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Daily Newsletter, Sunday, 09/07/2003

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PremierInvestor.net Newsletter          Weekend Edition 09-07-2003
                                                    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:      Got Lipstick?
Play-of-the-Day:  In the News
Market Sentiment: September score: Bulls 3, Bears 1


=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
        WE 9-05         WE 8-29         WE 8-22         WE 8-15
DOW     9503.34 + 87.52 9415.82 + 66.95 9348.87 + 27.18 +130.60
Nasdaq  1858.24 + 47.79 1810.45 + 45.13 1765.32 + 63.31 + 57.98
S&P-100  512.49 +  9.13  503.36 +  5.94  497.42 -  0.88 +  4.50
S&P-500 1021.39 + 13.38 1008.01 + 14.95  993.06 +  2.39 + 13.08
W5000   9906.69 +136.23 9770.46 +158.03 9612.43 + 64.92 +154.78
RUT      508.87 + 11.45  497.42 + 11.91  485.51 + 13.59 + 17.98
TRAN    2747.29 + 64.05 2683.24 + 41.68 2641.56 + 17.90 + 44.63
VIX       19.37 -  0.12   19.49 -  0.78   20.27 +  0.07 -  1.09
VXN       30.70 +  1.18   29.52 +  0.05   29.47 +  0.26 -  2.82
TRIN       1.04            0.78            1.36            1.01
Put/Call   0.72            1.29            0.91            0.53
Avg Highs   949             408             720             338
Avg Lows     20              40              58              62
WE = week ending
=================================================================

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

Got Lipstick?
by Jim Brown

It would take a lot of lipstick to turn the Jobs Report from
Friday into anything but a pig but analysts tried to spin it
from every angle. If it looks like a pig, walks like a pig and
smells like a pig it is probably a pig. That oinking noise
coming out of the Labor Dept on Friday did not prevent the
bulls from buying the dip and running the Nasdaq back into
positive territory before the morning coffee had turned cold.

There were a couple economic reports on Friday but only one
mattered. The August employment report showed a drop of
-93,000 jobs and it was broad based and far worse than expected.
The consensus estimates had been around +10,000 with bearish
whisper numbers as low as -50,000. Nobody expected the disaster
we received. The unemployment survey showed the rate dropped
to 6.1% from 6.2% and the administration (Elaine Chao) kept
pounding the table that the administration's jobs program was
working. Excuse me? When questioned about how the economy
could lose -93,000 jobs with the continuing unemployment
claims rising and result in a lower rate she was unable to
answer. Actually the unemployment rate is a different survey
than the jobs number. Unemployment is determined by phone
calls to individual households asking if they have job. The
job loss number is done by surveying businesses on recent
hiring and firing action. The calling list for households
last month must have covered Beverley Hills.

Job losses were spread across all major sectors including
services, manufacturing, civilian and government. Only the
construction, education, health care and hospitality sectors
showed slight gains in jobs. This was the 7th consecutive
month of job losses and the biggest drop since the -151,000
in March. Manufacturing lost -44,000 jobs and the workweek
remained at 40.1 hours. Normally a leading indicator of an
increase in jobs is a growth in the hours worked. It has been
flat to down since March except for a slight bounce in June
that was quickly retraced. Workers are finding it harder to
get work with 22% of unemployed workers jobless for more than
six months and 12% unemployed for more than a year. Temp
workers did rise by +7,000 in August and this could be
vacation hires or employers testing the water as signs of
a recovery grow. Monster.com said they had 24 million resumes
online and they were seeing an increase in hiring in the
consulting, customer service, healthcare, food services and
real estate sectors. Food service was up +38% and real estate
+36%. Manufacturing was down -18% on Monster. An analyst
speculated that layoffs in high tech, financial management,
brokerages and small business management were probably not
going to be strong future consumers with new jobs in the
food service arena. The tone of the conversation was that we
were seeing a trend into any area hiring and not necessarily
that it was their chosen field.

One of the remaining economic reports was the Future Inflation
Gauge which rose +1.7% in August to 117.6 and the highest level
since March. It was the sharpest jump in a year. Suddenly
the Bernanke comments from Thursday seem at risk. They will
not be cutting rates again if the FIG continues to move up
sharply. This was the second monthly increase but a real
recovery will produce inflation pressures so it was not a
real surprise. It is not close to any critical levels but
simply an indicator of the rising trend. The second report
was the Composite Leading Indicators which rose to 123.4 in
July from 122.1 in June. I don't know why they call it leading
indicators when they are just now reporting July numbers but
this was the fourth consecutive monthly rise for the global
economy. The recovery appears to be spreading with the Euro
Zone up +2.1 and NAFTA +7.7. It also appears the U.S. at +7.8
is behind only Mexico at +9.1.

JPM joined the rapid growth club on Friday with an upgrade
to their GDP estimates for the 3Q to +5.0% to +5.25%. GS also
changed their estimates by lowering their Q1 outlook. They
feel the recovery will slow in the 4Q and not pick up again
until late 2004. All bets are for a strong Q3 and Merrill
Lynch said on Friday that earnings estimates for the 3Q were
up +4% in August. The gain was probably related to the job
losses as that is the primary cost reduction tool. The very
high productivity we saw reported this week is a poison pill
for labor because higher productivity means less need for
more workers. The +4% earnings growth in August is a very
strong gain and so far we have not had any real warnings
although the season is young. Merrill also said after the
3Q market momentum could slow because the easy money has
been made. Tech stocks are selling for an average PE of 66
and twice the S&P PE of 33. Both are very high historically
and when this happened last in Nov-2002 it was followed by
six months of flat to down markets. We are also reaching
that period in the market where valuation downgrades are
accelerating. Last week we saw several that included blue
chips MMM and WMT as well as some tech stocks like BEAS.

The markets took a well deserved breather on Friday after
the Jobs Report reminded the bulls that the recovery game
is not over until the whistle blows. With the Jobless Claims
expected to be higher next week the bloom may be fading. In
fact it should not be fading just maturing. We have known
for months that jobs were dropping and while a negative jobs
number should not have been a surprise it was the severity
that really fired up the sellers. While the bulls bought the
dip early, especially in techs, they could not hold the party
line any longer. It was not because the economy or the market
had changed but simply a case of a buyer boycott. The bulls
ran out of investors willing to buy the top. Not the top in
the market, but the top for this cycle. Once normal profit
taking eases we can take another run at it.

The problems for next week will be earnings warnings with
IBM already a leading candidate. With CSCO, DELL and INTC
already saying positive things about the quarter we would
not expect many tech warnings but the PC sector is not a
strong profit center for IBM. They are also dependent on
a currency hedge for overseas sales. They received a major
bump in the 2Q from currency translation profits. The
dollar has reversed and is causing a drain for Q3. ODP
has already warned for Q3 because of that weaker dollar.
That could hurt IBM and other multinationals. Another
problem will be the continuing valuation downgrades. With
many tech stocks up +50% or more this year and some up +100%
from last year there is the potential for analysts to book
downgrades so they can say they recommended them at $XX
and downgraded at $YY. It is all about bragging rights when
trying to attract new clients.

This is not a very strong week economically and the biggest
focus will probably be the 9/11 anniversary. We could see
some market weakness prior to Thursday as traders book
profits in case of an anniversary attack. I am surprised we
have not seen a raised terror alert but that could come next
week. Economic reports for the week include the Kansas Fed
Survey and Consumer Credit on Monday, Richmond Fed and
Wholesale Trade on Tuesday. Wednesday is almost a blank
with only the Mortgage Applications Survey. Thursday, the
anniversary of 9/11, has Jobless Claims, Import/Export Prices
and International Trade. Friday is the strongest day of the
week with PPI and Michigan Sentiment for September.

For the week the Dow managed to crack 9600 but was unable to
hold it. This is the upper end of resistance from the January
uptrend bearish wedge. The wedge has already been violated on
the downside twice but recovered after only a short dip. The
current support is around 9450 with congestion all the way to
9000. As long as it stays above 9000 the rally is intact. This
does not appear to be a problem after the performance the
index managed this week. 9475 is the 50% retracement level
from the all time high to the October lows. Now trading over
that level it could be tough to break on the downside. The
next target for the bulls has got to be 10000 and next week
will be pivotal in that quest. If we do trade below 9450 then
old resistance levels could come back into play and this late
in the quarter we could languish there for some time.

Dow Chart - Daily


Dow Chart - Monthly



The Nasdaq spurted off to touch a new range on Wednesday and
never looked back. It touched a new high at 1880 and just
below monthly resistance. The Nasdaq held 1850 on Friday and
traded in positive territory despite the Jobs Report and the
seven day string of positive closes but in the end the profit
taking held it to a loss. This is actually a positive. Support
held and the string is broken. It is poised start a new run
next week if the bulls can attract some new money.

While we are well below any retracement levels the monthly
Bollinger Bands are suggesting that 1930 could be serious
resistance. Several other analysts are suggesting 2000 is
the ultimate goal and one that mutual funds have set as
their exit point. With the strength of the techs and the
weakness in the blue chips it is possible the Nasdaq could
approach 2000 about the same time the Dow hits 10,000. That
would be a major profit taking event. It still will be
regardless of which hits their target level first only the
combination of the two would make it even worse.

Nasdaq Chart - 30 min


Nasdaq Chart - Monthly



The S&P came to a dead stop just below 1030 but that is a major
improvement over the 1010 resistance level we had seen for two
months. The S&P has support in the 1000 range and that should
give us plenty of room to wander next week. I posted potential
targets for the S&P on Thursday night and in the interest of
continuity I am posting them again below. Most analysts agree
that 1140 is the likely cooling off point.

S&P Chart - 60 min


S&P Chart - Monthly



Even if you never read the header of this commentary you
should take notice of a couple items. The daily average of
new 52-week highs was nearly 1000 for the week while the
average new lows was only 20. This is astronomical sentiment
numbers. Also, The Dow dropped -120 points at the low for the
day on Friday but the VIX closed only a few ticks away from
the 52-week closing low at 19.23. Despite the Jobs Report and
the profit taking the bullishness is still growing and reaching
extreme levels. Check out the Editors Plays today for important
changes to the VIX by the CBOE. Would you believe futures and
options are going to be offered on the new VIX? No kidding.

I mentioned earlier that I was surprised we had not seen any
hikes in the Terrorist Alert level and recent events make that
more of a possibility next week. The FBI announced late Friday
that it is looking for four terrorist suspects who according
to the release are still trying to organize some more "aerial
suicide attacks" against the United States. Whether these men
are real threats or not this follows a similar pattern of the
prior 9/11 anniversaries and major events like the NY New
Years Eve party. First warn about individuals, then quote
specific and credible intelligence, then raise the alert level
until the date passes. Not that I think the government would
manage our expectations and reactions to their alerts but
stranger things have happened. Keep your eyes open for this
scenario and see if it comes to pass.

If this becomes a bigger news item over the weekend the markets
are likely to resist any urge to move higher until after the
11th. This could also prompt some profit taking in advance
just in case something happens. Next week could either go
into hibernation while waiting or move down on profit taking
but I would be surprised to see any new highs before Friday.
But, I have been surprised a lot lately. Keep those stops in
place and it would not hurt to own a few out of the money
index puts as well.

Enter Very Passively, Exit Very Aggressively!

Jim Brown


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


InfoSpace.com - INSP - close: 17.19  change: +0.94 - stop: 15.75

Company Description:
InfoSpace, Inc. (Nasdaq:INSP) provides wireless and Internet
software and application services. The Company develops software
technologies that enable customers to efficiently offer a broad
array of network-based services under their own brand to any
device.  (Source: Company Description)

Why We Like It:
The recipient of a positive mention in Business Week this week,
INSP climbed Friday to a closing high not seen since March 2002.
It also gained on high volume, with MACD strength confirming the
move.  While climbing this week, the stock created a double-top
breakout P&F buy signal.  It's been maintaining an ascending
regression channel for many months, and this week moved back
across the midline.  It appears to be headed toward the top of
the channel again.

We wish the YIH, the Internet Infrastructure HOLDRS Index, and
XIS, the Industry Standard 100 Internet Index, two indices of
which INSP is a component, had gained Friday, too.  However,
they've each recently broken above their consolidation patterns
and may have been pausing to gather strength again.  The COMPX,
too, retreated after its own hard, fast run up the charts.

In addition to the positive mention in Business Week, INSP's name
has been included in other papers:  court papers requiring the
co-founders to repay the company $247 million for illegal stock
sales.  On Thursday, the co-founders appealed the decision.

Entries can be found at the current level or after a pullback and
bounce from above $16.00.  We're setting the stop at $15.75 and
our first target at $19.50, just below the expected resistance at
$20.00.

Annotated Chart for INSP:


Picked on Sep 7 at  $17.19
Change since picked: +0.00
Earnings Date:    07/30/03 (confirmed)
Average Daily Volume:  347 thousand





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

September score: Bulls 3, Bears 1
- J. Brown

It's been a big week for the bulls.  Traditionally, the markets
see a strong day after Labor Day rally and then institutional
traders clean house making September one of the worst months of
the year.  Not so this September - at least the first week.
Positive analyst comments and upgrades set the tone Tuesday-
Thursday and their enthusiasm was bolstered by improving economic
reports.  To top it off, CSCO came out with unexpected good news
about its August sales numbers.  One market commentator reflected
on the week and said it was nice to see the improving economic
numbers actually show up in corporate sales and guidance.

But it wasn't just John Chamber's comments that influenced
investor sentiment.  Intel had a positive mid-quarter update on
Thursday night, Wal-Mart came out with strong same-store sales
numbers and software was the favored sector of the week by
analysts.  It almost felt like the go-go momentum days of the
late 90's.

Alas, the Friday morning August employment report was much worse
than expected and the rally stalled ending a 7-day winning streak
for the NASDAQ Composite, the Russell 2000 and the Wilshire 5000.
Bulls stepped in to buy the dip for many equities but it wasn't
enough to reverse some much needed profit taking ahead of the
weekend.

Investors feel empowered that the economy has finally moved from
a "might improve" to a "definitely improving" status and
economists are raising their forecasts for the Q3 GDP growth
numbers.  Fueling the fire even more is an "I don't want to miss
the train" mentality among many investors.  I'm encouraged by the
Industrials ability to close above the 9500 level and stay there.
The same can be said for the NASDAQ composite and the 1850 level
and the S&P 500 and the 1020 level.  Yet, the markets are so
overbought I don't expect them to stay there.  A multi-day
consolidation (a.k.a. round of selling) would be healthy and help
set up for the next move higher.

This coming week is the September 11th anniversary and it could
be the perfect excuse to spark such a consolidation of recent
gains.  Many investors may not want to initiate new long
positions ahead of Thursday for fear of some sort of anniversary
attack.  The same psychological affect will probably provoke many
investors to lock in some gains.  If we don't see a dip, I'd be
surprised.  It's possible that traders will merely buy more puts
to protect their current investments.


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

Market Averages

DJIA ($INDU)

52-week High:  9609
52-week Low :  7197
Current     :  9503

Moving Averages:
(Simple)

 10-dma: 9431
 50-dma: 9232
200-dma: 8633

S&P 500 ($SPX)

52-week High: 1029
52-week Low :  768
Current     : 1021

Moving Averages:
(Simple)

 10-dma: 1008
 50-dma:  993
200-dma:  922

Nasdaq-100 ($NDX)

52-week High: 1380
52-week Low :  795
Current     : 1361

Moving Averages:
(Simple)

 10-dma: 1336
 50-dma: 1274
200-dma: 1123


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


The VIX is still trading near lows not seen since the market top
in March 2002.

CBOE Market Volatility Index (VIX) = 19.37 -0.52
Nasdaq Volatility Index (VXN)      = 30.70 -0.21

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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.72        564,609       408,748
Equity Only    0.55        477,672       263,298
OEX            1.28         20,967        26,496
QQQ            1.26         34,504        43,546


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

Bullish Percent Data

           Current   Change   Status
NYSE          72.3    + 1     Bull Confirmed
NASDAQ-100    79.0    + 1     Bear Correction
Dow Indust.   86.6    + 7     Bull Confirmed
S&P 500       81.0    + 1     Bull Confirmed
S&P 100       89.0    + 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  1.29
10-Day Arms Index  1.37
21-Day Arms Index  1.52
55-Day Arms Index  1.30


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    1160      1356
Decliners    1647      1727

New Highs     145       293
New Lows       13        10

Up Volume    795M      923M
Down Vol.    989M      984M

Total Vol.  1812M     1926M
M = millions


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

Commitments Of Traders Report: 09/02/03

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

More of the same for commercial traders in the large S&P
futures contracts, but we do see a slight bump in short
positions.  There is barely any change between longs
and shorts for the small traders.


Commercials   Long      Short      Net     % Of OI
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%)
09/02/03      417,973   482,392   (64,419)   (7.2%)

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
08/12/03      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%
09/02/03      169,030    75,748    93,282    38.1%

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

The bullish trend of growing long positions for the
commercials in the e-minis has continued.  The latest
report shows drop of 10K short positions and 9K new
long positions.  Locksteppening in the opposite direction
are the small traders with a big jump in short positions
to the most bearish we've seen them in a long time.


Commercials   Long      Short      Net     % Of OI
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%
09/02/03      347,724   224,011    123,713    21.6%

Most bearish reading of the year: (354,835)  - 06/17/03
Most bullish reading of the year:  123,713   - 09/02/03

Small Traders Long      Short      Net     % of OI
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%)
09/02/03       56,709   134,094   (77,385)  (40.6%)

Most bearish reading of the year: (77,385)  - 09/02/03
Most bullish reading of the year: 449,310   - 06/10/03


NASDAQ-100

Commercials caught part of the stampede fever and added
some long positions to their NDX futures.  Meanwhile
small traders rotated some money out of longs and into
shorts but no big change.


Commercials   Long      Short      Net     % of OI
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%)
09/02/03       37,002     55,379   (18,377) (19.9%)

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
08/12/03       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%
09/02/03       23,168    10,561    12,607    37.4%

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

No serious changes among the commercial traders while
small traders have grown fur and drastically reduced their
bullish positions.  The spike in shorts have them looking
for a INDU drop.


Commercials   Long      Short      Net     % of OI
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%
09/02/03       25,462    10,447   15,015      41.8%

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
08/12/03        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%
09/02/03        6,629    13,402   (6,773)   (33.8%)

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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Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter          Weekend Edition 09-07-2003
                                                    section 2 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 two:

Tech Stocks
  Bullish Play Updates:  COHU, FDC

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

High Risk/Reward
  New Bullish Plays:     INSP, TER
  Bullish Play Updates:  ORB, QCOM, TWR

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

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

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

Cohu, Inc. - COHU - close: 22.68 change: -0.32 - stop: 21.40

The semi-related stocks endured a volatile week, sometimes
trading up and sometimes down.  After INTC's update Thursday, a
new rash of upgrades and raised estimates followed, with those
upgrades filtering through the food chain.  If INTC sees
increased demand, so should those companies selling PC's, and
Dell received an upgrade.  If INTC sees demand increasing, then
so should those companies whose business involves producing or
testing chips.

It didn't work that way on Friday for COHU.  After making big
gains for a week, COHU printed an inverted umbrella candle
Thursday ahead of INTC's update and followed with a bearish red
candle Friday.  It looks as if it's time for COHU to pull back or
consolidate.  COHU's volume measured much less on the end of the
week than it had been while the price climbed, and that's what we
would expect to see during consolidation.

The first support level to be tested will be near $22.00, where
the 10-dma rises to meet COHU's breakout level from last week.
Stronger support lies below at the rising trendline that had
formerly capped COHU's advances.  That trendline currently
crosses at $21.60.  Our stop lies just below, at $21.40.

RSI hooked over and the stochastics made a bearish kiss but did
not roll down out of the level indicating overbought conditions.
In a strongly trending market, it's possible for stochastics to
be pinned in overbought territory for a long time, sometimes
appearing to give sell signals but actually signaling nothing
more than impending consolidation.  We hope that's what's
happening this time, too.  Those seeking new entries might view
this as an opportunity, entering on a pullback and bounce from
anywhere above $22.00.

Annotated Chart for COHU:


Picked on Aug 24 at  21.80
Change since picked: +0.88
Earnings Date:    07/26/03 (confirmed)
Average Daily Volume:  154 thousand




---


First Data Corp. - FDC - close: 40.80 change: -0.20 stop: 38.50

That's not exactly the bullish follow through we were looking for
on our FDC play.  After breaking above descending trendline and
50-dma (now $39.88) resistance on Wednesday, the stock has been
languishing near the $41 level for the past couple days.
Fortunately we haven't seen any appreciable price weakness and we
may simply be witnessing the initial stage of consolidation above
that broken trendline.  If that's the case, then FDC should find
support near the $40 level, which also happens to be the broken
horizontal resistance.  New entries on a pullback to $40 (or
slightly above) look favorable, with stops now raised to $39,
just below the converged 10-dma ($39.31) and 20-dma ($39.14).
Traders looking to enter on strength will need to wait for a
volume-backed move through $41.40 (just above Thursday's intraday
high) before playing.

Picked on September 3rd at  $41.01
Change since picked          -0.21
Earnings Date             10/16/03 (unconfirmed)
Average Daily Volume =    4.65 mln





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

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

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


Circuit City - CC - close: 10.58 change: +0.35 - stop: 9.85

Circuit City announced Friday that total Q2 sales fell 3 percent
year-over-year, but analysts had expected a worse showing from
CC. At $2.16 billion, those sales were higher than the predicted
$2.11 billion.  Comparable-store sales dropped 5 percent, but CC
pointed out improved sales during the second half of the quarter.
August same-store sales grew 1 percent, with the company citing
strong sales of back-to-school products.  PC hardware and
software, games, wireless communications, and portable audio and
video products helped drive those stronger back-to-school sales.
While announcing Q2 sales, CC also said that it expects to
release earnings September 17.

These statements about back-to-school sales echoed those of
competitor Best Buy (BBY) on Thursday, but other comparisons
between the two did not prove as favorable.  BBY raised Q2
earnings guidance from the previously expected 40 cents per share
to 41-43 cents per diluted share, and raised FY2004 EPS estimates
to $2.30-2.35 per share.  The company cited the 7.5 percent
increase in Q2 same-store revenue as one reason for the raised
guidance.  Back-to-school computer purchases drove that revenue
higher, and the company's CEO mentioned tax refunds as helping
drive sales.

We feared the worst as CC opened for trading on Friday, but
instead of following through on the reversal signal that had been
printing, CC opened above Thursday's close and then climbed.  The
climb almost retraced the previous day's bearish red candle.  The
downdraft that hit the markets erased some of those gains, but by
the end of the day, RSI had hooked back up and the stochastics
were trying to do so, too.  The 10-dma rose under CC's current
price and the 21-dma rises quickly, too.

While we were cheered by the higher close, we can't help noticing
that the day's candle was a harami, meaning that the day was an
inside day. Those familiar with trading inside days will
recognize a break below $10.23 as a sell signal according to
theory.  We're maintaining our stop at $9.85, a level supported
by the 10 and 21-dma's, and by historical support resistance.
Based on inside-day trading theory, conservative traders might
want to set an alternative stop, perhaps just below the 10-dma.

With earnings now set for September 17, those who want a new
entry could rely on inside-day theory to help them find that new
entry, too, entering on a break over last week's high if such a
break were to occur early next week.

Annotated Chart for CC:


Picked on Aug 31 at $10.43
Change since picked: +0.15
Earnings Date:    09/17/03 (confirmed)
Average Daily Volume:  2.8 million




---

Randgold - GOLD - close: 24.17  change: +0.22  - stop: 22.49*new*

Gold prices hit a seven-month intraday high on Friday.  The Fed's
recent devotion to a money-printing policy and the
administration's devotion to ever-expanding deficits increase
demand for gold.  Improving consumer demand does, too.  The HUI,
the gold bugs index, hit a new daily and weekly closing high on
Friday.

While GOLD also climbed Friday, its chart characteristics did not
match the bullishness of the HUI's.  GOLD printed a red spinning
top candle that straddled the ascending line we've been watching.
In addition, the candle's upper shadow touched the midline of the
regression channel and retreated.

Wednesday, we mentioned that the doji GOLD printed at support
could be the second of a three-candle formation known as a
morning-star formation, a potential reversal signal.  That
required a bullish white candle for completion, and Thursday's
trading complied by producing that candle. So, while we would
have preferred to see a white candle on Friday and to see GOLD
close above that trendline rather than just below it, we are
reassured that GOLD still climbs safely within its ascending
regression channel.

The late-week developments hooked the fast line of the
stochastics and the RSI back up again.  MACD remains flat, and
still signals possible bearish divergence, a sign of caution to
balance the more hopeful signs on the other oscillators.  We're
maintaining our current $22.49 stop.  If the current strength in
gold and the HUI.X continues, new entries could be taken on
another move above the rising red trendline.

Annotated Chart for GOLD:


Picked on Aug 24 at  23.40
Change since picked: +0.77
Earnings Date:    08/12/03 (confirmed)
Average Daily Volume:  360 thousand




---


Watson Pharma. - WPI - close: 41.30  change: -0.43  - stop: 39.99

Ahead of its 11:30 ET presentation at the Bear Stearns Healthcare
Conference on Monday, WPI retreated at the end of the week.  We
had expected a pullback or consolidation after having detected a
bearish kiss on the stochastics on Wednesday.  A spot check of
other pharmaceuticals shows mixed performances among the
companies although the Amex Pharmaceutical Index, $DRG, climbed.

MACD now flattens after pushing above zero, and the stochastics
flatten but have not yet rolled out of territory indicating
overbought conditions.  RSI turned down, too.  Still, WPI closed
at the support offered by its late July high, suggesting that
this level now provides support.  If that support should fail
early next week, the 10-dma now rises to $40.76, not far below
WPI's current level.  The 50-dma courses just above $40.00,
lending its support.

We're maintaining our $39.99 stop.  The 21-dma, horizontal
support, and the former descending trendline all converge at that
area.  Since WPI presents at the conference Monday, conservative
traders should be watchful and might even set an alternative stop
at $40.25 if worried about a sell-the-news event after the
presentation.  For those less conservative, however, any pullback
and bounce from above $40.00 could be used as a buying
opportunity.  First confirm that any pullback is on light volume.

Annotated Chart for WPI:


Picked on Aug 27 at  40.74
Change since picked: +0.56
Earnings Date:    08/05/03 (confirmed)
Average Daily Volume:  1.1 million




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


AmerisourceBergen - ABC - cls: 54.84 chng: -1.71 stop: 57.50*new*

The week may not have started out the way we would have liked on
our ABC play, but it certainly went out in a manner to put a huge
smile on our faces.  After Tuesday's island reversal top, the
stock spent the remainder of the week plunging lower and on
strong volume too.  The clincher was Friday's 3% slide, which
finally broke price below the $56 support level and the stock
traded an intraday low of $54.60.  That's right, ABC is less than
a dollar away from achieving our $54 exit target, so it is time
to make sure you've got your exit strategy ready to go.
Obviously, we are not advocating new positions at this time, as
it is position management time, where we're looking to maximize
gains, without giving too much back in case a bounce develops.
Look to harvest gains on a decline to the $54 level or below
early next week, with the $53 very likely to provide support for
a bounce.  Conservative traders shouldn't quibble over a few
cents and should look to take an exit near current levels on
Monday morning.  But to allow for that extra bit of downside,
we're keeping the play active and aggressively tightening our
stop to $57.50, just above both the descending trendline and the
10-dma.

Picked on August 10th at  $60.00
Change since picked        -5.16
Earnings Date           10/23/03 (unconfirmed)
Average Daily Volume =  1.42 mln




---


Citigroup, Inc. - C - close: 44.34 change: -0.07 stop: 45.00

It certainly hasn't played out the way we expected, this bearish
play on C.  After nearly a week of trying to sustain a breakdown
under $43, the stock gained some buoyancy from the bullish action
in the Banking sector (BKX.X).  But with the BKX apparently
rolling over below its descending trendline from the July highs,
C is apparently following suit, after a couple of nerve-wracking
intraday spikes that just barely fell short of triggering our $45
stop.  We're not out of the woods by any stretch of the
imagination, but with daily Stochastics rolling lower and the
stock still unable to close above the 50-dma ($44.55), there's
still a chance of success.  While aggressive traders can consider
gaming entries on a rollover near current levels, our preferred
strategy is still to wait for the eventual break below $42.50
before playing.  Maintain stops at $45 and look for confirmation
of weakness from the BKX.

Picked on August 24th at  $43.10
Change since picked        +1.24
Earnings Date           10/13/03 (unconfirmed)
Average Daily Volume =  12.6 mln




---


St. Jude Medical - STJ - cls: 52.57 chng: +0.22 stop: 53.75*new*

By the middle of last week, we were grousing about the fact that
our STJ play was the epitome of boring, as it stubbornly clung to
the $52 support/resistance level.  Well, the stock has finally
started moving, but unfortunately not in our direction.  So far
the stock hasn't made much upside progress and this lackadaisical
rise could finally be setting up a decent entry into the play.
Aggressive traders can use in intraday rollover below $53 to
initiate new positions, looking for the eventual breakdown.  More
conservative traders will want to wait for that breakdown (below
$51.25) before playing.  If STJ can actually break down, then our
$49.25 target still looks reasonable, with a possible dip down to
the 200-dma ($48.25).  But first we need to see that break of
support.  Due to the stubborn way in which STJ has refused to
move in our direction, we're reducing our risk in the play this
weekend, lowering our stop to $53.75.

Picked on August 27th at  $51.80
Change since picked        +0.77
Earnings Date           10/15/03 (unconfirmed)
Average Daily Volume =  2.21 mln






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

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


FMC Corporation - FMC - cls: 26.56 chng: +0.61 stop: 24.00

Quicker than seemed possible a couple days ago, FMC surged
sharply higher on Friday, tagging our recommended exit target of
$27.50, moving as high as $27.60, before an equally sharp
pullback that left behind a large wick atop a large green candle.
This could be a reversal candle, but that remains to be seen
based on further price action.  With our profit target achieved,
it is time to pull the plug on FMC.  Kudos to those of you that
managed to gain an exit from the play near the highs of the day.
For the rest, we're recommending that you use a rebound on Monday
to effect a favorable exit on a return anywhere near the highs.
Just to be safe, conservative traders should snug up their stops
(while waiting for that bullish move) to $26.25, just below the
afternoon zone of consolidation.

Picked on August 27th at  $24.89
Change since picked        +1.67
Earnings Date           10/28/03 (unconfirmed)
Average Daily Volume =     254 K





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

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

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


InfoSpace.com - INSP - close: 17.19  change: +0.94 - stop: 15.75

Company Description:
InfoSpace, Inc. (Nasdaq:INSP) provides wireless and Internet
software and application services. The Company develops software
technologies that enable customers to efficiently offer a broad
array of network-based services under their own brand to any
device.  (Source: Company Description)

Why We Like It:
The recipient of a positive mention in Business Week this week,
INSP climbed Friday to a closing high not seen since March 2002.
It also gained on high volume, with MACD strength confirming the
move.  While climbing this week, the stock created a double-top
breakout P&F buy signal.  It's been maintaining an ascending
regression channel for many months, and this week moved back
across the midline.  It appears to be headed toward the top of
the channel again.

We wish the YIH, the Internet Infrastructure HOLDRS Index, and
XIS, the Industry Standard 100 Internet Index, two indices of
which INSP is a component, had gained Friday, too.  However,
they've each recently broken above their consolidation patterns
and may have been pausing to gather strength again.  The COMPX,
too, retreated after its own hard, fast run up the charts.

In addition to the positive mention in Business Week, INSP's name
has been included in other papers:  court papers requiring the
co-founders to repay the company $247 million for illegal stock
sales.  On Thursday, the co-founders appealed the decision.

Entries can be found at the current level or after a pullback and
bounce from above $16.00.  We're setting the stop at $15.75 and
our first target at $19.50, just below the expected resistance at
$20.00.

Annotated Chart for INSP:


Picked on Sep 7 at  $17.19
Change since picked: +0.00
Earnings Date:    07/30/03 (confirmed)
Average Daily Volume:  347 thousand




---


Teradyne Inc. - TER - close: 20.11 change: +0.86 stop: 17.89

Company Description:
Teradyne is a supplier of automatic test equipment, a provider of
high-performance interconnection systems and an emerging provider
of electronic manufacturing services.  The company's automatic
test equipment products include systems that test semiconductors,
test and inspect circuit boards, diagnose and test automotive
electronics systems and test high-speed voice and data
communication systems.  In addition TER's interconnection systems
products and services include high-bandwidth backplane assemblies
and associated connectors used in electronic systems and
electronic manufacturing services.

Why we like it:
Despite numerous opportunities to sell off, the Semiconductor
sector (SOX.X) remains quite strong, chalking up a new 52-week
high on Friday.  Investors are still piling onto the 2nd half
recovery bandwagon, and the SOX appears to be getting the lion's
share of the attention.  Shares of TER have essentially been
rangebound since early June and except for a false breakdown
below $16 in early August, there has been little of note to
report.  That all changed on Friday, as the stock blasted through
resistance near $19.50, not only breaking that near-term
resistance, but managing to log a new 52-week high.  Despite the
fact that price is now right up against fairly strong resistance
in the $20-21 area, we think it is just getting started on a
strong breakout move.  The first piece of data is the
strengthening volume picture that built to a crescendo on Friday,
with volume doubling the ADV.

PnF chartists will like the picture presented as well, with last
week's move above $19 giving a fresh double-top Buy signal and
hinting that a move towards its $26 bullish price target.
Looking at the conventional chart shows the $25 level as probably
being a more reasonable target.  But first TER will need to scale
near-term resistance and then clear the next hurdle at $22.50.
As you can see from these tiered resistance levels, it's tough to
make a favorable case for buying breakouts, as each attempt is
likely to take the form of two steps forward and one step back.
So our best approach for entries will be to enter on pullbacks to
support in anticipation of the next leg up.  Right now a pullback
near $19 would look favorable, with entries taken on the rebound
from that level.  We're setting our stop a bit wider than normal
in order to take advantage of technically significant levels.
Thursday's intraday low was $17.90, and the 10-dma is currently
at $18.01, so our stop goes at $17.89.

Annotated Chart of TER:


Picked on September 3rd at  $20.11
Change since picked          +0.00
Earnings Date             10/14/03 (unconfirmed)
Average Daily Volume =    2.81 mln




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

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


Orbital Sciences - ORB - close: 9.05  change: -0.15 - stop: 8.49

Thursday, ORB announced that the U.S. Air Force's Space and
Missile Systems Center had awarded the company a task order for a
suborbital rocket to test an advanced penetrator.  The initial
contract value amounts to $3.1 million, but options could
increase the value to $7.5 million.  However, by Friday, ORB had
declined, perhaps carried down by the weakness in the $DFI.X, the
Amex Defense Index.

While we didn't like to see a gravestone doji followed by a red
candle on ORB's daily chart, that red candle halted at the 10-dma
and moved up from there.  The red candle also held support above
a 50 percent retracement of Wednesday's gains.  These are signs
of strength within the context of a stock that's retracing recent
gains.  Volume decreased on the pullback.  Stochastics hooked up
again, while RSI turned down and MACD flattened.  Oscillators
often present a mixed picture when a stock consolidates.  It's
possible that ORB could pull back to the rising red trendline,
currently $8.75, but it could also continue consolidating just
above $9.00.

MACD flattened beneath a descending trendline, however,
preserving the bearish divergence that has been building between
this oscillator and prices.  We'd like to see MACD break above
that trendline in order to confirm strength seen on the price
chart.  Those seeking new entries might watch for such an MACD
trendline break if ORB bounces after testing support at $8.75-
$9.00.

Annotated Chart for ORB:


Picked on Sep 3 at   $9.18
Change since picked: -0.13
Earnings Date:    07/22/03 (confirmed)
Average Daily Volume:  347 thousand




---

Qualcomm - QCOM - close: 41.20  change: +0.10 - stop: 38.49

Almost.  QCOM almost broke free of its recent congestion zone.
After presenting at the SG Cowen Conference Thursday, QCOM began
gaining.  Friday, prices temporarily broke above the recent
congestion zone, but the midday tech weakness carried QCOM down,
too.

At the conference, QCOM commented that the company expects the
turning point for W-CDMA to occur in 2005.  The company expects
less than 10 million mobile devices to employ that technology in
2004, however.  COO Tony Thornley did not know when China would
be likely the issue the awaited licenses for phone companies to
offer high speed services.  Investors initially reacted by buying
QCOM, sending it higher in after-hours trading, but, during the
overnight Asian session, cell-phone maker NTT DoCoMo said mobile-
phone subscriptions may decline throughout the industry in the
second half of the year.  We waited to see how QCOM would open
Friday morning, and we cheered by an open at the top of the
recent congestion zone.

Like QCOM, the XTC, the North American Telecommunications Index,
printed a candle with a long upper shadow.  Unlike QCOM's, the
XTC's candle came at the top of a rally, and so might have more
bearish implications than QCOM's, which came during
consolidation.  The possibility exists, however, that QCOM forms
a broadening pattern at the top of its recent climb, and
broadening patterns can be typical of market tops.  So far, QCOM
continues to find support just above $40.00, not broadening the
bottom support.

Still, a retreat in the XTC might carry QCOM down, too, so
traders might confirm that XTC finds support near 520 on any
retreat.  The NWX, the Networking Index, printed a doji at the
top of a rally, also signaling that this related index might
retreat to confirm support after its recent rally.

New entries can still be found on a pullback and bounce from
above $40.00, but confirm that support is holding in the XTC and
NWX, too.  Momentum entries can be sought on a breakout above
$42.00, but confirm strength in the same two indices before
entering on momentum.

Annotated Chart for QCOM:


Picked on Aug 27 at  41.00
Change since picked: +0.20
Earnings Date:    07/23/03 (confirmed)
Average Daily Volume: 	10 million




---


Tower Automotive - TWR - cls: 4.76 chng: +0.11 stop: 4.50*new*

We're not sure what the catalyst was, but somebody really
released the bulls in TWR at the beginning of last week and as of
Friday, they were still charging pretty hard.  At its intraday
high, the stock was up $0.76 from our picked price, which may not
seem like a whole lot unless you stop to think that is actually
an 18.5% gain.  Our target for conservative traders was $4.80 on
this play, and if that describes your risk profile, you should
have taken the money and run Friday morning when TWR tagged that
level.  For the rest of you, that $5.00 level is strong
resistance and you should have your exit strategy in place now.
A trade up to that level is likely to be met with a swift
reversal, so if traded early next week, don't dawdle -- take your
profit and run.  Clearly we aren't advocating new positions at
this time, as it is all about managing those positions that are
already open.  Since we're so close to that aggressive exit
target, it's time to get aggressive on our stop as well, just in
case Friday's surge higher was all she wrote.  Our stop rises to
$4.50 this weekend, which is just below Wednesday's intraday low.

Picked on August 10th at   $4.10
Change since picked        +0.66
Earnings Date           10/21/03 (unconfirmed)
Average Daily Volume =     536 K






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PremierInvestor.net Newsletter          Weekend Edition 09-07-2003
                                                    section 3 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 three:

Market Watch for Week of September 8th, 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 8th
==========================================


Symbol  Company               Date           Comment      EPS Est

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

CMVT   Comverse Technology   Mon, Sep 08  After the Bell     -0.04
SSL    Sasol Ltd ADR         Mon, Sep 08  Before the Bell      N/A


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

MATK   Martek Biosci Corp    Tue, Sep 09  After the Bell      0.15
NMGa   Neiman Marcus Group   Tue, Sep 09  Before the Bell     0.12


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

ADBE   Adobe Systems         Wed, Sep 10  After the Bell      0.25
EN     Enel S.p.A.           Wed, Sep 10  -----N/A-----        N/A
PUB    PUBLICIS Groupe SA    Wed, Sep 10  -----N/A-----        N/A
UTIW   UTI Worldwide         Wed, Sep 10  Before the Bell     0.34


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

BNG    Benetton Group        Thu, Sep 11  -----N/A-----        N/A
CPB    Campbell Soup         Thu, Sep 11  Before the Bell     0.17
CBRL   CBRL Group            Thu, Sep 11  Before the Bell     0.70


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

FCEa   Forest City Ent, Inc. Fri, Sep 12  -----N/A-----        N/A
GTK    GTECH Holdings Corp.  Fri, Sep 12  Before the Bell     0.68
ORCL   Oracle                Fri, Sep 12  Before the Bell     0.08
IMI    SanPaolo IMI SpA      Fri, Sep 12  -----N/A-----        N/A


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

Symbol  Company Name              Ratio    Payable     Executable

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
COH     Coach Inc                 2:1      Sep  17th   Sep  18th
URBN    Urban Outfitters Inc      2:1      Sep  19th   Sep  22nd


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

It's another busy week with several investor conferences.  There
are also several economic reports hitting late in the week.
Traders also need to be on the lookout for more earnings
warnings.


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

----------------
Monday, 09/08/03
----------------
Consumer Credit (DM)    Jul  Forecast:   $5.0B  Previous:   -$0.4B
Bear Stearns Healthcare conference
Lehman Brothers Financial Services Conference

----------------
Tuesday, 09/09/03
----------------
Wholesale Invntories(DM)Jul  Forecast:    0.0%  Previous:     0.0%
Bear Stearns Healthcare conference
Lehman Brothers Financial Services Conference
Merrill Lynch Media & Entertainment Conf.


-------------------
Wednesday, 09/10/03
-------------------
Lehman Brothers Financial Services Conference
Merrill Lynch Media & Entertainment Conf.


------------------
Thursday, 09/11/03
------------------
Initial Claims  (BB)  09/06  Forecast:     N/A  Previous:      N/A
Export Prices es-ag (BB)Aug  Forecast:     N/A  Previous:    -0.1%
Import Prices ex-ag.(BB)Aug  Forecast:     N/A  Previous:     0.1%
Trade Balance (BB)      Jul  Forecast: -$40.5B  Previous:  -$39.5B
Merrill Lynch Media & Entertainment Conf.


----------------
Friday, 09/12/03
----------------
PPI  (BB)               Aug  Forecast:    0.3%  Previous:     0.1%
Core PPI (BB)           Aug  Forecast:    0.1%  Previous:     0.2%
Retail Sales (BB)       Aug  Forecast:    0.9%  Previous:     1.4%
Retail Sales ex-auto(BB)Aug  Forecast:    0.7%  Previous:     0.8%
Mich Sentiment-Prel.(DM)Sep  Forecast:    92.0  Previous:     89.3


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

CPB     Camobell Soup Co           25.86     +0.61
HMY     Harmony Gold Mining Co     15.26     +0.68
FRO     Frontline Ltd Adr          19.15     +0.65
SIB     Staten Island Corp         22.60     +0.76
FBC     Flagstar Bancorp Inc       21.63     +0.76
BONT    Bon-Ton Stores Inc          7.45     +0.81


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

BONZ    Interpore International    18.60     +1.24
IBPI    Intrabiotics Pharm          7.80     +4.10


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

AZN     Astrazenca plc             43.00     +1.32
ITU     Banco Itau S A (ADR)       41.21     +1.08
UB      Unionbancal Corp           48.70     +1.38
INFY    Onfpsys Technologies (ADS) 66.72     +3.80
NSM     National Semiconductor     33.32     +1.33


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

WMT     Wal-Mart Stores Inc        58.89     -1.19
HRB     H&R Block Inc              41.75     -2.08
ABC     Amerisourcebergen Corp     54.84     -1.71
LLL     L-3 Communications         48.08     -1.21
ESRX    Express Scripts Inc        58.99     -1.84


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

UTX     United Technologies Corp   78.05     -1.43
ERTS    Electronic Arts Inc        88.75     -1.40
APA     Apache Corp                66.73     -1.89
TJX     TJX Companies Inc          20.75     -0.68
ADBE    Adobe Systems Inc          37.91     -0.85



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