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Daily Newsletter, Wednesday, 12/31/2003

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PremierInvestor.net Newsletter                Wednesday 12-31-2003
                                                    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 Books Close on 2003

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)
=================================================================
     12-31-2003            High     Low     Volume Advance/Decline
DJIA    10453.92 + 28.88 10462.44 10407.04 1.19 bln   1245/1575
NASDAQ   2003.37 -  6.51  2015.23  1996.62 1.54 bln   1285/1831
S&P 100   550.78 +  1.71   550.90   547.53   Totals   2530/3406
S&P 500  1111.92 +  2.28  1112.56  1106.21
RUS 2000  556.91 -  8.56   566.74   556.91
DJ TRANS 3007.05 - 31.10  3034.37  3004.65
VIX        18.31 +  0.63    18.86    17.41
VXO        17.51 +  0.54    17.81    16.93
VXN        24.49 +  1.13    24.76    23.43
Total Volume 3,280M
Total UpVol  1,662M
Total DnVol  1,525M
52wk Highs     819
52wk Lows       16
TRIN          0.76
PUT/CALL      1.25
=================================================================

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

The Books Close on 2003
by James Brown

It's not every day that the floor traders at the NYSE serenade
the TV audience with "Wait till the Sun Shines Nellie" so that
must mean one thing.  Happy New Year!  Wow!  It's hard to believe
2003 has come and gone so quickly.  The last session of the year
was a mild one with low volume and a negative advance-decline
line but the Dow managed yet another gain and the NASDAQ managed
to close above the 2000 mark.  For those market conspiracy
traders out there it was no coincidence that the NASDAQ ended the
year 2003 by closing at 2003 with a truly last minute spike
higher.

Today ends the best year for the markets since 1999.  The Dow
Jones Industrial Average climbed 25% in 2003.  The S&P 500 added
26% and the NASDAQ composite soared a massive 50%.  Gains like
these have certainly re-ignited interest in stocks but 2004 will
have a hard time keeping up with a pace that strong and most
analysts are looking for a slow down in the gains.  Fortunately,
the outlook for 2004 is generally positive.

Market internals were actually mixed.  The advance-decline
numbers were negative with almost 16 losers for every 12 winners
on the NYSE and 18 losers for every 12 winners on the NASDAQ.  Up
volume did manage to outpace down volume on both exchanges.
Total volume was light with just 1.19 billion on the NYSE and 1.5
billion on the NASDAQ.

Chart of the DJIA:



Chart of the NASDAQ:



The big news today was the initial jobless claims report,
released early due to the market holiday tomorrow.  Economists
had been expecting a number close to 350,000 but the markets were
surprised with a much-improved figure at 339,000.  This is a drop
of 15,000 claims from last week's figure (354K).  This is the
lowest level in jobless claims since January 20th, 2001.  More
importantly the four-week moving average, which tends to even out
any seasonal fluctuations, fell to 355,750, which is the lowest
level for the four-week moving average since February 2001.
Obviously, this is great news for Wall Street and Main Street as
the biggest concern next year is job growth and these declining
numbers show a steady improvement in the labor market.
Unfortunately, most investors had already packed up for the year
and there was no one to respond to the good news.

The decline in the U.S. dollar has been a constant headline for
the markets here and abroad and today was no different.  The euro
rose to an intraday high (and all-time high) of $1.2647 before
settling closer to 1.2605.  The dollar dropped 20% against the
euro in 2003 making it the worst year for the dollar since the
euro began trading in 1999.  It also happens to be the worst
decline in five years for the dollar against the Japanese yen.

The dropping dollar continues to prop up gold prices although
gold futures slipped more than $1 to $416 an ounce in Wednesday's
session.  A declining dollar and geopolitical unrest have pushed
gold to a 20% gain in 2003.  Some of the more enthusiastic gold
bugs are speculating that gold will reach the $500 level by the
end of 2004.  While that may sound like a wild claim not many
would have predicted gold at $415 a year ago.  Whatever your
stance on the shiny metal it will be a sector to watch next year.

One of today's big news stories was the drop in AmerisourceBergen
(ABC).  Shares were actually halted midday but not before the
stock plummeted below the $60 level and its 200-dma.  ABC,
America's biggest drug wholesaler, just got a little bit smaller
after announcing the loss of a major contract.  The $3 billion a
year contract with the Department of Veteran Affairs will end
this coming March and ABC lowered its earnings guidance for the
year.  ABC lost the contract to rival distributor McKesson (MCK),
who just announced a two-year deal the government agency.

It will be interesting to see where the markets take us on Friday
and next week.  As Jim has pointed out the historical trends are
bullish.  Funds usually begin putting their fresh 401K/IRA money
to work.  The wild card is always a terrorist event.  It's become
rather surreal to think of the millions of New Year's Eve and New
Year's Day partiers celebrating while government helicopters and
F16's circle the major events to protect the no-fly zones.

From everyone at our family at OptionInvestor.com to yours we
wish you a happy New Year!  We're looking forward to a great
2004.



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

TOT     Total Sa (ADS)             92.51    +1.51
MRK     Merck & Co                 46.19    +0.69
PTR     Petrochina Co Ltd (ADS)    57.16    +1.84
GSK     Glaxosmithkline Plc (ADR)  46.62    +0.59
SNP     China Petro & Chem (ADS)   44.41    +2.59


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

None


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

INFY    Infosys Technologies (ADS) 95.40    +1.89
MCK     McKesson Corp              32.15    +1.05
VIP     Vimpel Communications (ADS)73.50    +4.30


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

CAH     Cardinal Health Inc        61.15    -1.63
FDX     Fedex Corp                 67.45    -1.55
ABC     Amerisourcebergen Corp     56.15    -7.35
MUR     Murphy Oil Corp            65.25    -2.77

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

BRCM     Broadcom Corp CI A        34.02    -0.73





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

*****************************************************************
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Newsletter, or any Premier Investor Network newsletter please
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Copyright (c) 2003 PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form
PremierInvestor.net Newsletter                Wednesday 12-31-2003
                                                    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
  New Bullish Plays:     PLCM
  Bullish Play Updates:  NVDA, NXTL

Active Trader (Non-tech)
  New Bearish Plays:     GES
  Bullish Play Updates:  ACE, CIT, DHI, MRO
  Bearish Play Updates:  ANF

High Risk/Reward
  Bearish Play Updates:  NTES


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

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

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


Polycom, Inc. - PLCM - close: 19.52 change: +0.62 stop: 18.40

Company Description:
Polycom manufactures and markets a full range of high quality,
media-rich communications tools and network solutions, which
enable business users to immediately realize the benefits of
video, voice and data over rapidly growing converged networks.
Although the company is primarily a video conferencing and voice
conferencing product provider, it has recently entered the DSL
access market, particularly in the area of integrated voice
appliances and broadband access devices.

Why we like it:
After tripling from its March lows near $7.50, shares of PLCM
finally ran into a serious round of selling earlier this month.
The selling volume really picked up on 12/18-12/19, driving the
stock down for its first test of the 100-dma ($18.54) since early
May.  Volume on that drop ran more than triple the ADV, so it was
impressive that the stock was able to turn on a dime and bounce
from the $18.50 area.  The initial bounce didn't go very far
though and after drifting sideways for more than a week, dipped
again on Tuesday and then rebounded again from right at the 100-
dma.  This looks like a solid double-bottom formation, coming
just above key support at $18.50.  There's no question that it is
an aggressive play, but with market sentiment so unabashedly
bullish, we're looking for the rising tide to lift this boat back
to test its recent highs near $22.

In order to avoid getting caught in a sideways drift like we saw
following the last rebound from the 100-dma, we're going to set a
trigger at $20, just over the 50-dma ($19.90).  The ideal
approach will be to enter on the initial breakout, although more
cautious traders can wait for a pullback and rebound from the 50-
dma as their signal to enter the play.  Initial resistance will
then come in around $20.80, prior to the expected push up to test
the $22 resistance level.  While a push through that level is
certainly possible, we won't be getting greedy on this play.
Looking at the weekly chart shows just how strong resistance is
in the $22-23 area, so we'll suggest exiting on strength when
PLCM reclaims that level.  Initial stops should be set at $18.40,
just below today's intraday low, as well as the 100-dma.


Annotated Chart of PLCM:


Picked on December 31st at  $19.52
Change since picked          +0.00
Earnings Date              1/28/04 (unconfirmed)
Average Daily Volume =    1.51 mln




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

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


NVIDIA Corp. - NVDA - close: 23.20 change: -0.55 stop: 21.00

Wasting no time at all, shares of NVDA launched higher last
Friday, satisfying our $22.25 trigger right out of the starting
gate.  Adding to the bullish tone, the stock gapped up on Monday
and by early on Tuesday was trading above $24.  But with
insufficient volume to keep the stock aloft, NVDA posted a doji
yesterday and a good-sized red candle today, leaving behind a
bearish-looking 3-candle formation.  That leads us to expect a
continued retracement in the days ahead, which should set up a
favorable entry on the successful test of $22 as new-found
support.  One key factor to the stock's success at finding
support at that former resistance will be the action in the
overall Semiconductor index (SOX.X), which we'll want to see
break decisively through the $510 area that has been solid
overhead resistance all week.  Maintain stops at $21.

Picked on December 24th at  $21.80
Change since picked          +1.40
Earnings Date              2/05/04 (unconfirmed)
Average Daily Volume =    5.59 mln




---


Nextel Comms - NXTL - close: 28.06 change: +0.30 stop: 26.00

After breaking to new recent highs on Monday with a close at
$28.00, we fully expected to see some profit taking in shares of
NXTL.  While there was some, it was quite limited in nature, with
the bears unable even to create a pullback below $27.50.  There
was a complete lack of directional action over the past two days,
but that didn't stop the bulls from launching a buy program right
at the close, which allowed the stock to end at $28.06, setting a
new recent high.  This 2-day consolidation could be a repeat of
what we last week with another breakout to new highs being the
end result.  We're still targeting a move to the top of the
February 2001 gap in the $29.50-30.00 area, so aggressive traders
might be able to nab a quick gain following a breakout over
today's high.  More conservative traders will want to wait for a
pullback near $27, to confirm support near the top of the channel
($26.90) and the 10-dma ($26.98).  Maintain stops at $26 and
remember that we want to sell into strength if our $30 target is
reached.

Picked on November 26th at  $25.27
Change since picked          +2.79
Earnings Date              2/18/04 (unconfirmed)
Average Daily Volume =    14.3 mln





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

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

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


Guess?, Inc. - GES - close: 12.07 change: +0.07 stop: 13.40

Company Description:
Guess?, Inc. designs, markets, distributes and licenses lifestyle
collections of casual apparel and accessories for men, women and
children that reflect the American lifestyle and European fashion
sensibilities.  The company's apparel is marketed under numerous
trademarks including GUESS, GUESS?, GUESS U.S.A., GUESS Jeans,
GUESS? and Triangle Design, Question Mark and Triangle Design,
BRAND G, a stylized G, GUESS Kids, Baby GUESS and GUESS
Collection.  The lines include full collections of denim and
cotton clothing, including jeans, pants, overalls, skirts,
dresses, shorts, blouses, shirts, jackets and knitwear.  GES also
selectively grants licenses to manufacture and distribute a broad
range of products that complement its apparel lines, including
eyewear, watches, handbags, footwear, children's and infants'
apparel and other fashion accessories.

Why we like it:
With Wal-Mart acting particularly weak in recent weeks, it is
really no great secret that Retailers are starting to lose
strength.  As much can be seen on the chart of the Retail index
(RLX.X), which has been unable to get with the bullish program of
the overall market, ending the year well below its November
highs.  Compared to shares of GES though, the RLX looks
positively robust.  GES began to weaken in early November, and
its trading pattern suggests a big breakdown is coming soon.  The
early December high represented a lower high and the dip below
the $12 level over the past two days has produced a lower low
relative to late November.  More importantly, last week say the
stock break below the 50-dma ($13.25) for the first time since
mid-August, but the contrast this time around is that the 50-dma
has now assumed a negative slope (for the first time since April)
and the 20-dma ($13.32) is about to cross below the 50-dma.

Once below $12, an argument can be made for support coming in
near $11, also the site of the 100-dma.  But the more realistic
target appears to be $10 and that will be our price objective for
the play.  Note that the PnF chart just gave a fresh Sell signal
with the trade at $12 and that gives the bears a tentative target
of $8.50.  We'll use a trigger at $11.80, just under the past two
day's intraday lows.  That ought to keep us from entering just
before a rebound.  Momentum traders can enter on the initial
break, but with the bullish bias in the market, conservative
traders should be able to snag a better entry on a failed bounce
below strong resistance at $12.75.  Set initial stops at $13.40),
just above the pending convergence of the 20-dma and 50-dma.

Annotated Chart of GES:


Picked on December 31st at  $19.52
Change since picked          +0.00
Earnings Date              1/28/04 (unconfirmed)
Average Daily Volume =    1.51 mln




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

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



ACE Ltd - ACE - close: 41.42 change: +0.13 stop: 39.00

The IUX insurance index has continued its steady climb higher
over the last several sessions.  Meanwhile, ACE has taken a more
stair-step approach to making gains.  The stock quickly broke out
above the $40 level and hit our trigger at $40.05 on the 22nd.
Soon thereafter it traded sideways, digesting its gains, with new
support at 40.80.  Today we saw a strong surge higher to the $42
mark before profit taking brought ACE back towards the $41 level.
You might see an intraday high at 42.80 but that appears to be a
bad tick early in Wednesday's session.  Bad tick or not ACE might
be ready for another dip.  A pull back to 40.80 or even the $40
level might be the best place to gauge new entries.  Recent
headlines for ACE have reflected their plans to spin-off its AGC
Holdings unit in an IPO next year that could be worth $100
million.  We're going to leave our stop loss at $39.00.

Picked on Dec 22nd at $40.05
Gain since picked:     +1.37
Earnings Date       01/27/04 (unconfirmed)
Average Daily Volume:    1.3 million



---


CIT Group - CIT - close: 35.95  change: 0.68  stop: 33.98*new*

With the recent consolidation period ended, CIT spent the early
part of this week climbing.  Last weekend, a Barron's article
quoted a company spokesperson as saying the shares could rise 50
percent in the next year to 18 months.  The spokesperson cited a
likely increased demand for consumer and business loans due to
the improving U.S. economy and also cited the expectation that
the company's borrowing costs should decrease over the next
couple of years.  Speculation arose that the company could be a
takeover target, especially as it trades at a discount to other
financial stocks in the S&P 500.

Monday, CIT gapped up, and then has built on those gains all
week.  The gains were blunted Wednesday afternoon when it was
learned that CIT purchased bank HSBC Holdings' U.S. factoring
unit.  One article described a factoring business as one that
bought companies' unpaid invoices, helping the companies manage
cash flow.  CIT felt that the business was a good fit with its
core businesses.  About the time this news surfaced, CIT pulled
back from the day's high and from the resistance at the midline
of its rising regression channel.

MACD lines begin to break through the descending trendline, and
both RSI and stochastics appear bullish.  The one fly in the
ointment in this advance is that it's taken place in a light-
volume holiday-week environment.  While we're not surprised that
there was no volume confirmation of the breakout since the
breakout occurred during a holiday week, we're not sure the gain
will hold when volume returns.  CIT could pull back at least to
fill or partially fill its gap.  Pullbacks and bounces from the
bottom of the rising channel could be used for new entries, but
we would not suggest momentum entries with CIT so near our $37.50
target.  We're raising our stop to $33.98, just below the rising
30-dma.

Annotated Chart for CIT:


Picked on Dec 12 at  34.05
Change since picked: +1.90
Earnings Date:    01/22/03 (unconfirmed)
Average Daily Volume:  879 thousand




---


D.R. Horton Inc. - DHI - close: 43.26 change: -0.43 stop: 41.50

The Housing sector got dealt a setback on Tuesday in the form of
disappointing Housing numbers.  That was enough to make the
$DJUSHB the biggest losing sector for the past 2 days running.
Of course, today's drop only amounted to a 1% slide, so there
wasn't any real carnage to worry about.  DHI lost roughly 1%,
keeping in line with the sector.  While the losses of the past 2
days are not large, it is disappointing to see the stock fall
back below the midline of the rising channel.  The key will be
whether DHI can hold above its 50-dma on this pullback.  If so,
then we ought to have a nice entry point set up in the next few
days, as traders jockey for position ahead of the company's split
on January 13th.  Look for a rebound from above $42 to provide
for new entries, maintaining stops at $41.50, just under the 50-
dma.  Momentum entries over the early December high ($45.37)
might work as well, but that is not our preferred strategy.

Picked on December 17th at  $42.69
Change since picked          +0.57
Earnings Date              1/15/04 (unconfirmed)
Average Daily Volume =    1.41 mln





---


Marathon Oil - MRO - close: 33.09  change: -0.28 stop: 31.90

With oil-related issues gaining in Europe this week, the XOI oil
index gained through the week.  MRO joined in those gains, too,
until approaching our target and the May 2001 swing high.  We
think that gains may slow now as MRO consolidates ahead of a test
of that May 2001 high.  Some play participants might elect to
take partial profits here.

Wednesday's trading produced a bearish candle and a hooking-down
RSI. It's been a couple of weeks since MRO touched its 10-dma to
reestablish support at that moving average, so we think it's
likely that MRO could do that Friday or early next week.

New entries are problematic just head of a test of the $33.73
intraweek high from May 2001.  Pullbacks and bounces from the
rising 10-dma might be possible entries, but new play
participants should be aware of that looming resistance just
ahead.  Those seeking momentum entries should wait for a move
above that $33.73 swing high with confirming volume expansion.

Annotated Chart for MRO:


Picked on Dec 05 at  30.22
Change since picked: +2.87
Earnings Date:    01/27/04 (confirmed)
Average Daily Volume:  1.2 million




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


Abercrombie & Fitch - ANF - cls: 24.71 chng: -0.17 stp: 25.25

Here we are two full weeks past ANF's big breakdown under the $24
support level and the stock has battled its way right back into
the $24-25 area and held its ground right into the end of the
year.  Clearly the play has been a disappointment -- showing
enough weakness on a daily basis to keep us interested, yet
steadily gaining ground since the lows posted on 12/15.  Monday's
session looked pretty bullish, with the stock managing to finally
close over the 10-dma (now at $24.53).  The bulls followed that
up yesterday with a move through the 20-dma (now at $24.57) at
the close.  In fact, the early strength this morning gave the
appearance that our $25.25 stop was in jeopardy.  Fortunately,
the bears prevailed and it looks like the long-expected rollover
may be getting underway.  While aggressive traders can certainly
enter on this nascent rollover, the more prudent course of action
will be to wait for a break under $24.40, which would constitute
a break of the 2-week rising trendline.  We're still looking for
ANF to head significantly lower, and renewed weakness in the
Retail index (RLX.X) should help to get things moving in the
right direction.  For traders looking to open new positions, wait
for the RLX to at least break back under its 50-dma ($377) before
playing.

Picked on December 14th at  $24.59
Change since picked          +0.12
Earnings Date              2/17/04 (unconfirmed)
Average Daily Volume =    2.24 mln





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

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

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


Netease.com - NTES - close: 36.92  change: -0.08  stop: 39.51

NTES found support at the 50 percent retracement of this year's
rally, but that support didn't prove a strong enough base to send
NTES much higher, either.  After rising to test $40.00, NTES sank
back to the 50 percent retracement line again.  Other Chinese
Internet-related stocks turned in a mixed performance on
Wednesday, but none produced either big gains or big losses.

As was true last week, oscillator evidence proves inconclusive.
MACD remains flat, as do RSI and stochastics.  This is a
consolidating stock, but whether that consolidation is in
preparation for a decline or a bounce remains to be seen.  Moving
averages angle down toward the current position, hinting that
they'll offer resistance if NTES should attempt to climb.

Because the 50 percent retracement level has proven its
importance, we still recommend waiting on new entries until a
drop beneath the 12/22 low of 35.26.  We're keeping our stop at
$39.51.

Annotated Chart for NTES:


Picked on Dec 10 at  38.96
Change since picked: -2.04
Earnings Date:    10/28/03 (confirmed)
Average Daily Volume:  4.6 million






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=================================================================
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.

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Copyright (c) 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.

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