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Daily Newsletter, Sunday, 08/31/2003

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PremierInvestor.net Newsletter          Weekend Edition 08-31-2003
                                                    section 1 of 3
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:      Eighty-Seven Percent
Play-of-the-Day:  The GDP Made Us Do It
Market Sentiment: Bulls Runneth Over


=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
        WE 8-29         WE 8-22         WE 8-15         WE 8-08 
DOW     9415.82 + 66.95 9348.87 + 27.18 9321.69 +130.60 + 37.12 
Nasdaq  1810.45 + 45.13 1765.32 + 63.31 1702.01 + 57.98 - 71.59 
S&P-100  503.36 +  5.94  497.42 -  0.88  498.30 +  4.50 +  0.16 
S&P-500 1008.01 + 14.95  993.06 +  2.39  990.67 + 13.08 -  2.56 
W5000   9770.46 +158.03 9612.43 + 64.92 9547.51 +154.78 - 61.43 
RUT      497.42 + 11.91  485.51 + 13.59  471.92 + 17.98 - 14.14 
TRAN    2683.24 + 41.68 2641.56 + 17.90 2623.66 + 44.63 - 16.88 
VIX       19.49 -  0.78   20.27 +  0.07   20.20 -  1.09 -  1.49 
VXN       29.52 +  0.05   29.47 +  0.26   29.21 -  2.82 -  0.45 
TRIN       0.78            1.36            1.01            0.87  
Put/Call   1.29            0.91            0.53            0.81 
Avg Highs   408             720             338             189    
Avg Lows     40              58              62              86       
WE = week ending
================================================================= 

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

Eighty-Seven Percent
by Jim Brown

That is the win/loss percentage for the day after Labor Day 
for the last eight years. Seven of those years have finished 
positive. With the market trading near its recent highs it
will be a challenge to continue that streak. Greenspan did 
not give the markets anything to hang their hat on and the
earnings warning season is just ahead. Conditions are no
different than any other year except that the markets are at
52-week highs. 

Dow Chart


Nasdaq Chart


Friday was economically challenged with a mixed bag of results.
The NY-NAPM fell to 221.7 from 224.9 and ninth consecutive
monthly decline for business conditions in New York. The current
conditions fell to 43.6 from 46.2 and future expectations fell
to 57.1 from 62.5. Every material component declined. New York 
remains in recession the rest of the country appears to be 
keeping its head above water. 

The Chicago PMI rose to 58.9 from 55.9 and handily beat analyst
estimates of 56.0. Order backlogs increased to 51.0 and the
first month of expansion in over seven months. Employment also
rose to 51.2 and the first expansion in seven months. Production
fell to 51.6 from 58.4 but remained in positive territory over
50. Overall this is the highest reading for this index since May
2002 and the best reading for payrolls since March 2000. While
output growth slowed it was attributed to the summer doldrums
more than a deterioration in conditions. 

Personal income growth slowed in July to +0.2% and less than
consensus estimates at -0.3%. However, disposable income rose
strongly by +1.5% due to the tax rebate checks and the drop in
the tax rate. This prompted a jump in personal consumption of
+0.8%. Overall the +0.2% headline number was down from the
+0.4% for May and June and would indicate the continued rise
in unemployment is putting pressure on wages. With nearly nine
million people out of work there is no need for employers to 
pay a premium for new hires. Signing bonuses have disappeared
and the shrinking work week is reducing overtime pay and extra
hour pay for part timers. This was the second time this year
that wages did not rise. That pushed the annual growth rate
for salaries down to +2.1% from 3.3% in January. The shrinking
wages indicate no danger of inflation and no fear that the Fed
should tighten in the near future. 

The Risk of Recession fell to 5.7% in August and the lowest 
level since the index was created. This is down from 27% in
January. The impact of the yield curve and the rising stock
markets continues to push the chances of an economic event
into obscurity. The risk of deflation is also waning and 
inflation is at zero. With risks muted on all sides it would
appear we are in the sweet spot and ready for a monster 
recovery. Unfortunately it just means the economy is flat and
while all the lights are green there is no gas in the tank. 
The economic outlook is actually the best it has been in over
a decade and the path of least resistance is up. Only the
mountain states plus Texas, New Mexico and Arizona are still
showing a higher risk of recession. (26,500 homes for sale in
the Denver area compared to only 8,500 a couple years ago)

The Michigan Sentiment came in at 89.3 and below expectations
of 90.5. This was also below the initial reading for August of
90.2. While it may seem like we are splitting hairs here that
drop put us right back into the lower end of the range for the
last four months. This was the lowest reading since April. 
Both the current conditions and future expectations components
fell. This is the lowest reading since the war but it is not
clear if it is due to a real drop in sentiment or a result of
the blackout on 54 million consumers. That makes it another
throw away number. 

Next week we will not only be faced with a return of traders
from their vacations in a house cleaning mindset but we have
a flurry of serious economic reports. Tuesday begins with the
ISM, Challenger Layoff Report for August, (the Mass Layoffs
we had last week was for July) and the Semiconductor Billings. 
Wednesday has Construction Spending, Beige Book and Vehicle
Sales. Thursday has Jobless Claims, Productivity, Factory
Orders and ISM non-mfg. Friday closes with nonfarm Payrolls. 
Next week also starts the earnings-warning season for the 3Q
and as yet we have not really seen any rapidly expanding 
recovery. Many of the earnings last quarter prefaced their
guidance with "based on expectations of a 2H recovery" and 
that has not happened yet. Most importantly we will get 
another mid quarter update from Intel on Thursday. Yes, back
to back updates. We will get to see if the positive guidance
or numerous cautions that followed the guidance will prevail. 

The ISM is the most critical report on Tuesday with the reading
for July at 51.8 the first sign of economic expansion since
February. Traders will be very intent on seeing if that number
continues to increase or falls back into negative territory
under 50. With much of the July ISM a result of defense orders
everyone will want to see if the trend can continue. 

The bottom line on the Greenspan speech was "if you want a 
formula, you are out of luck." Analysts were looking for some
clue to the future moves by the Fed and Greenspan rejected the
idea that the Fed would give anybody a roadmap to economic
stability. He said external factors precluded a solely economic
set of triggers. He repeatedly mentioned the Russian debt 
default as an instance where the Fed stepped in to increase
liquidity when the US economy really did not need it. It was
a protective action designed to head off any reaction to the
event. He stressed that only a very few economic conditions
were quantifiable and then it is based on an assumption that
the future will replicate the past. He said this requires a
risk-management paradigm attitude to policy making. Ok, Alan, 
why didn't you just say, "It is my Monopoly game and I am the
bank. If you don't like it you don't have to play." The most
surprising thing was the lack of a sell off on the news after
all the posturing that this was the showdown at the OK Corral
by the bond junkies. I assume they decided even if the rules 
had not changed for the better, at least they had not changed
for the worse. 

Friday started out slow with a bounce at the open on the 
positive PMI but then slowly lost ground after the Greenspan 
speech. About 2:30 the indexes broke out of their range and 
wandered higher with the Nasdaq posting a new 17-month closing
high at 1809. The Dow closed over 9400 and the S&P managed 
to add +5 points and hold well over the psychological 1000
level. In all a fitting close to a bullish rebound from the
Tuesday drop.

Have you seen the 1999 pattern returning? We have been opening
higher, slipping intraday but then rallying into the close in
the last hour. This was a cash cow in the 1999/2000 time frame
as bears in denial of the bubble shorted the bounce at the
open and then were forced to cover at the close, which pushed
the indexes to another gap open. I could stand to see this
pattern stick around until January. 

I am not going to dwell on this because it has been beaten to 
death in the press for the last couple weeks. The VIX closed 
on Friday at 19.49. It has traded under 20 several times over
the last two weeks and is trending very close to its current 
historical lows. That should raise some eyebrows. Actually 
"the" historical lows are in the 10.0 range. The debate over 
when the VIX is in sell territory has taken on a new view over 
the last week after a prominent analyst speculated in print 
that we could see the historical lows soon and he was talking 
about the 10.0 range. I contend that the pre-Internet trading
era was as different from today as horses and cars. Just 
because your grandfather walked barefoot in the snow seven 
miles to school uphill both ways before there were cars does 
not mean your children are going to repeat that. Times have 
changed. Before 1997 there were 50% fewer investors than there
are now and about 80% fewer traders. To buy a stock you had to
call your broker and verbally give him the order. There was no
such thing as day traders. There were not 20,000 boutique 
hedge funds trading tens of thousands of shares of exchange
traded funds at the click of a button. If you wanted a chart 
you got out your graph paper and plotted it yourself or 
waited for the Investors Business Daily to pick your stock 
to highlight. Futures trading was reserved for currency and 
commodities and you had to be wealthy to trade them. Now
anybody with $2000 can daytrade them to his hearts content. 
This is not your fathers market. A VIX of 10 was based on
stocks like IP $30, S $12, WY $25, BS $8, TX $30 and the 
leading tech stock was IBM at $12. It is tough to get a 
lot of volatility out of IBM at $12 and MSFT at $5. (split 
adjusted) Just my two cents on the controversy but unless 
hackers finally shutdown the Internet I think the only way 
we are going to see 10 again is after a depression crash to 
market levels your father would remember. Until that happens 
I will continue to project 17.50 as the backup the truck put 
signal and anything below 19 as a significant warning to 
observant traders. 

Long-term Chart of the VIX:



On a purely technical basis the markets ended right at strong
resistance. The Dow has strong resistance at 9450, Nasdaq 1812
and S&P 1010. The close has set up a potential gap open on 
Monday and a gap over these resistance levels. All the indexes
are threatening to break out to new highs and Monday could be
critical. If we do break out we could trigger a new wave of
short covering and a new wave of pure buying if the breakout
is seen as confirmation of a new up leg in the markets. As in 
most cases of seemingly impending breakouts the economic news
on Tuesday will control our eventual fate. 

Chart of the S&P 500 Index:


Moving into next week we have some nice historical patterns
working for us. The first two post Labor Day trading sessions
typically are strong with Tuesday up 7 of the last 8 years. 
That statistic and $4 will get you a cup of coffee at SBUX. 
Trends are trends until they are recognized as trends and 
then the institutions devise a way to capitalize on them. 
If you knew that a specific day was going to be bullish just
before a normal period of weakness then odds are good you 
would target that day to unload stock in front of that 
weakness. That is unless you thought we were about to break
out to a new high. See how confusing it gets? Bullish sentiment
is almost off the scale despite analyst after analyst saying
there could be some weakness ahead. It is because they say in
the same breath that the target for the end of the year is
+10% to +15% higher than we are now. The "potential weakness
ahead" is their insurance against seeming irrational if their
+15% prediction does not come to pass. How all this play into
next week is unknown.

The new bullish reality is faced with that ISM on Tuesday and 
it should control the week. If it is up again then the bears 
may have to head for hibernation early. We can just agree to 
skip the September/October crash and just move right into 
the November rally. I say all this in jest but with the Nasdaq
setting new highs on a daily basis it may not be far from the 
truth. There has got to be another round of profit taking in 
our future, several rounds in fact but they could only be 
nuisance dips like we saw last week. Swing traders will be 
looking to short any new highs on Tuesday but they operate on 
a different set of rules. Buy the dips until the trend changes
appears to be the current game plan for everybody else.

Enter Very Passively, Exit Very Aggressively!

Jim Brown


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

Circuit City - CC - close: 10.43 change: +0.28 - stop: 9.39

Company Description:
With headquarters in Richmond, Va., Circuit City Stores, Inc. 
(NYSE: CC) puts the customer first with high-quality service and 
more than 5,000 consumer electronics products available in its 
stores and online at www.circuitcity.com. Top-quality, low-priced 
products; detailed product information; and product specialists, 
who undergo an extensive online training program, are all a part 
of Circuit City's promise to provide superior consumer 
electronics solutions to its customers. Circuit City's remodel 
and relocation program reflects the changing needs of consumer 
electronics shoppers; the stores are brighter and more open, the 
aisles are wider and nearly every product Circuit City sells is 
out on the sales floor. Circuit City is committed to families and 
is the official sponsor of ImageMakers, the Boys & Girls Club of 
America's national photography contest. Circuit City operates 611 
Circuit City Superstores and 14 mall-based Circuit City Express 
stores in 159 markets.  (Source:  Company Press Release.)

Why We Like It:
Thursday's higher-than-expected revision to the GDP was due to 
higher consumer spending, and CC investors noticed.  Durable 
goods consumption rose to 24.1 percent from the previous 22.5 
percent.  CC had been consolidating just beneath $10.00 for a 
week, but Thursday's economic news gave it the momentum needed to 
break that barrier.  Friday, Kmart (KMRT) reported a much smaller 
quarterly loss than expected, probably also giving a boost to the 
retailers.  KMRT's report added to the enthusiasm engendered 
earlier in the week when Sears (S) reported that August sales 
appeared to be tracking ahead of forecasts.  Also on Friday, 
economic reports revealed that July's personal consumption 
expenditures rose by 0.8 percent. Although earlier in the month, 
CC had reported weak same-store sales, the stock now appears to 
be benefiting from optimism that the U.S. consumer remains alive 
and spending.

One danger arises when viewing the P&F chart.  Still on a sell 
signal, CC gave a low pole reversal, hinting early on that the 
stock had more strength than was apparent when that sell signal 
was given.  Now it edges up toward a new buy signal, less than a 
point away at $11.00.  Between that new buy signal and the 
current price, however, lies the bearish resistance line.  

Although we think a move over $10.00 is a powerful psychological 
statement, it is possible CC could chop around a while before 
surging above that bearish resistance line.  We hope it will 
consolidate just above $10.00, giving traders an opportunity to 
enter at that level, but it's possible that CC will continue to 
rise without pulling back first.  Both RSI and stochastics turned 
up sharply at the end of the week.  

We've set our stop at $9.39, just below both the 10- and 21-dma's 
and also below last week's support.  We're setting a target of 
$14.00.   

Annotated Chart for CC:


Picked on Aug 31 at  10.43
Change since picked: +0.00
Earnings Date:    08/13/03 (confirmed)
Average Daily Volume:  2.8 million





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

Bulls Runneth Over
- J. Brown

What's wrong with this picture?  The Dow Jones Industrial Average 
is at a new 52-week high.  So is the NASDAQ Composite.  Gold is 
near new relative highs and oil is at new multi-year highs.  Has 
the bullish stampede gotten out of hand?  Everything is running 
higher.  You've probably heard it before.  The herd (of 
investors) tends to be right in the middle of major trends but 
wrong at either end.  When everything looks bullish, and it does, 
it's time to take a step back and re-evaluate your risk.  That 
doesn't mean trying to pick a top and hurt your account by 
shorting bullish breakouts.  Trying to call a top or a bottom can 
be equally disastrous to your financial health.  I am merely 
urging some caution.

Historically we are about to step into the weakest month of the 
year for the equity markets.  I know, if you had a dollar for 
every time we've heard that in the last month; but it's true.  We 
are quickly approaching some major mid-quarter corporate updates.  
Plus, we're only six weeks from the Q3 earnings season that start 
in early October. That means the next four weeks could be full of 
earnings warnings.  Given that the third quarter is typically the 
weakest of the year, no wonder September has a bad reputation for 
stocks.

I would like to point out that the VIX is once again under its 
historical "sell" signal for the markets at 20.  Yet we all know 
that markets at extremes can continue to trade at extremes.  Jim 
goes into more detail on his view of the VIX in the wrap this 
weekend.  This column has been harping on it so long everyone 
should already know that it is a big warning sign.  Another 
warning sign that many investors fail to follow is the bullish 
percent index.  They remain at or near multi-year highs.  I 
suspect we have more upside ahead of us but when everything 
starts to roll over as the rally runs out of steam the profit 
taking could be painful.


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

Market Averages

DJIA ($INDU)

52-week High:  9499
52-week Low :  7197
Current     :  9415

Moving Averages:
(Simple)

 10-dma: 9379
 50-dma: 9196
200-dma: 8612

S&P 500 ($SPX)

52-week High: 1015
52-week Low :  768
Current     : 1008

Moving Averages:
(Simple)

 10-dma:  999
 50-dma:  989
200-dma:  920

Nasdaq-100 ($NDX)

52-week High: 1344
52-week Low :  795
Current     : 1341

Moving Averages:
(Simple)

 10-dma: 1311
 50-dma: 1261
200-dma: 1116


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

Investors remain fearless and the volatility indices continue to
sink.  The VIX has dropped back below its normal "sell" signal of
20 and the VXN has just rolled back under the 30 mark and appears
ready to make new lows.

CBOE Market Volatility Index (VIX) = 19.49 -0.44
Nasdaq Volatility Index (VXN)      = 29.52 -0.79

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

          Put/Call Ratio  Call Volume   Put Volume

Total          1.29        379,558       491,007
Equity Only    1.15        325,491       375,463
OEX            1.14         12,003        13,709
QQQ            9.81         22,750       223,233


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

Bullish Percent Data

           Current   Change   Status
NYSE          70.9    + 0     Bull Confirmed
NASDAQ-100    75.0    + 1     Bear Correction
Dow Indust.   80.0    + 0     Bull Correction
S&P 500       78.0    + 1     Bull Correction
S&P 100       82.0    + 0     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  0.97
10-Day Arms Index  0.92
21-Day Arms Index  0.99
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    1804      1724
Decliners     938      1297

New Highs     214       263
New Lows        7         7

Up Volume    794M      822M
Down Vol.    313M      326M

Total Vol.  1142M     1194M
M = millions


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

Commitments Of Traders Report: 08/26/03

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 no significant change in the long or short positions
for the large S&P futures contracts.  We continue to see the
commercials or "smart money" inch up their short positions while
retail traders inch up their long positions.  Since they both 
tend to take the opposite sides of the market, this is normal.


Commercials   Long      Short      Net     % Of OI
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%)
08/26/03      410,378   472,987   (62,609)   (7.1%)

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
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%
08/26/03      170,424    76,967    93,457    37.8%

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


E-MINI S&P 500

In contrast we're seeing the commercials add strongly
to their long positions in the e-minis.  The latest reading
shows the most bullish position in a very long time.  
Just as expected the small traders has loaded up on short
positions and this marks the strongest net short position
for months.


Commercials   Long      Short      Net     % Of OI 
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%
08/26/03      338,766   234,841    103,925    18.1%

Most bearish reading of the year: (354,835)  - 06/17/03
Most bullish reading of the year:  103,925   - 08/26/03

Small Traders Long      Short      Net     % of OI
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%)
08/26/03       52,131   120,853   (68,722)  (39.3%)

Most bearish reading of the year: (68,722)  - 08/26/03
Most bullish reading of the year: 449,310   - 06/10/03


NASDAQ-100

Commercials remain net short on the NASDAQ 100 futures
while small traders are still swinging for the fences
with heavy net longs.


Commercials   Long      Short      Net     % of OI 
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%)
08/26/03       33,991     55,849   (21,858) (24.3%)

Most bearish reading of the year: (21,858)  - 08/26/03
Most bullish reading of the year:   9,068   - 06/11/02

Small Traders  Long     Short      Net     % of OI
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%
08/26/03       26,108     8,864    17,244    49.3%

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

The flurry of short positions for the DJ Industrials 
two weeks ago have mostly evaporated, meanwhile the
small trader has eliminated a few short positions as well.


Commercials   Long      Short      Net     % of OI
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%
08/26/03       24,586    10,386   14,200      40.6%

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
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%
08/26/03       14,115     5,592    8,523     43.2%

Most bearish reading of the year:  (8,777) - 10/12/01
Most bullish reading of the year:   8,523  -  8/26/03

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




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PremierInvestor.net Newsletter          Weekend Edition 08-31-2003
                                                    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:  COHU

Active Trader (Non-tech)
  New Bullish Plays:     CC, FMC
  Bullish Play Updates:  RAND, WPI
  Bearish Play Updates:  ABC, C, STJ

High Risk/Reward
  Bullish Play Updates:  QCOM, TWR


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

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

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

Cohu, Inc. - COHU - close: 22.10 change: +0.29 - stop: 20.80*new*

The SOX achieved its highest weekly close since late May, 2002, 
carrying anything semi-related higher, too.  Early in the week, 
several firms vied with each other to upgrade semi-related 
stocks.  In the middle of the week, the Semiconductor Equipment 
Association of Japan released information that July orders for 
domestic equipment used to make semiconductors climbed 6.3% 
month-over-month and 27.4% from the year-ago period. All in all, 
it's been a pretty good week for the semi-related stocks and 
particularly those supplying the global semi industry.

By Thursday, COHU had ramped back above a trendline that had been 
forming for a year, triggering our play at the high of the day.  
Friday, COHU sprang back up from the trendline.  It's moved up so 
quickly that it's left all its moving averages behind, and we 
wouldn't be surprised to see it linger at this level a while, 
consolidating while those moving averages climb beneath it.  Both 
the stochastics and RSI cupped back up at the end of the week, 
but MACD did flatten a bit.  Volume also dropped considerably 
below COHU's already low average daily volume.

We've raised our stop to $20.80.  Traders seeking new entries can 
enter on a pullback and bounce from that ascending trendline.  
Momentum players can enter on a move above last week's high.  

Annotated Chart for COHU:


Picked on Aug 24 at  21.80
Change since picked: +0.30
Earnings Date:    07/26/03 (confirmed)
Average Daily Volume:  154 thousand





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

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

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

Circuit City - CC - close: 10.43 change: +0.28 - stop: 9.39

Company Description:
With headquarters in Richmond, Va., Circuit City Stores, Inc. 
(NYSE: CC) puts the customer first with high-quality service and 
more than 5,000 consumer electronics products available in its 
stores and online at www.circuitcity.com. Top-quality, low-priced 
products; detailed product information; and product specialists, 
who undergo an extensive online training program, are all a part 
of Circuit City's promise to provide superior consumer 
electronics solutions to its customers. Circuit City's remodel 
and relocation program reflects the changing needs of consumer 
electronics shoppers; the stores are brighter and more open, the 
aisles are wider and nearly every product Circuit City sells is 
out on the sales floor. Circuit City is committed to families and 
is the official sponsor of ImageMakers, the Boys & Girls Club of 
America's national photography contest. Circuit City operates 611 
Circuit City Superstores and 14 mall-based Circuit City Express 
stores in 159 markets.  (Source:  Company Press Release.)

Why We Like It:
Thursday's higher-than-expected revision to the GDP was due to 
higher consumer spending, and CC investors noticed.  Durable 
goods consumption rose to 24.1 percent from the previous 22.5 
percent.  CC had been consolidating just beneath $10.00 for a 
week, but Thursday's economic news gave it the momentum needed to 
break that barrier.  Friday, Kmart (KMRT) reported a much smaller 
quarterly loss than expected, probably also giving a boost to the 
retailers.  KMRT's report added to the enthusiasm engendered 
earlier in the week when Sears (S) reported that August sales 
appeared to be tracking ahead of forecasts.  Also on Friday, 
economic reports revealed that July's personal consumption 
expenditures rose by 0.8 percent. Although earlier in the month, 
CC had reported weak same-store sales, the stock now appears to 
be benefiting from optimism that the U.S. consumer remains alive 
and spending.

One danger arises when viewing the P&F chart.  Still on a sell 
signal, CC gave a low pole reversal, hinting early on that the 
stock had more strength than was apparent when that sell signal 
was given.  Now it edges up toward a new buy signal, less than a 
point away at $11.00.  Between that new buy signal and the 
current price, however, lies the bearish resistance line.  

Although we think a move over $10.00 is a powerful psychological 
statement, it is possible CC could chop around a while before 
surging above that bearish resistance line.  We hope it will 
consolidate just above $10.00, giving traders an opportunity to 
enter at that level, but it's possible that CC will continue to 
rise without pulling back first.  Both RSI and stochastics turned 
up sharply at the end of the week.  

We've set our stop at $9.39, just below both the 10- and 21-dma's 
and also below last week's support.  We're setting a target of 
$14.00.   

Annotated Chart for CC:


Picked on Aug 31 at  10.43
Change since picked: +0.00
Earnings Date:    08/13/03 (confirmed)
Average Daily Volume:  2.8 million



---


FMC Corporation - FMC - close: 24.89 change: +0.44 stop: 23.50

Company Description:
FMC Corporation is a diversified, global chemical company 
providing solutions, applications and products to a wide variety 
of end markets.  The company operates in three distinct business 
segments.  Agricultural Products' principal focus is on 
insecticides and herbicides.  Specialty Chemical consists of the 
company's biopolymers and lithium businesses and focuses on food 
ingredients that are used to enhance texture, structure and 
physical stability, pharmaceutical additives for binding and 
disintegrant use and lithium specialties for pharmaceutical 
synthesis and energy storage.  The company's Industrial Chemicals 
division manufactures a range of inorganic materials, including 
soda ash, hydrogen peroxide, specialty peroxygens and phosphorus 
chemicals.

Why we like it:
One of the areas of the market engaged in a stealthy and powerful 
rally is the Basic Materials sector, with many stocks either 
breaking out to new highs for the year.  FMC has been lagging 
many of its peers, but the recent consolidation near 7-month 
highs has the look of a pending breakout and we're looking for 
the stock to play a bit of catch up over the near term.  The only 
significant dip in the stock's uptrend over the past several 
months was in early August, as price fell back to just below $23 
and then rebounded from above the 50-dma (currently $23.59).  
Over the past couple weeks, FMC has been testing resistance at 
$25 and managed to just peek over that level on Friday with an 
intraday high of $25.07.  While that is still an intact 
resistance level, a breakout over $25.10 can be used to initiate 
new positions in anticipation of a continued rally up to the 
$27.50 area, where resistance once again begins to strengthen.

Our approach will be to use a trigger at $25.10 to transition the 
play to live status.  Aggressive entries look good on the 
breakout, while more the conservative approach will be to wait 
for a subsequent dip back to confirm newfound support in the 
$24.50-25.00 area.  Due to the way it provided support on the 
early August pullback, we're setting our initial stop just under 
the 50-dma at $23.50.  More conservative traders may want to use 
a tighter stop at $23.95, which is below both the 20-dma ($23.98) 
and last Tuesday's $24.06 intraday low.

Annotated Chart of FMC:


Picked on August 27th at  $24.89
Change since picked        +0.00
Earnings Date           10/28/03 (unconfirmed)
Average Daily Volume =     260 K






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

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


Randgold - GOLD - close: 24.24  change: -0.57 - stop: 21.49

Friday, gold bounce from $370 and reached a high of $378 before 
pulling back and closing at $375.80.  The gold bugs index, the 
HUI, also pulled back, printing a shooting star, a potential 
reversal signal.  GOLD built on its parent index's bearishness, 
printing a dark cloud cover, a candle that is produced when an 
issue opens at a new relative high, but closes well inside the 
prior day's white candle.  The deeper the close pushes into the 
previous day's white candle, the more bearish the signal.  GOLD's 
red candle encompassed almost the entire body of the previous 
day's candle.

However, a scan of GOLD's chart shows that it has a habit of 
producing these dark cloud cover candles.  Usually, they just 
signal consolidation, sometimes with the consolidation lasting 
only a day or so before GOLD climbs again.  We notice that volume 
was lighter on Friday than it has been on the days when GOLD 
closes up.  MACD has not yet turned down, and the stochastics 
actually hooked up again.

Those worried about a possible pullback might set an alternative 
stop, perhaps just below the rising 10-dma, currently at $22.87.  
We've set our stop near the rising 21-dma, with our stop at 
$21.99.  As long as gold continues to gain, traders might seek 
new entries on a pullback and bounce anywhere above $23.00.

Annotated Chart for GOLD:


Picked on Aug 24 at  23.40
Change since picked: +0.84
Earnings Date:    08/12/03 (confirmed)
Average Daily Volume:  360 thousand



---

Watson Pharma. - WPI - cls: 41.10 chng: +0.15 - stop: 39.49*new*

Thursday, Belgium chemicals and drug company Solvay filed a 
complaint in a Georgia district court to stop WPI from launching 
a copycat version of Solvay's male hormone replacement therapy 
drug.  While the news alerted us to watch WPI's performance, the 
stock didn't falter.  Trading that day printed a small-bodied 
candle that maintained gains and added to the gains Friday.  
Oscillators continued charging up the charts.  Several moving 
averages now converge just beneath $40.00, and WPI's close was 
the highest in a month.

WPI's 0.37 percent climb matched that of the $DRG, the Amex 
Pharmaceutical Index. Its performance trumped that of another 
generic drug manufacture, FRX, and fell below that of ALO.

With the exception of RSI, the other oscillators remain bullish. 
Stochastics have moved deep into levels that indicate overbought 
markets, but have not yet turned down, and MACD now slants up 
through zero.  Traders who prefer to enter on momentum could 
enter on a move over the July 28 intraday high of $41.35.  Other 
entries might be sought on a pullback and bounce from above 
$39.90, but we're just not sure WPI will pull back.  

Annotated Chart for WPI:


Picked on Aug 27 at  40.74
Change since picked: +0.36
Earnings Date:    08/05/03 (confirmed)
Average Daily Volume:  1.1 million




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



AmerisourceBergen - ABC - close: 58.21 change: +0.19 stop: 60.50

Despite a convincing breakdown in ABC early in the week, the 
bulls aggressively bought the dip near $56 on Thursday and buoyed 
the stock right back to the key $58 breakdown level.  With light 
pre-holiday volume on Friday, there wasn't any appreciable price 
movement and we'll have to wait for next week to determine the 
fate of the play.  To be fair, a rebound was overdue after the 
steep 7-day slide, which left price resting well below the lower 
Bollinger band.  The rebound is allowing the band to continue its 
descent in preparation for the next leg down.  On a continued 
rebound, the key test will come near $59, which is the location 
of the converged 200-dma ($58.93) and 10-dma ($59.04).  A 
rollover from that measure of resistance can be used for new 
entries, with additional resistance provided by the falling 20-
dma (currently $59.91).  Remember, our target for the play is 
$54, so we're not particularly enthusiastic about gaming new 
entries on a break below this week's lows just above $56.  With a 
confirmed bearish picture on the PnF chart, the optimum strategy 
is to enter on the failed rebounds.  Maintain stops at $60.50.

Picked on August 10th at  $60.00
Change since picked        -1.79
Earnings Date           10/23/03 (unconfirmed)
Average Daily Volume =  1.46 mln



---

Citigroup, Inc. - C - close: 43.35 change: +0.26 stop: 45.00*new*

After an entire week of battling the $43 support level, the bears 
are no closer to achieving the breakdown in shares of C that 
we've been looking for.  The KBW Banking index (BKX.X) held firm 
at its $855 support level and rebounded back over $870 on Friday.  
The net result is that both C and the XBD index have so far 
refused to confirm the H&S patterns with a break under their 
respective necklines.  Next week, we'll be looking for direction 
on this play from the XBD index, as it looks intent on 
challenging its descending trendline from the July highs, which 
currently sits at $880, also the site of the 50-dma ($879.88).  A 
rollover near there could set up a favorable bearish entry into 
our C play, perhaps with a rollover from below $44.  The 
descending trendline on C currently rests at $44.60, which is 
just above the 50-dma ($44.48).  If this play is going to work 
out, then those dual measures of resistance should not be 
violated, so we're reducing our risk in the play by lowering our 
stop to $45.00.  More conservative traders will need to wait for 
that decisive breakdown under $42 (breaking the H&S neckline) 
before entering the play.

Picked on August 24th at  $43.10
Change since picked        +0.25
Earnings Date           10/13/03 (unconfirmed)
Average Daily Volume =  13.4 mln



---


St. Jude Medical - STJ - close: 52.07 change: -0.12 stop: 54.60

Drop and stall.  Looking like an ideal bearish trade on Wednesday 
with the plunge through $53 support, STJ halted that decline on 
Thursday and spent the past two sessions chopping in a very tight 
range around the $52 level.  As noted in our initial writeup, we 
didn't want to chase the stock lower with price right against the 
lower Bollinger band, and it looks like that was prudent advice.  
Ideally, we'll now see a tepid recovery back to the $53.00-53.50 
breakdown level and a rollover from there should be good for new 
entries.  We'll expect to see some support near $50 and then 
again at the $49.25 target from the H&S breakdown.  But once 
those levels are breached, the stock should be good for a move 
down towards the 200-dma ($47.85).  That remains our exit target 
for the play, as it is just above the $47 bullish support line on 
the PnF chart.  We noted an error from the play writeup on 
Wednesday, where the stop listed at the top was $55.15, while the 
stop listed in the writeup was $54.60.  That correct stop is 
$54.60, just above both the 50-dma ($54.15) and the 8/22 intraday 
high.

Picked on August 27th at  $51.80
Change since picked        +0.27
Earnings Date           10/15/03 (unconfirmed)
Average Daily Volume =  2.22 mln





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

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

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

Qualcomm - QCOM - close: 41.33 change: +0.36 - stop: 38.49*new*

This play had a lot going for it when we initiated it Wednesday, 
but Friday UBS decided to help out by raising QCOM's fiscal 2004 
and 2005 GAAP estimates.  The firm raised 2004 estimates to 
$1.20/share from $1.16/share, and those for 2005 to $1.40/share 
from $1.37/share.  UBS also raised QCOM's 12-month price target 
to $38.00.

Raised it?  To $38.00?  It's $41.33 now.  Well, we all know about 
the accuracy of analysts' price targets for QCOM.  Whether that 
raised target was below QCOM's current price or not, investors 
took the news as good news.  Although Thursday QCOM had printed a 
doji at the top of the previous day's candle, a potential 
reversal signal, Friday's white candle and higher prices negated 
that signal.  MACD turned up strongly.  The 10-dma moved higher, 
as did the other moving averages.

We can't ignore the fact that other oscillators signal overbought 
conditions, but QCOM's recent "p" accumulation pattern the week 
before last is of a type that often occurs about halfway into a 
move.  If that's true this time, too, we hope to see QCOM move up 
to $42.50-43.00 before it again consolidates or pulls back.  If 
QCOM does pull back now, traders seeking new entries could watch 
for a pullback and bounce anywhere above $40.00.  

Annotated Chart for QCOM:


Picked on Aug 27 at  41.00
Change since picked: +0.33
Earnings Date:    07/23/03 (confirmed)
Average Daily Volume: 	10 million



---


Tower Automotive - TWR - cls: 4.36 chng: +0.22 stop: 4.05*new*

After teasing us with a tight consolidation range all week, TWR 
finally caught the attention of the bulls on Friday and the stock 
surged higher to close up more than 5% on the strongest volume of 
the week.  Automotive stocks (from parts suppliers to 
manufacturers) have been strong lately, and it looks like TWR is 
finally on its way higher.  Traders that bought the dips last 
week just above $4.00 look to have gotten a solid entry and the 
next likely entry point will be on a rally through $4.40, which 
would be a move over both Friday's intraday high and the intraday 
high on 8/22.  Daily Stochastics are now turning up and it looks 
like our $4.80-5.00 target zone may be achievable next week.  
Traders still looking for pullback entries can target a dip and 
rebound above $4.20, but we really don't want to see a pullback 
below that point.  Raise stops to $4.05 this weekend, as that is 
just under the week's intraday lows and the 20-dma ($4.06).  The 
real key here appears to be the 50-dma ($4.08), which provided 
intraday support throughout the past week.

Picked on August 10th at   $4.10
Change since picked        +0.26
Earnings Date           10/21/03 (unconfirmed)
Average Daily Volume =     551 K







=================================================================
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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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Copyright (c) 2003  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.



PremierInvestor.net Newsletter          Weekend Edition 08-31-2003
                                                    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 September 1st, 2003
   - 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 September 1st
==========================================


Symbol  Company               Date           Comment      EPS Est

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

None


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

CRHCY  CRH PLC               Tue, Sep 02  Before the Bell      N/A
MBG    Mandalay Resort Group Tue, Sep 02  After the Bell      0.63
ROP    Roper Industries      Tue, Sep 02  After the Bell      0.53
SNY    Sanofi Synthelabo     Tue, Sep 02  Before the Bell      N/A
TI     Telecom Italia        Tue, Sep 02  -----N/A-----        N/A


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

GLH    Gallaher Group PLC    Wed, Sep 03  Before the Bell      N/A
HNZ    H.J. Heinz Company    Wed, Sep 03  Before the Bell     0.51
HOV    Hovnanian Enterprises Wed, Sep 03  After the Bell      1.90
JWa    John Wiley & Sons     Wed, Sep 03  Before the Bell     0.38
Q      Qwest Communications  Wed, Sep 03  Before the Bell    -0.08
SIGY   Signet Group          Wed, Sep 03  Before the Bell      N/A
TTWO   Take-2 Inter Software Wed, Sep 03  Before the Bell     0.17
COO    The Cooper Companies  Wed, Sep 03  After the Bell      0.54
TOT    Total                 Wed, Sep 03  -----N/A-----       1.48


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

ACDO   Accredo Health        Thu, Sep 04  Before the Bell     0.32
ABS    Albertson's           Thu, Sep 04  Before the Bell     0.43
DLM    Del Monte Foods       Thu, Sep 04  -----N/A-----       0.09
DEO    Diageo PLC            Thu, Sep 04  Before the Bell      N/A
EDP    Electricidade PortugalThu, Sep 04  -----N/A-----        N/A
IPR    International Power   Thu, Sep 04  -----N/A-----        N/A
LR     Lafarge               Thu, Sep 04  -----N/A-----        N/A
MDZ    MDS Inc.              Thu, Sep 04  Before the Bell      N/A
NSM    National SemiconductorThu, Sep 04  -----N/A-----       0.12
PLL    Pall Corp.            Thu, Sep 04  -----N/A-----       0.40
SZE    Suez SA               Thu, Sep 04  -----N/A-----        N/A


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

RANKY  Rank Group Plc.       Fri, Sep 05  Before the Bell      N/A
TKP    Technip               Fri, Sep 05  Before the Bell     0.37


----------------------------------------------
Upcoming Stock Splits In The Next Two Weeks...
----------------------------------------------

Symbol  Company Name              Ratio    Payable     Executable

JBHT    J.B. Hunt Transport Serv  2:1      Aug  29th   Sep   1st
RCII    Rent A Center             5:2      Aug  29th   Sep   1st
AFP     United Capital Corp       2:1      Aug  29th   Sep   1st
JCOM    J2 Global Communication   2:1      Aug  29th   Sep   1st
CHDX    Chindex International Inc 2:1      Sep   2nd   Sep   3rd
HOTT    Hot Topic Inc             3:2      Sep   2nd   Sep   3rd
PFB     PFF Bancorp Inc           7:5      Sep   5th   Sep   8th
RBKV    Resource Bankshares Corp  3:2      Sep   5th   Sep   8th
PSUN    Pacific Sunwear of CA Inc 3:2      Sep   5th   Sep   8th
CWTR    Coldwater Water Inc       3:2      Sep   8th   Sep   9th
POOL    SCP Pool Corporation      3:2      Sep  12th   Sep  15th
CBAN    Colony Bankcorp Inc       5:4      Sep  15th   Sep  16th
HNBC    Harleysville National Corp5:4      Sep  15th   Sep  16th


--------------------------
Economic Reports This Week
--------------------------

It's a full week of economic reports to launch the back to school
season.  Wednesday, Thursday and Friday are all packed just as
Wall Street professionals return from the Labor Day holiday ready
to do some business.


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

----------------
Monday, 09/01/03
----------------
None


----------------
Tuesday, 09/02/03
----------------
ISM Index      (DM)     Aug  Forecast:    53.5  Previous:     51.8


-------------------
Wednesday, 09/03/03
-------------------
Auto Sales  (NA)        Aug  Forecast:    5.8M  Previous:     5.8M
Truck Sales  (NA)       Aug  Forecast:    7.8M  Previous:     8.1M
Construction Spnding(DM)Jul  Forecast:   0.40%  Previous:    0.30%
Fed's Beige Book  (DM)


------------------
Thursday, 09/04/03
------------------
Initial Claims  (BB)  08/30  Forecast:    395K  Previous:     394K
Productivity-Rev. (BB)   Q2  Forecast:   6.30%  Previous:    5.70%
ISM Services  (DM)      Aug  Forecast:      62  Previous:     65.1
Factory Orders  (DM)    Jul  Forecast:   0.80%  Previous:    1.50%


----------------
Friday, 09/05/03
----------------
Nonfarm Payrolls  (BB)  Aug  Forecast:     15K  Previous:     -44K
Unemployment Rate  (BB) Aug  Forecast:   6.20%  Previous:    6.20%
Hourly Earnings  (BB)   Aug  Forecast:   0.30%  Previous:    0.30%
Average Workweek  (BB)  Aug  Forecast:    33.6  Previous:     33.6


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

FNM     Fannie Mae                 64.79     +0.79
BAC     Bank of America Corp       79.25     +0.95
NXTL    Nextel Communications      19.33     +1.27
DGX     Quest Diagnostics Inc      60.00     +0.94
GPC     Genuine Diagnostics Inc    32.02     +0.54
ASD     American Standard Cos      80.19     +0.71
MHK     Mohawk Industries Inc      72.96     +1.41
VFC     VF Corp                    40.10     +0.74


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

TKLC    Tekelec                    17.48     +1.33
JOYG    Joy Global Inc             17.17     +1.12
AHS     AMN Healthcare             16.50     +2.06
JNIC    JNI Corporation             6.86     +1.07
SWBD    Switchboard Incorporated   11.26     +1.06
VVN     Vitran Corporation          9.78     +1.18


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

PTR     Petrochina Co Ltd (ADS)    35.75     +1.75
CCU     Clear Channel Comm Inc     45.12     +2.14
KB      Kookmin Bank               37.20     +2.00
MBT     Mobile Telesys OJSC (ADS)  70.48     +1.66
ETN     Eaton Corp                 93.64     +3.44
HAR     Harman International Ind   99.65     +2.66


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

BSX     Boston Scientific Corp     60.10     -2.59
GLH     Gallaher Group Plc (ADS)   34.95     -1.21
REPB    Republic Bancshares Inc    27.16     -1.24


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

None




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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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contact Contact Support.

*****************************************************************


Copyright ) 2003  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.



DISCLAIMER

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