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Daily Newsletter, Tuesday, 07/22/2003

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PremierInvestor.net Newsletter                 Tuesday 07-22-2003
                                                   section 1 of 2
Copyright  2003, All rights reserved.
Redistribution in any form is strictly prohibited.

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

In section one:

Market Wrap:      Uday and Qusay Day
Watch List:       HAS, OIIM, IGT, FDRY and more!
Market Sentiment: News and Charts

=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
      07-22-2003           High     Low     Volume Advance/Decline
DJIA     9158.45 + 61.80  9174.42  9037.30 1.75 bln   1842/1386
NASDAQ   1706.10 + 24.70  1710.34  1686.15 1.72 bln   2071/1126
S&P 100   497.64 +  4.84   498.64   491.63   Totals   3913/2512
S&P 500   988.11 +  9.31   990.29   976.08
W5000    9503.48 + 89.90  9515.37  9391.00
RUS 2000  464.00 +  6.83   464.00   457.17
DJ TRANS 2576.37 +  3.80  2579.51  2558.29
VIX        20.98 -  1.14    22.38    20.96
VXN        32.45 -  0.62    33.58    32.28
Total Volume 3,740M
Total UpVol  2,723M
Total DnVol    938M
52wk Highs  281
52wk Lows    35
TRIN       0.50
PUT/CALL   0.79
=================================================================

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

Uday and Qusay Day

They would probably not appreciate the +100 point Dow bounce on
news of their death. Actually it was more important than that.
The Dow was headed for a retest of support at 9000 with the
morning low already 9037. Once the announcement hit the airwaves
the market turned 180 degrees and rallied to close well over
9100 once again. It was a spectacular recovery that lasted into
the close. But then tomorrow is another day.

Dow Chart


Nasdaq Chart


S&P Chart



The only economic report today was the weekly Retail Sales which
came in at +0.3% on warmer and drier weather. Seasonal summer
merchandise is reportedly selling well and relieving concerns
for the retailers. The tax credit checks are due out this week
so retailers should continue to see a pickup in sales. This was
the third consecutive weekly gain.

The major news moving the markets today, at least prior to the
Iraq news, was a very mixed bag of earnings. NVLS surprised the
street on Monday night with an upbeat outlook and decent earnings.
The company said there was a "potential" for a sustained upturn.
They warned that a delay in some orders for Japan would cause
revenue recognition problems for the next quarter but it was
only a single incident. NVLS was up +1.76 on the news.

UPS beat the street on the strength of its international business
but cautioned that it was due to past investments paying off not
an due to economic growth. They also said the only pickup in
U.S. volume was in financial document delivery for mortgage
refinancing while manufacturers showed little sign of a
turnaround.  The UPS spokesman said "throughout the second quarter
we did not see much pickup in business from the economy." The
general commentary was "no recovery yet." UPS lost -56 cents.

TXN gained +1.37 after saying the SARS fade and new models were
helping them avoid the problems of other communication chip makers.
TI is about to go head to head with QCOM on the CDMA front and
they appear to be prime to profit from the competition. TXN beat
estimates by a penny. Lehman raise its rating on AMAT, NVLS and
LRCX, which also helped the semiconductor sector.

After the bell today there was another flood of earnings:

AMZN est +0.06  actual +0.10  beat, raised guidance
AMGN est +0.46  actual +0.49  beat
BRCM est +0.09  actual +0.10  beat
ABGX est -0.38  actual -0.76  includes charges
SEBL est +0.02  actual +0.02
ATVI est +0.00  actual +0.04  beat
SUNW est +0.02  actual +0.01  miss
BSX  est +0.30  actual +0.27  miss
CPWR est +0.01  actual +0.06  beat
INVN est +0.67  actual +0.61  miss
STK  est +0.24  actual +0.27  beat
MXO  est +0.08  actual +0.03  miss
MANH est +0.21  actual +0.21
CAKE est +0.30  actual +0.30
DCLK est +0.01  actual +0.04  beat
ASKJ est +0.07  actual +0.10  beat, raised guidance
CYMI est -0.20  actual -0.15  beat
LLTC est +0.20  actual +0.21
WBSN est +0.18  actual +0.18
EFII est +0.15  actual +0.15
TRMS est -0.89  actual -0.84  miss
VTSS est -0.04  actual -0.04
BZH  est +2.85  actual +3.01  beat
RYL  est +1.80  actual +2.03  beat
ARBA est +0.00  actual -0.01  miss
WLP  est +1.39  actual +1.49  beat
COHR est -0.03  actual -0.01  beat

One of the biggest announcements came from AMZN which beat the
street with ten cents compared to estimates of only six cents.
The stock soared +$2 in after hours after AMZN raised estimates
for the full year to as much as $5.1 billion and well over the
$4.8 billion analysts had forecast. They did make about $54
million on currency translations, which enabled AMZN to post a
+$42 million profit. Think about it. The stock was beginning to
fade as the after hours session ended so maybe some others were
reading between the lines as well.

The Internet is where it is at if you believe the earnings so
far. ASKJ also beat estimates and raised guidance. They joined
YHOO, AMZN, DCLK and others in the limelight. You could list
all the Internet stocks on your fingers and have trouble filling
both hands but the survivors appear healthy.

SUNW was the disappointment for the day as they missed both
earnings and revenue. Revenue fell for the ninth consecutive
quarter for SUNW. Scott McNealy said they were looking at a
pretty tough year. Gross margins were up to 43.7% due to
aggressive cost cutting but the CFO said they would fall in
future quarters due to aggressive pricing and smaller margins
in its services business. SUNW dropped about 50 cents in after
hours to $4.31. SUNW does not provide guidance but the comments
by SUNW personnel did not give traders a warm fuzzy feeling.

SEBL announced earnings that were inline with estimates at two
cents and said they were going to cut 490 more jobs in the current
quarter. SEBL warned on July-3rd and the tone remained the same.
They said they were seeing no signs of a recovery and were faced
with growing competition for reduced technology budgets. The CEO
said "the market is quite soft" when discussing business conditions
on the conference call. SEBL warned that Q3 earnings could come
in at the low end of analysts estimates.

It was a mixed bag with cyclical companies like MMM, UTX, IR and
DE posting strong gains and drugs and tech stocks showing weakness
despite the Iraq rally. Oil companies were up despite the -5% drop
in oil prices on the Iraq news. Crude is back down in the $30 range
after hovering in the $32 area for the last week. Tomorrow will be
a strange day with no economic reports but probably a strong
reaction to the Iraq news in the overseas markets. They are likely
to open up strongly and with the confirmation of the death and
positive ID they should stay up. That sets the stage for a positive
open for us in the morning but that may be it.

While there are no economic reports there is a Fed head speaking
that will have everybody glued to the TV. Ben, printing press,
Bernanke, will be speaking late in the morning and the markets
are likely to go into suspended animation when it starts. Ben is
not likely to say anything negative about the economy but his
speech will be dissected for hints of future Fed action. He is
a strong proponent of aggressive Fed action and traders will be
hoping for a sign of coming events.

Bargain hunters took heart in the apparent holding of support by
the S&P at the 50 DMA at 975. This is critical support and it
has been tested for two consecutive days. While the bulls may
have been encouraged by the days action there was a good
possibility it was only short covering in the face of unexpected
news. The futures have rallied back to the day's highs in the
Globex session but are having trouble breaking those levels at
989. Should the markets open up on gains in Europe as expected
they will run smack into resistance at Dow 9200, S&P 1000 and
that has been very strong resistance.

Unless I missed something in the earnings news tonight we are no
closer to a recovery than we were this morning but we are +125
Dow points higher than we were at 10:30. We have been seeing
some distribution patterns that are disturbing. Today we saw a
strong bounce on light volume but the internals were weak. Over
the last week the down days have seen stronger volume with
patterns that are typical of institutional distribution. That
means funds are selling stocks instead of buying it. Trimtabs.com
reported fund inflow rose to +$2.9 billion in the week ended
July-16th but that could be the last drop from the faucet. That
is typically when the retirement funds cease to flow for another
quarter and fund companies go onto life support. With the worst
three months of the year ahead and withdrawals beating
contributions they have to plug the holes and start bailing to
keep the boat afloat. They do this by scaling down positions and
dumping weak performers to raise cash.

There is plenty of cash available according to Charles Schwab.
Their weekly report said there was nearly $4 trillion in money
markets, CDs and savings accounts that could be put into stocks
if conditions improved. In reality that is the key. We are not
seeing the economic explosion that would draw that money off the
sidelines. There is a glimmer of hope but it is just a glimmer.
It may be enough to continue to power these weekly rallies but
it does not appear to be enough to sustain them. Once the news
of the Iraqi aces passes we will be back to business as usual
and that means economic worry once again. This is a very light
economic week but another one-third of the S&P is reporting
earnings. Their guidance will be the economic news for the week.
Will investors listen to SUNW and SEBL or AMZN and ASKJ? Earnings
are like a box of chocolates. You never know what you are going
to get or how investors are going to react to the taste. Keep
those stops tight.

Enter Very Passively, Exit Very Aggressively!

Jim Brown




==================================================================
WATCH LIST
==================================================================

The PremierInvestor.net watch list is not designed to be read
as full fledged stock picks.  Rather we would prefer to offer
it as an extra tool in today's investor toolbox.  Think of it
as a radar screen with your own radar operator pointing out
interesting developments, technical patterns or potential plays
that you may or may not have seen on your own.  Due to time
constraints we do glance at the news but rarely do we have
time to fully read pertinent news stories, due background
research and other necessary screens that investors should do
before making a decision.  A common exercise is to read the
entry, glance at the sector and other stocks in that industry
and then compare what's happening in the stock to what's
happening in the broader market indices.  We hope you enjoy
the Watch List and that it proves to be a useful tool for your
own trading success.

STOCKS WORTH WATCHING
---------------------------------


Hasbro, Inc. - HAS - close: 18.21 change: +0.42

WHAT TO WATCH: Capping off an impressive rally from the $12 level
in early March, HAS delivered what investors were hoping for in
its earnings release yesterday and the stock shot higher again on
Tuesday.  There's some solid resistance near $18.50 from the
early July highs, and then HAS looks good to make a run towards
$20.




---

O2Micro International - OIIM - close: 16.95 change: +0.44

WHAT TO WATCH: After a steady rally from the $8 level in early
March, shares of OIIM pulled back with the rest of the Technology
sector over the past couple weeks.  But in a very convincing
bullish show of conviction, the stock held support near $16 and
we could be looking at the setup for a renewed assault on the
recent highs near $18.60.  The move will have to be fairly quick
though, as the company is set to release its earnings results
next Wednesday.




---

International Game Technology - IGT - close: 26.23 change: +0.11

WHAT TO WATCH: After its 4-for-1 split, shares of IGT have held
up very well, consolidating between $25-27 and it looks like it
is time for another bullish run.  Yesterday, Prudential commented
that the Penn gaming bill could benefit the company could be just
the catalyst to get this unstoppable stock moving north again.
Look for entries near $25.75 and target an initial move to the
$28 area.




---

Fox Entertainment Group - FOX - close: 30.89 change: +1.12

WHAT TO WATCH: Breaking out to new highs, shares of FOX have
finally scaled resistance at $30 for the first time since late
2000.  A pullback to test that level as new support would make a
solid entry for a rally into earnings on August 13th.




---

===================
On the RADAR Screen
===================

FDRY $17.16 - Definitely not for the faint of heart, FDRY is
looking really solid after having pulled back from its recent
highs near $18.50.  In solid bullish fashion, the pullback found
strong support near $16, which was solid resistance throughout
the month of June.  The caveat is that the company is set to
release earnings after the close tomorrow.  A post-earnings rally
through the recent highs could have the stock breaking out to
test the $21-22 resistance for a nice quick profitable move.
Only very aggressive traders should consider playing before the
earnings report.

RCL $26.77 - Cruising anyone?  In early July, shares of RCL
blasted through major resistance near $24 and didn't look back
until reaching $26.  After a slight pullback to the 10-dma, the
stock blasted off on Tuesday, gaining nearly 6% and earnings
aren't set to be released until next Monday.  Momentum traders
may just be able to jump aboard for a quick surge to the $30
area.

TRID $11.40 - And the breakouts just keep on coming!  TRID has
been churning around the $10 level for the past week and left it
in the dust on Tuesday, with an 11% rally to close over $11 for
the first time since 2000.  Look for a pullback near $10 for an
aggressive entry or momentum entries on a breakout over $12 to
set the stage for a continued surge up towards major resistance
at $14.




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

OptionInvestor.com - market sentiment –            July 22nd 2003
-----------------------------------------------------------------

News and Charts
Jonathan Levinson

The capture of Saddam's sons was credited for the rises in the
markets today.  Unless these two were heavily shorting equity
futures, it remains a mystery as to how or why this news swung
such a large bid.

Joe Granville once said that "News is for suckers," but it seems
evident that those who ignored it today were the ones being
played, as the indices visited yesterday's highs
contemporaneously with the wire release.  It's impossible to
predict news, and so if news isn't for suckers, then it adds an
element of chance that traders should seek to avoid.

Obviously, stop losses are the rule.  But what really happened
today?  We saw last night that some of the shorter term
oscillators were oversold and on buy signals.  The overnight
futures session saw rises that coincided with these cycle up-
phases.  However, when cash session opened, the opening move to
the lows put in a double bottom with yesterday's lows, and drove
the intraday oscillators rapidly back to oversold.

The chart conditions were susceptible to a bounce, and we had
ceased to see the same rapid-fire selling that characterized
yesterday's session.  While the news was unpredictable, the
susceptibility in the charts was not.  At this point, attentive
traders were tightening their stops, going flat, or trying on
cautious longs.  While none can predict the future, the charts
can tell us when the enthusiasm of sellers or buyers is becoming
extended, and it's at that point that we must be attentive to
surprises such as we saw today.


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

Market Averages

DJIA ($INDU)

52-week High:  9353
52-week Low :  7197
Current     :  9158

Moving Averages:
(Simple)

 10-dma: 9120
 50-dma: 8984
200-dma: 8466

S&P 500 ($SPX)

52-week High: 1015
52-week Low :  768
Current     :  988

Moving Averages:
(Simple)

 10-dma:  992
 50-dma:  976
200-dma:  903

Nasdaq-100 ($NDX)

52-week High: 1316
52-week Low :  795
Current     : 1257

Moving Averages:
(Simple)

 10-dma: 1274
 50-dma: 1212
200-dma: 1071


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

As expected the stronger market averages produced a decline in
the volatility indices.  Or as they used to be known by the "fear"
index.  We can say one thing.  From the current levels in the
VIX and VXN there is no fear in the market and that's usually a
sign of a top.  Of course we've been under the shadow of this signal
for three months now.  Maybe another rally higher will be just what
the witch doctor, I mean VIX doctor ordered (and push these to new
lows).

CBOE Market Volatility Index (VIX) = 20.98 -1.14
Nasdaq-100 Volatility Index  (VXN) = 32.45 -0.62


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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.79        585,693       465,188
Equity Only    0.74        472,294       353,776
OEX            0.70         25,026        17,535
QQQ            3.49         34,959       122,120


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

Bullish Percent Data

           Current   Change   Status
NYSE          71.8    + 0     Bull Confirmed
NASDAQ-100    78.0    - 3     Bull Confirmed
Dow Indust.   83.3    + 0     Bull Confirmed
S&P 500       76.0    - 1     Bull Confirmed
S&P 100       83.0    + 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    1686      2012
Decliners    1171      1026

New Highs      89       136
New Lows       26        12

Up Volume   1275M     1247M
Down Vol.    417M      463M

Total Vol.  1741M     1725M

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

COMMENTARY


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

COMMENTARY


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

COMMENTARY


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

COMMENTARY


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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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
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staff makes every effort to provide timely information to its
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Copyright ) 2003  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter                 Tuesday 07-22-2003
                                                   section 2 of 2
Copyright ) 2003, All rights reserved.
Redistribution in any form is strictly prohibited.

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

Play of the Day:  Ready For Takeoff


Trading Ideas
  Value Plays With Bullish Signals
  Breakout to Upside (Stocks $5 to $20)
  Breakout to Upside (Stocks over $20)
  Breakout to Downside (Stocks over $20)
  Recently Overbought With Bearish Signals (Stocks over $20)


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


BEA Systems - BEAS - close: 12.93 change: +0.28 stop: 11.65*new*

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 P&F 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.

Why This is our Play of the Day
Switching gears again on Tuesday, the NASDAQ was the stronger area
of the market, and our BEAS play certainly benefited, gaining more
than 2.2% by the closing bell and once again nearing its highs of
last week.  While it was a bit disheartening to see the bulls
unable to keep price over $13 heading into the close, we certainly
can't complain about the way the stock (almost) filled its gap on
Friday and then rebounded from the 10-dma (now at $12.35).
Successive dips and rebounds from above the 10-dma still look good
for new entries, while more aggressive traders can look to enter
on a breakout over $13.30 (just above last week's intraday high)
enroute to a test of solid $14 resistance.  There's still plenty
of time until the company reports earnings on August 14th, and
we're still targeting a pre-earnings move towards the $16 level,
which should be very strong resistance.  Note that we've slightly
raised our stop to $11.65, keeping it just below the rising 20-dma
(now at $11.69).

Annotated Chart of BEAS:




Picked on July 20th at   $12.79
Change since picked       +0.14
Earnings Date            8/14/03 (confirmed)
Average Daily Volume =  11.0 mln




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

DEO     Diageo Plc (ADS)           42.21     +0.69
OKE     Oneok Inc                  21.21     +0.53
SLGN    Silgan Holdings            28.72     +0.64

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

AMTD    Ameritrade Holding          9.42     +1.17
TNL     Technitrol Inc             17.97     +2.69
NCI     Navigant Consulting Inc    12.90     +1.58
SMMX    Symyx Technologies         19.20     +2.87
HELX    Helix Technology           16.42     +2.45
JDAS    JDA Software               13.98     +1.58

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

MMM     3M Company                137.65     +1.30
WB      Wachovia Corp              44.15     +1.20
LMT     Lockheed Martin            53.40     +1.10
CCL     Carnival Corp              32.85     +1.01
ACL     Alcon Inc                  49.66     +2.42
S       Sears Roebuck              40.00     +1.20
RCL     Royal Caribbean Cruises    26.77     +1.47

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

MRK     Merck & Co                 57.81     -2.01
FNM     Fannie Mae                 64.04     -1.28
DGX     Quest Diagnostic           59.56     -4.87
QLGC    QLogic Corp                45.36     -1.84
BER     W.R. Berkley               48.35     -1.17
FAF     First American Corp        23.36     -1.25

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

APOL    Apollo Group               60.66     -1.32
LFG     LandAmerica Financial      47.99     -1.21
HTCH    Hutchinson Technology      32.14     -1.68
PDX     Pediatrix Medical          39.35     -0.33




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