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 ----------------------------------------------------------------- ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= 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 ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright ) 2003 PremierInvestor.net. and 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 ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= 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 ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
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