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Daily Newsletter, Wednesday, 08/20/2003

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PremierInvestor.net Newsletter                Wednesday 08-20-2003
                                                    section 1 of 2
Copyright (c) 2003, All rights reserved.
Redistribution in any form is strictly prohibited.

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

In section one:
--------------

Market Wrap:      Gone Fishing

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 WRAP  (view in courier font for table alignment)
=================================================================
     08-20-2003            High     Low     Volume Advance/Decline
DJIA     9397.51 - 31.39  9423.26  9364.03 1.49 bln   1721/1443
NASDAQ   1760.54 -  0.57  1768.52  1747.01 1.51 bln   1637/1565
S&P 100   501.89 -  2.03   503.92   500.54   Totals   3358/3008
S&P 500  1000.30 -  2.05  1003.54   996.62
RUS 2000  489.46 +  0.76   490.24   485.31
DJ TRANS 2661.90 -  2.05  2669.87  2656.49
VIX        19.71 +  0.48    20.18    19.35
VXN        27.64 +  1.14    28.66    27.36
Total Volume 3,250M
Total UpVol  1,484M
Total DnVol  1,697M
52wk Highs     665
52wk Lows       47
TRIN          1.19
PUT/CALL      0.62
=================================================================

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


Gone Fishing
Jonathan Levinson


That's what the smart money did today, with the Nasdaq closing lower by
0.57 of one point and the Dow losing 31.  Volatility remained low, and
the question remains whether trades at the current level are
consolidation near the highs, or distribution of shares ahead of a
drop.

Weekly COMPX


Both the Nasdaq and the Dow weekly candles are at cyclical tops
on their oscillators, and the 10 week stochastics issued  buy
signals in July.  The downphases have hiccupped on this week's
gains in the Nasdaq and the Dow, and a truncation of those
downphases this early in their runs would have very bullish
implications.

Weekly INDU


6 month daily COMPX


The daily Nasdaq and Dow have yet to abandon their uptrends, with
the Nasdaq trading just below it while the Dow is just above.
The 10 day stochastic and MacD are both on buy signals, which is
causing the upticks we saw above on the weekly oscillators.

6 month daily INDU


20 day 30 minute COMPX


The lack of upward momentum today gave us sell signals on the 300
minute stochastic, with both indices trading within bear flags.
A breakdown from these formations should pack sufficient power to
abort the buy signals on the daily oscillators and allow the
ongoing downphases on the weekly to resume.  However, for the
moment, the upphase on the daily appears to be dominant, causing
the short cycles on the 30 minute charts to trend in overbought
territory and the downphasing daily cycles to pause early within
their runs.

20 day 30 minute INDU


On the economic front, the Mortgage Bankers Association (MBA)
announced this morning that seasonally-adjusted demand for
mortgage refinancings, the MBA refi index, dropped 14.9% for the
past week following the previous week's 16.1% drop, bringing the
the index to its lowest level since July 12, 2002.  Demand for
loans with which to buy homes, the Purchase index, fell 4.9%. The
Application index fell 10.7% for the week, following last week's
10.3% drop.  The average interest rate for a 30-year fixed rate
mortgage rose to 6.22% from 6%, now 123 basis points above its
June 13 low.  Recall that John Snow talked down the negative
impact of rising rates: "When an economy is recovering, it is
normal to see interest rates rise some. So I would point to the
rising interest rates as an indication that the economy is coming
back."  Without a strong pickup in employment to cover this
extreme increase in the cost of money to the average home
borrower, I don't see how far the economy can get.  Note, as Jane
reported on Monday, that personal bankruptcies rose 10.2% from
last year, setting a new record on both a quarterly and per
household basis, reaching new record levels.


One year daily chart of the thirty year note yield


It's worth spending a moment to discuss the concept of the
Kondratieff Cycle. I will not be able to do it justice in this
limited space, but it's worth noting the concept in light of the
ongoing developments we follow here on a daily and weekly basis.
Nikolai Kondratieff, whose work was carried forward by Joseph
Schumpeter, posited that there's a long term cycle of credit
expansion and contraction, and tied the cycle in with wars, booms
and busts.  Briefly, economic seeds are planted following periods
of credit contraction.  Businesses are built, investments are
made (the "spring").  As the cycle progresses, the investments
mature and prosperity grows, and the economy begins to incur debt
against its assets (summer).  Expansion slows, but debt continues
to be incurred to extend the "good" times.  Debt begins to peak,
at which point it becomes unsupportable.  At this point, credit
begins to contract, with bankruptcies increasing and economic
activity slowing (the Kondratieff Winter).  After debt has been
cleansed from the system by these mechanisms, the economy is ripe
for the new round of investments to herald the spring.



Without quoting Chauncey Gardiner from "Being There", the
contraction is a necessary part of the cycle.  Kondratieff and
Schumpeter and others have linked the major wars to the cycle's
peaks and troughs, and this is fascinating work to review for the
cost of a quick Google search.  Reputedly, Allan Greenspan during
the late 1960s said that he'd like to be Chairman of the Fed
during the 1990s, because he felt he could overcome the K-Wave
Winter by flooding the financial system with liquidity.  Why one
would wish to do so is beyond me, but this appears to have been
the case.  Unfortunately, as we have seen during the past
Wednesday market wraps, the Fed has succeeded not in averting a
period of necessary economic contraction, but merely in creating
asset bubbles in discrete sectors, first in the Nasdaq during the
Dotcom boom, then in the credit and mortgage markets, with the
price of real estate following along, and possibly in the Chinese
manufacturing sector as well.  Given the explosion in the money
supply, it is my guess that commodities and particularly the
precious metals sector are in the process of becoming the next
asset bubble.  Disclosure:  I am long this sector, as it seems
obvious to me that if dollars are being printed at a rapid rate,
the price of all things that cannot be created at the same rate
should rise.

Weekly chart of MZM money supply


Weekly chart of December 2003 gold


In any event, to conclude our musings on the Kondratieff Winter,
the recent record-setting corporate bankruptcies such as Enron,
Worldcom, K-Mart, Global Crossing and others, the soaring level
of personal bankruptcies and the proliferation of offers of
credit, including zero-down, zero-payment, cash-back deals, all
fit perfectly into this century-old theory.  Apparently there's
talk of interest-only home mortgages resurfacing, a concept I've
heard was last popular during the 1920s.  As the Winter cycle
progresses, we can expect to witness the last gasp of credit
expansion.  I believe that the uptick in rates marks the peak of
the current Winter cycle.

In other news, it was reported by the American Petroleum
Institute (API) that crude oil inventories dropped by 1.6 million
barrels to 278.8M barrels, while the Department of Energy
recorded a loss of 2.03M barrels to 279.M barrels total.  Either
way, analysts managed to get it wrong for another week,
predicting an increase in supply. The API and Energy Department
data reported unleaded gasoline inventories down on the week, and
distillate supplies higher during the week.

It was an otherwise quiet day, and the lack of movement in the
indices reflected that.  We have the following economic data due
tomorrow:

               Report                   Briefing  Market    Prior
                                        Expects   Expects
Aug 21 8:30 AM Initial Claims 08/16 -     395K      395K     398K
Aug 21 10:00 AM Leading Indicators Jul -  0.5%      0.4%     0.1%
Aug 21 12:00 PM Philadelphia Fed Aug -    11.0      10.0      8.3


I expect to see the markets react to the initial claims data
before the bell.  I noticed that some writers were attributing
the selloff in bonds today to expectations of a bullish showing
on the employment data.  If that's the case, which I personally
doubt, then we can expect that anything less than a downside
surprise in new unemployment claims will disappoint the market.
My feeling is that the conflicting cyclicality portrayed in the
charts above is what's causing the market to chop sideways, and
whatever the spark, we should see a resolution, and hopefully
soon.  Until that happens and the market shows its hand, trade
safely and ride your stops.  No trade beats a bad trade.


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

KB      Kookmin Bank               34.25     +0.65
MGA     Magna Intl Inc             81.35     +0.63
HIB     Hibernia Corp              20.73     +0.57
PPP     Pogo Producing             45.48     +0.68
TLB     Talbots Inc                35.55     +1.15
FBN     Furniture Brands Intl      25.25     +0.86

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

GDYS    Goody's Family Clothing     9.91     +1.61
SINT    SI Intl                    16.45     +1.69

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

NTAP    Network Appliance          20.88     +2.83
PETM    PetsMart Inc               20.68     +1.10
FSH     Fisher Scientific          39.15     +1.40
RYN     Rayonier Inc               39.41     +4.22
PETC    Petco Animal Supplies      27.94     +3.41
THO     Thor Industries            49.85     +2.12
TUES    Tuesday Morning            33.36     +1.96

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

MRK     Merck & Co                 52.12     -1.60
CEP     CenterPulse Ltd            24.52     -1.78
HOC     Holly Corp                 26.40     -1.86

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

BDX     Becton Dickinson & Co      37.80     -0.60



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Do not duplicate or redistribute in any form
PremierInvestor.net Newsletter                Wednesday 08-20-2003
                                                    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
=================================================================

Tech Stocks
  Bullish Play Updates:  IRF

Active Trader (Non-tech)
  New Bearish Plays:     ABC
  Bullish Play Updates:  HELE
  Bearish Play Updates:  HCA
  Closed Bullish Plays:  NEM
  Closed Bearish Plays:  JPM

High Risk/Reward
  New Bullish Plays:     TWR
  Bullish Play Updates:  LSI
  Bearish Play Updates:  SOHU, AGIX

SplitTrader/Announcements
  Split Announcement:    BKST, SNPS

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

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

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


Int'l Rectifier - IRF - close: 35.86 change: -0.48 stop: 33.60

After steaming sharply higher on Monday and Tuesday, our IRF play
was overdue for a day of rest and Wednesday turned out to be the
day, with the Semiconductor index (SOX.X) finally taking a pause
from the sharp rise that has lifted it nearly 15% since August
8th.  IRF dipped back to just above $35 at the open and that was
all the weakness the bears could muster, with the stock
rebounding and then consolidating for the remainder of the day
just below $36.  The stock is still in the middle of that 'fast
move' area left behind by last June's downward gap and that
should enable it to climb to the top of the gap near $37.40.
Beyond there, we'll have to see if the bulls have the strength to
push up towards $40 resistance.  Make no mistake, the stock is
still extended at its current level and may need to consolidate a
bit more before the bulls charge forth again.  Look for new
entries on intraday pullbacks and rebounds from above the $34
level, looking for confirmation of that strength from the SOX.
We're maintaining our stop at $33.60, just below Friday's
afternoon consolidation zone.

Picked on August 13th at  $32.99
Change since picked        +2.87
Earnings Date           10/30/03 (unconfirmed)
Average Daily Volume =     896 K





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

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

AmerisourceBergen - ABC - close: 60.00 change: -0.91 stop: 62.05

Company Description:
AmerisourceBergen is a pharmaceutical services company dedicated
solely to the pharmaceutical supply chain.  The company markets
its products and services to hospital systems (hospitals and
acute care facilities), alternate care customers (mail order
facilities, physicians' offices, long-term care institutions and
clinics), independent community pharmacies, and regional
drugstore and food merchandising chains.  ABC also provides
outsourced pharmacies to long-term care and workers' compensation
programs.  ABC perates in two segments: Pharmaceutical
Distribution and PharMerica.  The Pharmaceutical Distribution
division is primarily the company's wholesale and specialty drug
distribution business, and PharMerica is the company's
institutional pharmacy business.

Why we like it:
There's nothing complicated about our view for ABC, as the stock
had a weak rebound from the July selloff, and after spending a
week trying to poke through the $62 resistance level, finally
caved in over the past two days.  From the looks of things, the
bears aren't done wreaking havoc here either.  From the PnF chart
perspective, ABC has been looking bearish since falling below $65
and generating a fresh Sell signal.  The vertical count from that
Sell signal currently projects to the $54 level and when support
breaks, that level could be achieved very quickly.  The early
August rebound got underway from $58 and we have the 200-dma
($59.29) just below today's $60.00 close.  So that defines our
support levels, with resistance clearly marked by the solid
barrier at $62.  That resistance is reinforced by the 20-dma
(currently at $62.02).

Because of the proximity of the $58 support and 200-dma, we'd
obviously prefer to enter the play on a failed rebound below
resistance, ideally near $61.  But for those that want to enter
on weakness, there are a few points that can be used to trigger
entries.  First would be a break under $60, then a drop under the
200-dma and finally a break below the $58 level.  When that last
support level gives way, it should have the $56 level coming into
play as the next potential level of support.  Note that $56 could
actually present some challenges for the bears, as it is also the
site of the PnF chart's bullish support line.  Conservative
traders may want to harvest some partial gains near that level,
but we're going to go for the gusto and target that $54 level,
hinted at by the bearish vertical count.  Due to the solid
resistance last week, we can place a tight stop on the play at
$62.05, just above both the intraday highs and the 20-dma.

Annotated Chart of ABC:


Picked on August 10th at  $60.00
Change since picked        +0.00
Earnings Date           10/23/03 (unconfirmed)
Average Daily Volume =  1.40 mln




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

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


Helen of Troy - HELE - cls: 21.41 change: -0.28 stop: 20.89*new*

This chart's no beauty any longer.  We don't like the look of the
bearish engulfing candle printed during Wednesday's trading.  We
note that the decline came on half average daily volume, but we
also observe that HELE dropped 1.29 percent on a day when the
retail index $RLX gained 0.52 percent.

RSI has been signaling possible bearish divergence and now shows
the slightest hint of turning down out of territory indicating
overbought conditions.  MACD and stochastics have not yet turned
down, however.  It's possible that HELE will recline here a while
and then resume its upward movement, but we've decided to raise
the stop to take us out on a move below the 10-dma.  We would not
suggest new entries at this time.

Annotated Chart for HELE:



Picked on Aug 10 at  21.03
Change since picked: +0.38
Earnings Date:    07/09/03 (confirmed)
Average Daily Volume:  432 thousand




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


The Healthcare Company - HCA - cls: 36.60 chng: -0.59 stop: 38.05

HCA and its parent index, the Health Care Select Sector Index
$IVX, declined Wednesday.  HCA's 1.64 percent drop even trumped
the index's 0.30 percent drop.  Other notable components such as
UNH, BAX, MDT, ABC, and CAH dropped, too.  While not a component
of the index, HCA peer Select Medical (SEM) also dropped.

While there's always the possibility that HCA's tight pattern of
lower highs and lower lows is a bull flag, the play behaves just
as we had hoped.  HCA's 200-dma continues to pressure the price.
Today, HCA closed below its 10-dma at $36.84, with this being the
first close beneath the 10-dma since August 6, just before HCA
began the recent climb.  MACD and stochastics flatten, but RSI
turns down, giving a first hint possible weakness.

Traders seeking a new momentum entry might key on a fall through
$36.30, the bottom of the current consolidation pattern.  Our
target remains $33.50, although some interim support can be
expected between $34.75-35.00.

Annotated Chart for HCA:



Picked on Aug 15 at  36.64
Change since picked: -0.04
Earnings Date:    07/22/03 (confirmed)
Average Daily Volume:  4.3 million





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

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

Newmont Mining - NEM - close: 39.58 change: +0.67 stop: 37.40

All things considered, the action in shares of NEM over the past
few weeks has actually been pretty enjoyable.  Sure there's been
some intraday volatility, but the stock has obeyed price patterns
and on Wednesday managed to achieve the price objective we set
out for it upon the initial breakout over $34.  NEM has been
threatening to break above the $39 resistance level for over a
week now and today's action did the trick with the stock closing
near its high of the day, smack in the middle of strong
resistance in the $39-40 area.  This was our target when we
started the play and we're going to stick to the discipline and
harvest our gains here.  Could NEM be headed higher?  Certainly,
and quite probably much higher.  But after rising more than 25%
in the past month, we think it's time for a rest.  We'll book our
gains tonight after capturing just under half of that rise from
our picked price.

Picked on July 23rd at   $35.28
Change since picked       +4.30
Earnings Date            7/31/03 (confirmed)
Average Daily Volume =  4.60 mln




  --------------------
  Closed Bearish Plays
  --------------------

J.P. Morgan Chase - JPM - close: 34.83 change: +0.64 stop: 34.75

It has been maddening in recent weeks to see one bearish price
pattern after another set up and then be violated.  We can add
JPM to that list of offenders, as the stock finally stopped us
out of our bearish play today, breaking above both its 2-week
bear flag pattern and the 50-dma in one swift move.  First we had
the breakdown below the neckline of the H&S pattern with no
followthrough and then a bullish resolution to the bear flag
pattern on rising volume.  That's what stops are for though and
since ours was triggered today, we'll bid farewell to JPM, a play
that never really worked in our favor.

Picked on July 30th at   $33.36
Change since picked       +1.47
Earnings Date           10/15/03 (unconfirmed)
Average Daily Volume =  9.38 mln




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

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

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


Tower Automotive - TWR - close: 4.10 change: +0.00 stop: 3.65

Company Description:
Tower Automotive is engaged in the design and production of
structural components and assemblies used by automotive original
equipment manufacturers (OEMs).  The company's current products
include automotive body structural stampings and assemblies,
including exposed sheet metal (Class A) components, lower vehicle
structural stampings and assemblies, lower vehicle structures,
suspension and powertrain modules and suspension components.

Why we like it:
It seems almost ludicrous that shares of TWR are trading for a
paltry 6.8 P/E ratio, especially with last quarters blowout
revenue and earnings numbers, but the market's oversight is our
delight.  It seems the entire automotive-related sector has been
in the bulls' sights lately with numerous stocks like AZO, AN,
AAP breaking out or nearing all-time highs recently.  We won't
have TWR boasting about new highs anytime soon though, as the
stock is trading closer to its lows than its highs.  But after a
very constructive and gradual recovery off the March lows, TWR
finally dropped back, found support (rather than resistance) at
its 200-dma ($3.77), has now rebounded above the 50-dma ($4.03),
also above the 200-dma.  Clearly, when we're dealing with a stock
below $5, it becomes a higher risk play, because the institutions
are reluctant to consider the stock.  But that's actually nice as
it means they shouldn't be a dominant factor in the stock's price
action either.

We actually like new entries near current levels, or on a slight
pullback near the $4.00 level.  More conservative traders could
wait for confirmation of continued strength, with a breakout over
the 20-dma ($4.17) before playing.  Volume has been spotty
lately, as should be expected in the latter two weeks of August.
If buying on strength, make sure there is solid volume backing
the move.  Our initial target for the play will be a return to
the July highs near $4.80, although there is the potential for a
push up to strong resistance at $5.00.  Set initial stops at
$3.65, which is below both the 200-dma and the early August
intraday low of $3.70.

Annotated Chart of TWR:



Picked on August 10th at   $4.10
Change since picked        +0.00
Earnings Date           10/21/03 (unconfirmed)
Average Daily Volume =  1.40 mln




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

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

LSI Logic - LSI - close: 10.81  change: +0.36 stop: 9.50

A 14 percent climb in a week:  we wish all our plays performed so
well.  LSI tacked on another 3.44 percent on Wednesday despite a
0.66 percent decline in the $SOX.  We also note that the gains
were made on 7.2 million shares, significantly above LSI's
typical 4.4 million shares per day.  The LSI media department did
its part in supporting those gains, announcing a new chipset and
other developments.  In addition, LSI called for the redemption
of 4.25 percent convertible notes due in 2004.

While we're happy about the gains made in LSI, we wish the SOX
had participated.  Wednesday, the SOX printed a small-bodied
candle at the top of the previous day's candle.  That pattern
could be the beginning of a reversal signal or a more bullish "p"
accumulation pattern.  We vote for the second possibility.  Our
stop at $9.50 protects us and we'll keep a watch on the SOX, but
conservative traders might want to take at least partial profit
if LSI continues to climb while the SOX starts a decline.  Since
LSI has risen so near our $12.00 target, we would not suggest new
momentum entries at this level, but entries on a pullback and
bounce anywhere above $10.00 might be appropriate.

Annotated Chart for LSI:



Picked on August 13 at 9.46
Change since picked:  +1.35
Earnings Date:     07/23/03 (confirmed)
Average Daily Volume:   4.5 million




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

SOHU.com - SOHU - close: 33.20  change: +2.46 stop: 34.30

When we looked at SOHU's chart at Wednesday's open, we couldn't
have been more pleased.  SOHU dropped beneath its latest
regression channel, opening beneath $30.00.  Something happened
between the open and the close, however, and that something
printed a big white candle on SOHU's chart, as well as that of
other Chinese Internet-related stocks SINA and NTES.  The CBOE
Internet Index climbed, too, but more modestly than the Chinese
stocks.  While SOHU's ascent still might be a climb to the right-
shoulder level of a possible head-and-shoulder formation, peer
NTES looks close to a breakout and that worries us.

We're not sure what produced Wednesday's climb, but that ascent
also turned the stochastics up again.  Both RSI and stochastics
head for a test of their descending trendlines.  We predict that
the trendlines will likely be tested about the time SOHU tests
the shoulder level of its potential H&S.  Both the 21- and 50-
dma's have now risen and both lie above our current $34.30 stop.
Aggressive traders can seek new entries on a rollover beneath
$34.00 but the apparent strong support building at $29.00 might
make such an entry too risky for most.

Annotated Chart for SOHU:



Picked on August 6 at 32.27
Change since picked:  +0.93
Earnings Date:     07/23/03 (confirmed)
Average Daily Volume:   4.6 million



----

AtheroGenics - AGIX - close: 12.89  change: +0.07 stop: 13.30

We came within a penny of being stopped out of our AGIX play on
Wednesday, but the price retreated and closed again below its 10-
dma.  Sector peers GERN and AMEV also gained, with GERN rising on
news that of the successful engraftment of human heart cells in
rat hearts.  Tuesday, AGIX completed the sale of $100 million of
its convertible notes due in 2008.  The stock had been sinking on
news of its plans to sell those notes.  We're not sure whether
enthusiasm over drugs for the treatment of heart disease carried
AGIX higher along with its peers or whether the completion of the
sales of those notes proved responsible.

Whatever the reason for the rise on Tuesday and Wednesday, it has
not yet been accompanied by a rising RSI.  MACD remains bearish.
Stochastics turn up, however, giving the same picture of
indecision presented by Wednesday's high-wave candle.  Volume
decreases as AGIX climbs, not confirming any bullish sentiment in
the stock.  New entries might be found on a rollover beneath
Tuesday's 12.50 low.

Annotated Chart for AGIX:



Picked on Aug 17 at  12.12
Change since picked: +0.77
Earnings Date:    07/24/03 (confirmed)
Average Daily Volume:  251 thousand




==================================================================
Split Trader - Split Announcements
==================================================================


Announcements
-------------


BKST bargains out a 3-for-2 split

Before the opening bell, Brookstone Inc's (NASDAQ:BKST) Board of
Directors declared a 3-for-2 stock split of its common shares.

The stock split will be payable on September 23rd, 2003 to
shareholders on record as of September 2nd.

This is the BKST's first stock split since being listed on the
NASDAQ in 1993.


About the company:
Brookstone, Inc. is a specialty retailer that operates 260
Brookstone Brand stores nationwide and in Puerto Rico. Typically
located in high-traffic regional shopping malls and airports, the
stores feature unique and innovative consumer products. The
Company also operates three stores under the Gardeners Eden
Brand, and a direct marketing business that consists of three
catalogs -- Brookstone, Hard-to-Find Tools and Gardeners Eden –
as well as an e-commerce web site at http://www.Brookstone.com.
(Source: Company Press Release)

---

SNPS verifies a 2-for-1 split

After the closing bell, Synopsys Inc's (NASDAQ:SNPS) Board of
Directors declared a 2-for-1 stock split of its common shares.

The stock split will be payable on September 23rd, 2003 to
shareholders on record as of September 2nd.

This is the SNPS's first stock split since the third quarter of
1995.


About the company:
Synopsys, Inc. (Nasdaq:SNPS - News) is the world leader in
electronic design automation (EDA) software for semiconductor
design. The company delivers technology-leading semiconductor
design and verification platforms to the global electronics
market, enabling the development of complex systems-on-chips
(SoCs). Synopsys also provides intellectual property and design
services to simplify the design process and accelerate time-to-
market for its customers. Synopsys is headquartered in Mountain
View, California and is located in more than 60 offices
throughout North America, Europe, Japan and Asia. Visit 
Synopsys online at http://www.synopsys.com/.

(Source: Company Press Release)



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