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Daily Newsletter, Sunday, 07/20/2003

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PremierInvestor.net Newsletter          Weekend Edition 07-20-2003
                                                    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:      Unexpected Bullishness
Play-of-the-Day:  Sell The News
Market Sentiment: Reversal or Correction

=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
        WE 7-18         WE 7-11         WE 7-04         WE 6-27
DOW     9188.15 + 68.56 9119.59 + 49.38 9070.21 + 81.16 -211.70 
Nasdaq  1708.50 - 25.43 1733.93 + 70.48 1663.45 + 38.19 - 19.46 
S&P-100  501.50 -   .98  502.48 +  6.40  496.08 +  4.47 - 10.78 
S&P-500  993.32 -  4.82  998.14 + 12.44  985.70 +  9.48 - 19.47 
W5000   9546.66 - 64.23 9610.89 +148.38 9462.51 +104.02 -153.14 
RUT      464.76 -  9.01  473.77 + 17.42  456.35 +  7.60 -  0.81 
TRAN    2576.29 + 30.71 2545.58 +130.27 2415.31 -  1.72 - 25.25 
VIX       21.36 +   .64   20.72 -  0.89   21.61 -  0.10 +  0.62 
VXN       33.41 +   .61   32.80 +  0.33   32.47 +  1.54 -  1.41 
TRIN       0.60            0.94            1.98            1.93 
Put/Call   0.61            0.98            1.07            0.99 
Avg Highs   522             791             435             291
Avg Lows     29              21              25              22      
WE= Week Ending
================================================================= 

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

Unexpected Bullishness
by Jim Brown

Let's see if I got this right. Intel beat estimates by a penny
and the market dropped. IBM announced a headline number that was
inline with estimates and the stock was killed and the market
dropped. MSFT misses earnings by a penny and market celebrated. 
What did I miss?

Dow Chart 


Nasdaq Chart


Consumer Sentiment also missed the mark slightly on Friday with
a headline 90.3 for July compared to the consensus estimates for
90.9. Not a big miss on the surface but the whisper number was in
the 92 range. The present conditions component rose to 102.1 from
94.7 but the expectations component fell to 82.7 from 86.4. The
consumer is beginning to feel better about things with the market
moving up and tax cut dollars about to hit their paychecks. They
are becoming less convinced that the year end recovery is going
to happen. 

The ECRI Weekly Leading Index posted a strong gain to 126.8 from 
124.9 mostly due to the bounce in interest rates and the drop in 
Jobless Claims. This report is not a market mover since it is a 
summary of all the prior data from other reports. Still it is 
confirmation that the economy is continuing to stabilize. 

While it would be hard to build a case for the Friday rally on
these two reports, each is one more brick on the path to recovery. 
In fact it would be hard to build a case for the Friday rally on
anything but options expiration volatility and asset allocation
programs. Friday is tied with October 9th as the worst trading
day of the year over the last 22 years with only a 23.8% chance
of the S&P closing up. For whatever reason it has closed down 
more than 75% of the time in the past it made up for many of 
those negative days with Friday's performance. 

The surprising bullishness came despite negative comments from
almost every quarter. We had negative comments from MSFT, IBM, 
INTC, NOK, MOT and dozens of other techs and that knocked the
Nasdaq to a -25 point loss for the week but it still managed a
close over 1700. The Dow actually recovered enough on the strength
of CAT, MMM, PG and WMT to post a slight +60 point gain for the
week. 

Part of the bullishness came from an analysis of earnings already
announced. With over 30% of the S&P already announced the 2Q
earnings are coming in at +9.9% year-over-year despite estimates
of only 7%. Surprised? You should be because the earnings have
been far from exciting to date. Probably more visible are the
earnings warnings that have been running 2:1 over those who are
raising guidance. So why are the earnings so "good"? The key
words here are year-over-year. To put it bluntly the 2Q of 2002
was very bad and provides a very poor comparison to the current
reporting cycle. If XYZ Company has averaged 25 cents of earnings
in the 2Q for years and only managed 5 cents in 2Q-2002 then a six
cent earnings for this cycle would be +20% earnings growth. It is
far from great earnings considering the 25 cent prior average but
it is all in how you spin the numbers. If analysts can put a spin
on the ball by picking their comparisons then you can count on 
them doing it. The next two quarters are going to be a lot 
tougher with expectations of +13.4% for Q3 and +21.2% for Q4. 

The Friday gains were subtle and caught many traders off guard. 
The midday volume was almost nonexistent and the overall volume 
was the third lowest since May-1st. On Thursday the declining
volume beat advancing volume nearly 6:1. On Friday with nearly
one billion fewer shares trading, the up volume beat down volume
nearly 3:1. There was a strong shift in sentiment but we only 
reversed about 50% of the Thursday sentiment. Also, despite
the bullish day there were fewer new highs than there was on
Thursday. New lows hit another two month high. When taken in 
context the Friday was not nearly as bullish in the internals 
as it was on the surface. 

One of the weakest sectors for the week was the semiconductors
once the Intel bounce failed. Various semiconductor makers said
visibility was still bad, no pickup in demand and there were
several subsectors like communications that performed worse. 
Other companies said business was good and they were seeing an
increase in some types of orders. The general consensus was the
improvements were spotty and selective. After the close on Friday
the Semiconductor Book-to-Bill report was released and it only
showed a 0.93 headline number. This was only slightly above the
0.90 from May. More troubling was the large drop in both orders
and shipments. Orders fell by -0.4% in June and shipments fell
by an even larger -4.3%. Had we not seen such a steep drop in 
shipments the BTB number would have dropped from May. YTD orders
are down -18% from the same period last year and bookings are 
down -39%. Remember, last year was a very poor comparison and 
we are well below those numbers. The shipments in June dropped 
to their lowest level since Feb-2002 and orders fell for the 4th
consecutive month. This was not a positive report despite how
the talking heads will try to spin it on Monday. 

I gave you the negative comments from INTC, IBM and MSFT in the
Thursday commentary and they did not paint a pretty picture. On
Friday there were some additional news items. Fairchild Semi
said they were looking for a decline in revenue for Q3 of -4%
to -6%. They said they were receiving some new orders but the
pricing remained challenging. You have to give it away to sell 
it. XLNX lost ground after it said revenue would be only flat
to slightly higher. PMCS said revenue would be flat and at the
low end of prior estimates and they based their cautious outlook
on corporate spending and difficulty in gauging demand. Dell 
CEO Michael Dell said that U.S. corporate spending on technology
appears to be stabilizing but it is going to take a couple more
quarters to see improvement. Dell President Kevin Rollins said
that while the stabilization in the U.S. is very hopeful they
are not seeing any change in the European markets. The bottom 
line is slow and steady but not the 100% profit growth that
analysts have been predicting through Q2 of next year. 

I have to admit I was surprised to see the rebound on Friday. I
expected some short covering before the weekend to capture profits
from the four day slide. The magnitude of the rebound, +130 points
to 9180 surprised me. However, the Dow was the only major index
to gain for the week and it was on the strength of only a handful
of stocks. Looking forward we still have multiple problems. The
PE on the S&P is 32 and growing. The PE on the Nasdaq is 54 and
growing. Both those numbers are at the same extreme level as the 
top of the Internet bubble. Interest rates are rocketing with the 
ten year hitting 4% on Friday. Oil is still $32 a barrel and acting
like an undeclared tax on the economy. There are simply a large
number of reasons why the market should not rush immediately 
higher and a large number of reasons why it should consolidate
before going up at all. 

On Thursday the Dow was threatening to break support at 9000 and
the Nasdaq closed under 1700. Both pulled away from those key
levels on Friday and appeared to catch their second wind. Maybe
by now it is their 8th or 9th wind but either way they caught it. 
If this was option related then we could consolidate on Monday 
and then begin to slide again. If it is a real summer rally then
no amount of negative earnings news next week will be able to 
push us below those levels again. It will however be a touchy
week. Next week is devoid of any material economic reports. We
will be left to churn based on stock news alone. Recently we have
not done well without economic guidance even when that guidance
was bad. With strong resistance just above us it may take a lot 
more than just inline guidance from the next one third of S&P
companies that announce next week. Enjoy the rally if it continues
but keep looking for the storm clouds to appear. This is the dog
days of summer and those severe thunderstorms can appear suddenly
and without warning. 

Enter Very Passively, Exit Very Aggressively!

Jim Brown




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

Yahoo! Inc. - YHOO - close: 29.95 change: -0.66 stop: 32.75

Company Description:
Yahoo! Inc. is a global Internet company that offers a 
comprehensive branded network of properties and services to 
consumers and businesses worldwide.  The company's properties and 
services for consumers and businesses reside in five vertical 
areas: Search and Marketplace, Information and Content, Network 
and Platform Services, Enterprise Solutions and Consumer 
Services.  YHOO's basic products and service offerings are 
available without charge to its consumers.  The company also 
offers a variety of fee-based premium services that provide its 
consumers access to value-added content or services.

Why we like it:
Throughout the impressive Internet rally that kicked off in early 
March, YHOO has been leading the charge.  With pullbacks for 
consolidation being few and far between, the stock nearly doubled 
from its March lows before topping out just shy of the $35 level 
just over a week ago.  As expected, the company met estimates 
when it reported earnings on July 9th, but judging by the 
subsequent price action, there was something lacking as far as 
investors were concerned.  The next morning, First Albany 
downgraded YHOO from Buy to Neutral and the selling party began.  
That got the ball rolling and traders rushed to the exits and 
driving the stock under the 20-dma.  After finding resistance at 
that average for a week, YHOO really started selling off last 
Wednesday, and we got our first serious technical breakdown on 
Thursday, with the stock closing below the bottom of the 
ascending channel that had described the stock's movements since 
early March.  That selling pressure persisted on Friday, and the 
bears were rewarded with a serious technical breakdown.  By the 
end of the day, the stock had broken the $30 support level 
(resistance in late May and early June), the ascending trendline 
that began in early March and the 50-dma ($30.10).

Given the amount of work it took to breach this level on the way 
up, we're not convinced the bulls are going to give up so easily, 
and an oversold rebound early next week would not be unexpected.  
But we're expecting that resistance is now going to be found in 
the $31.50-32.00 area, and a failed rebound in that area would 
make for a great entry point.  Now that this pullback has gotten 
underway, we're looking for an eventual pullback of 38% of the 
rally from the October lows and that equates to a pullback to 
$25.56.  Realizing that interim support at $27.50 might prop the 
stock up though, we are setting that as an interim profit target.  
Should the selling continue to be strong, then we'll look for a 
final exit point near $26, which is just above that 38% 
retracement.  Both the 10-dma ($32.73) and 20-dma ($32.72) have 
now turned down and this pair should provide formidable 
resistance to any renewed rally, giving us confidence in placing 
our stop initially at $32.75.

Annotated Chart of YHOO:


Picked on July 20th at   $29.95
Change since picked       +0.00
Earnings Date           10/08/03 (unconfirmed)
Average Daily Volume =  12.8 mln
chart link:




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


Reversal or Correction
Jonathan Levinson
 
Zooming out to the long term charts for perspective, this week 
gave us negative closing prints for the Dow, Nasdaq and S&P 
indices.  As profiled in the Futures Wraps this week, the S&P and 
Dow violated the ascending trendlines on their daily charts for 
the first time since the March bottom, while the Nasdaq did not.
 
On the weekly candles, we had bearish candle patterns for this 
week's candle prints on all three indices, with the Nasdaq giving 
us a higher high and lower low, but on a negative close.  This is 
one of the more esoteric candlestick formations I can identify, 
but it looks like a "meeting lines" formation to me:  bullish 
optimism failing from higher levels and closing at a lower price 
than the previous week.
 
The Dow was the most troublesome to identify, as the sudden rally 
heading into Friday's close left the weekly candle on what is 
either a harami cross, or the lesser known "deliberation" pattern 
with a higher low and lower high, closing positive but revealing 
indecision.  Both patterns are bearish indecision patterns. The 
S&P printed a harami, the same as the Dow but with a broader 
overall range.  Particularly given the daily ascending trendline 
violation by these two indices this week, the outlook is not 
bullish, despite the Dow's challenge of the trendline on light 
volume going into Friday's close.  The S&P remained below it 
throughout the session.
 
That said, this was options expiration week, and anomalous price 
action is more the rule than the exception.  The failure of the 
Nasdaq to keel over points to merely corrective action, and the 
relatively tame put to call readings back that up.  On the other 
hand, one of my pet conditions for a severe decline is 
complacency on the part of the bulls, and the tame put to call 
and volatility readings support that.  Unfortunately, op-ex week 
skews that data, and so we look to next week for guidance.


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

Market Averages

DJIA ($INDU)

52-week High:  9353
52-week Low :  7197
Current     :  9188

Moving Averages:
(Simple)

 10-dma: 9133
 50-dma: 8950
200-dma: 8446

S&P 500 ($SPX)

52-week High: 1015
52-week Low :  768
Current     :  993

Moving Averages:
(Simple)

 10-dma:  996
 50-dma:  972
200-dma:  901

Nasdaq-100 ($NDX)

52-week High: 1316
52-week Low :  795
Current     : 1259

Moving Averages:
(Simple)

 10-dma: 1282
 50-dma: 1207
200-dma: 1067


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

The rebound in Friday's markets did much to defuse the escalating
concern in the volatility indices.  Both fell comfortably back towards
complacency as investors still refuse to show much fear even after
the first major week of earnings.

CBOE Market Volatility Index (VIX) = 21.36 -1.46
Nasdaq-100 Volatility Index  (VXN) = 33.41 -2.06

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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.61      1,039,369       633,043
Equity Only    0.52        896,577       473,850
OEX            1.08         53,221        57,825
QQQ            0.75        106,861        80,481


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

Bullish Percent Data

           Current   Change   Status
NYSE          72.1    + 0     Bull Confirmed
NASDAQ-100    81.0    + 0     Bull Confirmed
Dow Indust.   83.3    + 0     Bull Confirmed
S&P 500       77.2    - 1     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  0.92
10-Day Arms Index  0.87
21-Day Arms Index  1.13
55-Day Arms Index  1.12


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    1920      1772
Decliners     880      1259

New Highs      59        78
New Lows       10         8

Up Volume   1266M      995M
Down Vol.    301M      555M

Total Vol.  1581M     1563M

M = millions


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

Commitments Of Traders Report: 07/15/03

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

Stuck in limbo.  The large S&P contracts saw little movement
by both the small traders and the large commercial traders.
Investors could be waiting to get some sort of reading on 
trader sentiment after the first week of earnings has been 
completed.

Commercials   Long      Short      Net     % Of OI
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%)
07/15/03      414,020   453,033   (39,013)   (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
06/24/03      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%
07/15/03      148,716    70,279    78,437    35.8%

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

The S&P e-mini contracts saw more shuffling than the larger
contracts (above) but overall there is little to discern.
Except for the slight less bearish bias in the Commercials
who bumped up their long positions while scaling back a few
of their shorts, which effectively reduced their net short
to a meager 4500 contracts.  Meanwhile the small traders
lightened up on both long and short contracts but remain
rather bearish.

Commercials   Long      Short      Net     % Of OI 
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%)
07/15/03      214,274   218,765    ( 4,491)  ( 1.0%)

Most bearish reading of the year: (354,835)  - 06/17/03
Most bullish reading of the year:  ( 4,491)  - 07/15/03

Small Traders Long      Short      Net     % of OI
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%)
07/15/03       45,372    54,654    (9,282)   (9.3%)

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


NASDAQ-100

Much like the larger S&P futures there was little change
in the NASDAQ 100 futures.  Yet we must note one exception.
The shuffling in the commercial long/short positions produced
the most bearish reading in months.  Close a few long contracts
here, add a few short contracts here and we have a new relative
high in net short positions.  

Commercials   Long      Short      Net     % of OI 
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%)
07/15/03       28,467     49,154   (20,687) (26.7%)

Most bearish reading of the year: (20,687)  - 07/15/03
Most bullish reading of the year:   9,068   - 06/11/02

Small Traders  Long     Short      Net     % of OI
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%
07/15/03       26,489     8,004    18,485    53.6%

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

Somewhat interesting behavior by the commercials last
week.  They scaled down their short positions, which 
significantly bumped up their net long holdings over all.
This is effectively telling us that institutions still
think the Industrials well be stronger in the coming
weeks.

Commercials   Long      Short      Net     % of OI
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%
07/15/03       21,607     7,855   13,752      46.7%

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
06/24/03        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%)
07/15/03        5,475     9,717   (4,242)   (27.9%)

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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Do not duplicate or redistribute in any form.



PremierInvestor.net Newsletter          Weekend Edition 07-20-2003
                                                    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
  New Bullish Plays:     PLNR
  New Bearish Plays:     YHOO

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

High Risk/Reward
  New Bullish Plays:     BEAS
  Bullish Play Updates:  SIRI


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

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

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


Planar Systems - PLNR - close: 23.89 change: +1.53 stop: 20.99

Company Description:
Planar Systems is a worldwide leader in flat-panel display 
systems for market-specific applications. The company specializes 
in collaborative relationships with customers and channel 
partners, drawing from a global supply chain network to produce a 
range of systems from desktop monitors to high-performance 
displays for challenging applications in medical and industrial 
markets. Founded in 1983 and publicly traded on the Nasdaq 
National Market as 'PLNR', Planar is headquartered in Oregon and 
has operations in the United States and Europe. (source: company 
press release)

Why We Like It:
In this market environment, where the hope of a second half 
recovery is meeting the reality that it may be late (again), the 
quality of the earnings is being called to the spotlight for many 
corporations.  It looks like PLNR has nothing to worry about.  
PLNR just announced its Q2 results on the 16th and the numbers 
were good.  Estimates had been for 26 cents a share and the 
company turned in 30-cents.  It was a record breaking quarter for 
PLNR with sales of $62.9 million, up eight percent over a year-
ago quarter and up five percent over last quarter.  Net income 
was $4.4 million.  Probably more important is that management 
raised PLNR's its revenue and earnings outlook for the rest of 
fiscal 2003.  

That positive news had shares of PLNR rocketing ahead past long-
time resistance at $22.00 and breaking out of a longer-term trend 
of lower highs on its weekly chart.  This new strength, fueled by 
stronger earnings expectations, can inspire new bullish investors 
to own the stock while scaring shorts to cover.  Volume was very 
strong on Thursday after the Wednesday evening report and 
remained rather strong on Friday's session.

How would we play it?  Looking at a long-term weekly chart we 
really like the new relative high and with the close over $22.50 
we could easily see shares trade toward the March 2002 highs near 
$26.00.  Some chart technicians might translate the into a rather 
ugly and distorted reverse head-and-shoulders pattern.  Now that 
the neckline is broken that would project an eventual move to 
more than $40.  However, we believe the $30-$32 level is going to 
be serious resistance.  Looking at the daily candlestick chart 
we're prefer to see a pull back to the $22.00-22.50 area to enter 
on a dip but given PLNR's strength on Friday that may not be an 
option.  If a dip doesn't present itself then traders are left to 
evaluate new positions at current levels.

Given the big move from Wednesday's low, this might feel a little 
aggressive.  Gauge your entry carefully.  We're going to open the 
play with a stop loss at $20.99.  More conservative traders can 
try and opt for a closer stop near $22.

Annotated chart for PLNR:


Picked on July 20 at $23.89
Change since picked:  +0.00
Earnings Date       7/16/03 (confirmed)
Average Daily Volume:   174 K




  -----------------
  New Bearish Plays
  -----------------

Yahoo! Inc. - YHOO - close: 29.95 change: -0.66 stop: 32.75

Company Description:
Yahoo! Inc. is a global Internet company that offers a 
comprehensive branded network of properties and services to 
consumers and businesses worldwide.  The company's properties and 
services for consumers and businesses reside in five vertical 
areas: Search and Marketplace, Information and Content, Network 
and Platform Services, Enterprise Solutions and Consumer 
Services.  YHOO's basic products and service offerings are 
available without charge to its consumers.  The company also 
offers a variety of fee-based premium services that provide its 
consumers access to value-added content or services.

Why we like it:
Throughout the impressive Internet rally that kicked off in early 
March, YHOO has been leading the charge.  With pullbacks for 
consolidation being few and far between, the stock nearly doubled 
from its March lows before topping out just shy of the $35 level 
just over a week ago.  As expected, the company met estimates 
when it reported earnings on July 9th, but judging by the 
subsequent price action, there was something lacking as far as 
investors were concerned.  The next morning, First Albany 
downgraded YHOO from Buy to Neutral and the selling party began.  
That got the ball rolling and traders rushed to the exits and 
driving the stock under the 20-dma.  After finding resistance at 
that average for a week, YHOO really started selling off last 
Wednesday, and we got our first serious technical breakdown on 
Thursday, with the stock closing below the bottom of the 
ascending channel that had described the stock's movements since 
early March.  That selling pressure persisted on Friday, and the 
bears were rewarded with a serious technical breakdown.  By the 
end of the day, the stock had broken the $30 support level 
(resistance in late May and early June), the ascending trendline 
that began in early March and the 50-dma ($30.10).

Given the amount of work it took to breach this level on the way 
up, we're not convinced the bulls are going to give up so easily, 
and an oversold rebound early next week would not be unexpected.  
But we're expecting that resistance is now going to be found in 
the $31.50-32.00 area, and a failed rebound in that area would 
make for a great entry point.  Now that this pullback has gotten 
underway, we're looking for an eventual pullback of 38% of the 
rally from the October lows and that equates to a pullback to 
$25.56.  Realizing that interim support at $27.50 might prop the 
stock up though, we are setting that as an interim profit target.  
Should the selling continue to be strong, then we'll look for a 
final exit point near $26, which is just above that 38% 
retracement.  Both the 10-dma ($32.73) and 20-dma ($32.72) have 
now turned down and this pair should provide formidable 
resistance to any renewed rally, giving us confidence in placing 
our stop initially at $32.75.

Annotated Chart of YHOO:


Picked on July 20th at   $29.95
Change since picked       +0.00
Earnings Date           10/08/03 (unconfirmed)
Average Daily Volume =  12.8 mln
chart link:




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

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

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


Coach Inc. - COH - close: 52.65 change: -0.08 stop: 51.99

As we indicated in Wednesday's update the bulls in COH are 
running low on time.  There are just six trading days left ahead 
of COH's July 29th earnings report and we really don't want to 
hold over the announcement.  Not when faced with sharp reactions 
seen in the likes of TBL (and COF and PGR, etc).  The recent 
consolidation of gains is not unexpected but we are dismayed by 
the lack of participation by COH in today's late day rally.  The 
Industrials managed a 137 point rise and the RLX ended in the 
green but COH still lost 8-cents on the day.  

We had been expecting a momentum-driven ramp up into COH's 
earnings report given their exceptional growth and half expect 
them to announce another 2-for-1 stock split with the report.  
Yup, we said stock split.  While we can't confirm it the 
opportunity for management to announce a split is there.  The 
stock last split 2-for-1 on July 5th, 2002 near the $50 level.  
Shares are above $50 now and the company is authorized to issue 
up to 250 million shares.  There are only 90 million shares 
outstanding now.  Unfortunately, with action like we see today 
the ramp up may have already occurred.  The last several weeks 
have seen investors step in and buy the stock when it retreated 
back to its 30 or 50-dma's.  Most recently it has been the 30-
dma.  That is exactly where shares of COH have found support the 
last two sessions.  It is also why our stop loss is at $51.99 
(under the 30-dma).  More aggressive traders willing to take a 
wider risk might consider setting their stops under the 50-dma 
currently near the $50.00 mark.

Given the lack of bounce in today's performance we would not 
suggest new bullish positions.  

Annotated Chart for COH:


Picked on July 13 at $55.33
Change since picked:  -2.68
Earnings Date       7/29/03 (unconfirmed)
Average Daily Volume:   966 K




---


Graftech - GTI - close: 6.13 change: +0.08 stop: 5.99 

News continues to be sparse for GTI and the market pull back on 
Thursday didn't help us any.  Shares fell back toward the $6.00 
level but the support we mentioned on Wednesday, at $6.05, held 
up.  GTI closed at $6.05 at the end of Thursday's session and the 
outlook didn't look good for Friday.  At least that's what some 
of your charts say.  Looking at a short-term intraday (5-minute) 
chart we can't see the trade at $6.05.  Instead we see GTI 
closing near $6.15 on Thursday and trading between $6.30 and 
$6.10 all day Friday.  To cut through all these numbers the 
essential message is this.  GTI has fallen back to support on 
light volume.  This is either a great low-risk entry point for 
new bullish plays (assuming our stop at $5.99) or the stock is 
merely stalling before more profit taking next week.  
Unfortunately, most of the oscillators and buy-sell signals have 
rolled over into bearish formations.  Traders may be better off 
waiting for a bounce from current levels.  Considering that there 
are just three trading days left before GTI's earnings report and 
the fact that we're not planning on holding over the 
announcement, it may not be prudent to initiate new positions at 
this time.

Annotated Chart of GTI:


Picked on  July 6 at  $6.06
Change since picked:  +0.07
Earnings Date:     07/24/03 (confirmed)
Average Daily Volume:  391 thousand





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


Bemis Company - BMS - close: 43.60 change: +0.54 stop: 45.10

We've been waiting for a bounce in shares of BMS ever since we 
began coverage of the play a week and a half ago.  It has been 
quite gratifying to see the continual decline and with the 
rebound on Friday, we'll finally get a view for how strong the 
rebound is going to be.  Initial resistance should be found in 
the $44.00-44.25 area, with stronger resistance found in the 
$44.65-44.85 area.  Splitting the difference is the 10-dma 
($44.52), which ought to reinforce overhead resistance, so long 
as the downtrend hasn't yet run its course.  Conservative traders 
that entered at higher levels may want to harvest partial gains 
on continued strength next week and look to re-enter on the 
rollover below resistance.  Recall that our initial downside 
target is $42, but if the rest of the market continues to look 
weak next week, then our final profit target of $40 should be 
achievable.  Look for new entries on a rollover near resistance, 
and maintain stops at $45.10, just above what should be strong 
resistance.  Remember, BMS is set to report earnings Wednesday 
morning, so one way or the other, we're recommending that all 
positions be closed by the end of the day on Tuesday.

Picked on July 9th at    $45.18
Change since picked       -1.58
Earnings Date          07/23/03 (unconfirmed)
Average Daily Volume =    258 K





---


Hovnanian Ent. - HOV - cls: 52.65 chng: -1.10 stop: 57.00*new*

We knew we were being aggressive when we decided to try playing 
the downside in the Housing sector last week, but given the 
bearish implications to the group from the recent sharp rise in 
Treasury yields, it was too good to pass up.  From the trading 
action of the past couple days, it looks like we may have finally 
caught a decent trade in the sector, as HOV has continued down, 
filling in its late-May gap on Friday and catching a mild rebound 
from the $52 level.  We've been looking for that level to provide 
at least minor support and the subsequent price action next week 
should prove quite instructive.  With the Dow Jones Home 
Construction index breaking below $430 over the past couple days, 
it looks like we can expect further weakness.  A rebound failure 
below $55 looks good for new entries, although we could see a 
stronger rebound near $56 and still preserve the bearish trend.  
HOV has closed below its lower Bollinger band for the past 3 
days, so we aren't advocating new entries on further weakness.  
Look for the $DJUSHB to roll over from resistance in the $430-435 
area to confirm weakness in HOV before playing.

Picked on July 16th at   $54.25
Change since picked       -1.60
Earnings Date           08/27/03 (unconfirmed)
Average Daily Volume =    984 K






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

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


Borders Group - BGP - close: 18.05 change: -0.10 stop: 17.95

It was bound to happen sooner or later, and Friday's expiration 
trade got the job done, stopping us out of our BGP trade.  
Despite the stock's recent strength, the pullback in the rest of 
the market finally took its toll, dropping price down to $17.80 
near midday.  Sure there was a rebound into the close, but by 
then the damage was done.  We still managed to escape with a 
small gain on the play, so we're thankful for that.  Traders that 
weren't stopped out of open positions on Friday should use a 
continuation of Friday's rebound to exit the play on Monday.

Picked on June 29th at   $17.54
Change since picked       +0.51
Earnings Date           08/19/03 (unconfirmed)
Average Daily Volume =    494 K





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

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

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


BEA Systems - BEAS - close: 12.79 change: -0.11 stop: 11.50

Company Description:
BEA Systems is an application infrastructure software provider.  
The company's WebLogic Enterprise Platform includes BEA WebLogic 
Server, a standards-based application server that serves as a 
platform for deployment and integration of enterprise-scale 
application and Web services, BEA WebLogic Integration, a 
standards-based platform for workflow, application integration, 
Web services and B2B integration, BEA WebLogic Portal, a 
sophisticated rules-based infrastructure for rich user interfaces 
to a wide variety of enterprise data, and BEA WebLogic Workshop, 
an easy-to-use framework for development and deployment of Web 
services and Java-based applications.

Why we like it:
After nearly tripling in price from its October low to the 
January high, shares of BEAS fell back to begin a process of 
consolidation beginning in early March.  Since then, the stock 
has been vacillating between $9 and $12, with each of the dips 
finding buying support at a slightly higher level.  This pattern 
of higher lows has corresponded nicely with the rising 200-dma 
and as you can see on the chart below, the stock has been tracing 
out a solid bullish wedge .  Resistance on that pattern could be 
drawn anywhere between $11.90-12.35, but we think the key 
resistance was $12.00, as until a couple weeks ago, BEAS had been 
unable to sustain any move over that level.  Surging higher in 
early July, the stock finally managed a couple closes above that 
level, but the breakout wasn't yet complete, with a subsequent 
pullback to just above $11.  This differed from all the prior 
pullbacks in this consolidation pattern, as BEAS found support 
above the 20-dma, rather than below it.  The stock had already 
begun another rebound when it really got goosed to the upside by 
a pre-open upgrade to Buy from Merrill Lynch on Wednesday.  That 
was enough for a strong gap up at the open, which had the stock 
trading as high as $13.27.  The trade at $2.50 was enough for a 
new PnF Buy signal, and trading $13.00 was enough to remove the 
possibility of a bull trap with a two-box breakout.  

The stock sold off hard on Friday morning on no news, falling all 
the way to $12.14 before finding support just above the 10-dma 
($12.10) and then rebounding strongly into the close.  That 
intraday drop and subsequent rebound looks close enough to a gap 
fill for our purposes and now the bulls can set their sights on 
next resistance at $14.  While that level is likely to present 
some mild resistance, we think the stock is heading higher and 
we're setting our goal for the play at $16, near the March 2002 
highs.  With earnings nearly a month away (8/13), we've got 
plenty of time to pick our entry point wisely and then let the 
expected rally play out in our favor.  Another intraday dip near 
the 10-dma looks like a favorable entry point, with support 
looking solid at this prior resistance level.  Aggressive traders 
can certainly consider entering on a breakout above $13.30, but 
our primary concern with this approach is that is above the upper 
Bollinger band and such a breakout will likely be unsustainable 
without at least a minor pullback first.  We're setting our stop 
initially at $11.50, just below the 20-dma ($11.52), but more 
conservative traders may want to use a slightly tighter stop at 
$11.95, just below the key $12 support level.

Annotated Chart of BEAS:


Picked on July 20th at   $12.79
Change since picked       +0.00
Earnings Date            8/13/03 (unconfirmed)
Average Daily Volume =  10.9 mln





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

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


Sirius Satellite - SIRI - close: 1.70 change: +0.035 stop: 1.60

To hold over earnings or not to hold, that is the question that 
will be on SIRI shareholders' minds for the next two and a half 
weeks.  The company just announced that their Q2 earnings report 
will come out on August 6th.  While anyone who bought the stock 
near 50 cents is questioning why they didn't sell at $2.25 or 
higher in early June the rest of us are wondering if it will get 
there again.  The market weakness brought SIRI back down to the 
$1.70 level but its rising 50-dma has held up as support.  
Unfortunately, shares really didn't participate that much in 
Friday's afternoon rally.  There appears to be strong selling at 
$1.71 and until that supply is consumed it will remain a lid on 
the stock price.  We continue to suggest caution on the play.  
While new long positions at current levels don't appear to hold a 
lot of risk (with our stop at $1.60), momentum traders might be 
better off waiting for a strong move back over $1.80 or even 
$1.90.  It is probably worth keeping an eye on shares of XMSR, 
the leader in this industry.  If XMSR breaks down under the 
$12.00 mark it could weigh heavily on SIRI as well.

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

Annotated chart of SIRI:
 

Picked on July 02 at $ 1.78
Change since picked:  -0.08
Earnings Date      08/06/03 (confirmed)
Average Daily Volume:    71  million

 




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PremierInvestor.net Newsletter          Weekend Edition 07-20-2003
                                                    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 21st
   - 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 21st
==========================================

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

Symbol  Company               Date           Comment      EPS Est

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

MMM    3M Company            Mon, Jul 21  Before the Bell     1.51
ALTR   Altera Corporation    Mon, Jul 21  4:15 pm ET          0.09
AMX    America Movil         Mon, Jul 21  After the Bell      0.39
AME    AMETEK Inc.           Mon, Jul 21  After the Bell      0.65
ARM    ArvinMeritor, Inc.    Mon, Jul 21  Before the Bell     0.66
BNK    Banknorth Group Inc.  Mon, Jul 21  Before the Bell     0.54
BWA    BorgWarner, Inc.      Mon, Jul 21  Before the Bell     1.54
CD     Cendant Corporation   Mon, Jul 21  After the Bell      0.35
CTX    Centex Corporation    Mon, Jul 21  After the Bell      1.84
CHKP   Check Point Sftwr TechMon, Jul 21  Before the Bell     0.24
CNF    CNF Inc.              Mon, Jul 21  After the Bell      0.28
GLW    Corning               Mon, Jul 21  After the Bell     -0.01
RE     Everest Re Group      Mon, Jul 21  After the Bell      1.92
GSPN   GlobespanVirata, Inc. Mon, Jul 21  After the Bell      0.04
GDW    Golden West Financial Mon, Jul 21  -----N/A-----       1.69
HAS    Hasbro, Inc.          Mon, Jul 21  Before the Bell     0.04
HE     Hawaiian Electric     Mon, Jul 21  After the Bell      0.77
IDXX   Idexx Laboratories    Mon, Jul 21  Before the Bell     0.42
ICBC   Indep Comm Bank       Mon, Jul 21  After the Bell      0.62
INET   Instinet Group Incorp Mon, Jul 21  -----N/A-----        N/A
LH     Lab Corp of America   Mon, Jul 21  After the Bell      0.60
LEE    Lee Enterprises Inc   Mon, Jul 21  Before the Bell     0.46
LXK    Lexmark International Mon, Jul 21  Before the Bell     0.78
LRY    Liberty Prop Trust    Mon, Jul 21  After the Bell      0.79
LNCR   Lincare Holdings      Mon, Jul 21  After the Bell      0.50
MHM    Masonite Intl Corp    Mon, Jul 21  -----N/A-----       0.51
MRK    Merck & Co., Inc.     Mon, Jul 21  Before the Bell     0.84
MEOH   Methanex              Mon, Jul 21  -----N/A-----       0.50
NHY    Norsk Hydro           Mon, Jul 21  03:30 am ET         0.97
NVS    Novartis Corporation  Mon, Jul 21  Before the Bell     0.51
NVLS   Novellus Systems, Inc Mon, Jul 21  -----N/A-----       0.05
PBI    Pitney Bowes Inc.     Mon, Jul 21  After the Bell      0.59
PCL    Plum Creek Timber     Mon, Jul 21  After the Bell      0.26
PNC    PNC Finl Serv Group   Mon, Jul 21  Before the Bell     0.93
SANM   Sanmina-SCI Corp.     Mon, Jul 21  After the Bell      0.01
SLAB   Silicon Laboratories  Mon, Jul 21  After the Bell      0.21
SII    Smith International   Mon, Jul 21  Before the Bell     0.26
SWBT   Southwest Bank Texas  Mon, Jul 21  After the Bell      0.46
SWFT   Swift Transportation  Mon, Jul 21  After the Bell      0.24
TXN    Texas Instruments     Mon, Jul 21  After the Bell      0.06
BBDA   Bank of Bermuda Lmtd  Mon, Jul 21  Before the Bell      N/A
UHS    Universal Health Serv Mon, Jul 21  After the Bell      0.80
WRE    Wash Rl Est InvstTrst Mon, Jul 21  After the Bell      0.50
WFT    Weatherford Intl      Mon, Jul 21  Before the Bell     0.31


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

NDN    99 CENTS Only         Tue, Jul 22  After the Bell      0.21
ABGX   Abgenix               Tue, Jul 22  -----N/A-----      -0.38
ATVI   Activision            Tue, Jul 22  -----N/A-----       0.00
AL     Alcan Inc.            Tue, Jul 22  -----N/A-----       0.42
AMZN   Amazon.com, Inc.      Tue, Jul 22  -----N/A-----       0.06
AMTD   Ameritrade Holding    Tue, Jul 22  Before the Bell     0.10
AMGN   Amgen                 Tue, Jul 22  After the Bell      0.46
AOT    Apogent Technologies  Tue, Jul 22  After the Bell      0.34
AHG    Apria Healthcare Grp  Tue, Jul 22  Before the Bell     0.52
ARMHY  ARM Holdings Plc.     Tue, Jul 22  02:00 am ET         0.02
AJG    Arthur J. Gallagher   Tue, Jul 22  After the Bell      0.37
ASH    Ashland               Tue, Jul 22  -----N/A-----       1.16
AVY    Avery Dennison Corp   Tue, Jul 22  11:00 am ET         0.70
BPC    Banco Com Portugues   Tue, Jul 22  -----N/A-----        N/A
BZH    Beazer Homes USA Inc. Tue, Jul 22  After the Bell      2.90
BJS    BJ SVCS CO            Tue, Jul 22  Before the Bell     0.30
BXP    Boston Properties     Tue, Jul 22  -----N/A-----       1.00
BSX    Boston Sci Corp       Tue, Jul 22  After the Bell      0.30
BRCM   Broadcom              Tue, Jul 22  After the Bell      0.09
BNI    Brlngtn No Santa Fe   Tue, Jul 22  Before the Bell     0.52
CHRW   C.H. Robinson Wrldwde Tue, Jul 22  Before the Bell     0.34
CNI    Canadian Natl Railway Tue, Jul 22  Before the Bell     0.89
CECO   Career Education      Tue, Jul 22  After the Bell      0.31
CME    CHICAGO MERCANTILE    Tue, Jul 22  Before the Bell     0.93
CPS    ChoicePoint, Inc.     Tue, Jul 22  Before the Bell     0.37
CNET   CNET Networks         Tue, Jul 22  After the Bell     -0.09
CTSH   Cognizant Tech Sol    Tue, Jul 22  -----N/A-----       0.18
CL     Colgate-Palmolive     Tue, Jul 22  -----N/A-----       0.62
CPWR   Compuware Corporation Tue, Jul 22  After the Bell      0.03
CPO    Corn Products Intl    Tue, Jul 22  Before the Bell     0.50
CFC    Countrywide Financial Tue, Jul 22  Before the Bell     2.83
CYMI   Cymer, Inc.           Tue, Jul 22  After the Bell     -0.20
DNB    D&B                   Tue, Jul 22  After the Bell      0.50
DCLK   DoubleClick           Tue, Jul 22  After the Bell      0.01
ELNK   EarthLink             Tue, Jul 22  Before the Bell     0.03
ECL    Ecolab Inc.           Tue, Jul 22  Before the Bell     0.25
EW     Edwards Lifesciences  Tue, Jul 22  After the Bell      0.39
EFII   Electronics for Imag  Tue, Jul 22  After the Bell      0.15
ESA    Extended Stay America Tue, Jul 22  After the Bell      0.14
FII    Federated Investors B Tue, Jul 22  After the Bell      0.44
FISV   Fiserv                Tue, Jul 22  After the Bell      0.39
FLS    Flowserve Corp        Tue, Jul 22  Before the Bell     0.32
HET    Harrah's Entert       Tue, Jul 22  Before the Bell     0.74
HCA    HCA                   Tue, Jul 22  Before the Bell     0.77
HCP    Health Care Property  Tue, Jul 22  Before the Bell     0.89
HMA    Health Management Ass Tue, Jul 22  Before the Bell     0.30
HRH    Hilb, Rogal Hamilton  Tue, Jul 22  Before the Bell     0.50
HNI    HON INDUSTRIES, Inc.  Tue, Jul 22  Before the Bell     0.33
ITW    Illinois Tool Works   Tue, Jul 22  Before the Bell     0.88
RX     IMS Health            Tue, Jul 22  After the Bell      0.24
N      Inco                  Tue, Jul 22  -----N/A-----       0.10
IFX    Infineon Technologies Tue, Jul 22  01:30 am ET        -0.30
IPCR   IPC Holdings          Tue, Jul 22  After the Bell      1.07
LSCC   Lattice Semiconductor Tue, Jul 22  -----N/A-----       0.02
LLTC   Linear Technology     Tue, Jul 22  After the Bell      0.20
LOGI   Logitech Intl         Tue, Jul 22  Before the Bell     0.10
LZ     Lubrizol              Tue, Jul 22  Before the Bell     0.58
MXO    Maxtor Corp           Tue, Jul 22  After the Bell      0.08
MDCO   MEDICINES CO          Tue, Jul 22  After the Bell     -0.12
MRBK   Mercantile Bankshare  Tue, Jul 22  Before the Bell     0.71
MDG    Meridian Gold Inc.    Tue, Jul 22  After the Bell      0.09
MGM    Metro-Goldwyn-Mayer   Tue, Jul 22  -----N/A-----      -0.23
MLNM   Millennium Pharm      Tue, Jul 22  After the Bell     -0.17
MKSI   MKS Instruments       Tue, Jul 22  4:00 pm ET         -0.06
MCO    Moody's Corporation   Tue, Jul 22  After the Bell      0.56
NU     Northeast Utilities   Tue, Jul 22  Before the Bell     0.15
OXY    Occidental Petroleum  Tue, Jul 22  Before the Bell     0.95
OI     Owens Illinois        Tue, Jul 22  After the Bell      0.47
PLD    ProLogis Trust        Tue, Jul 22  After the Bell      0.58
PEG    PSEG                  Tue, Jul 22  Before the Bell     0.51
PTZ    Pulitzer Inc.         Tue, Jul 22  Before the Bell     0.53
DGX    Quest Diagnostics     Tue, Jul 22  Before the Bell     1.10
RSH    RadioShack Corp       Tue, Jul 22  Before the Bell     0.29
RYN    Rayonier Inc.         Tue, Jul 22  Before the Bell     0.70
RGC    Regal Ent Grp         Tue, Jul 22  Before the Bell     0.33
RNR    RenaissanceRe Hold    Tue, Jul 22  After the Bell      1.40
RTRSY  Reuters Group         Tue, Jul 22  02:00 am ET          N/A
ROK    Rockwell Automation   Tue, Jul 22  Before the Bell     0.30
RYL    Ryland Group          Tue, Jul 22  After the Bell      1.80
SLB    Schlumberger          Tue, Jul 22  After the Bell      0.32
SEPR   Sepracor              Tue, Jul 22  Before the Bell    -0.60
SHW    Sherwin-Williams      Tue, Jul 22  -----N/A-----       0.75
SEBL   Siebel Systems        Tue, Jul 22  -----N/A-----       0.02
SIAL   Sigma-Aldrich Corp    Tue, Jul 22  4:00 pm ET          0.66
SLG    SL Green Realty       Tue, Jul 22  After the Bell      0.86
STK    Storage Technology    Tue, Jul 22  -----N/A-----       0.24
SUNW   Sun Microsystems      Tue, Jul 22  -----N/A-----       0.02
TE     TECO Energy Inc.      Tue, Jul 22  -----N/A-----       0.29
TK     TKAY SHIP MARSHALL    Tue, Jul 22  -----N/A-----       2.29
TLAB   Tellabs               Tue, Jul 22  Before the Bell    -0.08
CAKE   The Cheesecake Fact   Tue, Jul 22  After the Bell      0.30
JOE    The St. Joe Company   Tue, Jul 22  Before the Bell     0.17
SWK    The Stanley Works     Tue, Jul 22  Before the Bell     0.50
TMO    Thermo Electron Corp  Tue, Jul 22  After the Bell      0.24
TMA    Thornburg Mortgage    Tue, Jul 22  After the Bell       N/A
TDW    Tidewater             Tue, Jul 22  Before the Bell     0.29
TMK    Torchmark             Tue, Jul 22  Before the Bell     0.95
UPS    UNITED PARCEL SERVICE Tue, Jul 22  Before the Bell     0.59
VVC    Vectren Corporation   Tue, Jul 22  After the Bell      0.15
VFC    VF                    Tue, Jul 22  -----N/A-----       0.60
VTSS   Vitesse Semiconductor Tue, Jul 22  After the Bell     -0.04
WAT    Waters Corporation    Tue, Jul 22  Before the Bell     0.32
WLP    WellPoint Hlth Net    Tue, Jul 22  After the Bell      1.39
WSTC   West Corporation      Tue, Jul 22  After the Bell      0.30
WFSI   WFS Financial         Tue, Jul 22  After the Bell      0.77
WWY    Wm. Wrigley Jr. Co.   Tue, Jul 22  -----N/A-----       0.56
XTO    XTO Energy Inc.       Tue, Jul 22  -----N/A-----       0.37


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

TW     21st Century Ins      Wed, Jul 23  After the Bell      0.18
ABY    Abitibi-Consolidated  Wed, Jul 23  Before the Bell      N/A
ACXM   Acxiom                Wed, Jul 23  After the Bell      0.06
ADO    Adecco SA             Wed, Jul 23  01:00 am ET          N/A
ADVP   AdvancePCS            Wed, Jul 23  After the Bell      0.49
AFFX   Affymetrix            Wed, Jul 23  After the Bell      0.03
AFL    AFLAC Incorporated    Wed, Jul 23  After the Bell      0.45
ALB    Albemarle Corp        Wed, Jul 23  Before the Bell     0.42
AGN    Allergan              Wed, Jul 23  Before the Bell     0.52
ALO    Alpharma              Wed, Jul 23  After the Bell      0.25
DOX    Amdocs Limited        Wed, Jul 23  After the Bell      0.22
BUD    Anheuser-Busch Co     Wed, Jul 23  -----N/A-----       0.75
AOL    AOL Time Warner       Wed, Jul 23  Before the Bell     0.10
ABI    Applied Biosystems    Wed, Jul 23  Before the Bell     0.22
AWE    AT&T Wireless         Wed, Jul 23  After the Bell      0.04
AVP    Avon Products Inc.    Wed, Jul 23  -----N/A-----       0.69
BLS    BellSouth Corp        Wed, Jul 23  08:00 am ET         0.49
BBI    Blockbuster Inc.      Wed, Jul 23  -----N/A-----       0.25
BC     Brunswick Corporation Wed, Jul 23  After the Bell      0.54
BOBJ   Business Objects      Wed, Jul 23  -----N/A-----       0.17
CBT    Cabot                 Wed, Jul 23  After the Bell      0.50
CSG    Cadbury Schweppes     Wed, Jul 23  -----N/A-----        N/A
CP     Canadian Pac Railway  Wed, Jul 23  Before the Bell     0.38
CHIR   Chiron                Wed, Jul 23  After the Bell      0.33
CHH    Choice Hotels Intl    Wed, Jul 23  After the Bell      0.41
CTXS   Citrix Systems        Wed, Jul 23  After the Bell      0.16
CGNX   Cognex                Wed, Jul 23  After the Bell      0.06
COLT   COLT Telecom Group    Wed, Jul 23  Before the Bell      N/A
COLM   Columbia Sportswear   Wed, Jul 23  After the Bell      0.20
CYH    Community Health Sys  Wed, Jul 23  After the Bell      0.29
CA     Computer Ass Intl     Wed, Jul 23  After the Bell      0.09
CVG    Convergys Corporation Wed, Jul 23  Before the Bell     0.27
CVD    Covance               Wed, Jul 23  After the Bell      0.29
CFR    Cullen/Frost Bankers  Wed, Jul 23  Before the Bell     0.59
CYTC   Cytyc Corporation     Wed, Jul 23  After the Bell      0.16
DP     Diagnostic Products   Wed, Jul 23  Before the Bell     0.54
DL     Dial                  Wed, Jul 23  Before the Bell     0.33
DBD    Diebold               Wed, Jul 23  Before the Bell     0.57
DST    DST Systems           Wed, Jul 23  After the Bell      0.44
EK     Eastman Kodak Company Wed, Jul 23  Before the Bell     0.29
EDS    Electronic Data Sys   Wed, Jul 23  After the Bell      0.34
EEP    Enbridge Energy Part  Wed, Jul 23  After the Bell      0.46
EGN    Energen               Wed, Jul 23  -----N/A-----       0.46
ESRX   Express Scripts, Inc. Wed, Jul 23  After the Bell      0.78
FIC    Fair Isaac Corp       Wed, Jul 23  4:05 pm ET          0.57
FNF    Fidelity Natl Finl    Wed, Jul 23  Before the Bell     1.59
FNIS   Fidelity Natl Inf Sol Wed, Jul 23  Before the Bell     0.31
FR     First Indl Realty TrstWed, Jul 23  After the Bell      0.71
FMBI   First Midwest Bancorp Wed, Jul 23  Before the Bell     0.48
FLIR   FLIR Systems, Inc.    Wed, Jul 23  Before the Bell     0.31
FTI    Fmc Technologies      Wed, Jul 23  After the Bell      0.29
FDRY   Foundry Networks      Wed, Jul 23  After the Bell      0.10
FCN    FTI Consulting        Wed, Jul 23  After the Bell      0.41
FBN    Furniture Brands      Wed, Jul 23  After the Bell      0.43
GYI    GETTY IMAGES INC      Wed, Jul 23  -----N/A-----       0.20
GSK    GlaxoSmithKline       Wed, Jul 23  07:00 am ET         0.69
GSF    GlobalSantaFe Corp.   Wed, Jul 23  -----N/A-----       0.06
GG     Goldcorp              Wed, Jul 23  After the Bell      0.10
GLK    Great Lakes Chemical  Wed, Jul 23  After the Bell      0.37
GBBK   Greater Bay Bancorp   Wed, Jul 23  Before the Bell     0.41
DA     Groupe Danone         Wed, Jul 23  -----N/A-----       0.71
HRS    Harris                Wed, Jul 23  After the Bell      0.39
HHS    Harte-Hanks           Wed, Jul 23  -----N/A-----       0.25
HMT    Host Marriott         Wed, Jul 23  Before the Bell     0.21
HUBb   Hubbell Incorporated  Wed, Jul 23  11:00 am ET         0.43
HYSL   Hyperion              Wed, Jul 23  After the Bell      0.24
IMO    Imperial Oil Limited  Wed, Jul 23  -----N/A-----        N/A
INMRY  Instrumentarium       Wed, Jul 23  02:00 am ET          N/A
ISIL   Intersil Corporation  Wed, Jul 23  -----N/A-----       0.16
JKHY   Jack Henry & Ass      Wed, Jul 23  -----N/A-----       0.15
KMB    Kimberly Clark        Wed, Jul 23  -----N/A-----       0.81
KB     Kookmin Bank          Wed, Jul 23  -----N/A-----        N/A
LLL    L-3 Comm Holdings     Wed, Jul 23  Before the Bell     0.58
LRCX   Lam Research          Wed, Jul 23  After the Bell      0.02
LF     LeapFrog Enterprises  Wed, Jul 23  After the Bell     -0.15
LIN    Linens 'n Things Inc. Wed, Jul 23  Before the Bell     0.12
LSI    LSI Logic             Wed, Jul 23  After the Bell     -0.08
MACR   Macromedia            Wed, Jul 23  After the Bell      0.10
MENT   Mentor Graphics       Wed, Jul 23  After the Bell      0.09
MCRL   Micrel Semiconductor  Wed, Jul 23  After the Bell     -0.01
MOLX   Molex Inc.            Wed, Jul 23  4:00 pm ET          0.15
MYL    Mylan Laboratories    Wed, Jul 23  Before the Bell     0.38
NATI   National Instruments  Wed, Jul 23  After the Bell      0.15
NSCN   NetScreen Tech        Wed, Jul 23  After the Bell      0.16
NCEN   New Century Finl      Wed, Jul 23  After the Bell      1.55
NBL    Noble Energy, Inc.    Wed, Jul 23  -----N/A-----       0.44
NSC    Norfolk Southern Corp Wed, Jul 23  Before the Bell     0.37
NCX    NOVA Chemicals        Wed, Jul 23  Before the Bell     0.02
OSI    Outback Steakhouse    Wed, Jul 23  After the Bell      0.60
OVER   Overture Services Inc Wed, Jul 23  After the Bell      0.06
PFCB   P.F. Chang's          Wed, Jul 23  Before the Bell     0.27
PTV    Pactiv                Wed, Jul 23  After the Bell      0.37
PTEN   Patterson-UTI Energy  Wed, Jul 23  Before the Bell     0.08
PAS    PepsiAmericas         Wed, Jul 23  Before the Bell     0.35
PKI    PerkinElmer           Wed, Jul 23  Before the Bell     0.11
PX     Praxair Inc           Wed, Jul 23  Before the Bell     0.87
PGN    Progress Energy       Wed, Jul 23  Before the Bell     0.78
PSD    Puget Energy          Wed, Jul 23  After the Bell      0.35
QCOM   QUALCOMM Inc.         Wed, Jul 23  After the Bell      0.30
QSFT   Quest Software Inc.   Wed, Jul 23  After the Bell      0.06
RHD    R.H. Donnelley Corp   Wed, Jul 23  After the Bell      0.68
R      Ryder System, Inc.    Wed, Jul 23  Before the Bell     0.52
SGP    Schering-Plough       Wed, Jul 23  Before the Bell     0.12
SEE    Sealed Air            Wed, Jul 23  11:00 am ET         0.57
SINA   SINA CORP             Wed, Jul 23  After the Bell      0.19
SWKS   Skyworks              Wed, Jul 23  After the Bell     -0.04
STN    Station Casinos       Wed, Jul 23  -----N/A-----       0.22
STM    STMicroelectronics    Wed, Jul 23  After the Bell      0.12
SDS    SunGard Data Systems  Wed, Jul 23  After the Bell      0.31
SWMAY  Swedish Match         Wed, Jul 23  -----N/A-----        N/A
SY     Sybase                Wed, Jul 23  Before the Bell     0.21
SYMC   Symantec              Wed, Jul 23  -----N/A-----       0.39
TELN   Telenor ASA           Wed, Jul 23  -----N/A-----        N/A
TDS    Telephone Data        Wed, Jul 23  Before the Bell     0.56
TIN    Temple-Inland, Inc.   Wed, Jul 23  -----N/A-----      -0.05
BA     The Boeing Company    Wed, Jul 23  -----N/A-----       0.45
FAF    The First Am Corp     Wed, Jul 23  Before the Bell     1.07
REY    The Reynolds Reynolds Wed, Jul 23  -----N/A-----       0.40
TKR    The Timken Company    Wed, Jul 23  After the Bell      0.25
USM    U.S. Cellular         Wed, Jul 23  Before the Bell     0.36
USTR   United Stationers Inc Wed, Jul 23  After the Bell      0.53
VARI   Varian, Inc.          Wed, Jul 23  After the Bell      0.33
VTR    Ventas                Wed, Jul 23  After the Bell      0.37
VRTS   VERITAS Software Corp Wed, Jul 23  After the Bell      0.15
EYE    VISX Inc.             Wed, Jul 23  -----N/A-----       0.07
VOLVY  Volvo AB              Wed, Jul 23  02:00 am ET          N/A
BER    W.R. Berkley          Wed, Jul 23  After the Bell      1.10
WSH    Willis Group Holdings Wed, Jul 23  After the Bell      0.47
WYE    WYETH                 Wed, Jul 23  07:00 am ET         0.48
YCC    Yankee Candle         Wed, Jul 23  Before the Bell     0.12
ZMH    Zimmer Inc.           Wed, Jul 23  After the Bell      0.42


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

RKY    Adolph Coors, Co.     Thu, Jul 24  -----N/A-----       1.88
AFCI   Advanced Fibre Comm   Thu, Jul 24  After the Bell      0.07
AG     AGCO                  Thu, Jul 24  -----N/A-----       0.31
ARG    Airgas                Thu, Jul 24  After the Bell      0.25
ACV    Alberto-Culver Co.    Thu, Jul 24  10:30 am ET         0.68
ALEX   Alexander & Baldwin   Thu, Jul 24  After the Bell      0.45
ALE    Allete                Thu, Jul 24  -----N/A-----       0.53
AT     ALLTEL Corp.          Thu, Jul 24  -----N/A-----       0.77
AXL    American Axle Manu    Thu, Jul 24  -----N/A-----       0.96
AIG    American Intl Group   Thu, Jul 24  -----N/A-----       0.94
APPX   American Pharm Part   Thu, Jul 24  -----N/A-----       0.30
AMT    American Tower Corp.  Thu, Jul 24  Before the Bell    -0.39
ABC    AmeriSourceBergen     Thu, Jul 24  Before the Bell     1.03
APA    Apache Corporation    Thu, Jul 24  09:00 am ET         1.76
ADM    Archer Daniels MidlandThu, Jul 24  Before the Bell     0.16
ARW    Arrow Electronics     Thu, Jul 24  Before the Bell     0.15
AZN    AstraZeneca PLC       Thu, Jul 24  06:00 am ET         0.33
T      AT&T                  Thu, Jul 24  Before the Bell     0.53
AN     AutoNation            Thu, Jul 24  Before the Bell     0.30
AV     Avaya                 Thu, Jul 24  After the Bell      0.00
BHI    Baker Hughes Incorp   Thu, Jul 24  Before the Bell     0.21
BLL    Ball Corporation      Thu, Jul 24  -----N/A-----       1.15
BOL    Bausch & Lomb         Thu, Jul 24  -----N/A-----       0.48
BDX    Becton, Dickinson Co  Thu, Jul 24  Before the Bell     0.54
BMS    Bemis Company, Inc.   Thu, Jul 24  Before the Bell     0.70
BGEN   Biogen, Inc.          Thu, Jul 24  Before the Bell     0.37
BDK    Black & Decker Corp   Thu, Jul 24  Before the Bell     0.93
BPL    Buckeye Partners      Thu, Jul 24  -----N/A-----       0.64
BR     Burlington Resources  Thu, Jul 24  Before the Bell     1.28
CCMP   Cabot Microelect      Thu, Jul 24  Before the Bell     0.38
CBL    CBL & Associates Prop Thu, Jul 24  After the Bell      1.11
CLS    Celestica             Thu, Jul 24  Before the Bell    -0.04
CEY    Certegy               Thu, Jul 24  Before the Bell     0.34
CIN    Cinergy Corp.         Thu, Jul 24  -----N/A-----       0.46
CIT    CIT Group             Thu, Jul 24  Before the Bell     0.61
CNH    CNH Global N.V.       Thu, Jul 24  10:00 am ET         0.49
CGI    Commerce Group        Thu, Jul 24  -----N/A-----       0.73
CFB    Commercial Federal    Thu, Jul 24  Before the Bell     0.51
CNXT   Conexant Systems Inc. Thu, Jul 24  After the Bell     -0.09
CNX    CONSOL Energy         Thu, Jul 24  Before the Bell     0.17
CBE    Cooper Industries Ltd Thu, Jul 24  Before the Bell     0.67
CR     Crane                 Thu, Jul 24  After the Bell      0.41
CSX    CSX                   Thu, Jul 24  Before the Bell     0.58
DCX    DaimlerChrysler       Thu, Jul 24  07:00 am ET         0.07
DCN    Dana                  Thu, Jul 24  -----N/A-----       0.30
DASTY  Dassault Systemes SA  Thu, Jul 24  -----N/A-----       0.28
EMN    Eastman Chemical Co   Thu, Jul 24  After the Bell      0.49
EBAY   eBay                  Thu, Jul 24  -----N/A-----       0.35
LLY    Eli Lilly             Thu, Jul 24  Before the Bell     0.60
ENDP   Endo Pharmaceuticals  Thu, Jul 24  Before the Bell     0.28
ELAB   Eon Labs              Thu, Jul 24  Before the Bell     0.29
ERIE   Erie Indemnity        Thu, Jul 24  -----N/A-----       0.75
EXLT   EXULT                 Thu, Jul 24  After the Bell      0.04
FHR    Fairmont Htl Resorts  Thu, Jul 24  -----N/A-----       0.28
FLEX   Flextronics           Thu, Jul 24  After the Bell      0.05
FLA    Fl East Coast Ind     Thu, Jul 24  Before the Bell      N/A
BEN    Franklin Resources    Thu, Jul 24  -----N/A-----       0.48
GTW    Gateway, Inc.         Thu, Jul 24  After the Bell     -0.28
GR     Goodrich Corporation  Thu, Jul 24  Before the Bell     0.11
GXP    Great Plains Energy   Thu, Jul 24  09:00 am ET         0.41
HSC    Harsco Corporation    Thu, Jul 24  Before the Bell     0.62
HR     Healthcare Rlty Trst  Thu, Jul 24  After the Bell      0.69
HP     Helmerich & Payne     Thu, Jul 24  -----N/A-----       0.08
IKN    Ikon Office Solutions Thu, Jul 24  Before the Bell     0.25
IMN    Imation Corp.         Thu, Jul 24  Before the Bell     0.53
IDC    Interactive Data Corp Thu, Jul 24  Before the Bell     0.18
IFF    Intl Flavors Frag     Thu, Jul 24  10:00 am ET         0.59
IP     Intl Paper Co.        Thu, Jul 24  Before the Bell     0.17
IVGN   Invitrogen Corp       Thu, Jul 24  -----N/A-----       0.52
JDSU   JDS Uniphase Corp     Thu, Jul 24  After the Bell     -0.03
KLAC   KLA-Tencor            Thu, Jul 24  After the Bell      0.15
KRON   Kronos Incorporated   Thu, Jul 24  -----N/A-----       0.40
LR     Lafarge               Thu, Jul 24  -----N/A-----        N/A
LVLT   Level 3 Comm          Thu, Jul 24  -----N/A-----      -0.58
LMT    Lockheed Martin       Thu, Jul 24  -----N/A-----       0.52
LYO    Lyondell Petrochem    Thu, Jul 24  Before the Bell    -0.06
MFC    Manulife Financial    Thu, Jul 24  2:00 pm ET          0.50
MRO    Marathon Oil Corp     Thu, Jul 24  -----N/A-----       0.94
KRB    MBNA                  Thu, Jul 24  Before the Bell     0.39
MCK    McKesson Corporation  Thu, Jul 24  After the Bell      0.51
MDU    MDU Resources         Thu, Jul 24  -----N/A-----       0.52
MEDI   MedImmune             Thu, Jul 24  -----N/A-----       0.03
MTD    Mettler-Toledo Intl   Thu, Jul 24  After the Bell      0.58
MTX    MINERALS TECHNOLOGIES Thu, Jul 24  After the Bell      0.68
MRH    Montpelier Re Hldngs  Thu, Jul 24  After the Bell      0.95
NCR    NCR Corporation       Thu, Jul 24  Before the Bell     0.07
NFX    Newfield Exploration  Thu, Jul 24  Before the Bell     0.88
NE     Noble Corporation     Thu, Jul 24  -----N/A-----       0.33
NT     Nortel Networks       Thu, Jul 24  -----N/A-----       0.00
NBP    Northern Border Part  Thu, Jul 24  After the Bell      0.64
NST    NSTAR                 Thu, Jul 24  -----N/A-----       0.61
ODP    Office Depot Inc.     Thu, Jul 24  Before the Bell     0.16
ONB    Old National Bancorp  Thu, Jul 24  Before the Bell     0.41
ORI    Old Republic Intl     Thu, Jul 24  -----N/A-----       0.91
OSK    Oshkosh Truck         Thu, Jul 24  Before the Bell     0.95
PCAR   Paccar                Thu, Jul 24  -----N/A-----       0.98
PPE    Park Place Enter      Thu, Jul 24  -----N/A-----       0.14
POM    Pepco Holdings, Inc.  Thu, Jul 24  -----N/A-----       0.37
PRX    Pharmaceutical Res    Thu, Jul 24  Before the Bell     0.72
POT    Potash Corp Saskatch  Thu, Jul 24  Before the Bell     0.48
PCO    Premcor Inc.          Thu, Jul 24  Before the Bell     0.57
PHM    Pulte Homes Inc.      Thu, Jul 24  Before the Bell     1.74
IQW    Quebecor World        Thu, Jul 24  -----N/A-----       0.26
RTN    Raytheon              Thu, Jul 24  Before the Bell     0.40
RBK    Reebok                Thu, Jul 24  Before the Bell     0.41
RGA    Reinsurance Grp Am IncThu, Jul 24  After the Bell      0.75
RESP   Respironics, Inc.     Thu, Jul 24  Before the Bell     0.49
SWY    Safeway, Inc.         Thu, Jul 24  -----N/A-----       0.47
SBC    SBC Communications    Thu, Jul 24  Before the Bell     0.41
SPI    Scottish Power        Thu, Jul 24  Before the Bell      N/A
SRA    Serono S.A.           Thu, Jul 24  -----N/A-----       0.16
SC     Shell Transport Trdng Thu, Jul 24  -----N/A-----       0.77
SCRI   SICOR                 Thu, Jul 24  -----N/A-----       0.23
SI     Siemens AG            Thu, Jul 24  Before the Bell      N/A
SNE    Sony Corporation      Thu, Jul 24  09:30 am ET          N/A
SFG    StanCorp Financial Gr Thu, Jul 24  Before the Bell     1.14
SBUX   Starbucks             Thu, Jul 24  -----N/A-----       0.16
HOT    Starwood Htl Resorts  Thu, Jul 24  Before the Bell     0.21
STE    Steris                Thu, Jul 24  -----N/A-----       0.21
SEO    Stora Enso            Thu, Jul 24  06:00 am ET         0.08
SUN    Sunoco                Thu, Jul 24  Before the Bell     1.17
TARO   Taro Pharm Ind        Thu, Jul 24  11:00 am ET         0.50
DOW    The Dow Chemical Co   Thu, Jul 24  Before the Bell     0.35
TAC    TRANSALTA CORP        Thu, Jul 24  -----N/A-----        N/A
TRH    Transatlantic Hldings Thu, Jul 24  Before the Bell     1.28
TSM    TSMC                  Thu, Jul 24  Before the Bell     0.06
TUES   Tuesday Morning Corp  Thu, Jul 24  Before the Bell     0.15
UNP    Union Pacific         Thu, Jul 24  Before the Bell     1.03
UDI    United Defense Ind    Thu, Jul 24  Before the Bell     0.59
URI    United Rentals        Thu, Jul 24  Before the Bell     0.33
VCI    Valassis Comm         Thu, Jul 24  Before the Bell     0.55
VAR    Varian Medical Sys    Thu, Jul 24  After the Bell      0.40
VSEA   Varian Semi Equip Ass Thu, Jul 24  After the Bell      0.03
VRSN   VeriSign, Inc.        Thu, Jul 24  After the Bell      0.14
VRTX   Vertex Pharm Incorp   Thu, Jul 24  After the Bell     -0.61
VVI    Viad Corp             Thu, Jul 24  Before the Bell     0.40
WC     WellChoice, Inc.      Thu, Jul 24  After the Bell      0.54
WEN    Wendy's International Thu, Jul 24  -----N/A-----       0.53
WDC    Western Digital Corp. Thu, Jul 24  After the Bell      0.19
WHR    Whirlpool Corporation Thu, Jul 24  06:00 am ET         1.31
WPS    WPS Resources         Thu, Jul 24  -----N/A-----       0.4


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

AVX    AVX Corporation       Fri, Jul 25  Before the Bell    -0.03
BLC    Belo                  Fri, Jul 25  Before the Bell     0.33
CUM    Cummins Inc.          Fri, Jul 25  Before the Bell     0.12
EAS    Energy East Corp      Fri, Jul 25  After the Bell      0.11
FPL    FPL Group             Fri, Jul 25  Before the Bell     1.35
HCR    MANOR CARE INC NEW    Fri, Jul 25  Before the Bell     0.35
NOI    National Oilwell      Fri, Jul 25  Before the Bell     0.27
NRD    NORANDA INC           Fri, Jul 25  Before the Bell      N/A
NUE    Nucor                 Fri, Jul 25  Before the Bell     0.22
PGL    Peoples Energy Corp.  Fri, Jul 25  Before the Bell     0.25
RHA    Rhodia S.A.           Fri, Jul 25  Before the Bell      N/A
SCG    SCANA                 Fri, Jul 25  Before the Bell     0.39
TROW   T. Rowe Price         Fri, Jul 25  -----N/A-----       0.38
TRP    TransCan Pipelines    Fri, Jul 25  -----N/A-----        N/A
WY     Weyerhaeuser Co.      Fri, Jul 25  -----N/A-----       0.26


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

Symbol  Company Name              Ratio    Payable     Executable

PULB    Pilaski Financial Corp.   2:1      Jul  21st   Jul  22nd
MRTN    Marten Transport          3:2      Jul  24th   Jul  25th
SYNX    Synergx                   2:1      Jul  25th   Jul  28th


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

The second full week of Q2 earnings is about to begin with another
25% of the S&P 500 reporting.  Look for Dow Jones Industrials 
component MMM to begin the earnings parade Monday morning before
the bell.  Earnings will likely overshadow the economic reports 
this week set to come out on Monday and Friday.

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

Monday, 07/21/03
----------------
Leading Indicators (DM) Jun  Forecast:    0.1%  Previous:     1.0%
Treasury Budget (DM)    Jun  Forecast:  $21.0B  Previous:   $29.1B


Tuesday, 07/22/03
-----------------
None


Wednesday, 07/23/03
-------------------
None


Thursday, 07/24/03
------------------
Initial Claims (BB)   07/19  Forecast:     N/A  Previous:      N/A


Friday, 07/25/03
----------------
Durable Orders (BB)     Jun  Forecast:    1.0%  Previous:    -0.4%
Existing Home Sales(DM) Jun  Forecast:   5.99M  Previous:    5.92M
New Home Sales (DM)     Jun  Forecast:   1135K  Previous:    1157K


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

APD     Air Products & Chemicals   43.99     +1.72
ITT     ITT Industries Inc         67.02     +1.79
LEA     Lear Corp                  51.94     +2.24
HIB     Hibernia Corp              19.77     +0.67
VAL     The Valspar Corp           42.75     +0.67
BWA     Borg Warner Inc            68.06     +1.82

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

ERICY   LM Ericsson Telephone      12.57     +1.78
PLCM    Polycom Inc                15.42     +1.76
ELY     Callaway Golf Co           15.17     +1.06
PECS    PEC Solution Inc           19.70     +1.70
ASPT    Aspect Communications       7.02     +1.42
MROI    MRO Software Inc           11.52     +1.05

---------------------------------------
Breakout to Upside (Stocks over $20)
---------------------------------------
  
WB      Wachovia Corp              42.95     +1.70
CAT     Caterpillar Inc            65.61     +2.07
TV      Grupo Televisa Sa          37.40     +1.52
JCI     Johnson Controls           94.10     +1.77
ZION    Zions Bancorp              54.40     +2.80
VAR     Varian Medical Systems     60.85     +2.42
SFA     Scientific-Atlanta Inc     29.96     +4.96

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

AMZN    Amazon.com                 34.98     -1.34
BRL     Barr Labs                  59.25     -4.48
TBL     Timberland Co              49.17     -8.37

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

STX     Seagate Tech               20.03     -0.99
CBU     Community Bank             39.35     -0.95



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

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Littleton, CO 80163

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