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Daily Newsletter, Tuesday, 11/04/2003

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PremierInvestor.net Newsletter                 Tuesday 11-04-2003
                                                   section 1 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
=================================================================

In section one:

Market Wrap:      Good Day For A Walk
Watch List:       XMSR, JNJ, PHM, BWA and more!
Market Sentiment: Layoffs Cast Doubt


=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
      11-04-2003           High     Low     Volume Advance/Decline
DJIA     9838.83 - 19.60  9874.83  9819.86 1.75 bln   1693/1522
NASDAQ   1957.96 -  9.70  1971.38  1053.64 2.11 bln   1610/1582
S&P 100   521.38 -  2.63   524.01   520.43   Totals   3303/3104
S&P 500  1053.25 -  5.77  1059.02  1051.70
W5000   10271.46 - 45.70 10317.20 10257.98
RUS 2000  538.87 +  1.03   540.32   535.72
DJ TRANS 2941.56 +  0.80  2952.51  2930.74
VIX        16.55 +  0.00    16.78    16.45
VXO (VIX-O)17.42 +  0.33    17.74    17.11
VXN        25.69 +  0.31    25.96    25.46
Total Volume 4,129M
Total UpVol  1,729M
Total DnVol  2,319M
52wk Highs  954
52wk Lows    25
TRIN       1.83
NAZTRIN    1.18
PUT/CALL   0.61

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

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

Good Day For A Walk

If you took the day off and went hiking, played some golf or
maybe started some early Christmas shopping you were spared
a great deal of boring trading. The markets wandered aimlessly
for much of the day mostly in negative territory. The new
highs from Monday were left behind today as the indexes
digested the gains and pondered some negative economic news.
Considering the Dow had been up for the last six days it was
due for a rest.

Dow Chart



Nasdaq Chart



The economic news started out positive with Retail Sales up
+0.5% for last week. While it was positive it only retraced
about half of the -0.9% drop in the prior week. Sales of
Halloween merchandise was reported to be strong but sales of
Fall merchandise was hurt by unseasonably warm weather in
many areas. Retailers are not daunted and are widely expected
to post the best holiday season since 1999. My bet is that
competition is going to be fierce with the price slashing
to start in the next two weeks. Odds are they will not be
waiting for the Thanksgiving break to pass.

The October Senior Loan Officer survey showed that the same
number of banks that had reported decreases in commercial
real estate loan demand in August were still seeing a drop
in demand. Bankers also reported a decline in home mortgages
for the first time in two years. Despite a decline in the
standards required to get a loan the demand for mortgages
has fallen substantially over the last three months. No
real excitement here or anything we did not already know
but there was a small pickup in general business borrowing.

The worst news for the day was the Challenger Layoff Report
which showed a jump of +125% in the number of layoffs since
September. Announced layoffs rocketed to 171,874 from only
76,510 last month. This is more than twice as high as the
average for the second and third quarters. This was the
largest number since Oct-2002 at 176K and the next largest
of Jan-2002 at 212K. The soaring layoffs are not expected
to continue despite catching analysts off guard. With the
Nonfarm Payroll report on Friday you would expect this to
be a factor. However, today's report totals "announced
layoffs" and not actual layoffs. These are layoffs that
will occur over the next 3-6 months. This does not mean
the Friday payroll report will not be negative but it does
cast a shadow over the rest of the quarter. Layoffs soared
in October last year as well. November saw 157K announced
as well before December dropped to only -93k. Far from a
trend but it was enough for analysts to cling to and
enough to keep the markets from self destructing.

I was amazed that the market did not collapse. This was
very negative news and news that was not expected. The Dow
was already at the lows of the day when it was announced
and it dipped another -5 points and then began a rebound.
I stared at the screen in disbelief as the Dow gained ground.
The bullish sentiment is so extreme that the name bad news
bulls fit very well today. Although the markets did not
implode the bulls were not able to take them back to positive
territory. The flipside was the bears were not able to take
them down either. The markets simply traded in a very narrow
range after 10:30 and on low volume until time expired.

This should not be seen as a win by anybody but the bulls.
Tuesday was slated to be a consolidation day at best even
before the layoff report. With the Dow up +3% over just the
last six days and at new highs there was ample reason for
buyers to be passive and profit taking to be aggressive.
It simply did not happen. The A/D was flat at 3303:3104
with the edge in favor of the advancers. Declining volume
did beat out advancing on the strength of a few high profile
losers. RHAT, FHCC, MCDTA, HEPH, PTN, CYCL, PMACA and FIC
topped the list with SUNW the winner with over 86 million
shares traded followed closely by LU with 84 million shares
and a loss of 12 cents. Considering SUNW was up +25% over
the prior three days and LU up +41% over the last two weeks
a little profit taking should be expected.

I am chalking up Tuesday in the bullish column due to the
lack of any real profit taking on very negative economic
news. However, Wednesday might be a different story. The
market felt heavy all day even though there was no drop.
After the close today PCLN cut its outlook and warned that
demand for airline tickets began to fall in September and
that weakness had continued into October. PCLN cut profit
forecasts for the 4Q to between 2 cents and 8 cents. The
previous analyst view was 8-12 cents. PCLN said the drop
would have been worse were it not for some new offerings
of hotel rooms, rental cars and some retail products. The
bad news was seen as the drop in airline demand over the
last two months that seems to be confirming the drop in
consumer spending we saw last week. The drop in September
was initially ignored as 9/11 event risk but when it
continued into October that caused additional concern.
PCLN was down -$7 in after hours to 22.50. Southwest
Airlines also announced after the close it was shutting
down three reservation centers and 1900 workers would be
displaced.

Adding to our event risk for Wednesday is an appearance
before the Senate Banking Committee by Greenspan. He will
be grilled about interest rates and the economic recovery.
As if this is not enough he will speak on Thursday morning
to a group in Boca Raton on "New Developments in the
Economy". This speech will be watched very close for signs
of position hedging. Currently the Fed Funds futures are
not predicting any rate increases until a 25 point hike in
May-2004. One reason for no rate hike not quoted in print
is the huge borrowing requirements by the government. On
Wednesday there is expected to be another $60 billion in
various denominations of notes. With the deficit growing
daily and several hundred billion in notes to be sold over
the next few months there is the implied need to keep rates
down until as much of the deficit funding is over as possible.
While the "official" interest rate has no direct bearing on
the note auctions it does help depress the general bond
prices.

The mutual fund scandal continues to overhang the markets
but no real impact has been seen in equity prices. Officials
today said that easily one half of all funds are guilty of
allowing market timing and probably one third have allowed
some version of late trading. Spitzer went on record as
saying that "ALL" and he emphasized "ALL" fees collected by
funds while any of these practices were in force "WOULD" be
forfeited. Considering these inquiries are going back to
2000 in many cases this could be a huge amount of money. It
is far too soon to try and decipher the end result of the
investigations, amounts of money paid, what funds will be
forced to do to raise this cash and how it will impact the
market. The only thing we can be sure of is that it will
impact the market if only to keep a cloud over it for the
next couple months. Investors will pull money out of some
funds and send it to others and the constant churn could
keep stock prices from making any large gains.

Economically Wednesday should not be a challenge. If the
Layoff report today could not deter the bulls the reports
on Wednesday should not either. We have Mortgage Applications,
Factory Orders and the ISM Services index. We already know
mortgage applications are weak so any surprise should be
to the upside. ISM Services has been leading the ISM
Manufacturing and the estimate is to remain flat so that
should be an easy number. The Factory Orders were down -0.8%
last month and the estimates are for an increase of +0.6%.
Any number over zero should be accepted and ignored. The
Greenspan appearance will get more attention than the
reports but odds are good the head cheerleader will be in
top form. There is always the potential for a slip of the
lip but those odds are slim.

The general consensus of opinion still appears to be we
are still going higher before serious profit taking appears.
This is likely the thought process that will prevail but
there is a growing contingent that believe otherwise. There
were several major analyst firms making dire predictions on
stock TV today. "Hard drop by Nov-21st" and "down December"
were a couple of the high profile claims. Everybody is
welcome to their opinion and everyone has at least one.
The earnings estimates for the 4Q have been remarkably
quiet. The prognosticators appear to be still crunching
numbers and nobody wants to be the first to go public with
their results. Despite the increase in the semiconductor
sector the outlook for the 4Q is still cloudy. The outlook
for the 1Q is even more cloudy and that is when the worry
will start building about Fed rate hikes. Once we pass
1/1/2004 the focus will be rates. Once the January earnings
cycle has a couple weeks under its belt the investing
climate is likely to change drastically.

Why is that a worry for us now? Because markets are forward
looking by 3-6 months. That 3-6 month window from here is
Feb-Apr and that puts the interest rates firmly into focus.
The thought process remains that we should move higher this
week but the future discounting process may limit any gains.
Dow 10500-11000 were being mentioned as targets a lot over
the last couple weeks and those numbers are slowly being
lowered to 10000-10200. Where we will actually end up is
anybody's guess. With the Nonfarm Payrolls on Friday we
could continue to wander until that number is out. The
estimate is for a gain of 50,000 jobs.

While the US markets did not react negatively to the Layoff
report the Asian markets did. The Nikkei opened down -108
points and pushed our futures a little farther into negative
territory. Still a lot of darkness before the open and far
to soon to draw any conclusions. Technically the Dow is
holding above support at 9800 and it is still at the high
end of the recent 9600-9800 range. There has not been any
real weakness appear and we could easily give up a couple
hundred points with no harm done. The Nasdaq is also
holding at the highs over 1950 and has plenty of support
above 1900. It will take a significant change of sentiment
to cause any serious damage to either of these indexes. The
VXO is still flashing red in the low 17s but nobody appears
to be taking notice. We have not seen any obvious changes
in the markets despite the extreme levels. November and
December are the two best months in normal markets so there
is a lot of momentum in the form of historical sentiment
behind us. Whether it will be enough to power us much
higher is too soon to tell.

Enter Very Passively, Exit Very Aggressively!

Jim Brown




==================================================================
WATCH LIST
==================================================================

The PremierInvestor.net watch list is not designed to be read
as full fledged stock picks.  Rather we would prefer to offer
it as an extra tool in today's investor toolbox.  Think of it
as a radar screen with your own radar operator pointing out
interesting developments, technical patterns or potential plays
that you may or may not have seen on your own.  Due to time
constraints we do glance at the news but rarely do we have
time to fully read pertinent news stories, due background
research and other necessary screens that investors should do
before making a decision.  A common exercise is to read the
entry, glance at the sector and other stocks in that industry
and then compare what's happening in the stock to what's
happening in the broader market indices.  We hope you enjoy
the Watch List and that it proves to be a useful tool for your
own trading success.

STOCKS WORTH WATCHING
---------------------------------

XM Satellite Radio - XMSR - close: 21.38 change: +1.45

WHAT TO WATCH: XMSR has been a favorite of the bulls over the
past several months, ever since breaking out of its solid base.
The stock crossed another major milestone today, clearing the $21
resistance and moving to its best levels since late 2000.
Entries in the $20-21 area look favorable for a continued rally
up to next major resistance at $25.




---

Johnson and Johnson - JNJ - close: 49.15 change: -0.63

WHAT TO WATCH: Apparently JNJ investors haven't taken notice of
the strength in the broad market, as the stock has been in a
persistent downtrend since April.  The $49 level has been holding
JNJ up since late August and if it breaks, then we ought to see a
decline to next strong support at $45.  Trigger entries on a
break of $49 and use a stop of $51.25, just over the intraday
highs of the past several weeks.




---

Pulte Homes, Inc. - PHM - close: 89.25 change: +0.75

WHAT TO WATCH: There seems to be no end to the upside for the
Housing sector, and PHM is just one of several that continue
charging to new all-time highs.  Tuesday's session presented yet
another breakout and aggressive entry for those willing to chase
strength higher.  This is definitely an aggressive play given the
large rise already, but one that may suit those nimble enough to
get out once the music stops.  Look for an entry near current
levels and look for a run to the $100 level.




---

Borg Warner, Inc. - BWA - close: 80.98 change: +1.19

WHAT TO WATCH: Bullish channels seem to be the rule, rather than
the exception in this market and BWA is no exception, having
ridden its own rising channel up from $45 to above $80 since the
March lows.  The stock is breaking out to new highs again today
and it looks like higher is the direction of least resistance.
Use a pullback near the $79-80 level for entry and look for $85-
90 in the weeks ahead.






===================
On the RADAR Screen
===================

LENS $13.90 - Proof that the rally is broad-based, even this
photography stock is breaking out to new multi-year highs.
Momentum entries near current levels could work nicely into the
next area of congestion at $16-17, although the better approach
would likely be to snag a pullback to what should be strong
support near $12.25.

MRK $43.94 - We featured MRK in this space over the weekend and
it still looks compelling to us, as it continues to just work its
way lower.  Today's drop puts the Pharmaceutical stock at its
worst closing level in over a year and next up is major support
in the $39-40 area.

CCMP $54.07 - Definitely not participating in the overall
Semiconductor rally, CCMP is once again showing significant
relative weakness.  On the last decline the 200-dma provided
support.  But if it gives way this time, then look for a swift
decline to next support near $45.




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

Layoffs Cast Doubt
- J. Brown


The big event today certainly wasn't the market's movement.  All
the major averages traded in very narrow ranges and the DJIA and
the S&P 500 both ended a six-day winning streak.  No, the big
news today was the Challenger Gray & Christmas corporate layoff
report.  Planned corporate layoffs soared 125 percent after three
months of encouraging declines.  Suddenly investors began to
doubt the expectation that Friday's employment report would be
slightly positive and a continuation of the last jobs report.

Despite the negative surprise the markets failed to move.  It was
a game of chicken with the bulls and bears struggling to see who
would blink first.  Considering that the markets were so
overbought it was not a surprise to see weak hands take some
money off the table.  Even so the selling was muted.  Most sector
indices did close in the red but only marginally so.

Continuing to weigh on the retail investor's confidence is the
growing mutual fund scandal.  Yesterday it claimed Putnam's CEO.
Today it claimed several employees from Prudential whom the SEC
is pressing fraud charges.  I guess it's possible that from a
contrarian point of view the retail investor might see these
headlines and think, "ah, finally the government is doing
something... my money should be safer now."  But I think that may
be a stretch of the imagination.

The volatility indices remain low and will continue to undermine
the confidence in any future gains until we see a significant
pull back.


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

Market Averages

DJIA ($INDU)

52-week High:  9896
52-week Low :  7197
Current     :  9838

Moving Averages:
(Simple)

 10-dma: 9720
 50-dma: 9584
200-dma: 8840

S&P 500 ($SPX)

52-week High: 1061
52-week Low :  768
Current     : 1053

Moving Averages:
(Simple)

 10-dma: 1042
 50-dma: 1028
200-dma:  948

Nasdaq-100 ($NDX)

52-week High: 1445
52-week Low :  795
Current     : 1429

Moving Averages:
(Simple)

 10-dma: 1405
 50-dma: 1375
200-dma: 1192


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

Volatility indices continue to warn investors that the markets
are vulnerable and near a potential top.

CBOE Market Volatility Index (VIX) = 16.55 +0.00
CBOE Mkt Volatility old VIX  (VXO) = 17.42 +0.33
Nasdaq Volatility Index (VXN)      = 25.69 +0.31


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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.61        418,717       682,009
Equity Only    0.49        595,255       294,407
OEX            1.03         15,694        16,108
QQQ            3.29         12,426        40,856


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

Bullish Percent Data

           Current   Change   Status
NYSE          73.6    + 0     Bull Confirmed
NASDAQ-100    76.0    - 1     Bear Correction
Dow Indust.   80.0    + 0     Bull Correction
S&P 500       80.0    + 0     Bull Confirmed
S&P 100       79.0    + 0     Bull Correction


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

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

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

 5-dma: 1.11
10-dma: 1.12
21-dma: 1.08
55-dma: 1.09


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    1452      1526
Decliners    1385      1524

New Highs     443       483
New Lows       11        11

Up Volume    618M      960M
Down Vol.   1065M     1063M

Total Vol.  1703M     2062M
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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Copyright ) 2003  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter                 Tuesday 11-04-2003
                                                   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
=================================================================


Play of the Day:  Support Becomes Resistance

Stock Split Announcements: IMDC, CLE, DIOD

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)


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

AT&T - T - close: 18.80  change: -0.07  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:
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.

Why This is our Play of the Day
As T continues to ride its 6-week descending channel lower, the
stock is finding new resistance just over $19, a level that had
formerly been viewed as support.  Failed rebounds near the top of
the falling channel should be used for attractive entries into the
play, as the stock appears headed for the $17 level.  Keep in mind
that this will not be a quick play, but it should be a steady
mover, with the descending channel apparently in control.
Maintain stops at $20.76.

Annotated Chart of T:



Picked on October 29th at $19.07
Change since picked        -0.27
Earnings Date            1/20/04 (unconfirmed)
Average Daily Volume =  5.61 mln



=================================================================
Stock Split Announcements
=================================================================

IMDC augments stock with a 3-for-2 stock split

Late Monday evening about 8:00 PM ET, Inamed Corporation (NASDAQ:IMDC)
announced that its Board of Directors has approved a 3-for-2 stock
split of its common shares.

The payable date for the stock split is set for December 15th,
2003 to shareholders on record December 1st.  Fractional shares
will be paid in cash based upon the closing price of IMDC on
December 15th.  After the stock split, IMDC will have
approximately 35 million shares outstanding.  This is IMDC's first
stock split since being listed on the NASDAQ in 1986.

About the company:
Inamed (Nasdaq:IMDC - News) is a global healthcare company with
over 25 years of experience developing, manufacturing and
marketing innovative, high-quality, science-based products. These
products include breast implants for aesthetic augmentation and
for reconstructive surgery; a range of dermal products to treat
facial wrinkles; and minimally invasive devices for obesity
intervention, including the LAP-BAND. System for morbid obesity.
The Company's web site is www.inamed.com.
(Source: Company Press Release)

---


Claire's accessorizes shares with a 2-for-1 stock split and
dividend increase.

Before today's trading session, Claire's Stores Inc. (NYSE:CLE)
announced that its Board of Directors has approved a 2-for-1 stock
split of its common shares, and a 100% increase in CLE's quarterly
dividend.

The payable date for the stock split and quarterly dividend is set
for December 19th, 2003 to shareholders on record December 5th.
After the stock split, CLE will have approximately 92.2 million
common shares outstanding.  CLE's last split was 3-for-2 in
September of 1996.  CLE announced that their stock dividend would
remain at its current level rather than being adjusted down to
reflect the stock split, thus doubling the dividend payout.


About the company:
Claire's Stores, Inc., is a leading international specialty
retailer offering value-priced costume jewelry and accessories to
fashion-aware tweens, teens and young adults through its two store
concepts: Claire's (North America and Europe) and Icing by
Claire's. As of October 4, 2003, Claire's Stores, Inc. operated
approximately 2,850 stores in the United States, the Caribbean,
Puerto Rico, Canada, the United Kingdom, Ireland, Switzerland,
Austria, Germany and France. Claire's Stores, Inc. also operates
through its subsidiary Claire's Nippon, Co., Ltd., over 120 stores
in Japan as a 50:50 joint venture with AEON, Co., Ltd. (fka JUSCO,
Co. Ltd.). (Source: Company Press Release)

---

DIOD declares 3-for-2 stock split

Before today's trading session, Diodes Inc. (NASDAQ:DIOD)
announced that its Board of Directors has approved a 3-for-2 stock
split of its common shares.

The payable date for the stock split is set for November 25th,
2003 to shareholders on record November 14th.  Fractional shares
will be paid in cash based upon the closing price of DIOD on
November 25th.  After the stock split, DIOD will have
approximately 12.9 million shares outstanding.  DIOD last split 3-
for-2 in July 2000.

About the company:
Diodes Incorporated is a leading manufacturer and supplier of
high-quality discrete semiconductor products, primarily to the
communications, computing, industrial, consumer electronics and
automotive markets. The Company operates three Far East
subsidiaries, Diodes-China (QS-9000 and ISO-14001 certified) in
Shanghai, Diodes-Taiwan (ISO-9000 certified) in Taipei, and
Diodes-Hong Kong. (Source: Company Press Release)



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

JCI     Johnson Controls           110.30     +1.95
PHM     Pulte Homes                 89.25     +0.75
BXP     Boston Properties           45.79     +0.99
CYN     City National Corp          61.84     +0.93
BWA     Borg Warner Inc             80.98     +1.19
ENH     Endurance Specialty         30.60     +0.70

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

NOVL    Novell Inc                  7.33     +1.28
IVAN    Ivanhoe Energy Inc          6.66     +1.40
HILL    Dot Hill Systems           16.25     +1.87
ESST    ESS Technologies           17.06     +2.06
HELX    Helix Technology           19.85     +1.05
ISSI    Integrated Silicon         16.91     +1.67

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

TYC     Tyco Intl Ltd              22.50     +1.48
G       Gillette Co                34.15     +1.65
RTP     Rio Tinto Plc (ADR)       100.27     +1.16
EMR     Emerson Electric           59.33     +1.69
PD      Phelps Dodge               64.10     +2.00
JBL     Jabil Circuit              30.11     +1.60
FCX     Freeport Mcmoran           41.05     +2.32

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

BJS     BJ Services                30.90     -1.18
FIC     Fair Isaac Inc             56.48     -7.50
CTCO    Commonwealth Telecom       37.95     -3.69
SSYS    Stratasys Inc              42.86     -4.69

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

ACL     Alcon Inc                  53.01     -1.69
NVR     NVR Inc                   486.50    -13.28
RJF     Raymond James Financial    40.00     -1.20
BCR     C.R.Bard                   78.50     -1.10



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