: 46.00*new*

The gift that keeps on giving, our BMS play slid lower by another 
2.11% on Friday, bringing its 4-day tally to a total loss of 
$4.67 or 9.6%.  If you're thinking 'oversold bounce' next week, 
then you're on the right track.  The stock has been riding well 
below the lower Bollinger band on heavy selling volume and the 
pressure for a rebound is increasing.  We don't expect it to be 
strong or long-lived, but the risk is still there.  Clearly, we 
aren't advocating new positions on further weakness, especially 
with the solid support near Friday's close.  Instead, we want to 
wait for the next failed rebound to set up a favorable point for 
initiating new positions, ideally on a rollover from the $45.00-
45.50 area.  Traders already in a position may want to consider 
harvesting small gains here and look to re-enter on the next 
failed rebound.  We're lowering our stop to $46 this weekend, as 
that is just above Wednesday's open and shouldn't be threatened 
by just an oversold bounce.

Picked on July 9th at    $45.18
Change since picked       +1.28
Earnings Date          07/23/03 (unconfirmed)
Average Daily Volume =    250 K



---

Whole Foods - WFMI - close: 47.88 change: +0.81 stop: 48.51 

WFMI is getting swanky, with a planned new address in a center to 
be built on Columbus Circle at the southwest corner of Central 
Park.  It's also making progress on its new landmark store and 
world headquarters in downtown Austin.  Perhaps all the news 
excited the WFMI investors.  They sent WFMI climbing 1.72 percent 
on Friday.

A study of the $RLX and competitors Wild Oats (OATS), Kroger 
(KR), Albertson's (ABS), and Safeway (SWY) shows the retail index 
gaining 1.97 percent, KR gaining 1.98 percent, and closest 
competitor OATS gaining 1.43 percent.  Perhaps it wasn't the 
glitzy new location after all that sent WFMI climbing, but we 
liked that story better. 

Although WFMI could not maintain 48.00 and today's anemic volume 
did not confirm the move, the day's strong trading created 
technical damage to the chart outlook on our short play.  
Stochastics, RSI, and MACD all turned up, although MACD remains 
below signal.  WFMI climbed above its 10-dma and closed there.  
Based on these technical considerations, we expect another test 
of 48.20 early next week and possibly a test of our stop, too.  
With a couple of weeks to go before earnings are released, we 
hope to see WFMI roll over again beneath that stop, but we would 
not suggest new entries at this time.

Annotated Chart for WFMI:


Picked on June 13 at $49.44
Change since picked:  -1.56
Earnings Date      07/30/03 (unconfirmed)
Average Daily Volume: 1.6 million






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

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

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

E-LOAN - EELN - close: 6.59 change: +0.13 stop: 5.84 *new*

When we listed the EELN play on Wednesday, YHOO had just reported 
earnings.  We set a generous stop, thinking that EELN would 
probably pull back with other Internet-related stocks.  That 
didn't happen.  EELN traded a doji Thursday, and then headed up 
again Friday.  The 10-dma headed up, too, rising to 6.02.  We're 
inching our stop up to 5.84, below that rising 10-dma and the 
6.00 support.

EELN moved up on light volume, but for a light-volume day on the 
indices, EELN's almost 2/3 average daily volume struck us as 
pretty good.  Bankrate.com (RATE), an Internet provider of bank 
rates, traded about 1/2 daily volume, with EELN also 
outperforming RATE in percentage gains on the day.  

EELN closed the day just above 6.58 resistance but well below 
Thursday's 6.73 high.  Stochastics still look bullish and MACD 
curves up nicely, approaching a bullish confirmation of EELN's 
move.  Next week, we hope to see MACD complete its bullish signal 
and EELN to push above last week's high on its way to moving 
above June's 6.92 high.  

It's difficult to pinpoint new entries.  One possibility for 
momentum players might be a move over Thursday's 6.73 high, with 
the expectation that EELN's prices might hesitate as EELN 
approaches that June 6.92 high.  A new entry at 6.73 would not 
have as much cushion during that hesitation.  On the other hand a 
dip back to $6.25 might offer a new entry with a better risk-
reward ratio given our new stop at $5.84.

Annotated Chart for EELN:


Picked on  July 9 at $6.46
Change since picked: +0.13
Earnings Date:    07/24/03 (confirmed)
Average Daily Volume:  2.7 million



---


Sigma Designs - SIGM - close: 12.20 chg: +0.37 stop: 11.44 *new*  

We were pleased to see SIGM hold up so well on Thursday's 
pullback.  SIGM reached down toward the 10-dma but bounced ahead 
of the average and the support at 11.60.  That 11.60 level has 
held as support since SIGM moved above it Monday.  Since the 10-
dma has now moved up to add its support to that level, we're 
raising our stop to 11.44, just below that grouped support.

While we're pleased that support held, we're worried about 
volume.  Volume has not confirmed SIGM's moves, and today's 
volume was a paltry 21 percent of the average daily volume.  
Something may be wrong here and we may be glad for that raised 
stop to take us out of the play for a profit.  MACD has flattened 
and so have the 21(3)3 stochastics.  However, one service lists 
Diversified Security Solution (DVS) as a competitor, and we 
notice light volume for DVS, too.  

A move above 13.00 will create a new P&F buy signal for SIGM and 
might turn oscillators back up and prompt more vigorous volume, 
but with a target of $13.90, we're not suggesting new entries at 
this time.  Actually, conservative traders who are happy with the 
10.7 percent gain in the play should probably consider taking 
profits and closing all or part of their position.
  
*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: +1.18
Earnings Date      5/27/03 (confirmed)
Average Daily Volume:  600 thousand



---

Sirius Satellite - SIRI - close: 1.82 change: +0.00 stop: 1.60

Now that SIRI will be blasting music through the range of 
Infiniti cars, as we noted Wednesday, we're ready for it to do 
some blasting of its own.  SIRI has been sitting just above our 
original trigger for most of the week.  

The 10-dma moved up under SIRI's price and currently measures 
1.77.  SIRI declined toward that moving average several times 
this week, but hasn't touched it since Tuesday.  Volume has 
dropped, with today's volume barely over 1/4 average daily 
volume.  We notice, however, that since breaking out of its bull 
flag, SIRI has been consolidating in a neutral triangle, and 
declining volume often hallmarks consolidation.  

SIRI has maintained 1.70 since July 3.  Conservative traders--if 
any are engaging in this highly speculative play--could consider 
raising stops to 1.69, just below that support.  A break of that 
level will also represent a breakdown out of consolidation and a 
break below the rising 10-dma.  The neutral triangle can also 
guide new entries.  Those seeking new entries could enter on an 
upside break of the neutral triangle, but this entry should be 
for the most aggressive traders only.  Our profit target remains 
2.20-2.40.

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

Annotated Chart for SIRI:
 

Picked on July 02 at $ 1.78
Change since picked:  +0.04
Earnings Date      00/00/00 (unconfirmed)
Average Daily Volume:    71  million

 




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DISCLAIMER
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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

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Copyright (c) 2003  PremierInvestor.net. and
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Do not duplicate or redistribute in any form.





PremierInvestor.net Newsletter          Weekend Edition 07-13-2003
                                                    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 14th
   - 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 14th
==========================================

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

Symbol  Company               Date           Comment      EPS Est

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

BAC    Bank of America Corp  Mon, Jul 14  Before the Bell     1.57
BBT    BB&T Corporation      Mon, Jul 14  Before the Bell     0.71
C      Citigroup Inc.        Mon, Jul 14  -----N/A-----       0.80
FNFG   First Niagara Finl    Mon, Jul 14  Before the Bell     0.13
MTB    M&T Bank Corporation  Mon, Jul 14  During the Market   1.24
MI     Marshall & Ilsley     Mon, Jul 14  During the Market   0.58
MTG    MGIC Investment Corp. Mon, Jul 14  Before the Bell     1.38
PKG    Packaging Corp Am     Mon, Jul 14  After the Bell      0.09
PRK    Park National         Mon, Jul 14  -----N/A-----       1.65
PKX    POSCO                 Mon, Jul 14  -----N/A-----        N/A
RMBS   Rambus Inc.           Mon, Jul 14  After the Bell      0.04
RFMD   RF Micro Devices      Mon, Jul 14  After the Bell     -0.06
SSP    The E.W. Scripps Co   Mon, Jul 14  Before the Bell     0.83


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

ACN    Accenture             Tue, Jul 15  Before the Bell     0.25
ADTN   ADTRAN, Inc.          Tue, Jul 15  Before the Bell     0.27
ASO    AmSouth Bancorp       Tue, Jul 15  Before the Bell     0.44
AMCC   Applied Micro Crcuts  Tue, Jul 15  After the Bell     -0.04
BLK    BlackRock, Inc.       Tue, Jul 15  Before the Bell     0.57
BRE    BRE PROPERTIES INC    Tue, Jul 15  After the Bell      0.60
CDN    Cadence Design Sys    Tue, Jul 15  After the Bell      0.09
CSL    Carlisle Companies    Tue, Jul 15  After the Bell      0.86
CEC    CEC Entertainment     Tue, Jul 15  After the Bell      0.54
CTAS   Cintas Corporation    Tue, Jul 15  Before the Bell     0.38
CYN    City National Corp    Tue, Jul 15  After the Bell      0.91
CBSH   Commerce Bancshares   Tue, Jul 15  Before the Bell     0.71
DJ     Dow Jones & Company   Tue, Jul 15  During the Market   0.25
ETN    Eaton                 Tue, Jul 15  -----N/A-----       1.34
FBAN   F.N.B. Corporation    Tue, Jul 15  After the Bell      0.52
FNM    Fannie Mae            Tue, Jul 15  Before the Bell     1.87
FITB   Fifth Third Bancorp   Tue, Jul 15  Before the Bell     0.74
FBF    FleetBoston Financial Tue, Jul 15  Before the Bell     0.58
FRX    Forest Laboratories   Tue, Jul 15  Before the Bell     0.48
FULT   Fulton Financial      Tue, Jul 15  -----N/A-----       0.33
GCI    Gannett               Tue, Jul 15  Before the Bell     1.20
GPT    GreenPoint Financial  Tue, Jul 15  Before the Bell     1.55
HLYW   Hollywood Enter       Tue, Jul 15  -----N/A-----       0.29
HCBK   Hudson City Bancorp   Tue, Jul 15  After the Bell      0.28
INTC   Intel Corporation     Tue, Jul 15  -----N/A-----       0.13
JEF    Jefferies Group       Tue, Jul 15  Before the Bell     0.60
JNJ    Johnson & Johnson     Tue, Jul 15  Before the Bell     0.69
MDC    M.D.C Holdings        Tue, Jul 15  Before the Bell     1.20
MYG    Maytag                Tue, Jul 15  Before the Bell     0.56
MEG    Media General         Tue, Jul 15  Before the Bell     0.72
MEL    Mellon Financial Corp Tue, Jul 15  -----N/A-----       0.39
MER    Merrill Lynch         Tue, Jul 15  Before the Bell     0.71
MOT    Motorola Inc.         Tue, Jul 15  After the Bell      0.00
MSM    MSC Industrial Direct Tue, Jul 15  Before the Bell     0.19
JNC    Nuveen Investments    Tue, Jul 15  Before the Bell     0.34
SPOT   PanAmSat              Tue, Jul 15  Before the Bell     0.17
PPP    Pogo Producing        Tue, Jul 15  -----N/A-----       0.94
PII    Polaris Industries    Tue, Jul 15  Before the Bell     0.91
PCP    Precision Castparts   Tue, Jul 15  Before the Bell     0.62
RJF    Raymond James         Tue, Jul 15  After the Bell      0.37
RDC    Rowan Companies, Inc  Tue, Jul 15  Before the Bell    -0.03
PHG    Royal Philips Elect   Tue, Jul 15  Before the Bell      N/A
SCHL   Scholastic            Tue, Jul 15  After the Bell      0.87
STX    Seagate Technology    Tue, Jul 15  After the Bell      0.31
SOV    Sovereign Bancorp     Tue, Jul 15  After the Bell      0.35
STT    State Street Corp     Tue, Jul 15  Before the Bell     0.47
SYK    Stryker               Tue, Jul 15  After the Bell      0.52
TER    Teradyne Inc.         Tue, Jul 15  After the Bell     -0.21
NYT    The New York Times Co Tue, Jul 15  Before the Bell     0.46
TSFG   The South Financial   Tue, Jul 15  Before the Bell     0.42
TRMK   Trustmark Corporation Tue, Jul 15  -----N/A-----       0.50
TSS    TSYS                  Tue, Jul 15  -----N/A-----       0.17
USB    U.S. Bancorp          Tue, Jul 15  -----N/A-----       0.49
WM     Washington Mutual     Tue, Jul 15  After the Bell      1.09
WFC    Wells Fargo & Company Tue, Jul 15  Before the Bell     0.91
WABC   Westamerica Bancorp   Tue, Jul 15  -----N/A-----       0.70
YUM    Yum! Brands, Inc.     Tue, Jul 15  After the Bell      0.46


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

AMD    Advanced Micro Dev    Wed, Jul 16  After the Bell     -0.54
ADS    Alliance Data Systems Wed, Jul 16  -----N/A-----       0.18
ASD    American Standard     Wed, Jul 16  During the Market   1.82
APH    Amphenol              Wed, Jul 16  Before the Bell     0.55
AMR    AMR Corporation       Wed, Jul 16  -----N/A-----      -2.67
AAPL   Apple Computer, Inc.  Wed, Jul 16  -----N/A-----       0.03
ASML   ASML Holdings NV      Wed, Jul 16  -----N/A-----      -0.08
BXS    BancorpSouth, Inc.    Wed, Jul 16  After the Bell      0.39
ONE    Bank One              Wed, Jul 16  Before the Bell     0.73
BOKF   BOK Financial         Wed, Jul 16  -----N/A-----       0.62
BCR    C.R. Bard, Inc.       Wed, Jul 16  After the Bell      0.94
COF    Capital One Financial Wed, Jul 16  After the Bell      1.10
CNT    CENTERPOINT PPTYS TR  Wed, Jul 16  After the Bell      1.04
CHZ    Chittenden            Wed, Jul 16  After the Bell      0.49
CCE    Coca-Cola Enterprises Wed, Jul 16  Before the Bell     0.54
CNB    Colonial BancGroup    Wed, Jul 16  -----N/A-----       0.29
CMA    Comerica Incorporated Wed, Jul 16  Before the Bell     0.96
CBSS   Compass Bancshares    Wed, Jul 16  -----N/A-----       0.65
DHI    D.R. Horton           Wed, Jul 16  After the Bell      0.95
ET     E*TRADE Group, Inc.   Wed, Jul 16  -----N/A-----       0.14
EMC    EMC Corporation       Wed, Jul 16  Before the Bell     0.03
F      Ford Motor Company    Wed, Jul 16  Before the Bell     0.18
GD     General Dynamics      Wed, Jul 16  Before the Bell     1.17
GNTX   Gentex                Wed, Jul 16  Before the Bell     0.33
GENZ   Genzyme Corporation   Wed, Jul 16  Before the Bell     0.32
TV     Grupo Televisa, S.A.  Wed, Jul 16  After the Bell      0.35
HDI    Harley-Davidson       Wed, Jul 16  Before the Bell     0.58
HCN    Health Care REIT      Wed, Jul 16  -----N/A-----       0.70
HU     Hudson United Bancorp Wed, Jul 16  After the Bell      0.64
GMH    Hughes Electronics    Wed, Jul 16  Before the Bell    -0.03
IBM    Intl Business Mach    Wed, Jul 16  After the Bell      0.98
IFIN   Investors Finl Serv   Wed, Jul 16  Before the Bell     0.32
JPM    J.P. Morgan Chase Co  Wed, Jul 16  Before the Bell     0.62
JCI    Johnson Controls      Wed, Jul 16  Before the Bell     1.88
KMI    Kinder Morgan         Wed, Jul 16  -----N/A-----       0.73
KRI    Knight Ridder         Wed, Jul 16  Before the Bell     0.93
NITE   Knight Trading Group  Wed, Jul 16  Before the Bell     0.13
KFT    Kraft Foods           Wed, Jul 16  After the Bell      0.58
LEG    Leggett & Platt       Wed, Jul 16  -----N/A-----       0.24
MERQ   Mercury Interactive   Wed, Jul 16  Before the Bell     0.20
MIL    Millipore Corp.       Wed, Jul 16  After the Bell      0.46
MHK    Mohawk Industries     Wed, Jul 16  After the Bell      1.08
NCC    National City         Wed, Jul 16  Before the Bell     0.77
NET    Network Associates    Wed, Jul 16  Before the Bell     0.11
NYB    New York Comm Bancorp Wed, Jul 16  Before the Bell     0.50
NFB    North Fork Bancorp    Wed, Jul 16  Before the Bell     0.61
NTRS   Northern Trust        Wed, Jul 16  -----N/A-----       0.44
BTU    Peabody Energy Corp.  Wed, Jul 16  Before the Bell     0.25
PPDI   Pharm Product Develop Wed, Jul 16  After the Bell      0.39
PP     Prentiss Properties   Wed, Jul 16  After the Bell      0.78
PFGI   Provident Finl Grp    Wed, Jul 16  Before the Bell     0.54
QLGC   QLogic                Wed, Jul 16  After the Bell      0.33
RDN    Radian Group          Wed, Jul 16  After the Bell      1.14
SNDK   SanDisk Corp.         Wed, Jul 16  After the Bell      0.31
SXT    Sensient Tech Corp    Wed, Jul 16  Before the Bell     0.49
SON    Sonoco Products       Wed, Jul 16  -----N/A-----       0.34
SOTR   SouthTrust            Wed, Jul 16  Before the Bell     0.50
STJ    St. Jude Medical      Wed, Jul 16  Before the Bell     0.43
STU    Student Loan          Wed, Jul 16  After the Bell       N/A
SNV    Synovus Financial     Wed, Jul 16  After the Bell      0.31
TFX    Teleflex, Incorp      Wed, Jul 16  After the Bell      0.83
ALL    The Allstate Corp     Wed, Jul 16  After the Bell      0.74
PGR    The Progressive Corp  Wed, Jul 16  After the Bell      1.22
UB     UnionBanCal           Wed, Jul 16  After the Bell      0.90
WFSL   Washington Federal    Wed, Jul 16  Before the Bell     0.52
WBS    Webster Financial     Wed, Jul 16  Before the Bell     0.87
WERN   Werner Enterprises    Wed, Jul 16  After the Bell      0.29


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

MO     Altria Group, Inc.    Thu, Jul 17  -----N/A-----       1.19
ABK    Ambac Financial Group Thu, Jul 17  Before the Bell     1.29
ATR    AptarGroup            Thu, Jul 17  After the Bell      0.54
ARB    Arbitron Inc.         Thu, Jul 17  Before the Bell     0.26
ASBC   Associated Banc-Corp  Thu, Jul 17  -----N/A-----       0.75
AF     Astoria Finl Corp     Thu, Jul 17  Before the Bell     0.66
ATML   Atmel Corporation     Thu, Jul 17  After the Bell     -0.08
ALV    Autoliv               Thu, Jul 17  Before the Bell      N/A
AVB    Avalonbay Communities Thu, Jul 17  After the Bell      0.80
AVID   Avid Technology, Inc. Thu, Jul 17  After the Bell      0.17
AVCT   Avocent Corporation   Thu, Jul 17  Before the Bell     0.29
BAX    BAXTER INTL INC       Thu, Jul 17  -----N/A-----       0.41
BCC    Boise Cascade         Thu, Jul 17  Before the Bell    -0.25
CWG    CanWest Global Comm   Thu, Jul 17  -----N/A-----        N/A
CAT    Caterpillar Inc.      Thu, Jul 17  Before the Bell     0.65
CEN    Ceridian              Thu, Jul 17  Before the Bell     0.17
CF     Charter One Financial Thu, Jul 17  After the Bell      0.66
CHRT   Charterd Semicon Manu Thu, Jul 17  After the Bell     -0.38
CFBX   Comm First Bankshares Thu, Jul 17  Before the Bell     0.50
ED     Consolidated Edison   Thu, Jul 17  -----N/A-----       0.38
CTB    Cooper Tire & Rubber  Thu, Jul 17  Before the Bell     0.18
COT    Cott Corporation      Thu, Jul 17  Before the Bell     0.32
CCK    CROWN HOLDINGS INC    Thu, Jul 17  Before the Bell     0.25
CVTX   CV Therapeutics       Thu, Jul 17  After the Bell     -0.95
CY     Cypress Semiconductor Thu, Jul 17  Before the Bell     0.03
CYT    Cytec Industries Inc. Thu, Jul 17  After the Bell      0.54
DHR    Danaher               Thu, Jul 17  Before the Bell     0.78
DPH    Delphi                Thu, Jul 17  -----N/A-----       0.16
DAL    DELTA AIR LINES DEL   Thu, Jul 17  -----N/A-----      -2.08
DLX    Deluxe Corporation    Thu, Jul 17  Before the Bell     0.85
DO     Diamond Ofshre Drlng  Thu, Jul 17  Before the Bell    -0.07
D      Dominion Resources    Thu, Jul 17  Before the Bell     0.83
DOV    Dover Corporation     Thu, Jul 17  After the Bell      0.33
DSL    Downey Financial Corp Thu, Jul 17  Before the Bell     1.02
ELUX   Electrolux Ab         Thu, Jul 17  -----N/A-----       1.26
ESV    ENSCO International   Thu, Jul 17  Before the Bell     0.17
EFX    Equifax Inc.          Thu, Jul 17  Before the Bell     0.36
FCS    Fairchild SemiconIntl Thu, Jul 17  After the Bell      0.03
FDC    First Data            Thu, Jul 17  Before the Bell     0.47
FTN    First Tennessee Natl  Thu, Jul 17  Before the Bell     0.88
FMER   FirstMerit            Thu, Jul 17  Before the Bell     0.45
FBC    Flagstar Bancorp      Thu, Jul 17  After the Bell      1.09
FO     Fortune Brands        Thu, Jul 17  -----N/A-----       0.99
FCX    Frprt-McMoRn Cop Gld  Thu, Jul 17  Before the Bell     0.34
GM     General Motors Corp.  Thu, Jul 17  Before the Bell     1.19
GPC    Genuine Parts         Thu, Jul 17  Before the Bell     0.56
GP     Georgia-Pacific       Thu, Jul 17  Before the Bell     0.14
GPN    Global Payments Inc.  Thu, Jul 17  After the Bell      0.35
GGG    Graco                 Thu, Jul 17  After the Bell      0.49
GDT    Guidant               Thu, Jul 17  -----N/A-----       0.55
HSY    Hershey Foods Corp    Thu, Jul 17  Before the Bell     0.52
HIB    Hibernia Corp.        Thu, Jul 17  Before the Bell     0.41
HON    Honeywell             Thu, Jul 17  Before the Bell     0.37
HBAN   Huntington Bancshares Thu, Jul 17  Before the Bell     0.36
IDPH   IDEC Pharmaceuticals  Thu, Jul 17  After the Bell      0.25
IEX    Idex                  Thu, Jul 17  Before the Bell     0.49
IR     Ingersoll-Rand Co.    Thu, Jul 17  Before the Bell     0.72
IDTI   Integrated Dvice Tech Thu, Jul 17  -----N/A-----      -0.06
IGT    Intl Gaming Tech      Thu, Jul 17  -----N/A-----       0.27
IVC    Invacare              Thu, Jul 17  -----N/A-----       0.48
ESI    ITT Educational Serv  Thu, Jul 17  Before the Bell     0.19
JEC    Jacobs Eng Grp        Thu, Jul 17  Before the Bell     0.58
LSTR   Landstar System       Thu, Jul 17  -----N/A-----       0.84
LEA    Lear Corp.            Thu, Jul 17  -----N/A-----       1.26
LM     Legg Mason            Thu, Jul 17  Before the Bell     0.76
MAN    Manpower              Thu, Jul 17  Before the Bell     0.34
MAR    Marriott Intl         Thu, Jul 17  Before the Bell     0.47
MGG    MGM MIRAGE            Thu, Jul 17  Before the Bell     0.35
MCHP   Microchip Technology  Thu, Jul 17  After the Bell      0.15
MSFT   Microsoft             Thu, Jul 17  -----N/A-----       0.24
NCF    Natl Commerce Finl    Thu, Jul 17  -----N/A-----       0.39
NXY    Nexen                 Thu, Jul 17  Before the Bell     0.77
NXTL   Nextel Communications Thu, Jul 17  Before the Bell     0.24
NOK    Nokia                 Thu, Jul 17  Before the Bell     0.16
PCBC   Pac Capital Bancorp   Thu, Jul 17  Before the Bell     0.42
PNR    Pentair, Inc.         Thu, Jul 17  Before the Bell     0.88
PBCT   People's Bank         Thu, Jul 17  -----N/A-----       0.24
PSFT   PeopleSoft            Thu, Jul 17  After the Bell      0.13
PMCS   PMC-Sierra, Inc.      Thu, Jul 17  After the Bell     -0.03
PLCM   Polycom Incorporated  Thu, Jul 17  After the Bell      0.03
PFS    Provident Finl Serv   Thu, Jul 17  Before the Bell     0.17
RF     Regions Financial     Thu, Jul 17  Before the Bell     0.71
RHI    Robert Half Intl      Thu, Jul 17  -----N/A-----      -0.01
COL    Rockwell Collins      Thu, Jul 17  Before the Bell     0.36
RG     Rogers Communications Thu, Jul 17  Before the Bell      N/A
RCN    Rogers Wireless Comm  Thu, Jul 17  -----N/A-----        N/A
TSG    Sabre Holdings Corp.  Thu, Jul 17  Before the Bell     0.20
SAP    SAP AG                Thu, Jul 17  Before the Bell     0.19
SFA    Scientific-Atlanta    Thu, Jul 17  After the Bell      0.19
S      Sears, Roebuck and Co Thu, Jul 17  Before the Bell     0.95
SEIC   SEI Investments       Thu, Jul 17  Before the Bell     0.32
SIB    SI Bank & Trust       Thu, Jul 17  After the Bell      0.45
SKYF   Sky Financial Group   Thu, Jul 17  Before the Bell     0.42
SLM    SLM Corporation       Thu, Jul 17  Before the Bell     0.44
SUP    Superior Industries   Thu, Jul 17  Before the Bell     0.66
TXT    Textron Inc.          Thu, Jul 17  Before the Bell     0.65
BK     The Bank of New York  Thu, Jul 17  Before the Bell     0.41
KO     The Coca-Cola Company Thu, Jul 17  Before the Bell     0.54
MNI    The McClatchy Company Thu, Jul 17  Before the Bell     0.80
TRB    Tribune               Thu, Jul 17  -----N/A-----       0.57
UCBH   UCBH Holdings, Inc.   Thu, Jul 17  -----N/A-----       0.33
UPC    Union Planters Corp   Thu, Jul 17  Before the Bell     0.67
UIS    Unisys                Thu, Jul 17  Before the Bell     0.16
UTX    United Technologies   Thu, Jul 17  Before the Bell     1.23
UNH    UnitedHealth Group    Thu, Jul 17  Before the Bell     0.66
UPM    UPM-Kymmene Group     Thu, Jul 17  Before the Bell     0.15
UTSI   UTStarcom             Thu, Jul 17  After the Bell      0.30
VLY    Valley Natl Bancorp   Thu, Jul 17  During the Market   0.39
GWW    W.W. Grainger         Thu, Jul 17  Before the Bell     0.61
WB     WACHOVIA CORP 2ND NEW Thu, Jul 17  Before the Bell     0.77
WTNY   Whitney Holding Corp  Thu, Jul 17  Before the Bell     0.59
XLNX   Xilinx, Inc.          Thu, Jul 17  After the Bell      0.15
ZION   Zions Bancorp         Thu, Jul 17  After the Bell      0.98


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

GE     General Electric      Fri, Jul 11  Before the Bell     0.38
AKZOY  Akzo Nobel N.V.       Fri, Jul 18  -----N/A-----        N/A
ACI    ARCH COAL INC         Fri, Jul 18  -----N/A-----      -0.06
CX     CEMEX S.A.            Fri, Jul 18  Before the Bell     0.83
EQT    Equitable Resources   Fri, Jul 18  Before the Bell     0.52
ERICY  Ericsson LM Telephone Fri, Jul 18  Before the Bell    -0.27
KEY    KeyCorp               Fri, Jul 18  Before the Bell     0.52
LAB    LaBranche & Co Inc.   Fri, Jul 18  Before the Bell     0.18
MAT    Mattel                Fri, Jul 18  Before the Bell     0.07
TBL    The Timberland Co     Fri, Jul 18  Before the Bell     0.16
UBSI   United Bankshares     Fri, Jul 18  Before the Bell     0.54
UST    UST Inc.              Fri, Jul 18  Before the Bell     0.77
WL     Wilmington Trust      Fri, Jul 18  Before the Bell     0.47
WIT    Wipro Limited         Fri, Jul 18  -----N/A-----       0.18


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

Symbol  Company Name              Ratio    Payable     Executable

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
FAB     FirstFed America          2:1      Jul  17th   Jul  18th
PULB    Pilaski Financial Corp.   2:1      Jul  21st   Jul  22nd


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

It's a busy week on Wall Street.  Q2 earnings hit their stride and
investors will be inundated with announcements.  Plus we have a full
roster of economic reports with the Retail sales, CPI, Production
& Utilization, jobless claims and Michigan Sentiment. 

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

Monday, 07/14/03
----------------
None


Tuesday, 07/15/03
-----------------
NY Empire St Index (BB) Jul  Forecast:    19.4  Previous:     26.8
Retail Sales (BB)       Jun  Forecast:    0.4%  Previous:     0.1%
Retail Sales ex-auto(BB)Jun  Forecast:    0.3%  Previous:     0.1%


Wednesday, 07/16/03
-------------------
CPI (BB)                Jun  Forecast:    0.2%  Previous:     0.0%
Core CPI (BB)           Jun  Forecast:    0.1%  Previous:     0.3%
Business Invntories(BB) May  Forecast:    0.0%  Previous:     0.1%
Indl Production(DM)     Jun  Forecast:    0.1%  Previous:     0.1%
Capacity Utilization(BB)Jun  Forecast:   74.4%  Previous:    74.3%


Thursday, 07/17/03
------------------
Initial Claims (BB)   07/12  Forecast:    425K  Previous:     439K
Housing Starts (BB)     Jun  Forecast:  1.750M  Previous:   1.732M
Building Permits (BB)   Jun  Forecast:  1.790M  Previous:   1.803M
Philadelphia Fed (DM)   Jul  Forecast:     7.5  Previous:      4.0


Friday, 07/18/03
----------------
Mich Sentiment-Prel.(DM)Jul  Forecast:    91.0  Previous:     89.7


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

SKM     SK Telecom Co              20.08     +0.98
DRL     Doral Financial            47.85     +1.35
LNCR    Lincare Holdings           34.38     +1.09
CEPH    Cephalon Inc               48.15     +0.91
SWK     The Stanley Works          29.60     +0.62
SIE     Sierra Health Services     20.99     +0.64

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

SONS    Sonus Networks              7.10     +1.38
CHINA   Chinadotcom                13.48     +1.05
MYK     Mykrolis Corp              12.44     +1.04
SERO    Serologicals               16.55     +2.25
EPIX    Epix Medical               18.16     +4.58
ELMG    EMS Technologies           15.70     +1.66

---------------------------------------
Breakout to Upside (Stocks over $20)
---------------------------------------
  
KSS     Kohl's Corp                57.22     +2.26
HNP     Huaneng Power              54.00     +3.12
GGP     General Growth Properties  66.80     +1.93
KMX     Carmax Inc                 34.45     +2.76
ACV     Alberto-Culver             53.33     +1.08
TECD    Tech Data Corp             31.03     +1.88
COT     Cott Corp                  22.48     +1.62

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

CI      Cigna Corp                 44.49     -2.13
LF      Leapfrog Enterprises       30.40     -1.57
ICUI    ICU Medical                27.90     -1.80

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

ERTS    Electronic Arts            76.70     -2.30
TUES    Tuesday Morning            26.31     -0.46
FINL    Finish Line Inc            22.61     -0.83
TXI     Texas Instruments          23.73     -1.07





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