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Daily Newsletter, Sunday, 07/27/2003

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PremierInvestor.net Newsletter          Weekend Edition 07-27-2003
                                                    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:      Saddam Rally 
Play-of-the-Day:  Following Strength
Market Sentiment: Extreme Readings

=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
        WE 7-25         WE 7-18         WE 7-11         WE 7-04 
DOW     9284.57 + 96.42 9188.15 + 68.56 9119.59 + 49.38 + 81.16 
Nasdaq  1730.70 + 22.20 1708.50 - 25.43 1733.93 + 70.48 + 38.19 
S&P-100  502.94 +  1.44  501.50 -   .98  502.48 +  6.40 +  4.47 
S&P-500  998.68 +  5.36  993.32 -  4.82  998.14 + 12.44 +  9.48 
W5000   9599.36 + 52.70 9546.66 - 64.23 9610.89 +148.38 +104.02 
RUT      468.88 +  4.12  464.76 -  9.01  473.77 + 17.42 +  7.60 
TRAN    2615.79 + 39.50 2576.29 + 30.71 2545.58 +130.27 -  1.72 
VIX       19.94 -  1.42   21.36 +   .64   20.72 -  0.89 -  0.10 
VXN       30.04 -  3.37   33.41 +   .61   32.80 +  0.33 +  1.54 
TRIN       0.67            0.60            0.94            1.98 
Put/Call   0.67            0.61            0.98            1.07 
Avg Highs   365             522             791             435 
Avg Lows     31              29              21              25      
WE= Week Ending
================================================================= 

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

Saddam Rally 
by Jim Brown

The markets rallied off strong support on Friday on mixed economic
news and news about Hussein from Iraq. A general reportedly said
they were getting closer to catching Saddam after a group of his
aides and body guards were captured on Friday. With this highly
volatile market and a definitely bullish undertone I am sure more
than a few bears realized the extreme weekend risk and covered
their shorts. Bulls happy about the better than expected Durable
Goods report saw the market bounce off strong support and they
jumped on for the ride. The result was the third strongly bullish
Friday in a row. 

The economic reports continued to show a glimmer of hope for
those squinting to see a recovery ahead. The Durable Goods rose
by a better than expected +2.1% pace and better than the expected
+1.5% consensus. Nondefense capital good rose for the second month
in a row. The only really negative component was communications
equipment which fell by -9.6% and increased its rate of drop for 
the fifth consecutive month. Computers posted the smallest gain at
+0.8% and Aircraft/Autos rose the most at +4.2%. Shipments and
unfilled orders both rose as well. 

Also showing positive momentum was the Weekly ECRI Leading Index
which rose to 127.4 from 126.8. This was the best level in three
years. It made these gains on only two components, Jobless Claims
and 10-year Treasury Yields, with minor declines in most of the
other components. This shows the economy is poised to expand and
the ground work has been laid. It is not however showing an
expanding economy. The mediocre internals are struggling to make
the gains but still creeping to new highs. The recovery is in
progress but at a snails pace. 

New Home Sales jumped +4.7% to 1.16 million units and +21% higher
than the same period last year. However May was revised down to 
1,108 from 1,157 and April was revised down to 999 from 1,028. 
These were significant downward revisions but as long as the June
number holds at 1,160 nobody will care. The problem will come if
June is revised down next month. The higher mortgage rates will
pressure home sales going forward and it will be difficult for 
future numbers to match these levels. After several years of record
sales the demand for new homes is beginning to slow. As the baby
boomers begin to retire over the next few years there will be a
surplus of used homes to pressure the market. 

Existing Home Sales fell unexpectedly to 5.83 million from 5.85
million in May and was much less than the 5.97 million that was 
expected. Sales in the Northeast fell by -4% and the Midwest by 
-3% and increased +3% in the West. Inventory levels soared to 
levels +10.6% higher than the same period last year. More for 
sale signs are appearing just as mortgage rates are beginning 
to soar. 

AOL was under pressure on Friday after disclosing that it had 
padded the subscriber numbers in 2001-2002 by giving away 
subscriptions to marketing partners for $1 to $3 each. The very
discounted subscriptions accounted to about 15% of their subscriber
base during that growth period. Essentially they sold these
highly discounted subscriptions in bulk to employers and marketing
partners which those companies then gave to employees. This 
distorted the true value of the subscription base when analysts
multiplied average revenue by gross subscriber numbers. AOL said
they lost -846,000 subscribers in the second quarter and they 
were continuing to clean up the subscriber lists and eliminate
nonpaying customers. AOL called it a nonevent but they did warn
that revenues would be light for the current quarter due to the
falling subscribers and weak advertisement revenue. 

Richmond Fed President Alfred Broaddus spoke on Friday and said
he was disappointed in the lack of economic progress. He said
"there were a few signs that the recovery may be gaining strength
but in my view there is not much hard evidence that it is 
happening yet." He also said "it was too soon to conclude from
recent hopeful indicators that a faster-paced expansion had
taken hold." We will get look at the GDP for the 2Q next week and
most analysts think we will be lucky to see a +1.7% gain after
the +1.4% gain in the 1Q. With the country gearing up for the
war most feel the first half of the quarter was flat to down. 
This will be a hindsight number and should not be a market mover
unless it is significantly less. Still it is one more mile marker
for the current economic progress. 

The Wendover-Global Insight IT Spending Index, an independent 
survey of 80,000 businesses and 300,000 individuals, showed that
tech spending fell -14% in the second quarter. It predicts lower
IT spending for the balance of the year. The Q2 spending levels
were the lowest since the index was started in 1999. This was
also the first time the index had been released to the public. 
While most smaller surveys predict spending will be flat to +6%
for the rest of the year the Wendover Index shows declining
spending sentiment. The index fell -6.2 points to 37.6 in the
latest survey. The high was 115.4 in Q2-2000. They did show a
slight increase in spending in the CRM and ERP markets. They
also showed a sharp drop of -45% in new tech initiatives. They
said they were seeing a trickle of new spending budgeted over
the next 6-9 months but far from the flood that had been hoped.
They said businesses are waiting for significant signs that
the economy is recovering before planning on committing any new
funds to IT projects. The survey showed that companies are still
concentrating on cutting costs to maintain profitability and 
much of those costs were in capex spending. 40% of all capital
expenditures are on IT projects. With businesses accounting for
two thirds of all U.S. tech spending there will not be a tech
recovery until the economic recovery is well underway.

The stock market was rocked on Friday morning by what was called
an asset allocation program where stocks were being sold and 
bonds bought. This clearly shocked many traders as this would be
a very bearish signal. Just when bonds are reaching three month 
lows and economic reports are starting to show a glimmer of hope
you would not expect a huge shift of assets out of stocks. Those
stocks should benefit from an improving economy and bonds should
continue to go down. That poses a question why a major player
would drastically change directions. The Dow dropped nearly -100
points on the sell program before triggering a series of 
offsetting buy programs when the S&P futures hit the 50 DMA at 
975.
  
There are some very mixed views about the current market. After
Friday's bounce, the third bounce for the week, the bulls are
frothing at the mouth. They are pointing at the 161 companies
that have either initiated or raised dividends over the last
six months as positive proof that the economy and the market
is improving. There were only 110 positive dividend events in
all of last year. The average increase is +18%. They are also
pointing to the +15% growth in S&P earnings so far this quarter
as better than the expected +14% growth. With 65% of the S&P
already reported, the better companies report early, it is 
still likely we could see 14% or even worse. Remember, the
majority of these earnings have come from cost cutting not 
from sales. What the bulls do not want to acknowledge is the 
2:1 ratio of negative guidance to positive guidance for Q3. 
During the Q2 earnings cycle in 2002 the ratio was only 1.3:1 
for the same period. With drastically lowered expectations for 
Q3 already the warning pace is drastically worse than Q2-2002. 
What is wrong with this picture?

After watching the markets alternate triple digit days this 
week I have to admit I am about ready to concede. We have had
multiple chances to fail and have tested the critical support
on the S&P five times in the last seven trading days. Each day
it held and on more than one occasion soared to very near a
Dow high. This is very bullish trading for the third week of
July. This is not the normal July pattern. I am seeing bullish
events breaking out all around me in a typically bearish period. 
This is not to say we are not seeing some bearish events as
well. The bearish sentiment as recorded by Investor Intelligence
is extremely low at 19.8. This is also reflected in the VIX
which finally closed under 20 and the first close under that
level since March-28th of 2002. This was also the last time 
the Dow touched 10,500. Coincidence?

Like I said earlier, I am about ready to concede. That should
mean there is a capitulation due any day. When all the indicators
line up in one direction a change in that direction can come at
any moment. The close on Friday was very bullish but what caused
it? I think it is the Lazarus syndrome. Saddam has been off the
radar screen for a couple months. When the U.S. removed his top
two biological weapons last week the markets exploded. At least
they exploded for one day. Bears have a decent short term memory. 
They remember getting killed by the resurrection of the Hussein
name only two days ago. When a general said on Friday that the
noose was closing on Saddam they listened. When more of his aides
and bodyguards were captured on Friday on tips from Iraqi citizens
they listened. They weighed the potential for risk over the 
weekend and decided there was more potential for upside than 
downside. They weighed the Durable Goods numbers and the ECRI
and the New Home Sales and decided the risk reward ratio was not
favorable for shorts. 

Bulls on the other hand were seeing money come out of bonds and
yields rising which normally means economic growth on the way. 
They kept hearing the spin about the better than expected earnings
and Ralph Acompora's Dow 10,500 forecast. Dollar signs blinded
their reasoning and they bought stocks before they ran away from
them. They heard the rumors about Saddam and thought if we can
get +150 on his sons we can get +300 on the father. They bought
stocks. Do you remember the market during the war? The rumors, 
the UN meetings and the showdown at the UN corral? The market
jumped all over the place for no rhyme or reason. Well this has
definitely brought back memories of that time. The volatility
has been huge but the VIX closed at a new low. What do you 
suppose will happen if Saddam is not found over the weekend?
Once reader theorized we could add +1000 points over the next
couple weeks if we could get a new Saddam capture rumor every
day next week. When does he become priced into the market?

I am not going to tell you today that the Dow is going to 8500. 
If this hype continues we could see 9500 before 8500. I am 
going to tell you that 9300 is serious resistance. I am going to 
tell you that S&P 1015 is huge resistance. Neither are unbreakable. 
You might also notice that the S&P closed at 998, just under the
1000 barrier with the Dow already at 9275. The Dow is 35 points
away from its high and the S&P is 17 points below its high. The
broader market is not keeping up with the Dow. The Nasdaq is
-46 points from its high, farther than the Dow. All of these
things can change and we could be on the verge of a massive 
bullish breakout. Stranger things have happened before. 

Next week is going to be more dangerous than a casual stroll
though Monrovia, Liberia. It will be equally dangerous to both
bulls and bears. Monday will be neutral with no economic reports
scheduled but the calendar heats up fast. Tuesday has July
Consumer Confidence but that should not be a market mover. 
Wednesday has the Fed Beige Book. The fireworks start on Thursday
with Jobless Claims, adjusted?, Employment Cost Index, GDP, PMI
and the Help Wanted Index. Friday has Personal Income/Spending,
Nonfarm Payrolls, ISM, Michigan Sentiment and Construction
Spending. Whew! I would not want to be a market maker going
into Friday. 

These reports will be dangerous to both sides because they will
reflect the economic conditions for the first month of the 3Q. 
As July goes, so goes the quarter. If they are seen to be 
weakening then the party may be over. If they are seen to be
getting stronger then break out the champagne. 

Remember what happened to EBAY on Friday? They lost $6 at the
open after record earnings because the market wanted more. It
wanted something to justify the huge gains over the last several
months. Well at 9300 the Dow is priced to perfection. MMM jumped
from $126 to $141 last week on strong earnings. That is a huge
gain and a new 52 week high. CAT jumped to $65 from $58 and a
new 52 week high but stalled. DD jumped +10% and is near a new
high. INTC soared to over $25 after earnings and a new high but
stalled to close at 24.91 for the week. AA +10% and at new high. 
These leaders are very extended and carrying a lot of baggage. 
Consider the charts for MO, IBM, GM, WMT, JNJ, MRK, HD, BA, HPQ
and SBC. How much farther can the leaders run with a third of 
the index on their back? 

Before you decide I am a perma bear I would like to restate my
position. I am bullish on the market long term. I think the cost
cutting and restructuring will be very beneficial when the future
recovery appears, hopefully in the fourth quarter. While I have 
been anticipating a dip at the end of July it was only because 
a historical period of consolidation and profit taking normally 
occurs at this time each year. If I look at the charts with a 
bullish bias I could paint a bullish case despite the calendar. 

Wilshire-5000 Bullish Chart


Using the Wilshire-5000, the broadest market indicator of all, 
we can avoid material spikes from $15 moves in MMM and see what
the real market is doing. We had a bounce in the $TMW.x from
7503 in March to 9692 in June with very few pauses for profit
taking. That is a +29% gain in four months. This is highly 
abnormal. At the top of that gain we dropped back -400 points
and held on 9300 for two weeks. Then we made another try at the
highs and have pulled back again for two weeks but at a higher
low around 9400. This sideways consolidation is bullish. We 
have held the majority of the gains and are slowly inching
higher. A bearish view would say a lower high on this current
attempt will signal doom for the bulls and they could be right. 
They are not right until the index falls below 9300, which is
very strong support and it will have to break the 50 DMA at 9379
first. 9300 on the Wilshire happens to equate to 9000 on the Dow. 
  
Dow Chart Bullish View


The Dow chart looks very similar to the W5K chart in that it is
clearly showing a nice consolidation pattern between 9000-9300
and higher lows since July 1st. The resistance at 9300 is strong
but you can see the upward pressure building.

Depending on whether your glass if half full or half empty you
could also paint a bearish case from these charts. Using the 
Nasdaq below you can see for the last two weeks it has been 
trending down. Down in an uptrend channel but down. The real
test is about to occur if it can break that declining resistance
line around 1740. You can see the resistance/support points
narrowing and something is going to break soon. With the uptrend
line now at 1700 the importance of holding that level is becoming
stronger. 

Nasdaq Chart Bearish View


Dow Chart - Bearish view


The Dow bearish view anticipates a double top failure at 9300 and
a failed retest of Dow 9000. Granted that is a lot to swallow 
today but that is the bearish view. 

The problem all along has not been the case for investing in 
stocks. I have been saying for months that when bonds crashed
billions of dollars would find its way into the stock market. 
Well boys and girls bonds crashed. They gave up nearly 2.5 years
of gains in the ten year and 3.5 years of gains in the 30 year. 
This takes into account the price of the bonds and the yields. 
The ten-year yield at 4.2% is very near a 12 month high. This
all happened since the June-25th Fed meeting. This bond disaster
will hit home when the monthly statements come in about a week
and the bond buyers thinking they are in a safe investment will
get a serious shock. Stocks will start looking a lot better very
soon if we get one more leg down in bonds. I actually think bonds
will improve over the next two weeks. Why? Because there is a
FOMC meeting on Aug-12th. While the Fed Funds futures are 
showing a zero chance of a rate cut there has been some noises
out of a couple Fed heads last week that things are not rosy. 
Bernanke said deflation was still a substantial risk and could
increase even with a pickup in the economy. Broaddus said he
was not convinced a recovery had started. The biggest reason of
all is to shock bonds. If Greenspan popped another surprise 25 
point cut out at the Aug-12th meeting the bond market would go 
crazy. They would start worrying like there was no tomorrow and 
rates would plummet. The housing market would get back on track
and we would be back in the grove. Idle speculation on my part
but then it would solve a major problem for Greenspan.

That brings us back to the original July decline premise. It is
historical and very dependable. However you don't normally get 
a multiyear bond meltdown in July. This was a catastrophic event
in the bond market that has shaken the normal July calendar. Add
in some glimmers of hope in the economic reports and we could be
off to the races. Except for a couple of points. Obviously from
the multiple attempts to break support last week there are quite
a few people who are not convinced the recovery is in progress. 
Whether you admit it or not there was some heavy selling several
times. Also, remember those fat finger trades that were determined
to be real trades once the smoke cleared? Not everybody is on the
Sugarland express and expecting to be popping champagne with 
Acompora at the 10,500 party anytime soon. 

Yes, I am almost ready to concede the July dip has been cancelled
due to lack of interest and a bond catastrophe that will be talked
about for years. Almost. I still have that nagging thought in the
back of my mind that if Saddam is still in hiding on Monday the 
outlook could change quickly. If they catch him over the weekend
then Dow 9300 is history and the entire conversation will begin 
again at a higher level. There are no guarantees for anyone and
least of all traders. Just when you think you have everything 
figured out something changes. That is what keeps it exciting. 

Enter Very Passively, Exit Very Aggressively!

Jim Brown



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


Henry Schein - HSIC - cls: 56.75  chg: +1.66 stop: 53.99 *new*

Company Description:
Henry Schein is the largest provider of healthcare products and 
services to office-based practitioners in the combined North 
American and European markets.  Recognized for its excellent 
customer service and low prices, Henry Schein serves more than 
400,000 customers worldwide, including dental practices and 
laboratories, physician practices and veterinary clinics, as well 
as government and other institutions.  (Source:  Company Press 
Release.)

Why We Like It:
Party all day.  That's what happened with HSIC on Friday.  HSIC 
didn't wait for the afternoon rally to begin and then decide to 
participate.  HSIC rallied all day, from beginning to last.  Its 
more than three percent climb outperformed the RXP, the Morgan 
Stanley Health Care Products Index.  Although HSIC is not a 
component of the RXP, the comparison appears appropriate.

While we wished HSIC had rallied with more than 70 percent of its 
usual average daily volume, we can't ask for everything and we 
got nearly everything else.  HSIC tested and then sprang up from 
its 21-dma, marked in blue on the chart.  It also tested and 
sprang up from the midline support on the regression channel that 
has been containing its prices since February.  Since May, that 
midline has supported HSIC on most pullbacks, with nary a touch 
of the lower supporting trendline since April.  Best of all, HSIC 
achieved an all-time closing high.  

One caution exists when studying both the P&F and bar charts, as 
some resistance shows up just above $57.00 on both.  With an all-
time closing high under its belt, we don't believe that level 
will pose a problem, but worried traders could enter after HSIC 
surpasses its all-time intraday high of 57.73.

Everything seems in line for this play to work well, but it's got 
to work quickly.  HSIC reports Tuesday, August 5, so we'll be 
closing the play at the end of next week.  Traders can enter at 
current levels or on another pullback and bounce from the 21-dma.  

Annotated Chart for HSIC:


Picked on July 27 at $56.75
Change since picked:   0.00
Earnings Date:     08/05/03 (confirmed)
Average Daily Volume:   346 thousand





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

Extreme Readings
Jonathan Levinson
 
The VIX made a new closing low for the year today at 19.94, while 
the QQV and VXN came close.  The bullish percents and record high 
percents are pinned to the tops of their ranges, while the 
bullish vs. bearish advisor surveys remain very close to 
multiyear bullish extremes.
 
Despite the all-out bullish tenor to our breadth, sentiment and 
volatility measures, equity prices have failed to advance, with 
the Dow and SPX trading for a month below its rally high, while 
the Nasdaq more bullishly printed its high during the week before 
last.
 
One would be correct to identify this as an unhealthy situation, 
with traders beating the drum harder but from lower levels.  
Unfortunately, reading the secondary indicators is never an 
absolute science, and the story need not be bearish.  The VIX, 
for instance, could be leading an upside move in equity prices 
with its bearish divergence, as the smaller, "sharper" options 
market sends volatilities lower, possibly signaling a fresh 
break to the upside for stocks.
 
As with all indicators, their effectiveness is based on the 
respect of their usual range.  In daytrading, a favorite strategy 
for playing a declining market was to sell downside spikes in the 
TRIN.NQ.  As the market's bias was downward, every downside spike 
in the TRIN.NQ tended to be an unsustainable spike in buying 
pressure, and signaled a short term top.
 
Unfortunately, in a turning or a rising market, when the longer 
"waves" of buying pressure are building, this sensitive indicator 
would become buried at extreme low levels for hours or even days 
at a time.  These low readings were signaling not selling 
opportunities, but their opposite.
 
In reviewing the weekend data, I find it useful to try seeing 
both sides of the trend, particularly as a defense against 
surprises during the trading days to follow.  As always, minds 
work best when they're open.


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

Market Averages

DJIA ($INDU)

52-week High:  9353
52-week Low :  7197
Current     :  9284

Moving Averages:
(Simple)

 10-dma: 9148
 50-dma: 9015
200-dma: 8491

S&P 500 ($SPX)

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

Moving Averages:
(Simple)

 10-dma:  990
 50-dma:  979
200-dma:  906

Nasdaq-100 ($NDX)

52-week High: 1316
52-week Low :  795
Current     : 1278

Moving Averages:
(Simple)

 10-dma: 1269
 50-dma: 1219
200-dma: 1078


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


If the VIX and VXN were stocks one might think they were both 
about to breakdown to new lower lows.  Or in the VIX's case, follow
through on the breakdown through support.  Low VIX readings typically
indicate market tops as bullish sentiment reaches extremes and 
buyers have absolutely no fear. 

CBOE Market Volatility Index (VIX) = 19.94 -0.52
Nasdaq-100 Volatility Index  (VXN) = 30.04 -1.41


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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.67        508,821       339,703
Equity Only    0.54        378,442       205,434
OEX            0.60         33,855        20,404
QQQ            2.68         16,922        45,392


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

Bullish Percent Data

           Current   Change   Status
NYSE          69.4    + 0     Bull Confirmed
NASDAQ-100    75.0    - 1     Bull Confirmed
Dow Indust.   80.0    - 7     Bull Correction
S&P 500       75.8    + 0     Bull Correction
S&P 100       82.0    - 2     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  0.96
10-Day Arms Index  0.93
21-Day Arms Index  1.05
55-Day Arms Index  1.13


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    1900      1775
Decliners     927      1257

New Highs     113       123
New Lows        8         6

Up Volume   1214M     1003M
Down Vol.    413M      542M

Total Vol.  1634M     1559M

M = millions


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

Commitments Of Traders Report: 07/22/03

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

Not much new for us to decipher in the full contracts of the
S&P 500 futures.  Commercials remain slightly next short and
the small traders remains significantly net long, expecting
the markets to rise.


Commercials   Long      Short      Net     % Of OI
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%)
07/22/03      411,206   442,131   (30,925)   (3.6%)

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
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%
07/22/03      155,891    76,466    79,425    34.2%

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


E-MINI S&P 500

In contrast to the full size S&P contracts above, the E-minis
is showing a drastic change.  Commercial traders have been
moving from net short to net long the last four weeks and 
the longs have finally out numbered the shorts.  Right on
cue, the small traders have turned the most bearish they 
have been in months.

Commercials   Long      Short      Net     % Of OI 
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%)
07/22/03      249,392   249,386          6     0.0%

Most bearish reading of the year: (354,835)  - 06/17/03
Most bullish reading of the year:        6   - 07/22/03

Small Traders Long      Short      Net     % of OI
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%)
07/22/03       45,945    76,071   (30,126)  (24.7%)

Most bearish reading of the year: (30,126)  - 07/22/03
Most bullish reading of the year: 449,310   - 06/10/03


NASDAQ-100

There is little change in the NDX futures by the commercial
traders or small traders.


Commercials   Long      Short      Net     % of OI 
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%)
07/22/03       32,502     48,139   (15,637) (19.4%)

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
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%
07/22/03       27,321     8,844    18,477    51.1%

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

Commercial traders are becoming even more bullish on the
Industrials while small traders are slowing increasing
their net short positions.


Commercials   Long      Short      Net     % of OI
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%
07/22/03       22,198     8,176   14,022      46.2%

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

Small Traders  Long      Short     Net     % of OI
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%)
07/22/03        6,110    10,898   (4,788)   (28.2%)

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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This newsletter is a publication dedicated to the education
of stock traders. The newsletter is an information service
only. The information provided herein is not to be construed
as an offer to buy or sell securities of any kind. The
newsletter picks are not to be considered a recommendation
of any stock but an information resource to aid the investor
in making an informed decision regarding trading in stocks. It
is possible at this or some subsequent date, the editors and
staff of PremierInvestor.net may own, buy or sell securities
presented. All investors should consult a qualified professional
before trading in any security. The information provided has
been obtained from sources deemed reliable but is not
guaranteed as to accuracy or completeness. PremierInvestor.net
staff makes every effort to provide timely information to its
subscribers but cannot guarantee specific delivery times due to
factors beyond our control.

Please read our disclaimer at:
http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html

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Do not duplicate or redistribute in any form.



PremierInvestor.net Newsletter          Weekend Edition 07-27-2003
                                                    section 2 of 3
Copyright ) 2003, All rights reserved.
Redistribution in any form is strictly prohibited.

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

In section two:

Tech Stocks
  Bullish Play Updates:  MU, PLNR
  Bearish Play Updates:  STX

Active Trader (Non-tech)
  New Bullish Plays:     HSIC, PETM
  Bullish Play Updates:  NEM
  Bearish Play Updates:  HOV
  Closed Bullish Plays:  COH

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


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

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

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


Micron Technology - MU - close: 14.65 change: -0.20 stop: 13.90

The price action in MU over the past couple days was definitely 
not what we had in mind when we added the play on Wednesday's 
breakout to new highs for the year.  Between Wednesday's close 
and the end of the first hour of trading, the Semiconductor index 
(SOX.X) got pummeled down to $376, once again testing the bottom 
of its ascending channel.  But the bulls prevailed and produced a 
very strong rebound right into the close.  Traders with nerves of 
steel could have taken advantage of the early weakness in MU, as 
the sector swoon dropped it down to a low of $14.03, just 13 
cents above our stop.  While the rebound through the remainder of 
the day wasn't stellar, it was steady and appears to have 
confirmed strong support at $14.  Traders that didn't take 
advantage of the dip on Friday will have a couple choices going 
into next week -- either buy another bounce from above $14 or 
wait for the breakout over Wednesday's $15.66 intraday high.  
Monitor the SOX for confirmation of strength seen in MU's chart.

Picked on July 23rd at   $15.38
Change since picked       -0.73
Earnings Date            9/17/03 (unconfirmed)
Average Daily Volume =  11.3 mln




---

Planar Systems - PLNR - cls: 23.98 chg: +0.03 stop: 21.19 *new*

Studying a daily chart wouldn't tell the whole story of PLNR's 
trading pattern over the last two days. Friday, PLNR produced a 
doji, indicative of indecision, with that doji planted beside 
Thursday's similar-appearing doji.  As similar as the two doji 
might appear, the trading action that produced them differed 
greatly.  Friday's dip and subsequent afternoon rally produced 
that day's doji while Thursday's range-bound action produced that 
day's doji.  We like Friday's version better.  

While we wish PLNR had gained more, especially in comparison with 
the XCI, the Amex Computer Technology Index, we do feel cheered 
by its participation in the afternoon rally.  PLNR gained only 
0.12 percent while the XCI gained 2.76 percent.  PLNR is not a 
component of the XCI, but this index might provide the best 
comparison for PLNR's performance.  

Although volume proved light all day, it did pick up as PLNR 
climbed, either as surprised shorts covered or as investors 
bought.  PLNR's daily chart now takes on a characteristic "p" 
accumulation shape, of the same type it formed in early July 
before sinking and then bursting up through the flat top of the 
"p" shape.  Those kinds of dips do not characterize "p" 
accumulation patterns and we hope PLNR decides to skip the dip 
this time.  MACD supports the possibility that the upside could 
continue, while the stochastics flipped back up again from 
territory indicating overbought conditions.  RSI has flattened, 
but hasn't come back down to test its ascending trendline.  

PLNR's press department remained quiet the end of this week, with 
no news releases since the company announced the launch of their 
new entry-level line of PE 15-, 17-, and 19-inch flat-panel 
monitors that they hope speed the acceptance of flat-panel 
monitors.  Those seeking a new entry could enter on a push above 
this week's high of 24.12, but this entry would be for aggressive 
traders only.  PLNR might see first resistance just above $25.00 
with next resistance just above $26.00.  Conservative traders 
could also enter on another dip and rebound from $22.50-23.00.

Annotated Chart for PLNR:


Picked on July 20 at $23.89
Change since picked:  +0.09
Earnings Date:     07/16/03 (confirmed)
Average Daily Volume:   174 thousand





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

Seagate Tech. - STX - cls: 18.89 chg: -0.04 stop: 21.01 *new*

Standard & Poor's Ratings Services had something to say about 
Seagate Friday.  Rather, S&P had something to say about STX's 
planned immediate sale of 60 million common shares of stock.  S&P 
said the announcement did not affect its ratings or outlook on 
the company.  

Perhaps the sale affected consumer sentiment, however.  Although 
STX tried to participate in Friday afternoon's rally and did pull 
up off the day's low, the stock hesitated by early afternoon and 
did not rise into the close as did many tech stocks.  Perhaps STX 
was hit by the flood of new shares flowing into the market, with 
today's 20 million shares swamping STX's usual 3.3 million 
shares.  

STX couldn't manage a retest of its violated 21-dma and the weak 
rally attempt did nothing to turn indicators to the upside.  With 
the remainder of those 60 million shares to continue flooding the 
market, STX appears destined to fall toward its 50-dma at $17.16 
or perhaps even to retest the 38.2 percent retracement of its 
rally, at $16.76.  Those seeking new entries might enter on a 
bounce attempt and rollover anywhere under $19.50.  In fact, 
we're raising our official exit (profit) target to $17.21, just 
above that rising support. 

Annotated Chart for STX:


Picked on July 23 at 19.50
Change since picked: -0.61
Earnings Date:    07/15/03 (confirmed)
Average Daily Volume:  3.1 million





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

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

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

Henry Schein - HSIC - cls: 56.75  chg: +1.66 stop: 53.99 *new*

Company Description:
Henry Schein is the largest provider of healthcare products and 
services to office-based practitioners in the combined North 
American and European markets.  Recognized for its excellent 
customer service and low prices, Henry Schein serves more than 
400,000 customers worldwide, including dental practices and 
laboratories, physician practices and veterinary clinics, as well 
as government and other institutions.  (Source:  Company Press 
Release.)

Why We Like It:
Party all day.  That's what happened with HSIC on Friday.  HSIC 
didn't wait for the afternoon rally to begin and then decide to 
participate.  HSIC rallied all day, from beginning to last.  Its 
more than three percent climb outperformed the RXP, the Morgan 
Stanley Health Care Products Index.  Although HSIC is not a 
component of the RXP, the comparison appears appropriate.

While we wished HSIC had rallied with more than 70 percent of its 
usual average daily volume, we can't ask for everything and we 
got nearly everything else.  HSIC tested and then sprang up from 
its 21-dma, marked in blue on the chart.  It also tested and 
sprang up from the midline support on the regression channel that 
has been containing its prices since February.  Since May, that 
midline has supported HSIC on most pullbacks, with nary a touch 
of the lower supporting trendline since April.  Best of all, HSIC 
achieved an all-time closing high.  

One caution exists when studying both the P&F and bar charts, as 
some resistance shows up just above $57.00 on both.  With an all-
time closing high under its belt, we don't believe that level 
will pose a problem, but worried traders could enter after HSIC 
surpasses its all-time intraday high of 57.73.

Everything seems in line for this play to work well, but it's got 
to work quickly.  HSIC reports Tuesday, August 5, so we'll be 
closing the play at the end of next week.  Traders can enter at 
current levels or on another pullback and bounce from the 21-dma.  

Annotated Chart for HSIC:


Picked on July 27 at $56.75
Change since picked:   0.00
Earnings Date:     08/05/03 (confirmed)
Average Daily Volume:   346 thousand



---


PETsMART, Inc. - PETM - cls: 19.99 chg: +0.65 stop: 18.29 *new*

Company Description:
PETsMART, Inc. is the largest specialty retailer of services and 
solutions for the lifetime needs of pets.  The company operates 
more than 600 pet stores in the United States and Canada, as well 
as a large pet supply catalog business and the Internet's leading 
only provider of pet products and information (www.petsmart.com).  
PETsMART provides a broad range of competitively priced pet food 
and supplies, and offers complete pet training, grooming and 
adoption services.  Since 1994, PETsMART Charities, an 
independent 501(c)3 organization, has donated more than $24 
million to animal welfare programs and, through its in-store 
adoption programs, has saved the lives of more than 1.5 million 
pets. (Source:  Company Press Release.)


Why We Like It:
What's to dislike about a company that chooses as its symbol a 
homonym for "pet 'um"?  We're not getting all warm and fuzzy 
here, though.  PETM's chart presents sound reasons for choosing 
this stock as a long play.

Back on June 30, PETM announced that the company would start 
paying quarterly cash dividends, with the first dividend set at 2 
cents per share.  Investors greeted the news by buying up shares.  
That day, PETM bounced from its flat 200-dma and began climbing.  

That's not the entire story, however.  PETM had already been 
climbing since March, and had been doing so in a regression 
channel that still contains its prices.  Early last week, PETM 
tested its 21-dma, but performed that test without ever dipping 
far enough to actually touch the average before bouncing again.  
On Friday, PETM bounced from the midline support of its 
regression channel.  It appears ready to head up to the top of 
that channel again and we're prepared to capture some of the 
gains as it does so.

We're setting a trigger of $20.00 for an entry, but that 
shouldn't be difficult to achieve.  PETM shows a P&F buy signal 
and that trade over 20 will create a new buy signal.  An 
alternate entry could be found after a pullback and bounce from 
anywhere above 18.50.  We don't expect that pullback, however.  
We do expect some hesitancy as PETM approaches its October 2002 
high of 21.00, but expect that hesitancy to be short-lived.  

Annotated Chart for PETM:


Picked on July 27 at 19.99
Change since picked:  0.00
Earnings Date:    08/28/03 (confirmed)
Average Daily Volume:  1.4 million





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

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


Newmont Mining - NEM - cls: 36.29 chng: +0.89 stop: 33.75*new*

Despite a stellar bullish performance for equities on Friday, 
precious metals stocks continued to find a bid, with the XAU 
index tacking on 1.78% and the price of gold holding firm near 
$363.  Clearly precious metals stocks are reflecting investors' 
concerns that there are problems in the monetary system.  Rather 
than pulling back, NEM delivered another stellar performance, 
tacking on 2.5% and closing above $36, a new 5-year high.  Things 
are looking a bit extended here, with price well above the upper 
Bollinger band for the third day in a row and we'd prefer to see 
a pullback at least to the $35 level for new entries.  A dip back 
to $34 would be even better, but given the strong buying volum 
last week, that seems unlikely.  With just over a week to go 
until earnings on August 5th, NEM looks like it might very well 
achieve our $40 target ahead of that event.  Raise stops to 
$33.75, just below the top of Wednesday's gap.

Picked on July 23rd at   $35.28
Change since picked       +1.01
Earnings Date            8/05/03 (unconfirmed)
Average Daily Volume =  4.26 mln




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


Hovnanian Ent. - HOV - cls: 51.83 chng: +0.02 stop: 54.01*new*

Considering the strong rise in the broad market on Friday, the 
anemic 0.57% advance in the Home Builders index ($DJUSHB) once 
again highlights the waning strength in the group.  With bond 
yields continuing to move higher, the odds of continued strength 
in the Housing sector seem slim.  HOV is certainly showing the 
weakness we've been looking for, with only a few feeble bounce 
attempts throughout last week, and it took a pretty strong surge 
from the lows just to close the stock in positive territory.  The 
stock continues to find resistance in the $53.00-53.50 area, and 
appears to be rolling over below the 10-dma (currently $53.45).  
Another failed rally below this measure of solid resistance can 
still be used for new entry points in anticipation of that 
elusive breakdown under the $50 support level. Note that we've 
lowered our stop to $54.01, just below break even and just above 
what held as resistance all last week.  We're still targeting a 
drop into the $45-46 area and with a month still to go before the 
company releases earnings, that goal is still looking quite 
achievable.  Keep a sharp eye on Treasuries, as strong buying 
that reverses the recent trend might be enough to give more than 
a fleeting rebound to the Housing sector.

Picked on July 16th at   $54.25
Change since picked       -2.42
Earnings Date           08/27/03 (unconfirmed)
Average Daily Volume =  1.01 mln





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

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


Coach Inc. - COH - cls: 53.74 chg: +0.63 stop: 51.99

Too little, too late.  Friday, COH dropped below its ascending 
trendline then sprang up to close above both that trendline and 
the 21-dma.  Volume picked up slightly.  Although volume measured 
only three-fourths the average daily amount, that trumped the 
measly volume seen earlier in the week.  RSI dipped to its own 
supporting trendline, but found support there, too.  The other 
indicators showed unconvincing evidence of an uptrend in the 
making, however, as both MACD and stochastics flattened.

The indicator evidence will make little difference, however, as 
it's our policy to close positions ahead of earnings.  Because 
COH reports earnings Tuesday, July 29, we're closing the play 
this weekend.  

Now that we're closing the play, is COH likely to climb again?  
COH's candles have settled into a neutral triangle at the top of 
its range, with the ascending trendline as support and with a new 
descending trendline forming off the recent lower highs.  While 
the presumption is that a stock trading in a consolidation 
pattern such as this will break in the direction it had traveled 
previous to the formation of the pattern, it would be dangerous 
to hold through earnings assuming that an upside breakout will 
occur.  Nothing on the daily oscillators yet gives clear evidence 
that will happen.
 
Picked on July 13 at $55.33
Change since picked:  -1.59
Earnings Date:     07/29/03 (confirmed)
Average Daily Volume:   966 thousand






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

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

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


BEA Systems - BEAS - close: 13.32 change: +0.04 stop: 12.05*new*

After a couple more half-hearted dips, BEAS gave us what we were 
looking for on Thursday, a convincing breakout over the $13.30 
level.  That was the trigger for new momentum entries and while 
we would have preferred to see BEAS hold its early gains, more 
cautious traders got another entry opportunity Friday morning 
when the stock dipped down just below $13 and then rebounded from 
just above the 10-dma ($12.78).  While the stock has been held 
back by the upper Bollinger band just below $14, there hasn't 
been much selling pressure, as investors seem to be looking for 
positive results from the company when earnings are released on 
August 14th.  For now, buying the dips seems to be the way to go, 
as the stock keeps finding support at higher lows.  Connecting 
the lows from 7/01 and 7/11 produces an ascending trendline that 
currently falls right at $12.50.  So long as that trendline isn't 
broken, dips are buyable in anticipation of a run at $14 
resistance, quite possibly early next week.  We're continuing to 
raise our stop just below the rising 20-dma ($12.07), so our stop 
moves up to $12.05 this weekend.

Picked on July 20th at   $12.79
Change since picked       +0.53
Earnings Date            8/14/03 (confirmed)
Average Daily Volume =  11.1 mln





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

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


Sirius Satellite - SIRI - cls: 1.63 chg: -0.02 stop: 1.60

Can it get any more painful than this?  Instead of the hoped-for 
blast wafting SIRI higher, SIRI sinks closer to our $1.60 stop 
each day.  There's no news to explain the dim reception.  Friday 
SIRI announced the identity of a new board member, but the stock 
had seen declining interest before that announcement was made and 
it seems unlikely that board member's identity would affect the 
stock in this manner.  Volume declined throughout the week for 
both SIRI and competitor XMSR, with SIRI drawing less than one-
fourth its average volume Friday and XMSR drawing a slightly 
better three-fifths average daily volume.  When markets rebounded 
on Friday, SIRI did not participate in the rebound.

We're going to put ourselves out of our misery and close the 
play.  With the 21- and 50-dma's grouped just overhead, it 
appears unlikely that SIRI can mount an earnings run ahead of the 
August 6 earnings. 

Picked on  July 2 at  1.78
Change since picked: -0.15
Earnings Date:    08/06/03 (confirmed)
Average Daily Volume:   71 million










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To stop receiving this PremierInvestor.net Newsletter,
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=================================================================
DISCLAIMER
=================================================================

This newsletter is a publication dedicated to the education
of stock traders. The newsletter is an information service
only. The information provided herein is not to be construed
as an offer to buy or sell securities of any kind. The
newsletter picks are not to be considered a recommendation
of any stock but an information resource to aid the investor
in making an informed decision regarding trading in stocks. It
is possible at this or some subsequent date, the editors and
staff of PremierInvestor.net may own, buy or sell securities
presented. All investors should consult a qualified professional
before trading in any security. The information provided has
been obtained from sources deemed reliable but is not
guaranteed as to accuracy or completeness. PremierInvestor.net
staff makes every effort to provide timely information to its
subscribers but cannot guarantee specific delivery times due to
factors beyond our control.

Please read our disclaimer at:
http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html

*****************************************************************
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Newsletter, or any Premier Investor Network newsletter please
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Copyright (c) 2003  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.






PremierInvestor.net Newsletter          Weekend Edition 07-27-2003
                                                    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 28th
   - 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 28th
==========================================

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

Symbol  Company               Date           Comment      EPS Est

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

ACE    ACE LTD               Mon, Jul 28  After the Bell      0.99
APD    Air Product Chems     Mon, Jul 28  Before the Bell     0.55
LNT    Alliant Energy        Mon, Jul 28  Before the Bell     0.23
AFC    Allmerica Financial   Mon, Jul 28  After the Bell      0.03
AXP    American Express Co   Mon, Jul 28  -----N/A-----       0.57
AFR    Am Finl Rlty Trst     Mon, Jul 28  Before the Bell      N/A
AMKR   Amkor Technology, Inc Mon, Jul 28  After the Bell     -0.12
BOH    Bank of Hawaii Corp   Mon, Jul 28  Before the Bell     0.48
ABX    Barrick Gold          Mon, Jul 28  -----N/A-----       0.06
BRG    BG Group              Mon, Jul 28  Before the Bell      N/A
BIO    Bio-Rad Laboratories  Mon, Jul 28  Before the Bell     0.81
BMC    BMC Software          Mon, Jul 28  Before the Bell     0.02
CHK    Chesapeake Energy CorpMon, Jul 28  After the Bell      0.26
DTE    DTE Energy Company    Mon, Jul 28  Before the Bell     0.40
ETR    Entergy               Mon, Jul 28  Before the Bell     1.17
ENT    Equant NV             Mon, Jul 28  After the Bell     -0.42
FMX    FEMSA                 Mon, Jul 28  -----N/A-----       0.97
FCNCA  First Cit BancShares  Mon, Jul 28  -----N/A-----        N/A
FHCC   First Health Group    Mon, Jul 28  -----N/A-----       0.38
GGP    General Growth Prop   Mon, Jul 28  -----N/A-----       1.48
HLT    Hilton Hotels Corp    Mon, Jul 28  Before the Bell     0.14
HUM    Humana Inc.           Mon, Jul 28  Before the Bell     0.29
ITT    ITT Industries        Mon, Jul 28  -----N/A-----       1.02
JP     Jefferson-Pilot       Mon, Jul 28  After the Bell      0.87
K      Kellogg Co.           Mon, Jul 28  Before the Bell     0.47
MXICY  Macronix Intl         Mon, Jul 28  Before the Bell      N/A
MVSN   Macrovision           Mon, Jul 28  After the Bell      0.16
MWV    MeadWestvaco          Mon, Jul 28  Before the Bell     0.08
WFR    MEMC Electronic Mats  Mon, Jul 28  -----N/A-----       0.11
MCY    Mercury General       Mon, Jul 28  -----N/A-----       0.70
NFS    Nationwide Finl Serv  Mon, Jul 28  After the Bell      0.72
NTES   Netease.com Inc       Mon, Jul 28  After the Bell      0.24
NOC    Northrop Grumman      Mon, Jul 28  Before the Bell     0.86
PSO    Pearson plc           Mon, Jul 28  Before the Bell      N/A
PD     Phelps Dodge          Mon, Jul 28  Before the Bell    -0.26
PNW    Pinnacle West Capital Mon, Jul 28  -----N/A-----       0.72
PVN    Providian Financial   Mon, Jul 28  After the Bell      0.10
RCII   Rent-A-Center         Mon, Jul 28  After the Bell      1.43
ROH    Rohm and Haas Company Mon, Jul 28  Before the Bell     0.39
RCL    Royal CaribCruises    Mon, Jul 28  Before the Bell     0.15
RPM    RPM INTL INC          Mon, Jul 28  Before the Bell     0.37
SAFC   Safeco Corp.          Mon, Jul 28  Before the Bell     0.37
SEM    Select Medical Corp   Mon, Jul 28  After the Bell      0.31
PCS    Sprint Corp           Mon, Jul 28  After the Bell     -0.11
FON    Sprint FON Group      Mon, Jul 28  After the Bell      0.33
SPW    SPX                   Mon, Jul 28  -----N/A-----       0.65
TI     Telecom Italia        Mon, Jul 28  -----N/A-----        N/A
TEM    Telefonica Moviles    Mon, Jul 28  Before the Bell      N/A
RSE    The Rouse Company     Mon, Jul 28  -----N/A-----       0.93
TRI    Triad Hospitals, Inc  Mon, Jul 28  Before the Bell     0.49
TZA    TV Azteca S.A. de C.V Mon, Jul 28  -----N/A-----       0.17
TSN    Tyson Foods           Mon, Jul 28  -----N/A-----       0.21
UDR    Un Dom Rlty Trust     Mon, Jul 28  After the Bell      0.38
VMC    Vulcan Materials      Mon, Jul 28  After the Bell      0.65
WEG    Williams Energy Part  Mon, Jul 28  Before the Bell     0.85
XRX    Xerox Corporation     Mon, Jul 28  Before the Bell     0.12
ZBRA   Zebra Technologies    Mon, Jul 28  Before the Bell     0.67


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

ABB    ABB                   Tue, Jul 29  Before the Bell      N/A
ACS    Affiliated Computer   Tue, Jul 29  -----N/A-----       0.59
ALA    Alcatel               Tue, Jul 29  -----N/A-----      -0.17
AC     Alliance Capital      Tue, Jul 29  -----N/A-----       0.47
ALD    Allied Capital Corp   Tue, Jul 29  Before the Bell     0.52
AIB    Allied Irish Banks    Tue, Jul 29  Before the Bell      N/A
AHC    Amerada Hess          Tue, Jul 29  Before the Bell     1.22
AHM    Amersham              Tue, Jul 29  Before the Bell      N/A
ADP    Automatic Data ProcessTue, Jul 29  Before the Bell     0.38
AVE    Aventis               Tue, Jul 29  -----N/A-----       0.68
BLDP   Ballard Power Systems Tue, Jul 29  -----N/A-----      -0.25
STD    Banco Santander Cntrl Tue, Jul 29  -----N/A-----        N/A
BVF    Biovail Corporation   Tue, Jul 29  Before the Bell     0.47
BSG    BISYS GROUP INC       Tue, Jul 29  After the Bell      0.28
BP     Bp PLC                Tue, Jul 29  Before the Bell     0.79
BTI    British Am Tobacco    Tue, Jul 29  Before the Bell     0.58
BPO    BROOKFIELD PPTYS CORP Tue, Jul 29  -----N/A-----       0.52
BG     BUNGE LIMITED         Tue, Jul 29  Before the Bell     0.71
CPT    Camden Property Trust Tue, Jul 29  After the Bell      0.74
CZ     Celanese AG           Tue, Jul 29  Before the Bell     0.45
CNP    CenterPoint Energy    Tue, Jul 29  -----N/A-----       0.12
GIB    CGI Group             Tue, Jul 29  -----N/A-----        N/A
CRL    Charles River Lab     Tue, Jul 29  After the Bell      0.41
CINF   Cincinnati Financial  Tue, Jul 29  Before the Bell     0.43
CCU    Clear Channel Comm    Tue, Jul 29  Before the Bell     0.37
COH    Coach, Inc.           Tue, Jul 29  Before the Bell     0.30
CE     Concord EFS           Tue, Jul 29  Before the Bell     0.18
CVH    Coventry Health Care  Tue, Jul 29  Before the Bell     0.87
CREE   Cree Inc.             Tue, Jul 29  -----N/A-----       0.16
DD     DuPont                Tue, Jul 29  Before the Bell     0.57
ECA    EnCana Corporation    Tue, Jul 29  Before the Bell     0.77
ENH    Endurance Specialty   Tue, Jul 29  After the Bell      0.70
EC     Engelhard Corporation Tue, Jul 29  Before the Bell     0.45
EOP    Eq Office Prop Trust  Tue, Jul 29  Before the Bell     0.69
FSH    Fisher Scientific IntlTue, Jul 29  After the Bell      0.57
FLR    Fluor Corporation     Tue, Jul 29  After the Bell      0.55
FMC    FMC Corporation       Tue, Jul 29  After the Bell      0.58
FDP    Fresh Del Monte Prod  Tue, Jul 29  Before the Bell     1.27
GGB    Gerdau S.A.           Tue, Jul 29  -----N/A-----       0.55
HMC    Honda Motor Co. Ltd.  Tue, Jul 29  Before the Bell     0.48
KEG    Key Energy Services   Tue, Jul 29  Before the Bell     0.05
KIM    KIMCO REALTY CORP     Tue, Jul 29  Before the Bell     0.79
KG     King Pharmaceuticals  Tue, Jul 29  Before the Bell     0.36
KYO    Kyocera Corporation   Tue, Jul 29  Before the Bell      N/A
TVL    LIN TV Corp.          Tue, Jul 29  Before the Bell     0.17
LPX    LP Corp               Tue, Jul 29  Before the Bell     0.15
MCD    McDonalds Corporation Tue, Jul 29  -----N/A-----       0.37
NBR    Nabors Industries     Tue, Jul 29  -----N/A-----       0.17
NEU    Neuberger Berman      Tue, Jul 29  Before the Bell     0.39
ORLY   O'Reilly Automotive   Tue, Jul 29  After the Bell      0.50
OMC    Omnicom Group         Tue, Jul 29  Before the Bell     1.03
PH     Parker Hannifin Corp. Tue, Jul 29  Before the Bell     0.47
PFGC   PERFORMANCE FOOD GRP  Tue, Jul 29  -----N/A-----       0.49
PER    Perot Systems         Tue, Jul 29  Before the Bell     0.13
PDG    Placer Dome           Tue, Jul 29  After the Bell      0.08
PAA    Plns All Am Pipeline  Tue, Jul 29  Before the Bell     0.38
PNM    PNM Resources         Tue, Jul 29  After the Bell      0.29
PDLI   Protein Design        Tue, Jul 29  After the Bell     -0.06
PUK    Prudential PLC        Tue, Jul 29  -----N/A-----        N/A
RJR    R.J. Reynolds Tobacco Tue, Jul 29  Before the Bell     0.84
RCI    Renal Care Group, Inc Tue, Jul 29  After the Bell      0.52
SSCC   Smurfit-Stone Cntanr  Tue, Jul 29  Before the Bell    -0.05
SO     Southern Company      Tue, Jul 29  Before the Bell     0.45
STTS   ST Assembly Test Serv Tue, Jul 29  After the Bell       N/A
SRCL   Stericycle            Tue, Jul 29  -----N/A-----       0.33
SLF    Sun Life Finl Serv CanTue, Jul 29  -----N/A-----       0.41
TEF    Telefonica de Espaņa  Tue, Jul 29  Before the Bell      N/A
TU     TELUS                 Tue, Jul 29  During the Market    N/A
TPP    Teppco                Tue, Jul 29  -----N/A-----       0.35
TEVA   Teva Pharmaceutical   Tue, Jul 29  -----N/A-----       0.44
TGN    Texas Genco Holdings  Tue, Jul 29  -----N/A-----        N/A
MHP    The McGraw-Hill Comp  Tue, Jul 29  Before the Bell     0.73
RIG    Transocean Inc.       Tue, Jul 29  Before the Bell    -0.02
TMIC   Trend Micro           Tue, Jul 29  Before the Bell      N/A
TYC    Tyco International    Tue, Jul 29  Before the Bell     0.35
UNEWY  United Business Media Tue, Jul 29  Before the Bell      N/A
UCL    Unocal                Tue, Jul 29  After the Bell      0.69
VLO    Valero Energy Corp.   Tue, Jul 29  -----N/A-----       1.07
VZ     Verizon               Tue, Jul 29  Before the Bell     0.68
WPC    W. P. Carey & Co. LLC Tue, Jul 29  Before the Bell     0.66


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

AES    AES Corporation       Wed, Jul 30  Before the Bell     0.11
AET    Aetna Inc.            Wed, Jul 30  After the Bell      1.02
AGU    Agrium, Inc.          Wed, Jul 30  After the Bell      0.50
AMI    ALARIS Medical, Inc.  Wed, Jul 30  Before the Bell     0.04
ACL    Alcon Inc.            Wed, Jul 30  After the Bell      0.51
AEE    Ameren Corporation    Wed, Jul 30  Before the Bell     0.66
AEP    American Elect Power  Wed, Jul 30  Before the Bell     0.40
APPB   Applebee's Intl       Wed, Jul 30  After the Bell      0.43
ARI    Arden Realty Inc      Wed, Jul 30  After the Bell      0.67
ASL    ASHANTI GOLDFIELDS LTDWed, Jul 30  Before the Bell     0.07
BCE    BCE                   Wed, Jul 30  Before the Bell      N/A
BYD    Boyd Gaming           Wed, Jul 30  -----N/A-----       0.27
CMX    CareMark Rx, Inc.     Wed, Jul 30  -----N/A-----       0.25
CB     Chubb Corporation     Wed, Jul 30  After the Bell      1.03
COP    ConocoPhillips        Wed, Jul 30  Before the Bell     1.43
CAM    Cooper Cameron        Wed, Jul 30  Before the Bell     0.37
COX    Cox Communications IncWed, Jul 30  Before the Bell     0.00
CVS    CVS Corporation       Wed, Jul 30  Before the Bell     0.48
XRAY   DENTSPLY Intl         Wed, Jul 30  After the Bell      0.53
DUK    Duke Energy Corp      Wed, Jul 30  Before the Bell     0.31
DRE    Duke Realty Corp      Wed, Jul 30  After the Bell      0.59
ENB    Enbridge Inc.         Wed, Jul 30  -----N/A-----        N/A
ELE    Endesa, S.A.          Wed, Jul 30  Before the Bell      N/A
ETM    Entercom Comm         Wed, Jul 30  Before the Bell     0.35
ESS    Essex Property Trust  Wed, Jul 30  After the Bell      1.09
EXC    Exelon Corporation    Wed, Jul 30  Before the Bell     1.08
FRT    Fed Rlty Invstmnt TrstWed, Jul 30  After the Bell      0.63
FBR    Friedman, Bill, RamseyWed, Jul 30  Before the Bell     0.32
GRMN   Garmin Ltd.           Wed, Jul 30  Before the Bell     0.43
HTV    Hearst-Argyle Tele    Wed, Jul 30  Before the Bell     0.28
HB     Hillenbrand IndustriesWed, Jul 30  Before the Bell     0.95
IMDC   INAMED                Wed, Jul 30  After the Bell      0.65
IM     Ingram Micro          Wed, Jul 30  After the Bell      0.11
INGR   Intergraph            Wed, Jul 30  After the Bell      0.08
IVX    Ivax                  Wed, Jul 30  Before the Bell     0.17
JNS    Janus Capital Group   Wed, Jul 30  Before the Bell     0.20
KMT    Kennametal Inc.       Wed, Jul 30  Before the Bell     0.42
KMG    Kerr-McGee            Wed, Jul 30  Before the Bell     0.81
MKL    MARKEL CORP           Wed, Jul 30  -----N/A-----       3.38
MLM    Martin Marietta Mat   Wed, Jul 30  Before the Bell     0.73
MC     Matsushita Elec Indl  Wed, Jul 30  After the Bell       N/A
MX     Metso Corporation     Wed, Jul 30  Before the Bell      N/A
MNST   Monster Worldwide     Wed, Jul 30  After the Bell      0.08
MUR    Murphy Oil Corp       Wed, Jul 30  After the Bell      0.59
NFG    National Fuel Gas Co  Wed, Jul 30  After the Bell      0.32
NXTP   Nextel Partners       Wed, Jul 30  Before the Bell    -0.16
IX     Orix Corporation      Wed, Jul 30  -----N/A-----        N/A
PIO    Pioneer Corporation   Wed, Jul 30  -----N/A-----        N/A
PXD    Pioneer Natural Res CoWed, Jul 30  Before the Bell     0.69
PDE    Pride International   Wed, Jul 30  After the Bell      0.09
STR    Questar.com           Wed, Jul 30  After the Bell      0.39
RDA    READERS DIGEST ASSN   Wed, Jul 30  Before the Bell     0.06
REP    Repsol YPF            Wed, Jul 30  Before the Bell     0.45
RSG    Republic Services, IncWed, Jul 30  After the Bell      0.37
SKYW   SkyWest               Wed, Jul 30  Before the Bell     0.24
SYT    Syngenta              Wed, Jul 30  Before the Bell      N/A
TDK    TDK                   Wed, Jul 30  -----N/A-----        N/A
SPC    The St. Paul CompaniesWed, Jul 30  Before the Bell     0.86
UN     Unilever N.V.         Wed, Jul 30  -----N/A-----       0.90
UL     Unilever PLC          Wed, Jul 30  Before the Bell     0.64
UMC    United Microelec      Wed, Jul 30  Before the Bell     0.02
VSH    Vishay IntertechnologyWed, Jul 30  Before the Bell     0.07
WDR    Waddell & Reed Finl   Wed, Jul 30  Before the Bell     0.27
WGL    WGL Holdings          Wed, Jul 30  After the Bell     -0.16
WFMI   Whole Foods Market    Wed, Jul 30  After the Bell      0.42
YPF    YPF, S.A.             Wed, Jul 30  Before the Bell      N/A


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

SE     7-Eleven              Thu, Jul 31  Before the Bell     0.29
ATG    AGL Resources         Thu, Jul 31  -----N/A----     -  0.25
ABF    Airborne, Inc.        Thu, Jul 31  Before the Bell     0.11
AW     Allied Waste Indus    Thu, Jul 31  After the Bell      0.20
APCC   American Power ConversThu, Jul 31  After the Bell      0.17
APC    Anadarko Petroleum    Thu, Jul 31  -----N/A-----       1.25
AU     Anglogold Limited     Thu, Jul 31  During the Market   0.27
ATH    Anthem, Inc.          Thu, Jul 31  Before the Bell     1.25
ASN    Archstone-Smith Trust Thu, Jul 31  -----N/A-----       0.46
BEC    Beckman Coulter       Thu, Jul 31  Before the Bell     0.77
BAB    British Airways       Thu, Jul 31  -----N/A-----        N/A
BTY    BT Group PLC          Thu, Jul 31  Before the Bell     N/A
BOBJ   Business Objects      Thu, Jul 31  After the Bell      0.17
CCJ    Cameco                Thu, Jul 31  -----N/A-----       0.51
CAJ    Canon                 Thu, Jul 31  Before the Bell      N/A
CAH    Cardinal Health, Inc. Thu, Jul 31  Before the Bell     0.89
CRE    Carramerica Realty    Thu, Jul 31  After the Bell      0.80
CTL    CenturyTel, Inc.      Thu, Jul 31  Before the Bell     0.55
CBI    Chicago Bridge & Iron Thu, Jul 31  Before the Bell     0.34
CBB    Cincinnati Bell Inc.  Thu, Jul 31  -----N/A-----       0.12
CMCSA  COMCAST HOLDINGS CORP Thu, Jul 31  -----N/A-----      -0.02
BVN    Compania de Minas BV  Thu, Jul 31  -----N/A-----       0.51
CEG    Constellation Energy  Thu, Jul 31  Before the Bell     0.40
TEU    CP Ships              Thu, Jul 31  Before the Bell     0.29
CCI    Crown Castle Intl     Thu, Jul 31  After the Bell     -0.33
DB     Deutsche Bank         Thu, Jul 31  -----N/A-----        N/A
DDR    DEVELOPERS DIVERSIFIEDThu, Jul 31  After the Bell      0.67
RDY    Dr. Reddy's Lab       Thu, Jul 31  Before the Bell      N/A
E      ENI SpA               Thu, Jul 31  -----N/A-----       1.34
EPD    Enterprise Products   Thu, Jul 31  Before the Bell     0.13
EQY    Equity One            Thu, Jul 31  Before the Bell     0.36
ETH    Ethan Allen Interiors Thu, Jul 31  Before the Bell     0.55
XOM    Exxon Mobil Corp      Thu, Jul 31  -----N/A-----       0.56
FFH    Fairfax Financial     Thu, Jul 31  After the Bell       N/A
FIA    Fiat S.p.A.           Thu, Jul 31  -----N/A-----        N/A
FMT    Fremont General       Thu, Jul 31  Before the Bell      N/A
GPRO   Gen-Probe             Thu, Jul 31  Before the Bell     0.21
GILD   Gilead Sciences       Thu, Jul 31  After the Bell      0.44
HAL    Halliburton Company   Thu, Jul 31  Before the Bell     0.02
HAN    Hanson PLC            Thu, Jul 31  Before the Bell      N/A
HIW    Highwoods Properties  Thu, Jul 31  After the Bell      0.65
HIT    Hitachi Limited       Thu, Jul 31  -----N/A-----        N/A
ICI    Imperial Chemical Ind Thu, Jul 31  Before the Bell      N/A
IRF    International Rectif  Thu, Jul 31  -----N/A-----       0.23
IRM    Iron Mountain Incorp  Thu, Jul 31  Before the Bell     0.17
JHF    John Hancock Finl ServThu, Jul 31  After the Bell      0.75
JNY    Jones Apparel Group   Thu, Jul 31  Before the Bell     0.56
KPP    Kaneb Pipe Line Part  Thu, Jul 31  Before the Bell     0.80
KROL   Kroll Inc.            Thu, Jul 31  Before the Bell     0.31
LAF    Lafarge North America Thu, Jul 31  After the Bell      1.21
LIZ    Liz Claiborne         Thu, Jul 31  Before the Bell     0.41
MON    Monsanto Company      Thu, Jul 31  Before the Bell     1.01
NWL    Newell Rubbermaid     Thu, Jul 31  Before the Bell     0.42
NMR    Nomura Holdings, Inc. Thu, Jul 31  -----N/A-----        N/A
ORH    Odyssey Re Holdings   Thu, Jul 31  After the Bell      0.37
OLN    Olin                  Thu, Jul 31  After the Bell      0.15
OCR    Omnicare              Thu, Jul 31  Before the Bell     0.46
OKE    ONEOK Inc.            Thu, Jul 31  After the Bell      0.21
PHS    PacifiCare Health Sys Thu, Jul 31  After the Bell      1.33
PNP    Pan Pacific Retail    Thu, Jul 31  Before the Bell     0.80
PCZ    Petro-Canada          Thu, Jul 31  Before the Bell     0.96
PDS    Precision Drilling    Thu, Jul 31  -----N/A-----       0.05
PG     Procter & Gamble      Thu, Jul 31  Before the Bell     0.86
O      Realty Income         Thu, Jul 31  -----N/A-----       0.69
RTP    Rio Tinto PLC         Thu, Jul 31  Before the Bell     2.33
SPP    Sappi Limited         Thu, Jul 31  -----N/A-----       0.15
SLE    Sara Lee              Thu, Jul 31  During the Market   0.38
SHR    Schering AG           Thu, Jul 31  Before the Bell      N/A
SHPGY  Shire Pharmaceuticals Thu, Jul 31  Before the Bell     0.37
SPG    Simon Property Group  Thu, Jul 31  Before the Bell     0.93
SKM    SK Telecom            Thu, Jul 31  Before the Bell      N/A
SU     Suncor Energy         Thu, Jul 31  -----N/A-----       0.28
TNE    Tele Norte Leste      Thu, Jul 31  Before the Bell    -0.09
TLSN   TeliaSonera AB        Thu, Jul 31  -----N/A-----        N/A
SMG    The Scotts Company    Thu, Jul 31  Before the Bell     2.81
TOC    The Thomson Corp      Thu, Jul 31  -----N/A-----       0.18
WPO    The Washington Post   Thu, Jul 31  -----N/A-----       7.32
TXU    TXU Corp.             Thu, Jul 31  Before the Bell     0.35
UNTD   United Online Inc.    Thu, Jul 31  Before the Bell     0.28
DIS    Walt Disney           Thu, Jul 31  -----N/A-----       0.16
WEC    Wisconsin Energy      Thu, Jul 31  -----N/A-----       0.33
XL     XL Capital Ltd        Thu, Jul 31  After the Bell      1.94


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

AVZ    AMVESCAP PLC          Fri, Aug 01  Before the Bell     0.21
CVX    ChevronTexaco         Fri, Aug 01  Before the Bell     1.53
CI     CIGNA                 Fri, Aug 01  Before the Bell     1.08
DVA    DaVita                Fri, Aug 01  Before the Bell     0.51
DEG    Delhaize Group        Fri, Aug 01  Before the Bell      N/A
FS     Four Seasons Hotels   Fri, Aug 01  Before the Bell     0.18
GFI    Gold Fields Limited   Fri, Aug 01  -----N/A-----       0.10
NDE    IndyMac Bancorp, Inc. Fri, Aug 01  Before the Bell     0.72
ICST   Integrated Circuit SysFri, Aug 01  -----N/A-----       0.22
LYG    Lloyds TSB Group      Fri, Aug 01  Before the Bell      N/A
VRC    Varco International   Fri, Aug 01  Before the Bell     0.23
WPL    W.P. Stewart & Co.    Fri, Aug 01  Before the Bell     0.23
XEL    Xcel Energy           Fri, Aug 01  Before the Bell     0.23


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

Wall Street is heading into its fourth full week of corporate
earnings.  We're also approaching the end of the month.  Friday,
August 1st, is packed with a truckload of economic reports.


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

Monday, 07/28/03
----------------
None


Tuesday, 07/29/03
-----------------
Consumer Confidence (DM)Jul  Forecast:    85.0  Previous:     83.5


Wednesday, 07/30/03
-------------------
Fed's Beige Book (DM)


Thursday, 07/31/03
------------------
Initial Claims (BB)   07/26  Forecast:    400K  Previous:     386K
Employment Cost Indx(BB) Q2  Forecast:    1.0%  Previous:     1.3%
GDP-Adv. (BB)            Q2  Forecast:    1.7%  Previous:     1.4%
Chain Deflator-Adv. (BB) Q2  Forecast:    1.4%  Previous:     2.4%
Help-Wanted Index (DM)  Jun  Forecast:      37  Previous:       36
Chicago PMI (DM)        Jul  Forecast:    53.7  Previous:     52.5

Friday, 08/01/03
----------------
Auto Sales (NA)         Jul  Forecast:    5.5M  Previous:     5.5M
Truck Sales (NA)        Jul  Forecast:    7.6M  Previous:     7.5M
Personal Income (BB)    Jun  Forecast:    0.3%  Previous:     0.3%
Personal Spending (BB)  Jun  Forecast:    0.4%  Previous:     0.1%
Nonfarm Payrolls (BB)   Jul  Forecast:      5K  Previous:     -30K
Unemployment Rate (BB)  Jul  Forecast:    6.3%  Previous:     6.4%
Hourly Earnings (BB)    Jul  Forecast:    0.2%  Previous:     0.2%
Average Workweek (BB)   Jul  Forecast:    33.8  Previous:     33.7
Mich Sentiment-Rev. (DM)Jul  Forecast:    90.7  Previous:     90.3
ISM Index (DM)          Jul  Forecast:    51.5  Previous:     49.8
Construction Spnding(DM)Jun  Forecast:    0.4%  Previous:    -1.7%


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




======================================================
  Trading Ideas
======================================================

This section contains stocks that meet criteria which may make
them of interest to long and short side traders.  These are not
recommendations, nor have they been reviewed by PremierInvestor
editors for investment potential.  However, each of them has
technical and fundamental characteristics that make them worthy
of further review by traders and investors looking for fresh ideas.
New stocks will appear daily following the market close.

Value Plays With Bullish Signals
---------------------------------
Ticker  Company Name               Close     Change

BHP     BPH Ltd                    13.30     +0.54
ING     ING Groep                  19.76     +0.64
BCE     BCE Inc                    22.62     +0.60
AT      Alltel Corp                47.63     +0.83
KB      Kookmin Bank               35.55     +1.46
ZION    Zions Bancorp              57.17     +1.67

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

IVX     IVAX Corp                  18.50     +1.50
AV      Avaya Inc                   9.47     +1.68
TTN     Titan Corp                 15.80     +1.40
ALGN    Align Tech Inc             13.83     +1.20
AZR     Aztar Corp                 18.79     +1.19
NSIT    Insight Enterprises        14.96     +3.61

---------------------------------------
Breakout to Upside (Stocks over $20)
---------------------------------------
  
AIG     American Intl Group        64.65     +2.45
SI      Siemens Aktien             57.21     +1.51
RTP     Rio Tinto Plc (ADR)        88.63     +3.40
DE      Deere & Co                 49.88     +2.03
AL      Alcan Inc                  35.09     +1.09
RTRSY   Reuters Group (ADR)        22.76     +1.71
CIT     CIT Group                  27.74     +1.19

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

NUE     Nucor Corp                 47.93     -2.25
MTD     Mettler Toledo Intl        35.20     -3.15
BSTE    Biosite Inc                46.06     -7.24
HGIC    Harleysville Group         21.59     -1.70
CBM     Cambrex Corp               20.11     -5.09
LDR     Landauer Inc               39.63     -1.28

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

KRON    Kronos Inc                 51.07     -1.52



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