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Daily Newsletter, Sunday, 09/14/2003

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PremierInvestor.net Newsletter          Weekend Edition 09-14-2003
                                                    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:        Market Trips Over Oracle
Play-of-the-Day:    Can't Pan This Stock
Market Sentiment:   Rumble on Wall Street


=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
        WE 9-12         WE 9-05         WE 8-29         WE 8-22
DOW     9471.55 - 31.79 9503.34 + 87.52 9415.82 + 66.95 + 27.18
Nasdaq  1855.03 -  3.21 1858.24 + 47.79 1810.45 + 45.13 + 63.31
S&P-100  512.30 -  0.19  512.49 +  9.13  503.36 +  5.94 -  0.88
S&P-500 1018.63 -  2.76 1021.39 + 13.38 1008.01 + 14.95 +  2.39
W5000   9877.31 - 29.38 9906.69 +136.23 9770.46 +158.03 + 64.92
RUT      509.06 +  0.19  508.87 + 11.45  497.42 + 11.91 + 13.59
TRAN    2735.60 - 11.69 2747.29 + 64.05 2683.24 + 41.68 + 17.90
VIX       20.25 +  0.88   19.37 -  0.12   19.49 -  0.78 +  0.07
VXN       32.68 + 11.98   30.70 +  1.18   29.52 +  0.05 +  0.26
TRIN       1.11            1.04            0.78            1.36
Put/Call   0.90            0.72            1.29            0.91
WE = week ending
=================================================================

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

Market Trips Over Oracle
by Jim Brown

Oracle said it stumbled on execution in the last quarter and
it saw a -7% drop in revenue. The market tripped over the ORCL
news and took a dive at the open. Helping accelerate that drop
was a drop in Consumer Sentiment and weaker Retail Sales. It
appears the wheels on this rally may need some serious grease
soon or we could see them start falling off.

Dow Chart


Nasdaq Chart


Friday started off negative with a weaker than expected Retail
Sales report for August at +0.6%. Consensus was +1.3%. You may
remember that we had many retailers announcing during the month
that sales were ahead of plan, tax checks were boosting the
trend, back to school was strong, etc. Unfortunately that was
primarily focused on the discount retailers like Wal-Mart. The
broader sectors of apparel, building supply and non-store
retailers experienced declines. Auto parts, electronics, food
and beverage also declined. If you were not in the back to
school category you did not see the same gains. This depressed
the broad economic recovery viewpoint. Sales were still up
overall but only marginally and after the multiple guidance
upgrades by Wal-Mart investors expected much better.

The PPI came in at +0.4% and inline with estimates but only
because of the increase in energy prices. Excluding food and
energy the core rate was only +0.1%. While we are not seeing
that "unwelcome fall in inflation" that Ben Bernanke is on
guard for I am not sure that seeing prices rise due to high
energy prices is actually the desired result. The weaker
dollar and the higher import prices will continue to pressure
producer prices but the amount of increase is still minor.
This report will not give the Fed any reason to hold off on
any future rate cut.

The Michigan Consumer Sentiment fell slightly to 88.2 from
89.3 in August but was significantly under the 90.4 estimate.
The index is only 4 points below its May high but this was
the third consecutive drop. The current conditions fell to
98.8 from 99.7 and expectations fell to 81.3 fro 82.5. The
jobless rate was given as the major factor. If they had a
job and an income then the tax rebate checks and reduction
in withholding was a plus. Unfortunately with over 9 million
workers still unemployed the drag is being felt. Confidence
is falling with the increased Jobless Claims and the rising
energy prices. $2 gas impacts the blue-collar sector with
long commutes and $40 fill ups takes discretionary funds
out of the economy. This slows eating out, movies and other
recreational events. The tax rebate checks helped to ease
any pent up demand and a falling confidence could put the
consumer led recovery at risk.

Economic reports for Monday include Business Inventories,
NY Empire State Survey, Industrial Production and Capacity
Utilization. Tuesday has CPI and the FOMC meeting.

Oracle announced earnings inline with estimates at 8 cents
but new license revenue dropped -7%. Oracle said they see
a modest uptick in current quarter revenues but that new
license revenue could continue to drag. This is not what
the market wanted to hear. Since Oracle deals with the large
corporate client they are viewed as an indicator of IT
spending on a broader scale. Microsoft software is broken
up into hundreds of small bites of a couple hundred dollars
a piece and has customers from the smallest home computer
to the largest corporations. It is hard to get a true read
on corporate spending from MSFT results. Oracle however
deals with mostly large scale enterprises and its products
are generally more expensive. If Oracle is having trouble
then there is a good possibility the broad based IT recovery
is not making any progress. Maybe Oracle should spend more
time building its business than trying to mount a hostile
takeover of PeopleSoft.

There were conflicting reports of fund flows with TrimTabs
claiming that all equity funds had outflows of -$400 million
for the week ending Sept-10th compared to inflows of +$3.4
billion the prior week. However, if you only take funds
that invest in U.S. stocks they reported a +$2.8 billion
inflow. Confused? It gets worse. Fred Alger Management
reported that there were $20 billion of inflows in the ten
weeks covering July/Aug and there was +$2.7 billion inflow
in the first week of September. They also pointed out that
-$15 billion flowed out of money markets as investors
started thinking about the stock market again. CNBC reported
that there was only $94 million in equity inflows for the
first week of September compared to +$4 billion in inflows
for the prior two weeks. What this means to me is that
nobody knows exactly and the numbers reported can be skewed
in any direction you want to report and the timeframe
you choose to use. Personally I saw a flood of buyers last
week and a flood of willing sellers. If the retail customer
is coming off the bench to the tune of +$15 billion flowing
out of money markets then they are right on time and I think
we saw evidence of that money moving into the stock market.
It remains to be seen if the lure of Dow 10,000 only a couple
hundred points away pulled them into the market at the top
or just before the next breakout.

JPM upgraded their outlook on the economy and raised their
GDP estimates for the second half of the year to 5% from 4%
and said they thought there was still +6% upside in the market
for the year. They said they felt there was an increase in
capital expenditures that would benefit the industrials and
the materials sectors. They reiterated their overweight on
U.S. equities. Another analyst was quoted on Friday as
expecting as much as 7% growth in the 3Q with the fastest
GDP growth since 1999. I want some of his drugs.

The real bear market is in Iraq. We heard on Friday that a
new round of firefights had claimed the lives of even more
U.S. soldiers and the violence appears to be increasing with
the opposition becoming more organized. I report this only
because it is reaching the point where it could begin to
drag on the market. If investors feel we have gotten into
a Vietnam style quagmire with no foreseeable way out then
they could begin to withdraw from the market. They will
expect the deficit to continue to skyrocket with the $87
billion Iraq request this week as only the first installment.
If the economic recovery is slowing and the government is
going to be flooding the market with paper then bonds are
going to suffer as well as stocks. For every $50 billion
of new bonds sold that removes money from stocks. It is not
even close to 1:1 basis but there is a negative drag.

The 9/11 anniversary is over and the numerous TV specials
and sound bites are fading. All eyes are now focused on the
Fed meeting on Tuesday as though there was going to be a
proclamation from on high that would soothe all fears. What
they are probably going to get is a reworded release similar
to the last several releases. Lately they have not even
been changing the words to most of it. This has been the
meat of the statement for the last two meetings. "The
Committee continues to believe that an accommodative
stance of monetary policy, coupled with still-robust
underlying growth in productivity, is providing important
ongoing support to economic activity. The evidence shows
that spending is firming, although labor market indicators
are mixed. Business pricing power and increases in core
consumer prices remain muted." Expect nothing but more of
the same with a possible bone for the bond market. Saying
anything about the "D" word will help keep bonds in check
while talking up the recovery will pressure interest rates
and actually slow the recovery. Sounds like to me we need
to hear some more "unwelcome disinflation" comments to keep
everything on track.

Fund managers will be back at work on Monday after two weeks
of conferences hosted by the various investment banking firms.
They will have new and updated information about the stocks
they own and the ones they want to own. This is normally
when the hard decisions about the end of year portfolio
restructuring take place. We will also get another flurry
of mid quarter updates and the earnings warnings will
accelerate as we near the first earnings dates in three
weeks.

After a serious slump at the open the markets managed to
pull out of their depression and rally back to positive
territory. The Dow hit a low of 9380, yes under 9400, and
rallied back to close at 9468 after making a decent attempt
to retest 9500 again. The Nasdaq dropped to 1822 at the open
on the Oracle news but rallied back to 1853 and a close over
the prior 1850 strong support. All things considered this
was a bullish showing by the major indexes although volume
was even lighter than Thursday's. The advancers got the nod
and the new 52-week highs climbed for the second consecutive
day. While I think the effort was positive, especially the
close over 1850 by the Nasdaq after the Oracle news, we are
far from ruling out any September weakness ahead. The wave
of bullishness is building again and I would not be surprised
to see another move up. The last dip in late August lasted
five days and we have had four weak days in this current bout
of profit taking. I said I would not be surprised but that
was not exactly correct. I am surprised each day the market
overcomes the distribution at these levels. I am surprised
at the strength and depth of the bids. It refuses to go down
despite a growing parade of analysts predicting a drop. Sounds
like a new bull market. When they start predicting Dow 10,000
again we may need to worry.

Next week should be critical to the bulls. They will be faced
with the Fed on Tuesday but it is doubtful the Fed can or
will say anything that can hurt equities. Bonds will be the
target. This gives equities a free pass until Thursday when
we get Jobless Claims again along with the Philly Fed and
FOMC minutes for August. The Philly Fed had a blowout in Aug
at 22.1 when consensus was only 10.0. If this report can just
hold that line then the bulls could continue to romp. If it
reverses back to the 10.0 level and proves to be a one month
wonder we could see some weakness. We also get the semiconductor
book-to-bill on Wednesday night. In July the number rose to
0.97 and just slightly under breakeven. If the BTB can break
1.0	then the bears could hibernate early.

Look for initial resistance at Dow 9500 then much stronger
resistance at 9600. Initial support is 9250. The Nasdaq has
strong resistance at 1885 and support at 1820. The 50%
retracement level for the Nasdaq is 1853 and exactly where
it closed on Friday. 50% for the Dow is 9500. That puts both
the indexes right in the middle of their recent ranges with
the opportunity to wander in either direction without much
effort. Keep your finger on the trigger and look for the
next major move to come after the Fed meeting.

Enter Very Passively, Exit Very Aggressively!

Jim Brown


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

Panera Bread - PNRA - close: 46.80  change: +1.22  - stop: 43.99

Company Description:
Panera Bread Company owns and franchises bakery-cafes under the
Panera Bread and Saint Louis Bread Co. names.  The Company is a
leader in the emerging specialty bread/cafe category due to its
unique bread combined with a quick, casual dining experience.
(Source:  Company Press Release.)

Why We Like It:
We know.  PNRA has a P/E ratio of 53.79.  However, PNRA's chart
shows some interesting characteristics, and the company has been
the recipient of many buy ratings since late July.

When reporting earnings August 7, PNRA raised FY03 guidance.  For
a few days afterward, mild profit-taking ensued, but that profit
taking took PNRA only down to next support.  After falling back
near the July high in a bull flag, PNRA rebounded Thursday and
Friday.   It gained 2.68 percent Friday, and looks ready to
challenge the recent $47.40 high.  RSI turned up, and stochastics
hooked back up again.  Volume was slightly higher than average.
Best of all, perhaps, is PNRA's P&F chart, showing a recent
bullish triangle breakout.

While we expect some mild hesitation near $50.00, PNRA's original
P&F buy signal predicted a far higher target.  PNRA looks ready
to achieve all-time highs, so we'll follow the stock up as it
climbs, letting our stop take us out.  For now that stop will be
set at $43.99, just below recent consolidation.

Traders can enter at the current level since it represents a
breakout of the bull flag.  Conservative traders might wait for a
move over that $47.40 recent high, watching to see that volume
confirms the breakout.

Annotated Chart for PNRA:


Picked on Sep 14 at  46.80
Change since picked: +0.00
Earnings Date:    08/07/03 (confirmed)
Average Daily Volume:  497 thousand




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

Rumble on Wall Street
- J. Brown

Let's Get Ready to RUMBLE!!!!!  The markets are smack dab in the
middle of September, traditionally the worst month of the year
for stocks, and the fight is on between the bears and the bulls.
Thus far the fight has been relatively even as the markets have
pulled back from their early September gains but the edge has to
be given to the bulls.

Many professional investors are surprised that there is little
desire to take profits off the table, thus allowing equities to
maintain their gains. The potential bearish reversal we witnessed
in the markets this week has been stymied by another round of dip
buying Thursday and Friday.  There is mixed reaction to the fact
that the markets are holding up so well.  Emotions run from hope
and encouragement to distrust and disbelief.

Looking at the market reaction on Friday we did notice that Gold
futures dropped almost $4 or 1% to $376.90/ounce.  This pushed
the XAU lower by 2% making it the biggest sector loser on the
session.  Despite the move the XAU is still in a rising channel.
Also contributing to bullish sentiment was Friday's drop in crude
oil.  The December contracts traded below $28 intraday on Friday
to levels not seen since June.

As we suggested earlier the biggest event was the market's lack
of weakness.  Many sector indices and individual stocks produced
a nice bounce on Friday afternoon.  The Wilshire 5000 index looks
ready to make another run at the 10K mark.  The Semiconductor
index (SOX), which many believe leads the tech market higher (and
lower), has rebounded back above the 450 level.  Even the Retail
Index (RLX), which has been the big loser for September, is still
in its rising trend and finding support at the simple 50-dma.
The volatility indices continue to show weakness and Friday's
move hints at another leg higher in the broader indices, much to
the bears distaste.

This coming week's big event is the Tuesday FOMC meeting but Wall
Street is not expecting much.  Meanwhile investors will have to
deal with a full week of economic reports on top of any new
earnings warnings.  This could really challenge the bulls
fortitude as we are now about three weeks from the October
earnings season and negative corporate confessions could be
disheartening.



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

Market Averages

DJIA ($INDU)

52-week High:  9609
52-week Low :  7197
Current     :  9471

Moving Averages:
(Simple)

 10-dma: 9504
 50-dma: 9276
200-dma: 8653

S&P 500 ($SPX)

52-week High: 1032
52-week Low :  768
Current     : 1018

Moving Averages:
(Simple)

 10-dma: 1020
 50-dma:  996
200-dma:  925

Nasdaq-100 ($NDX)

52-week High: 1387
52-week Low :  795
Current     : 1357

Moving Averages:
(Simple)

 10-dma: 1359
 50-dma: 1288
200-dma: 1129


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


Just when trader might begin to see a change in trend for the
volatility indices, they roll over again.  This indicates that
the bulls may not be finished yet.

CBOE Market Volatility Index (VIX) = 20.25 -0.25
Nasdaq Volatility Index (VXN)      = 32.68 -0.29

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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.90        531,656       479,064
Equity Only    0.70        370,727       259,515
OEX            0.91         33,277        30,277
QQQ            2.46         20,820        51,354


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

Bullish Percent Data

           Current   Change   Status
NYSE          72.7    + 0     Bull Confirmed
NASDAQ-100    78.0    + 0     Bear Correction
Dow Indust.   83.3    + 0     Bull Confirmed
S&P 500       81.2    + 0     Bull Confirmed
S&P 100       88.0    + 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  1.31
10-Day Arms Index  1.10
21-Day Arms Index  1.01
55-Day Arms Index  1.04


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    1629      1717
Decliners    1162      1325

New Highs      86       116
New Lows       12         6

Up Volume    856M      801M
Down Vol.    576M      867M

Total Vol.  1469M     1688M
M = millions


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

Commitments Of Traders Report: 09/09/03

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

No change in sentiment for the commercial traders here.  Meanwhile
small traders forked out a little more cash to increase both
their long and short positions.


Commercials   Long      Short      Net     % Of OI
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%)
09/09/03      418,958   486,209   (67,251)   (7.4%)

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
08/19/03      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%
09/09/03      176,401    81,444    94,957    36.8%

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

Commercial traders in the e-minis continue to pump up their
long positions.  The last numbers show the most bullish
posture in quote sometime.  Meanwhile the small trader has
rotated a little bit of money from short back to long.


Commercials   Long      Short      Net     % Of OI
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%
09/09/03      370,909   237,610    133,299    21.9%

Most bearish reading of the year: (354,835)  - 06/17/03
Most bullish reading of the year:  133,299   - 09/02/03

Small Traders Long      Short      Net     % of OI
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%)
09/09/03       59,692   130,270   (70,578)  (37.1%)

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


NASDAQ-100

Commercial traders are increasing their bets on the NDX
but they're still beating more heavily on a move lower.
Small Traders are also active with larger net positions
but they're still beating on the bulls.


Commercials   Long      Short      Net     % of OI
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%)
09/09/03       44,677     62,369   (17,692) (16.5%)

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
08/19/03       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%
09/09/03       28,788    13,370    15,418    36.6%

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 change in investor sentiment for the professional traders
here.  There is little change for the small trader but they
have bumped up their long positions a tad.


Commercials   Long      Short      Net     % of OI
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%
09/09/03       25,807    10,756   15,051      41.2%

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
08/19/03       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%)
09/09/03        7,429    13,796   (6,367)   (30.0%)

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 09-14-2003
                                                   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
  New Bullish Play:      RSAS
  Bullish Play Updates:  FDC
  Bearish Play Updates:  SNPS

Active Trader (Non-tech)
  New Bullish Play:      PNRA
  Bullish Play Updates:  GOLD, WPI, TARO

High Risk/Reward
  Bullish Play Updates:  INSP, ORB, QCOM, TER
  Bearish Play Updates:  EASI, NIHD

Stock Splits/Announcements  APA

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

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


  ----------------
  New Bullish Play
  ----------------

RSA Security - RSAS - close: 13.65 change: +0.07 stop: 12.25

Company Description:
RSA Security Inc. is a trusted name in e-security, helping
organizations build secure, trusted foundations for e-business
through its two-factor authentication, encryption and public key
management systems.  As the global integration of Security
Dynamics and RSA Data Security, RSA Security has the market
reach, proven leadership and unrivaled technical and systems
experience to address the changing security needs of e-business
and bring trust to the new, online economy.  A global company
with more than 5,000 customers, RSA Security is renowned for
providing technologies that help organizations conduct e-business
with confidence.

Why we like it:
There's very little in the Technology arena that hasn't benefited
from the impressive rally off the March lows, and security stocks
are right there in the mix.  Shares of RSAS bottomed in October
near $2.50 and after channeling higher for the past 11-months, it
is clear that the stock is in a well established trend.  Looking
at the chart below, you can see the stock is right in the center
of its ascending channel, but there's another bullish factor at
work here as well.  After breaking above the $12.75 level, RSAS
has now moved into the gap left behind in January of 2002, and
filling that gap would take the stock to the $16.50 area.  That
alone wouldn't be enough to get us real excited, but price has
been stalled right below $14 resistance for the past 8 sessions
and it looks like it is ready to break out.  Looking at the PnF
chart gives a bullish view as well, as the stock has issued one
Buy signal after another since early March.  Currently in a
column of X, RSAS is working with a bullish price target of $16,
which is coincidentally very close to the top of that gap.

We want to make the bulls prove they have the conviction to carry
through with this convincing bullish setup and a breakout through
the $14 level would certainly do the trick.  So we're starting
coverage with an entry trigger at $14.05.  Momentum traders will
want to enter on the initial breakout, while more conservative
traders will want to wait for a subsequent pullback and rebound
to confirm newfound support in the $13.50-14.00 area.  Once RSAS
breaks out and triggers the play, we'll use a stop at $12.25,
which is below both the 20-dma ($12.43) and last week's $12.60
intraday low.  Given the price pattern over the past few months,
RSAS will likely advance fairly slowly, with the top of the
channel (currently $14.75) providing initial resistance.  We'll
target a profitable exit near the $16 level.

Annotated Chart of RSAS:




Picked on September 10th at  $13.65
Change since picked           +0.00
Earnings Date              10/16/03 (unconfirmed)
Average Daily Volume =        607 K



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


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

First Data Corp. - FDC - close: 40.37 change: -0.25 stop: 39.50

The best way to describe last week as it pertains to our FDC play
is "uneventful".  After failing to follow through with its
breakout over the $41 level, the stock pulled back and spent the
latter half of the week testing support near $40.  Tight range
and light volume are two descriptive terms that certainly fit the
bill.  But the good news is that the stock held above support,
while at the same time, daily Stochastics (5,3,3) are nearing
oversold territory, while the 50-dma ($39.80) is reinforcing that
$40 support.  We're still in favor of new entries on signs of a
rebound from the $40 level, but we'd like to see volume improve
to show some bullish conviction.  We've already got the play on a
short leash with our stop at $39.50.  That is solidly below the
recent breakout level and unless the uptrend ends prematurely (in
which case we'll want to be out), that level should not be
revisited.  Traders preferring an entry on strength will need to
see FDC push through the $41.80 level before playing.

Picked on September 3rd at  $41.01
Change since picked          -0.64
Earnings Date             10/14/03 (unconfirmed)
Average Daily Volume =    4.65 mln




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

Synopsis, Inc. - SNPS - close: 64.53 change: +0.44 stop: 68.05

Once again the Semiconductor index (SOX.X) is making a miraculous
recovery, after giving the appearance of a breakdown in progress.
Yesterday the SOX briefly dipped below the $435 level, but again
the bulls bought the dip and by the closing bell on Friday, the
index had moved back above $450.  Despite the rebound that was
taking place in the SOX, SNPS couldn't really gain any traction
on Thursday, posting its second consecutive close below the 50-
dma ($64.53) and things were really looking favorable to the
bears when the stock gapped lower and actually reached a low of
$62.38 this morning.  That weakness didn't last and SNPS vaulted
higher to actually close in positive territory on above average
volume.  That proves the wisdom in avoiding new positions on
weakness, as the drop so far under the lower Bollinger band was
too much to sustain.  The best setup for new entries would be on
a failed intraday rally in the $66-67 area, as today's strong
rebound suggests more upside before the weakness resumes.  We'll
continue to leave our stop above $68, as it would take a rally
above that level to confirm renewed strength.

Picked on September 10th at  $64.13
Change since picked           +0.40
Earnings Date              11/19/03 (unconfirmed)
Average Daily Volume =     1.27 mln





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

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


  ----------------
  New Bullish Play
  ----------------

Panera Bread - PNRA - close: 46.80  change: +1.22  - stop: 43.99

Company Description:
Panera Bread Company owns and franchises bakery-cafes under the
Panera Bread and Saint Louis Bread Co. names.  The Company is a
leader in the emerging specialty bread/cafe category due to its
unique bread combined with a quick, casual dining experience.
(Source:  Company Press Release.)

Why We Like It:
We know.  PNRA has a P/E ratio of 53.79.  However, PNRA's chart
shows some interesting characteristics, and the company has been
the recipient of many buy ratings since late July.

When reporting earnings August 7, PNRA raised FY03 guidance.  For
a few days afterward, mild profit-taking ensued, but that profit
taking took PNRA only down to next support.  After falling back
near the July high in a bull flag, PNRA rebounded Thursday and
Friday.   It gained 2.68 percent Friday, and looks ready to
challenge the recent $47.40 high.  RSI turned up, and stochastics
hooked back up again.  Volume was slightly higher than average.
Best of all, perhaps, is PNRA's P&F chart, showing a recent
bullish triangle breakout.

While we expect some mild hesitation near $50.00, PNRA's original
P&F buy signal predicted a far higher target.  PNRA looks ready
to achieve all-time highs, so we'll follow the stock up as it
climbs, letting our stop take us out.  For now that stop will be
set at $43.99, just below recent consolidation.

Traders can enter at the current level since it represents a
breakout of the bull flag.  Conservative traders might wait for a
move over that $47.40 recent high, watching to see that volume
confirms the breakout.

Annotated Chart for PNRA:




Picked on Sep 14 at  46.80
Change since picked: +0.00
Earnings Date:    08/07/03 (confirmed)
Average Daily Volume:  497 thousand




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


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

Randgold - GOLD - close: 23.89  change: -0.94  - stop: 22.99*new*

The New York Precious Minerals Conference was held this week, and
excitement was high.  The conference drew attention to the
spectacular gains made by many mining companies of late.  In
addition to any news coming out of that conference, economic
matters probably drove trading in the mining stocks composing the
HUI, the gold bugs index.  Friday, equity markets rebounded after
the weak end-of-week economic numbers.  Gold retreated, bringing
the HUI down with it. GOLD retreated, too, closing beneath its
10-dma for the first time since mid-August.

However, we note that GOLD has been entwining itself around the
former trendline resistance, and it's been forming a symmetrical
triangle as it does so.  Symmetrical triangles usually form as
continuation patterns, and the likely break will be to the
upside.  GOLD formed a similar triangle in August, and indicators
looked similar while it did so.  Just in case, we've raised our
stop to $22.99, just below the rising 21-dma and Thursday's low.
If the symmetrical triangle breaks to the downside instead, the
stop will take us out for a smaller loss.

Those looking for a new entry should target an upside break of
the triangle.  Confirm first that the HUI moves up, too.

Annotated Chart for GOLD:





Picked on Aug 24 at  23.40
Change since picked: +0.55
Earnings Date:    08/12/03 (confirmed)
Average Daily Volume:  360 thousand



----

Watson Pharma. - WPI - cls: 43.89  chng: +0.19  - stop: 41.49

Monday, WPI gained FDA approval for a generic form of Percocet
pain reliever manufactured by Endo Pharmaceuticals, but the
approvals didn't stop there.  Later in the week, WPI received
final FDA approval for a generic form of Glucotrol XL(R) 5mg
tablets and tentative approval for the 10mg's.  Pfizer (PFE)
markets the Glucotrol XL(R) tablets for the treatment of
hypoglycemia.  Amarin Development AB, a Swedish company,
developed WPI's generic formulation and will receive a royalty on
all sales.

WPI has been consolidating Monday's big gains.  So far, WPI has
remained above a 50 percent retracement of Monday's gains, a
bullish development.  It has also found support above July's
high.  RSI has turned back up again, and MACD remains bullish.
Friday's candle sprang up from support, also climbing above
June's high.  Aggressive traders can seek a new entry at current
levels, but conservative traders might wait until a break above
Tuesday's high.  Confirm that volume expands on the breakout,
supporting the upward move.

We've kept our stop at $41.49, but conservative traders might set
a stop closer to $42.50, just under the rising 10-dma at 42.73
and the 50% retracement of Monday's gains.

Annotated Chart for WPI:




Picked on Aug 27 at  40.74
Change since picked: +3.15
Earnings Date:    08/05/03 (confirmed)
Average Daily Volume:  1.1 million



---

Taro Pharm. - TARO - close: 55.95 change: +1.16 stop: 52.75*new*

While Thursday's session did little to clarify near-term
direction for TARO, Friday's 2.1% rally certainly confirmed our
bullish stance on the stock.  The breakout through the 50-dma
looks like the real thing, although we'd sure like to see
stronger volume to confirm that view.  Pullback entries look
favorable near $54.50, as that level has been solid support over
the past couple sessions.  More aggressive traders could even
game new entries on a pullback near $53.50, with the 50-dma
reinforcing support at former resistance.  Entering on further
strength above $56 seems a lower odds proposition, with the stock
pressing once again on its upper Bollinger band.  Next solid
resistance comes in near $58 and then our $59-60 initial profit
target.  Raise stops to $52.75, which is just below the 20-dma
($52.90).

Picked on September 10th at  $54.65
Change since picked           +1.30
Earnings Date              10/23/03 (unconfirmed)
Average Daily Volume =        397 K





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

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

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

InfoSpace.com - INSP - cls: 19.92 chng: +0.52 - stop: 17.74*new*

Several times this week, INSP offered traders an opportunity to
take that first profit target of $19.50.  Friday, it offered
another as it charged up the chart, stopping just short of
$20.00, however.  We knew round-number resistance might come into
play at $20.00, but INSP looks ready to tackle that resistance.

INSP hit its highest weekly close since February 2002, and we
were glad to be along for the ride while it did so. MACD turned
up strongly, and RSI hooked up again, too.  Stochastics appear to
be turning up again, too.  We were glad to see that the YIH, the
Internet Infrastructure HOLDRS Index, moved up from Wednesday's
low, and XIS, the Industry Standard 100 Internet Index, managed a
gain both Thursday and Friday.

We've raised our official stop to $17.74, just below the rising
10-dma.  Conservative traders might consider a stop just below
$18.50, last week's consolidation support.

Traders looking for a new entry could target a pullback and
bounce from above $18.50, although we're not sure INSP will give
that pullback entry.  An alternative entry would be on a move
above last Monday's $20.25 high.  Confirm strength in the YIH and
XIS, however.

Annotated Chart for INSP:




Picked on Sep 7 at  $17.19
Change since picked: +2.73
Earnings Date:    07/30/03 (confirmed)
Average Daily Volume:  347 thousand



----

Orbital Sciences - ORB - cls: 9.47  chng: +0.12 - stop: 8.74*new*

On a day when the DFI, the Amex Defense Index, lost 0.50 percent,
ORB managed a 1.28 percent climb.

Since hitting the top of its ascending channel on Monday and
trying to push through it Tuesday, ORB retreated to next support.
It printed a reversal signal, but, as has been true lately of
ORB, the only reversal occurred as the signal was manufactured.
Since then, ORB has traded sideways, building support.  The
moving averages and the midline of its channel now rise beneath
the current price.  Now that ORB has built that support, we
suspect it's ready to move up within its channel and challenge
$10.00.

We're raising our stop to $8.74.  Conservative traders might
consider an $8.99 or $9.19 stop.  MACD appears to be testing the
descending trendline that has been capping its rises.  Traders
looking for a new entry could enter on a bounce from the current
level, but might want to confirm that MACD has moved through that
trendline.

Annotated Chart for ORB:




Picked on Sep 3 at   $9.18
Change since picked: +0.29
Earnings Date:    07/22/03 (confirmed)
Average Daily Volume:  347 thousand


----

Qualcomm - QCOM - close: 42.82  change: +1.82 - stop: 39.99

Friday, Merrill upgraded QCOM to a buy rating, and the stock
opened sharply higher.  We were pleased to see that QCOM held
onto almost all of the day's gains into the close, closing only
slightly off the $42.95 high of the day.  The effect of Nokia's
disappointing guidance was left far behind.

Merrill's analyst believes that QCOM will find a new market in
the third generation of GSM, Global System for Mobile
communications, markets. Investors approved, too, with QCOM's
Friday gains made on 50 percent higher-than-average volume.  QCOM
closed just above the December 2 close, although not above the
December 2 intraday high.  We think it's ready to tackle that
intraday high next, and then climb toward the March, 2002 high of
$44.65.

Traders seeking a new entry could target a push above $43.00 or a
pullback and bounce from above $41.50.

Annotated Chart for QCOM:





Picked on Aug 27 at  41.00
Change since picked: +1.82
Earnings Date:    07/23/03 (confirmed)
Average Daily Volume: 10 million



---

Teradyne Inc. - TER - close: 20.46 change: +0.45 stop: 18.35*new*

We didn't make any secret of our concerns about TER on Wednesday
after the stock pulled back under $20, pressured by the weakness
in the Semiconductor index (SOX.X).  But true to form, the bulls
bought the dip on Thursday, in both the SOX and TER.  With the
SOX rebounding from support near $435, TER found support right
where we expected, right at the 10-dma (then at $19.21) and right
at former resistance turned support.  Since that dip, the stock
has steadily advanced, reclaiming the $20 level and closing on
Friday at the high of the day is definitely a good sign.  Traders
that bought the dip near the 10-dma likely got the best possible
entry point into this bullish Chip play and successive dips above
$19.50 look favorable for continuation entries.  If waiting to
enter on strength, look to take the plunge on a breakout over
$21.35, just above last week's intraday highs.  That breakout
will solidify the bulls' conviction and likely have the stock
making rapid strides towards our $25 target.  Raise stops to
$18.35, just under the rising 20-dma ($18.41).

Picked on September 3rd at  $20.11
Change since picked          +0.35
Earnings Date             10/14/03 (unconfirmed)
Average Daily Volume =    2.81 mln





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

Engineered Sup. Sys. - EASI - cls: 59.77 chng: -0.23 - stp: 63.59

Showing a decline for the day, as did the $DFI, the Amex Defense
Index, EASI nevertheless sprang up from support to test its 10-
dma and the $60.00 level.  That test was unsuccessful, with EASI
again closing below its 10-dma and $60.00.  The pattern on the
daily chart still appears to be distribution pattern after the
stocks recent decline.

Volume proved to be particularly light as EASI climbed Friday,
with volume less than half average daily volume.  That supports
the thesis that the current consolidation is a distribution
pattern prior to a further fall.  MACD now begins to roll,
although it has not yet completed a bearish cross.  Still, all
looks good for this play.  Traders seeking new entries can enter
on a fall below Thursday's low at $58.00.

Annotated Chart for EASI:




Picked on Sep 10 at  $58.82
Change since picked:  +0.95
Earnings Date:    08/26/03 (confirmed)
Average Daily Volume:  228 thousand



----

NII Holdings - NIHD - cls: 59.01 change: -0.79 - stop: 64.25*new*

Friday, NIHD dropped 1.32 percent on more than double average
daily volume.  Thursday, the company sold $210 million in common
stock.  On the same day, it priced $150 million in convertible
notes.

Although the stock had printed a doji on Thursday, a possible
reversal signal, Friday's declines erased the bullish
implications of that reversal signal.  MACD lines separated and
the histogram moved deeper into negative territory.

It's possible that NIHD will consolidate at the current level
prior to dropping through support.  Prices may even rise to test
broken support.  We've noticed that some stocks rebound for a day
or two after a stock sale similar to NIHD's, but we're not
particularly concerned about such a rebound, if it should occur.
We've lowered our stop to $64.25, and new entries can be found on
a drop beneath Thursday's low or a bounce and rollover under
$63.00.

Annotated Chart for NIHD:




Picked on Sep 10 at  $60.69
Change since picked:  -1.68
Earnings Date:    07/30/03 (confirmed)
Average Daily Volume:  183 thousand




=================================================================
Stock Splits/Announcements
=================================================================


APA strikes oil with a 2-for-1 stock split and dividend increase

Shortly before today's opening bell, Apache Corp.'s (NYSE:APA)
Board of Directors declared a 2-for-1 stock split of its common
shares, and a 20% increase its dividend.

The stock split will occur early next year, and payable and
shareholder record dates have yet to be announced.  Apache
currently has 161.8 million shares outstanding.

APA said that the dividend increase would increase its current
quarterly dividend from $0.10 a share to $0.12 a share, starting
with the November dividend payment.  The actual payable date on
this dividend is November 21st, 2003 to shareholders on record
October 22nd.

APA's last split was in the first quarter of this year.

About the company:
Apache Corporation is a large oil and gas independent with core
operations in the United States, Canada, Australia, Egypt, and
the UK North Sea.
(Source: Company Press Release)



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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 09-14-2003
                                                    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 15th, 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 15th
===========================================


Symbol  Company               Date           Comment      EPS Est

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

None


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

FDS    FactSet Research Sys  Tue, 16 Sep  Before the Bell     0.37
GIS    General Mills, Inc.   Tue, 16 Sep  Before the Bell     0.62
KBH    KB Home               Tue, 16 Sep  After the Bell      2.14
LEN    Lennar Corporation    Tue, 16 Sep  After the Bell      2.23
PIR    Pier 1 Imports, Inc.  Tue, 16 Sep  Before the Bell     0.20
KR     The Kroger Co.        Tue, 16 Sep  Before the Bell     0.32
TIBX   TIBCO Software        Tue, 16 Sep  After the Bell      0.02


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

BBY    Best Buy Co., Inc.    Wed, 17 Sep  Before the Bell     0.42
CC     Circuit City Stores   Wed, 17 Sep  -----N/A-----      -0.13
CLC    CLARCOR Inc.          Wed, 17 Sep  After the Bell      0.55
ELN    Elan Corporation, PLC Wed, 17 Sep  Before the Bell    -0.19
FDX    FedEx                 Wed, 17 Sep  -----N/A-----       0.57
GPN    Global Payments Inc.  Wed, 17 Sep  After the Bell      0.43
HAVS   Havas Advertising     Wed, 17 Sep  -----N/A-----        N/A
MLHR   Herman Miller         Wed, 17 Sep  After the Bell      0.10
PT     Portugal Telecom SGPS Wed, 17 Sep  Before the Bell      N/A
WOR    Worthington Ind       Wed, 17 Sep  Before the Bell     0.19


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

COMS   3Com                  Thu, 18 Sep  After the Bell     -0.14
AGE    A.G. Edwards          Thu, 18 Sep  Before the Bell     0.34
BSC    Bear Stearns          Thu, 18 Sep  Before the Bell     1.65
BMET   Biomet, Inc.          Thu, 18 Sep  Before the Bell     0.29
CCL    Carnival Corp         Thu, 18 Sep  -----N/A-----       0.87
CTAS   Cintas Corporation    Thu, 18 Sep  Before the Bell     0.37
CAG    ConAgra Foods, Inc.   Thu, 18 Sep  Before the Bell     0.38
JBL    Jabil                 Thu, 18 Sep  After the Bell      0.20
NKE    Nike                  Thu, 18 Sep  After the Bell      0.88
RHAT   Red Hat, Inc.         Thu, 18 Sep  After the Bell      0.01
TEK    Tektronix Inc.        Thu, 18 Sep  After the Bell      0.12


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

KMX    CarMax, Inc           Fri, 19 Sep  Before the Bell     0.36
CM     Coles Myer            Fri, 19 Sep  -----N/A-----        N/A


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

Symbol  Company Name              Ratio    Payable     Executable

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
BKST    Brookstone Inc            3:2      Sep   5th   Sep   8th
SNPS    Synopsys Inc              2:1      Sep   5th   Sep   8th
SAFE    Invivo Corp               3:2      Sep   5th   Sep   8th


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

The big event this week will be the FOMC meeting on Tuesday.
While Wall Street isn't expecting much from the Fed we do have
a very full week of economic reports.


----------------
Monday, 09/14/03
----------------
None


----------------
Tuesday, 09/15/03
----------------
Business Inventories(BB)Jul  Forecast:    0.0%  Previous:     0.1%
Current Account (BB)     Q2  Forecast:-$138.0B  Previous: -$136.1B
NY Empire Ste Index (BB)Sep  Forecast:    12.0  Previous:     10.0
Industrial Prodction(BB)Aug  Forecast:    0.3%  Previous:     0.5%
Capacity Utilization(BB)Aug  Forecast:   74.7%  Previous:    74.5%


-------------------
Wednesday, 09/16/03
-------------------
CPI (BB)                Aug  Forecast:    0.3%  Previous:     0.2%
Core CPI (BB)           Aug  Forecast:    0.2%  Previous:     0.2%
FOMC Meeting (DM)       Aug


------------------
Thursday, 09/17/03
------------------
Housing Starts (BB)     Aug  Forecast:  1.844M  Previous:   1.872M
Building Permits (BB)   Aug  Forecast:  1.800M  Previous:   1.800M
Treasury Budget (DM)    Aug  Forecast: -$78.5B  Previous:  -$54.7B


----------------
Friday, 09/18/03
----------------
Initial Claims  (BB)  09/13  Forecast:     N/A  Previous:     422K
Leading Indicators(DM)  Aug  Forecast:    0.4%  Previous:     0.4%
Philadelphia Fed (DM)   Sep  Forecast:    15.1  Previous:     22.1
FOMC Minutes (DM)       Aug

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

HMC     Honda Motor Co Ltd ADR     22.30     +0.53
JCP     J.C. Penney Company Inc    21.44     +0.68
STLD    Steel Dynamics Inc         16.36     +0.60
CCCG    CCC Information Svc Group  16.15     +0.64

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

X       U.S. Steel Corp            19.52     +1.06
SCMR    Sycamore Networks Inc       5.20     +1.07
SGMS    Scientific Games Corp      11.87     +1.98

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

TM      Toyota Motor Corp ADS      63.25     +2.31
BCS     Barclays Plc ADR           31.31     +1.16
BSX     Boston Scientific Corp     61.40     +1.40
APOL    Apollo Group Inc CI A      66.39     +3.16
AL      Alcan Innccue Metal Group  38.81     +3.82
N       Inco Ltd                   27.36     +1.09

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

PGR     Progressive Corp           69.64     -3.19
CB      Chubb Corp                 64.85     -1.86
IPCR    IPC Holdings Ltd           34.60     -1.39
PII     Polaris Industries Inc     72.44     -3.12
FCN     FTI Consulting Inc         23.58     -1.06

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

CAKE    Cheesecake Factory Inc     36.50     -0.55
OTEX    Open Text Cp               36.30     -0.62
STRT    Strattec Security Cp       53.00     -0.75


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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.

DISCLAIMER

Option Investor Inc is neither a registered Investment Advisor nor a Broker/Dealer. Readers are advised that all information is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All opinions, analyses and information included herein are based on sources believed to be reliable and written in good faith, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. In addition, we do not necessarily update such opinions, analysis or information. Owners, employees and writers may have long or short positions in the securities that are discussed.

Readers are urged to consult with their own independent financial advisors with respect to any investment. All information contained in this report and website should be independently verified.

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Option Investor Inc
PO Box 630350
Littleton, CO 80163

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