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Daily Newsletter, Sunday, 10/12/2003

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PremierInvestor.net Newsletter          Weekend Edition 10-12-2003
                                                    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
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In section one:

Market Wrap:      Gee, GE!
Play-of-the-Day:  Breaking Down
Market Sentiment: Earnings Upon Us


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MARKET WRAP  (view in courier font for table alignment)
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***************************************************************
       WE 10-10        WE 10-03         WE 9-26         WE 9-19
DOW     9674.68 +102.37 9572.31 +259.23 9313.08 -331.74 +173.27
Nasdaq  1915.31 + 34.74 1880.57 + 88.50 1792.07 -113.63 + 50.67
S&P-100  518.05 +  2.88  515.17 + 15.56  499.61 - 21.01 +  8.32
S&P-500 1038.06 +  8.21 1029.85 + 33.00  996.85 - 39.45 + 17.67
W5000  10085.32 + 95.02 9990.30 +343.82 9646.48 -407.59 +176.76
RUT      519.06 +  6.78  512.28 + 27.00  485.28 - 34.92 + 11.14
TRAN    2823.55 + 38.70 2784.85 +121.02 2663.83 -130.88 + 59.11
VIX       18.45 -  1.05   19.50 -  2.73   22.23 +  3.16 -  1.18
VXN       27.62 -  1.58   29.20 -  1.68   30.88 +  1.14 -  2.94
TRIN       1.24            0.60            1.42            1.35
Put/Call   0.93            0.75            0.98            0.68
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===========================
Market Wrap
===========================


Gee, GE!
by Jim Brown

You know the bulls are in control when the biggest manufacturing
company in America warns that they will miss earnings and the
market ignores it. You know the bulls are in control when
Intel Chairman Andy Grove warns that the U.S. is in danger of
losing its technology lead due to outsourcing 500,000 high
tech jobs over the last two years and the market ignores it.

It was not a banner day for investor sentiment but the bulls
held the line once again. The market traded in a very tight
range with a solid underlying bid all day and came very close
to finishing in the green despite the bad news.

The economic reports were not exciting with the PPI rising
+0.3% when the consensus was flat. The majority of the
increase was due to gains in food and energy and after
subtracting those items the core rate was unchanged. The
finished goods component rose +1.2% with the strongest jump
in fresh vegetables and meat. With Canadian beef now outlawed
in the U.S. until the mad cow scare passes the price of
red meat has rocketed. In the broader scope of things the
inflation rate has remained very low at a +2.0% rate for the
year. There was nothing in this report for the Fed to worry
about.

The International Trade deficit slowed during August as
imports fell faster than exports. The headline number came
in at -$39.2 billion compared to consensus estimates of
-$41.5 billion. The drop in both imports and exports
surprised analysts who worried that global demand may be
slipping without a U.S. bounce to hold them up. France and
Germany both contracted in July with Germany dropping -2.9%
and France -0.9%. Mexico remains weak and Brazil is mired
in a recession. The only pockets of strength were the Asian
economies.

Those terribly unexciting economic reports failed to distract
traders from the GE and INTC warnings. However after seeing
the minor market impact it appears traders were more interested
in leaving early for the long holiday weekend. GE spoiled the
bullish party by warning that they were not going to hit their
previous 4Q estimates of 46-49 cents and would be looking at
45-47 cents instead. GE announced earnings for Q3 inline with
consensus estimates at 40 cents but revenue only rose +3%
from the same period last year. It was not a great quarter
but GE put on a strong face and went shopping to improve
future results. GE said higher costs and a challenging
environment caused several of their units to lose ground.
They lowered the outlook for the plastics division due to
weak demand. The shopping trip picked up a bargain in London
with the $9.5 billion acquisition of Amersham PLC, a British
medical diagnostic company. This fits in well with their
current product line and Jeffery Immelt said we know how
to do medical systems right. The strategy of announcing a
key acquisition along with the disappointing earnings had
the desired effect. The stock only lost -81 cents for the
day.

Andy Grove, the Intel Chairman, warned that America was
losing its lead as the technology super power. Grove warned
that outsourcing jobs to India was growing at such a rapid
rate that 500,000 high tech jobs had left the U.S. in just
the last two years. Grove warned that India could take the
technology lead from the U.S. by 2010. He pointed out that
labor costs in India are only 1/6th the cost of the same
worker in America. With jobs leaving at such a rapid rate
the high paid American worker will find it tougher to find
another job that will provide him the same high standard
of living. Grove warned that this was dangerous to the
future of America. He suggested that the U.S. technology
sector could go the way of the steel sector which enjoyed
a 90% global market share until the technology became
available overseas where cheaper labor eventually knocked
the U.S. back to only a 10% share. The sector has never
recovered from the blow. Grove warned than the same move
currently underway in information technology would be a
serious problem if allowed to continue. He also pointed
to the recent drop in the chip market from 90% American
made to massive amounts being produced in Asian markets
at a fraction of the cost. He said that 1 in 10 American
information technology jobs would be eliminated next year
by outsourcing overseas and millions more by the end of
the decade. (Gartner Group survey) He emphasized his point
by noting that the U.S. economy is slowly recovering but
the tech job market is not. This dire warning fell on deaf
ears and after a brief bout of selling the dip was bought.

Other than the GE results, which were not really bad, the
earnings parade has been stellar. However we have only seen
the lead horses so far. Next week the pace will pick up
substantially and as long as the news remains the same
traders should be pleased. JNPR was the first major tech
to report and they helped increase recovery hopes when they
said their book-to-bill was greater than 1.0 for the qtr.
Next week will see a lot of various companies report and
the techs will have a tough test ahead of them. Word on
the street has several banks ready to announce less than
stellar earnings as well. The bond implosion has caused
massive earnings losses at some major institutions or so
the rumor goes. The size of the losses are said to be
enormous. Rumor or fact remains to be seen but the BKX
is not making any progress as earnings dates get closer.

Janus is still bleeding cash according to the people that
track these things. $4.4 billion was withdrawn in September
from Janus funds after they admitted finding several hedge
fund trading schemes. Several funds have pledged to make
investors whole for any damages by the fraudulent trading
practices and the authorities are expanding their probes
to new fund families almost daily.

Get used to the cheap gas because it may not last. I paid
$1.45 for unleaded on Friday in Denver but with oil trading
over $32 a barrel on Friday those prices are not going to
last long. There are multiple reasons for these hikes and
you have heard them before. The bottom line is the coming
drag on the recovery when energy prices begin rising again.

There is no drag on the markets with the risk to the bears
instead of the bulls. Every dip is continuing to be bought
and the minor profit taking expected for Friday was so
minor it was almost nonexistent. The NASD warned on Friday
that the tech dips were being bought on credit with margin
money and that margin credit was reaching dangerous levels.
According to the NASD there was $26 billion in margin debt
on Nasdaq stocks in July which is the most current month
reported. To put this in perspective there was only $21
billion in Nasdaq margin debt in March 2000 at the top of
the market. Stocks bought on margin are considered held
by weak hands as a sudden drop in the market can cause a
wave of forced liquidation that further accelerates the
drop. With Yahoo's market cap equal to General Motors there
is concern that bubble mania has returned. Volume in low
priced stocks has surged to more than the NYSE or Nasdaq.
Volume in bulletin board stocks surged to 41 billion last
month compared to 117 billion for all of 2000. This
represents extreme speculation and an increase in market
risk.

Volume on Friday barely broke 3 billion shares across all
markets. It was 25% below Thursday's levels and there was
speculation that the Thursday volume was option expiration
related as traders rolled out positions before the holiday
weekend. Monday is Columbus Day and while the bond market
is closed the equity markets will be open. If you thought
Friday's volume was low wait until Monday. It is also an
expiration week but they have been remarkably uneventful
recently. At least uneventful from an expiration viewpoint.
Earnings will be heating up substantially as well as new
economic reports. Monday and Tuesday we get a pass on
economics with no material reports. Wednesday we get the
Fed Beige Book and NY Empire State Index. Thursday has CPI,
Jobless Claims, Business Inventories, Industrial Production,
Capacity Utilization and the Philly Fed Survey. Friday has
Housing Starts, Building Permits and Michigan Sentiment.

This sets up Thursday as a key day for the week. There are
over 400 companies that announce earnings from Monday thru
Thursday. Many of them are key blue chips and key tech
stocks. We have key economic reports on Thursday and options
expire on Friday. This could be a volatile day. With Monday
a quasi holiday there will be a lot of money changing hands
in only three days of trading. One train of thought has the
Dow hitting 10,000 by Thursday on hopes of better than
expected earnings from the big guys. That same trader talk
has the Dow recoiling from a touch of 10,000 with some
serious profit taking and portfolio reshuffling before the
mutual fund year end two weeks later.

That is only one scenario being discussed but almost everyone
is having trouble coming up with a catalyst to push the Dow
any higher than 10K near term. I am not going to rehash the
gains for the year or the earnings expectations. They are
both at extreme levels. Bullish sentiment as measured by
Investors Intelligence is hovering at 60% and bearish
sentiment is rising at 22.5%.  The Dow Bullish Percent chart
below shows the BP at 83.33. This is an extreme reading but
as you can see it has been over 80 for five consecutive
months. The only conclusion we can draw here is that there
is no weakness in sight.

Dow Bullish Percent


Nasdaq Bullish Percent


Since the bulls are refusing to slow the stampede we should
decide what the upside potential is from here. The Dow has
reached a level where it is facing about six months of
congestion in the 9800-10000 range from 2002. On a more
detailed view you can see strong resistance at 9800, 9900
and again at 10,000. Each of these levels will require
stronger and stronger commitment by the bulls.



The S&P is where the real battle will be fought. There is
strong resistance at 1050 and again at 1068, which is the
38% retracement level from the all time high to the bear
market lows. These are the two levels that will serve as
resistance between now and Thursday. Once over 1068 the
next major hurdle is the 50% retracement at 1161 and the
five month high of 1170 from 2002. This could/should be
extremely tough resistance whenever we get there.

S&P Weekly Chart


The Nasdaq has been unstoppable and it is also approaching
an area of tough resistance between 1950 and 2050. This level
was the top for several months in 2001/2002.

Nasdaq Weekly Chart


What does this mean to us? At the risk of alienating some
readers I have to stress caution once again. I can easily
buy the theory that the Dow will make a run toward 10000,
Nasdaq 2000, SPX 1068 but once there I have a hard time
believing that we will have enough momentum left to break
out of that resistance. We cannot go a day without several
noted analysts claiming +5% to +7% GDP growth for the 3Q/4Q.
Dallas Fed President McTeer said on Friday that growth was
likely to be 5% for both quarters with zero inflation. You
heard it straight from the top. Unfortunately we have been
hearing it daily for weeks. To not believe it is already
priced into the market would be in error.

This brings us back to the facts. The bulls have a wall of
worry to climb and they have been doing an excellent job.
The only question is whether they can make it through this
earnings week without being tripped up. If they do make it
through this week then they are staring at the Mutual fund
year end two weeks later. Nobody knows if funds will try to
lock in profits or risk it all with a dice roll on the 4Q.
That leaves us with a huge wall of worry right in front of
strong resistance. These same obstacles existed last week
and the bulls tacked on +400 points. Let's sprinkle a few
earnings misses over the next four days and see if they can
add +300 more. When we are sitting at 9700 and only 300 points
from Dow 10K the goal is clearly in sight. Friday was a day
of rest and low volume on Monday should restrain any action.
That makes Tuesday launch day if they are going to have a
chance to hit that goal. The critical earnings on Tuesday
are INTC, MOT, MER, NVLS, TER, JNJ and BAC. Positive results
from these early reporters could go a long way towards
keeping the rally alive. Should the Dow actually hit 10,000
this week the bulls could consider it the finish line and
take a well deserved rest. I suggest we do the same.

Enter Very Passively, Exit Very Aggressively!

Jim Brown


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


Beverly Ent. - BEV - close: 5.38 change: -0.39 stop: 6.12

Company Description:
Beverly Enterprises Inc. is engaged in providing healthcare
services, including the operation of nursing facilities, assisted
living centers, hospice and home care centers, outpatient clinics
and rehabilitation therapy services.  The company has four
operating segments: Nursing Facilities, AEGIS, Home Care and
Matrix.  The Nursing Facilities segment operates nursing homes
and assisted living centers.  through AEGIS, BEV offers
rehabilitation therapy services.  The Home Care segment is a
provider of home health, hospice and home medical equipment
services.  the Matrix segment is an operator of outpatient
therapy and other clinics and a managed care network.

Why we like it:
Shares of BEV went along with the broad market rally through
early September, steadily advancing with a series of higher lows
and higher highs.   But the stock somehow lost its way last
month, trading perfectly sideways until a sharp selloff towards
the end of the month.  The bulls recovered their composure
somewhat, but the rebound from the late-September low ran into
problems right at the 20-dma (currently $6.12) and began to roll
over again.  After falling below the 50-dma ($6.10) last Tuesday,
BEV began to pick up steam and Friday's 6.75% plunge on above
average volume is a serious problem for the bulls.  Friday's
close below $5.50 is either a break of support or very close to
it.  The closing support from the late September drop was clearly
broken, but there's still the 9/26 intraday low of $5.20 to
contend with.  With the convergence of the 20-dma and 50-dma just
above $6.10 and the increasing volume, the trend appears to be
solidly down.  Now all we have to do is find an appealing entry
point.

Aggressive traders can consider entering at current levels, but
the more prudent course of action would be to wait for either a
continued drop below $5.20 or a failed rebound in the $5.80-5.90
level.  Our preference would be for a breakdown entry, which
would confirm the weakness seen on Friday.  There is some support
near $4.65, but we're targeting a move down to the $4.00 area,
where old resistance should be firm support on the way down.
Place stops initially at $6.12, which is just above the
intersection of the 20-dma and 50-dma, which will occur on
Monday.  With earnings set to be released on November 3rd,
there's plenty of time for the decline to our target to unfold.

Annotated Chart of BEV:


Picked on October 12th at $32.20
Change since picked        +0.00
Earnings Date           11/03/03 (confirmed)
Average Daily Volume =     501 K





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


Earnings Upon Us
- J. Brown

The first week and a half of October has come and gone and the
traditional seasonal weakness is no where to be seen.  The
preceding weeks of positive prognostications for Q3 earnings have
lifted the markets and now it's finally show-and-tell time.  Will
profits be as good as everyone expects?  Will corporate guidance
support the lofty expectations for Q4 results?  The answers will
dictate market direction even if we do see some profit taking on
the initial announcements.

The bulls are firmly in control but the burden now comes down to
proof that all this enthusiasm was warranted.  General Electric,
the second biggest company by market cap, failed to uphold its
part of the bargain and only met market estimates when it
reported earnings on Friday.  Normally the company has a history
of beating the numbers by a penny.  However, more damning than
just reporting in-line was their future guidance.  GE, once
thought of as a proxy for the market due to their widespread and
diverse number of businesses, actually suggested that Q4 and full
year results may come in at the low end of current guidance.
That's definitely not want the markets want to hear yet somehow
major indices remained docile closing near unchanged on Friday.

The bulls are also faced with another hazard to strong future
gains.  The rapid rise of crude oil from $26.50 to $32 a barrel
in just three weeks could quickly become a brake on this
expanding economy.  When this price surge eventually filters to
the gas pumps it will act as an unofficial tax on consumers who
will have less discretionary money to keep the feverish GDP
growth alive.  To a lesser extend we should see it begin to weigh
on the airlines, who despite the rise in oil, have been
exceptionally strong.  The XAL has been hitting a string of new
52-week highs and only slipped lower on Friday due to some
analyst downgrades.

Influencing the global market place is the ongoing deterioration
in the U.S. dollar.  The greenback dropped to yet another fresh
three-year low against the yen on Friday at 108.55 and hit
another low against the euro.  The rumor mill is suggesting that
the Japanese government is not likely to intervene against the
dollar by selling yen until after President Bush's trip to Japan
next week.  Of course this would be ironic since one of the
purposes of his trip is to lobby against currency manipulation.
This has speculators pointing to a potential drop next week to
106 yen vs. the dollar and $1.20 against the euro.

Additional warning signals continue to flare up despite the
market's strength.  It's not all that often that the NASD
actually issues a warning and on Friday that's what happened.
Concerns for a return to the bubble mentality gathered some
strength when the NASD reported that margin debt had ballooned to
$26 billion.  This surpasses the $21 billion record at the
bubble's top in March of 2000.  A sharp retracement could force a
stronger wave of selling as investors face margin calls.  This in
turn could ignite another round of margin selling as the cycle
spins out of control.  Another bubblesque caution signal is news
that volume in bulletin board stocks, one of the most speculative
markets, has surged to 41 billion shares.  A strong rise in
speculative trading for penny stocks is a classic sign that the
market is generally near a top.

Yet another contrarian indicator is the bullish sentiment as
measured by the Investors Intelligence survey.  Currently, 60% of
those surveyed are bullish while only 22.5% are bearish.  The
good news is the bearish sentiment is slowly rising.

I fully realize that the ongoing comments about the low
volatility indices, the extremely high bullish percent data, the
ballooning margin debt, the incredibly high penny stock volume
all sound like a wounded bear doing his best chicken little
impersonation.  I am not predicting a market crash and I am more
than happy to play the trend, which is currently up.  However, we
need to be aware and make note of each and every warning flag
that the market gives us.  One of the most basic fundamentals of
trading is recognizing that stocks and markets move in cycles,
both short-term and long-term.  Right now the short-term cycle is
very overbought and we need to see some profit taking to bring us
back to a more healthy entry point for another leg higher.

The wild card in the mix right now is earnings season.  We've
been hearing so much for so long about how good the Q3 numbers
should be that we're likely to see the markets trade sideways as
they wait for the results.  This week alone we're going to hear
from hundreds of companies with 113 of them as S&P 500
components.  Throw on top of the mix a rash of economic reports
and options expiration and it could be a rather dangerous week.

Trade carefully.



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

Market Averages

DJIA ($INDU)

52-week High:  9768
52-week Low :  7197
Current     :  9674

Moving Averages:
(Simple)

 10-dma: 9541
 50-dma: 9415
200-dma: 8739

S&P 500 ($SPX)

52-week High: 1048
52-week Low :  768
Current     : 1038

Moving Averages:
(Simple)

 10-dma: 1025
 50-dma: 1008
200-dma:  937

Nasdaq-100 ($NDX)

52-week High: 1418
52-week Low :  795
Current     : 1404

Moving Averages:
(Simple)

 10-dma: 1364
 50-dma: 1325
200-dma: 1160


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

The new VIX continues to hover near multi-year lows and the VXN took
a 4.2 percent dive on Friday.  Investors continue to show no fear,
which from a contrarian stand point, is not a good place to be making
big bullish bets.

CBOE Market Volatility Index (VIX) = 18.82 -0.36
Nasdaq Volatility Index (VXN)      = 28.84 -0.32

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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.93        464,009       431,180
Equity Only    0.70        392,661       274,963
OEX            1.28         20,331        26,028
QQQ            2.96         17,525        51,951


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

Bullish Percent Data

           Current   Change   Status
NYSE          73.2    + 0     Bull Confirmed
NASDAQ-100    77.0    + 0     Bear Confirmed
Dow Indust.   83.3    + 0     Bull Correction
S&P 500       79.8    + 0     Bull Confirmed
S&P 100       79.0    + 0     Bull Correction


Bullish percent measures the number of stocks in an index
currently trading on a buy signal on their point and figure
chart.  Readings above 70 are considered overbought, and readings
below 30 are considered oversold.

Bull Confirmed  - Aggressively long
Bull Alert      - Cautiously long
Bull Correction - Pause or pullback in upward trend
Bear Alert      - Take defensive action if long
Bear Confirmed  - High risk if long, good conditions for shorting
Bear Correction - Pause or rebound in downtrend

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

 5-Day Arms Index  0.99
10-Day Arms Index  1.01
21-Day Arms Index  1.13
55-Day Arms Index  1.07


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    1450      1417
Decliners    1357      1661

New Highs     322       251
New Lows        6         6

Up Volume    670M      835M
Down Vol.    659M      559M

Total Vol.  1350M     1452M
M = millions


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

Commitments Of Traders Report: 10/07/03

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

After two weeks of little movement we're beginning to see
commercial traders edge toward a more bearish position.  Looking
at the small traders we see a reduction in short positions and
they remain overall net bullish.


Commercials   Long      Short      Net     % Of OI
09/09/03      418,958   486,209   (67,251)   (7.4%)
09/23/03      395,123   397,858   ( 2,735)   (0.0%)
09/30/03      395,713   397,577   ( 1,864)   (0.0%)
10/07/03      390,232   402,964   (12,732)   (1.6%)

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
09/09/03      176,401    81,444    94,957    36.8%
09/23/03      139,482    87,981    51,501    22.6%
09/30/03      144,681    96,801    47,880    19.8%
10/07/03      138,644    88,018    50,626    22.3%

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

We're definitely seeing a small trend in the commercials'
positions in the e-minis.  Long positions have jumped strongly,
outpacing new short positions, and the overall net short
attitude is dwindling.  Retail traders remain heavily net
long.


Commercials   Long      Short      Net     % Of OI
09/09/03      370,909   237,610    133,299    21.9%
09/23/03      109,417   204,026   ( 94,609)  (30.2%)
09/30/03      163,828   218,991   ( 55,163)  (14.4%)
10/07/03      212,273   225,377   ( 13,104)  ( 3.0%)

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
09/09/03       59,692   130,270   (70,578)  (37.1%)
09/23/03      175,750    62,558   113,192    47.5%
09/30/03      131,698    65,259    66,439    33.8%
10/07/03      134,990    63,560    71,430    36.0%

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


NASDAQ-100

We're still not seeing much movement in commercials willing
to commit one way or the other in the NDX.  They're currently
net short but the margin is fading.  Small traders haven't
changed much either and remain net long.


Commercials   Long      Short      Net     % of OI
09/09/03       44,677     62,369   (17,692) (16.5%)
09/23/03       32,648     42,565   ( 9,917) (13.2%)
09/30/03       33,571     42,993   ( 9,422) (12.3%)
10/07/03       33,253     40,861   ( 7,608) (10.3%)

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

Small Traders  Long     Short      Net     % of OI
09/09/03       28,788    13,370    15,418    36.6%
09/23/03       17,862     9,880     7,982    28.8%
09/30/03       19,803     9,917     9,886    33.3%
10/07/03       18,182     9,688     8,494    30.5%

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

It's the same story here in the DJ futures.  There is little
change between the commercials or the small traders over all
positions.


Commercials   Long      Short      Net     % of OI
09/09/03       25,807    10,756   15,051      41.2%
09/23/03       15,911     9,123    6,788      27.1%
09/30/03       16,561     8,932    7,629      31.5%
10/07/03       16,277     9,528    6,749      26.2%

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
09/09/03        7,429    13,796   (6,367)   (30.0%)
09/23/03        7,505     7,779   (  274)   ( 1.8%)
09/30/03        7,578     8,125   (  547)   ( 3.5%)
10/07/03        7,392     7,910   (  518)   ( 3.4%)

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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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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Newsletter, or any Premier Investor Network newsletter please
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Copyright ) 2003  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter          Weekend Edition 10-12-2003
                                                    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
  Bearish Play Updates:  HTCH

Active Trader (Non-tech)
  Bullish Play Updates:  DISH, TYC, ZMH, GENZ
  Bearish Play Updates:  DLTR, MMC

High Risk/Reward
  New Bullish Plays:     SNE
  New Bearish Plays:     BEV
  Bullish Play Updates:  ORB
  Closed Bearish Plays:  DRTE


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

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

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

Hutchinson Tech. - HTCH - close: 32.91 change: -0.06 stop: 34.75

It hasn't been a particularly exciting start to our bearish play
on HTCH, as the stock has been vacillating about the $32.50 area
over the past couple days.  With the broad market holding up
well, and the NASDAQ moving well above 1900, HTCH has definitely
found a bid near the $32 level.  The caveat to this apparent
strength is that it is coming on notably light volume.  We're
still looking for a break under $31.50 to trigger the play.  It
looks like there is plenty of downside potential after that
support breaks, so there's no need to rush the entry point.
After that trigger is satisfied, entries can be taken on either
the initial breakdown or on a subsequent failed rebound near
$32.00-32.50.  Our initial target will be for a decline to the
$28 level, which coincides with the 200-dma ($27.85).  Maintain
stops at $34.75, just over the recent intraday highs.

Picked on October 8th at  $32.20
Change since picked        +0.71
Earnings Date           11/03/03 (confirmed)
Average Daily Volume =     503 K





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

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

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

EchoStar - DISH - close: 39.84  change: -0.03 - stop: 38.10

DISH dealt with a possible disappointment this week.  Loral Space
and Communications rejected DISH's bid to acquire the bankrupt
company.  DISH's $1.85 billion cash offer exceeded that of
competitive bidder Intelsat, but Intelsat bid for only six of
Loral's satellite assets.  DISH bid for the entire company.
Loral's CEO felt that DISH's bid undervalued Loral's businesses,
and the CEO now favors continuing negotiations with Intelsat.
Loral's official committee of unsecured creditors is said to
favor DISH, however. DISH has asked a court to prohibit Loral
from selling assets to Intelsat until the matter is decided.
Final bids are due next Wednesday.

While DISH dealt with this situation, the stock fell back in what
may be its latest bull flag.  Candles grew smaller and lower
shadows longer as DISH declined in value but kept bouncing from
support.  It bounced from a short-term ascending trendline as
well as from above the climbing 21-dma (in blue).  RSI maintained
its pattern of higher lows, and appeared to be turning up along
its trendline.  Volume declined Friday, although volume had been
bigger Thursday as investors reacted to the news that Loral might
not accept DISH's offer.

Trading in DISH may be news driven next week.  While a pullback
and bounce from above $39.50 may still offer a new entry, traders
should take such entries with knowledge that DISH's plan to
acquire Loral's assets might not be finalized.  Some might prefer
to wait for a momentum entry on a breakout over $41.00,
confirming that the breakout occurs on strong volume.

Annotated Chart for DISH:


Picked on Oct 03 at  39.95
Change since picked: -0.11
Earnings Date:    08/13/03 (confirmed)
Average Daily Volume:  2.2 million



----

TYCO - TYC - close: 22.00 change: +0.27 - stop: 20.49*new*

TYC has not suffered from a dearth of news this week, but that
news centered on the ugly specifics of the Kozlowski trial.
During much of the week, TYC responding by climbing, but printing
small daily candles and doji while doing so.  Friday, prices
dipped to support and rebounded, offering both a pullback-and-
bounce and a breakout entry to those considering entering the
play.

While volume was not as strong as we would have preferred, MACD
lines separated and turned up, and RSI and stochastics look
strong.  Those oscillators approach levels indicating overbought
conditions, but they often remain pinned at those levels in a
strongly trending market.

Look for new entries now on pullbacks to $21.25 or on breakouts
over Friday's high, confirming volume on the breakout entries.

Annotated Chart for TYC:


Picked on Sep 21 at  21.90
Change since picked: +0.10
Earnings Date:    11/04/03 (confirmed)
Average Daily Volume:    8 million



----

Zimmer Holdings - ZMH - close: 56.52 change: -0.52 - stop: 56.24

News of major healthcare M&A deals continued to circulate at the
end of the week, but ZMH had already had its day in the sun and
broke below its inside-day formation.  We hope the decline stops
soon since prices near our $56.24 stop.  The RXP, the Morgan
Stanley Healthcare Products Index, declined slightly, too, so ZMH
wasn't alone among other healthcare related-stocks that declined.

It's time for investors to remember that on October 2 Merrill
Lynch reiterated its buy rating and $63.00 target for ZMH.
Volume continues to shrink as the stock declines, and that's a
reassuring sign in a decline.  As ZMH travels up its ascending
trendline, it's been finding support at its 10-dma, and closed a
penny above that average Friday.

Earnings approach soon, so we urge caution in considering new
entries.  Those new entries can be found on a bounce from the
current level, but first confirm expanding volume.  Also watch
for the MACD to turn up along its ascending trendline.  As we
thought might happen, RSI did break through its ascending
trendline, but that trendline had risen so high that RSI could
not maintain it without climbing above 100, an impossible feat.

Annotated Chart for ZMH:



Picked on Sep 17 at   53.87
Change since picked:  +2.65
Earnings Date:    10/22/03 (confirmed)
Average Daily Volume:  2.2 million



---

Genzyme Corp. - GENZ - cls: 49.78 chng: +1.09 stop: 47.40*new*

GENZ failed on its first attempt to power through the $50
resistance level, but after falling back to find support near
$47.50, the bulls decided to give it another shot.  Thursday's
rebound fell short of the mark, with price ending well off its
intraday high, but Friday's performance looked decidedly better.
GENZ closed out the week just below $50, its best close since
9/23 and the stock looks poised to challenge $50 early next week.
Unfortunately, we're running out of time, with the company set to
release earnings on Wednesday morning before the open.  So we're
not recommending new entries at this point.  Traders already in
the play should look to sell into strength over the next couple
days, with a push up near $51 an ideal exit point.  Note that
we've raised our stop to $47.40, just below break even and
Wednesday's intraday low.  That way, our risk is minimal if the
bulls lose their nerve ahead of earnings.

Picked on October 1st at  $47.50
Change since picked        +2.28
Earnings Date           10/15/03 (confirmed)
Average Daily Volume =  2.90 mln




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

Dollar Tree Stores - DLTR - close: 34.75  change: -0.57 - stop:
35.76

Although this play has not yet triggered, we like what we see on
the chart.  DLTR rose Thursday and Friday to test the descending
trendline, and prices fell back each time.  That descending
trendline pressures DLTR toward our $33.50 trigger.  DLTR closed
just above its 10-dma, but below the important 30-dma that has
been either supporting or retarding DLTR's movements over the
last few months.

Despite encouraging sales projections from some retailers, the
S&P Retail Index RLX.X gave back some its gains, too, printing an
inside-day candle.  While it's possible that the retail index
will regain its footing and move up again, we think DLTR will
likely underperform and trigger our play.  That needs to happen
soon, however, so that the play has time to perform before the
October 23 earnings release.

Annotated Chart for DLTR:


Picked on Oct 08 at   34.36
Change since picked:  +0.39
Earnings Date:    10/23/03 (confirmed)
Average Daily Volume:  1.6 million



---

Marsh & McLennan - MMC - cls: 47.76 chng: -0.04 stop: 49.50*new*

Our patience was tested on Friday, as MMC gapped lower at the
open, reaching right to the 200-dma ($47.45).  That was as far
down as it went though, as buyers propped the stock up at that
point, allowing it to rise modestly by the close.  The downtrend
that has been in place since the middle of June is still intact,
but MMC has not yet satisfied our entry trigger, despite trading
a new 5-month intraday low.  We're still looking for a break of
the 200-dma to trigger our entry into the play, and with the rise
of the 200-dma over the past week, we can now raise that trigger
to $47.40.  An entry on the initial break of that level is one
way to play, but given the way in which the stock continues to
bounce after each new lower low, a better entry is likely to
present itself on the next failed rebound.  Traders willing to
wait for that rebound can look to enter on a rollover in the
$48.00-48.50 area.  We're lowering our stop to $49.50, which is
still above the descending trendline, the 30-dma ($49.04) and
last Monday's intraday high of $49.48.

Picked on October 5th at  $48.18
Change since picked        -0.42
Earnings Date           10/21/03 (unconfirmed)
Average Daily Volume =  1.79 mln





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

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

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

Sony CP ADR - SNE - close: 36.59 change: +0.95 - stop: 34.49

Company Description:
"We are not here to be logical.  Or predictable.  We're here to
pursue INFINITE possibilities."  So begins a paragraph on Sony's
website, with that paragraph describing the corporate philosophy.
Based in Japan, Sony Corporation develops, designs, manufactures
and sales electronic equipment, as well as instruments and
devices sold in consumer and industrial markets.

Why We Like It:
The Bank of Japan may have done SNE a favor last week.  During
its policy meeting, the BOJ made a decision that eased
restrictions on debt-laden banks.  Since SNE is a big holding in
many of those banks' portfolios, that may mean they'll sell less
of their SNE stock.  The U.S. government did its part, too, by
releasing economic figures that encourage many to believe that
consumer demand may remain high.  That helps exporters to the
U.S. such as SNE.

Of course, currency issues remain problematic, and we expect some
volatility as those currency issues sort themselves.  For now,
stocks such as SNE appear to be gaining a firmer footing.  That
firmer footing shows up in SNE's chart. SNE has been traveling
upward in an ascending channel.  Early in September, SNE gapped
above its 200-dma.  In late September, it came back and retested
gap support and the 200-dma.  With both holding as support, SNE
began moving up again.  On Friday, it closed above its 10-dma
(red), 21-dma (blue) and 30-dma (black).  We think it's ready to
charge up to the top of its channel again.  We note a bullish
cross of the 200-dma by the 50-dma (pink), confirming the bullish
tenor of the chart.  Indicators look tentatively bullish, too,
with RSI already turning up, stochastics making a bullish kiss,
and MACD on the verge of a bullish cross.

SNE intends to release earnings on October 23, so this play needs
to work quickly.  That short period before the earnings release,
the uncertainty due to currency issues, and the need to place the
stop $2.00 away from the current price make this a high-risk
play, but we think it should perform well.  If offered, a
pullback and bounce from Friday's low would make an ideal entry,
but we're not sure that entry will be offered.

Annotated Chart for SNE:


Picked on Oct 10 at $36.59
Change since picked: +0.30
Earnings Date:    10/23/03 (confirmed)
Average Daily Volume:  1.2 billion




  -----------------
  New Bearish Plays
  -----------------

Beverly Ent. - BEV - close: 5.38 change: -0.39 stop: 6.12

Company Description:
Beverly Enterprises Inc. is engaged in providing healthcare
services, including the operation of nursing facilities, assisted
living centers, hospice and home care centers, outpatient clinics
and rehabilitation therapy services.  The company has four
operating segments: Nursing Facilities, AEGIS, Home Care and
Matrix.  The Nursing Facilities segment operates nursing homes
and assisted living centers.  through AEGIS, BEV offers
rehabilitation therapy services.  The Home Care segment is a
provider of home health, hospice and home medical equipment
services.  the Matrix segment is an operator of outpatient
therapy and other clinics and a managed care network.

Why we like it:
Shares of BEV went along with the broad market rally through
early September, steadily advancing with a series of higher lows
and higher highs.   But the stock somehow lost its way last
month, trading perfectly sideways until a sharp selloff towards
the end of the month.  The bulls recovered their composure
somewhat, but the rebound from the late-September low ran into
problems right at the 20-dma (currently $6.12) and began to roll
over again.  After falling below the 50-dma ($6.10) last Tuesday,
BEV began to pick up steam and Friday's 6.75% plunge on above
average volume is a serious problem for the bulls.  Friday's
close below $5.50 is either a break of support or very close to
it.  The closing support from the late September drop was clearly
broken, but there's still the 9/26 intraday low of $5.20 to
contend with.  With the convergence of the 20-dma and 50-dma just
above $6.10 and the increasing volume, the trend appears to be
solidly down.  Now all we have to do is find an appealing entry
point.

Aggressive traders can consider entering at current levels, but
the more prudent course of action would be to wait for either a
continued drop below $5.20 or a failed rebound in the $5.80-5.90
level.  Our preference would be for a breakdown entry, which
would confirm the weakness seen on Friday.  There is some support
near $4.65, but we're targeting a move down to the $4.00 area,
where old resistance should be firm support on the way down.
Place stops initially at $6.12, which is just above the
intersection of the 20-dma and 50-dma, which will occur on
Monday.  With earnings set to be released on November 3rd,
there's plenty of time for the decline to our target to unfold.

Annotated Chart of BEV:


Picked on October 12th at  $5.38
Change since picked        +0.00
Earnings Date           11/03/03 (confirmed)
Average Daily Volume =     501 K




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

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

Orbital Sciences - ORB - cls: 9.48 chng: +0.03 - stop: 9.34*new*

Friday ORB's decline came to an end.  At least we hope that's
what happened.  ORB retreated to its 30-dma, the moving average
that has been supporting its climb since June.  It tested the
bottom of the rising channel that has also been supporting its
climb since June.  It closed above both although it also closed
just below the 10-dma and 21-dma.  The late-day climb turned RSI
back up, although both MACD and stochastics remain bearish.
Known as a leading indicator, RSI usually reacts first, although
it does sometimes give false signals.

The Amex Defense Index DFI.X closed slightly down, printing a
doji just above its 50-dma and below its 30-dma.  Indicators also
prove inconclusive for the DFI.  Although ORB is not a component
of the DFI, it often trades in tandem with the defense-related
issues.  Regardless of strength or weakness in these issues, we
would not suggest new entries at this time because ORB
tentatively scheduled its earnings release for October 15-17.  We
hope that test of ORB's 30-dma proves to be the beginning of a
move up into earnings, but plan to exit Tuesday ahead of a
possible earnings release on Wednesday.

Annotated Chart for ORB:


Picked on Sep 3 at   $9.18
Change since picked: +0.30
Earnings Date:    10/15/03-10/17/03 (unconfirmed)
Average Daily Volume:  347 thousand





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

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

Dendrite Int'l - DRTE - cls: 14.77 chng: -0.40 stop: 14.59

Having just tagged a new 52-week high a week ago, DRTE looked
like it was set to charge even higher during the week just past.
Alas, it never happened, as the stock fell slightly on Monday and
then picked up steam to the downside all week long, hitting an
intraday low of $14.11 on Friday.  That significantly undercut
our $14.59 stop and despite the rebound back above that level at
the end of the day, we have no choice but to drop it this
weekend.  DRTE is still in its rising channel, but the heavy
selling on Friday dashes any bullish hopes we might have had.  If
still holding open positions, look to sell into any strength
early next week.

Picked on September 24th at  $15.55
Change since picked           -0.78
Earnings Date              10/23/03 (unconfirmed)
Average Daily Volume =        182 K





=================================================================
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send email to Contact Support
=================================================================
DISCLAIMER
=================================================================

This newsletter is a publication dedicated to the education
of stock traders. The newsletter is an information service
only. The information provided herein is not to be construed
as an offer to buy or sell securities of any kind. The
newsletter picks are not to be considered a recommendation
of any stock but an information resource to aid the investor
in making an informed decision regarding trading in stocks. It
is possible at this or some subsequent date, the editors and
staff of PremierInvestor.net may own, buy or sell securities
presented. All investors should consult a qualified professional
before trading in any security. The information provided has
been obtained from sources deemed reliable but is not
guaranteed as to accuracy or completeness. PremierInvestor.net
staff makes every effort to provide timely information to its
subscribers but cannot guarantee specific delivery times due to
factors beyond our control.

Please read our disclaimer at:
http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html

*****************************************************************
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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 10-12-2003
                                                    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 October 13th, 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 October 13th
=========================================


Symbol  Company               Date           Comment      EPS Est

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

HLYW   Hollywood Enter       Mon, Oct 13  -----N/A-----     0.32
MI     Marshall & Ilsley     Mon, Oct 13  Before the Bell   0.60
PKG    Packaging Corp of Ame Mon, Oct 13  After the Bell    0.11
SPOT   PanAmSat              Mon, Oct 13  Before the Bell   0.12
TSCO   Tractor Supply Co     Mon, Oct 13  -----N/A-----     0.29


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

ADTN   ADTRAN, Inc.          Tue, Oct 14  Before the Bell   0.42
ASO    AmSouth Bancorp       Tue, Oct 14  Before the Bell   0.44
BAC    Bank of America Corp  Tue, Oct 14  Before the Bell   1.70
BBT    BB&T Corporation      Tue, Oct 14  Before the Bell   0.68
BRE    BRE PROPERTIES INC    Tue, Oct 14  After the Bell    0.59
CSL    Carlisle Companies    Tue, Oct 14  After the Bell    0.72
CGNX   Cognex                Tue, Oct 14  After the Bell    0.10
DAL    DELTA AIR LINES INC   Tue, Oct 14  Before the Bell  -1.47
DJ     Dow Jones & Company   Tue, Oct 14  Before the Bell   0.11
ETN    Eaton                 Tue, Oct 14  Before the Bell   1.32
FITB   Fifth Third Bancorp   Tue, Oct 14  Before the Bell   0.77
FDC    First Data            Tue, Oct 14  -----N/A-----     0.51
FRX    Forest Laboratories   Tue, Oct 14  Before the Bell   0.49
GCI    Gannett               Tue, Oct 14  Before the Bell   1.03
GMH    Hughes Electronics    Tue, Oct 14  -----N/A-----    -0.03
IDPH   IDEC Pharmaceuticals  Tue, Oct 14  After the Bell    0.26
INTC   Intel Corporation     Tue, Oct 14  After the Bell    0.23
JEF    Jefferies Group       Tue, Oct 14  Before the Bell   0.32
JNJ    Johnson & Johnson     Tue, Oct 14  Before the Bell   0.68
LLTC   Linear Technology     Tue, Oct 14  After the Bell    0.21
MER    Merrill Lynch         Tue, Oct 14  Before the Bell   0.85
MOT    Motorola Inc.         Tue, Oct 14  After the Bell    0.03
NVLS   Novellus Systems, Inc Tue, Oct 14  After the Bell    0.00
PPP    Pogo Producing        Tue, Oct 14  -----N/A-----     0.95
PII    Polaris Industries IncTue, Oct 14  Before the Bell   1.72
PP     Prentiss Properties   Tue, Oct 14  After the Bell    0.76
PHG    Royal Philips Elect   Tue, Oct 14  Before the Bell    N/A
SONC   Sonic Corp.           Tue, Oct 14  After the Bell    0.43
SOV    Sovereign Bancorp     Tue, Oct 14  After the Bell    0.37
STT    State Street Corp     Tue, Oct 14  Before the Bell   0.57
TER    Teradyne Inc.         Tue, Oct 14  After the Bell   -0.14
SSP    The E.W. Scripps Co   Tue, Oct 14  Before the Bell   0.62
TSS    TSYS                  Tue, Oct 14  -----N/A-----     0.18
WABC   Westamerica Bancorpo  Tue, Oct 14  During the Market 0.72


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

ADS    Alliance Data Systems Wed, Oct 15  -----N/A-----     0.21
AGI    Alliance Gaming Corp. Wed, Oct 15  During the Market 0.18
ASD    American Standard     Wed, Oct 15  Before the Bell   1.64
APH    Amphenol              Wed, Oct 15  Before the Bell   0.61
AAPL   Apple Computer, Inc.  Wed, Oct 15  After the Bell    0.07
ASML   ASML Holdings NV      Wed, Oct 15  -----N/A-----    -0.07
BLK    BlackRock, Inc.       Wed, Oct 15  After the Bell    0.60
BOKF   BOK Financial         Wed, Oct 15  -----N/A-----     0.64
BCR    C.R. Bard, Inc.       Wed, Oct 15  After the Bell    0.95
CDN    Cadence Design Sys    Wed, Oct 15  After the Bell    0.12
CEC    CEC Entertainment     Wed, Oct 15  -----N/A-----     0.63
CNT    CENTERPOINT PPTYS TR  Wed, Oct 15  After the Bell    1.09
CEN    Ceridian              Wed, Oct 15  Before the Bell   0.20
CERN   Cerner Corporation    Wed, Oct 15  -----N/A-----     0.32
CYN    City National Corp    Wed, Oct 15  After the Bell    0.94
CCE    Coca-Cola Enterprises Wed, Oct 15  Before the Bell   0.45
CNB    Colonial BancGroup    Wed, Oct 15  -----N/A-----     0.29
CMA    Comerica Incorporated Wed, Oct 15  Before the Bell   0.90
CBH    Commerce Bancorp, Inc Wed, Oct 15  Before the Bell   0.64
DRL    Doral Financial       Wed, Oct 15  After the Bell    1.02
ET     E*TRADE Group, Inc.   Wed, Oct 15  -----N/A-----     0.16
ETH    Ethan Allen Interiors Wed, Oct 15  Before the Bell   0.51
FBAN   F.N.B. Corporation    Wed, Oct 15  After the Bell    0.52
FBF    FleetBoston Finl Corp Wed, Oct 15  Before the Bell   0.61
GD     General Dynamics      Wed, Oct 15  Before the Bell   1.24
GM     General Motors Corp.  Wed, Oct 15  Before the Bell   0.64
GNTX   Gentex                Wed, Oct 15  Before the Bell   0.32
GENZ   Genzyme Corporation   Wed, Oct 15  Before the Bell   0.34
GGG    Graco                 Wed, Oct 15  After the Bell    0.49
GUC    Gucci Group NV        Wed, Oct 15  -----N/A-----     0.37
HDI    Harley-Davidson       Wed, Oct 15  Before the Bell   0.56
HIB    Hibernia Corp.        Wed, Oct 15  Before the Bell   0.44
HMT    Host Marriott         Wed, Oct 15  Before the Bell   0.02
HCBK   Hudson City Bancorp   Wed, Oct 15  -----N/A-----     0.28
HBAN   Huntington Bancshares Wed, Oct 15  Before the Bell   0.37
IBM    Intl Bus Machines     Wed, Oct 15  After the Bell    1.02
IFIN   Invest Finl Serv Corp Wed, Oct 15  Before the Bell   0.34
KMI    Kinder Morgan         Wed, Oct 15  After the Bell    0.76
KFT    Kraft Foods           Wed, Oct 15  After the Bell    0.46
LRCX   Lam Research          Wed, Oct 15  After the Bell    0.03
LEG    Leggett & Platt       Wed, Oct 15  After the Bell    0.28
MOGN   MGI Pharma            Wed, Oct 15  Before the Bell  -0.47
MTG    MGIC Investment Corp. Wed, Oct 15  Before the Bell   1.15
MLNM   Millennium Pharm      Wed, Oct 15  After the Bell   -0.29
MIL    Millipore Corp.       Wed, Oct 15  After the Bell    0.49
MOLX   Molex Inc.            Wed, Oct 15  After the Bell    0.16
MON    Monsanto Company      Wed, Oct 15  Before the Bell   0.23
NCC    National City         Wed, Oct 15  After the Bell    0.58
NFLX   NetFlix.com           Wed, Oct 15  After the Bell    0.10
NTRS   Northern Trust        Wed, Oct 15  -----N/A-----     0.49
PH     Parker Hannifin Corp. Wed, Oct 15  Before the Bell   0.40
PPDI   Pharm Product Develop Wed, Oct 15  After the Bell    0.41
PLT    Plantronics, Inc.     Wed, Oct 15  After the Bell    0.26
PCP    Precision Castparts   Wed, Oct 15  Before the Bell   0.60
PFGI   Provident Financial   Wed, Oct 15  Before the Bell   0.58
QLGC   QLogic                Wed, Oct 15  After the Bell    0.35
RDN    Radian Group          Wed, Oct 15  After the Bell    1.14
RDC    Rowan Companies, Inc. Wed, Oct 15  -----N/A-----     0.16
SNDK   SanDisk Corp.         Wed, Oct 15  After the Bell    0.42
SEBL   Siebel Systems        Wed, Oct 15  After the Bell    0.03
SOTR   SouthTrust            Wed, Oct 15  Before the Bell   0.52
STJ    St. Jude Medical, Inc Wed, Oct 15  -----N/A-----     0.44
SNV    Synovus Financial CorpWed, Oct 15  After the Bell    0.33
SYNT   Syntel, Inc.          Wed, Oct 15  Before the Bell   0.20
TCB    TCF Financial Corp    Wed, Oct 15  Before the Bell   0.51
TFX    Teleflex, Incorp      Wed, Oct 15  After the Bell    0.46
TLAB   Tellabs               Wed, Oct 15  Before the Bell  -0.06
ALL    The Allstate Corp     Wed, Oct 15  After the Bell    0.88
UB     UnionBanCal           Wed, Oct 15  After the Bell    0.94
UIS    Unisys                Wed, Oct 15  Before the Bell   0.17
WB     Wachovia Corporation  Wed, Oct 15  Before the Bell   0.81
WBS    Webster Financial CorpWed, Oct 15  Before the Bell   0.87
WERN   Werner Enterprises    Wed, Oct 15  After the Bell    0.26


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

AMD    Advanced Micro DevicesThu, Oct 16  After the Bell   -0.37
ALFA   Alfa Corporation      Thu, Oct 16  Before the Bell   0.24
MO     Altria Group, Inc.    Thu, Oct 16  Before the Bell   1.21
ABK    Ambac Financial Group Thu, Oct 16  Before the Bell   1.35
ATR    AptarGroup            Thu, Oct 16  After the Bell    0.55
ASBC   Associated Banc-Corp  Thu, Oct 16  -----N/A-----     0.75
AF     Astoria Financial CorpThu, Oct 16  After the Bell    0.59
ATML   Atmel Corporation     Thu, Oct 16  After the Bell   -0.08
ALV    Autoliv               Thu, Oct 16  Before the Bell   0.52
AVID   Avid Technology, Inc. Thu, Oct 16  After the Bell    0.30
AVCT   Avocent Corporation   Thu, Oct 16  Before the Bell   0.28
BXS    BancorpSouth, Inc.    Thu, Oct 16  After the Bell    0.40
BNK    Banknorth Group Inc.  Thu, Oct 16  Before the Bell   0.55
BAX    BAXTER INTL INC       Thu, Oct 16  -----N/A-----     0.47
BGG    Briggs & Stratton CorpThu, Oct 16  Before the Bell  -0.19
BRCM   Broadcom              Thu, Oct 16  After the Bell    0.13
CAT    Caterpillar Inc.      Thu, Oct 16  Before the Bell   0.74
CF     Charter One Financial Thu, Oct 16  After the Bell    0.69
CHZ    Chittenden            Thu, Oct 16  Before the Bell   0.50
CBCF   Citizens Banking      Thu, Oct 16  -----N/A-----     0.47
CNET   CNET Networks         Thu, Oct 16  After the Bell   -0.06
CFBX   Community First Bank  Thu, Oct 16  Before the Bell   0.49
ED     Consolidated Edison   Thu, Oct 16  -----N/A-----     1.22
CAL    Continental Airlines  Thu, Oct 16  Before the Bell   0.38
CTB    Cooper Tire & Rubber  Thu, Oct 16  Before the Bell   0.25
COT    Cott Corporation      Thu, Oct 16  Before the Bell   0.33
CREE   Cree Inc.             Thu, Oct 16  -----N/A-----     0.12
CCK    CROWN HOLDINGS INC    Thu, Oct 16  Before the Bell   0.23
CY     Cypress Semiconductor Thu, Oct 16  Before the Bell   0.06
CYT    Cytec Industries Inc. Thu, Oct 16  After the Bell    0.49
DHR    Danaher               Thu, Oct 16  Before the Bell   0.84
DPH    Delphi                Thu, Oct 16  Before the Bell   0.01
DLX    Deluxe Corporation    Thu, Oct 16  Before the Bell   0.96
DO     DiamOffshore Drilling Thu, Oct 16  Before the Bell  -0.07
DCLK   DoubleClick           Thu, Oct 16  After the Bell    0.03
DOV    Dover Corporation     Thu, Oct 16  After the Bell    0.35
EWBC   East West Bancorp     Thu, Oct 16  Before the Bell   0.60
EBAY   eBay                  Thu, Oct 16  After the Bell    0.18
EMC    EMC Corporation       Thu, Oct 16  Before the Bell   0.04
EFX    Equifax Inc.          Thu, Oct 16  Before the Bell   0.39
FCS    Fairchild Semicon IntlThu, Oct 16  After the Bell    0.01
FNM    Fannie Mae            Thu, Oct 16  Before the Bell   1.75
FMER   FirstMerit            Thu, Oct 16  Before the Bell   0.43
F      Ford Motor Company    Thu, Oct 16  -----N/A-----    -0.13
FO     Fortune Brands        Thu, Oct 16  Before the Bell   0.92
FCX    Frprt-MMR Cper & Gld  Thu, Oct 16  -----N/A-----     0.40
GPC    Genuine Parts         Thu, Oct 16  Before the Bell   0.52
GP     Georgia-Pacific       Thu, Oct 16  Before the Bell   0.58
GPT    GreenPoint Financial  Thu, Oct 16  Before the Bell   1.02
DA     Groupe Danone         Thu, Oct 16  -----N/A-----      N/A
GDT    Guidant               Thu, Oct 16  -----N/A-----     0.56
HSY    Hershey Foods Corp    Thu, Oct 16  Before the Bell   1.13
HON    Honeywell             Thu, Oct 16  Before the Bell   0.40
IEX    Idex                  Thu, Oct 16  Before the Bell   0.49
ITW    Illinois Tool Works   Thu, Oct 16  Before the Bell   0.83
IDTI   Integrated Device TechThu, Oct 16  -----N/A-----    -0.03
IVC    Invacare              Thu, Oct 16  Before the Bell   0.62
IPAS   iPass Inc.            Thu, Oct 16  After the Bell    0.06
ESI    ITT Educational Serv  Thu, Oct 16  Before the Bell   0.32
JKHY   Jack Henry & Ass      Thu, Oct 16  Before the Bell   0.15
KEY    KeyCorp               Thu, Oct 16  Before the Bell   0.52
LEXR   Lexar Media           Thu, Oct 16  After the Bell    0.09
MAN    Manpower              Thu, Oct 16  Before the Bell   0.45
MAT    Mattel                Thu, Oct 16  -----N/A-----     0.60
MYG    Maytag                Thu, Oct 16  Before the Bell   0.57
KRB    MBNA                  Thu, Oct 16  -----N/A-----     0.47
MEG    Media General         Thu, Oct 16  Before the Bell   0.47
MCHP   Microchip Technology  Thu, Oct 16  After the Bell    0.17
MHK    Mohawk Industries, IncThu, Oct 16  After the Bell    1.34
NCF    Natl Comm Finl Corp   Thu, Oct 16  Before the Bell   0.41
NAP    National Processing   Thu, Oct 16  Before the Bell   0.25
NXY    Nexen                 Thu, Oct 16  -----N/A-----     0.67
NXTL   Nextel Communications Thu, Oct 16  Before the Bell   0.32
NOK    Nokia                 Thu, Oct 16  Before the Bell   0.19
NFB    North Fork Bancorp    Thu, Oct 16  Before the Bell   0.63
NWAC   NW Airlines Corp      Thu, Oct 16  Before the Bell  -0.62
ODP    Office Depot Inc.     Thu, Oct 16  Before the Bell   0.28
BTU    Peabody Energy Corp.  Thu, Oct 16  Before the Bell   0.37
PNR    Pentair, Inc.         Thu, Oct 16  Before the Bell   0.75
PBCT   People's Bank         Thu, Oct 16  -----N/A-----     0.23
PMCS   PMC-Sierra, Inc.      Thu, Oct 16  After the Bell   -0.01
PNC    PNC Finl Services Grp Thu, Oct 16  Before the Bell   0.96
PLCM   Polycom Incorporated  Thu, Oct 16  After the Bell    0.09
PUK    Prudential PLC        Thu, Oct 16  Before the Bell    N/A
RMBS   Rambus Inc.           Thu, Oct 16  After the Bell    0.04
RF     Regions Financial     Thu, Oct 16  -----N/A-----     0.73
RHI    Robert Half Intl      Thu, Oct 16  After the Bell    0.02
SWY    Safeway, Inc.         Thu, Oct 16  -----N/A-----     0.47
KS     Samsung Electronics   Thu, Oct 16  After the Bell     N/A
SAP    SAP AG                Thu, Oct 16  Before the Bell   0.20
S      Sears, Roebuck and Co.Thu, Oct 16  Before the Bell   0.81
SEIC   SEI Investments       Thu, Oct 16  Before the Bell   0.34
SIVB   Silicon Valley Bancsh Thu, Oct 16  After the Bell    0.47
SKYF   Sky Financial Group   Thu, Oct 16  Before the Bell   0.45
SLM    SLM Corporation       Thu, Oct 16  Before the Bell   0.47
SYK    Stryker               Thu, Oct 16  After the Bell    0.52
STU    Student Loan          Thu, Oct 16  Before the Bell    N/A
SUNW   Sun Microsystems      Thu, Oct 16  After the Bell   -0.08
TXT    Textron Inc.          Thu, Oct 16  Before the Bell   0.48
KO     The Coca-Cola Company Thu, Oct 16  -----N/A-----     0.52
NYT    The New York Times Co Thu, Oct 16  Before the Bell   0.32
TBL    The Timberland CompanyThu, Oct 16  Before the Bell   1.42
TRB    Tribune               Thu, Oct 16  Before the Bell   0.50
UCBH   UCBH Holdings, Inc.   Thu, Oct 16  -----N/A-----     0.34
UMBF   UMB Financial         Thu, Oct 16  After the Bell    0.62
UPC    Union Planters Corp   Thu, Oct 16  Before the Bell   0.67
UTX    United Technologies   Thu, Oct 16  Before the Bell   1.24
UNH    UnitedHealth Group    Thu, Oct 16  Before the Bell   0.74
VLY    Valley National Banc  Thu, Oct 16  Before the Bell   0.40
WHI    W Holding Company     Thu, Oct 16  -----N/A-----     0.39
GWW    W.W. Grainger         Thu, Oct 16  Before the Bell   0.63
WTNY   Whitney Holding Corp  Thu, Oct 16  Before the Bell   0.59
XLNX   Xilinx, Inc.          Thu, Oct 16  After the Bell    0.15
ZION   Zions Bancorp         Thu, Oct 16  After the Bell    1.04


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

AKZOY  Akzo Nobel N.V.       Fri, Oct 17  -----N/A-----      N/A
ADP    Automatic Data ProcessFri, Oct 17  Before the Bell   0.29
CBSS   Compass Bancshares    Fri, Oct 17  -----N/A-----     0.67
EQT    Equitable Resources   Fri, Oct 17  Before the Bell   0.45
HU     Hudson United Bancorp Fri, Oct 17  After the Bell    0.66
KRI    Knight Ridder         Fri, Oct 17  Before the Bell   0.81
LEA    Lear Corp.            Fri, Oct 17  Before the Bell   1.02
RG     Rogers Communications Fri, Oct 17  Before the Bell    N/A
RCN    Rogers Wireless Comm  Fri, Oct 17  -----N/A-----      N/A
SII    Smith International   Fri, Oct 17  Before the Bell   0.35
SON    Sonoco Products       Fri, Oct 17  Before the Bell   0.32
SUP    Superior Industries   Fri, Oct 17  Before the Bell   0.40
UST    UST Inc.              Fri, Oct 17  Before the Bell   0.74
WL     Wilmington Trust      Fri, Oct 17  Before the Bell   0.51


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

Symbol  Company Name              Ratio    Payable     Executable

TXUI    Texas United Bancshares   3:2      Oct  15th   Oct  16th
CELL    Brightpoint Inc           3:2      Oct  15th   Oct  16th
MPR     Met-Pro Corporation       4:3      Oct  15th   Oct  16th
THFF    First Financial Corp      2:1      Oct  15th   Oct  16th
PCBK    Pacific Continental Corp  4:3      Oct  15th   Oct  16th
ATU     Atuant Corp               2:1      Oct  21st   Oct  22nd

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

Earnings season is upon us and the announcements will be coming
fast and furious for the next few weeks.  Many of the truly big
names will be announcing this week.  We also have a very full
economic calendar starting on Wednesday.


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

----------------
Monday, 10/13/03
----------------
None


-----------------
Tuesday, 10/14/03
-----------------
None


-------------------
Wednesday, 10/15/03
-------------------
Retail Sales (BB)       Sep  Forecast:   -0.2%  Previous:     0.6%
Retail Sales ex-auto(BB)Sep  Forecast:    0.4%  Previous:     0.7%
NY Empire State Indx(BB)Oct  Forecast:    15.0  Previous:     18.4
Fed's Beige Book (DM)


------------------
Thursday, 10/16/03
------------------
Initial Claims  (BB)  10/11  Forecast:     N/A  Previous:     382K
CPI (BB)                Sep  Forecast:    0.3%  Previous:     0.3%
Core CPI (BB)           Sep  Forecast:    0.1%  Previous:     0.1%
Business Inventories(BB)Aug  Forecast:    0.0%  Previous:    -0.1%
Industrial Prodction(DM)Sep  Forecast:    0.4%  Previous:     0.1%
Capacity Utilization(DM)Sep  Forecast:   74.8%  Previous:    74.6%
Philadelphia Fed (DM)   Oct  Forecast:    16.4  Previous:     14.6
Natural Gas Inventories
Wall Street Wireless Industry Conference

----------------
Friday, 10/17/03
----------------
Housing Starts (BB)     Sep  Forecast:  1.834M  Previous:   1.820M
Building Permits (BB)   Sep  Forecast:  1.828M  Previous:   1.886M
Mich Sentiment-Prel.(DM)Oct  Forecast:    88.5  Previous:     87.7
Treasury Budget (DM)    Sep  Forecast:     N/A  Previous:   $42.5B



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

KB      Kookmin Bank               38.15    +1.55
GTK     Gtech Holdings Corp        46.33    +1.24
PHS     Pacificare Hlt Sys B New   54.50    +1.17
LOGI    Logitech Intl (ADR)        35.59    +1.28


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

SAY     Satyam Computer Services   16.08    +1.12
XMSR    XM Satellite Radio Hldgs   19.10    +1.11
WFII    Wireless Facilities        15.09    +1.54
MTSN    Mattson Technology Inc     11.88    +1.10
ITB     Gartner Group CI B         12.44    +1.15


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

CFC     Countrywide Financial      94.0    +8.28
INFY    Infosys Technologies (ADS) 77.56    +5.30
WIT     Wipro Ltd (ADS)            34.85    +2.70
NTAP    Network Appliance Inc      25.15    +1.12
RYAAY   Ryanair Hldgs Plc (ADR)    48.39    +2.16


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

WYE     Wyeth                      45.09    -1.58
CA      Computer Assic Intl Inc    23.50    -2.45
MBT     Mobile Telesys Ojsc (ADS)  82.30    -3.19
MTG     Mgic Investments Corp      53.79    -1.71
WSH     Willis Group Holdings Ltd  31.18    -1.01


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

FCEA    Forest City Enterprise A   43.70    -0.25
TRN     Trinity Industries Inc     25.93    -0.95
MNT     Mentor Corp Minnesota      23.61    -0.26
BPP     Blackrock Pfd Opportunity  24.28    -0.06
XLTC    Excel Technology Inc       25.83    -0.85


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