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Daily Newsletter, Thursday, 09/11/2003

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PremierInvestor.net Newsletter                Thursday 09-11-2003
                                                   section 1 of 2
Copyright (c) 2003, All rights reserved.
Redistribution in any form is strictly prohibited.

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

In section one:

Market Wrap:      Relief Bounce?
Watch List:       NMG.A, BVF, SCSS, UPS and more!
Market Sentiment: Investors Remember

=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
      09-11-2003           High     Low     Volume Advance/Decline
DJIA     9459.76 + 39.30  9502.84  9410.42 1.61 bln   1963/1233
NASDAQ   1846.09 + 22.30  1852.60  1819.42 1.76 bln   2022/1159
S&P 100   511.37 +  2.60   513.88   508.77   Totals   3985/2392
S&P 500  1016.42 +  5.50  1020.88  1010.92
W5000    9853.11 + 58.70  9887.56  9794.44
RUS 2000  507.43 +  5.67   507.90   501.76
DJ TRANS 2735.07 + 29.80  2743.49  2703.62
VIX        20.50 -  0.76    21.46    20.24
VXN        32.97 -  0.19    34.46    32.32
Total Volume 3,661M
Total UpVol  2,738M
Total DnVol    840M
52wk Highs  331
52wk Lows    27
TRIN       0.80
NAZTRIN    0.50
PUT/CALL   0.89
=================================================================

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


Relief Bounce?

After two days of declines the markets rallied after each
memorial service and as the clock ticked down on the possibility
of another terrorist attack. As it became apparent there had
been no terrorist event the markets began to creep upward from
the morning dip. They ignored negative economic news and low
volume to retest 9500 and 1850 once again. Fear of darkness
took hold at 3:PM and the indexes began giving up their gains.

Dow Chart


Nasdaq Chart


The morning started out badly with the Jobless Claims coming
in well over 400,000 as we expected. The official consensus
estimate was for a drop to 395,000 but the headline number
rose to 422,000 instead. Last weeks number was revised up to
419,000. If you have been reading my articles you know I was
expecting something in the 425K range for this week and I was
not far off. Not only are more workers being laid off but the
number of continuing claims rose +61,000 to 3.67 million. This
was the largest number since July 12th. The four-week moving
average rose to 407,250 and the highest level since July-26th.
29 states reported rising claims. The Jobless Claims were very
negative to the bullish case but after the initial drop in the
S&P futures to 1009 on the news at 8:30 they rebounded to
almost 1016 before the open.

Helping confuse the issue was a +0.2% rise in Import Prices.
This was less than expected at +0.3% but when taken in context
of a +3.9% increase in energy prices it left most investors
scratching their heads. The lack of a major change in the
headline number would indicate the trend to lack of inflation
is still intact despite the higher energy prices. Should the
energy prices suddenly drop the number could quickly go
negative.

The Trade Deficit increased once again to -$40.3 billion in
July and $11.3 billion was to China. This ever increasing
black hole is about to find a bottom if the current China
legislation passes. The war over the devaluation of their
currency will have some serious fallout. Companies that
design products in the U.S. and then manufacture them in
China could see a huge jump in their import tariffs. One
version has a +27.5% tax on all imports from China in order
to level the playing field. Currently China's currency is
kept at artificial levels to give it a competitive advantage
in the marketplace. They have refused to let it float and
one U.S. threat is to remove their favored nation trade
status and associated benefits. Tom Clancy, the author of
many fiction novels about China and its economic attacks
on the U.S. has got to be jumping up and down saying I told
you so. Of course most of his books end up with a shooting
conflict where the U.S. wins and I do not see that in the
immediate future.

Traders also shook off a downgrade on IBM by Salomon Smith
Barney at the open. SSB said the stock price had gotten ahead
of fundamentals and that the CSFB assessment was wrong. CSFB
had upgraded IBM saying that it would benefit from a late
year turnaround in IT spending. SSB said that investor
sentiment had gotten ahead of revenue growth and lagging
services bookings would hurt IBM. SSB said bookings might be
strong in the 3Q but down for the entire year. They recommended
clients take profits in IBM now. IBM shook off the opening
drop to $86.40 and finished slightly positive at $87.90.

The banking index rebounded from yesterday's drop with a jump
back to 870.51 intraday but dropped at the close to 864.69.
It was still positive for the day but the oversold bounce
was weak. The pressure from yesterday came from multiple
warnings of falling loan demand from businesses as well as
a sudden drop in mortgages due to the rise in rates. Key Bank,
National City and Washington Mutual all warned that demand
was slipping and conditions were worsening. The rebound was
likely bargain hunting but the volume was weak.

Thursday was a throw away day in my opinion. The drops for
the last two days were due as much to worries about a potential
terrorist event as much as profit taking from the big gains.
The constant break away to memorial events and the numerous
sound bites for politicians and reporters kept the volume on
the exchanges to a minimum. The price action was based on
small buy/sell programs pushing the indexes from one range
to the next with no defining trend. The volume ended with
the lowest full day of trading since Aug-28th and about -16%
below Wednesday.

This light volume relief bounce of +22 points on the Nasdaq
after a drop of -50 points (-2.6%) on heavy volume from
Wednesday was far from conclusive. If anything it was an
oversold bounce and brought us back to neutral for Friday.
We are approaching the middle of September, the most volatile
month of the year for the markets and we are moving into the
most active weeks of this warning cycle. The valuation dogs
are lose and the IBM downgrade this morning should be followed
by other analysts wanting to get their 15 min of fame. We get
earnings from Oracle at the open on Friday and while nobody
expects them to miss estimates it will be interesting to see
how they spin their guidance. Larry Ellison is tied with
John Chambers for his ability to spin the news to Oracles
benefit. The majority of analysts expect ORCL to announce
inline at 8 cents on revenue of $2.14 billion. The dissenters
think ORCL will make their earnings on cost cutting instead
of revenue increases above the expectations. The real answer
is sure to impact tech stocks tomorrow. Announcing inline
has not been a winning strategy lately.

The bond market absorbed another huge inflow of government
paper this week with bid-to-cover ratios still high despite
the continuing uncertainty. With a few earnings warnings
beginning to appear on the fringes and the continuing drop
in employment the bond junkies are feeling better about
holding inventory.

The Dow rebounded from yesterday's test of 9400 to test the
high from yesterday at 9500. That test failed with a drop
that split the difference with a 9457 close. One trader
said it was a patriotic bid under the market more than
anything else. I believe it was traders coming back into
the market after taking profits on Wednesday to avoid any
attack risk. Much of the volume for the day came in the
last 30 min of trading. Futures volume rose significantly
on both sides of the market. I have received numerous
emails from readers who feel serious distribution is in
progress and the chance for a major up move from here are
becoming weaker every day. I received numerous other emails
pointing out the bullishness of the limited drop and instant
reversal when considering the distance we have come and the
calendar. Unfortunately I agree with both. It is bullish
that the markets are holding up as well as they are at these
levels. I watch the volume flow through the Eminis on Wed
and at the close today and I was impressed at the number
of buyers. This is definitely not a normal rally or a normal
September market.

Friday may not give us a real clue to direction either. We
have several economic reports at the open in addition to the
ORCL earnings. We have the PPI and Retail Sales at 8:30 and
Michigan Sentiment at 9:45. I do not expect a big move from
these events. I would think traders would watch them from
the corner of their eye but they are focusing on the Fed
meeting next Tuesday. With Bernanke and Ferguson being
renominated to the board they are probably hoping Ben will
be carrying a bigger stick into the meeting in an effort to
fight that deflation monster with another rate cut. Do not
hold your breath. There is a possibility with the nonfarm
payrolls down -93,000 and Jobless claims well over 400K
for the last two weeks but that chance is still very slim.
According to the Fed funds futures the next change is expected
to be a 25 point hike in April 2004. While the Fed may want
to head off the deflation monster they have clearly shown
they do not want to move until they have to. Cutting another
25 points now would endanger billions of dollars currently
held in money markets. With MM yields already only pennies
above zero any further cuts could make it unprofitable for
funds to continue to offer any return to holders. We could
see a massive shutdown of money market funds and that cash
withdrawn for other purposes. Shucks, some of it might even
find its way into the stock market. (Are you listening Ben?)
Maybe the Fed still has one more ace up their sleeve that
nobody is counting on but that ace cannot be played without
exacting a terrible price on the investment community. I
doubt Greenspan will allow it without a strong reason. Either
way traders will be either holding their breath until Tuesday
afternoon or buying the hope for that surprise cut.

The anniversary is over and the terror alert was never raised.
The fear of another event is slowly dwindling but somewhere
in the U.S. there are people alive today that will eventually
die in the next attack. Next week, next month or next year,
eventually there will be another attack. It will probably
come when we least expect it. We need to use every anniversary
of the WTC attack to motivate us to go the extra mile to
prevent them from being so massive. Just today there
was an article about a canister of 15 pounds of highly
radioactive depleted uranium being smuggled into Los Angeles
by ABC reporters for the second straight year while doing an
investigative piece on lax border security. Despite the
obvious radioactivity and the ease at which it could have
been detected it arrived at its destination right on schedule.
The package was designed to emit radiation in a form and
strength of a more dangerous device. It was shipped from
Jakarta, a terrorist hotspot, in a shipping container all
the way to the final destination in Los Angeles. If a
radioactive device, active or otherwise, can be shipped
without discovery then how simple would it be to ship C4 or
some germ warfare component right through the security screen.
There are an estimated 10,000 containers offloaded in the U.S.
each day and only a very small fraction are searched. Our
borders are porous and cannot be fixed. 65,000 people gather
together at more than a dozen locations each weekend for
football games and offer prime targets. 25% of the weight
on scheduled passenger planes is unscreened commercial
shipments. If an idiot can ship himself home for the holiday
in a shipping crate without being found then what else is
shipped each day that could be dangerous. We may be a harder
target than we were two years ago but for anybody with a
death wish the security will never be enough. Our best
defense is a strong offense and the refusal to let these
people impact our daily lives. I leave you with the battle
cry from the passengers on the fourth plane who refused to
see their plane used as a weapon. Let's roll.

Enter Very Passively, Exit Very Aggressively!

Jim Brown
Editor



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

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

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

Neiman Marcus Group - NMG.A - close: 41.40 change: +0.64

WHAT TO WATCH: After taking a tumble in recent sessions, the
Retail index (RLX.X) bounced back on Thursday and with it NMG.A.
In fact, the rebound in this high-end retailer actually started
on Tuesday with the intraday rebound from the 50-dma, which looks
like very strong support.  Target entries on the intraday
pullbacks and look for a breakout over the recent highs near $43.




---

Biovail Corp. - BVF - close: 42.78 change: +2.38

WHAT TO WATCH: The third time's the charm.  Three times, BVF has
taken a run at the $42 resistance level over the past few weeks
and this time the bulls prevailed with a high-volume breakout.
The stock is right on the verge of issuing a PnF Buy signal too,
which will come on a trade at $43.  Conservative traders will
want to wait for the breakout before playing, while those with a
more aggressive stance can look to enter on an intraday pullback
near the 50-dma.  Target a return to the June highs near $49-50.




---

Select Comfort Corp. - SCSS - close: 24.80 change: +2.14

WHAT TO WATCH: Looking for a good night's sleep?  Apparently you
aren't alone, as the price action in SCSS suggests the company's
business is booming.  Price has nearly tripled since the March
lows, but eager bears trying to pick a top got their heads handed
to them today with the 9.4% advance on very heavy volume.  Look
to enter on a breakout over today's intraday high ($25.25) and
target a move to $30.  The bullish price target from the PnF
chart is currently $40.




---

United Parcel Service - UPS - close: 61.80 change: -0.34

WHAT TO WATCH: Right on the verge of a breakdown, UPS has been
flirting with the $61.50 support level again this week.  This
level has been supportive since late April and the 200-dma
($61.66) reinforces its importance.  Wait for a breakdown below
$61.50 before playing and then target an initial move to the $57-
58 area.






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

FD $42.71 - FD has been pulling back from the $45 level over the
past week and today it rebounded from just above the $42 level,
which has been providing support for the past month.  This is
also the site of the 30-dma, which has been providing support
since April.  If there is to be a rebound and a run back at the
highs, this is where it will begin.

SYY $32,30 - Not the Networker, this is the other Sysco, the
provider of food service products.  The products taste better
than router hubs and the stock's price action is better too, as
it broke out again on Thursday and the only thing standing
between it and new highs is the late 2002 resistance in the
$32.60 area.  Wait for a breakout to go long and then target a
near-term move to $35-36.

SFA $32.36 - Here's one for the aggressive bears out there.  SFA
has been getting pummeled on very strong volume the past couple
days and today it just barely held above the 30-dma.  That moving
averages has been consistent support since March, but if it
breaks, then the stock looks vulnerable down to the $27 area.
Wait for the breakdown before playing.



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

Investors Remember
- J. Brown

Call it a patriotic rally, call it a short-term bounce from two
days of losses.  Call it whatever you want but investor sentiment
was not focused on stock and bond prices today.  Instead the mood
was one of remembrance.  Many Americans paused to look back to
that fateful day two years ago.  The world isn't the same place
it was on September 11, 2001.  Hopefully, history will prove that
it is a safer place today.

Those investors who did have one eye on the markets will notice
that the bounce was rather widespread.  Nearly every sector was
higher save for a few energy-related stocks.  Market volume was
light given the anniversary but market breadth was bullish.

We continue to urge caution for traders.  The major indices may
have bounced but there was some weakness right towards the close
and we could see more profit taking ahead of the weekend.



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

Market Averages

DJIA ($INDU)

52-week High:  9609
52-week Low :  7197
Current     :  9459

Moving Averages:
(Simple)

 10-dma: 9494
 50-dma: 9269
200-dma: 8649

S&P 500 ($SPX)

52-week High: 1032
52-week Low :  768
Current     : 1016

Moving Averages:
(Simple)

 10-dma: 1019
 50-dma:  996
200-dma:  925

Nasdaq-100 ($NDX)

52-week High: 1387
52-week Low :  795
Current     : 1350

Moving Averages:
(Simple)

 10-dma: 1357
 50-dma: 1286
200-dma: 1128


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


Still no earth-shattering changes.

CBOE Market Volatility Index (VIX) = 20.50 -0.76
Nasdaq Volatility Index (VXN)      = 32.97 -0.19

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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.89        519,399       463,420
Equity Only    0.75        400,195       299,558
OEX            0.96         25,285        24,498
QQQ            5.33         15,065        80,309


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

Bullish Percent Data

           Current   Change   Status
NYSE          72.6    + 0     Bull Confirmed
NASDAQ-100    78.0    - 2     Bear Correction
Dow Indust.   83.3    - 3     Bull Confirmed
S&P 500       81.2    + 0     Bull Confirmed
S&P 100       88.0    - 1     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  1.33
10-Day Arms Index  1.07
21-Day Arms Index  1.01
55-Day Arms Index  1.05


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    1856      2001
Decliners     975      1057

New Highs      81       122
New Lows       11         7

Up Volume   1112M     1363M
Down Vol.    451M      346M

Total Vol.  1600M     1736M
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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Copyright ) 2003  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter                Thursday 09-11-2003
                                                   section 2 of 2
Copyright (c) 2003, All rights reserved.
Redistribution in any form is strictly prohibited.

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

Play of the Day:     Still Soaring

Stop-Loss Adjustments: INSP

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)


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

InfoSpace.com - INSP - cls: 19.40  chng: +0.50 stop: 17.35*new*

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:
Tuesday, INSP hit our stated first target of $19.50, so
conservative traders have probably already happily taken profits.
MACD confirmed the breakout, and continues to look strong.

Monday, INSP announced that the company would return to its roots
as a yellow page and white page directory, and would rework its
site as a destination for yellow pages.  The company intends to
attract local advertising dollars, a potential $14 billion pot.
The company decided to focus on the yellow pages and white pages
when it calculated that 85 percent of its traffic went to those
pages.  Investors liked the idea, and INSP added 6.81 percent on
more than double the daily average.

Tuesday continued those gains, but Wednesday INSP printed an
inside-day candle or harami.  That candle rests on the support
offered by regression channel INSP formerly occupied.  That
inside day offers traders both a new possible entry and a new
possible exit.  While we're keeping our official exit at $17.00,
traders familiar with inside-day formations might elect to exit
if INSP drops below Tuesday's $18.46 low, although it might be a
good idea to give the downside test a little leeway to ensure
that any drop was not a trap.  New entries could be sought on a
move above Tuesday's high.

One caution exists for those considering new entries, however.
The YIH, the Internet Infrastructure HOLDRS Index, and XIS, the
Industry Standard 100 Internet Index, two indices of which INSP
is a component, dropped sharply on Wednesday.  Before considering
new entries, confirm that these two indices have regained their
footing.

Why This is our Play of the Day
It's pretty rare for us to list the same stock as our Play of the
Day twice in the same week, but doggone it, INSP is just looking
so strong, we can't help ourselves.  After a one-day
consolidation of the vertical move over $19, the stock
consolidated in a very tight range and the bulls came right back
in on Thursday, producing a fresh 2.6% advance on volume that is
still running above average.  Taking a different look at the
chart (see below) show that the Tuesday's move constituted a
breakout above the top of the 10-month ascending channel and the
fact that it appears to now be finding support on top of that
channel certainly looks bullish.  We still think conservative
traders should consider harvesting gains up here or at least
tighten stops to $18.25 (just below the bottom of Tuesday's gap).
But for aggressive traders, rebounds from the top of this channel
just might turn out to be a solid continuation entry.  We're
sneaking our official stop up just slightly, allowing it to rise
with (and just below) the 10-dma ($17.38) to $17.35.

Annotated Chart of INSP:


Picked on September 7th at  $17.19
Change since picked:         +2.21
Earnings Date:            07/30/03 (confirmed)
Average Daily Volume:        369 K


=========================
Stop-Loss Adjustments
=========================


INSP – Raise from $17.00 up to $17.35


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

CAG     Conagra Foods              22.55     +0.70
HET     Harrah's Entertainment     40.95     +1.08
NMG.A   Neiman Marcus              41.40     +0.64
CHTT    Chattem Inc                14.72     +0.71

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

TQNT    Triquint Semiconductor      6.81     +1.13
AAII    AAI Pharma                 19.30     +1.12
UHAEQ   Amerco                     17.00     +2.65
LNUX    VA Software                 5.84     +1.20
IFLO    I-Flow Corp                10.19     +1.04
CYPB    Cypress Bioscience          8.66     +1.06

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

TM      Toyota Motor Corp          60.94     +1.44
CHIR    Chiron Corp                56.45     +2.63
ADBE    Adobe Systems              39.46     +3.07
BVF     Biovail Corp               42.78     +2.38
GTK     GTech Holdings             43.20     +1.40
BCC     Biose Cascade              28.19     +1.02
JCOM    J2 Global                  41.57     +5.98

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

CUZ     Cousins Properties         27.85     -2.15
UTIW    UTI Worldwide              31.89     -2.15

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

DGIN    Digital Insight            21.70     -1.04
PKE     Park Electrochemical       22.35     -1.23
CRAI    Charles River Assoc        31.89     -1.13
CERN    Cerner Corp                34.80     -1.35
FEIC    FEI Company                26.35     -0.74




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