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Daily Newsletter, Wednesday, 12/17/2003

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PremierInvestor.net Newsletter                Wednesday 12-17-2003
                                                    section 1 of 2
Copyright (c) 2003, All rights reserved.
Redistribution in any form is strictly prohibited.

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

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

Market Wrap:      The Home Stretch

Trading Ideas
  Value Plays With Bullish Signals
  Breakout to Upside (Stocks $5 to $20)
  Breakout to Upside (Stocks over $20)
  Breakout to Downside (Stocks over $20)
  Recently Overbought With Bearish Signals (Stocks over $20)

=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
     12-17-2003            High     Low     Volume Advance/Decline
DJIA    10145.26 + 15.70 10146.38 10094.75 1.70 bln   1658/1141
NASDAQ   1921.33 -  2.96  1926.00  1910.24 1.48 bln   1379/1688
S&P 100   535.20 +  0.45   535.20   532.65   Totals   3037/2829
S&P 500  1076.48 +  1.35  1076.54  1071.14
RUS 2000  538.72 +  0.98   539.08   533.10
DJ TRANS 2966.30 -  0.98  2970.97  2924.52
VIX        15.58 -  0.35    16.27    15.52
VXO        15.35 -  0.35    16.20    14.97
VXN        25.12 -  1.03    26.61    25.12
Total Volume 3,518M
Total UpVol  1,731M
Total DnVol  1,742M
52wk Highs     408
52wk Lows       35
TRIN          1.13
PUT/CALL      0.69
=================================================================

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


The Home Stretch
by James Brown

There are only 8 1/2 trading days left in 2003 and the DJIA looks
determined to finish strong.  After a decent, triple-digit CPI-
fueled rally on Tuesday the Dow managed to etch yet another new
19-month high.  Struggling to keep up is the NASDAQ.  The tech-
heavy NASDAQ, which has strongly outpaced the Industrials all
year, seems tired.  Investors are selling into strength and
taking gains as they approach year's end.  However, don't count
the NASDAQ out just yet.  There are still plenty of investors
willing to buy the dip and we saw that again today as the NASDAQ
overcame a 35-point decline by the closing bell.  Jim's comments
yesterday about fund managers rotating our smaller cap stocks and
into large cap, more liquid equities is playing out before our
eyes.

Yet another drop in the U.S. dollar and the re-emergence of SARS
has put global markets on the defensive.  The Japanese NIKKEI
fell 178 points to close at 10,092.  The Hong Kong Hang Seng
followed suit with a 67-point drop to 12,193.  European markets
were generally lower but the British FTSE out performed the group
with a 21-point gain to 4354.  The German DAX lost 18 points to
close at 3847.

U.S. stocks were a mixed bag.  After Tuesday's big gain it would
be normal to see some profit taking.  Add to the mix this
Friday's quadruple-witching expiration and I'm surprised we
didn't see more volatility.  The pockets of selling that did show
up today were relatively shallow.  Hardest hit was the
semiconductor sector after yesterday's downgrade from Merrill
Lynch.  Internet stocks and networking stocks also took a step
back.  Airlines stocks paused again after the SARS news came out
yesterday.  Wednesday's best performers were the homebuilders,
after new mortgage data showed an increase in applications.
Retail stocks also produced a strong bounce after two days of
declines.  Gold stocks marched higher as gold futures added
another $4.30 to close at $412.70 an ounce.  Defense stocks were
strong again and oil issues gushed higher with crude oil hitting
new highs at $33.39 a barrel.

Market internals continued to paint a mixed picture.  Bulls lead
the way on the NYSE with advancers out numbering decliners 16 to
11 and up volume outweighing down volume 931 million to 741
million shares.  The profit taking in the NASDAQ was easy to see
with declining stocks pushing past advancers almost 17 to 14 and
new highs evaporating to a lowly 78.  Down volume of 907 million
significantly overshadowed up volume at 550 million.

Chart of the DJIA:


Chart of the NASDAQ:



We had several stocks making headlines today.  There were
widespread expectations for Wall Street brokers to turn in a
strong quarter and Bear Stearns and Lehman Brothers did not
disappoint.  Bear Stearns (BSC) reported net income of $2.19 per
share, well above estimates of $1.81.  Revenues jumped almost 36%
to $1.53 billion, besting the $1.38 billion estimate.

Lehman brothers (LEH) also turned in a strong performance.
Earnings were $1.71 a share compared to estimates of $1.57.
Outstanding results in its bond trading activities and
underwriting lead to a 49% jump in revenues at $2.3 billion for
the quarter.  Investors will get to hear from Goldman Sachs (GS)
and Morgan Stanley (MWD) tomorrow.  Estimates are $1.54 for GS
and $0.90 for MWD.  Overall 2003 has been an impressive year for
the securities industry.  Profits are expected to be the second
best on record, above the 1999 levels at $16.3 billion.

Contributing to the impressive results for the major brokers has
been a flood of IPO activity.  Today alone we had four IPOs.  The
biggest IPO of the year was China Life (LFC).  LFC is the biggest
Chinese insurance company; of course it doesn't hurt being run by
the government.  The IPO brought in $3 billion with an IPO price
of $18.68. By the close of business LFC had added more than $5
settling at $23.72.

Orbitz.com, the online travel destination, went public today.
The Orbitz.com (ORBZ) IPO, while highly anticipated, failed to
deliver.  The company priced about 12 million shares at $26 for
the open today.  The stock soared to $30.75 intraday but actually
closed for a loss at $24.98.  It was not the most glamorous first
day of trading.

Struggling for their own time in the spotlight were IPOs for
Universal Technical Institute (UTI) and Falcon Financial
Investment Trust (FLCN).  UTI is an Arizona-based training
college for automotive-related repair and refinishing.  FLCN
services loans to auto dealers.

Investors were also eager to hear from consumer electronic giants
Best Buy (BBY) and rival Circuit City (CC).  BBY's results
matched consensus estimates at 37 cents a share on revenue growth
of 18% to $6.03 billion.  In contrast CC's results continue to
deteriorate.  Net income was actually a net loss of 12 cents a
share, worse than the estimate for a 7-cent loss.  This was the
second earnings miss in a row for CC and the stock lost another
6.6% to close just above the $10 level of support.  Without a
doubt CC is losing the fight to BBY, who continues to steal
market share.

Looking ahead to tomorrow's forecast we can probably expect more
of the same.  The strength in the DJIA and S&P 500 is likely to
continue while the NASDAQ should continue to churn above the 1880
level.  Stocks are likely to gravitate toward their nearest
option strikes as the markets prepare for Friday's expiration.
Investors will also get to mull through a few economic reports.
Tomorrow brings the index of leading economic indicators.
Estimates are for a 0.3 percent rise in November on top of
October's 0.4 percent jump.  The Philly Fed Index will be
revealed tomorrow as well.  Economists are looking for a decline
to 25.0 in December from November's 25.9.  Last but not least is
the initial jobless claims, which are expected to decline.




=================
  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
---------------------------------

XOM     Exxon Mobil Corporation    38.88    +0.41
TOT     Total Sa (ADS)             88.93    +0.96
SC      Shell Transport & Trading  42.77    +1.01
RD      Royal Dutch Petrol         49.75    +1.00
CVX     Chevrontexaco Corp         81.74    +1.04

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

None


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

CAT     Caterpillar Inc            82.02    +1.00
AVP     Avon Products Inc          64.63    +0.64
RYAAY   Ryanair Hldgs Plc (ADR)    49.78    +0.38
MUR     Murphy Oil Corp            64.14    +0.65

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

IRF     Internat Recitifier Corp   46.23    -1.32
SHI     Shanghai Petrochemical     34.04    -0.36
CTSH    Cognizant Tech Sol Cp A    41.02    -1.68

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

MEDI    Medimmune Inc              25.48    -0.79
PII     Polaris Industries Inc     85.15    -1.05





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Do not duplicate or redistribute in any form
PremierInvestor.net Newsletter                Wednesday 12-17-2003
                                                    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
=================================================================

Tech Stocks
  Bullish Play Updates:  NXTL
  Bearish Play Updates:  UTEK
  Closed Bearish Plays:  SLAB

Active Trader (Non-tech)
  New Bullish Plays:     DHI
  Bullish Play Updates:  CIT, MRO
  Bearish Play Updates:  ANF, DLTR
  Closed Bullish Plays:  FLIR
  Closed Bearish Plays:  TSG

High Risk/Reward
  Bearish Play Updates:  NTES
  Closed Bullish Plays:  SIRI


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

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

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


Nextel Comms - NXTL - close: 25.67 change: +0.13 stop: 24.25*new*

There's no question NXTL has tried our patience over the past
couple weeks, but it looks like the stock just might be ready to
start moving again.  After dipping as low as $24.26 last week,
the stock demonstrated that old resistance at $24.00-24.50 is new
support and has been on the rebound ever since.  Even the market-
driven pullback from the $26 level on Monday was pretty mild and
NXTL looks ready to scale that level and take another shot at the
top of the rising channel, now at $26.50.  As noted in several of
our updates, the best entry into the play was on a pullback into
the $24.00-24.50 area, and traders that took advantage of the dip
last week got a very nice entry into the play.  Another dip back
near the 20-dma ($24.93) can be used for new entries, but we're
still not interested in breakout entries.  Note that we've raised
our stop to $24.25, just under last Wednesday's intraday low.  We
still like the potential for a rally up to the $30 level, but
before that can happen, we'll need to see a solid breakout of the
channel and that isn't likely to occur this week with opex
factors carrying greater weight over the next two days.

Picked on November 26th at  $25.27
Change since picked          +0.40
Earnings Date              1/15/04 (unconfirmed)
Average Daily Volume =    16.5 mln




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


Ultratech, Inc. - UTEK - cls: 26.10 chng: +1.16 stp: 27.50

Last week's bounce in shares of UTEK failed spectacularly on
Monday, with the stock selling off sharply from the site of the
broken trendline near $28.75.  After that reversal, UTEK fell
through the $26 support level and yesterday came within 25 cents
of the $24 support level before bouncing slightly.  That rebound
solidified on Wednesday, with the stock recovering right back
near $26.  If this rebound follows the pattern of the last one,
we can expect a couple more days of sideways to higher action and
then a rollover below resistance, now near $27, which is also the
site of the 10-dma.  Look for a rollover below resistance as the
cue to initiate new positions ahead of one more drop towards the
200-dma ($22.45).  One cautionary note about shorting this bounce
is that Wednesday's rebound came on very strong volume (nearly
triple the ADV), and that hints that perhaps this rebound might
have more punch than the last one did.  Maintain stops at $27.50.

Picked on December 7th at   $28.20
Change since picked          -2.10
Earnings Date              1/15/04 (unconfirmed)
Average Daily Volume =       385 K





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

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


Silicon Labs. - SLAB - close: 41.90 change: +0.26 stop: 46.00

Now that's how this play was supposed to go.  We initiated the
play near $46.50, looking for a breakdown below support and then
a subsequent drop to the $39-40 area.  There was a little bit of
volatility along that path, but SLAB finally broke down
yesterday, hitting an intraday low of $39.61 before bouncing back
at the close.  The bears took another swipe at the stock today,
but after failing to break Tuesday's low, SLAB came back and
actually closed with a slight gain.  SLAB looks like it wants to
bounce, and since our target was achieved and we've got nearly a
10% gain from our picked price, this looks like a good point to
harvest some gains and step aside.  We'll keep it on our radar
screen though, because when this next bounce fails, it may be
time to do it all over again.

Picked on December 3rd at   $46.55
Change since picked          -4.64
Earnings Date              1/19/04 (unconfirmed)
Average Daily Volume =    1.25 mln






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

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

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


D.R. Horton Inc. - DHI - close: 42.69 change: +1.11 stop: 38.50

Company Description:
D.R. Horton is a national builder that is engaged primarily in
the construction and sale of single-family homes in 39 markets
and 23 states in the U.S.  The company designs, builds and sells
its homes on lots developed by it and on finished lots that it
purchases, ready for home construction.  DHI also provides title
agency and mortgage brokerage services to its homebuyers.  It
does not retain or service the mortgages that it originates, but
sells the mortgages and related servicing rights to investors.

Why we like it:
Traders looking for the top in the incessant rally in the Housing
stocks have been disappointed more times than we can count over
the past year.  Last week's sharp selloff in the Dow Jones Home
Construction index ($DJUSHB) was just the latest instance of that
phenomenon, as buyers stepped into the breach at the $550 level,
just above the 50-dma (now at $558).  DHI fell sharply with the
pressure in the overall sector, dropping from above $44 to below
$39 in two short days.  That selloff looked pretty serious too,
with the strong volume and a closing violation of the 50-dma (now
at $40.67).  But the bulls weren't willing to allow too much
technical damage and stepped in just in time to prevent the stock
from trading the $38 level, which would have generated a Sell
signal on the PnF chart.  As it is, DHI is still operating on a
Buy signal, with a bullish price target of $64!  In addition to
the strong technicals and sentiment in the overall Housing
sector, DHI has something else going for it; a 3-for-2 split,
payable on January 13th.  There haven't been a lot of viable
split runs over the past couple years, but with the strength in
this sector, we just might have one setting up.

After the rebound back above the 50-dma, DHI has had a fair
amount of volatility, as traders jockey for position.  But with
today's strong rally and all the daily oscillators now hooking
upwards in bullish fashion, DHI appears poised to rally to the
recent highs near $45 and probably exceed them.  The $64 level
seems wholly unachievable between now and that split in mid-
January, but a run at the psychologically important $50 level
seems reasonable.  We're going to use a $43.00 trigger on the
play to get us above Monday's $42.99 intraday high before
considering an entry into the play.  Momentum traders can enter
on the initial breakout, while those with a more cautious
approach will want to see a subsequent pullback and rebound from
the $41.50-42.00 area.  Set stops initially at $38.50, just below
last Wednesday's intraday low.

Annotated Chart of DHI:


Picked on December 17th at  $42.69
Change since picked          +0.00
Earnings Date              1/15/04 (unconfirmed)
Average Daily Volume =    1.55 mln




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

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


CIT Group - CIT - close: 33.79  change: -0.22  stop: 32.40

CIT spend an unexciting week consolidating just above its 30-dma
and the supporting trendline of its rising regression channel.
Unexciting is fine with us, though, because oscillators have
trended down strongly while CIT did that consolidating.  A stock
that consolidates while oscillators trend down and relieve
overbought pressure actually behaves in a bullish fashion, but
we're nervous about the way it bounced down from its 10-dma.  A
late-day push saved it from closing at its 30-dma and that
trendline, producing a spinning-top candle instead of the more
bearish candle that had been forming.

We're keeping our stop at $32.40, just below the rising 50-dma.
New entries could be taken at this level, although we wouldn't be
surprised to see a dip to that 50-dma before CIT rises again.
Less aggressive traders who share our nervousness might wait for
a close above the 10-dma before entering.

Annotated Chart for CIT:


Picked on Dec 12 at  34.05
Change since picked: -0.26
Earnings Date:    01/22/03 (unconfirmed)
Average Daily Volume:  879 thousand




-----

Marathon Oil - MRO - close: 31.06  change: +0.32  stop: 29.98*new*

On almost twice average daily volume, MRO climbed above $31.00 in
Wednesday's trading, achieving a new closing high not seen since
September, 2001.  News included a report that Qatar, a Gulf
state, planned to increase gas exports and was negotiating with
Marathon and other companies to help it do so.  Qatar has big
plans, including plans to be the world's biggest producer of
liquefied natural gas and gas-to-liquid fuels, and it has the
famed North Field to help it accomplish that goal.  The XOI, the
Amex Oil Index, made big gains, too, continuing its charge up the
charts, so MRO's sector continues to be strong.

MRO's MACD again approaches its descending trendline.
Stochastics turned down over the last few days, but RSI hooked up
again.  The strengthening volume on this breakout, minimal as the
breakout has been, stands as the best confirmation of the move,
as stochastics can trend in levels indicating overbought
conditions, hooking down and then turning up again.

Continue to use dips down to the 10-dma as new entries.  We're
raising our stop to $30.98, just below the 21-dma.

Annotated Chart for MRO:


Picked on Dec 05 at  30.22
Change since picked: +0.84
Earnings Date:    01/27/04 (confirmed)
Average Daily Volume:  1.2 million




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


Abercrombie & Fitch - ANF - cls: 24.50 chng: +0.67 stp: 25.25

Starting out the week with our anticipated breakdown under the
$24 support level, ANF looked like it was going to make a run to
the bottom of that gap near $22.  But the bulls stepped in at the
most unlikely of spots, initiating a rebound from the $23 level
and Wednesday's 2.13% bounce in the Retail index (RLX.X) helped
propel ANF to its own 2.8% advance.  The rebound of the past
couple days has come on declining volume, which hints that this
is just an oversold bounce.  We'll let the price action be our
guide though.  Coming to rest right at $24.50, ANF should roll
over near this firm resistance, providing the opportunity for
fresh bearish entries.  Note that we've lowered our stop to
$25.25, which should be protected by the 10-dma, now at $24.93.
Traders with a greater tolerance for risk might use a slightly
higher stop at $25.50, above the intraday highs following the
plunge on December 4th.

Picked on December 14th at  $24.59
Change since picked          -0.09
Earnings Date              2/17/04 (unconfirmed)
Average Daily Volume =    2.09 mln




---

Dollar Tree - DLTR - close: 29.44  change: +1.24  stop: 30.25

Disappointing sales figures sent retailers into a tailspin on
Tuesday, but many managed to bounce that day and continue their
gains Wednesday.  WMT started the progression, saying Monday that
December same-store sales growth would be at the lower end of its
forecasted range.  Tuesday, Pier 1 warned that profits would fall
short in Q4.   Wednesday, Best Buy reduced its outlook and
Circuit City posted a loss.

Perhaps the stocks were due for an oversold bounce, but DLTR
bounced high.  We do note that by the end of the day Wednesday,
it had fallen back below the descending trendline marked on the
chart and the 10-dma, not able to sustain those levels.  Volume
proved only average, but we would have rather it had been lighter
than normal.  RSI slants up strongly, but the bounce did nothing
to pull stochastics up out of territory indicating oversold
conditions nor did it affect MACD lines.  The MACD histogram
shows an uptrend, however.

An examination of the chart shows conflicting evidence, then.  If
DLTR is going to break out to the upside, our stop will be
sufficient to mitigate losses.  Until the conflicting evidence
sorts itself out, we would not suggest new entries after a bounce
of this magnitude.

Annotated Chart for DLTR:


Picked on Dec 10 at  29.54
Change since picked: -0.10
Earnings Date:    11/25/03 (confirmed)
Average Daily Volume:  2.0 million




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

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


FLIR Systems - FLIR - close: 34.64 change: +0.26 stop: 33.90

After more than 3 weeks on the playlist, we're finally going to
pull the plug on FLIR.  After an encouraging start and actually
probing the $36 level on 3 separate occasions, the price action
has been consistently getting weaker.  Yesterday's close under
the 20-dma ($34.60) is the first violation of that average since
late October and validates that the stock is weakening.  At this
point it is questionable whether the $36 level is achievable
again before FLIR actually rolls over and the $38 target seems
wholly unachievable.  We're dropping FLIR tonight for a paltry
gain and moving to focus our efforts on stronger plays.  If
holding open positions and willing to hold for one more push
higher, we would recommend selling into strength near the $35.50
level, while maintaining a stop at breakeven.

Picked on November 23rd at  $33.90
Change since picked          +0.74
Earnings Date              1/21/03 (unconfirmed)
Average Daily Volume =       383 K





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

Sabre Hldgs - TSG - close: 20.83  change: +0.55  stop: 21.60

TSG divorced itself from the XAL on Wednesday, climbing while
airliners declined.  A confirmed case of SARS in Taiwan,
reportedly that of a medical researcher who may have contracted
the disease during the course of his research, sent airliners
down across the globe.  Instead of declining, TSG built on the
gains it made Tuesday afternoon.  Intraday charts show volume
spikes on both down and up-ticks, but the strongest volume of the
day was on an up-tick, and the day's 2.71 percent climb
eventually came on more than double average daily volume.

Perhaps the introduction of Orbitz's IPO brought attention to the
sector.  We couldn't help but notice that the two seemed to trade
in juxtaposition for a while, and that big volume spike in TSG
occurred about the time that ORBZ hit a short-term low about
midday.

TSG's climb pierced the ascending trendline that it's been
testing, but as was true on Monday, TSG closed below that
trendline.  RSI and stochastics moved up strongly, in full
bullish mode, and the MACD histogram is now positive.  Most
important of all, TSG managed a close above $20.00, an important
round number, and a few cents above the 30-dma.

Because of the bigger-than-average volume and the close above the
30-dma and $20.00, we've decided to close this non-performing
play.  We do note that TSG tested but then fell back below its
50-dma, a more important average in TSG's trading pattern than
the 30-dma, as well as falling back below the trendline, as we
noted above.  It's possible that TSG will now roll down beneath
that trendline.  However, something appears to be at work here
that's not showing up in news reports, and we think it best to
take our losses and close the play.

Picked on Dec 03 at  19.92
Change since picked: +0.91
Earnings Date:    10/23/03 (confirmed)
Average Daily Volume:  727 thousand





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

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

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


Netease.com - NTES - close: 38.24  change: +0.39  stop: 41.80

Chinese Internet-related stocks fell Monday and Tuesday, but
performance proved mixed on Wednesday.  While SOHU continued to
drop, SINA and NTES bounced.  SINA bounced although Peter
Antipatis of Capital Research Group named it a market
underperformer.  Although the bounce on NTES was tepid and
occurred on light volume, it occurred just where we feared a
bounce would be seen: at the 50 percent retracement of the rally.

We expect some volatility before NTES can break through this
level, as it's an important retracement level.  Tuesday, we
lowered the stop to $41.80, just above the 10-dma and last week's
high.  While some traders might use bounces to and rollovers from
below the 10-dma as new entries, others might prefer to wait for
a drop below the 50 percent retracement line before considering
new entries.

Annotated Chart for NTES:


Picked on Dec 10 at  38.96
Change since picked: -0.72
Earnings Date:    10/28/03 (confirmed)
Average Daily Volume:  4.6 million




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

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

Sirius Satellite Radio - SIRI - cls: 2.15 chng: -0.12 stop: 2.10

After giving us a pretty good start to the week, our SIRI play
had a major setback on Wednesday, as the stock fell back more
than 5%.  Monday's breakout above the 50-dma ($2.22) looked
encouraging and the push above $2.25 looked even better.  But the
sellers owned the day today, knocking SIRI back under the 50-dma
and erasing all the gains made since last Thursday's opening
bell.  With Stochastics rolling bearish and flashing bearish
divergence, the outlook for SIRI does not look bullish.  We're
going to err on the side of caution an drop coverage on SIRI
while the play is still in the black - although just barely.
More aggressive traders with a greater tolerance for risk can
consider holding on with a lowered stop at $2.00, which is right
at the ascending trendline that connects each of the spike lows
since early August.

Picked on November 30th at   $2.08
Change since picked          +0.07
Earnings Date              1/28/04 (unconfirmed)
Average Daily Volume =    53.6 mln





=================================================================
Stock Splits
=================================================================

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


TARR invests in a 5-for-4 stock split

Before today's opening bell, Tarragon Realty Investors, Inc
(NASDAQ:TARR) announced that its Board of Directors has approved a
5-for-4 stock split of its common shares outstanding.

The payable date for the stock split is set for January 15th, 2004
to shareholders on record as of January 1st.  The will be TARR's
first stock split since the first quarter of 2003.

About the company:
Tarragon Realty Investors, Inc. is a real estate investor and
developer of for-sale housing and rental communities. The Company
controls approximately 16,000 apartments and 1.5 million square feet
of commercial space, valued at over $1 billion, with concentrations in
Florida, Connecticut and Texas. Its core business is to create and
realize value for its stockholders by developing, renovating,
operating and selling real estate.
(Source: Company Press Release)



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