PremierInvestor.net Newsletter Tuesday 01-13-2004 section 1 of 2 Copyright (c) 2004, 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: Great Expectations Watch List: CTXS, BC, WEN, LNCR Market Sentiment: Waiting to Exhale ================================================================= MARKET WRAP (view in courier font for table alignment) ================================================================= 01-13-2004 High Low Volume Advance/Decline DJIA 10427.18 - 58.00 10509.85 10367.41 1.99 bln 1519/1733 NASDAQ 2096.44 - 15.30 2114.91 2080.29 2.38 bln 1390/1824 S&P 100 555.75 - 3.66 560.05 552.62 Totals 2909/3557 S&P 500 1121.22 - 6.01 1129.07 1115.19 W5000 10935.88 - 53.40 11003.88 10877.32 RUS 2000 581.16 - 1.85 583.18 575.04 DJ TRANS 3017.06 - 2.20 3023.87 2986.81 VIX 18.04 + 1.22 18.33 16.53 VXO (VIX-O)16.87 + 0.62 17.86 16.38 VXN 23.05 + 0.49 23.89 22.26 Total Volume 4,634M Total UpVol 1,593M Total DnVol 2,969M 52wk Highs 787 52wk Lows 12 TRIN 1.36 NAZTRIN 1.77 PUT/CALL 0.61 ================================================================= =========== Market Wrap =========== Great Expectations The markets suffered another setback today and analysts were racing to find a reason. Greenspan's speech? Rising oil prices or O'Neil's criticism of the president? Sorry, it is just a plain case of profit taking on fear that reality may not match expectations. Even great news for the telecom sector could not prevent fears that INTC might disappoint. Dow Chart Nasdaq Chart The economic news was mixed and not really a negative for the market. The Weekly Chain Store Sales fell -0.4% and year over year growth fell to +4.9% and the lowest rate in five weeks. Redemption of gift cards remains the primary driver for chain stores with new cash shopping continuing to slow. Cold fronts and snow storms are still being used as excuses but in reality it is the middle of winter. What changed? Cash has dried up. Mortgage refinancing has dried up and the tax rebates are history. Until consumers start getting the next round of tax refunds/rebates there is not much for retailers to look forward to. Import Prices rose only +0.2% and only about 1/2 what was expected. This will be drastically different next month when the mad cow halt to beef exports hits the tape. Meat export prices are going to plummet due to oversupply and shortage of buyers. Beef prices fell -20% after the discovery of the mad cow in Washington. Rising oil prices are also going to make an impact with oil moving over $35 in trading today. Offsetting the Retail Sales news was the Richmond Fed Survey which fell to 8 for December and down from 11 in November. Despite the drop the internals were still strong. Shipments fell -3 points but New Orders rose from 14 to 22. The backlog remained the same at only 3 and the Six Month outlook rose +3 to 44. The Order Backlog at 22 is the highest level since last January. The employment component rose to zero from -14 and this is the first non-negative number in nineteen months. Just like the Kansas Fed Survey on Monday the headline number fell but critical components are still showing growth. Wednesday is a big economic day with Mortgage Applications, PPI, International Trade and the Fed Beige Book. Thursday is even bigger with Jobless Claims, CPI, Empire Manufacturing Survey, Monthly Retail Sales, MAPI Survey, Philly Fed Survey and the Treasury Budget. Add in the major earnings after the close Wednesday from YHOO, QLGC and INTC and you have a critical 48hr period. Fear of the next 48 hours made the earnings announcements Tuesday morning even more important. Leading the list was SAP which reported a drop in software revenues and planted seeds of disappointment in tech land. SAP was profitable but the key point was the -3% drop in software revenues. The SAP results were good but not great. Since SAP is a major competitor to IBM the road signs were clear to many. IBM had already been weak on rumors they would not make their revenue estimates and weakness in competitor revenues seemed to signal the rumors could be true. IBM does not report until Jan-20th but IBM fell to six-week lows on the news. Adding to the SAP negativity was a lowered forecast from Accenture, (NYSE:ACN), another competitor to IBM. Accenture missed estimates by a penny but said profits could be as much as -22% below analyst estimates. Accenture lost -3.66 on the news and helped to push IBM even lower. The ACN/SAP ripple knocked the Nasdaq back below 2100 but not by far. You could probably call it an Intel hiccup more than anything else. With great expectations priced into the market the first really clear road sign for the global recovery is going to be Intel tomorrow night. If Intel sneezes the entire market could catch cold. We know Intel will go out of their way to spin the news positive. However, if you remember their last conference in October there was a minor blip after the call when they admitted there was a small drop in bookings. This was not picked up by the mainstream press and the markets rallied on the headline news. Intel did revise to the upper end of estimates for the 4Q in their mid-quarter update but the key for tomorrow is their guidance for the 1Q. Considering the solicitations I am getting by email on almost a daily basis it appears computer vendors are in a January sales slump. They don't call/email when business is good. It could be just a coincidence but I can't wait to see what Intel has to say. The Semiconductor Index fell from a 52-week on Monday at 560 to initial support at 540. Considering the huge gains in the chip sector it is not surprising investors wanted to take some money off the table before the Intel announcement. XLNX lost -2.46, PMCS -1.30, NVLS -1.79. Bucking the trend was LSCC which finished the day positive and appeared ready to launch even higher from 11.50 support. Also used as an excuse today was the Greenspan speech but while uninspiring there was nothing really detrimental to the markets. He said the lack of job creation would not keep the economy from growing and the lower dollar really did not matter. Dallas Fed President McTeer said he was "shocked" by the Friday Jobs report showing only +1000 jobs created in December. He said he expected a seasonal adjustment and the missing 149,000 jobs would show up in January's report. Let's hope he is right. He said he expected strong growth and low inflation for some time to come. This reinforced thoughts that the Fed would not be raising rates soon. Fed Governor Olson also pushed that common thought by reiterating the "considerable period" phrase in a speech. Let's hope the "seasonal adjustment" McTeer spoke about is a real adjustment and not the Fed just pushing the numbers around in our best interest. The Conference Board published a survey that showed CEOs' were less positive about the future than they were before. The poll's outlook component also fell to 66 from 73 for the first six months of 2004. This drop was contrary to the rise in confidence in current conditions to 68 from 64 from the 3Q to the 4Q of 2003. The Conference Board did not feel this was a problem and more of an acknowledgement that the soaring growth from the 3Q could not continue. The earnings parade is beginning this week with the consensus estimates now up to +26% for the 4Q. These great expectations are very risky and it will not take many more events like SAP and Accenture to puncture the balloon. Even if the earnings do come in as expected we know from experience that just meeting estimates does not normally send markets higher. They have to meet or exceed estimates and guide higher. This does not take into account the current tech valuations at a two-year high. YHOO is currently trading at a PE of 145 for just one example. Insider sales are typically a leading indicator for earnings. Since YHOO hit $40 insider selling has been very brisk. The CFO, somebody who knows exactly what the numbers will be, just sold 80,000 shares. We will get to see tomorrow if he was beating the rush or simply capitalizing on the good news ahead to exit without a cloud of questions. As an example of the lack of upward momentum we saw almost no impact from the $2.3 billion telecom deal with China today. Motorola, the biggest winner with over $1 billion, only gained +12 cents. Lucent with a +$350 million win gained +6 cents. CSCO got $140 million and lost -14 cents. Nortel showed the biggest gains at +21 cents. Unlike most contract awards that take years to play out this contract will be completely funded in 2004. Instant money for current products but no real impact to prices. Another problem there is a demand that the companies turn over the intellectual property to China to enable them to make these products on their own in the future. They also demanded a different encryption method than currently in use. Last I checked they were still a communist nation. Sure, sell them $2.3 billion in goods and then give them the results of years of research so they can avoid buying anything else in the future. Also hurting the markets was continued depression in the homebuilder sector. Centex announced orders that were less than expected and MDC Holdings disappointed as well. The analysts coming out against the sector multiplied overnight. Most of the builders lost ground again but not by big losses. The bulls still believe in them and with the single digit PE numbers where else are you going to find values this cheap? The Homebuilder Index (HGX) is well off its highs but still lofty in relative terms. As long as it does not break two month support at 345 the bulls will likely buy the dip. The next material support is in the 300 range. The HGX is optionable but expensive. Tech worries also grew from the banking sector after several banks reported earnings that expressed concern that commercial loan demand was soft. This suggests that an IT recovery may be muted if loans to purchase and upgrade equipment are not in demand. BBT and STT suggested 2004 could be a challenging year. The market action was both confusing and frustrating depending on your market view. The Dow dropped -118 intraday day but rebounded to close down only -58. The dip was well under Dow support at 10400 but the rebound put it back above that support to 10427. Bottom line, was this a bearish day or a bullish day? Or was it just a profit-taking day? Since the high near 10600 last Thursday the Dow has trended down and today was no exception. The minor rebound on Monday was just a short term oversold dip buy. Today was a continuation of Friday due to worries over IBM and Intel and earnings in general. So far it is just cautious profit taking. 10400 is strong support and I was surprised to see it break today even on the earnings disappointments. Tomorrow and Thursday are the key. Should 10400 break again the next real support is 10300 then 10100. Volume was skewed 2:1 to the downside and it was moderately heavy with 4.6 billion across all markets. If we break 10400 again I expect that volume to rise and the imbalances to be strongly negative. Bulls have got to be worried but the bears still have no conviction. The Nasdaq dropped below 2100 but held solid on four day support at 2080. The tech advance has been so strong there is only minimal support below that at 2050 with much stronger support at 2000. If the techs disappoint on Wednesday night it is very conceivable we could test 2050 by Friday. The tech big caps have been slipping as funds cautiously move cash they stored in late December out of these stocks and into other vehicles. MSFT has been trending down sharply for the last three days. Today was the first INTC drop as investors clung to the earnings run hope. Despite the drop today the Nasdaq has been exhibiting serious strength. If it can pass the test this week the tech bulls will be cheering. Regardless of your market view the rest of this week should be exciting. We are seeing volatility return to the market and buyers are finally seeing some dips. Odds are good there will be some earnings winners this week and probably some more losers. Keep your powder dry because the bargains are on the way. Enter Passively, Exit Aggressively. Jim Brown Editor ================================================================== 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 --------------------------------- Citrix Systems, Inc. - CTXS - close: 20.60 change: -1.09 WHAT TO WATCH: Ever since topping near $28 in mid-October, CTXS has continued to trend lower with support being found at the $21 level over the past month. That support gave way on strong volume on Tuesday, as the stock broke the 200-dma for the first time in over a year. Look for downside continuation towards next solid support in the $17.50-18.00 area. --- Brunswick Corporation - BC - close: 32.29 change: +0.55 WHAT TO WATCH: Weakness wasn't found in every stock on Tuesday, as demonstrated by BC's breakout to new highs on strong volume. a mild pullback into the 20-dma just above $31.50 looks like a solid entry ahead of a rally towards the $35-36 area. --- Wendy's International - WEN - close: 37.90 change: -0.60 WHAT TO WATCH: Peaking in early December near the $41.50 level, shares of WEN have been building a topping formation over the past month and the H&S formation is nearly complete. Price dropped back to end at $37.90, right on the neckline on Tuesday and a break below $37.75 can be used for bearish entry. Target a drop to $34 support. --- Lincare Holdings, Inc. - LNCR - close: 28.28 change: -0.62 WHAT TO WATCH: After rebounding to the $32.50 area after the sharp selloff in November, it looks like investors are losing interest in shares of LNCR, as they have allowed the stock to drop back to the bottom found in late November. Trigger on a break below $28 and target a drop to the $24 support area. --- =================== On the RADAR Screen =================== LPX $20.23 - The third time's a charm. After 2 rejections from resistance near $19, shares of LPX managed a solid breakout on Monday and incredibly held those gains today in the midst of a weak market. Look for a pullback to confirm support near $19 as the ideal entry and then look for a rally towards the $22-23 area. IGT $34.65 - The rally in IGT appears to have culminated with a bull trap surge up to the $37 level in mid-December and the consolidation of the past few weeks is breaking down. Entries on a failed bounce below the $35.50 level look good ahead of a decline down to the $32 level. UPC $29.73 - Broad market weakness on Tuesday finally broke the $30 support level in shares of UPC and it looks like the decline towards next support at $28 and then $26 is underway. Use a failed bounce below the 10-dma as a low-risk entry. =============================== Market Sentiment =============================== Waiting to Exhale - J. Brown The official start to the Q4 earnings season may have been last week with Alcoa but tomorrow really brings out some heavy weights with Apple Computer (hardware), Intel (semiconductors), Yahoo! (internets), Genentech (biotech), and QLogic (semiconductors). Thursday brings even more with Bank of America (banking), Juniper Networks (networking), and Sun Microsystems (hardware) just to name a few. What these companies have to say about their future guidance will carry the spotlight and help set the tone for the rest of the quarter. In the mean time traders are holding their breath until these Q4 reports are released. Volatility in stocks and the options market has been rising as investors try and position themselves in front of these events. Without any major news today, aside from a Greenspan speech in Germany where he really didn't say much, stocks pulled back as some investors took some money off the table. Those sectors hardest hit by the selling were semiconductors and software. Intel's earnings report after the bell tomorrow is a major event and the SOX dipped 2.77% after a strong four-week rally from its December lows. We've been hearing for months now about how great 2004 is going to be for chip sales and Wall Street wants to hear it from Intel in their guidance going forward. Should Intel disappoint we'll probably see the SOX reverse course and head back toward its December lows, pausing near the 500 level to catch its breath. The GSO software sector also looks a little toppy and the index fell 1.88% after German software maker SAP announced that its fourth quarter sales slipped 3% from last year. MSFT, ORCL and PSFT all reacted negatively to the news. The remaining sector indices also provided some interesting observations. The BIX banking index has fallen for two weeks straight and pierced its simple 50-dma today before rebounding by the close. Considering the post-earnings reactions to some of the banking stocks who announced today we're liable to see more weakness here. The DRG drug index has also been in a steady decline with today marking the fourth loss in a row. Recent broker comments have not been kind to some of the larger drug makers and the group is pulling back after a very strong December. I'm also a little surprised by the drop in the XAU gold & silver index since the dollar continue its own drop against the yen and the euro but then February gold futures also fell more than $2.00 to $424 an ounce. ----------------------------------------------------------------- Market Averages DJIA ($INDU) 52-week High: 10592 52-week Low : 7416 Current : 10427 Moving Averages: (Simple) 10-dma: 10486 50-dma: 10040 200-dma: 9328 S&P 500 ($SPX) 52-week High: 1131 52-week Low : 788 Current : 1121 Moving Averages: (Simple) 10-dma: 1120 50-dma: 1075 200-dma: 1002 Nasdaq-100 ($NDX) 52-week High: 1541 52-week Low : 795 Current : 1524 Moving Averages: (Simple) 10-dma: 1502 50-dma: 1434 200-dma: 1292 ----------------------------------------------------------------- Today marks the third day of gains for the VXO and VIX. While it is normal to see volatility spike when the indices trade lower we also have to remember that Friday is an options expiration and we could be seeing an unusual number of put buying by investors to protect current profits. CBOE Market Volatility Index (VIX) = 18.04 +1.22 CBOE Mkt Volatility old VIX (VXO) = 16.87 +0.62 Nasdaq Volatility Index (VXN) = 23.05 +0.49 ----------------------------------------------------------------- Put/Call Ratio Call Volume Put Volume Total 0.61 1,132,464 690,443 Equity Only 0.48 883,197 423,555 OEX 0.60 71,225 42,709 QQQ 1.14 88,348 101,028 ----------------------------------------------------------------- Bullish Percent Data Current Change Status NYSE 77.6 + 0 Bull Confirmed NASDAQ-100 81.0 + 1 Bull Confirmed Dow Indust. 86.7 + 0 Bull Confirmed S&P 500 87.0 + 0 Bull Confirmed S&P 100 85.0 + 0 Bull Confirmed 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: 1.15 10-dma: 1.03 21-dma: 0.97 55-dma: 1.07 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 1349 1386 Decliners 1514 1712 New Highs 306 229 New Lows 7 6 Up Volume 801M 721M Down Vol. 1126M 1611M Total Vol. 1947M 2364M M = millions ----------------------------------------------------------------- Commitments Of Traders Report: 01/06/04 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 Was it a one-week blip? The surge in long positions by commercial traders have evaporated. Was a sudden change of heart or did they just get caught up in the holiday spirit? Of course there was an equally strong disappearing act in commercial short positions so maybe they're just confused. Small traders have really cut back on their shorts and in effect become extremely bullish. Commercials Long Short Net % Of OI 12/09/03 396,882 420,859 23,977 2.9% 12/16/03 448,103 460,670 12,567 1.4% 12/22/03 400,066 405,240 (5,174) (0.6%) 01/06/04 403,721 408,729 (5,008) (0.6%) Most bearish reading of the year: (111,956) - 3/06/02 Most bullish reading of the year: 23,977 - 12/09/03 Small Traders Long Short Net % of OI 12/09/03 172,178 99,484 72,694 26.8% 12/16/03 172,947 113,704 59,243 20.7% 12/22/03 147,537 81,596 65,941 28.8% 01/06/04 142,844 83,518 59,326 26.2 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 Wow! The disappearing act in the full contracts (above) is nothing compared to the drop in contracts below. Commercial traders really reduced their outstanding long positions in the e-mini's and that's not a bullish development. Right on cue, the small traders cut back on their short positions. Commercials Long Short Net % Of OI 12/09/03 294,006 288,385 5,621 1.0% 12/16/03 330,273 361,316 (31,043) (4.5%) 12/22/03 128,801 213,021 (84,220) (24.6%) 01/06/04 175,489 240,865 (65,376) (15.7%) 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 12/09/03 142,173 76,171 66,002 30.2% 12/16/03 177,193 73,694 103,499 41.3% 12/22/03 125,248 43,482 81,766 48.5% 01/06/04 139,433 51,909 87,524 45.7% Most bearish reading of the year: (77,385) - 09/02/03 Most bullish reading of the year: 449,310 - 06/10/03 NASDAQ-100 We see the same contract evaporation in the NDX futures as well. Commercial long contracts lost 1/3 of their number but short contracts were cut in half. That actually sounds bullish. Commercials Long Short Net % of OI 12/09/03 39,612 51,443 (11,831) (13.0%) 12/16/03 61,343 73,153 (11,810) ( 8.8% 12/22/03 40,277 36,452 3,825 5.0% 01/06/04 42,892 37,801 5,091 6.3% Most bearish reading of the year: (21,858) - 08/26/03 Most bullish reading of the year: 9,068 - 06/11/02 Small Traders Long Short Net % of OI 12/09/03 25,842 10,228 15,614 43.3% 12/16/03 28,676 15,197 13,479 30.7% 12/22/03 22,656 14,544 8,112 21.8% 01/06/04 8,035 17,911 ( 9,876) (38.1%) 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 This time it is the small traders that drastically reduced their short contracts. They probably got tired of losing money. Commercials followed suit. Commercials Long Short Net % of OI 12/09/03 20,378 11,934 8,444 26.1% 12/16/03 23,509 13,880 9,629 25.8% 12/22/03 14,088 9,998 4,090 17.0% 01/06/04 15,697 9,497 6,200 24.6% 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 12/09/03 6,858 12,006 (5,148) (27.3%) 12/16/03 9,497 19,633 (10,136) (34.8%) 12/22/03 6,915 8,983 ( 2,068) (13.0%) 01/06/04 5,713 8,105 ( 2,392) (17.3%) Most bearish reading of the year: (10,136) - 12/16/03 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 Tuesday 01-13-2004 section 2 of 2 Copyright (c) 2004, All rights reserved. Redistribution in any form is strictly prohibited. The entire newsletter is best viewed in COURIER 10 for alignment ================================================================= Stop Adjustments: None 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) ================================================================= Stop Loss Adjustments ================================================================= None ================== Trading Ideas ================== This section contains stocks that meet criteria which may make them of interest to long and short side traders. These are not recommendations, nor have they been reviewed by PremierInvestor editors for investment potential. However, each of them has technical and fundamental characteristics that make them worthy of further review by traders and investors looking for fresh ideas. New stocks will appear daily following the market close. Value Plays With Bullish Signals --------------------------------- Ticker Company Name Close Change BMO Bank of Montreal 43.60 +0.81 APA Apache Corp 84.15 +0.65 FD Federated Dept Stores 48.15 +0.64 ABK Ambac Financial 72.89 +1.24 AZO Autozone Inc 85.62 +1.72 VLO Valero Energy 50.20 +2.68 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- TOY Toys R Us 13.56 +1.26 NKTR Nektar Therapeutics 18.45 +1.20 INTI Inet Technologies 14.99 +1.16 DSCO Discovery Labs Inc 11.88 +1.03 BCGI Boston Communications 11.38 +1.18 VOCL Vocaltec Communications 6.48 +1.24 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- APD Air Products & Chemicals 53.96 +1.44 MTG MGIC Investments 69.27 +2.68 VAR Varian Medical Systems 74.49 +2.54 SUN Sunoco Inc 54.79 +1.96 LEA Lear Corp 66.38 +1.38 STK StorageTek 29.52 +1.72 GYI Getty Images 52.08 +1.06 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- IBM Intl Business Machines 89.70 -1.85 ACN Accenture Ltd 22.66 -3.25 STI Suntrust Banks 69.50 -1.28 BBT BB&T Corp 36.63 -1.16 MTB M&T Bank 91.10 -1.89 FCX Freeport Mcmoran 40.06 -2.84 CTXS Citrix Systems 20.60 -1.09 CYN City National Corp 58.50 -1.66 TPP Teppco Partners 38.50 -1.33 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- HBC HSBC Holdings 79.01 -1.78 SAP SAP Ag (ADS) 42.18 -2.27 INFY Infosys Technologies 95.79 -3.11 PD Phelps Dodge 74.45 -3.05 CBE Cooper Industries 56.23 -1.39 NRMX Neurochem 23.64 -1.38 ================================================================= 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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