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.
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