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Daily Newsletter, Wednesday, 10/29/2003

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PremierInvestor.net Newsletter                Wednesday 10-29-2003
                                                    section 1 of 2
Copyright (c) 2003, All rights reserved.
Redistribution in any form is strictly prohibited.

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

In section one:
--------------

Market Wrap:      Bulls Catch Their Breath

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 WRAP  (view in courier font for table alignment)
=================================================================
     10-29-2003            High     Low     Volume Advance/Decline
DJIA     9774.53 + 26.22  9787.27  9724.68 1.91 bln   1744/1085
NASDAQ   1936.56 +  4.30  1937.37  1923.56 1.95 bln   1868/1150
S&P 100   518.66 +  0.02   519.69   516.54   Totals   3612/2235
S&P 500  1048.11 +  1.32  1049.83  1043.35
RUS 2000  531.81 +  5.96   531.99   524.00
DJ TRANS 2901.55 + 18.28  2902.03  2877.64
VIX        16.43 -  0.39    17.02    16.34
VXO        17.15 -  0.69    18.09    17.07
VXN        24.72 -  0.28    25.37    24.61
Total Volume 4,207M
Total UpVol  2,591M
Total DnVol  1,539M
52wk Highs     894
52wk Lows       25
TRIN          1.44
PUT/CALL      0.58
=================================================================

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


Bulls Catch Their Breath
by James Brown

Momentum in the rally slowed on Wednesday as bulls were left to
catch their breath after yesterday's FOMC-inspired sprint higher.
The Dow spent most of the day churning sideways as investors
battled their urge to sell the losers Johnson-and-Johnson (JNJ)
and AT&T (T) versus buying the winners Boeing (BA), Eastman Kodak
(EK) and Alcoa Inc (AA).  Yet by day's end the major averages
ended green making it three straight gains for the markets.  The
largest gains were seen gold stocks, defense, airlines and
homebuilders.  Suffering the brunt of Wednesday's selling
pressure were biotechs and drugs.

U.S. markets got a boost from a strong Japanese NIKKEI, which
added 178 points or 1.69% to close at 10,739.  The Hong Kong Hang
Seng also posted a gain up 38 points to 12,130.  European stocks
were mixed but German equities turned in a strong performance
with the DAX index up 1.87% to 3615.  The Dow Jones Industrials
added 26 to close at 9774.  The NASDAQ Composite added just 4
points to close at 1936 and the S&P 500 squeaked out a 1.3-point
gain to close at 1048, under heavy resistance at 1050.  Market
internals were positive.  The NYSE reported 17 winning stocks for
every 10 losers.  The NASDAQ turned in 18 winners for every 11
losers.  New highs sprung back to live with 761 new 52-week highs
between the two exchanges.  Volume was strong with more than 1.9
billion shares on each exchange.

Chart of DJIA:


Chart of NASDAQ:


Powering the DFI defense index to a new 52-week high were strong
earnings from Boeing (BA) and Northrop Gruman (NOC).  The world's
largest plane manufacturer was also the biggest gainer in the Dow
Jones Industrials with a 6.8% gain after reporting strong Q3
earnings.  BA turned in a profit of 32 cents a share, which beat
estimates for 27 cents.  The company also lifted their 2003 sales
guidance from $49 billion to $50 billion.  Its defense-sector
buddy, NOC, the world's preeminent naval ship builder, add 3.26%
to its own stock price and closed above resistance at $90, its
50-dma and its 200-dma.  NOC reported Q3 earnings this morning of
$1.21 a share, which beat consensus estimates by 21 cents.  The
company told analysts it expects double-digit profit growth next
year.

Suppressing the Dow's gains were components AT&T, Johnson &
Johnson and Microsoft.  AT&T's troubles produced a 4.4% decline
in the stock after the Wall Street Journal reported that
BellSouth (BLS) had backed out of merger talks with Ma Bell
because the price tag was too high.  Those close to the deal said
BLS wasn't willing to pay $19 billion for AT&T, the No. 1 long-
distance phone company.  Meanwhile JNJ clogged up the advance
after news hit that the FDA issued a statement on JNJ's Cypher
stents.  JNJ was the first to introduce stents to the lucrative
U.S. market but now the FDA is saying it has received almost 300
reports of blood clotting in patients with more than 60 deaths
linked to the devices.  A Merrill Lynch analyst said the reaction
to the FDA statement is overdone.  Even the FDA stated that
hundreds of thousands of patients have been successfully treated
with the Cypher stent.  The agency is ordering a new 2,000
patient study to evaluate the clotting issues.  In a tangent to
the JNJ story, shares of Boston Scientific (BSX), a rival in the
stent market and soon to be approved for a drug-eluting stent
that is supposed to reduce clotting occurrences, saw its shares
rise 3.5% and closing near all-time highs.

Shares of software titan Microsoft (MSFT) weighed on both the Dow
and the NASDAQ, closing down 1.7%.  Mr. Softee has agreed to
settle several antitrust class-action lawsuits with multiple
states for vouchers worth $200 million.  This is certainly a step
in the right direction but MSFT still has at least four other
state lawsuit settlements that have not yet been approved by the
courts.  Casting another dark cloud on the software giant is a
new probe by the European Union.  The Financial Times is
reporting that the EU commission has sent at least 20 hardware
makers formal inquiries regarding their Microsoft licenses.  One
analyst at Deutsche Bank expects that odds are growing for the EU
to issue a negative ruling.

Another stock putting pressure on technology, specifically
biotech stocks was Gilead Sciences (GILD).  The company reported
earnings after the close yesterday but missed consensus
estimates.  GILD said slower than expected sales of its HIV
treatment Viread were to blame for the miss.  Furthermore they
warned that total Viread sales for the year would likely be 5%
less than previously forecast.  The stock gapped lower and closed
down 12.5% just barely closing above its simple 200-dma.

Tomorrow could be an interesting day for traders.  Unlike today
we have a full boat of economic reports.  Weekly initial jobless
claims should come in before the open and Wall Street is
expecting close to 385,000 new claims.  We'll also get the much-
anticipated Q3 GDP report.  Most of Wall Street's biggest
institutions have come out with estimates in the 6.0%, 6.5% even
7.0% Q3 GDP growth.  Thus if we do get strong GDP growth at 6% or
better there may not be much of a reaction and we could
potentially see a sell-the-news (take profits) sort of move.
Economists will also be waiting for the Employment Cost Index,
the Help Wanted Index and the FOMC minutes will be released.
Let's not forget that we'll still be hearing from dozens of
companies reporting their Q3 earnings.  It certainly seems like
most of the surprises lately have been to the downside.

Speaking of downside, we've made much about the low levels in the
VIX, VXN and specifically the VXO or old VIX.  The VXO has
slipped to another new multi-year low at 17.15 today.  This is
screaming "market top" but if you remember our previous comments
on the volatility indices it is more art than science and any
peak in the markets could be still be a couple of days to several
days away.  There is certainly nothing in the rule books that
state the markets can't become even more overbought pushing the
VIX to even lower lows.  Yet it is worth nothing that market
veterans are probably growing antsy and more reluctant to open
new bullish plays.  More importantly let me remind everyone that
it can be dangerous to your financial health if you try and pick
the top before the market does.  Currently the trend is still up
and it's safer to play the trend, just do so with a disciplined
stop.  That way when the markets turn, you'll be out and ready to
start looking for bearish positions.


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

MO      Altria Group Inc           46.70    +0.53
NXTL    Nextel Communications A    24.04    +0.72
GD      General Dynamics           84.62    +1.43
DVN     Devon Energy Corp          47.90    +0.91
APC     Anadarko Petroleum Corp    42.34    +0.63
ASD     American Standard Cos      94.33    +1.33
DHI     D.R. Horton Group          40.33    +0.96
WHR     Whirlpool Corp             70.68    +1.22
RDN     Radian Group               52.37    +0.97


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

THC     Tenet Healthcare Corp      13.86    +1.01
CCI     Crown Castle Intl Corp     12.96    +1.11
AW      Allied Waste Industries    11.83    +1.13
OPWVD   Openwave Systems Inc       13.45    +1.11


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

BA      Boeing Co                  38.50    +2.46
HIT     Hitachi Ltd                63.00    +2.60
BSX     Boston Scientific Corp     67.85    +2.30
NOC     Northgroup Grumman Corp    90.36    +2.86
PX      Praxair Inc                68.70    +2.75
INFY    Infosys Technologies (ADS) 82.62    +2.77
STX     Seagate Tech Hldgs         24.80    +1.90
ACE     ACE Ltd                    35.85    +2.03
LEN     Lennar Corp CI A           92.78    +4.09
N       Inco Ltd                   31.85    +1.78
CECO    Career Education Corp      55.11    +2.95
PD      Phelps Dodge Corp          60.10    +4.21
LM      Legg Mason Inc             83.63    +1.56


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

JNJ     Johnson & Johnson          49.48    -1.06
GILD    Gilead Sciences Inc        52.00    -7.46
BHI     Baker Hughes Inc           27.10    -1.04
AET     Aetna Inc, New             58.79    -1.51
MYL     Mylan Laboratories Inc     24.70    -1.04
WPI     Watson Pharmaceuticals     38.50    -1.18
FLR     Fluor Corp (new)           36.59    -3.29


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

AGL     Angelica Corp              20.45    -0.45



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Do not duplicate or redistribute in any form
PremierInvestor.net Newsletter                Wednesday 10-29-2003
                                                    section 2 of 2
Copyright ) 2003, All rights reserved.
Redistribution in any form is strictly prohibited.

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

Tech Stocks
  Bearish Play Updates:  FDS

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

High Risk/Reward
  New Bullish Plays:     GNTX
  New Bullish Plays:     JCOM
  Bearish Play Updates:  HLTH

Stock Splits/Announcements: PX



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

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

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

Factset Research - FDS - close: 43.89  change: +0.14 stop: 45.26

No news is not always good news.  In the absence of negative
news, FDS rose this week to test the neckline of its H&S
formation.  While it's natural to retest broken support, we can't
help noticing possible bullish divergence on the RSI.  Price
reached a lower low while RSI did not.

We think it's likely that FDS may come back up to challenge the
linked blue 21-dma and black 30-dma, forming a truncated second
right shoulder.  If so, a bounce and rollover under those
averages would provide a possible new entry.  We would rather see
a new momentum entry on a fall below last week's low, but suspect
that the bounce-and-rollover entry will be the first one offered.
Do not take such an entry if volume expands on the rise into
resistance, however.

Annotated Chart for FDS:


Picked on Oct 17 at  43.65
Change since picked: +0.24
Earnings Date:    09/16/03 (confirmed)
Average Daily Volume:  393 thousand





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

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

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

Ingersoll-Rand - IR - close: 60.68 change: +0.68 stop: 57.50

Company Description:
Ingersoll-Rand Company Limited is a provider of climate control,
industrial solutions, infrastructure development and security and
safety products. In each of these markets, the Company offers a
diverse product portfolio that includes industrial and commercial
brands. Products are sold primarily under the Company's name and
also under other names, including ABG, Blaw-Knox, Bobcat, Club
Car, Datum, Dresser-Rand, Dor-o-Matic, Falcon, Glynn-Johnson,
Hussmann, Johnstone, LCN, Legge, Monarch, Montabert, Normbau,
Schlage, Steelcraft, Thermo King, Von Duprin and Zimmerman.

Why we like it:
There seems to be no end to the bullishness this market has to
offer, and IR is just the latest stock to stage a powerful
breakout to new multi-year highs.  The stock first tested the $60
level in late August and tested it again about 2 weeks ago just
ahead of the company's earnings report.  The company beat
estimates by 12 cents and raised guidance and that was enough to
halt the initial bout of profit taking in its tracks.  IR
rebounded from just above $55, but the rebound didn't really gain
traction until Monday's sharp upward gap above $58.  The upward
move halted right at $60 yesterday afternoon and the bulls
managed to follow through with a solid breakout today, moving
over $60 for the first time since September of 1999!

The stock is currently on a PnF Buy signal, and yesterday's trade
at $60 reinforced the bullishness with another buy signal.  The
bullish price target of $54 was achieved long ago and we have to
go back more than 4 years to find some sort of historical
resistance with which to gauge upside potential.  The next
significant resistance level is $65 and that will be our target
for the play.  A pullback into the $59 area can be used for new
entries into the play, as can a continued rally above $60.75.
We're initially placing our stop at $57, which is just below the
bottom of Monday's gap, as well as the converging 10-dma ($57.96)
and 20-dma ($57.81).

Annotated Chart of IR:


Picked on October 29th at $60.68
Change since picked        +0.00
Earnings Date            1/21/04 (unconfirmed)
Average Daily Volume =  1.23 mln



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

AT&T - T - close: 19.07  change: -0.87  stop: 20.76

Company Description:
AT&T (www.att.com) is among the premier voice and data
communications companies in the world, serving businesses,
consumers, and government. The company runs one of the most
sophisticated communications networks in the United States,
backed by the research and development capabilities of AT&T Labs.
A leading supplier of data, Internet and managed services for the
public and private sectors, AT&T offers outsourcing and
consulting to large businesses and government. The company is a
market leader in local, long distance and Internet services, as
well as transaction-based services like prepaid cards, collect
calling and directory assistance.  With approximately $37 billion
of revenue, AT&T has about 40 million residential customers and 4
million business customers, who depend on AT&T for high-quality
communications. AT&T has garnered several awards for outstanding
performance and customer service.  (Source:  Company Press
Release)

Why We Like It:
While we wouldn't go so far as to call the formation on T's daily
chart a H&S formation, it certainly sports a certain H&S-ish
look.  Undisputed is its fall beneath its 200-dma.  T has been
suffering under the brunt of the bad news.  A bankruptcy court
put AT&T's civil racketeering suit against MCI on hold, with that
suit filed because of disputes over the way calls were routed.
More importantly, however, reports circulated Wednesday that
BellSouth and AT&T ended their merger talks.

Investors did not like the news.  Wednesday's 4.36 percent
decline occurred on volume more than 50 percent higher than
average daily volume.  The decline turned RSI back down and
produced a bearish kiss on the 21(3)3 stochastics, although those
stochastics had only barely lifted above territory indicating
oversold conditions.

T did manage to bounce from support at $18.80, however, and we're
using a move below Wednesday's $18.80 low as a trigger for this
bearish play.  Currently, T is on a P&F buy signal with an upside
target of $49.00, but it was repeatedly turned back by the
bearish resistance line and is only one $0.50 box away from
producing a new sell signal. That signal will be produced on a
trade below $18.50, so conservative traders may want to wait for
that confirmation before entering the trade.  The stop will be at
$20.76, just above the 30-dma that has proved important in T's
trading pattern.  We expect to see first support near $17.00, but
will be targeting $16.00.

Annotated Chart for T:


Picked on Oct 29 at  19.07
Change since picked: -0.00
Earnings Date:    10/21/03 (confirmed)
Average Daily Volume:  7.0 million





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

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

Black Decker CP - BDK - close: 47.88  change: +0.11  stop: 45.20

With housing stocks soaring Wednesday, fellow toolmakers BDK and
SWK (Stanley Works) performed well, too.  BDK gained 0.23 percent
on stronger-than-average volume.  It has climbed from $44.00 to
Wednesday's closing price of $47.88 since bumping above the
neckline of its inverse H&S on October 22.

While we're happy to see this bullish play performing so well, we
suspect it's time for BDK to pull back and consolidate some of
its recent gains.  BDK may not yet agree, however.  MACD remains
bullish.  Stochastics and RSI are deep into territory indicating
overbought conditions, but they have not yet turned down.

The most conservative of traders might choose to take partial
profits here with BDK moving toward our $49.50 target, perhaps
even with a goal of buying again on a pullback and bounce from
above $46.00.  We would not advise new momentum entries at this
point since BDK is within striking distance of our $49.50 target.

Annotated Chart for BDK:


Picked on Oct 03 at  46.16
Change since picked: +1.72
Earnings Date:    10/22/03 (confirmed)
Average Daily Volume:  824 thousand



----

INTL Game Tech - IGT - close: 32.15 change: +0.22  stop: 29.74

After declining to establish support late last week, IGT extended
its gains this week.  Wednesday the stock gained 0.69 percent.
MACD lines separated and turned up again, continuing to move
higher as price does.  Stochastics and RSI trend at levels
indicating overbought conditions, but the sell signals they give
on downturns cannot be trusted as long as IGT's trend remains
strong.

We raised our stop on Tuesday, and will keep the new stop for
now, but conservative traders might want to follow the rising 21-
dma, setting stops just below that average.  Since volume is not
expanding on the current rise and since earnings approach next
week, we would not suggest new momentum entries.  Those
considering pullback and bounce entries could enter on a bounce
from above $30.50, but those would-be entrants should be aware
that we will be recommending that this play be closed on Monday.
Such entries would be high risk since such little time remains.

Annotated Chart for IGT:


Picked on Oct 03 at  31.00
Change since picked: +1.15
Earnings Date:    11/4/03 (confirmed)
Average Daily Volume:  2.7 million




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

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

EchoStar - DISH - close: 38.98  change: -0.03   stop: 38.10

Wednesday DISH announced that it will release earnings November
11, but we'll be long gone from the play before then.

Although DISH has begun to bounce after the recent decline, we
suspect that bounce is now going to hit strong resistance new
$39.50, where the 21-dma and 30-dma now cross.  We recognize that
the current pullback could be a bull flag that pulled back to
support, but we've given this play enough time to work and we
think there are better plays to pursue.

Picked on Oct 03 at  39.95
Change since picked: -0.97
Earnings Date:    11/11/03 (confirmed)
Average Daily Volume:  2.2 million




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

Multimedia Games - MGAM - close: 38.15 change: +1.33 stop: 38.00

So close, yet so far away.  MGAM really looked like it was headed
for a major breakdown, but the $34 support level ended up being
much stronger than anticipated.  Rather than give way and allow
the downward move to pick up steam, it provided the bounce point
and that bounce is really picking up some steam.  Wednesday's
3.6% gain pushed the stock back over the 20-dma ($37.72) and
right through our $38 stop.  If there was any doubt as to the
strength of this rebound, today's strong volume (30% over the
ADV) should have put them to rest.  Unfortunately, MGAM never
really worked very far in our favor, but we don't have any
hesitation about closing it tonight as a busted play.  Better to
cut those losses short than suffer a larger loss.

Picked on October 22nd at $35.34
Change since picked        +2.81
Earnings Date           11/10/03 (unconfirmed)
Average Daily Volume =     492 K




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

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

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

Gentex Corp - GNTX - close: 39.69  change: +0.43  stop: 37.49

Company Description:
Gentex Corporation (Nasdaq:GNTX) is an international company that
provides high-quality products to the worldwide automotive
industry and North American fire protection market.

The Company develops, manufactures and markets interior and
exterior automatic-dimming automotive rearview mirrors that
utilize proprietary electrochromic technology to dim in
proportion to the amount of headlight glare from trailing vehicle
headlamps.  More than 95 percent of the Company's revenue is
derived from the sale of those products to the world automotive
industry.

Gentex was the first company in the world to successfully develop
and produce a commercial automatic-dimming rearview mirror.
After more than 15 years of supplying these products in the
highly competitive global automotive industry, the Company
remains the leading supplier of these mirrors.  Gentex OEM
customers include Acura, Audi, Bentley, BMW, DaimlerChrysler,
Fiat, Ford, General Motors, Honda, Hyundai, Infiniti, Isuzu, Kia
Motors, Lexus, Mazda, Mitsubishi, Nissan, Opel, Renault Samsung,
Rover, Rolls Royce, SsangYong Motors, Toyota, Volkswagen and
Volvo Car Corporation.

Founded in 1974, Gentex has its manufacturing facilities in
Zeeland, Michigan, and automotive sales and engineering offices
in Detroit, Michigan; Germany, Japan, the United Kingdom, France
and Korea.  The Company is recognized for its quality products;
for its proprietary manufacturing skills and equipment and
application of world class manufacturing principles; for its
commitment to developing and maintaining a highly skilled
workforce, and for encouraging employee ownership of the
Company's stock.  (Source:  Company Press Release.)

Why We Like It:
On October 15, GNTX reported earnings that reflected strong sales
of its rear-view mirrors, meant to dim automatically to reduce
glare from headlights.  The company expects to increase shipments
of these mirrors by 15-20 percent in the fourth quarter.

GNTX climbed after that earnings announcement, but soon met
resistance and turned down again.  After pulling back to
establish support at a tangle of moving averages, GNTX began
moving up again last week.  Wednesday, that move produced an
ascending triple top breakout signal, with the stock having an
upside price target of $48.00.  Now it faces the same resistance
that turned it away after its earnings announcement.

That resistance forms the neckline of an inverse H&S formation,
sometimes seen as continuation rather than bottoming formations.
Because there's often a tendency for H&S formations to form a
second right shoulder, we're setting a trigger of $40.25 to
ensure that GNTX has cleared both the round-number resistance at
$40.00 and that neckline.  Because it's possible to slant that
neckline by several degrees, confirm that volume expands as GNTX
moves across the neckline. Our target will be $45.00.

Annotated Chart for GNTX:


Picked on Oct 29 at  39.69
Change since picked: +0.00
Earnings Date:    10/15/03 (confirmed)
Average Daily Volume:  520 thousand




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

j2 Global Comms - JCOM - close: 30.00 change: +0.65 stop: 33.00

Company Description:
j2 Global Communications, Inc. provides outsourced, value-added
messaging and communications services to individuals and
businesses worldwide. The company offers faxing and voicemail
solutions, document management solutions, Web-initiated
conference calling and unified messaging services.  JCOM markets
its services principally under the brand names eFax, jConnect,
JFAX, eFax Corporate, jBlast, eFax Broadcast, Hotsend and
PaperMaster. The Company's core services, each of which operates
in large and distinct markets, include fax, voicemail, document
management, conference calling and unified messaging.

Why we like it:
After a tremendously strong run up into earnings, JCOM was
already starting to see some profit taking before the company
announced earnings last Tuesday.  The headline number looked
acceptable, coming in a couple pennies ahead of estimates.  But
then came the guidance.  The company guided down for Q4 and FY04
and the selling started with a vengeance.  Beginning with more
than a $7 gap down, the stock plunged from $43 to below $30 in
only 6 sessions.  That kind of plunge demands some sort of an
oversold rebound and if today's weak bounce was all the bulls
could muster, then there's definitely some more downside to come.
Today's rebound likely has to do with Pacific Growth's comments
that the stock is oversold.  With the stock now on a huge PnF
Sell signal, we're looking for this bounce to be short-lived.

Speaking of the PnF chart, the large column of O on the current
Sell signal generates a bearish price target of only $12.  That
seems a bit aggressive, but if JCOM can break below $29, then $25
ought to be a slam dunk.  Further deterioration down to the
$22.50 area near the 200-dma looks possible too, but we'll need
to see that first target reached first.  Because of the
possibility that today's rebound actually might find some follow-
through, we're going to use a trigger of $29 on the play.  Once
JCOM breaks that level, aggressive traders can enter on the
initial break, with more conservative entries coming on a failed
rebound below $32 after the initial break.  We're initially
placing our stop at $33, just above last Thursday's intraday
high.

Annotated Chart of JCOM:


Picked on October 29th at $30.00
Change since picked        +0.00
Earnings Date            1/19/04 (unconfirmed)
Average Daily Volume =  1.63 mln




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

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

WebMD Corp - HLTH - close: 7.78  change: -0.09  stop: 9.51

While HLTH has remained below next resistance at $8.00 for a
week, it hasn't declined as quickly as we imagined it might.  The
weekly chart does not show the current level to be either major
or minor support, but a study of Fibonacci levels may pinpoint
the problem.  The 50 percent retracement of the September 2001
low to the July 2003 high lies near $7.80.  A drop through that
level should accelerate the losses.

Some healthcare related stocks gained Wednesday, with the HMO,
the Morgan Stanley Healthcare Index, rising, so the interest in
healthcare-related stocks may have protected HLTH from further
declines.  The tight range has flattened the indicators so they
do not hint whether HLTH will fall or climb to test resistance
again.  Rallies normally retrace 1/3 to 2/3 of their gains, with
a 50 percent retracement considered an average retracement.
Conservative traders worried about the potential for a bounce
might elect to exit here, while more aggressive traders might
hope for a bounce-and-rollover entry or a momentum entry on a
fall below last week's low.

Annotated Chart for HLTH:


Picked on Oct 17 at  $7.93
Change since picked: -0.15
Earnings Date:    11/06/03 (confirmed)
Average Daily Volume:  4.9 million




==================================================================
Stock Splits/Announccements
==================================================================


PX gets environmental with a 2-for-1 stock split and 25% dividend increase

Before today's opening bell, Praxair Inc.'s (NYSE:PX) announced
its Q3 earnings report.  In addition to their earnings the company
announced that its Board of Directors declared a 2-for-1 stock
split of its common shares and an increase to its cash dividend by
25 percent.

The payable date for both the stock split and dividend is set for
December 15th, 2003 to shareholders on record December 5th.  The
dividend will be paid on a pre-split basis.  This is PX's first
stock split since being listed in 1992.

About the company:
Praxair is the largest industrial gases company in North and South
America, and one of the largest worldwide, with 2002 sales of $5.1
billion. The company produces, sells and distributes atmospheric
and process gases, and high-performance surface coatings. Praxair
products, services and technologies bring productivity and
environmental benefits to a wide variety of industries, including
aerospace, chemicals, food and beverage, electronics, energy,
healthcare, manufacturing, metals and others.
(Source: Company Press Release)




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