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Daily Newsletter, Sunday, 10/26/2003

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PremierInvestor.net Newsletter          Weekend Edition 10-26-2003
                                                    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:      Old bear was a bull's best friend
Play-of-the-Day:  Tool Time
Market Sentiment: Whispering October Winds


=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
***************************************************************
        WE 10-24        WE 10-17        WE 10-10        WE 10-03
DOW     9582.46 -139.33 9721.79 + 47.11 9674.68 +102.37 +259.23
Nasdaq  1865.59 - 46.77 1912.36 -  2.95 1915.31 + 34.74 + 88.50
S&P-100  511.25 -  6.87  518.12 +  0.07  518.05 +  2.88 + 15.56
S&P-500 1028.91 - 10.41 1039.32 +  1.26 1038.06 +  8.21 + 33.00
W5000   9983.50 -114.8810098.38 + 13.06 10085.3 + 95.02 +343.82
RUT      506.43 - 13.93  520.36 +  1.30  519.06 +  6.78 + 27.00
TRAN    2827.25 - 20.03 2847.28 + 23.73 2823.55 + 38.70 +121.02
VIX       17.71 +  0.09   17.62 -  0.83   18.45 -  1.05 -  2.73
VXO       18.93 -  0.26   19.19 -  0.05   19.24
VXN       25.45 +  0.12   25.33 -  2.29   27.62 -  1.58 -  1.68
TRIN       1.44            1.59            1.24
Put/Call   0.91            0.64            0.93
WE= Week Ending
=================================================================

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


Old bear was a bull's best friend

A late session rally, which I feel may have been largely
attributed to short covering, had the major indices recouping the
bulk of their session's losses, but still finishing lower as
investors pondered stock valuations and another session largely
driven my corporate earnings.

The negative tone to Friday's trade was put in place Thursday
evening when Microsoft (NASDAQ:MSFT) $26.61 -7.95% told analysts
that it wasn't going to be the 20% annual revenue grower it used
to be, and for some technology bulls those revelations may have
been too much to swallow.

It has been awhile since I've written a market wrap, so I was
reading Jim Brown's wrap from last Sunday.  Imagine the mental
state of bulls this morning after reading that wrap, where Jim
reminded us all about the crash of 1987.

While Jim noted that the "Crash of 87" began on Monday October 9,
1987, the party for the bears didn't reach full swing until the
28th and 29th when the Dow Industrials fell 23.9% in two days.

As I sat at my trading desk today, I had set some program trading
buy/sell premium alerts on my QCharts trading software.  This
isn't something I do on a regular basis, but for those subscriber
that read the Index Trader Wrap at OptionInvestor.com, you will
know that the major indices were flirting with some weekly pivot
matrix support levels, where in recent months, it has been an
observation that the major indices would normally find some
pretty good support, especially after having traded a 52-week
high in a prior week or two.

Today, the buy/sell program premium alerts, which we report in
every morning's 09:00 AM EDT Update, were being triggered at the
sell side as fast as I could reset them.  When I looked at an
intra-day chart of these alerts on 5-minute intervals, I counted
19 sell program alerts and just 2 buy program premium alerts,
where the alerts are created when there is an arbitrage
discrepancy seen between the futures and the cash market.

I want to take note of this in today's trade, as it may come in
handy in the days or weeks to follow.

I was thinking to myself... "gosh, with all these sell program
premium alerts being triggered, how the heck are these markets
hanging in here like they are."  Now some traders may not think
the markets were hanging in there during the bulk of today's
trade, but I think there was one heck of a lot of short covering
taking place today, as short interest continued to build through
the middle of October, as the major indices were still setting
new 52-week highs.

Intra-day SPY and Premium of S&P Futures - 5-min



There were plenty of sell programs in today's session, and with
so many sell programs taking place, its my feeling that some old
bears were using today's weakness to cover some positions after
seeing new 52-week highs again last week.

Should the S&P Depository Receipts (AMEX:SPY) $103.58 +0.22% come
back into the better part of today's range of $103.24-$102.18,
and move QUICKLY or sharply through this range, then my thoughts
that today's buying was largely short covering related may be
correct.  This could be an important observation in coming weeks
as it takes BULLISH buying to keep stocks trending higher.

Yesterday I profiled a bullish trade in the above SPY at $103.40,
with a stop loss at $103.20 and was stopped out almost right at
the bottom of today's trade.  While frustrating, I'll also take
note of this and in coming sessions, if the SPY were to move
quickly through today's range and further below these lows, I'm
going to sense that today's stability was largely attributed to
BEARISH buying, not bullish buying.

Here's a quick look at short interest on the S&P Depository
Receipts (AMEX:SPY).  Last month's data, tallied on the 15th of
each month, show short interest fell for the first time since the
March lows, but showed an increase in the latest month.

If you're a trader, you've probably shorted or bought a put on
some security since the March lows, and may have lost money on
the trade.  There's probably some old bears out there from April,
May, June, July, or even August that may have been doing some
buying.  One way to try determine who is doing the bulk of the
buying, which will hold stocks steady or drive prices higher is
to monitor areas of irregular or heavy institutional activity,
like I think we saw today with a rather large number of program
trading alerts, make a note of the area or range of that
activity, and if the range is traded, try and observe the pace or
how quickly or slowly price moves when the range is retested.

Monthly Short Interest on the SPY



Sometimes it is helpful to see the market as a football game.
One team is the bulls and the other team is the bears.  Then look
at the markets from both sides (bullish and bearish) to determine
who has been winning.  Then, put yourself on the winning team,
which we will show has been the BULLS, but identify a point where
you might want to switch teams and changes of allegiance.

Let's take today's range of the SPY and observations made of
active buy/sell program premium alerts, and see if that
observation may have any significance in the future, but just as
important, see if it might make any historical sense with the
above short interest data.

Just for grins, imagine your short 100,000 shares of SPY, and
established that short position on August 15th.  If you were a
baseball manager, or football coach, aren't you always trying to
figure out what the other team is thinking and what there next
move will be?

S&P Depository Receipts (AMEX:SPY) - Daily Interval



Boom!  Had I been paying more attention to the June 17 and 18
relative highs when I set up the bullish trade in the SPY on
Thursday, with a stop at $102.20, I might have set the stop lower
to $102.10 or just under $102.00.  In horizontal red lines, I've
just extended to the left, Friday's active program trading range.
There is definitely some technical significance at, or just above
the $102.00 level isn't there?

You've heard of "counting cards" haven't you?  If you are caught
counting cards in Vegas, the casino will ask you to leave.

However, counting short interest in the stock market, and trying
to figure out what a bear is doing, especially the SMART ones, is
not illegal, and in trading and investing, all is fair in love
and war.

Starting at the recent 52-week high on October 15, and comparing
that high to the Sept. 18 relative high of $104.70, we get a
rough idea that there is just over 3.2 million shares of short
interest that is profitable.  That's not a lot of profitable
bears at this point when we see from the short interest that
bears have been shorting all the way up the scale since March.
Please note that there is a difference between a SMART bear and a
normal everyday run-of-the-mill bear.

True you are!  At some point, a bear, just like a bull, will be
proven correct.  Going into next weeks trade, I will say that
some bears (those from $104.70-$105.89) will begin to look SMART
if the SPY breaks below $102.00, which would be a break of trend,
but also give those BEARS that were short the SPY dating clear
back to mid-June a chance to cover on further weakness to the
$100.00 level.

If I'm a bull, and I was in the SPY until I got stopped out at
$102.20, I could put myself in the paws of a bear that has been
short the SPY since mid-June, even at the then 52-week high of
$102.17 and perhaps get the sense that on Friday, he/she didn't
care what the heck Microsoft (NASDAQ:MSFT) said about future
earnings has they had the chance to get squared up after seeing a
new 52-week high.  Maybe, MSFT's news will have a negative impact
on the other 499 stocks in the S&P 500 (SPX.X) 1,028.91 -0.47%,
but what if it doesn't?

OK, so we've determined that it may be best to be bullish above
$102.00, but CAUTIOUSLY more bearish below $102.00.

Below SPY=$102.00 (this is roughly equivalent to SPX 1,020) I've
marked two prior relative lows of $99.25-$98.83.  In actuality,
this marks a zone of support, which oddly enough is just below
July 15 and August 15 closing values.  Couldn't we say the REASON
the SPY found both of those relative lows was because SMART
bears, especially those still short on the pullback to $99.25
that had now seen a new 52-week high thought... "gosh darn it!  I
didn't think the SPY would trade a new high when I shorted it at
$102.17 in June, so I'd better cover some of that position around
$100.00, just in case the SPY trades another new high."

Do you sense the point I'm trying to get across?  Until a bear or
even a bull sees a LOWER HIGH and a LOWER LOW, he/she is just as
uncertain about a MARKET'S valuation as any bull is at this
point.  A bearish trader has seen just as many higher and
higher lows as a bullish trader has.  Haven't they?

If simply thinking about the MARKET in this respect, the first
sign of any near-term trouble is a break below $102.00, which
most likely finds support at $98.83-$99.25, and as I learned
today, those levels may be off by a couple of pennies.

It's always nice to sell short a rally than the breakdown, but
where does a bear that does know for fact that the market is
overvalued, look to short at?  Most bears at this point are tired
of guessing, but my best guess would be to look for a bounce back
near, or just above the $104.70 level (SPX = 1,047) and a
reversal back lower, where a mandatory stop of $106.50 might be
placed.  Then and only then, a good trade would be sensed on a
decline back below $102, with a bearish cover target of $100.00.

Below the SPY $98.83 level, I've followed with a red arrow, to
depict increasing weakness.  This would depict a MARKET now
seeing its first relative low after a 52-week high and a
DIVERGENCE of pattern since the March lows.

Since I'm combining tonight's Market Wrap with this weekend's Ask
the analyst column, this would a level where a portfolio of
stocks should be hedged at currently.

I received several questions from subscribers this week that felt
the markets were getting a little top heavy, and were ready for a
reversal, and wondered at what level would a meaningful breakdown
occur.  My best thought would be the equivalent of SPY $96.00, or
S&P 500 (SPX) 960.

In percentage terms, a 10% pullback in a major index is
considered a healthy correction.  If I were to assume the top is
in at $105.89 on the SPY, a 10% pullback would be equivalent to
$95.30 on the SPY, or 953 SPX.

For the tax-sensitive bull, that is hesitant to sell current
holding for capital gains reasons (tax consequences is an
important part of an investors overall plan, but should NEVER be
the ultimate decision making tool for not selling and profiting
from the risk taken), the use of a put option with January
expiration, may be your best strategy.  By purchasing a January
expiration, tax consequences may be pushed into the 2004 tax
year.  So, if you do NOT want to take some profits off the table
today, or a break below SPX 1,020 and option would be to hedge
part of the portfolio with a January put option.

What is the worst thing that happens for a capital gains
sensitive bull that buys a protective put to hedge a portfolio of
stocks?  The market moves higher and your current holding most
likely increases in value by January 2004 expiration.  You sell
your PUT for a loss and you take that loss against capital gains,
and reduce your capital gains tax amount.

Russell-2000 Index (RUT.X) - Daily Interval Chart



Note the upward trend on the RUT.X looking striking similar to
that of the upward trend on the S&P Depository Receipts
(AMEX:SPY) we just looked at.  I carried over Jim's 515 initial
support level from last Sunday's wrap, but added a little twist
to the above chart.

It is this kind of retracement that lead me to the "fitted
retracement technique.  Why in the world would the RUT.X see a
double top at 534.25?  Who picked that level as a selling point.
If I anchored a retracement from the August 7 low and "fit" the
61.8% retracement near the September 29 low, which was 482.13,
then I can perhaps make some sense out of the recent 52-week
high.  It is also notable how nicely the 38.2% retracement came
into play PRIOR to the 52-week high, when the RUT.X pulled into
support.

Conclusion:  The RUT.X should find support near 502.05, if it
doesn't, the RUT.X vulnerable to 61.8% retracement and match the
recent relative low.  Should the RUT.X break much below the 500
level this week, then break of trend that has held since August 7
(the attachment point for trend and retracement), is an alert to
a change in trend.  If RUT.X were to fall to 480-482 level, then
look for resistance right back higher at 518.

Anytime a stock or index breaks an upward trend, be cognizant
that the potential bounce back higher finds that broken support
trend coming into play as resistance.

Dow Industrials ($INDU) Chart - 50-point box



Today's trade in the Dow saw an additional 2-box decline with
MSFT -7.95%, HPQ -2.52% offsetting gains in T +3.91% and SBC
+2.68%.  While 9,500 may be psychological support, more
formidable support found at 9,400.

Gains in AT&T (NYSE:T) $19.91 +3.91% were found after the Wall
Street Journal reported that it and Bell South (NYSE:BLS) $25.83
-0.34% had recently renewed talks of a merger and that a merger
between the two makes strategic sense in the very highly
competitive telecom services industry, where price competition is
high.  AT&T continues to see revenues decline and has cut costs
to the bone.  A merger with price talk of mid-$20 per share may
be best for T shareholders, and allow further cost reductions to
be seen when combined with another bell.  Bell South is said to
have a very strong balance sheet, and can afford to take on debt
to further gain market share and T's coveted long distance
business.  Some say the talk were revived as it looks like
WorldComm will come out of bankruptcy.  The talks between T and
BLS stopped when it was questioned whether WorldComm was going to
survive, if not allowed by the bankruptcy courts.

NASDAQ-Composite (COMPX) Chart - Daily Intervals



The broader NASDAQ found support at its rising 50-day SMA and
PINK trend from the March lows, which I've attached to the August
7 lows.  This PINK trend would be considered significant as it
looks to have provide support for a rebound to new highs on the
late September pullback.  First sign of weakness would be a move
below 1,835 which would then have 1,775 in play as support.

The RED regression channel was a channel I had placed on the
COMPX months ago, that seemed to represent the aggressive bullish
nature of the broader NASDAQ and other major indices.  Only today
do I see that the base of this old trend may have come into play
as resistance at the recent 52-week highs.

This may make some sense in the scope of an early economic
recovery when the markets anticipate and accurately reflect a
growing economy.  However, there is always some "finite second"
when the markets realize a point of perfect price, that fully
reflects true price perfection, then awaits further information
to try and figure out if their is further upside fundamentals,
which are always depicted by the charts.

The markets have been inundated with fundamental data from
corporate earnings this week, and I get the sense from the NASDAQ
chart that it is digesting the plethora of information it has
been given and ready to make a decision.  The trend is higher
from what I can see, but the suspicious 52-week high that found
the base of regression may hint it is time for a rest.

This week, the only economic report (other than a lot of
corporate earnings) was weekly jobless claims, which were in line
with forecast at 386,000.  With all the earnings being released,
the jobless claims data really had little impact, but still
showed some sign of an improving labor market.

While last week was rather void of economic data, next week will
heat up with Monday's report for September existing home sales
forecasted at a 6.3 million unit annual rate and new home sales
forecasted at 1,113K annual rate.  The MARKET seems to be looking
for good numbers from the new homes data as the Dow Jones Home
Construction Index (DJUSHB) 537.39 traded an all-time high on
Thursday.

Then on Tuesday, September durable goods data, October consumer
confidence and the FOMC meeting will intrigue investors.

Most Fed watchers do not expect the Fed to raise rates, and with
Gold still below $400.00, Steve Forbes would agree.

For some thoughts on why the Fed should not raise interest rates
because gold is trading under $400/oz. I wrote an Ask the Analyst
column on Steve Forbes' thoughts, and we back tested these
thoughts as to what the Fed had been doing over the years, where
gold was trading, and wanted to see what the stock market's
reaction was to the Fed's decisions.  Here is the
http://www.optioninvestor.com/ask/ask_083103_1.asp to that
article.

Have a great weekend!

Jeff Bailey


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


Black Decker CP - BDK - close: 46.16  change: +0.34  stop: 43.74

Company Description:
Headquartered in Towson, Md., Black & Decker is a leading global
manufacturer and marketer of power tools and accessories,
hardware and home improvement products, and technology-based
fastening systems.  (Source:  Company Press Release)

Why We Like It:
October 22, BDK reported earnings that showed sales and profit
climbing.  The company raised estimates for the fourth quarter.
The stock surged, leaping above $44.00 and closing just under
$46.00.  As it climbed, it created a P&F bullish triangle
breakout.  It also climbed above the neckline of an inverse H&S
that had been building since early 2002.  The H&S formation
appears somewhat malformed, but the breakout on strong volume
confirms the neckline.  Thursday and Friday, price consolidated
just above historical support/resistance, further confirming the
stock's strength.

RSI and stochastics have moved into territory indicating
overbought conditions, but can stay pinned there for some time in
a strongly trending stock.  MACD lines separate and turn up from
above signal, also confirming strength.  The chart suggests two
entries.  After a period of consolidation, BDK might resume its
climb, and new entries could be found on a move above Friday's
high, also an area of light resistance on the weekly chart.  With
such strong gains to consolidate, it's possible that the
consolidation could involve a pullback, perhaps to the $44.75
level.  A pullback and bounce from above $44.50 would offer an
entry, too.  We expect some resistance near $48.00, but will
target $49.50.

Annotated Chart for BDK:


Picked on Oct 03 at  46.16
Change since picked: +0.00
Earnings Date:    10/22/03 (confirmed)
Average Daily Volume:  824 thousand





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


Whispering October Winds
- J. Brown

Wow!  What a week for the markets.  A week ago Friday many
thought we would have seen Dow 10,000 and NASDAQ 2000 this last
week.  Instead we're left with a bounce from 9500 and 1841,
respectively.  The declines were widespread with Europe and Asia
suffering along with us.  Actually, Japanese NIKKEI has fallen
more than 820 points in the last few days with more than 500 of
that decline in one session.  More than a few traders were
spooked that we would see similar declines in the U.S. markets
but in an amazing show of strength (or manipulation) the $INDU
and COMPX slid lower in a much more orderly fashion.

Of course we shouldn't be too surprised that the markets
witnessed some profit taking this week.  The Q3 earnings season
has pretty much delivered on the promise to turn in strong
earnings growth and investors tend to sell the news.  Hastening
the urge to lock in profits were disappointing earnings and
comments from several major drug companies mid-week and then
MSFT's lackluster report on Thursday.  Throw in some new multi-
year lows for the fear indices (VIX, VXO and VXN) and combine it
with growing valuation concerns and the market pull back looks
down right sedate.

Did you hear it?  This week I heard something that I probably
haven't heard for a couple of years.  That's right, I heard
traders and market pundits talking about companies meeting the
"whisper number".  The whisper number was a staple of bull market
earnings seasons and a force to be reckoned with.  Companies that
have been managing earnings to just meet or beat the estimates
now have even more pressure to deliver and investors' urge to
sell the news on positive reports will only grow stronger.

Speaking of earnings reports there are three Dow components
announcing on Monday.  Those are American Express (AXP),
International Paper (IP) and Procter & Gamble (PG).  They will
certainly set the tone for the DJIA.  Let's hope it's a positive
one and we get a tradable bounce off the 9500 level.


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

Market Averages

DJIA ($INDU)

52-week High:  9850
52-week Low :  7197
Current     :  9582

Moving Averages:
(Simple)

 10-dma: 9721
 50-dma: 9528
200-dma: 8803

S&P 500 ($SPX)

52-week High: 1053
52-week Low :  768
Current     : 1028

Moving Averages:
(Simple)

 10-dma: 1041
 50-dma: 1021
200-dma:  943

Nasdaq-100 ($NDX)

52-week High: 1439
52-week Low :  795
Current     : 1370

Moving Averages:
(Simple)

 10-dma: 1404
 50-dma: 1358
200-dma: 1179


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


Hmm... interesting development in the fear indices on Friday.
The afternoon bounce in the markets had the VXO and VXN rolling
over.  Could we still see another surge higher for stocks?

CBOE Market Volatility Index (VIX) = 17.71 +0.03
CBOE Mkt Volatility old VIX  (VXO) = 18.93 -0.17
Nasdaq Volatility Index (VXN)      = 25.45 -0.64


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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.91        690,948       630,758
Equity Only    0.79        567,785       447,421
OEX            0.93         26,319        24,572
QQQ            2.28         21,291        48,493


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

Bullish Percent Data

           Current   Change   Status
NYSE          72.9    + 0     Bull Confirmed
NASDAQ-100    75.0    + 0     Bear Correction
Dow Indust.   83.3    + 0     Bull Correction
S&P 500       78.6    - 1     Bull Confirmed
S&P 100       78.0    - 1     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-dma: 1.16
10-dma: 1.13
21-dma: 1.09
55-dma: 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    1147      1201
Decliners    1632      1823

New Highs     110        97
New Lows       12        10

Up Volume    559M      520M
Down Vol.   1144M     1376M

Total Vol.  1730M     1942M
M = millions


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

Commitments Of Traders Report: 10/21/03

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

Unfortunately we're still not seeing much change in sentiment
for the Commercials in the big S&P futures.  They remain slightly
net short.  Small traders aren't making many moves either and
they remain net long.


Commercials   Long      Short      Net     % Of OI
09/30/03      395,713   397,577   ( 1,864)   (0.0%)
10/07/03      390,232   402,964   (12,732)   (1.6%)
10/14/03      391,972   410,299   (18,327)   (2.3%)
10/21/03      394,176   411,246   (17,070)   (2.1%)

Most bearish reading of the year: (111,956) -  3/06/02
Most bullish reading of the year:   18,486  -  6/17/03

Small Traders Long      Short      Net     % of OI
09/30/03      144,681    96,801    47,880    19.8%
10/07/03      138,644    88,018    50,626    22.3%
10/14/03      133,940    86,418    47,522    21.6%
10/21/03      136,643    88,290    48,343    21.5%


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

It's the same story here.  Commercials increased their positions
in both longs and shorts but remains slightly net short.  Small
traders trimmed some short positions and opened 30K more long
contracts just in time for the late week weakness.


Commercials   Long      Short      Net     % Of OI
09/30/03      163,828   218,991    (55,163)  (14.4%)
10/07/03      212,273   225,377    (13,104)  ( 3.0%)
10/14/03      221,897   233,066    (11,169)  ( 2.5%)
10/21/03      226,985   236,906    ( 9,921)  ( 2.2%)

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
09/30/03      131,698    65,259    66,439    33.8%
10/07/03      134,990    63,560    71,430    36.0%
10/14/03      161,208    59,213   101,995    46.3%
10/21/03      168,236    56,564   111,672    49.7%


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


NASDAQ-100

Sorry...no big changes for the Commercial traders here either.
They remain net short while the Small Trader remains net long.


Commercials   Long      Short      Net     % of OI
09/30/03       33,571     42,993   ( 9,422) (12.3%)
10/07/03       33,253     40,861   ( 7,608) (10.3%)
10/14/03       34,639     41,880   ( 7,241) ( 9.5%)
10/21/03       36,314     43,305   ( 6,991) ( 8.8%)

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
09/30/03       19,803     9,917     9,886    33.3%
10/07/03       18,182     9,688     8,494    30.5%
10/14/03       16,822     9,046     7,776    30.1%
10/21/03       16,917     9,750     7,167    26.9%

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 one seems willing to make any big bets.  Commercials have
been stuck in the same range for weeks now and remain net long
the DJ futures.  Small traders took some money out of their long
and dumped some of it into shorts but not much.


Commercials   Long      Short      Net     % of OI
09/30/03       16,561     8,932    7,629      31.5%
10/07/03       16,277     9,528    6,749      26.2%
10/14/03       16,595     9,433    7,162      27.5%
10/21/03       16,876     9,037    7,839      30.3%

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
09/30/03        7,578     8,125   (  547)   ( 3.5%)
10/07/03        7,392     7,910   (  518)   ( 3.4%)
10/14/03        6,427     8,495   (2,068)   (13.9%)
10/21/03        5,392     8,842   (3,450)   (23.1%)

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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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.

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Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter          Weekend Edition 10-26-2003
                                                    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 Bearish Plays:     UTEK
  Bearish Play Updates:  FDS
  Closed Bearish Plays:  TTWO

Active Trader (Non-tech)
  New Bullish Plays:     BDK
  Bullish Play Updates:  DISH, IGT
  Bearish Play Updates:  MGAM, MHK
  Closed Bearish Plays:  TYC

High Risk/Reward
  New Bearish Plays:     HLTH
  Bullish Play Updates:  MPS
  Bearish Play Updates:  GILD


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

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

Ultratech Stepper - UTEK - close: 28.23 change: -1.30 stop: 30.75

Company Description:
UTEK develops, manufactures and markets photolithography
equipment designed to reduce the cost of ownership for
manufacturers of integrated circuits, including advanced
packaging processes, photomasks, thin film magnetic recording
devices and micro-machined components,  The company supplies
step-and-repeat systems based on one-to-one (1X) and reduction
optical technology to customers involved in the semiconductor
fabrication process throughout North America, Europe and Asia.

Why we like it:
After battling with the $32 resistance level for nearly a month,
UTEK appears to have finally conceded defeat and it headed
downhill with gusto.  One interesting point about the timing of
this move is that the stock really began to slide on Wednesday,
the day after the company received a follow-on order from
Taiwan's Siliconware Precision Industries, which further
validates UTEK's expertise and leadership in the 300mm solder
bump market.  Apparently fundamental information like that
doesn't matter right now, because the next day, the stock gapped
down below $31 and has been heading sharply lower ever since.
Thursday's session saw the 50-dma (now at $29.76) violated and
the stock is now seriously challenging major support in the
$27.50-28.00 area.

Aggressive traders could look to enter the play near current
levels or even on a failed rebound below the 50-dma.  But the
more prudent approach is likely to wait for a trade at $27.  Note
that the stock found support near $27 in late August before
powering above $30.  Another reason this level is significant is
that a trade at $27 will generate a fresh PnF Sell signal (the
first since last October) and would give an initial bearish price
target of $20.  There's likely to be some support in the $24-25
area, but the real target level will be $22, which is the site of
strong support from July and August.  Set stops initially at
$30.75, which is just above the 10-dma ($30.60) as it prepares to
cross down below the 20-dma ($30.43).

Annotated Chart of UTEK:


Picked on October 26th at $28.23
Change since picked        +0.00
Earnings Date            1/15/04 (unconfirmed)
Average Daily Volume =     409 K



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

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

Factset Research - FDS - close: 42.93  change: -0.65 stop:
45.26*new*

When we introduced this play, we suggested two entries--one on a
bounce-and-rollover and the other on a drop below $43.00.  FDS
offered both this week.  Now that the play has triggered for both
momentum and bounce-and-rollover entries, we're lowering our stop
to $45.26.

The daily chart shows a large H&S formation, but volume did not
expand as we expected as the stock moved through $43.00, the
anticipated neckline level.  After four down days, we wouldn't be
surprised to see a bounce attempt early next week as the stock
perhaps forms a second, truncated right shoulder, as sometimes
happens.  If so, new positions can be entered on rollovers
beneath $45.00. Those considering such entries might watch the
descending trendline on RSI.  That trendline has moved so low
that it's likely that RSI will violate it on any bounce attempt.
Verify that RSI has turned back toward the trendline before
initiating new bearish positions on rollovers.  Also watch volume
patterns to verify that there's no expansion of volume on any
bounce.

We think it's fine to enter at the current level, too.  Momentum
entries can be considered on a break below Friday's low, although
some might want to wait for a break below $42.00.

Annotated Chart for FDS:


Picked on Oct 17 at  43.65
Change since picked: -0.72
Earnings Date:    09/16/03 (confirmed)
Average Daily Volume:  393 thousand




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

  --------------------
  Closed Bearish Plays
  --------------------

Take-Two Interactive - TTWO - cls: 37.18 chg: -0.65 stop: 39.50

Well, it looks like the rebound from Thursday's low was the real
deal, as TTWO held near the $37 level all day on Friday and ended
near its high of the day.  The lack of weakness, even in light of
the broad market weakness throughout the day hints that TTWO is
not heading appreciably lower in the near-term.  We've got a nice
5% gain from our picked price and this seems like a good time to
lock in those gains and deploy the capital in another play.  Use
any weakness early on Monday to effect a more favorable exit.

Picked on October 19th at  $39.34
Change since picked         -2.16
Earnings Date            09/03/03 (confirmed)
Average Daily Volume =       1.08 mln





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

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

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

Black Decker CP - BDK - close: 46.16  change: +0.34  stop: 43.74

Company Description:
Headquartered in Towson, Md., Black & Decker is a leading global
manufacturer and marketer of power tools and accessories,
hardware and home improvement products, and technology-based
fastening systems.  (Source:  Company Press Release)

Why We Like It:
October 22, BDK reported earnings that showed sales and profit
climbing.  The company raised estimates for the fourth quarter.
The stock surged, leaping above $44.00 and closing just under
$46.00.  As it climbed, it created a P&F bullish triangle
breakout.  It also climbed above the neckline of an inverse H&S
that had been building since early 2002.  The H&S formation
appears somewhat malformed, but the breakout on strong volume
confirms the neckline.  Thursday and Friday, price consolidated
just above historical support/resistance, further confirming the
stock's strength.

RSI and stochastics have moved into territory indicating
overbought conditions, but can stay pinned there for some time in
a strongly trending stock.  MACD lines separate and turn up from
above signal, also confirming strength.  The chart suggests two
entries.  After a period of consolidation, BDK might resume its
climb, and new entries could be found on a move above Friday's
high, also an area of light resistance on the weekly chart.  With
such strong gains to consolidate, it's possible that the
consolidation could involve a pullback, perhaps to the $44.75
level.  A pullback and bounce from above $44.50 would offer an
entry, too.  We expect some resistance near $48.00, but will
target $49.50.

Annotated Chart for BDK:


Picked on Oct 03 at  46.16
Change since picked: +0.00
Earnings Date:    10/22/03 (confirmed)
Average Daily Volume:  824 thousand




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

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

EchoStar - DISH - close: 38.82  change: -0.13   stop: 38.10

We had decided that it was time to close this play, but then we
noticed Friday's doji, a possible reversal signal.  That doji
formed just above support that shows up on the weekly chart.  A
further study of the chart demonstrates that DISH bounced from
the 50-dma.  RSI and stochastics are hitting new lows, while
price--so far--remains at a higher low.  If price bounces from
here, that sets up bullish divergence.

That "so far" concerns us, of course.  Neither RSI nor
stochastics has turned up yet, so that possible bullish
divergence remains only a possibility and not a probability.
MACD lines separate and turn down, although from above signal.

In addition, we noticed that DISH climbed strongly into the
close, with the biggest volume spikes of the day occurring as
DISH gained nearly $0.50 into the close.  That action, the bounce
from weekly support and the 50-dma, the close back at the rising
regression channel, and the possible bullish divergence convinced
us to keep the play.  While we've decided to hold onto the play,
we would not suggest new entries until DISH moves back above its
30-dma.

Annotated Chart for DISH:


Picked on Oct 03 at  39.95
Change since picked: -1.13
Earnings Date:    08/13/03 (confirmed)
Average Daily Volume:  2.2 million



----

INTL Game Tech - IGT - close: 31.12 change: +0.05  stop: 28.79

While IGT made little headway the end of the week, we were
gratified to see it maintain support during the broad market
declines.  Friday, IGT even eked out a gain, and it gained on
larger-than-average volume.  The candle was a high-wave candle,
one indicative of indecision, often seen during a consolidation
period.

Although IGT could not hold onto all its gains Friday, it moved
above $31.50 Friday morning, triggering this long play.  Our stop
remains $28.79, but conservative traders might consider raising
the stop to $29.24, just below the rising 21-dma and the top of
the October 13 gap.

Friday's high-wave candle and the indecision it implies indicate
that the stock could dip to support again.  New entries could
still be considered on a pullback and bounce from anywhere above
that 21-dma.  Those preferring a momentum entry might wait for a
move above Friday's high.  Both stochastics and RSI have begun
trending, so they offer little help in gauging market direction
now, as is typical of a trending stock.

Annotated Chart for IGT:


Picked on Oct 03 at  31.00
Change since picked: +0.12
Earnings Date:    11/4/03 (confirmed)
Average Daily Volume:  2.7 million




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

Multimedia Games - MGAM - cls: 34.51 chng: -0.02 stop: 38.00*new*

After the sharp plunge earlier in the week, it only made sense
that MGAM would slow its descent and that's what we have seen
over the past few days as the stock has approached strong support
near $34.  Despite the slower descent though, MGAM is still
falling and the daily chart gives the appearance of a 'b'
distribution pattern.  while we're seeing some support at $34,
the real key will be how MGAM behaves near $33, the top of the
9/24 gap.  A break inside that gap should have the bears
targeting the bottom of the gap at $30.  Should the stock break
down from here, a drop through $33 looks like a viable momentum
entry point, while a failed rebound in the $35.50-36.00 area
would make for a very attractive entry as well.  We can now raise
our stop to $38, which is at the site of the 10-dma ($38.03) and
above Tuesday's intraday high.  With more than two weeks until
earnings, MGAM has plenty of time to both provide us with the
entry point we desire and then achieve our downside target.

Picked on October 22nd at $35.34
Change since picked        -0.83
Earnings Date           11/10/03 (unconfirmed)
Average Daily Volume =     489 K



---

Mohawk Industries - MHK - close: 70.83 change: -0.05 stop: 72.50

This definitely isn't how we were expecting our MHK play to get
started.  Wednesday's drop through the $70 level looked like the
start of a bigger downward move (and it still might be), but the
bulls stepped right up and bought the dip near $69, propelling
the stock back through the key $70 mark on Thursday.  And they
held those gains heading into the weekend.  At this point, it
appears the next test will be a test of resistance and the $72
level looks likely to be the site of the test, with resistance
there, backed up by the 10-dma ($72.31), which is just now
crossing below the 50-dma ($72.44).  A rebound failure below $72
looks good for new entries, although more conservative traders
may want to wait for proof of weakness (a break below $68.60)
before playing.  Maintain stops at $72.50.

Picked on October 22nd at $68.92
Change since picked        +1.91
Earnings Date            1/15/04 (unconfirmed)
Average Daily Volume =     410 K




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

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

TYCO - TYC - close: 21.33 change: 0.08  stop: 20.99

Although TYC traded most of Friday in a tight range from $21.15
to $21.40, well above our stop, it opened at $20.80, hitting our
stop with the first trade.  RSI hooked back up by the end of the
day, but MACD turned down, giving mixed evidence of future
direction.  We noticed that TYC's rise brought the price up
underneath the long-term ascending trendline, but TYC did not
close above that trendline.

If price continues to move up from here, TYC will have maintained
its pattern of higher lows, but the end-of-week trading pattern
seemed to reestablish $21.50 as resistance, so it's unclear
whether TYC can continue to climb.

Picked on Sep 21 at  21.90
Change since picked: -0.57
Earnings Date:    11/04/03 (confirmed)
Average Daily Volume:    8 million




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

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

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

WebMD Corp - HLTH - close: 7.76  change: -0.03  stop: 9.51

On volume that was only slightly over a third of average daily
volume, HLTH slipped lower inside its descending regression
channel on Friday.  While we're glad to see that the midline of
that channel continues to provide resistance, we're frankly
puzzled to see those small-bodied candles.  We expected HLTH to
follow its usual pattern, with a steep decline once it had fallen
through important support.  The $7.90-8.25 zone looked like
important support to us, yet HLTH held up relatively well as the
markets turned down last week.  A study of the HMO.X, the Morgan
Stanley Healthcare Index, and the $INX.X, the CBOE Internet
Index, shows one possible contributing factor.  The INX.X
steadied in Friday's trading and the HMO.X climbed, perhaps
hinting at some rotation into healthcare-related stocks during
Friday's market decline.

RSI has flattened and so has MACD.  That sets up the possibility
for bullish divergence--declining price while oscillators hold
steady.  Because of that possibility, we wonder if HLTH might not
attempt a bounce toward the top of its descending channel again.
If so, a bounce and rollover under $8.50 looks appropriate for
new entries.

Annotated Chart for HLTH:


Picked on Oct 17 at  $7.93
Change since picked: -0.17
Earnings Date:    11/06/03 (confirmed)
Average Daily Volume:  4.9 million





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

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

MPS Group INC. - MPS - close: 10.32 change: -0.10  stop: 9.49

Friday, the National Association of Computer Consultant Business
conference ended, with MPS unit Beeline having participated in
that conference.  Another MPS unit, Idea Integration(R),
announced its intention to exhibit at the webMethods(R)
Integration World 2003 conference October 28-30. Friday, MPS
announced that Special Counsel(R), its legal staffing and
solutions unit, acquired LawCorps(R) in August.

Despite all these efforts, MPS fell on stronger-than-average
volume Friday.  A study of the intraday chart shows that volume
spikes occurred on up volume rather than down volume, however, so
that the end-of-day volume/price correlation appears somewhat
misleading.

MPS spent the week consolidating above $10.00 without ever
dipping to the grouped averages, as we thought might happen.  We
were pleased to see it display that strength during the end-of-
week weakness.  Now oscillators and Friday's trading pattern give
mixed evidence of near-term direction.  RSI turns down, but
stochastics hook upward.  MACD flattens, and the stock printed an
inside-day candle or a harami.

Since that inside day printed in the upper half of Thursday's
candle, the presumption might be that the breakout will be to the
upside, but if MPS instead declines, the stock might yet retest
those rising averages now grouped near $9.90.  Those who like to
play inside-day moves might consider new entries on a break above
$10.50.  If MPS instead declines, new entries might be found on a
pullback and bounce from above $9.90.

We're keeping our stop at $9.49, but conservative traders might
consider raising it just under the 50-dma, in pink on the chart.

Annotated Chart for MPS:


Picked on Oct 15 at $10.40
Change since picked: -0.08
Earnings Date:    10/28/03 (confirmed)
Average Daily Volume:  466 thousand




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

Gilead Sciences - GILD - close: 58.41 change: +0.46 stop: 60.51

Last week's gyrations in the Biotechnology sector (BTK.X)
certainly provide us with a hard-to-read technical picture in
GILD.  The chart pattern still looks bearish with a pattern of
lower highs and lower lows, but we are definitely seeing an
attempt to prop the stock up near $57, at the bottom of the early
October gap.  With the 10-dma ($59.22), 20-dma ($58.81) and the
30-dma ($59.04) all converging near the $59 level and solid
resistance near $59.50, we could be looking at a serious battle
there early next week.  A rollover from below $60 can be used for
new entry points into the play.  At this point, we'd shy away
from taking breakdown entries, as each new intraday low seems to
be finding solid buying interest.  Not only that, but the lower
Bollinger band is rising to meet price and should intersect the
$57 level early next week.  Better to enter on failed rallies for
now.  Of course, the other factor we have to deal with is the
approach of earnings, as GILD is set to release its quarterly
results on Tuesday after the close.  While we're keeping the play
open over the weekend in hopes of one more drop, only the most
aggressive traders should be considering new entries.  Regardless
of price action, we'll be dropping the play no later than Tuesday
night, so make sure to exit any open positions before then.

Picked on October 15th at  $59.58
Change since picked:        -1.17
Earnings Date:           10/28/03 (confirmed)
Average Daily Volume:    3.58 mln





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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 10-26-2003
                                                    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 27th, 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 27th
=========================================


Symbol  Company               Date           Comment      EPS Est

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

ADVP   AdvancePCS            Mon, Oct 27  After the Bell    0.52
AIN    Albany International  Mon, Oct 27  Before the Bell   0.48
AFC    Allmerica Financial   Mon, Oct 27  After the Bell    0.43
AXP    American Express Co   Mon, Oct 27  -----N/A-----     0.58
AMKR   Amkor Technology, Inc Mon, Oct 27  After the Bell    0.01
BOH    Bank of Hawaii Corp   Mon, Oct 27  Before the Bell   0.56
ABX    Barrick Gold          Mon, Oct 27  -----N/A-----     0.06
BWA    BorgWarner, Inc.      Mon, Oct 27  -----N/A-----     1.28
CSE    CAPITALSOURCE INC     Mon, Oct 27  After the Bell    0.15
CB     Chubb Corp            Mon, Oct 27  After the Bell    1.25
CUZ    Cousins Prop Incorp   Mon, Oct 27  After the Bell    0.44
DNB    D&B                   Mon, Oct 27  After the Bell    0.53
FCNCA  First Citizens BancSh Mon, Oct 27  -----N/A-----      N/A
FTI    Fmc Technologies, Inc Mon, Oct 27  After the Bell    0.28
GGP    General Growth Prop   Mon, Oct 27  -----N/A-----     1.65
HMY    Harmony Gold Mining   Mon, Oct 27  Before the Bell   0.07
HE     Hawaiian Electric     Mon, Oct 27  -----N/A-----     0.82
HUM    Humana Inc.           Mon, Oct 27  Before the Bell   0.38
IKN    Ikon Office Solutions Mon, Oct 27  Before the Bell   0.16
IP     International Paper   Mon, Oct 27  Before the Bell   0.25
JP     Jefferson-Pilot       Mon, Oct 27  After the Bell    0.89
LIHRY  LIHIR GOLD LTD        Mon, Oct 27  -----N/A-----      N/A
MXICY  Macronix Intl         Mon, Oct 27  -----N/A-----      N/A
WFR    MEMC Elec Materials   Mon, Oct 27  -----N/A-----     0.12
NU     Northeast Utilities   Mon, Oct 27  Before the Bell   0.27
IX     Orix Corp             Mon, Oct 27  -----N/A-----      N/A
PG     Procter & Gamble Co   Mon, Oct 27  Before the Bell   1.25
PTZ    Pulitzer Inc.         Mon, Oct 27  Before the Bell   0.46
QGENF  Qiagen N.V.           Mon, Oct 27  During the Market 0.08
RCII   Rent-A-Center         Mon, Oct 27  After the Bell    0.57
RCL    Ryl Caribbean Cruises Mon, Oct 27  Before the Bell   0.98
SAFC   Safeco Corp.          Mon, Oct 27  Before the Bell  -0.18
SHR    Schering AG           Mon, Oct 27  Before the Bell    N/A
SINA   SINA CORP             Mon, Oct 27  After the Bell    0.19
SPF    Standard Pacific Corp Mon, Oct 27  Before the Bell   1.48
STO    Statoil ASA           Mon, Oct 27  Before the Bell    N/A
SYY    SYSCO Corp            Mon, Oct 27  Before the Bell   0.31
TCP    Telesp Celular Part   Mon, Oct 27  -----N/A-----     0.01
TIN    Temple-Inland, Inc.   Mon, Oct 27  After the Bell    0.19
TP     TPG NV                Mon, Oct 27  -----N/A-----     0.24
TRI    Triad Hospitals, Inc  Mon, Oct 27  Before the Bell   0.46
UDR    United Dom Realty Tr  Mon, Oct 27  After the Bell    0.38
VTR    Ventas                Mon, Oct 27  After the Bell    0.39
VMC    Vulcan Materials      Mon, Oct 27  After the Bell    0.89
BER    W.R. Berkley          Mon, Oct 27  After the Bell    0.80
WRI    Weingarten Realty Inv Mon, Oct 27  Before the Bell   0.86
WLP    WellPoint Health Net  Mon, Oct 27  After the Bell    1.45


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

ABB    ABB                   Tue, Oct 28  Before the Bell    N/A
ACE    ACE LTD               Tue, Oct 28  After the Bell    1.02
ATE    Advantest Corp        Tue, Oct 28  -----N/A-----      N/A
APD    Air Products & Chem   Tue, Oct 28  Before the Bell   0.59
AMI    ALARIS Medical, Inc.  Tue, Oct 28  Before the Bell   0.12
ALD    Allied Capital Corp   Tue, Oct 28  Before the Bell   0.52
AW     Allied Waste Ind      Tue, Oct 28  After the Bell    0.17
AMB    AMB Property Corp     Tue, Oct 28  After the Bell    0.50
ARI    Arden Realty Inc      Tue, Oct 28  After the Bell    0.63
AVP    Avon Products Inc.    Tue, Oct 28  Before the Bell   0.54
BLL    Ball Corp             Tue, Oct 28  Before the Bell   1.28
STD    Bnco Sntndr Cntrl HispTue, Oct 28  Before the Bell    N/A
BHP    BHP Billiton Ltd      Tue, Oct 28  After the Bell    0.16
BGEN   Biogen, Inc.          Tue, Oct 28  Before the Bell   0.43
BP     Bp PLC                Tue, Oct 28  Before the Bell   0.83
BTI    British Am Tobacco    Tue, Oct 28  Before the Bell   0.62
BPO    BROOKFIELD PPTYS CORP Tue, Oct 28  After the Bell    0.55
CCJ    Cameco                Tue, Oct 28  -----N/A-----      N/A
CMX    CareMark Rx, Inc.     Tue, Oct 28  Before the Bell   0.28
CINF   Cincinnati Finl Corp  Tue, Oct 28  -----N/A-----     0.50
BVN    Comp Minas Buenavent  Tue, Oct 28  -----N/A-----     0.80
CNX    CONSOL Energy         Tue, Oct 28  Before the Bell   0.03
CAM    Cooper Cameron        Tue, Oct 28  Before the Bell   0.53
COX    Cox Communications    Tue, Oct 28  Before the Bell   0.04
CCI    Crown Castle Intl     Tue, Oct 28  After the Bell   -0.30
CUM    Cummins Inc.          Tue, Oct 28  Before the Bell   0.67
RDY    Dr. Reddy's Labs      Tue, Oct 28  Before the Bell    N/A
EDMC   Education Mgmnt Corp  Tue, Oct 28  After the Bell    0.10
ECA    EnCana Corp           Tue, Oct 28  -----N/A-----     0.68
EOP    Equity Office Prop    Tue, Oct 28  Before the Bell   0.70
ESA    Extended Stay America Tue, Oct 28  After the Bell    0.20
FLR    Fluor Corp            Tue, Oct 28  After the Bell    0.56
FBR    Fredmn Bill, Rmsy Grp Tue, Oct 28  After the Bell    0.40
GILD   Gilead Sciences       Tue, Oct 28  After the Bell    0.35
HMC    Honda Motor Co. Ltd.  Tue, Oct 28  Before the Bell   0.54
HGSI   Human Genome Sciences Tue, Oct 28  Before the Bell  -0.42
IRF    Intl Rectifier        Tue, Oct 28  After the Bell    0.28
JNY    Jones Apparel Group   Tue, Oct 28  Before the Bell   0.68
KG     King Pharmaceuticals  Tue, Oct 28  Before the Bell   0.41
KRON   Kronos Incorporated   Tue, Oct 28  After the Bell    0.55
LMT    Lockheed Martin       Tue, Oct 28  Before the Bell   0.58
LUX    Luxottica Group       Tue, Oct 28  -----N/A-----      N/A
MFC    Manulife Finl Corp    Tue, Oct 28  During the Market 0.54
MC     Matsushita Elec Ind   Tue, Oct 28  Before the Bell    N/A
MXIM   Mxm Integrated Prod   Tue, Oct 28  After the Bell    0.25
MNT    Mentor                Tue, Oct 28  After the Bell    0.29
MGM    Metro-Goldwyn-Mayer   Tue, Oct 28  -----N/A-----    -0.15
MNST   Monster Worldwide     Tue, Oct 28  After the Bell    0.11
MRH    Montpelier Re Holding Tue, Oct 28  After the Bell    0.88
MCO    Moody's Corp          Tue, Oct 28  After the Bell    0.51
MPS    MPS Group             Tue, Oct 28  Before the Bell   0.06
MUR    Murphy Oil Corp       Tue, Oct 28  After the Bell    0.65
NOI    National Oilwell      Tue, Oct 28  Before the Bell   0.27
NTES   Netease.com Inc       Tue, Oct 28  -----N/A-----     0.32
ORLY   O'Reilly Automotive   Tue, Oct 28  After the Bell    0.54
OMC    Omnicom Group         Tue, Oct 28  Before the Bell   0.71
OSK    Oshkosh Truck         Tue, Oct 28  -----N/A-----     0.59
OHP    Oxford Health Plans   Tue, Oct 28  Before the Bell   1.15
PY     Pechiney              Tue, Oct 28  -----N/A-----     0.24
PFGC   PERFORMANCE FOOD GROUPTue, Oct 28  Before the Bell   0.46
PAA    Plains All Am PipelineTue, Oct 28  Before the Bell   0.38
PCO    Premcor Inc.          Tue, Oct 28  Before the Bell   0.77
RHD    R.H. Donnelley Corp   Tue, Oct 28  After the Bell    0.66
RJR    R.J. Reynolds Tobacco Tue, Oct 28  Before the Bell   0.92
RNWK   RealNetworks          Tue, Oct 28  After the Bell   -0.02
RGS    Regis Corp            Tue, Oct 28  Before the Bell   0.53
RCI    Renal Care Group, Inc.Tue, Oct 28  After the Bell    0.53
RMD    ResMed Inc.           Tue, Oct 28  After the Bell    0.36
SHW    Sherwin-Williams      Tue, Oct 28  Before the Bell   0.78
SAH    Sonic Automotive      Tue, Oct 28  Before the Bell   0.81
SPW    SPX                   Tue, Oct 28  -----N/A-----     0.95
STTS   ST Assembly Test Serv Tue, Oct 28  After the Bell    0.00
SLF    Sun Life Financial    Tue, Oct 28  -----N/A-----     0.46
SY     Sybase                Tue, Oct 28  Before the Bell   0.25
TPP    Teppco                Tue, Oct 28  After the Bell    0.37
EL     Estie Lauder Comp Inc Tue, Oct 28  Before the Bell   0.32
RSE    The Rouse Co          Tue, Oct 28  -----N/A-----     0.93
TWTC   Time Warner Telecom   Tue, Oct 28  -----N/A-----    -0.26
TRP    TransCanada Corp      Tue, Oct 28  -----N/A-----      N/A
RIG    Transocean Inc.       Tue, Oct 28  Before the Bell   0.06
TSM    TSMC                  Tue, Oct 28  -----N/A-----     0.10
X      United States Steel   Tue, Oct 28  Before the Bell  -0.07
UVV    Universal Corp        Tue, Oct 28  -----N/A-----      N/A
VCI    Valassis Comm         Tue, Oct 28  Before the Bell   0.52
VAR    Varian Medical SystemsTue, Oct 28  After the Bell    0.59
VZ     Verizon               Tue, Oct 28  Before the Bell   0.62
WPC    W. P. Carey & Co. LLC Tue, Oct 28  Before the Bell   0.68
WDR    Waddell & Reed Finl   Tue, Oct 28  Before the Bell   0.30


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

AAP    Advance Auto Parts    Wed, Oct 29  After the Bell    1.22
AEM    Agnico-Eagle Mines LtdWed, Oct 29  After the Bell    0.02
ARG    Airgas                Wed, Oct 29  After the Bell    0.28
AHC    Amerada Hess          Wed, Oct 29  Before the Bell   1.30
AHM    Amersham              Wed, Oct 29  -----N/A-----      N/A
ANT    Anteon Intl Corp      Wed, Oct 29  Before the Bell   0.30
ATH    Anthem, Inc.          Wed, Oct 29  Before the Bell   1.33
APPB   Applebee's Intl       Wed, Oct 29  After the Bell    0.43
BLDP   Ballard Power Systems Wed, Oct 29  -----N/A-----    -0.29
BCE    BCE                   Wed, Oct 29  -----N/A-----     0.47
CBL    CBL & Associates Prop Wed, Oct 29  After the Bell    1.14
CRL    Charles River Labs    Wed, Oct 29  After the Bell    0.40
CHIR   Chiron                Wed, Oct 29  -----N/A-----     0.53
COP    ConocoPhillips        Wed, Oct 29  Before the Bell   1.59
COCO   Corinthian Colleges   Wed, Oct 29  Before the Bell   0.37
TEU    CP Ships              Wed, Oct 29  Before the Bell   0.35
CVS    CVS Corp              Wed, Oct 29  Before the Bell   0.46
DRE    Duke Realty Corp      Wed, Oct 29  After the Bell    0.62
EDS    Electronic Data Sys   Wed, Oct 29  After the Bell    0.32
EGN    Energen               Wed, Oct 29  -----N/A-----     0.24
EQY    Equity One            Wed, Oct 29  After the Bell    0.37
ERIE   Erie Indemnity        Wed, Oct 29  After the Bell    0.74
ESS    Essex Property Trust  Wed, Oct 29  After the Bell    1.08
ESRX   Express Scripts, Inc. Wed, Oct 29  After the Bell    0.81
FSH    Fisher Scientific IntlWed, Oct 29  After the Bell    0.62
FMT    Fremont General       Wed, Oct 29  Before the Bell    N/A
GRMN   Garmin Ltd.           Wed, Oct 29  Before the Bell   0.36
GEMP   Gemplus International Wed, Oct 29  -----N/A-----    -0.10
GGB    Gerdau S.A.           Wed, Oct 29  -----N/A-----     0.85
HAL    Halliburton Co        Wed, Oct 29  Before the Bell   0.28
HTV    Hearst-Argyle TV, Inc Wed, Oct 29  Before the Bell   0.20
HIT    Hitachi Limited       Wed, Oct 29  -----N/A-----      N/A
IMDC   INAMED                Wed, Oct 29  After the Bell    0.58
INGR   Intergraph            Wed, Oct 29  After the Bell    0.07
IRM    Iron Mountain Incorp  Wed, Oct 29  Before the Bell   0.18
JNS    Janus Capital Group   Wed, Oct 29  Before the Bell   0.26
KMT    Kennametal Inc.       Wed, Oct 29  Before the Bell   0.34
KMG    Kerr-McGee            Wed, Oct 29  Before the Bell   0.73
KEG    Key Energy Services   Wed, Oct 29  Before the Bell   0.08
LNC    Lincoln National      Wed, Oct 29  After the Bell    0.79
MKL    MARKEL CORP           Wed, Oct 29  -----N/A-----     0.26
MDP    Meredith Corp         Wed, Oct 29  Before the Bell   0.38
MX     Metso Corp            Wed, Oct 29  -----N/A-----      N/A
MWI    Moore Wallace Incorp  Wed, Oct 29  After the Bell    0.22
MYL    Mylan Laboratories    Wed, Oct 29  After the Bell    0.27
NBR    Nabors Industries     Wed, Oct 29  -----N/A-----     0.32
NSCN   NetScreen Tech        Wed, Oct 29  After the Bell    0.13
NEM    Newmont Mining Corp   Wed, Oct 29  After the Bell    0.24
NIHD   NII Holdings          Wed, Oct 29  Before the Bell   1.23
NBL    Noble Energy, Inc.    Wed, Oct 29  Before the Bell   0.49
NSC    Norfolk Southern Corp Wed, Oct 29  Before the Bell   0.34
NOC    Northrop Grumman      Wed, Oct 29  Before the Bell   1.01
NVO    Novo-Nordisk          Wed, Oct 29  -----N/A-----      N/A
PTNR   Partner CommunicationsWed, Oct 29  Before the Bell    N/A
POG    Patina Oil & Gas      Wed, Oct 29  After the Bell    0.66
PTEN   Patterson-UTI Energy  Wed, Oct 29  Before the Bell   0.18
PD     Phelps Dodge          Wed, Oct 29  -----N/A-----     0.06
PDG    Placer Dome           Wed, Oct 29  After the Bell    0.09
PX     Praxair Inc           Wed, Oct 29  Before the Bell   0.90
PVN    Providian Finl Corp   Wed, Oct 29  After the Bell    0.21
STR    Questar.com           Wed, Oct 29  After the Bell    0.33
ROH    Rohm and Haas Co      Wed, Oct 29  -----N/A-----     0.43
SEM    Select Medical Corp   Wed, Oct 29  After the Bell    0.31
SILI   Siliconix             Wed, Oct 29  Before the Bell   0.39
SIRI   Sirius Sat Radio      Wed, Oct 29  Before the Bell  -0.11
SSCC   Smurfit-Stone Cont    Wed, Oct 29  Before the Bell  -0.04
SUG    Southern Union Co     Wed, Oct 29  -----N/A-----    -0.18
TDK    TDK                   Wed, Oct 29  -----N/A-----      N/A
TLSN   TeliaSonera AB        Wed, Oct 29  -----N/A-----      N/A
BA     The Boeing Co         Wed, Oct 29  Before the Bell   0.28
UN     Unilever N.V.         Wed, Oct 29  Before the Bell   1.21
UL     Unilever PLC          Wed, Oct 29  Before the Bell   0.73
UMC    United Microelec Corp Wed, Oct 29  Before the Bell   0.02
VLI    Valero L.P.           Wed, Oct 29  Before the Bell   0.80
VSH    Vishay IntertechnologyWed, Oct 29  Before the Bell   0.09
WON    Westwood One          Wed, Oct 29  Before the Bell   0.26
XL     XL Capital Ltd        Wed, Oct 29  After the Bell    1.01


------------------------- THUSDAY -----------------------------

SE     7-Eleven              Thu, Oct 23  Before the Bell   0.31
ASX    Advanced Semi Engin   Thu, Oct 30  Before the Bell   0.03
AES    AES Corp              Thu, Oct 30  Before the Bell   0.12
AET    Aetna Inc.            Thu, Oct 30  Before the Bell   1.22
ATG    AGL Resources         Thu, Oct 30  Before the Bell   0.22
AGU    Agrium, Inc.          Thu, Oct 30  After the Bell    0.09
ALA    Alcatel               Thu, Oct 30  -----N/A-----    -0.01
AC     Alliance Cap Mgmt     Thu, Oct 30  -----N/A-----     0.53
LNT    Alliant Energy        Thu, Oct 30  Before the Bell   0.63
ATK    Alliant Techsystems   Thu, Oct 30  Before the Bell   0.83
AXL    Am Axle & Manu        Thu, Oct 30  Before the Bell   0.69
APCC   Am Power Conversion   Thu, Oct 30  After the Bell    0.21
AMT    American Tower Corp.  Thu, Oct 30  Before the Bell  -0.20
ASL    ASHANTI GOLDFIELDS LTDThu, Oct 30  Before the Bell   0.10
AN     AutoNation            Thu, Oct 30  Before the Bell   0.36
AVE    Aventis               Thu, Oct 30  -----N/A-----     0.87
AVT    Avnet                 Thu, Oct 30  -----N/A-----     0.09
SAN    Banco Santander-Chile Thu, Oct 30  -----N/A-----     0.42
BOL    Bausch & Lomb         Thu, Oct 30  Before the Bell   0.58
BEC    Beckman Coulter       Thu, Oct 30  Before the Bell   0.61
BVF    Biovail Corp          Thu, Oct 30  Before the Bell   0.39
BKH    Black Hills Corp      Thu, Oct 30  -----N/A-----     0.59
BMC    BMC Software          Thu, Oct 30  Before the Bell   0.05
BOW    Bowater Incorporated  Thu, Oct 30  Before the Bell  -0.88
BG     BUNGE LIMITED         Thu, Oct 30  Before the Bell   0.76
CP     Canadian Pac Railway  Thu, Oct 30  Before the Bell   0.45
CAJ    Canon                 Thu, Oct 30  Before the Bell   N/A0
CZ     Celanese AG           Thu, Oct 30  Before the Bell   0.65
CTL    CenturyTel, Inc.      Thu, Oct 30  Before the Bell   0.59
CHK    Chesapeake Energy CorpThu, Oct 30  After the Bell    0.30
CBI    Chicago Bridge & Iron Thu, Oct 30  Before the Bell   0.36
CBB    Cincinnati Bell Inc.  Thu, Oct 30  Before the Bell   0.09
CMCSA  Comcast Corp          Thu, Oct 30  Before the Bell   0.00
CFB    Commercial Federal    Thu, Oct 30  Before the Bell   0.50
CNXT   Conexant Systems Inc. Thu, Oct 30  After the Bell    0.01
CEG   Constellation NRG Grp  Thu, Oct 30  Before the Bell   1.15
CVH    Coventry Health Care  Thu, Oct 30  Before the Bell   1.06
DADE   Dade Behring          Thu, Oct 30  After the Bell    0.24
DB     Deutsche Bank         Thu, Oct 30  Before the Bell    N/A
DDR    DEVELOP DVRSFED RLTY  Thu, Oct 30  After the Bell    0.59
DTC    Domtar Inc.           Thu, Oct 30  Before the Bell    N/A
DUK    Duke Energy Corp      Thu, Oct 30  Before the Bell   0.37
DYN    Dynegy Inc.           Thu, Oct 30  Before the Bell   0.09
ENB    Enbridge Inc.         Thu, Oct 30  After the Bell     N/A
ERICY  Ericsson LM Telephone Thu, Oct 30  -----N/A-----    -0.18
EVG    Evergreen Resources   Thu, Oct 30  -----N/A-----     0.42
XOM    ExxonMobil Corp       Thu, Oct 30  -----N/A-----     0.62
GPRO   Gen-Probe             Thu, Oct 30  After the Bell    0.14
GFI    Gold Fields Limited   Thu, Oct 30  -----N/A-----     0.10
HR     Healthcare Realty TrstThu, Oct 30  After the Bell    0.69
HPC    Hercules              Thu, Oct 30  Before the Bell   0.23
HIW    Highwoods Properties  Thu, Oct 30  After the Bell    0.64
ICI    Imperial Chemical Ind Thu, Oct 30  Before the Bell   0.36
IM     Ingram Micro          Thu, Oct 30  -----N/A-----     0.16
IVX    Ivax                  Thu, Oct 30  Before the Bell   0.16
JEC    Jacobs Engineering GrpThu, Oct 30  Before the Bell   0.60
JHF    John Hancock FinancialThu, Oct 30  After the Bell    0.76
LAF    Lafarge North America Thu, Oct 30  After the Bell    2.06
LANC   Lancaster Colony Corp Thu, Oct 30  Before the Bell   0.61
TVL    LIN TV Corp.          Thu, Oct 30  Before the Bell   0.14
LIZ    Liz Claiborne         Thu, Oct 30  Before the Bell   0.87
MLM    Martin Marietta Mat   Thu, Oct 30  Before the Bell   0.90
MTD    Mettler-Toledo Intl   Thu, Oct 30  After the Bell    0.52
NXL    New Plan Excl Rtl TrstThu, Oct 30  Before the Bell   0.47
NWL    Newell Rubbermaid     Thu, Oct 30  Before the Bell   0.41
NFX    Newfield Exploration  Thu, Oct 30  Before the Bell   0.92
GAS    Nicor Inc.            Thu, Oct 30  After the Bell    0.28
ORH    Odyssey Re Holdings   Thu, Oct 30  After the Bell    0.43
OCR    Omnicare              Thu, Oct 30  Before the Bell   0.53
OKE    ONEOK Inc.            Thu, Oct 30  After the Bell   -0.18
PNP    Pan Pacific Rtl Prop  Thu, Oct 30  Before the Bell   0.81
PNRA   Panera Bread          Thu, Oct 30  Before the Bell   0.23
PCZ    Petro-Canada          Thu, Oct 30  -----N/A-----     1.04
PIO    Pioneer Corp          Thu, Oct 30  -----N/A-----      N/A
PXD    Pioneer Natural Res CoThu, Oct 30  Before the Bell   0.56
PNM    PNM Resources         Thu, Oct 30  After the Bell    0.67
PT     Portugal Telecom SGPS Thu, Oct 30  Before the Bell    N/A
PDS    Precision Drilling    Thu, Oct 30  -----N/A-----     0.51
PDE    Pride International   Thu, Oct 30  After the Bell    0.16
PL     Protective Life Corp  Thu, Oct 30  Before the Bell   0.69
PFS    Provident Finl Serv   Thu, Oct 30  After the Bell    0.16
RDA    READERS DIGEST ASSN   Thu, Oct 30  Before the Bell  -0.12
O      Realty Income Corp    Thu, Oct 30  -----N/A-----     0.72
SEPR   Sepracor              Thu, Oct 30  -----N/A-----    -0.61
SPIL   SILICONWARE PRECISION Thu, Oct 30  -----N/A-----     0.05
SPG    Simon Property Group  Thu, Oct 30  -----N/A-----     0.98
SWKS   Skyworks              Thu, Oct 30  After the Bell   -0.08
HOT    Starwood Hotels ResortThu, Oct 30  Before the Bell   0.20
STN    Station Casinos       Thu, Oct 30  -----N/A-----     0.35
SRCL   Stericycle            Thu, Oct 30  -----N/A-----     0.36
SU     Suncor Energy         Thu, Oct 30  Before the Bell   0.39
TARO   Taro Pharmaceutical   Thu, Oct 30  Before the Bell   0.52
TNE    Tele Norte Leste Prtc Thu, Oct 30  Before the Bell   0.10
TELN  Telenor ASA            Thu, Oct 30  -----N/A-----      N/A
BCO    The Brink's Co        Thu, Oct 30  Before the Bell   0.24
SMG    The Scotts Co         Thu, Oct 30  Before the Bell   0.03
SPC    The St. Paul CompaniesThu, Oct 30  Before the Bell   0.92
TOC    The Thomson Corp      Thu, Oct 30  -----N/A-----     0.40
TKC    Trkcl Iletsim Hizmetl Thu, Oct 30  -----N/A-----      N/A
UNTD   United Online Inc.    Thu, Oct 30  Before the Bell   0.22
UCL    Unocal                Thu, Oct 30  Before the Bell   0.68
VLO    Valero Energy Corp.   Thu, Oct 30  Before the Bell   1.43
VRC    Varco International   Thu, Oct 30  Before the Bell   0.24
VSEA   Varian Semicon Equip  Thu, Oct 30  After the Bell    0.00
WPL    W.P. Stewart & Co.    Thu, Oct 30  Before the Bell   0.27
WMI    Waste Management      Thu, Oct 30  Before the Bell   0.37
WFT    Weatherford Intl      Thu, Oct 30  -----N/A-----     0.38
WTM    White Mountain Ins GrpThu, Oct 30  After the Bell    5.61


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

ABN    ABN Amro Holdings     Fri, Oct 31  Before the Bell    N/A
APC    Anadarko Petroleum    Fri, Oct 31  Before the Bell   1.20
ANDW   ANDREW CORP           Fri, Oct 31  Before the Bell   0.05
AU     Anglogold Limited     Fri, Oct 31  Before the Bell   0.29
ADM    Archer Daniels MidlandFri, Oct 31  Before the Bell   0.19
CVX    ChevronTexaco         Fri, Oct 31  Before the Bell   1.62
CI     CIGNA                 Fri, Oct 31  Before the Bell   1.17
ENI    Enersis SA ADS        Fri, Oct 31  After the Bell    0.03
FFH    Fairfax Financial HoldFri, Oct 31  -----N/A-----      N/A
FIA    Fiat S.p.A.           Fri, Oct 31  During the Market  N/A
FUJIY  Fuji Photo Film       Fri, Oct 31  -----N/A-----      N/A
HME    Home Properties       Fri, Oct 31  Before the Bell   0.78
NDE    IndyMac Bancorp, Inc. Fri, Oct 31  Before the Bell   0.73
PGL    Peoples Energy Corp.  Fri, Oct 31  Before the Bell   0.02
TU     TELUS                 Fri, Oct 31  During the Market  N/A
WPO    The Washington Post   Fri, Oct 31  -----N/A-----     5.46


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

Symbol  Co Name              Ratio    Payable     Executable


OTEX    Open Text Corp            2:1      Oct  28th   Oct  29th
GBR     Greenbriar Corp           2:1      Oct  28th   Oct  29th
MDU     MDU Resources Group Inc   3:2      Oct  29th   Oct  30th
USNA    USANA Health Sciences Inc 2:1      Oct  30th   Oct  31st
AMRB    Am River HoldingsCorp     3:2      Oct  31st   Nov   3rd
UNTD    United Online             3:2      Oct  31st   Nov   3rd
EASI    Engineered Support Systems3:2      Oct  31st   Nov   3rd
MNRO    Monro Muffler Brake Inc   3:2      Oct  31st   Nov   3rd
CETV    Cntrl Euro Media Ent Ltd. 2:1      Nov   4th   Nov   5th


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

We have a VERY full week with plenty of economic reports and
another round of corporate earnings.  Look for Wall Street to
pause for the FOMC meeting on Tuesday.


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

----------------
Monday, 10/27/03
----------------
Existing Home Sales(DM) Sep  Forecast:   6.30M  Previous:    6.47M
New Home Sales (DM)     Sep  Forecast:   1113K  Previous:    1150K


-----------------
Tuesday, 10/28/03
-----------------
Durable Orders (BB)     Sep  Forecast:    1.2%  Previous:    -1.1%
Consumer Confidence(DM) Oct  Forecast:    79.0  Previous:     76.8
FOMC Meeting (DM)


-------------------
Wednesday, 10/29/03
-------------------
None


------------------
Thusday, 10/30/03
------------------
Initial Claims  (BB)  10/25  Forecast:     N/A  Previous:     386K
Employment Cost Index(BB)Q3  Forecast:    0.9%  Previous:     0.9%
GDP-Adv. (BB)            Q3  Forecast:    5.8%  Previous:     3.3%
Chain Deflator-Adv. (BB) Q3  Forecast:    1.4%  Previous:     1.0%
Help-Wanted Index (DM)  Sep  Forecast:      38  Previous:       37
FOMC Minutes (DM)


----------------
Friday, 10/31/03
----------------
Personal Income (BB)    Sep  Forecast:    0.2%  Previous:     0.2%
Personal Spending (BB)  Sep  Forecast:   -0.1%  Previous:     0.8%
Mich Sentiment-Rev. (DM)Oct  Forecast:    89.5  Previous:     89.4
Chicago PMI (DM)        Oct  Forecast:    54.5  Previous:     51.2


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

ESRX    Express Scripts Inc        58.67    +1.17
PTV     Pactiv Corporation         22.05    +1.05
STZ     Constellation Brands Inc   30.64    +0.59
BVN     Compania De Minas Buena    46.35    +1.05
FRO     Frontline Ltd (ADR)        18.33    +0.75


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

ACF     Americredit Corp           11.75    +1.06
EXTR    Extreme Networks Inc        8.27    +1.20
CKP     Checkpoint Systems Inc     18.91    +1.66
SGR     Shaw Group Inc             12.20    +2.10


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

LLY     Eli Lilly & Company        66.29    +1.19
LH      Laboratory Cp Am Hldgs     34.07    +1.16
NCR     NCR Corp                   34.94    +1.03
MNI     McClatchy Company          64.77    +1.49
IVGN    Invitrogen Corporation     61.72    +3.02
ICOS    ICOS Corporation           45.42    +3.02


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

MSFT    Microsoft Corp             26.61    -2.30
CL      Colgate-Palmolive Co       51.85    -1.34
MMC     Marsh & Mclennan Cos Inc   45.06    -1.19
MCK     McKesson Corp              32.07    -1.74
SFA     Scientific-Atlanta Inc     28.68    -6.35
PD      Phelps Dodge Corp          53.70    -1.18

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

DELL    Dell Inc                   36.00    -0.37
V       Vivendi Universal          20.49    -0.04
DHR     Danaher Corp               79.52    -0.56
TDK     TDK Cp                     62.56    -2.29
HPT     Hospitality Prop Trust     35.85    -0.98


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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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