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Daily Newsletter, Sunday, 11/02/2003

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PremierInvestor.net Newsletter          Weekend Edition 11-02-2003
                                                    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:      October Escape
Play-of-the-Day:  On the Brink
Market Sentiment: A Long Month Over.


=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
       WE 10-31        WE 10-24        WE 10-17        WE 10-10 
DOW     9801.12 +218.66 9582.46 -139.33 9721.79 + 47.11 +102.37 
Nasdaq  1932.21 + 66.62 1865.59 - 46.77 1912.36 -  2.95 + 34.74 
S&P-100  519.98 +  9.73  511.25 -  6.87  518.12 +  0.07 +  2.88 
S&P-500 1050.71 + 21.80 1028.91 - 10.41 1039.32 +  1.26 +  8.21 
W5000  10224.52 +241.02 9983.50 -114.88 10098.3 + 13.06 + 95.02 
RUT      528.22 + 21.79  506.43 - 13.93  520.36 +  1.30 +  6.78 
TRAN    2913.11 + 85.86 2827.25 - 20.03 2847.28 + 23.73 + 38.70 
VIX       16.10 -  1.61   17.71 +  0.09   17.62 -  0.83 -  1.05 
VXO       17.15 -  1.78   18.93 -  0.26   19.19 -  0.05   19.24 
VXN       24.89 -  0.56   25.45 +  0.12   25.33 -  2.29 -  1.58 
TRIN       1.02            1.44            1.59            1.24 
Put/Call   1.12            0.91            0.64            0.93 
WE = week ending
================================================================= 

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


October Escape

October 2003 will go down in the record books as one of the
least volatile Octobers on record. As if to punctuate this 
fact the VXO closed at 17.15 on Friday after reaching a five 
year intraday low of 17.02. More than a few professional
traders are scratching their heads over the combination of
factors that produced these numbers. The good news remains
that October went out with a strong gain with a Dow close
over 9800 and the Nasdaq at 1932. The biggest drop for the
month was a meager -2.5% in three days and far from the
monster dips that dot prior Octobers.

Dow Chart


Nasdaq Chart


S&P Chart


Russell Chart



What economics? One day after the GDP blew out estimates 
the reports were positive but less than exciting. The 
NY-NAPM came in at 226.4 and slightly more than the 
222.2 in September. Not a blowout but it was the second
consecutive monthly gain. The expectations component was 
not showing that much excitement. For the fourth time in
five months the expectation component registered 62.5 and
only slightly higher than the prior months. Current 
conditions is where the big gains were made with the 
component jumping from 51.1 to 58.2. This is the first 
time since Q2-2002 that the current conditions has been 
over 50 for two consecutive months. 62% of the respondents
said they thought the recession in the NY area was not 
caused by the 9/11 attacks but by a longer term problem 
of general economic weakness. Manufacturing in the area 
slowed only slightly and still remained strong at 90.
Employment grew for the month despite the high 9% 
unemployment rate in the city of NY.     

Shifting geography the Chicago PMI report was inline with 
expectations at 55.0 and was a jump from 51.2 last month. 
This would indicate that manufacturing activity accelerated
rapidly in October. This is a strong supporting factor in
believing that the Q3 GDP may be the start of something big.
September had seen a sharp drop to 51.2 from 58.9 and the
rebound to 55.0 may be a good indication that the dip was
an anomaly. Prices paid did jump +19% to a seven-month high 
and that could be the first signs of the inflation monster
returning. The Fed would be eager to shift their focus from
unwanted disinflation to unwanted inflation. It is a much
easier battle to fight. Also, inflation produces tax revenue
and deflation subtracts it. Inventories continued to fall
and the case for a huge buildup cycle is still improving. 
New orders jumped to 59.2 from 53.2 but backlogs fell due
to a spike in production. It was still a good report. 

Personal Income rose +0.3% for September but personal spending
fell -0.3%. This was the largest drop in spending since Sept.
2002. This was not a good sign. We already know that retail
sales fell off a cliff in October and this spending number
was for September. This would suggest that October could be
down even further. In real dollars the drop in spending was
close to -0.6% and that is a significant drop. The slowdown
in personal income would suggest the wage cycle is weakening
again with less overtime and more competition for jobs 
impacting income. The exporting of high paying jobs overseas
is forcing workers to retrain and accept lower paying entry
level positions in other professions. This type of report is
seen as more long term negative than short term because most
investors are only looking 3-6 months ahead. Should this trend
continue for the next year it would draw significantly more
attention. 

Contrary to the Personal Income/Spending news the Michigan
Consumer Sentiment rose to 89.6 for the final October reading.
This was two points above September but only slightly above
the 89.4 preliminary reading. The sentiment has been flat
since May and if the GDP numbers are real then the good news
should have been flowing through to the consumer. We just saw
that the consumer cut spending drastically in September and
despite the growing list of good economic news it does not
seem to be translating into higher sentiment. Analysts point
to the more than nine million workers still unemployed, 
rising interest rates, oil prices and the worsening war in
Iraq. The daily litany of several dead soldiers each day is
continuing to drag on the overall feeling of well being. 
Almost everyone knows several families with members overseas
and the daily attacks are killing soldiers with such 
randomness that nobody feels safe. 

Ok, everybody exhale. October is over and it was a good 
month. The Dow was up +2.5%, Nasdaq +8.2% and SOX +18%. 
Very good numbers for a month that is known for drops. 
The Nasdaq has only had 2 down months this year, Jan and 
Sept. The most bullish event for the week was a +4.3%
gain for the Russell this WEEK! This is clearly mutual
funds putting money to work at month end. Mutual fund
selling was nonexistent and most funds should have booked 
very good returns. ICI reported Friday that cash inflows
for September were in excess of $17 billion and TrimTabs is
estimating those inflows rose to $30 billion for October. 
This is consumer sentiment in its purest form. 

As we move into November there will be outflows in at least
one major fund. Putman, owned by Marsh Mclennan, is under
direct attack by pension funds with huge amounts of money
invested in Putman. Since Monday organizations with nearly
$5 billion in pension deposits at Putman have said they
will be withdrawing those funds due to the illegal trade
practices currently under investigation. $5 billion in only
a week and the snowball is just beginning to gain speed. 
Massachusetts is pulling out $1.7B, Rhode Island $69 million,
Vermont $91 million, NY $395 million and the list continues
too far to print. Numerous other states and pension 
organizations have expressed concern and will make decisions
next week. One analyst was speculating the outflows could
exceed $20 billion or more. Add to that the individual mom
and pop accounts and it could turn into a flood. According
to Morningstar, Putman's New Opportunities Fund top 5 
holdings are ... PFE, QLGC, INTC, AZO, MSFT.  Janus was
accused of far less and they lost nearly $5 billion in Sept
according to some estimates. Strong funds are also on the 
hit list and the ball is just starting to roll in their 
direction. 

This money is not all in U.S. equities but by far the 
majority. The current withdrawal amount for Putman at $5B 
is less than 2% of their assets. It is far from a life
threatening event for Putman but is will impact the markets
on a short term basis. If the withdrawals continue to grow 
at the same pace and do reach $20 billion over the next two
weeks then the funds under attack will have to sell stocks
to raise cash. $20 billion in sales is more than 60% of the
estimated inflows from October and more than all of Sept.
Most of this money will be reinvested back into the markets
but there should be a 2-3 week lag time between selling to
raise cash, transferring that cash, new funds being chosen
and then reinvesting the received cash. This scenario should
play out over the next couple weeks and there is always the
potential for a workout period between the funds and the
agencies to allow them to distribute funds over time to 
avoid impacting the market for the rest of the investors. 

Next week we should get a feeling for how November should
go. Is it going to be a November to remember or a month
of consolidation from seven months of gains? The caution
comes from the market action the last two days. Art Cashin
commented on Friday that floor traders were concerned about
the lack of advancement after the excellent economic results.
The Dow has not advanced more than a handful of points since
Wednesday and traders are unsure why. The general consensus
is that the good news was already baked into the cake. Most
are very happy that there has been no sell off and almost
all expect some profit taking next week. 

The stock traders almanac suggests that the first three
days of November are bullish as new retirement cash is put
to work and funds reinvest cash received from October sales.
Without any October sell off to speak of there may or may 
not be any excess cash floating around. Any funds hoarding
money for the "drop" may still be holding some cash. The
incoming deposits could be offset by the withdrawals from 
funds like Putman mentioned above. This makes for a cautious
atmosphere for next week. There is still a train of thought
that has some funds adjusting their portfolios now that the
October year end is over. They were able to close their 
year within 50 points of the Dows highs and fully invested.
Many of those investments have increased +30, +50, even 
+100% over the last year and could easily stand to be 
rebalanced. 

This leaves investors with many decisions for next week. 
Do they put new money to work now with the market only a 
few points from new highs or do they wait for a pull back
that may never come? Those that expected a bigger drop in
Oct and held off making purchases are now cussing themselves
as the markets pulled back to the highs. This problem is
being faced by more than a few traders and I am sure more
than a few funds that expected a dip as well. 

If I was a fund holding a lot of money and trying to get
into the market I would be looking at the economic reports
for next week and hoping for an upset. Hoping for anything
to take the edge off and let me sleep better after making
my entry. Those reports include some majors with the ISM
at 10:AM on Monday, the ISM Services on Wednesday and the
Nonfarm Payrolls on Friday. If I had to key on one it 
would be the ISM on Monday. 

Monday is the key day. If there is going to be any fund
selling or window undressing it should be on Monday. If
the ISM report is the slightest bit below expectations
then we could see an acceleration of that selling. However,
I doubt it will be serious in the overall context. There
is simply too much good news and too much money flowing
into the markets. Everybody has their eyes on a typical 
4Q rally and it could turn into a self-fulfilling prophecy.

Any continued rally into the 4Q would have a steeper road
to climb. The earnings comparisons for 4Q-2003 will be a
lot tougher and unless the economy catches fire we may see
a cycle where the number of companies beating estimates
drops substantially. Success breeds optimism and analysts
fall all over themselves trying to up their estimates for
the next cycle. Eventually they get ahead of reality and 
the whole things grinds to a halt. While I am not making
any dire predictions for the 4Q there are already rumblings
that earnings may not be as positive.

The market is a forward-looking mechanism that typically
focuses 3-6 months ahead. It has been focused on the 3Q
expected GDP for the last three months. Now that it has
passed the focus is on the current ISM numbers and any 
GDP revisions ahead. The 4Q advance GDP is not until Jan
27th and there is still plenty of time for it to be revised
many times. Don't forget that tax cuts, tax rebates and
a refinancing boom from rates at historic lows helped to
power the 3Q GDP. Only a very little of that will carry
forward into the 4Q. The major boost to the 4Q should be
the beginning of the inventory rebuild as it appears the
demand is beginning to accelerate faster than businesses
anticipated. With inventories already extremely low any
real demand should drive that rebuilding phase. 

The current estimates of 4Q GDP are between 4-5% depending
on who you ask and what day of the week you ask. There is
no credible estimate and that is part of the problem. What
do you do with a +4% 4Q GDP estimate when the 3Q blew out 
at +7.2%. How do you relate it to the estimate for +4% GDP
growth for the entire year? While economists and analysts
are crunching numbers to come up with the "new" 4Q estimate
for investors everyone is in a holding pattern. If the
current estimate does not grow substantially then sentiment
could fade. If economic reports begin to cool from the
current positive trend then the Q3 GDP could start to 
look like a blip instead of a boom. All of these factors
will weigh on stocks over the next couple weeks. 

I am going to try really hard to reduce the paragraphs 
above to as simple an outlook as possible. Sunshine with
scattered clouds and intermittent showers. The overall
trend should remain up. We are an optimistic bunch and 
until a series of bad economic reports spoil the party
we will continue drinking from the Fed punchbowl. The
month of November begins the best three months of the
year for the S&P on a historic basis and this fact is
not going to be lost on many traders. Add in a rebounding
economy and a Fed on hold until May of 2004 and you have
the fuel for a fire that could put California to shame.
Is that bullish enough for you? 

The problems of the past are not gone but once investors
have $ signs in their eyes they are going to overlook all
but the most dire economic numbers. Assuming the ISM on
Monday does not implode the stage should be set for the
month. Even a negative jobs report on Friday should not
spoil investor sentiment if the ISM was positive. We have
heard jobless recovery so many times it has been completely
discounted. If we happened to tack on more than 50,000 jobs
in Oct we could really see some momentum build. 

At the risk of seeming too bullish I will close with the 
obligatory warning. For the first time in months the bulls
really have something to cheer about and they were unable
to mount a charge. Chalk it up to October uneasiness. One
thing you cannot ignore is the VXO. It printed a 17.02 low
and closed at 17.15 on Friday. It is showing exactly what 
I explained above, extreme bullishness. Traders are seeing
the potential for another leg up in the current bull market
and they have completely lost all fear. This is exactly 
when unexpected lightning normally strikes. 

To use another analogy everybody is standing in the front 
of the boat and that boat is struggling to make headway 
without dipping under the waves. Visualize waves breaking
over the bow while the engine is sitting out of the water
in the rear. We can't get any forward motion because the
bullish sentiment in the front is too heavy. There needs
to be balance in the boat to move forward and that means
any rough water ahead could cause sudden and unexpected 
dips. Those dips should just be a balance adjustment that
allows us to pick up speed. Grab a life jacket and keep 
your eyes open for rough water and maybe we can get through
November without the seasick pills. 
   
Enter Very Passively, Exit Very Aggressively!

Jim Brown




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

Flamel Tech. S.A. - FLML - close: 25.25 change: -2.15 stop: 29.75

Company Description:
Flamel Technologies S.A. is a biopharmaceutical company 
principally engaged in the development of two polymer-based 
delivery technologies for medical applications. The company's 
Micropump technology is a multi-particulate technology for oral 
administration of small molecule drugs with applications in 
controlled release, tastemasking and bioavailability enhancement. 
FLML has three major products based on its Micropump technology: 
Asacard, a controlled-release formulation of aspirin for the 
treatment of cardiovascular disease; Metformin XL, a controlled-
release form of Metformin that is in development for use for the 
treatment of Type II diabetes, and Genvir, a controlled-release 
acyclovir for the treatment of genital herpes. In addition, 
Flamel has developed new herbicide delivery systems and has 
patented a biomaterial, ColCys.

Why we like it:
Shares of FLML had a truly impressive run between March and mid-
September, gaining more than 800% in the process.  But over the 
past several weeks, investors don't seem interested in anything 
other than dumping the stock, as it has lost more than 40% of its 
peak value and appears on the brink of another breakdown.  Early 
on, it was hard to see what might be driving the sharp reversal 
in trend, but we got a big clue on 10/21 when news broke that 
Glaxo SmithKline terminated its license agreement with the 
company.  While the selloff was reversed on the day of the 
announcement, that one day bounce just provided another 
opportunity for the bears to jump on board and the stock has now 
fallen to rest right on the key $25 support.  Things just got 
that much worse on Thursday, when the stock missed earnings 
estimates by a country mile, reporting a loss of 11 cents vs. a 
gain of 5 cents.

What is so key about the $25 level is that it is just below the 
top of the large upward gap that occurred in late August.  That 
leaves little in the way of support between here and the bottom 
of the gap, near $21.50.  In fact, it looks like a reasonable 
target on a break of $25 support will be $20, with potential for 
a continued slide down to $18 support.  Since price is already 
inside that gap from August, an argument can be made that the 
breakdown is already in progress, so a trigger is not necessary.  
Aggressive traders can look to enter on a failed rebound below 
the 10-dma (currently $28.07), while momentum entries look viable 
on a break below $25.  There's the possibility for some mild 
support to be found near $22.50, but we're setting our sights on 
a drop to at least $20.  We're setting a wider stop than normal, 
as we want our stop above Thursday's intraday high of $29.55.  
Set stops at $29.75.

Annotated Chart of FLML:


Picked on November 2nd at $25.25
Change since picked        +0.00
Earnings Date            1/29/04 (unconfirmed)
Average Daily Volume =  1.52 mln
Chart:




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


A Long Month Over.
- J. Brown

That's it!  Investors can stop fearing the traditional October 
sell-off.  Other than the dip a week ago the month was firmly in 
the bulls' control.  The major averages are up between 4%-8% for 
the month.  The only traders who had anything to fear were the 
bears and it seems like each passing economic report scares them 
deeper and deeper into their caves.

So now the question some investors are asking, "did we escape the 
seasonal sell-off or did we just postpone it?"  A few weeks ago 
there was a growing murmur among many analysts on Wall Street who 
expected Q3 earnings to be good but they expected short-term 
market weakness (a.k.a. profit taking) in November.  After the 
most recent round of economic reports, namely the FOMC meeting 
and the GDP numbers, those whispers have disappeared.  However, 
if you're a contrarian that may be just another clue.  

Investor sentiment is extremely bullish as evidenced by the 
multi-year low in the VXO (or old VIX).  Let me repeat, the fear 
index, a tried-and-true indicator, is at a multi-year low.  There 
is nothing in the rulebooks that say it can't continue to slip 
but it's a huge warning flag for bullish traders that the markets 
are toppy and vulnerable.  This is not the type of environment we 
want to be making big bullish bets.  

So what are we supposed to do with all this conflicting data?  
Consumer confidence is up but spending is down.  Initial jobless 
claims are still high but have spent weeks now under the pivotal 
400K level.  The FOMC is on hold for several more months to a 
year before they even consider raising rates.  Manufacturing is 
expanding and all signs point to economic improvement.  Meanwhile 
investors poured nearly $30 billion into mutual funds this 
October despite the growing Putnam illegal-trading scandal.  The 
markets are long-term overbought and just under major resistance 
points at 10K and 2K for the DJIA and NASDAQ, respectively.  On 
top of it all we are beginning the best three months of the year.

I suggest caution.  It can be dangerous to chase a trade (market) 
when normally if we're patient the right entry point will make 
itself available.  I realize that anyone that was waiting for the 
big October dip is probably saying "yeah, right" but capital 
preservation is key to being a successful investor/trader.  
Influencing my cautious stance is the VXO but also the 5-dma on 
the ARMS index is approaching a bearish signal and we're seeing 
short interest up in the e-minis by commercial traders.  Now may 
be a good time to re-evaluate those stop losses.



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

Market Averages

DJIA ($INDU)

52-week High:  9850
52-week Low :  7197
Current     :  9801

Moving Averages:
(Simple)

 10-dma: 9703
 50-dma: 9563
200-dma: 8827

S&P 500 ($SPX)

52-week High: 1053
52-week Low :  768
Current     : 1050

Moving Averages:
(Simple)

 10-dma: 1040
 50-dma: 1025
200-dma:  946

Nasdaq-100 ($NDX)

52-week High: 1439
52-week Low :  795
Current     : 1416

Moving Averages:
(Simple)

 10-dma: 1401
 50-dma: 1307
200-dma: 1187


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

Extreme bullishness is normally a sign for veteran traders to 
begin adjusting their outlook from bullish to bearish.  When 
investors become complacent and fearless the markets normally 
knock the wind out of them in sharp bouts of selling.  All three 
fear indices are suggesting the sort of extremes that should have 
us turning very cautious and protective with our capital.

CBOE Market Volatility Index (VIX) = 16.10 -0.23
CBOE Mkt Volatility old VIX  (VXO) = 14.15 -0.35
Nasdaq Volatility Index (VXN)      = 24.89 +0.15


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

          Put/Call Ratio  Call Volume   Put Volume

Total          1.12        578,348       647,265
Equity Only    1.03        491,689       504,173
OEX            0.87         15,064        13,148
QQQ           14.02         19,435       272,537


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

Bullish Percent Data

           Current   Change   Status
NYSE          73.3    + 0     Bull Confirmed
NASDAQ-100    77.0    - 1     Bear Correction
Dow Indust.   80.0    - 3     Bull Correction
S&P 500       80.0    + 0     Bull Confirmed
S&P 100       79.0    - 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: 0.95
10-dma: 1.06
21-dma: 1.03
55-dma: 1.08


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    1500      1489
Decliners    1280      1579

New Highs     294       296
New Lows       10         6

Up Volume    908M      986M
Down Vol.    873M      777M

Total Vol.  1815M     1811M
M = millions


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

Commitments Of Traders Report: 10/28/03

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

It's been a long week since last we looked at the COT data
and we're still not seeing any big moves by the Commercial
traders.  The same holds true for small traders but they did
reduce some of their short positions.


Commercials   Long      Short      Net     % Of OI
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%)
10/28/03      391,596   412,498   (20,902)   (2.6%)

Most bearish reading of the year: (111,956) -  3/06/02
Most bullish reading of the year:   18,486  -  6/17/03
 
Small Traders Long      Short      Net     % of OI
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%
10/28/03      137,791    76,791    61,000    28.4%

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

Hmm... we are seeing some movement in the e-minis.  Commercials 
have upped their short positions by 24K contracts.  Small Traders
may have gotten the hint too.  Short interest is up but the real 
change is the 45K drop in long contracts.  


Commercials   Long      Short      Net     % Of OI 
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%)
10/28/03      220,171   260,644    (40,473)  ( 8.4%)

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
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%
10/28/03      123,569    59,742    63,827    34.8%

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


NASDAQ-100

This time it's the Small Traders making a move in the NDX 
futures.  Long contracts are up nearly a third to more than
21K.  Commercials are still comatose but the trend is growing
slowly more bearish with a small bump in short positions.


Commercials   Long      Short      Net     % of OI 
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%)
10/28/03       36,168     46,272   (10,104) (12.3%)

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

Small Traders  Long     Short      Net     % of OI
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%
10/28/03       21,640     8,830    12,810    42.0%

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

There is very little change here for the Small Trader but 
Commercial Traders have upped both their longs and their shorts.


Commercials   Long      Short      Net     % of OI
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%
10/28/03       20,504    11,366    9,138      28.7%

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
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%)
10/28/03        5,295     8,864   (3,569)   (25.2%)

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 11-02-2003
                                                    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:     FLML
  Bearish Play Updates:  FDS

Active Trader (Non-tech)
  New Bearish Plays:     BG
  Bullish Play Updates:  BDK, IR
  Bearish Play Updates:  T

High Risk/Reward
  Bearish Play Updates:  JCOM, HLTH


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

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

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


Flamel Tech. S.A. - FLML - close: 25.25 change: -2.15 stop: 29.75

Company Description:
Flamel Technologies S.A. is a biopharmaceutical company 
principally engaged in the development of two polymer-based 
delivery technologies for medical applications. The company's 
Micropump technology is a multi-particulate technology for oral 
administration of small molecule drugs with applications in 
controlled release, tastemasking and bioavailability enhancement. 
FLML has three major products based on its Micropump technology: 
Asacard, a controlled-release formulation of aspirin for the 
treatment of cardiovascular disease; Metformin XL, a controlled-
release form of Metformin that is in development for use for the 
treatment of Type II diabetes, and Genvir, a controlled-release 
acyclovir for the treatment of genital herpes. In addition, 
Flamel has developed new herbicide delivery systems and has 
patented a biomaterial, ColCys.

Why we like it:
Shares of FLML had a truly impressive run between March and mid-
September, gaining more than 800% in the process.  But over the 
past several weeks, investors don't seem interested in anything 
other than dumping the stock, as it has lost more than 40% of its 
peak value and appears on the brink of another breakdown.  Early 
on, it was hard to see what might be driving the sharp reversal 
in trend, but we got a big clue on 10/21 when news broke that 
Glaxo SmithKline terminated its license agreement with the 
company.  While the selloff was reversed on the day of the 
announcement, that one day bounce just provided another 
opportunity for the bears to jump on board and the stock has now 
fallen to rest right on the key $25 support.  Things just got 
that much worse on Thursday, when the stock missed earnings 
estimates by a country mile, reporting a loss of 11 cents vs. a 
gain of 5 cents.

What is so key about the $25 level is that it is just below the 
top of the large upward gap that occurred in late August.  That 
leaves little in the way of support between here and the bottom 
of the gap, near $21.50.  In fact, it looks like a reasonable 
target on a break of $25 support will be $20, with potential for 
a continued slide down to $18 support.  Since price is already 
inside that gap from August, an argument can be made that the 
breakdown is already in progress, so a trigger is not necessary.  
Aggressive traders can look to enter on a failed rebound below 
the 10-dma (currently $28.07), while momentum entries look viable 
on a break below $25.  There's the possibility for some mild 
support to be found near $22.50, but we're setting our sights on 
a drop to at least $20.  We're setting a wider stop than normal, 
as we want our stop above Thursday's intraday high of $29.55.  
Set stops at $29.75.

Annotated Chart of FLML:


Picked on November 2nd at $25.25
Change since picked        +0.00
Earnings Date            1/29/04 (unconfirmed)
Average Daily Volume =  1.52 mln
Chart:





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

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

Factset Research - FDS - close: 43.64  change: -0.27  stop: 45.26

It's often possible to debate the exact location of a H&S 
neckline, and that's true with FDS's version, too.  While we 
originally thought the best fit was a horizontal neckline, we 
noticed that FDS appeared to be finding resistance at a second 
version, an ascending neckline.  FDS rose this week to test that 
neckline, but now appears to be turning down again.  RSI has 
already rolled down.  Stochastics appear ready to do so, and MACD 
flattened while FDS climbed.  

We had cautioned against taking bounce-and-rollover entries if 
volume expanded as FDS rose, but that did not happen.  Volume 
dried up during the climb.  New entries remain possible at this 
level, but conservative traders might prefer to wait for a 
momentum entry below last week's $42.61 low.
 
Annotated Chart for FDS:


Picked on Oct 17 at  43.65
Change since picked: -0.01
Earnings Date:    09/16/03 (confirmed)
Average Daily Volume:  393 thousand





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

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

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


Bunge Limited - BG - close: 27.10 change: -0.35 stop: 28.60

Company Description:
Bunge Limited is an integrated, global agribusiness and food 
company operating in the farm-to-consumer food chain, which 
ranges from raw materials, such as grains and fertilizers, to 
retail food products, such as flour and margarine.  The company 
has primary operations in North America, Brazil, Argentina and 
Europe and worldwide distribution capabilities.  Bunge conducts 
its operations in three divisions: agribusiness, fertilizer and 
food products. The agribusiness division consists of three 
business lines: grain origination, oilseed processing and 
international marketing. The company's fertilizer division is 
comprised of nutrients and retail operations. The food products 
division consists of four business lines: edible oil products, 
wheat milling and bakery products, soy ingredients and corn 
products. 

Why we like it:
Investors weren't impressed when BG guided earnings estimates 
lower in mid-September, from $0.85-0.90 to $0.75-0.80, a 
reduction of 10 cents per share.  The disappointment was 
reflected in the 9/16 gap down from just above $30 to $28.50, 
followed by a continued slid as low as $27.  Following that big 
move, BG consolidated for nearly 6 weeks in the $27.25-28.50 area 
until the company reported its actual earnings on Thursday 
morning.  The actual results came in at 88 cents, or 3 cents 
above the bottom of the original guidance.  While that was good 
for an initial bounce, traders seem to have re-evaluated 
overnight and decided to sell the stock on Friday.  Whether it is 
due to a lack of confidence in management to actually do their 
job, or a perception that expectations are being managed, 
investors seem to have made up their mind to sell the stock.  
Friday's selling volume came in at nearly triple the ADV and only 
a short-covering bounce at the end of the day saved it from 
closing at its intraday low.

Resistance now looks quite solid in the $28.25-28.50 area, with 
support at $27 beginning to weaken.  Remember that big downward 
move on 9/16?  The intraday low was $27.00, and last Friday's 
intraday low was $26.91, so support does seem to be cracking.  
With the breakdown already underway, we're content to enter 
either on a failed rebound below $28.50 or on a break below 
$26.80 support.  There may be some mild support found near $26, 
but our target of $24 looks quite achievable.  Place stops 
initially at $29, just above the intraday high from 9/16.

Annotated Chart of BG:


Picked on November 2nd at $27.10
Change since picked        +0.00
Earnings Date            1/29/04 (unconfirmed)
Average Daily Volume =     451 K



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

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

Black Decker CP - BDK - close: 47.81  change: +0.14  stop: 45.20

We warned Wednesday that BDK appeared ready for a pullback and 
suggested that some traders might want to take partial profits, 
perhaps with the idea of reentering the play on a pullback and 
bounce from above $46.00.  BDK did pull back, seeming to find 
support at $47.00, a level that has been important support and 
resistance in the past. 

MACD turned up again.  Stochastics and RSI appear to be trending 
in levels that indicate overbought conditions, as often happens 
with stocks in a strong trend.  When that happens, sell signals 
frequently signal consolidation only.  

Volume was more than 25 percent higher than average as BDK 
bounced.  However, we wonder if BDK might require further 
consolidation or a deeper pullback.  Some of those volume spikes 
appeared during intraday declines.  Of course, that can be a sign 
of accumulation, and that's what we hope is occurring.  The 
oscillators certainly predict that BDK is ready to break out to 
the next level.  Any pullbacks and bounces from above $46 would 
constitute appropriate new entries.  With a $49.50 upside target, 
we would not suggest momentum entries on new breakouts, however. 

Annotated Chart for BDK:


Picked on Oct 03 at  46.16
Change since picked: +1.65
Earnings Date:    10/22/03 (confirmed)
Average Daily Volume:  824 thousand



---

Ingersoll-Rand - IR - close: 60.40 change: -0.38 stop: 57.50

After breaking out over $60 resistance on Wednesday, shares of IR 
stalled at the center of the rising channel that has been in 
effect since the March lows.  Also providing near-term resistance 
is the upper Bollinger band, currently at $61.27.  Friday's 
action was encouraging in that the intraday pullback found 
support just above $60.  We're not expecting it to hold up next 
week without a slightly deeper pullback, especially with daily 
Stochastics starting to weaken in overbought territory.  The best 
area to look for pullback entries appears to be in the $59.00-
59.50 area, with additional support being provided by the 10-dma 
($58.59) and the 20-dma ($58.31).  Any rebound from above those 
averages should make for a solid entry ahead of the next push 
higher in the channel.  Aggressive momentum traders will want to 
see IR push over the midline of the channel (currently $61), as 
well as Thursday's $61.05 intraday high before playing.  Maintain 
stops at $57.50, just under the bottom of last Monday's gap.

Picked on October 29th at $60.68
Change since picked        -0.28
Earnings Date            1/21/04 (unconfirmed)
Average Daily Volume =  1.23 mln





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


AT&T - T - close: 18.59  change: -0.31  stop: 20.49*new*

On a day when the North American Telecommunications Index $XTC.X 
gained 0.22 percent, T slipped lower on volume about a third 
higher than average.  Although T bounced from light support near 
$18.30, it bounced too late.  By then it had created a new 
double-bottom breakdown, with a downside objective of $15.50.  
That may not be the final downside target as T has of course not 
yet reversed into an "X" column.

We expect some bounces along the way, but that new P&F downside 
target verifies our supposition that $16.00 is a workable target 
for this play.  We're not sure that T is ready for that first 
bounce, as MACD lines separated and turned down, and stochastics 
and RSI remain headed down.  If T does bounce, however, new 
positions could be added on bounces and rollovers from anywhere 
below the 200-dma.  New positions could also be added on a move 
below Friday's low, but those positions would have little cushion 
when the inevitable bounce occurs.

Annotated Chart for T:


Picked on Oct 29 at  19.07
Change since picked: -0.48
Earnings Date:    10/21/03 (confirmed)
Average Daily Volume:  7.0 million




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

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


INTL Game Tech - IGT - close: 32.75 change: +0.25  stop: 29.74

Thursday, casino operator and slot route management company 
Station Casinos reported third quarter profit that tripled.  IGT, 
headed into its own earnings release next week, benefited.  
Friday, IGT gained, too, but it produced an ominous doji at the 
top of its recent steep rise.  Doji can be reversal signals, but 
they must be confirmed by a decline in the next day's trading.  
MACD remains strong, however, as do RSI and stochastics, giving 
no sign of an impending reversal.  

Still it's time for us to exit the play.  Since IGT reports 
earnings November 4, we would have closed the play before those 
earnings anyway, and that doji only confirms our decision.  

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





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

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

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


Gentex Corp - GNTX - close: 39.04  change: +0.19  stop: 37.49

When we listed this play, we mentioned the tendency of some H&S 
or inverse H&S patterns to form a second right shoulder.  That 
tendency and the expected round-number resistance at $40.00 led 
us to set a $40.25 trigger.  Thursday, GNTX came close to 
triggering the play, but then fell on lighter-than-average 
volume.  Friday, GNTX printed a doji inside the previous day's 
range, producing an inside-day formation or harami, in 
candlestick terms.  Although Ford (F) did not produce an inside 
day, F also retreated from the resistance it had tested earlier 
with the two chart formations mirroring each other's movements.  

An upside break of that inside-day formation might send GNTX 
higher, triggering the play.  Those seeking verification of 
strength might verify strength in the automakers since GNTX 
supplies them.  A downside break might send GNTX lower to form 
that second right shoulder, testing the support at its grouped 
pink 50-dma and black 30-dma. 

Annotated Chart for GNTX:


Picked on Oct 29 at  39.69
Change since picked: -0.65
Earnings Date:    10/15/03 (confirmed)
Average Daily Volume:  520 thousand




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


j2 Global Comms - JCOM - cls: 28.38 chng: -1.22 stop: 31.75*new*

After coming to rest just above critical support at $29 on 
Wednesday, JCOM looked like the perfect setup for a breakdown 
play.  But just to be on the safe side, we initiated coverage 
using a $29 trigger, forcing the stock to demonstrate weakness 
before luring us into taking a position.  Thursday's early 
rebound didn't look good, but we sure liked the way if faded into 
the close.  With a gap below $29 on Friday, the play was 
triggered to live status and nimble traders could have gotten a 
favorable entry on the nearly-instant rebound and failure just 
below $29.50.  That rebound didn't have any staying power, and 
JCOM ended very close to the low of the day.  Now that the stock 
has moved solidly below $29, we'll be looking for a continued 
slide down to our initial target of $25.  Failed rebounds below 
$30 now look attractive for new entries, while momentum traders 
can now enter the fray on a break below Friday's $28.25 intraday 
low.  Any weak rebound should now find firm resistance below 
$31.50, so we're lowering our stop to $31.75 this weekend.

Picked on October 29th at $30.00
Change since picked        -1.62
Earnings Date            1/19/04 (unconfirmed)
Average Daily Volume =  1.71 mln




---


WebMD Corp - HLTH - close: 7.79 change: +0.11  stop: 8.51

A volume spike of 156,000 shares in the last five minutes of 
trading sent HLTH higher, changing what had appeared to be a 
bearish day into a less bearish one.  That volume spike could not 
carry HLTH over the nearest resistance, however, with that 
resistance just above $8.00.

HLTH still clings to the 50% retracement of the September 2001 
low to the July 2003 high.  Oscillators flatten, not hinting at 
future direction, but the longer HLTH clings to this level, the 
stronger the chance that it's building a base here from which to 
rise again.  Balanced against that possibility, however, is the 
resistance that will soon be offered by the many moving averages 
coursing down toward the current price.  The red 10-dma finally 
caught up with HLTH's prices after the steep declines, with HLTH 
closing under that average again all this week.  We suspect, 
though, that HLTH may bounce up to meet the stronger resistance 
offered by its 21-dma, currently at $8.23, or its 30-dma, 
currently at $8.50.  

As we mentioned earlier in the week, 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.  
Conservative traders might alternatively set a tighter stop, 
perhaps just above the $8.06 level that has been HLTH's high for 
the last two weeks.

Annotated Chart for HLTH:


Picked on Oct 17 at  $7.93
Change since picked: -0.14
Earnings Date:    11/06/03 (confirmed)
Average Daily Volume:  4.9 million






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

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
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Do not duplicate or redistribute in any form.




PremierInvestor.net Newsletter          Weekend Edition 11-02-2003
                                                    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 November 3rd, 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 November 3rd
==========================================


Symbol  Company               Date           Comment      EPS Est

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

ACDO   Accredo Health        Mon, Nov 3  Before the Bell    0.35
ACGL   Arch Capital Group    Mon, Nov 3  After the Bell     0.85
CEPH   Cephalon, Inc.        Mon, Nov 3  After the Bell     0.41
CHTR   Charter Comm          Mon, Nov 3  Before the Bell   -0.34
CHD    Church & Dwight Co    Mon, Nov 3  -----N/A----    -  0.41
DVA    DaVita                Mon, Nov 3  -----N/A-----      0.56
EPD    Enterprise Prdct Part Mon, Nov 3  Before the Bell    0.08
FIC    Fair Isaac Corp       Mon, Nov 3  After the Bell     0.65
FRT    Fed Rlty Invstmnt TrstMon, Nov 3  -----N/A-----      0.65
FHCC  First Health Group     Mon, Nov 3  -----N/A-----      0.39
GLG    Glamis Gold Ltd       Mon, Nov 3  Before the Bell    0.04
GTM    GULFTERRA ENERGY PART Mon, Nov 3  Before the Bell    0.43
HCP    Health Care Prop.     Mon, Nov 3  Before the Bell    0.90
HTG    Heritage Prop. Inv    Mon, Nov 3  -----N/A-----      0.66
K      Kellogg Co.           Mon, Nov 3  Before the Bell    0.51
MCY    Mercury General       Mon, Nov 3  -----N/A-----      0.76
MET    MetLife Inc.          Mon, Nov 3  After the Bell     0.73
NFS    Nationwide Finl Serv  Mon, Nov 3  After the Bell     0.68
NBIX   NEUROCRINE BIOSCIENCESMon, Nov 3  After the Bell    -0.36
PRE    PartnerRe Ltd.        Mon, Nov 3  After the Bell     1.46
PKZ    PETROKAZAKHSTAN INC   Mon, Nov 3  -----N/A-----      1.04
PDLI   Protein Design        Mon, Nov 3  After the Bell    -0.21
RSG    Republic Services, IncMon, Nov 3  After the Bell     0.27
SRX    SRA Intl, Inc.        Mon, Nov 3  After the Bell     0.27
STRA   Strayer Education     Mon, Nov 3  Before the Bell    0.23
TEVA   Teva Pharmaceutical   Mon, Nov 3  Before the Bell    0.49
PFG    The Principal Finl GrpMon, Nov 3  After the Bell     0.61
WRE    Wash. Rl Est Invst TstMon, Nov 3  After the Bell     0.51
WRC    Westport Resources    Mon, Nov 3  After the Bell     0.20
WGL    WGL Holdings          Mon, Nov 3  Before the Bell   -0.45


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

ACAS   American Capital StratTue, Nov 4  After the Bell     0.64
AMH    AmerUs Group Co.      Tue, Nov 4  After the Bell     0.95
AMLN   Amylin Pharm, Inc.    Tue, Nov 4  During the Market -0.40
AOC    Aon Corp              Tue, Nov 4  Before the Bell    0.45
ASN    Archstone-Smith Trst  Tue, Nov 4  Before the Bell    0.45
ITU    Banc Itau Hldng FinancTue, Nov 4  -----N/A-----      1.14
BJS    BJ SVCS CO            Tue, Nov 4  Before the Bell    0.40
VNT    C. A. Nacl Tele de VenTue, Nov 4  After the Bell      N/A
CWG    CanWest Global Cmmu   Tue, Nov 4  -----N/A-----       N/A
CPG    Chelsea Prop. Group   Tue, Nov 4  After the Bell     0.87
CDL    Citadel Broadcasting  Tue, Nov 4  -----N/A-----     -0.20
CCU    Clear Channel Cmmu    Tue, Nov 4  Before the Bell    0.39
CSR    Credit Suisse Group   Tue, Nov 4  Before the Bell     N/A
CEI    Crescent Rl Estte EqtyTue, Nov 4  Before the Bell    0.32
EMR    Emerson Electric      Tue, Nov 4  Before the Bell    0.62
ENH    Endurance Spclty Hold Tue, Nov 4  After the Bell     0.74
EOG    EOG Resources         Tue, Nov 4  Before the Bell    0.71
EOP    Equity Off Prprty TrstTue, Nov 4  Before the Bell    0.70
EQR    Equity Residential    Tue, Nov 4  Before the Bell    0.55
EXPD   Expeditors Intl WA    Tue, Nov 4  -----N/A-----      0.29
FST    Forest Oil Corp       Tue, Nov 4  After the Bell     0.52
FMS    Fresenius Medical CareTue, Nov 4  Before the Bell     N/A
GRP    Grant Prideco Inc     Tue, Nov 4  -----N/A-----      0.06
HNT    Health Net, Inc.      Tue, Nov 4  Before the Bell    0.71
HSIC   Henry Schein          Tue, Nov 4  Before the Bell    0.92
ICOS   ICOS Corp             Tue, Nov 4  After the Bell    -0.80
IGT    Intl Game Technology  Tue, Nov 4  -----N/A-----      0.28
MAC    Macerich Co           Tue, Nov 4  -----N/A-----      0.86
MVL    Marvel Enterprises    Tue, Nov 4  Before the Bell    0.39
MAS    Masco                 Tue, Nov 4  Before the Bell    0.52
MBI    MBIA Inc.             Tue, Nov 4  Before the Bell    1.17
MSM    MSC Industrial Direct Tue, Nov 4  -----N/A-----      0.17
PY     Pechiney              Tue, Nov 4  -----N/A-----      0.24
PER    Perot Systems         Tue, Nov 4  Before the Bell    0.12
PCLN   Priceline.com         Tue, Nov 4  After the Bell     0.21
PRU    Prudential Finl, Inc. Tue, Nov 4  After the Bell     0.56
RA     Reckson Ass Rlty Corp Tue, Nov 4  After the Bell     0.54
REG    REGENCY CTRS CORP     Tue, Nov 4  After the Bell     0.79
RYAAY  Ryanair Holdings      Tue, Nov 4  Before the Bell    0.92
SPI    Scottish Power        Tue, Nov 4  Before the Bell     N/A
SBL    Symbol Technologies   Tue, Nov 4  -----N/A-----      0.06
TLM    Talisman Energy       Tue, Nov 4  -----N/A-----      0.48
TLD    TDC A/S               Tue, Nov 4  -----N/A-----       N/A
TI     Telecom Italia        Tue, Nov 4  -----N/A-----       N/A
G      The Gillette Co       Tue, Nov 4  Before the Bell    0.36
MNY    The MONY Group Inc.   Tue, Nov 4  Before the Bell    0.07
PNX    The Phoenix Companies Tue, Nov 4  Before the Bell    0.11
TYC    Tyco Intl             Tue, Nov 4  Before the Bell    0.33
UPL    Ultra Petroleum Corp  Tue, Nov 4  -----N/A-----      0.11
UAG    United Auto Group     Tue, Nov 4  Before the Bell    0.61


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

Y      Alleghany             Wed, Nov 5  -----N/A-----       N/A
DOX    Amdocs Ltd            Wed, Nov 5  -----N/A-----      0.23
AFR    American Finl Rlty    Wed, Nov 5  Before the Bell    0.21
ABC    AmeriSourceBergen     Wed, Nov 5  Before the Bell    1.05
AXS    Axis Capital Holdings Wed, Nov 5  After the Bell     0.56
BZH    Beazer Homes USA Inc  Wed, Nov 5  Before the Bell    3.90
CPN    Calpine Corp          Wed, Nov 5  Before the Bell    0.24
CNQ    Canadian Natural Res  Wed, Nov 5  Before the Bell    1.32
CRE    Carramerica Rlty Corp Wed, Nov 5  After the Bell     0.77
CSCO   Cisco Systems         Wed, Nov 5  After the Bell     0.15
CXR    COX RADIO INC         Wed, Nov 5  Before the Bell    0.18
DF     Dean Foods            Wed, Nov 5  Before the Bell    0.52
EIX    Edison Intl           Wed, Nov 5  Before the Bell    1.09
FOX    Fox Entertainment Grp Wed, Nov 5  After the Bell     0.28
HIG    Hartford Finl ServicesWed, Nov 5  After the Bell     1.17
IACI   INTERACTIVECORP       Wed, Nov 5  Before the Bell    0.18
LAMR   LAMAR ADVERTISING CO  Wed, Nov 5  Before the Bell   -0.01
MGA    Magna Intl Inc.       Wed, Nov 5  -----N/A-----      1.19
MME    Mid Atlantic Medical  Wed, Nov 5  After the Bell     0.99
MLS    Mills Corp            Wed, Nov 5  Before the Bell    0.82
PHS    PacifiCare Health Sys Wed, Nov 5  After the Bell     1.45
PDX    Pediatrix Medical Grp Wed, Nov 5  Before the Bell    0.97
PSC    Philadelphia Suburban Wed, Nov 5  Before the Bell    0.32
RL     Polo Ralph Lauren     Wed, Nov 5  Before the Bell    0.51
QCOM   QUALCOMM Inc.         Wed, Nov 5  After the Bell     0.29
DNY    RR Donnelley          Wed, Nov 5  Before the Bell    0.45
SRV    Service Corp Intl     Wed, Nov 5  Before the Bell    0.05
SHPGY  Shire Pharm Group     Wed, Nov 5  Before the Bell    0.36
SSI    SpectraSite, Inc.     Wed, Nov 5  After the Bell      N/A
NWS    The News Corp Ltd     Wed, Nov 5  After the Bell     0.20
REY    The Reynolds & ReynoldWed, Nov 5  Before the Bell    0.44
SVM    The ServiceMaster Co  Wed, Nov 5  Before the Bell    0.22
TOM    Tommy Hilfiger        Wed, Nov 5  Before the Bell    0.58
TM     Toyota Motor Corp     Wed, Nov 5  Before the Bell     N/A
TRN    Trinity Industries    Wed, Nov 5  After the Bell     0.08
TXU    TXU Corp.             Wed, Nov 5  Before the Bell    0.93
UNM    UnumProvident Corp    Wed, Nov 5  After the Bell     0.42
VARI   Varian, Inc.          Wed, Nov 5  After the Bell     0.39
WPI    Watson Pharm, Inc.    Wed, Nov 5  Before the Bell    0.45
WTW    Weight Watchers Intl  Wed, Nov 5  After the Bell     0.38


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

ATVI   Activision            Thu, Nov 6  After the Bell    -0.12
AEG    AEGON N.V.            Thu, Nov 6  -----N/A-----      0.35
AAA    Altana AG             Thu, Nov 6  -----N/A-----       N/A
BRL    Barr Labs, Inc.       Thu, Nov 6  Before the Bell    0.67
BDX    Becton, Dickinson     Thu, Nov 6  Before the Bell    0.60
BRG    BG Group              Thu, Nov 6  Before the Bell    0.38
BIO    Bio-Rad Labs, Inc.    Thu, Nov 6  -----N/A-----      0.74
BNN    BRASCAN CORP          Thu, Nov 6  -----N/A-----      0.41
CPT    Camden Prop. Trst     Thu, Nov 6  After the Bell     0.76
CZN    Citizens Cmmu Co.     Thu, Nov 6  Before the Bell    0.10
CLX    Clorox                Thu, Nov 6  -----N/A-----      0.60
CNA    CNA Finl Corp         Thu, Nov 6  Before the Bell   -1.97
CMLS   Cumulus Media Inc.    Thu, Nov 6  After the Bell     0.10
DEG    Delhaize Group        Thu, Nov 6  -----N/A-----       N/A
DVN    Devon Energy Corp     Thu, Nov 6  Before the Bell    1.47
ETM    Entercom Cmmu         Thu, Nov 6  Before the Bell    0.39
FLO    Flowers Foods         Thu, Nov 6  Before the Bell    0.28
FS     Four Seasons Hotels   Thu, Nov 6  Before the Bell    0.11
HCC    HCC Insurance HoldingsThu, Nov 6  After the Bell     0.56
HEW    Hewitt Associates     Thu, Nov 6  Before the Bell    0.31
THX    Houston Exploration   Thu, Nov 6  Before the Bell    1.02
ICN    ICN Pharm, Inc.       Thu, Nov 6  Before the Bell    0.24
IDA    Idacorp Holding       Thu, Nov 6  Before the Bell    0.46
IN     Infonet Services Corp Thu, Nov 6  After the Bell    -0.03
KSE    KeySpan               Thu, Nov 6  Before the Bell   -0.01
KGC    Kinross Gold          Thu, Nov 6  -----N/A-----      0.02
LTR    Loews Corp.           Thu, Nov 6  Before the Bell    1.17
CLI    Mack-Cali Rlty Corp   Thu, Nov 6  Before the Bell    0.94
NSANY  Nissan Motor Co. Ltd. Thu, Nov 6  -----N/A-----       N/A
NVDA   NVIDIA Corp           Thu, Nov 6  After the Bell     0.12
PIXR   Pixar Animation Stud  Thu, Nov 6  After the Bell     0.13
PSA    Public Storage        Thu, Nov 6  -----N/A-----      0.74
SRE    Sempra Energy         Thu, Nov 6  -----N/A-----      0.92
TEM    Telefonica Moviles    Thu, Nov 6  Before the Bell     N/A
TBI    Tom Brown             Thu, Nov 6  Before the Bell    0.44
TRZ    Trizec Prprty, Inc.   Thu, Nov 6  Before the Bell    0.41
HLTH   WebMD                 Thu, Nov 6  After the Bell     0.09
WMB    Williams Companies IncThu, Nov 6  Before the Bell    0.04
XMSR   XM Satellite Radio    Thu, Nov 6  Before the Bell   -1.17


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

AXA    AXA                   Fri, Nov 7  -----N/A-----       N/A
BUH    Buhrmann NV           Fri, Nov 7  -----N/A-----       N/A
DYS    Dist y Servicio D&S SAFri, Nov 7  -----N/A-----      0.14
DTE    DTE Energy Co         Fri, Nov 7  Before the Bell    0.58
AHO    Koninklijke Ahold NV  Fri, Nov 7  -----N/A-----       N/A
MITSY  Mitsui & Co Ltd       Fri, Nov 7  -----N/A-----       N/A
TEO    Telecom Argentina     Fri, Nov 7  After the Bell      N/A
TOT    Total                 Fri, Nov 7  Before the Bell    1.61
VNO    Vornado Rlty Trst     Fri, Nov 7  Before the Bell    1.02
WSC    Wesco Finl            Fri, Nov 7  -----N/A-----       N/A

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

Symbol  Co Name              Ratio    Payable     Executable

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
BHE     Benchmark Electronics Inc 3:2      Nov  13th   Nov  14th
LSTR    Landstar System, Inc      2:1      Nov  13th   Nov  14th
BLUD    Immucor, Inc              3:2      Nov  14th   Nov  17th
LYTS    LSI Industries Inc        5:4      Nov  14th   Nov  17th


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

Q3 Earnings are finally starting to fade as we move into the 
first week of November.  Monday reveals the latest auto sales
numbers, Construction spending and the ISM index.  Wednesday
will see the ISM services number and Friday has several smaller
economic reports.  


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

----------------
Monday, 11/3/03
----------------
Auto Sales (NA)         Oct  Forecast:    5.5M  Previous:     5.4M
Truck Sales (NA)        Oct  Forecast:    7.9M  Previous:     7.9M
ISM Index (DM)          Oct  Forecast:    55.8  Previous:     53.7
Construction Spnding(DM)Sep  Forecast:    0.2%  Previous:     0.2%


-----------------
Tuesday, 11/4/03
-----------------
Goldman Sachs Capital Good Conf.


-------------------
Wednesday, 11/5/03
-------------------
ISM Services (DM)       Oct  Forecast:    62.0  Previous:     63.3
Factory Orders (DM)     Sep  Forecast:    0.6%  Previous:    -0.8%


------------------
Thusday, 11/6/03
------------------
Initial Claims  (BB)  11/01  Forecast:     N/A  Previous:     386K
Productivity-Prel (BB)   Q3  Forecast:    7.3%  Previous:     6.8%
October Same-Store Sales
Merrill Lynch Tech Conference

----------------
Friday, 11/7/03
----------------
Personal Income (BB)    Sep  Forecast:    0.2%  Previous:     0.2%
Nonfarm Payrolls (BB)   Oct  Forecast:     50K  Previous:      57K
Unemployment Rate (BB)  Oct  Forecast:    6.1%  Previous:     6.1%
Hourly Earnings (BB)    Oct  Forecast:    0.2%  Previous:    -0.1%
Average Workweek (BB)   Oct  Forecast:    33.8  Previous:     33.7
Wholesale Invntories(DM)Sep  Forecast:    0.2%  Previous:    -0.2%
Consumer Credit (DM)    Sep  Forecast:   $5.5B  Previous:    $8.2B


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

WFC     Wells Fargo & Co           56.32    +0.94
MET     Metlife Inc                31.40    +0.60
APC     Anadarko Petroleum Corp    43.62    +0.77


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

VRC     Varco Prideco Inc          17.59    +1.23
GRP     Grant Prideco Inc          11.34    +1.05
WFII    Wireless Facilities Inc    17.15    +2.00


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

CVX     Chevrontexaco Corp         74.30    +2.54
CL      Colgate-Palmolive Co       53.19    +1.57
FDX     Fedex Corp                 75.76    +1.84
LEH     Lehman Bros Hldg Inc       72.00    +1.65
ROH     Rohm & Haas Co             39.30    +1.27
CI      Cigna Corp                 57.05    +9.08


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

RUK     Reed Elsevier Plc          31.63    -1.01
WTW     Weight Watchers Intl Inc   36.90    -1.07
CDX     Catellus Development Cp    22.27    -3.98
SRCL    Stericycle Inc             46.24    -2.01


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

AZN     Astrazeneca Plc            47.68    -0.57
WFMI    Whole Foods Market Inc     59.19    -0.90




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