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Daily Newsletter, Tuesday, 08/26/2003

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PremierInvestor.net Newsletter                Tuesday 08-26-2003
                                                   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:      Tale of Two Markets
Watch List:       DG, C, ASF, PRU and more!
Market Sentiment: Might Think

=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
      08-26-2003           High     Low     Volume Advance/Decline
DJIA     9340.45 + 22.80  9353.86  9233.08 1.41 bln   1779/1417
NASDAQ   1770.65 +  6.30  1771.22  1737.15 1.35 bln   1699/1467
S&P 100   499.28 +  1.62   500.02   492.75   Totals   3478/2884
S&P 500   996.73 +  3.02   997.93   983.57
W5000    9637.01 + 48.30  9643.41  9510.94
RUS 2000  486.51 +  2.64   486.54   477.51
DJ TRANS 2635.69 +  2.70  2639.47  2605.50
VIX        20.33 +  0.01    21.70    20.25
VXN        29.75 +  0.41    31.52    29.41
Total Volume 3,013M
Total UpVol  1,960M
Total DnVol    972M
52wk Highs  241
52wk Lows    58
TRIN       0.85
NAZTRIN    0.63
PUT/CALL   0.90
=================================================================

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


Tale of Two Markets

If you had taken a short nap at 1:30PM you would have missed
it. You would have gone to sleep at 9235 and -85 and could have
awakened at 9350 +30 only 90 minutes later. The morning was full
of gloom, doom, rumors and selling but the afternoon shocked
traders with several strong buy programs and a flurry of short
covering. What changed?

Dow Chart


Nasdaq Chart


S&P Chart


Before we get to the Jekyll and Hyde reversal we need to look
at the morning factors. The Weekly Chain Store sales report
was uneventful with a +0.2% gain but it was the third gain in
the last four weeks. Tax checks are being cashed and back to
school specials are benefiting. Wal-Mart raised estimates for
August again on the strength of those sales. All is well in
the retail world it appears. Even Sears raised estimates after
the close. Consumers are not ripping the doors of the stores
trying to get in but they are continuing to spend money.

The Durable Goods numbers for July rose +1.0% and posted the
second consecutive monthly gain. The gain was much slower than
the +2.6% gain in July and that produced a muted acceptance of
the numbers as positive. There was a remarkable change in the
communications component which soared to 11.8 from 0.6 in June.
The communications sector has been the technology black hole
and any improvement there could be a leading indicator for a
real recovery. Inventory levels fell again to 0.9%, which could
be the result of stronger than expected demand. Once that
replenishment cycle begins it could be strong.

New Home Sales declined -2.9% from an upwardly revised 1.2M
in June. That is still a record for June and the drop to 1.165
in July was barely a dent in the pace. Expectations were in
the 1.145M range so they were able to beat that slightly. The
current thought process is that any remaining buyers are
rushing to buy something to lock in interest rates on the worry
that they will continue up. This rate bounce has a historical
precedent and this is typically what happens to those who have
failed to act in time. Analysts expect sales to slow as we move
into fall and rates continue to rise. The available inventory
of houses for sale also fell on a year over year basis.

The most critical report for the day was the Consumer Confidence
which came in at 81.3 compared to estimates of 80.0. This was
a rise from the 77.0 level in July and but there were some real
concerns. The present conditions component fell to 61.6 compared
to the futures expectations component rising to 94.4. Clearly
the consumer is becoming concerned about the next several
months but expects the beginning of 2004 to be better. The
current index of business conditions is still flat at only
30.9 and showing only a minor improvement since the 28.4 in
May. Those thinking jobs are plentiful ranked only an 11.1.

The markets did not know which way to jump this morning with
the conflicting data. On the surface it all appeared good but
each had a negative component. Traders were not helped by the
JPM comments that they were not seeing any PC upgrade cycle.
Michael Dell said that despite their market share gains he
was not seeing any significant increase in business spending.
And for the fourth consecutive day an Intel executive cautioned
that their guidance improvement may only be temporary. Craig
Barrett went on record yet again that the sales rebound may
only be temporary and the small increase they saw in July may
not carry through the current quarter or extend into the 4Q.
He said the gains could have been SARS related because overall
the global economy was still weak. Sales delayed in Q2 due to
SARS concerns were lumped into the first month of this quarter.
Ok, we got it. You have filled the airwaves with the cautions
for four days, now go sell some chips. The SOX, which hit a
high of 459 on Friday after the Intel guidance fell to hit a
low of 425 today before the end of day rebound.

The government announced today that the deficit for 2004 would
be $480 billion but many analysts expect it to be well over
$500 billion before it is over. The deficit for 2003 is now
expected to be $401 billion. Comparing this to the last post
war deficit in 1992 of $290 billion there is a lot of red ink
in our future. The bond market sees this as a lot of supply
coming to market. Bonds crashed on the news and yields on
the ten year note rose to 4.60% again at midday but the
rebound in the equity market produced a rebound in bonds as
well. Still today ranked as the sixth highest yield close
since the bond implosion began.

So what happened to the markets? The morning started off with
a rumor that there was going to be a big sell program released
and traders were cautious about buying the initial good news.
There was a cloud over the market from the open and everybody
kept waiting for the "event" whatever it was. At 10:AM the
good news from New Home Sales and the Consumer Confidence
prompted a huge volume spike to the upside and it was met with
an equally huge sell program. The Dow dropped from 9318 to
9257 in less than 10 minutes. Ok, it is over now let's go back
to work. Sorry but that is when the next rumor hit that Alan
Greenspan had been killed in an accident. Knock off another
-35 points and the Dow is down -85 and the Nasdaq looks like
it is headed for 1700 in a hurry. The negativity eased
somewhat over the next four hours but the trend is still
negative.

In reconstructing the day it appeared the bears were trying
hard at the open to crack the support. Tuesday was technically
the end of the month for those funds who operate on a
"settlement" basis. If they wanted these trades on their
August end of month books they had to be made today. Now, if
you were going to buy a lot of stock today and the markets
started off in free fall you would probably want to wait to
see if the drop was going to continue before pulling the
trigger. The trend continued weak until about 1:PM. There was
no confirmation of the Greenspan rumor and no more massive
sell programs. At 1:PM there was a rumor that Saddam had been
found. The Dow was only one point away from the low of the
day and it quickly bounced about 30 points and while the
bounce was not spectacular the result was. It bounced and
then held its gains. Suddenly a panicked trader somewhere
decided he was not going to buy them any cheaper and the
first buy program fired at 2:21. Chalk up another +35 Dow
points. That gain also held despite attempts by many bears
to short the bounce. About 2:42 the final buy program
triggered and it was strong enough to drag quite a few shorts
with it. With volume on Monday the lowest for the year and the
-270 point drop from Friday's highs there were a lot of shorts.
The short covering was quick and triggered more buy stops in
rapid succession.

The markets reversed an -85 point drop into a +23 point gain
in about 90 minutes. Was it a return to the bullish market
from last week? I doubt it but there are those who believe we
will see another test of resistance tomorrow. That resistance
is very strong between 9350-9400. We closed at 9344 after
struggling to break 9350 for an hour. With no material
economic reports on Wednesday it could be a listless day.
It is still August and volume is still going to be a challenge.
Without volume it may be tough to break this resistance. The
S&P has traded under the 50 DMA (990) twice this week and is
resisting the attempts to close there. The last time it broke
it took two weeks to recover. The Nasdaq rebounded nearly
+30 points from its lows but failed to break strong resistance
at 1772. Everywhere you look there are challenges for the
bulls.

On Friday Greenspan will speak at the conference in Jackson
Hole, Wyoming. He has used this platform in the past to make
more forward looking statements and the markets are not likely
to ramp up into the speech. Also a potential problem is the
economic reports on Thursday. We have the GDP revision for
Q2 and if you remember it surprised to the upside at +2.4%
when it was only expected to be +1.4% on July 31st. Everybody
was shocked then and almost everyone is expecting downward
revision of some sort. How bad is anybody's guess. We also
get the Chicago Fed National Activity Index, Jobless Claims,
Monthly Mass Layoffs and the Help Wanted Index. Not exactly
a passive day. Traders will have to decide tomorrow if they
want to be long or short going into the close with those
reports in front of them. Fortunately only two, GDP and
Jobless Claims are before the bell but the GDP could be the
killer. I would not want to be long over that report with
a potential downward revision in the wings. Choose your
direction carefully and wait for volume to confirm your
plan.

Enter Very Passively, Exit Very Aggressively!

Jim Brown
Editor



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

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

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

Dollar General - DG - close: 20.44 change: +0.37

WHAT TO WATCH: Monday, retailing giant Wal-Mart (WMT) said back-
to-school sales had proved stronger than expected.  It raised its
forecast for August sales gains for stores open at least a year
to 4-6 percent.  DG perhaps benefited from WMT's statement as it
found support at $20.00 and moved up again.  Volume had dropped
off appropriately as DG consolidated just above $20.00 and also
picked up appropriately Tuesday as DG gained.  Look for a push
above last Thursday's $20.54 high on strong volume for a bullish
entry.  DG's rise above $20.00 created a new double-top P&F buy
signal to add to its previous buy signal.  The P&F buy signal
indicates that DG has much more room to climb, but we would set
$23.00 as a first target as there's some P&F resistance at this
level.  Watch the $RLX, too, for confirmation.




---

Citigroup - C - close: 43.31 change: +0.39

WHAT TO WATCH: Financials have been underperforming other sectors
recently, with both the BKX (KBW Bank Index) and the BIX (S&P
Banks Index) taking on a distinctly H&S look to their chart.  C's
chart shows some of the same characteristics.  In early August, C
broke below an ascending trendline, and then rose to test it in
mid-August as it formed a right shoulder of that formation.  Now,
as C dips toward the $42.25 neckline of its formation, RSI curls
up, and the 5(3)3 stochastics attempt a bullish kiss from deep in
territory indicating oversold conditions.  We suspect that C may
try to rise again, forming a blunted second right shoulder as
sometimes happens in H&S formation.  We would expect a rollover
beneath the 10-, 21-, and 50-dma's, currently all gathered
between $44.15 and $44.57.  Traders could watch for a bearish
entry on a rollover anywhere beneath $44.60.  If C instead breaks
down, a momentum entry could be found on a drop through $42.00.
Target $40.25, although the H&S target would be closer to the
200-dma, currently at 38.88.




---

Administaff - ASF - close: 10.00 change: -0.44

WHAT TO WATCH:  Tuesday, ASF named a new chairperson, president,
CFO, and COO.  Although the press release concerning the "senior
management realignment" indicates that the executives appear to
have been bumped up from their former positions, investors
weren't sure how to react to the reorganization.  ASF fell on
volume much higher than its typical 286 thousand shares per day,
closing exactly at $10.00.  ASF tested its 10-dma and fell back.
Momentum investors seeking a short play could enter on a push
below $9.65, the bottom of the June gap.  Target $8.50.




---

Prudential - PRU - close: 36.30 change: +0.38

WHAT TO WATCH: There actually may not be a lot to watch here but
bulls should pay attention.  Shares of PRU have been in a
somewhat rocket but predictable channel higher.  The stock has
produced some twists and turns but it has been able to maintain
the rising channel.  Today's bounce off the simple 50-dma looks
like a good entry point for bullish traders who have the patience
to let PRU march higher.  We would target the $40 level but it
could take several weeks.




---

MicroStrategy - MSTR - close: 36.48 change: -1.74

WHAT TO WATCH:  The GSO software index has actually been in a
rally mode the last couple of weeks.  MSTR bounced strongly in
mid-August as well but shares of this stock have hit resistance
at $42 and have since rolled over.  The breakdown below the $40
mark and its simple 50-dma doesn't look good.  We would carefully
watch the $35.00 level to judge any potential bearish trade
towards the $30 mark.





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

FNF $28.44 - Monday, Prudential cut this financial stock to sell.
Tuesday, price dropped to the 200-dma at 27.96, but then bounced.
Watch for a drop below $27.40, the site of an ascending best-fit
trendline that's been supporting FNF prices since October, 2001.
Target $24.50.

GTW $5.29 - Last week, GTW launched two new notebooks that it
considers attractively priced.  Already on a quadruple top
breakout P&F buy signal, on Tuesday GTW also pushed to a closing
high not seen since May, 2002.  Volume has been picking up, too,
since the middle of last week.  Enter on a push above Tuesday's
high, and target $6.50.  The P&F chart promises a higher push,
but there's some P&F resistance at $6.50.

WFMI $55.44 - Not so long ago, the grocers plummeted and we
included this grocer in a list of bearish plays.  After falling
to a July low of $45.78, WFMI climbed, pulled back, and now
climbs again.  It's possible to discern a reverse H&S formation,
with WFMI on the verge of pushing through the neckline.
Currently WFMI consolidates just below $56.00 in what appears to
be a bull flag pattern, with the 10-dma rising strongly beneath
the candles to support the current price.  The rise has created a
double-top breakout P&F buy signal and the brief move above
$56.00 also carried it above the bearish resistance line.  Look
for an entry on a move above last week's high of $56.24 and
target $59.00.  The P&F buy signal promises a higher target, but
we expect some backing and filling at WFMI approaches $60.00
again.



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

Might Think
-James Brown

One might think that by looking at the "bearish" rollover in the
VIX and VXN today coupled with the intraday bounces by the Dow
Jones Industrial average and the NASDAQ that we still have some
more upside left in this market.  The bulls on Wall Street have
to be feeling pretty good about the markets thus far this summer.
The traditional post-July earnings season sell off has refused to
show up.  We continue to get bits and pieces of the economic
picture that strengthens everyone's expectation that "yes, the
economy is improving."  If we keep this up then maybe September,
historically the worst month of the year, won't be so bad.
(Psst.. just don't look at the bullish percent charts for the
major indices.  They're all still near record highs and that
should give bulls vertigo.)

Keep an eye on the S&P 500 as buyers need to be able to push
through several levels of resistance at 1000, 1010 and 1015.
Should this occur then Wall Street might see a bear stampede
instead of a bullish one.  Also keep in mind that many veterans
discount this entire period of the market with most of the
professional traders gone on vacation and the retail investor
more focused on getting the kids back to school than where the
markets are headed.  The low volume is testament to the lack of
participation.


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

Market Averages

DJIA ($INDU)

52-week High:  9499
52-week Low :  7197
Current     :  9340

Moving Averages:
(Simple)

 10-dma: 9357
 50-dma: 9190
200-dma: 8599

S&P 500 ($SPX)

52-week High: 1015
52-week Low :  768
Current     :  996

Moving Averages:
(Simple)

 10-dma:  995
 50-dma:  990
200-dma:  919

Nasdaq-100 ($NDX)

52-week High: 1342
52-week Low :  795
Current     : 1309

Moving Averages:
(Simple)

 10-dma: 1286
 50-dma: 1255
200-dma: 1111


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


The VIX rolled over under the 22 level while the VXN produced a nice
doji candlestick after touching its 50-dma.  While investors don't
trade these like stocks they still tend to forecast direction and
both of them look ready for more weakness.  That means less "fear"
in the markets and potentially more short-term upside before the
inevitable top.

CBOE Market Volatility Index (VIX) = 20.33 +0.01
Nasdaq Volatility Index (VXN)      = 29.75 +0.41

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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.90        443,079       399,275
Equity Only    0.68        329,154       224,525
OEX            1.25         20,051        24,977
QQQ            5.66         10,569        59,862


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

Bullish Percent Data

           Current   Change   Status
NYSE          70.0    + 0     Bull Confirmed
NASDAQ-100    73.0    - 2     Bear Correction
Dow Indust.   80.0    + 0     Bull Correction
S&P 500       77.0    + 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  1.04
10-Day Arms Index  0.95
21-Day Arms Index  1.01
55-Day Arms Index  1.08


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    1616      1617
Decliners    1196      1441

New Highs      52        82
New Lows        9         8

Up Volume    880M      869M
Down Vol.    480M      453M

Total Vol.  1400M     1363M
M = millions


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

Commitments Of Traders Report: 08/19/03

Weekly COT report discloses positions held by small specs
and commercial traders of index futures contracts at the
Chicago Mercantile Exchange and Chicago Board of Trade. COT data
can be found at www.cftc.gov.

Small specs are the general trading public with commercials being
financial institutions. Commercials are historically on the
correct side of future trend changes while small specs tend
to be wrong.

S&P 500

There is nothing eye opening to report in the large S&P futures
contracts today.  Commercials remain slight more short than long
and small traders are significantly long the market.


Commercials   Long      Short      Net     % Of OI
07/29/03      405,429   445,114   (39,685)   (4.7%)
08/05/03      395,633   450,988   (55,353)   (6.5%)
08/12/03      399,414   456,767   (57,353)   (6.7%)
08/19/03      404,665   455,381   (50,716)   (5.9%)

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
07/29/03      155,216    73,030    82,186    36.0%
08/05/03      159,971    72,951    87,020    37.4%
08/12/03      158,821    71,040    87,781    38.2%
08/19/03      162,034    87,064    74,970    30.1%

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

Meanwhile for the e-mini contracts commercial traders are
still net long.  Small traders are still net short but we
saw a big increase in long positions.


Commercials   Long      Short      Net     % Of OI
07/29/03      272,659   216,166     56,493    11.6%
08/05/03      310,662   249,004     61,658    11.0%
08/12/03      306,014   217,233     88,781    17.0%
08/19/03      296,971   235,779     61,192    11.5%

Most bearish reading of the year: (354,835)  - 06/17/03
Most bullish reading of the year:   88,781   - 08/12/03

Small Traders Long      Short      Net     % of OI
07/29/03       44,437    93,144   (48,707)  (35.4%)
08/05/03       56,663    95,919   (39,256)  (25.7%)
08/12/03       62,534   106,403   (43,869)  (26.0%)
08/19/03       90,428   125,980   (35,552)  (16.4%)

Most bearish reading of the year: (48,707)  - 07/29/03
Most bullish reading of the year: 449,310   - 06/10/03


NASDAQ-100

Hmm... interesting development here.  Commercial traders
are still net short the NDX so that's not a surprise but
the extreme just brushed a new "high" so to speak.  Retail
traders are still net long but there was a big bump in
short positions.


Commercials   Long      Short      Net     % of OI
07/29/03       31,456     50,294   (18,838) (23.0%)
08/05/03       32,813     52,383   (19,570) (23.0%)
08/12/03       34,374     53,015   (18,641) (21.3%)
08/19/03       32,107     53,665   (21,558) (25.1%)

Most bearish reading of the year: (21,558)  - 08/19/03
Most bullish reading of the year:   9,068   - 06/11/02

Small Traders  Long     Short      Net     % of OI
07/29/03       25,691     7,810    17,881    53.4%
08/05/03       22,188     7,783    14,405    48.1%
08/12/03       23,957     7,871    16,086    50.5%
08/19/03       25,607    10,134    15,473    43.3%

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

Wow!  We see a big change in sentiment by the commercial
traders in the DJ futures.  Short positions doubled indicating
a growing expectation that the market could rollover.
Right on cue the retail trader is picking the wrong direction
and more than doubled their long positions while slashing
their shorts.  This sort of extreme flip-flop would indicate
a market reversal in the making.


Commercials   Long      Short      Net     % of OI
07/29/03       23,696     9,572   14,124      42.5%
08/05/03       23,981     9,264   14,717      44.3%
08/12/03       24,942     9,878   15,064      43.3%
08/19/03       21,088    18,984    2,104       5.3%

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

Small Traders  Long      Short     Net     % of OI
07/29/03        5,744    11,601   (5,857)   (33.8%)
08/05/03        5,716    10,422   (4,706)   (29.2%)
08/12/03        6,933    13,248   (6,315)   (31.3%)
08/19/03       15,717     9,143    6,574     26.4%

Most bearish reading of the year:  (8,777) - 10/12/01
Most bullish reading of the year:   6,574  -  8/19/03

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





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The Premier Investor Network.
Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter                Tuesday 08-26-2003
                                                   section 2 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
=================================================================

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)


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

MBI     MBIA Inc                   55.77     +0.84
LPNT    LifePoint Hospitals        28.44     +0.58
THC     Tenet Healthcare           15.53     +0.54
IPSU    Imperial Sugar Co          10.01     +1.04

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

OATS    Wild Oats Markets          12.30     +1.20
ACF     AmeriCredit Corp           10.00     +1.35
AMSC    American Superconductor    13.40     +1.20
WEBX    Webex Communications       17.95     +1.34
BGFV    Big 5 Sporting Goods       17.00     +1.20

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

DRIV    Digital River Inc          26.68     +2.43
HAR     Harman Intl                91.25     +3.88
EASI    Engineered Support         54.77     +7.95
GDT     Guidant Corp               49.60     +1.73
TTC     Toro Co                    44.50     +1.25
DY      Dycom Industries           22.15     +3.54
TSA     The Sports Authority       32.50     +2.48

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

ATK     Alliant Tech Systems       48.80     -1.01
ABC     AmerisourceBergen          57.65     -1.05
FLIR    FLIR Systems               25.30     -1.45

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

CCMP    Cabot Microelectronics     62.93     -3.02
DIGE    Digene Corp                34.00     -2.60
DOV     Dover Corp                 37.39     -0.41
PPP     Pogo Producing             44.28     -0.77
DNA     Genentech Inc              78.50     -1.75
ROH     Rohm & Haas Co             35.87     -0.52
POG     Patina Oil & Gas           34.89     -0.28




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