Option Investor
Newsletter

Daily Newsletter, Thursday, 11/20/2003

HAVING TROUBLE PRINTING?
Printer friendly version
PremierInvestor.net Newsletter                Thursday 11-20-2003
                                                   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:      Markets Bombed For A Loss
Watch List:       TOL, IVGN, MRX, AIG and more!
Market Sentiment: Markets Look for Cover


=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
      11-20-2003           High     Low     Volume Advance/Decline
DJIA     9619.42 - 71.00  9726.09  9613.72 1.61 bln   1235/1978
NASDAQ   1881.92 - 17.70  1916.55  1880.91 1.78 bln   1223/1935
S&P 100   511.79 -  5.03   518.31   511.56   Totals   2458/3913
S&P 500  1033.65 -  8.79  1046.48  1033.42
W5000   10077.82 - 78.20 10193.96 10074.30
RUS 2000  523.08 -  2.54   529.01   520.75
DJ TRANS 2855.48 - 11.40  2885.71  2846.02
VIX        19.48 +  0.68    19.61    18.46
VXO VIX-O  20.20 +  0.75    20.84    18.94
VXN        30.49 +  0.53    30.62    29.43
Total Volume 3,789M
Total UpVol  1,074M
Total DnVol  2,665M
52wk Highs  280
52wk Lows    37
TRIN       1.40
NAZTRIN    1.46
PUT/CALL   0.81
=================================================================

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

Markets Bombed For A Loss

After holding their ground overnight the S&P futures tanked
to the lows for the month at 1031 when the bombs went off
in Istanbul Turkey. They recovered slightly but were hit
again at the open when the White House was evacuated with
what was said at the time to be an airspace violation. Again
we hit the lows at 1031 but traders bought the dip. After
struggling higher all day the fear of darkness came back
and traders headed back to the bomb shelters by the close.

Dow Chart


Nasdaq Chart



Jobless Claims fell sharply for the last week at only 355,000
and -10,000 under the consensus estimates. The prior week was
revised up +4,000 to 370,000 making this weeks number even
better. This was the lowest claims number since Feb-2001 and
one month before the recession began. There is strong
speculation that a third 13-week extension of benefits will
be passed by Congress before the Thanksgiving break. It is
strange that although the claims went down there were only
six states reporting a decrease in claims. 47 states and
territories reported a rise in claims.

Not so good news came from the Philly Fed Survey, which
fell from 28.0 in Oct to 25.9 in November. The main reason
for the decline was a huge drop in the New Orders component
to 20.8 from 29.0. Remember my theory that the orders from
the last three months were for holiday merchandise and those
orders were over. That is still just a theory but we are
watching the numbers play out to see if it fits. Other
components that fell included employment, hours and prices
received. Inventories also fell to -11.5 from -2.5 and this
is the lowest level in over six months. While prices received
went down prices paid rose sharply. Shipments also slowed.
This was not a positive report despite the positive headline
number. The trend definitely dipped in November but then
October was a blowout over September so some pull back was
expected.

Monthly Leading Indicators rose by +0.4% and last months
-0.2% decline was revised to zero. The main reason for the
gains was the decline in the Jobless Claims and a larger
spread in interest rates. Since this is an indicator that
is derived from other indicators the impact on the market
was minimal.

The mutual fund scandal continued with charges being filed
against the founders of the PBHG funds. Fidelity and John
Hancock received subpoenas for trade data but both raced
to remind investors that just having investigators look
at records does not mean there were any problems. Despite
the fund outflows from funds in trouble there was still a
net inflow for the week of +$3.7 billion into stock funds
according to TrimTabs.com.

The GE saga I mentioned on Tuesday started a new chapter
when GE warned that they would not hit prior estimates
for 2004 due to lower profits in the power division and
higher employee costs. They did say that they expected to
return to double digit growth in 2005. They offset this
bad news with good news that they were spinning off their
slow growth insurance business and investors bought the
story. The stock bounced to $29.50 on the initial news
before sliding back under $29 by Thursday's close. This
three day spike by GE has helped the Dow keep its head
above water but the global news today finally dragged it
under again.

HPQ announced earnings last night and beat the street by
a penny and upped estimates for the future. While the news
did not help HPQ which closed down -62 cents it did help
power the Nasdaq to a gain for most of the day. Also
helping the Nasdaq into the green were comments from Intel
that they saw relatively robust semi growth for 2004. Help
also came from the Semi Book-to-Bill number Wednesday night
at 1.00. This was the first time in over a year that semis
received one dollar in orders for every dollar shipped.
Orders jumped +12% in October. Much of the increased chip
demand is coming from consumer electronics not just
computers.

Offsetting this tech bullishness was cautious comments from
Intel CEO Craig Barrett. He said the U.S. was the laggard
in terms of global growth. He said emerging countries saw
IT growth of +15% in the 3Q but the U.S. growth was only
+3% as well as only +3% in Europe. He said there was no data
to suggest the U.S. IT spending was recovering. He said he
thought there was improvement based on anecdotal stories
but he could not prove it. Barrett was optimistic but he
was cautious in his comments.

The Fed heads were out in force again. Greenspan headed
the list with comments that "creeping protectionism" must
be stopped and reversed. He was referring to the tariffs
and trade sanctions reported recently. He was joined by
Moskow and Poole who made similar comments in different
speeches. Economists feel that politicians have good
intentions but sanctions sometimes backfire when other
countries begin choosing sides. Countries tend to vote
with their orders for new products and they will place
those orders elsewhere if their exports are being
restricted.

Moskow went on to say that the economy remained in long
term fiscal trouble but it was currently improving. He
suggested we were a long way from any inflation worries
and a long way from any Fed rate hikes.

The markets tried very hard to hang on to higher ground
with the Dow trading as high as 9726 and over the 9700
hurdle once again. The Nasdaq turned positive at 10:20
and remained in positive territory until after 3:PM.
Unfortunately the fear of darkness took hold and the Dow
ended down -71 points and at a low for the month. The
Nasdaq dropped -17 points and also closed at the low for
the month. Both indexes are now well below their 50 DMA
(9653 and 1903) and are threatening to take out significant
support.

The Dow support at 9600-9625 has held for a week but the
close at 9619 is very threatening. Should this level break
there is a good chance of testing 9500 very quickly. If
the worst came to pass we could see 9250 as the next
significant level. The Nasdaq is much closer to support
at 1875 with backup support at 1800.

The market is not reacting to any economic news or any
real pressure on stocks. It is reacting to the terror
threat and the mutual fund scandal. Money is being
rotated to different fund families in record amounts and
while those withdrawals are being offset by deposits at
other funds the impact to the market is seen in the churn.
It is tough to push higher with fund selling offsetting
fund buying. If we assume that is a neutral based on the
net inflows of +$3.7 billion over the last week then the
real problem remains the terror threat.

The four bombings in Turkey in recent days as well as
numerous threats of coming attacks on U.S. assets has
investors running scared. While the bombings overseas
are very bad news they don't directly impact the U.S.
markets. The worry is that eventually there will be an
event in the U.S. and with every new bombing overseas
that same event here is seen as drawing closer to reality.
With the end of Ramadan not until next Tuesday the fear
is concentrated into the next five days. Once Ramadan
is over and the markets break for the Thanksgiving
holiday we should see that fear begin to fade.

There are no material economic reports on Friday with the
Internet E-Commerce sales at 10:AM and ECRI Weekly at 10:30.
The key will be any overnight terror activity. Futures
are flat as we await the opening of the Nikkei. The index
rebounded last night but had closed just prior to the
Turkey bombings. Odds are good the index will test the
3-month lows from yesterday once again. Warnings have gone
out to westerners overseas to avoid public places and places
where other westerners may gather. Britain also warned this
afternoon that their was evidence that more attacks against
them were imminent. Not a good atmosphere going into the
weekend. Since the market is being news driven but still
fundamentally sound I still feel this is a buying opportunity
but I would want to wait until Tuesday to spend any real
money. Taking a lottery play here and there on the dips
should satisfy your gambling urge but don't get carried
away until next week.

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

Toll Brothers - TOL - close: 38.35 change: +0.08

WHAT TO WATCH: One of the last remaining bastions of strength,
the Housing sector was the only one to close in the green again
on Thursday and the recent pullback looks like a buyable dip.
Shares of TOL have been consolidating just above the 20-dma for a
couple weeks now and bounces from that mark look like a good
entry into the play, targeting a renewed breakout to new highs.
Use a stop just under the 30-dma.




---

Invitrogen - IVGN - close: 64.61 change: +0.49

WHAT TO WATCH: Defying the broad market weakness again on
Thursday, IVGN is inching closer to another breakout.  Resistance
at $66.25 has held firm since early November, but with the dips
continuing to be bought at the 30-dma and the lows moving higher,
the stock appears to be coiling for another bullish move.  Use a
trigger at $66.25 and use an initial target of $70.



---

Medicis Pharma Corp. - MRX - close: 65.10 change: -1.64

WHAT TO WATCH: MRX had an impressive move upwards following its
earnings report, but it looks like it is time to pay the piper.
The rollover from the top of the rising channel is picking up
steam on increasing volume and appears headed back into the lower
half of the channel.  Use a trigger under $64 and target an
initial drop to the $60-61 area, near the 50-dma.  If the selling
gets carried away, it is feasible to see a decline all the way
back to the lower channel line near $58.




---

American International Group - AIG - close: 56.76 change: -1.33

WHAT TO WATCH: If slow and steady appeals to you, then AIG just
might be to your liking.  The stock has been steadily grinding
lower for the past few weeks and today it closed back under the
200-dma.  Use failed bounces below the 20-dma to initiate
positions, looking for an eventual decline back down to the $54
level.





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

QLGC $53.85 - We're definitely early here, with QLGC still
falling and all oscillators pointing down.  But if the chip
stocks have another rally in store, QLGC should perform well on a
rebound back towards the $58 level.  Look for entries on a
successful rebound from above the 50-dma.

UTX $83.30 - If you're looking for a repeating pattern, then UTX
just might be the ticket.  The stock has repeatedly bounced from
the 50-dma in recent months, each time going on to set new 52-
week highs.  Well the past two days have seen the start of
another rebound from the 50-dma, so this is the place to initiate
those bullish positions.  This is an aggressive play, so use a
tight stop just under $82.

ROST $52.56 - Steady as she goes.  On its way to one new high
after another, shares of ROST have been riding a steady ascending
channel since March.  Each pullback has been a bullish entry
point and we've got another one in process right now.  Ideal
entries will come on another dip that finds support above the 50-
dma, using a stop just below $50.  Target the top of the rising
channel at $56.



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

Markets Look for Cover
- J. Brown

Thursday turned into a widespread sell-off that left few
survivors.  Traders initially bought the dip but stocks couldn't
hold their gains and major market indices and sectors rolled over
into the close.  The only sector index to close in the green was
the DFX defense index (not to be confused with the DFI defense
index).  Growing concerns over terrorism overpowered any positive
economic news or corporate earnings.

It was hard to hear through the media haze surrounding the
bombings in Turkey and Michael Jackson turning himself into
authorities but there was some positive market news today.  The
initial jobless claims dropped again and the semi book-to-bill
number came in at 1.0.  There was quite a bit of news going both
ways for the semiconductor sector but by the close the SOX lost
more than two percent.  The regional Philly Fed survey turned out
to be negative, dropping from 28.0 in October to 25.9 in
November.

Market internals were negative with nearly 18 losers for every 10
winners on the NYSE and almost 19 losers for 11 winners on the
NASDAQ.  Down volume swept by up volume almost 3-to-1 on the NYSE
and more than 2-to-1 on the NASDAQ.

I don't have a lot of bullish expectations for Friday, especially
consider its options expiration.  There are just five days left
in the holy month of Ramadan and the recent spurt of bombings in
Turkey have the shadow of an homeland attack looming large.  If
you remember Al Queda made serious threats to hit America hard
during Ramadan.  Odds are good that our Homeland Defense is on
high alert even though the threat level remains unchanged at
"elevated".  The defensive thing to do as an investor would be to
hedge your bets, take some money off the table ahead of the
weekend and wait until Wednesday.  Yet by that time you're
probably thinking about Thanksgiving.  It wouldn't surprise me to
hear about professional traders on Wall Street taking an early
Thanksgiving holiday and not coming back until December.

Sounds like a good idea to me!


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

Market Averages

DJIA ($INDU)

52-week High:  9903
52-week Low :  7197
Current     :  9619

Moving Averages:
(Simple)

 10-dma: 9740
 50-dma: 9653
200-dma: 8941

S&P 500 ($SPX)

52-week High: 1063
52-week Low :  768
Current     : 1034

Moving Averages:
(Simple)

 10-dma: 1046
 50-dma: 1036
200-dma:  960

Nasdaq-100 ($NDX)

52-week High: 1453
52-week Low :  795
Current     : 1363

Moving Averages:
(Simple)

 10-dma: 1405
 50-dma: 1390
200-dma: 1217


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

The weakness in the market has powered the fear indices into a
new up trend.  We haven't seen the VXO close over 20 in a month.
The new VIX is approaching 20 and they might suggest the top in
the market is behind us but until the INDU breaks 9600-9500 and
the NASDAQ breaks 1850-1840, I'd be careful about loading up on
bearish plays.

CBOE Market Volatility Index (VIX) = 19.48 +0.68
CBOE Mkt Volatility old VIX  (VXO) = 20.20 +0.75
Nasdaq Volatility Index (VXN)      = 30.49 +0.53


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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.80        859,456       690,504
Equity Only    0.65        562,395       364,840
OEX            1.25         54,680        68,207
QQQ            2.49         23,576        58,751


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

Bullish Percent Data

           Current   Change   Status
NYSE          72.8    + 0     Bull Confirmed
NASDAQ-100    69.0    + 1     Bear Confirmed
Dow Indust.   80.0    + 0     Bull Correction
S&P 500       79.0    + 0     Bull Confirmed
S&P 100       78.0    - 1     Bull Correction


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

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

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

 5-dma: 1.47
10-dma: 1.27
21-dma: 1.19
55-dma: 1.16


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    1058      1150
Decliners    1776      1885

New Highs     111       118
New Lows       19        18

Up Volume    442M      528M
Down Vol.   1117M     1223M

Total Vol.  1571M     1769M
M = millions


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

Commitments Of Traders Report: 11/11/03

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

Commercial traders continue to stall on making any big bets.
They remain slightly net short in the big S&P contracts. We
see the same hesitation in the small traders with little
overall change.


Commercials   Long      Short      Net     % Of OI
10/21/03      394,176   411,246   (17,070)   (2.1%)
10/28/03      391,596   412,498   (20,902)   (2.6%)
11/04/03      391,079   415,136   (24,057)   (3.0%)
11/11/03      389,965   415,259   (25,294)   (3.1%)

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

Small Traders Long      Short      Net     % of OI
10/21/03      136,643    88,290    48,343    21.5%
10/28/03      137,791    76,791    61,000    28.4%
11/04/03      137,829    78,206    59,623    27.6%
11/11/03      136,072    74,249    61,823    29.4%

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... now we are seeing some action in the e-minis.
Commercial traders have eliminated 12K short contracts and
upped their longs by 7K.  This has narrowed the gap but they
remain net short.  Small Traders have made big changes and
reduced a big chunk (40K) of their long positions and 12K
of their shorts but they remain net long.


Commercials   Long      Short      Net     % Of OI
10/21/03      226,985   236,906    ( 9,921)  ( 2.2%)
10/28/03      220,171   260,644    (40,473)  ( 8.4%)
11/04/03      242,409   270,785    (28,376)  ( 5.5%)
11/11/03      249,864   258,503    ( 8,639)  ( 1.7%)

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
10/21/03      168,236    56,564   111,672    49.7%
10/28/03      123,569    59,742    63,827    34.8%
11/04/03      135,525    63,006    72,519    36.5%
11/11/03       94,649    51,815    42,834    29.2%

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


NASDAQ-100

Unfortunately we still don't see any big changes in the
NDX futures from the Commercial traders.  They have slowly
been upping their short positions, which is bearish for
the tech-heavy NDX.  Meanwhile small traders are at their
most bullish in four weeks.  Sounds like a potential top.


Commercials   Long      Short      Net     % of OI
10/21/03       36,314     43,305   ( 6,991) ( 8.8%)
10/28/03       36,168     46,272   (10,104) (12.3%)
11/04/03       34,159     48,293   (14,134) (17.1%)
11/11/03       35,889     49,201   (13,312) (15.6%)

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
10/21/03       16,917     9,750     7,167    26.9%
10/28/03       21,640     8,830    12,810    42.0%
11/04/03       24,132     9,703    14,429    42.6%
11/11/03       26,212    10,730    15,482    41.9%

Most bearish reading of the year: (10,769) - 06/11/02
Most bullish reading of the year:  19,088  - 01/21/02

DOW JONES INDUSTRIAL

Commercials still aren't making big bets in the INDU futures
and remain net long.  Small traders are hedging their bets a
bit by upping their longs and reducing their shorts by about
1,000 contracts each.


Commercials   Long      Short      Net     % of OI
10/21/03       16,876     9,037    7,839      30.3%
10/28/03       20,504    11,366    9,138      28.7%
11/04/03       21,756    11,903    9,853      29.3%
11/11/03       20,209    11,660    8,549      26.8%

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
10/21/03        5,392     8,842   (3,450)   (23.1%)
10/28/03        5,295     8,864   (3,569)   (25.2%)
11/04/03        5,099     9,160   (4,061)   (28.5%)
11/11/03        6,105     8,201   (2,096)   (14.7%)

Most bearish reading of the year:  (8,777) - 10/12/01
Most bullish reading of the year:   8,523  -  8/26/03

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




=================================================================
To stop receiving this PremierInvestor.net Newsletter,
send email to Contact Support
=================================================================
DISCLAIMER
=================================================================

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

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

*****************************************************************
ADVERTISING INFORMATION

For more information on advertising in PremierInvestor.net
Newsletter, or any Premier Investor Network newsletter please
contact Contact Support.

*****************************************************************


Copyright ) 2003  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter                Thursday 11-20-2003
                                                   section 2 of 2
Copyright (c) 2003, All rights reserved.
Redistribution in any form is strictly prohibited.

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


Play of the Day:           Rolling Over

Stop Loss Adjustments:     -none-

Stock Split Announcements: EDMC, WSBK

Trading Ideas
    - Trading Ideas should be back on Monday-

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


Solectron Corp. - SLR - close: 5.38 change: -0.02 Stop: 6.02

Company Description:
Solectron Corporation provides integrated supply chain solutions
that span the entire product life cycle, including technology,
manufacturing and services. The company has four operating
segments: Global Operations, Technology Solutions, Global Services
and MicroSystems. Through Global Operations, it provides customers
with pre-manufacturing, manufacturing, materials management and
fulfillment services for printed circuit boards, backplanes,
system enclosures and complete electronic products. Technology
Solutions provides modular memory and embedded systems design and
related manufacturing services. Global Services is the company's
primary provider of post-manufacturing services with solutions
from the time a product is put in service until it is removed from
the market. MicroSystems offers a broad portfolio of enabling
solutions to the communications, automotive and military markets.

Why we like it:
With the Semiconductor index (SOX.X) trying to hold onto support
near the $500 level, our SLR play is rebounding from just above
the $5.00 level that we suspected might act as near-term support.
The dominant factor though is the broken support at $5.50, which
should now be strong resistance.  Traders that didn't enter on the
initial breakdown appear to be getting a second chance and a
rollover in the $5.50-5.75 area can be used for new entries.  The
combined resistance of the 10dma and 20-dma (both at $5.70) should
reinforce that resistance and continue to pressure the stock
lower.  Once below Monday's intraday low, we can look for downside
continuation and a drop to our $4.50 target.  If looking to enter
on weakness, then make sure the SOX is falling and back under the
$500 level.  Maintain stops at $6.02, which in addition to being
just above the high from last Thursday, is right at the 50-dma.

Why This is our Play of the Day
After basing near the $5.30 level, it looked like the jig was up
when SLR launched higher first thing this morning.  But resistance
held at the $5.60 level (which we've cited as a favorable entry
point) and the stock backed off from there, ending fractionally
negative and near the low of the day.  That shows the validity of
resistance at the 10-dma ($5.65) and 20-dma ($5.68), which should
continue to pressure the stock lower.  Failed rallies like we saw
today are the ideal sort of entry we're looking for on our SLR
play.  As long as these bounce attempts fail below resistance, use
them for initiating new positions with an eye towards that break
below $5.00.  Maintain stops at $6.02, which is now above the 50-
dma.

Annotated Chart of SLR:


Picked on November 16th at  $5.58
Change since picked         -0.20
Earnings Date            12/22/03 (unconfirmed)
Average Daily Volume =   5.41 mln



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

Announcements
-------------

EDMC educates shareholders with a 2-for-1 stock split

During today's trading session, Education Management Corp
(NASDAQ:EDMC) announced that its Board of Directors has approved a
2-for-1 stock split of its common shares.

The payable date for the stock split is set for December 22nd,
2003 to shareholders on record December 1st.  This would be EDMC's
first stock split since the fourth quarter of 1998.


About the company:
Education Management Corporation ( http://www.edmc.com ) is among
the largest providers of private post-secondary education in North
America, based on student enrollment and revenue, with
approximately 58,000 students as of fall 2003 at 66 primary campus
locations in 24 states and two Canadian provinces. EDMC's
education institutions offer a broad range of academic programs in
the media arts, design, fashion, culinary arts, behavioral
sciences, health sciences, education, information technology and
business, culminating in the award of associate's through doctoral
degrees. EDMC has provided career-oriented education for over 40
years, and its education institutions have more than 150,000
alumni. (Source: Company Press Release)


---


WSBK splits shares 2-for-1

Before today's Opening bell, Wilshire State Bank (NASDAQ:WSBK)
announced that its Board of Directors has approved a 2-for-1 stock
split of its common shares to be enacted as a 100% stock dividend.

The payable date for the stock split is set for December 17th,
2003 to shareholders on record November 30th.  Following the stock
split, WSBK will have 13 million shares of common shares
outstanding.  This would be WSBK's second stock split this year.


About the company:
Headquartered in Los Angeles, Wilshire State Bank has 9 full-
service branch offices in Los Angeles County and two branches in
Orange County. The bank is an SBA Preferred Lender in all office
locations, including San Jose, Seattle and Dallas, where it
operates loan production offices that are primarily utilized for
SBA lending. Wilshire State Bank is a community bank with a focus
on commercial real estate lending and general commercial banking,
with its primary market encompassing the multi-ethnic populations
of the Los Angeles Metropolitan area. The bank's strategic goals
include increasing shareholder and franchise value by continuing
to grow its multi-ethnic banking business and expanding its
geographic reach to other similar markets with strong levels of
small business activity. (Source: Company Press Release)




==================
  Trading Ideas
==================


    - Trading Ideas should be back on Monday-



=================================================================
To stop receiving this PremierInvestor.net Newsletter,
send email to Contact Support
=================================================================
DISCLAIMER
=================================================================

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

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

*****************************************************************
ADVERTISING INFORMATION

For more information on advertising in PremierInvestor.net
Newsletter, or any Premier Investor Network newsletter please
contact Contact Support.

*****************************************************************

Copyright 2003  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.

DISCLAIMER

Option Investor Inc is neither a registered Investment Advisor nor a Broker/Dealer. Readers are advised that all information is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All opinions, analyses and information included herein are based on sources believed to be reliable and written in good faith, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. In addition, we do not necessarily update such opinions, analysis or information. Owners, employees and writers may have long or short positions in the securities that are discussed.

Readers are urged to consult with their own independent financial advisors with respect to any investment. All information contained in this report and website should be independently verified.

To ensure you continue to receive email from Option Investor please add "support@optioninvestor.com"

Option Investor Inc
PO Box 630350
Littleton, CO 80163

E-Mail Format Newsletter Archives