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Daily Newsletter, Sunday, 01/18/2004

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PremierInvestor.net Newsletter          Weekend Edition 01-18-2004
                                                    section 1 of 3
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:       One Down, Two To Go
Market Sentiment:  Sentiment Rising
Watch List:        MERQ, NTES, NOVL, THO

=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
       WE 01-16        WE 01-09        WE 01-02        WE 12-26
DOW    10600.51 +141.62 10458.9 + 49.04 10409.8 + 85.18 + 46.45
Nasdaq  2140.46 + 53.54 2086.92 + 80.24 2006.68 + 33.54 + 22.12
S&P-100  564.72 +  8.17  556.55 +  6.56  549.99 +  7.21 +  2.52
S&P-500 1139.83 + 17.97 1121.86 + 13.38 1108.48 + 12.21 +  7.61
W5000  11116.04 +187.04 10929.0 +151.14 10777.9 +115.48 + 82.96
RUT      590.41 + 15.21  575.20 + 14.35  560.85 +  5.75 +  8.22
TRAN    3036.28 + 47.34 2988.94 - 19.22 3008.16 +  8.49 + 12.24
VIX       15.00 -  1.75   16.75 -  1.47   18.22 +  0.83 +  0.97
VXO       15.27 -  0.67   15.94 -  2.00   17.94 +  1.36 +  0.53
VXN       20.24 -  2.77   23.01 -  1.50   24.51 +  0.56 -  0.94
TRIN       0.47            1.63            1.01            0.79
Put/Call   0.51            0.65            0.76            0.86
=================================================================

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

One Down, Two To Go
by Jim Brown

With January half over we have one significant earnings week
behind us and two monster weeks ahead. The majority of 4Q
earnings from U.S. companies will be released over the next
two weeks. Over 800 major companies and 75% of the S&P will
confess their sins, brag about their successes and try to
artfully craft a bullish outlook while avoiding blatant lies.
I love earnings season!

Consumers cheered the coming of January it appears with the
Michigan Consumer Sentiment coming in at a whopping 103.2
compared to the paltry 92.6 in December. Looks like the
holiday cheer is still flowing in many areas. The expectations
component rose from 89.8 to 99.5 and the present conditions
component soared to 108.9 from 97. Must have been a lot of
gift cards under the tree to generate that kind of euphoria.
The bounce completely erases memory of the December decline
and according to analysts was due to the rising stock market,
availability of bargains for holiday shopping and no holiday
terror event. Life is good in America. If this number
continues to rise we would expect consumers to part with more
money at the register and start looking at new homes again.
The perception is for positive jobs market despite the lack
of any proof.

Business Inventories rose +0.3% in November, which was inline
with consensus estimates. Because it was a November number it
was considered old news. The best part of the equation was the
inventory to sales ratio at 1.35 and the second month at a
record low. This continues to suggest there is an inventory
building period in our near future.

Industrial Production rose at a much slower rate in December
then expected. It rose +0.1% when consensus was for a +0.4%
gain. Many of the components actually declined with only
construction materials and supplies showing gains. If you
remember November showed a huge spike of +1.0% in productivity
and way out of context with the average gains of +0.4%. This
spike has now been negated and the steady progress continues.
Capacity Utilization remained low at 75.8 for the second
month. This lack of utilization should continue to prevent
any inflationary pressures for the near future.

The picture is clear for the 2004 economy. Despite various
weak components in the majority of the different economic
reports the overall trend is still an improving recovery.
The market continues to rise in anticipation of even stronger
gains ahead and interest rates are slowly falling again.
The job market is seeing very small signs of improvement
but at least it is heading in the right direction. There
are estimates starting to appear for a +7.0% GDP for the
4Q-2003. The initial GDP release is Jan-30th. Based on the
guidance from the companies already public there is an
outside chance the 1Q could be as high as +6%. This chain
of successes is nearly unheard of in modern times. This
suggests the economy is not only recovering but is about
to explode. The stock market is reacting to this news with
great enthusiasm. The outlook is not for a cooling off
period as expected after the +8.2% tax rebate spike in the
3Q but for continued expansion all the way into late 2005.
I personally think extending the forecast past the election
is asking for trouble but I am willing to let others take
the lead.

The big name on the earnings front on Friday was GE which
reported 45 cents per share and inline with estimates. GE
can do no wrong in the eyes of investors. They failed to
reach their stated goal and post double digit gains for
the second consecutive year. No problem for investors for
GE promised to hit that goal and do +10% in 2005. Hurray!
GE rose +1.35 on the news. Actually I am poking fun at them
and I do like them as a company. The reason GE was up had
more to do with stemming losses in a couple of its divisions
and some very positive guidance. Chairman Jeff Immelt said
industrial orders were at their strongest level since 2000.
This is a dramatic turnaround from somebody that did not
see a recovery in progress just three months ago.

That statement from Immelt is the story in a nutshell for
this earnings season. Almost every major company that has
reported has said they were seeing a pickup in economic
activity, industrial orders and IT spending. This expectation
is what investors have been buying for the last three months.
The JNPR guidance upgrade Thursday night was like a chain
reaction through the tech sector. Gains in chip, telecom
and computer stocks pushed the Nasdaq to new 30 month highs.
Investors were delirious despite CNBC running an interview
with the JNPR CEO expressing negative comments. He said
there was not a broad based recovery underway and the JNPR
gains were company specific. He said they were at the right
place at the right time with the right product mix. Nobody
seemed to care.

The JNPR earnings and guidance added tens of billions in
market cap to Nasdaq stocks despite a definite disconnect.
JNPR only had profits of $14 million for the quarter. This
is not a big deal. Their closest competitor Cisco, will
report earnings of more than $1 billion for the same period.
CSCO has a PE of 47 on a trailing twelve month basis and
JNPR has a TTM PE of 236. It drops to 115 using estimated
2005 earnings if you are into forecasting the future.
Obviously the roughly +$50 billion in market cap the Nasdaq
gained on Friday as a result of JNPR earnings is a complete
disconnect from reality. It is a result of investors hearing
what they wanted to hear to justify their bullish view. Is
that wrong?

If the economy is really growing as fast as the earnings
guidance from everyone including JNPR has indicated then
the gains are ok. My only question is what changed from the
Intel, YHOO, QLGC, AAPL, SUNW earnings earlier this week?
They said business was good, but not great. Guidance was
positive just not overly optimistic. Those companies with
the exception of QLGC are bigger than JNPR with a broader
customer base. Why did their guidance not matter and
Juniper's is so critical. It is simple. Investors were
looking for a white knight to carry their flag forward.
JNPR was the hero of the day and was rewarded with a +$7.00
jump in the stock price on volume of 76 million shares. The
Nasdaq traded 2.6 billion shares with the average share
gain of +0.81%.

In the rest of the world WCOM announced it was cutting
another -1700 jobs on top of the -22,000 they have already
cut. Home Depot restated its 2003 guidance to suggest the
4Q was a drag and that same store sales would be lower than
expected. They raised earnings estimates slightly based on
cost cuts and technology upgrades. They warned that growth
in 2004 would be slower than previously expected and HD
was going to cut its pace of new store openings.

Abbot Labs (NYSE:ABT) posted solid profits for the 4Q but
warned that profits for 2004 would fall below estimates.
JNJ dropped on Friday after several brokers issued reports
predicting a dramatic drop in revenue. QCOM was downgraded
by Morgan Stanley on fears the most optimistic of conditions
were already priced into the stock. There were plenty of
those Friday. Downgrades and warnings got very little air
time with all press going to GE, we will grow in a couple
years, and JNPR, no broad based recovery in sight, leading
the charge upward. Cynical? No, but I find it strange how
the market chooses what it wants to focus on based on the
bias of the herd.

That herd trampled resistance on all but the Dow. The Dow
managed to close .51 over 10600 and it did it after the close
as final orders were settled. The Dow has now stretched its
string of winning weeks to eight and a feat not seen since
the rebound out of the October dip in 2002. The S&P also
stretched its string to eight weeks and a streak not seen
since 1998. The Nasdaq only completed six positive weeks
but set a new 30 month high. The volume was very strong
across the board with up volume 4:1 over down. Over 1000
stocks set new 52-week highs.

Was all this bullishness related to JNPR and GE? Not
entirely. Friday was options expiration for January and
much of the volume, like in December, was option related.
Like I speculated on Thursday night it appeared that many
option sellers who were trapped in December either rolled
those positions over into January or reinstated new ones
to recover December losses. The lack of the expected
January dip buried those seller once again and the race
was on to cover those shorts. After the initial opening
dip on Friday there was a bid under the market all day and
volume was very strong. Market on close orders were very
large. The one thing I was watching was the lack of real
movement. We watched the heavy volume flow through during
the day but there was not any real price movement until
after 2:PM. I have mentioned this before but it sure looked
like there were a lot of sellers feeding stock to those that
were short. I keep thinking we are seeing distribution on
every bounce near the 10600 level.

We are at a critical point in this process. The Nasdaq has
blown through the roof and is dragging the Wilshire with it.
Both are over all critical resistance with plenty of room
to run. The Russell is rocking and at 590 is only 24 points
away from its all time high at 614. The retail investor is
alive and well and they are buying small caps and techs
like there is no tomorrow.

Nasdaq Chart- Daily


Russell 2000 Daily


Wilshire 5000 Weekly




That was the good news. The bad news comes from the Dow,
S&P and SOX. Just like the little train that thought it
could the Dow inched up to close .51 over 10600 after
struggling since Jan-8th to move over 10590. By settling
over 10600 after the close the Dow managed to avoid any
sell programs trigging on that level and set up a potential
gap open on Tuesday. Regardless of the open or any programs
that appear the Dow is finally entering the critical
resistance band from 10600-10650. This is the highs for
2002. The Nasdaq finally broke that same level at 2100
this week and is forging higher. Can the Dow equal this
feat? That remains to be seen but investors have been
eagerly buying every minor dip.

Dow Weekly Chart



The more critical index is the S&P because it is the favorite
target of program traders. The S&P is rapidly approaching its
2001-2002 resistance highs at 1175. The S&P failed in the
1170-1175 range four separate times in 2001-2002. This is
very strong support and it is looming in our path. Adding
to this resistance is the 50% retracement level at 1161.
Together this is going to be very tough to break. Timing
is also going to be key. At an average of +7 points a day
the S&P could hit 1161 in three days, 1175 in five. With
the Nasdaq in breakout mode the techs in the S&P are helping
this process. The wildcard is the Dow at 10600. Can it plow
through those next 50 points of resistance with the S&P
moving up even faster? Either way both should reach what I
am going to call terminal resistance sometime near the end
of next week if the trend continues. Earnings will be half
done with most of the large companies already reported. The
breakout over this resistance will have to come on the
earnings from next week.

S&P Weekly Chart



The SOX is nearing the spot where it could become the Nasdaq
anchor. It is nearing the highs from last week at 560 but
still below the 2002 resistance from 618-642. The chip sector
is up +166% from the 209 SOX low in Oct-2002, +116% from the
Feb-2003 lows. Using any investing metric this is a very
strong run. Analysts are increasing their caution about too
much good news already priced into this sector. This is
especially critical with news that Intel is going to spend
less on CapEx in 2004 than previously expected. If this
trend is system wide then chips could be in for a slowdown.
Intel also said flash memory sales were flat. All cracks
in the SOX foundation supporting an ever growing high. I am
not saying it is going to crash but just suggesting the 600+
level could be tough to crack.

SOX Weekly Chart



So where do we go from here? Monday is a holiday and provides
a shortened week where more than 35% of the S&P will post
earnings. There is no way to list the hundreds of companies
but the most notable for Tuesday are MMM, AMD, ACS, C, MOT
and a dozen chip and networkers. Wednesday has EBAY, QCOM,
SYMC and nearly 200 others. Thursday AMGN, ADP, EMC, TLAB,
MSFT, T, EK, F, FER, NOK, PFE and over 200 more. Needless
to say it will be a busy week. Will they tell us anything
we do not already know? Probably not. The economic schedule
is light with many filler reports but nothing earth shaking.
That leaves us to trade on sentiment and stock news.

If the end of week rally was really option related again
then Tuesday could be crazy as those expired option trades
are settled. Traders waking up Tuesday with stock in their
accounts that they did not expect or missing some they did
not think would be called away will be scrambling to make
adjustments. This is both a positive and negative impact
to the markets and could provide heavy volume and heavy
volatility without much actual movement by the close. We
will also get to see if there are any program trades as
a result of the Dow moving over 10600. The eight consecutive
weeks of Dow gains will eventually end. The only question
is when. For nine months the 50 dma has provided strong
support as each streak came to an end and I suspect it
will again.

Dow Chart - Daily



The keys to watch are the 10600-10650 level on the Dow
and the 1160-1175 level on the S&P. Until those levels
are broken any upside on non tech stocks could be limited.
The bulls are in control and there are plenty of buyers
waiting in the wings. Worry over the January-27th Fed
meeting should not begin until late in the week and bonds
are showing no fear. Enjoy the holiday because the rest
of the week could be very hectic.

Enter Very Passively, Exit Very Aggressively!

Jim Brown


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

Sentiment Rising
- J. Brown

Call it the energizer bunny.  Call it a Teflon market (nothing
sticks to it).  Call it a runaway train.  Whatever adjective best
suits your market bias it's hard to ignore that the path of least
resistance is still up.  The Dow Jones Industrials and the S&P
500 have turned in eight consecutive weeks of gains.  That's
quite a feat.  I thought I heard one TV commentator say the
markets have not done that in more than 10 years.  Investors seem
anything but cautious and the plummeting volatility indices
continue to reinforce a lack of fear.  Normally when everyone is
running the same direction it is a sign to start looking for the
exits but until the trend changes all we can do is play what the
market gives us.

Driving these exceptional moves are strong corporate earnings and
encouraging economic data.  Friday revealed that consumers were
very confident.  The Michigan sentiment index soared to a
surprising 103.2 in January when estimates were only pointing to
a small rise to 94.0.  The last reading was 92.6 in December
making this the biggest jump since November 1992.  So what's
making the consumer feel so secure?  A stock market with its
first gain in three years doesn't hurt.  Nor does rising home
prices and low mortgage rates (which dropped again last week).
Signs, albeit slow ones, that the job market is improving is
probably the biggest reason that consumers are feeling upbeat.  A
confident consumer spends more money and that will keep this
economy on the road to recovery.

Meanwhile investors are feeling pretty confident themselves.  The
latest round of earnings reports were generally to the upside.
Junpier Network's (JNPR) positive earnings report on Friday
morning set the networking/telecom sectors spinning higher again
and JNPR's stock exploded for a 30% gain.  Overall market
internals were very bullish.  The NYSE reported advancers pushing
past decliners 4 to 3.  Winners overwhelmed losers 19 to 11 on
the NASDAQ.  Up volume was more than 3 times down volume on the
NYSE and more than four times down volume on the NASDAQ.

Monday is a market holiday and the earnings parade gets started
bright and early on Tuesday morning.  Several Dow components are
scheduled to announce (MMM, C, GM, JNJ, and UTX).  These earnings
reports will heavily influence market direction.


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

Market Averages

DJIA ($INDU)

52-week High: 10600
52-week Low :  7416
Current     : 10600

Moving Averages:
(Simple)

 10-dma: 10115
 50-dma: 10084
200-dma:  9365

S&P 500 ($SPX)

52-week High: 1139
52-week Low :  788
Current     : 1139

Moving Averages:
(Simple)

 10-dma: 1127
 50-dma: 1079
200-dma: 1006

Nasdaq-100 ($NDX)

52-week High: 1553
52-week Low :  795
Current     : 1553

Moving Averages:
(Simple)

 10-dma: 1524
 50-dma: 1441
200-dma: 1300


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

Once again enthusiastic traders have pushed the market higher and
volatility lower.  Definitely no fear in the markets yet.

CBOE Market Volatility Index (VIX) = 15.00 -0.56
CBOE Mkt Volatility old VIX  (VXO) = 14.88 -1.35
Nasdaq Volatility Index (VXN)      = 20.24 -2.40


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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.66      1,083,341       715,875
Equity Only    0.52        843,879       442,894
OEX            0.93         50,558        46,803
QQQ            2.20         42,812        93,989


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

Bullish Percent Data

           Current   Change   Status
NYSE          77.5    + 0     Bull Confirmed
NASDAQ-100    81.0    + 0     Bull Confirmed
Dow Indust.   86.7    + 0     Bull Confirmed
S&P 500       87.6    + 1     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: 0.92
10-dma: 0.95
21-dma: 0.92
55-dma: 1.04


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    1616      1907
Decliners    1235      1160

New Highs     384       407
New Lows        8         5

Up Volume   1726M     2066M
Down Vol.    526M      469M

Total Vol.  2282M     2577M
M = millions


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

Commitments Of Traders Report: 01/13/04

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

We don't have much more to report on for commercial traders this
week other than slightly increased positions on both sides of the
fence.  Small traders followed suit.


Commercials   Long      Short      Net     % Of OI
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%)
01/13/04      405,558   411,361    (5,803)   (0.7%)

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
12/16/03      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
01/13/04      149,057    90,571    58,486    24.4%

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

The e-minis are seeing more action than the full contracts
represented above.  Commercial traders added more than 20K
contracts to both longs and shorts but they remain net bearish.
Small traders were more enthusiastic with a large increase in
long positions, outpacing the increase in short positions.
Contrarians might view this as a bearish development.


Commercials   Long      Short      Net     % Of OI
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%)
01/13/04      196,858   263,845    (66,987)  (14.5%)

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
12/16/03     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%
01/13/04     191,241     62,711   128,530    50.6%

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


NASDAQ-100

Ho-hum...commercial traders are still asleep at the wheel
in the NDX futures.  Meanwhile small traders have reduced
their outstanding shorts.


Commercials   Long      Short      Net     % of OI
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%
01/13/04       41,829     38,547     3,282    4.1%

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
12/16/03       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%)
01/13/04        9,705    12,539   ( 2,834)  (12.7%)

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

There isn't much to report in the DJ futures either.
It looks like commercials are just shuffling money around but
the net result was a slightly more bullish stance on the Dow.
In mirror-like precision small traders have slowly become more
bearihs.


Commercials   Long      Short      Net     % of OI
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%
01/13/04       16,501     8,724    7,777      30.8%

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
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%)
01/13/04        6,496     9,970  ( 3,474)   (21.1%)

Most bearish reading of the year: (10,136) - 12/16/03
Most bullish reading of the year:   8,523  -  8/26/03

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


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

Mercury Interactive - MERQ - close: 51.70 change: +2.02

WHAT TO WATCH: We're going to keep our eyes on MERQ, a software
company.  Shares of MERQ didn't react much last week when SAP, a
German software maker, reported lower than expected sales.  SAP
is a major player in the industry and this could have undermined
confidence globally for software stocks.  MERQ's failure to react
might be translated as confidence from MERQ shareholders but then
they're not bidding up the stock either.  Actually, it looks like
investors are just waiting for MERQ's earnings announcement
expected on Wednesday, Jan. 21st after the close.  We'll be
watching for a breakout above major resistance at $52.50.  Should
this occur it will also represent a triple-top buy signal on its
P&F chart.




---

Netease.com - NTES - close: 48.95 change: +0.21

WHAT TO WATCH: Aggressive traders may want to keep an eye on
NTES.  The Chinese Internet stock has made a strong run from
under $40 and its 200-dma to resistance at $50.00.  If NTES can
breakout it might be able to charge towards the $60 region,
especially if investors fall under the belief that it could
produce a strong performance for its last quarter.  NTES
announces earnings in February.  Watch out for resistance at the
bottom of its October gap near $52.75.




---

Novell Inc - NOVL - close: 12.11 change: +0.80

WHAT TO WATCH: Up, up and away!  Shares of NOVL were soaring on
Friday with a 7% gain to new two-year highs.  Actually the stock
is approaching old resistance at $12.75 from the summer of 2000.
Friday's move was inspired by a very positive earnings report
from JNPR.  NOVL might continue to see buying pressure under the
impression they too will over deliver.  Patient traders might do
well to wait for a dip back toward the $11.00-11.25 region.




---

Thor Industries - THO - close: 59.99 change: +0.82

WHAT TO WATCH: Bulls might have the one-two punch for bears in
THO.  The company is set to announce earnings on Jan. 27th and it
could see a pre-earnings run up.  In addition to earnings the
stock is set to split 2-for-1 on Jan. 27th and this could produce
a pre-split run up.  We'd look for a move above 60.20 and target
the $65.00 region.  We would not hold over the earnings report.





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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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Copyright (c) 2001-2004  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter          Weekend Edition 01-18-2004
                                                    section 2 of 3
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 two:

Tech Stocks
  New Bullish Plays:     SPIL
  Bullish Play Updates:  MXO


Active Trader (Non-tech)
  New Bullish Plays:     IPG
  Bullish Play Updates:  ACE
  Bearish Play Updates:  LNCR, X


High Risk/Reward

  Bullish Play Updates:  CPWR, ORB


Stock Splits:            DCI, DCAI


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

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

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

Siliconware Pecision Ind. - SPIL - cls: 6.02 chg: +0.32 stop: 5.59

Why We Like It:
The semiconductor sector has been a huge winner for investors in
2003 and it's shaping up to be a big winner in 2004.  Global chip
sales are expected to soar 20% or more from 2003 levels.  As chip
sales increase and more chip companies ramp up production there
is likely to be a stronger demand for SPIL's products.  The
recent breakout over the $5.50-5.75 level is very encouraging and
a sign that investors are also expecting a surge in business for
SPIL this year.

The recent bounce off SPIL's simple 10-dma looks like traders
buying the dip with enthusiasm as volume on Friday was more than
double the norm.  The close over potential round-number
resistance at 6.00 is another bullish development.  Our first
target is $6.50-6.60 but we actually think SPIL can reach $7.00.
We're going to initiate the play with a stop loss at 5.59 near
its recent low (on Thursday).  We do want to caution readers that
SPIL is somewhat volatile with a tendency to jump around 3-to-6
percent every few days.

Annotated Chart:



Picked on January 18 at $ 6.02
Gain since picked:       +0.00
Earnings Date         02/12/04 (unconfirmed)
Average Daily Volume:      1.7 million




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

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

Maxtor Corp - MXO - close: 11.98 change: +0.38 stop: 11.68 *new*

Wow!  A week goes by and we end up right where we started at
$11.98.  That's not exactly what we had in mind for a bullish
play.  That's exceptionally true for a technology stock when
technology is leading the markets higher.  We were almost stopped
out on Thursday when MXO dipped to $11.35 but traders bought the
dip.  The rebound continued into Friday's session but it wasn't
enough to close above the $12.00 mark.  We have run out of time
for MXO to make any sort of pre-earnings run and are NOT
suggesting any new bullish positions.  There are too many unknown
variables when it comes to a company's earnings announcement and
we plan to close MXO on Tuesday ahead of its Wednesday report.
Earnings estimates for MXO are 23 cents a share.  To reduce our
risk we're going to raise our stop loss to 11.68 or breakeven.

Picked on Jan 4th  at $11.68
Gain since picked:     +0.30
Earnings Date       01/21/04 (confirmed)
Average Daily Volume:    4.5 million




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

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

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

Interpublic Group - IPG - close: 16.98 chg: +0.20 stop: 15.99

Why We Like It:
Advertising could be one of the stealth industry winners for
2004.  The combination of fresh ad dollars for the 2004 Olympics,
political ads during an election year, and a battle between
Viagra and its two new competitors Cialis and Levitra will boost
industry sales.  Merrill Lynch estimates U.S. ad spending will
rise 5.8%.  Others estimate marketing budgets will rise 8%.  We
think IPG might offer an attractive way to play the sector.

Shares have been steadily rising and recently broke out above
resistance in the 16.00-16.50 range.  IPG then digested those
gains to retest the 16.25 level as support.  Once it tagged its
10-dma again investors bought the dip.  The stock should be able
to make a run toward the $19-20 level and potentially beyond.
Its point-and-figure chart has a price objective of $25.00.
We're going to start the play with a stop loss at 15.99.

Annotated Chart:



Picked on January 18 at $16.98
Gain since picked:       +0.00
Earnings Date         02/17/04 (unconfirmed)
Average Daily Volume:      3.6 million




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

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

ACE Ltd - ACE - close: 43.69 change: +0.38 stop: 41.95 *new*

Slowly but surely shares of ACE continue to march higher.  The
stock has turned in an excellent week with a steady stream of
higher lows.  Fortunately, ACE has support from its peers as the
IUX insurance index has also been a steady winner.  Headlines
remain scarce for the company but they did confirm that their
earnings date would be Feb. 5th not Jan. 27th.  We're going to
raise our stop loss to 41.95 and set an official exit price of
$44.95.  If ACE trades at $44.95 or above on an intraday basis
we'll close the play.

Annotated chart:



Picked on Dec 22nd at $40.05
Gain since picked:     +3.64
Earnings Date       02/05/04 (confirmed)
Average Daily Volume:    1.3 million




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

Lincare Holdings - LNCR - close: 29.05 change: +0.17 stop: 30.75

Buoyed by the rising market, investors managed to defend the $28
support level and keep our LNCR play from breaking down.  This is
precisely why we listed the play with a $28 trigger.  If this
fledgling bounce turns out to be a reversal, then we have nothing
to worry about because no entries should be taken until that
trigger point is hit.  If the recent trading pattern holds, then
we should see the stock roll over below the 20-dma ($29.66) and
then drop to new lows.  The best entries will likely come on the
initial breakdown, although more conservative traders may be able
to get a better entry on a subsequent failed rebound and rollover
from the $28-29 area.  Maintain stops at $30.75.

Picked on January 14th at   $28.75
Change since picked          +0.30
Earnings Date              2/10/04 (unconfirmed)
Average Daily Volume =    2.18 mln




---

United States Steel - X - close: 33.66 change: -0.33 stop: 36.50

While shares of X have lost ground since we began coverage on
Wednesday, we have to admit being a bit disappointed by the slow
decline in light of the magnitude of the rally from the November
lows and the stock finally breaking the 20-dma ($34.96).  A large
part of the strength must be due to the continued strength in the
overall market, but it certainly feels like a more substantial
correction is due.  Perhaps breaking under the 30-dma ($33.08)
will do the trick and maybe traders are just methodically taking
profits down to the 38% retracement at $31.73.  It's hard to
know.  X appears to be tracing out a potential bull flag in its
slow and steady descent and if that is the case, we can
eventually expect a breakout over the top of that flag pattern
(currently $34.25).  Conservative traders may want to keep an eye
on that pattern and take a proactive exit should X give that
breakout.  In the absence of such a breakout, failed rebounds
near the top of that flag pattern look good for new entries, as
does a break below the 30-dma.  Maintain stops at $36.50 for now.

Picked on January 14th at   $34.17
Change since picked          -0.51
Earnings Date              1/28/04 (unconfirmed)
Average Daily Volume =    2.48 mln





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

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

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

Compuware Corp. - CPWR - cls: 7.03 chng: +0.14 stop: 6.40*new*

It's hard not to pick a winning bullish play in an environment
that sees the NASDAQ pushing to new highs on almost a daily
basis, so we certainly can't take all the credit for CPWR's solid
performance last week.  The stock broke above important
resistance and the follow-through buying helped to push price
through the $7.00 barrier last week.  Price action has been
getting a bit volatile the past couple days, with indecision over
buying at these elevated levels being the root cause.  But
nevertheless, the stock continues to push higher day by day and
it is hard to find anything to complain about there.  CPWR
appears to be building support near the top of last Friday's
candle in the $6.70-6.80 area.  That looks like a good point to
consider new positions on a pullback ahead of a push up into the
strong resistance found near $7.50.  Remember, we want to take a
proactive exit should CPWR push into the $7.50-7.75 resistance
area, due to the potential for a pullback soon afterwards.  Note
that we're inching our stop a bit higher this weekend to $6.40,
near the site of the 20-dma ($6.34) by the open on Tuesday.

Picked on January 11th at    $6.73
Change since picked          +0.30
Earnings Date              1/22/04 (confirmed)
Average Daily Volume =    2.20 mln




---

Orbital Sciences - ORB - close: 13.28 change: +0.15 stop: 12.25

While we can't give all the credit to the Bush administration's
talk of a renewed focus on space, there's no denying that it did
have a beneficial impact on ORB's price action earlier this
month.  A quick look at the price chart shows the stock was
looking strong even before that news broke, and then ORB lifted
through its recent consolidation zone, clearing $13 for the first
time since August of 2000.  Proof that there's more to ORB's
strength than hype over the national drive back into space came
from the fact that the stock did not fall back to earth like so
many other space-related stocks when details of the plan became
known.  That gives credence to the notion that ORB is moving
higher principally due to the more tangible business it has been
winning on its own merits.  The stock appears to be once again
basing just above $13 in anticipation of the next upward move.
The best setup for new entries is likely to be a dip and rebound
from the zone of support between the 10-dma ($12.84) and 20-dma
($12.55).  Momentum traders can certainly enter on a breakout to
new recent highs (above $13.60), but with daily Stochastics
topped in overbought, perhaps a bit more consolidation will be
necessary first.  Maintain stops at $12.25.

Picked on January 11th at   $12.90
Change since picked          +0.38
Earnings Date                  N/A
Average Daily Volume =       398 K





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

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

DCI filters a 2-for-1 Split

Late into the Friday trading session the Donaldson Company, Inc.
(NSYE: DCI) announced that its Board of Directors had approved a
cash dividend and a 2-for-1 stock split.

The cash dividend, to be paid on a pre-split basis, will be 11
cents a share.  The payable date for the dividend is March 12th,
2004 to shareholder on record as of February 20th.

The 2-for-1 stock split, effective as a 100% stock dividend, will
be paid on March 19th, 2004 for shareholder on record as of March
5th.  DCI's last split was January 1998.


About the company:
Donaldson Company, Inc., headquartered in Minneapolis, is a
leading worldwide provider of filtration systems and replacement
parts. Founded in 1915, Donaldson is a technology-driven company
committed to satisfying customer needs for filtration solutions
through innovative research and development. Donaldson serves
customers in the industrial and engine markets including dust
collection, power generation, specialty filtration, compressed air
purification, off-road equipment, industrial compressors, and
trucks. Our 9,000 employees contribute to the company's success at
over 30 manufacturing locations around the world. In fiscal year
2003, Donaldson reported sales of more than $1.2 billion and
achieved its 14th consecutive year of double-digit earnings
growth. Donaldson is a member of the S&P MidCap 400 Index.
 (Source: Company Press Release)

---

DCAI announces a 2-for-1 Stock Split

Late into the Friday trading session the Dialysis Corporation of
America (NASDAQ:DCAI) announced that its Board of Directors had
declared a 2-for-1 stock split of its common shares.

The payable date for the stock split will be February 9th, 2004
for shareholders on record as of January 28th.  The 2:1 split will
increase the number of outstanding shares to 7.9 million.


About the company:
Dialysis Corporation of America currently operates 16 free
standing kidney hemodialysis centers in Pennsylvania, New Jersey,
Ohio, Georgia, and Maryland, of which 14 centers are wholly or
majority owned and managed by us and two centers, one in which we
own a 40% interest, are managed by us. All of our dialysis centers
provide patients with their choice of a full range of quality in-
center, acute or at-home hemodialysis services.
(Source: Company Press Release)


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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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Copyright (c) 2001-2004  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter          Weekend Edition 01-18-2004
                                                    section 3 of 3
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 three:

Market Watch for Week of January 19, 2004
   - Major Earnings
   - Stock Splits
   - Economic Reports

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 Watch for the week of January 19th
==========================================

-----------------
Earnings Calendar
-----------------

Symbol  Co               Date           Comment      EPS Est

------------------------- MONDAY -------------------------------

CXP    Centex Const Prod     Mon, Jan 19  After the Bell      0.98
IFX    Infineon Tech AG      Mon, Jan 19  Before the Bell     0.04
KEM    Kemet                 Mon, Jan 19  After the Bell     -0.11
LEE    Lee Enter, Incorp     Mon, Jan 19  Before the Bell     0.55
LOGI   Logitech Intl         Mon, Jan 19  After the Bell      0.81
OCENY  Oci N.V.              Mon, Jan 19  -----N/A-----        N/A
SWBT   Southwest Bank Texas  Mon, Jan 19  After the Bell      0.47


------------------------- TUESDAY ------------------------------

MMM    3M Co                 Tue, Jan 20  Before the Bell     0.76
AMD    Advanced Micro DevicesTue, Jan 20  After the Bell      0.04
ACS    Affiliated Comp Serv  Tue, Jan 20  -----N/A-----       0.63
AMTD   Ameritrade Hldng Corp.Tue, Jan 20  Before the Bell     0.16
AMCC   App Micro Circuits CrpTue, Jan 20  After the Bell     -0.02
ONE    Bank One              Tue, Jan 20  Before the Bell     0.80
BNK    Banknorth Grp Inc.    Tue, Jan 20  Before the Bell     0.56
BJS    BJ SVCS CO            Tue, Jan 20  Before the Bell     0.38
BRE    BRE PROPERTIES INC    Tue, Jan 20  After the Bell      0.51
EAT    Brinker Intl          Tue, Jan 20  Before the Bell     0.44
CX     CEMEX S.A.            Tue, Jan 20  Before the Bell     0.53
CTX    Centex Corp           Tue, Jan 20  After the Bell      2.83
CF     Charter One Finl      Tue, Jan 20  After the Bell      0.69
CKFR   CheckFree             Tue, Jan 20  After the Bell      0.23
C      CitiGrp Inc.          Tue, Jan 20  Before the Bell     0.90
CBSS   Compass Bancshares    Tue, Jan 20  -----N/A-----       0.68
CAL    Continental Airlines  Tue, Jan 20  Before the Bell    -0.81
DPH    Delphi                Tue, Jan 20  Before the Bell     0.21
ETH    Ethan Allen Interiors Tue, Jan 20  Before the Bell     0.60
FBC    Flagstar Bancorp      Tue, Jan 20  Before the Bell     0.56
FRX    Forest Laboratories   Tue, Jan 20  Before the Bell     0.58
FCX    Frprt-McMRn Cppr Gld  Tue, Jan 20  Before the Bell     0.10
FULT   Fulton Finl           Tue, Jan 20  -----N/A-----       0.32
GM     General Motors Corp.  Tue, Jan 20  Before the Bell     1.22
HE     Hawaiian Electric     Tue, Jan 20  Before the Bell     0.75
HMA    Health Mgmt Assoc, IncTue, Jan 20  Before the Bell     0.29
HUBb   Hubbell Incorporated  Tue, Jan 20  During the Market   0.54
HU     Hudson United Bancorp Tue, Jan 20  After the Bell      0.66
ICBC   Independence Comm BankTue, Jan 20  After the Bell      0.64
JKHY   Jack Henry & Assoc    Tue, Jan 20  Before the Bell     0.16
JNJ    Johnson & Johnson     Tue, Jan 20  Before the Bell     0.56
MATW   Matthews Intl         Tue, Jan 20  -----N/A-----       0.33
MEL    Mellon Finl Corp      Tue, Jan 20  During the Market   0.43
MOT    Motorola Inc.         Tue, Jan 20  After the Bell      0.13
PRK    Park Natl             Tue, Jan 20  -----N/A-----       1.75
PH     Parker Hannifin Corp. Tue, Jan 20  Before the Bell     0.45
PMCS   PMC-Sierra, Inc.      Tue, Jan 20  After the Bell      0.02
BPOP   POPULAR INC           Tue, Jan 20  -----N/A-----       0.83
PTZ    Pulitzer Inc.         Tue, Jan 20  Before the Bell     0.64
RFMD   RF Micro Devices, Inc.Tue, Jan 20  After the Bell      0.10
SANM   Sanmina-SCI Corp.     Tue, Jan 20  After the Bell      0.04
STX    Seagate Tech          Tue, Jan 20  After the Bell      0.45
SONS   Sonus Networks        Tue, Jan 20  After the Bell      0.02
SOV    Sovereign Bancorp     Tue, Jan 20  After the Bell      0.37
TRBS   Texas Regional        Tue, Jan 20  Before the Bell     0.51
TDW    Tidewater             Tue, Jan 20  Before the Bell     0.25
TSCO   Tractor Supply Co     Tue, Jan 20  -----N/A-----       0.37
TRST   Trustco Bank          Tue, Jan 20  -----N/A-----       0.19
TRMK   Trustmark Corp        Tue, Jan 20  -----N/A-----       0.50
TSS    TSYS                  Tue, Jan 20  -----N/A-----       0.20
USB    U.S. Bancorp          Tue, Jan 20  Before the Bell     0.51
UIS    Unisys                Tue, Jan 20  Before the Bell     0.31
UTX    United Tech           Tue, Jan 20  Before the Bell     1.13
WM     Washington Mutual     Tue, Jan 20  After the Bell      0.89
WFC    Wells Fargo & Co      Tue, Jan 20  Before the Bell     0.95
WABC   Westamerica BanCorp   Tue, Jan 20  During the Market   0.73


------------------------ WEDNESDAY -----------------------------

ACXM   Acxiom                Wed, Jan 21  After the Bell      0.19
ADTN   ADTRAN, Inc.          Wed, Jan 21  Before the Bell     0.24
APD    Air Prod and Chem Inc Wed, Jan 21  Before the Bell     0.56
DOX    Amdocs Limited        Wed, Jan 21  -----N/A-----       0.24
APH    Amphenol              Wed, Jan 21  Before the Bell     0.67
AMR    AMR Corp              Wed, Jan 21  -----N/A-----      -1.01
AOT    Apogent Tech          Wed, Jan 21  After the Bell      0.34
AVB    Avalonbay Communities Wed, Jan 21  After the Bell      0.80
BXS    BancorpSouth, Inc.    Wed, Jan 21  After the Bell      0.39
BSG    BISYS Grp INC         Wed, Jan 21  After the Bell      0.18
BLK    BlackRock, Inc.       Wed, Jan 21  Before the Bell     0.63
BOKF   BOK Finl              Wed, Jan 21  -----N/A-----       0.65
BR     Burlington Resources  Wed, Jan 21  After the Bell      1.06
CAI    CACI Intl             Wed, Jan 21  After the Bell      0.46
CWG    CanWest Global Commu  Wed, Jan 21  -----N/A-----        N/A
COF    Capital One Finl Corp Wed, Jan 21  After the Bell      1.00
CDWC   CDW Comp Centers, Inc Wed, Jan 21  Before the Bell     0.58
CHZ    Chittenden            Wed, Jan 21  After the Bell      0.53
CTXS   Citrix Sys            Wed, Jan 21  After the Bell      0.19
COH    Coach, Inc.           Wed, Jan 21  Before the Bell     0.49
CA     Comp Assoc Intl       Wed, Jan 21  After the Bell      0.15
CVG    Convergys Corp        Wed, Jan 21  -----N/A-----       0.32
DHI    D.R. Horton           Wed, Jan 21  After the Bell      0.62
DV     DeVry                 Wed, Jan 21  After the Bell      0.22
DNEX   Dionex                Wed, Jan 21  After the Bell      0.45
ET     E*TRADE Grp, Inc.     Wed, Jan 21  Before the Bell     0.17
ETN    Eaton                 Wed, Jan 21  Before the Bell     1.37
EBAY   eBay                  Wed, Jan 21  -----N/A-----       0.22
FNM    Fannie Mae            Wed, Jan 21  Before the Bell     1.75
FMBI   First Midwest Bancorp Wed, Jan 21  Before the Bell     0.51
FTN    First Tennessee Natl  Wed, Jan 21  Before the Bell     0.90
GD     General Dynamics      Wed, Jan 21  Before the Bell     1.37
GBBK   Greater Bay Bancorp   Wed, Jan 21  Before the Bell     0.37
GPT    GreenPoint Finl       Wed, Jan 21  Before the Bell     0.86
HDI    Harley-Davidson       Wed, Jan 21  Before the Bell     0.58
JPM    J.P. Morgan Chase & CoWed, Jan 21  Before the Bell     0.77
JEF    Jefferies Grp         Wed, Jan 21  Before the Bell     0.39
JCI    Johnson Controls      Wed, Jan 21  Before the Bell     0.84
KELYA  Kelly Serv, Inc.      Wed, Jan 21  Before the Bell     0.04
KMI    Kinder Morgan         Wed, Jan 21  After the Bell      0.86
KRI    Knight Ridder         Wed, Jan 21  Before the Bell     1.21
LRCX   Lam Research          Wed, Jan 21  -----N/A-----       0.05
LM     Legg Mason            Wed, Jan 21  Before the Bell     0.99
LU     Lucent Tech Inc.      Wed, Jan 21  Before the Bell    -0.01
MACR   Macromedia            Wed, Jan 21  After the Bell      0.14
MXO    Maxtor Corp           Wed, Jan 21  After the Bell      0.23
MERQ   Mercury Interactive   Wed, Jan 21  -----N/A-----       0.26
MER    Merrill Lynch         Wed, Jan 21  Before the Bell     1.00
MODI   Modine Manu Co        Wed, Jan 21  After the Bell      0.31
NATI   Natl Instruments      Wed, Jan 21  After the Bell      0.23
NFLX   NetFlix.com           Wed, Jan 21  After the Bell      0.16
NSCN   NetScreen Tech        Wed, Jan 21  After the Bell      0.12
NCEN   New Century Finl Corp Wed, Jan 21  After the Bell      1.74
NTRS   Northern Trust        Wed, Jan 21  Before the Bell     0.54
JNC    Nuveen Investments    Wed, Jan 21  Before the Bell     0.41
PKG    Packaging Corp of Am  Wed, Jan 21  After the Bell      0.07
PMTC   PARAMETRIC Tech CORP  Wed, Jan 21  Before the Bell    -0.13
PNC    PNC Finl Serv Grp     Wed, Jan 21  Before the Bell     0.99
PGN    Progress Energy       Wed, Jan 21  Before the Bell     0.76
PFGI   Provident Finl Grp    Wed, Jan 21  Before the Bell     0.57
QCOM   QUALCOMM Inc.         Wed, Jan 21  After the Bell      0.47
RDN    Radian Grp            Wed, Jan 21  After the Bell      1.14
RGS    Regis Corp            Wed, Jan 21  Before the Bell     0.57
SNDK   SanDisk Corp.         Wed, Jan 21  After the Bell      0.78
SEBL   Siebel Sys            Wed, Jan 21  After the Bell      0.08
SSTI   Silicon Storage Tech  Wed, Jan 21  After the Bell      0.06
SBUX   Starbucks             Wed, Jan 21  After the Bell      0.26
SYMC   Symantec              Wed, Jan 21  After the Bell      0.29
SNV   Synovus Finl Corp.     Wed, Jan 21  After the Bell      0.34
TTEK   Tetra Tech            Wed, Jan 21  After the Bell      0.23
BK     The Bank of New York  Wed, Jan 21  Before the Bell     0.44
PGR    The Progressive Corp  Wed, Jan 21  After the Bell      1.52
REY    Reynolds & Reynolds CoWed, Jan 21  Before the Bell     0.30
UNP    Union Pacific         Wed, Jan 21  Before the Bell     1.18
UB     UnionBanCal           Wed, Jan 21  After the Bell      1.02
UBSI   United Bankshares     Wed, Jan 21  Before the Bell     0.50
WFSI   WFS Finl              Wed, Jan 21  -----N/A-----       0.67
WTNY   Whitney Holding Corp  Wed, Jan 21  -----N/A-----       0.61
WIT    Wipro Limited         Wed, Jan 21  -----N/A-----       0.23
XLNX   Xilinx, Inc.          Wed, Jan 21  Before the Bell     0.18


------------------------- THUSDAY -----------------------------

AAI    AirTran Hldg, Inc.    Thu, Jan 22  Before the Bell     0.17
ACV    Alberto-Culver Co.    Thu, Jan 22  -----N/A-----       0.67
ALEX   Alexander & Baldwin   Thu, Jan 22  After the Bell      0.53
ATK    Alliant TechSys Inc.  Thu, Jan 22  Before the Bell     0.88
AMX    America Movil         Thu, Jan 22  -----N/A-----       0.44
ACF    AmeriCredit Corp.     Thu, Jan 22  After the Bell      0.28
AMGN   Amgen                 Thu, Jan 22  -----N/A-----       0.48
ASBC   Associated Banc-Corp  Thu, Jan 22  -----N/A-----       0.74
AF     Astoria Finl Corp     Thu, Jan 22  Before the Bell     0.54
T      AT&T                  Thu, Jan 22  Before the Bell     0.41
ATML   Atmel Corp            Thu, Jan 22  After the Bell     -0.03
ALV    Autoliv               Thu, Jan 22  Before the Bell     0.64
ADP    Automatic Data Proc   Thu, Jan 22  Before the Bell     0.37
BLS    BellSouth Corp        Thu, Jan 22  Before the Bell     0.51
BMS    Bemis Co, Inc.        Thu, Jan 22  Before the Bell     0.76
BCC    Boise Cascade         Thu, Jan 22  Before the Bell     0.25
BGG    Briggs & Stratton CorpThu, Jan 22  Before the Bell     0.63
CBT    Cabot                 Thu, Jan 22  After the Bell      0.43
CCMP   Cabot MicroelectronicsThu, Jan 22  Before the Bell     0.43
ELY    Callaway Golf         Thu, Jan 22  After the Bell     -0.29
CAH    Cardinal Health, Inc. Thu, Jan 22  Before the Bell     0.86
CEN    Ceridian              Thu, Jan 22  -----N/A-----       0.29
CHKP   Check Pnt Sftwr Tech  Thu, Jan 22  Before the Bell     0.24
CPS    ChoicePoint, Inc.     Thu, Jan 22  Before the Bell     0.35
CIT    CIT Grp               Thu, Jan 22  -----N/A-----       0.72
CPWR   Compuware Corp        Thu, Jan 22  After the Bell      0.01
ED     Consolidated Edison   Thu, Jan 22  -----N/A-----       0.61
CBE    Cooper Industries Ltd.Thu, Jan 22  Before the Bell     0.76
GLW    Corning               Thu, Jan 22  After the Bell      0.04
CR     Crane                 Thu, Jan 22  After the Bell      0.53
CY     Cypress Semiconductor Thu, Jan 22  -----N/A-----       0.13
CYT    Cytec Industries Inc. Thu, Jan 22  After the Bell      0.41
EWBC   East West Bancorp     Thu, Jan 22  Before the Bell     0.63
EK     Eastman Kodak Co      Thu, Jan 22  Before the Bell     0.52
EMC    EMC Corp              Thu, Jan 22  Before the Bell     0.07
EEP    Enbridge Energy Part  Thu, Jan 22  After the Bell      0.56
ENH    Endurance Spec Hldg   Thu, Jan 22  After the Bell      0.86
EFX    Equifax Inc.          Thu, Jan 22  Before the Bell     0.40
FILE   FileNet               Thu, Jan 22  Before the Bell     0.12
F      Ford Motor Co         Thu, Jan 22  Before the Bell     0.28
BEN    Franklin Resources    Thu, Jan 22  -----N/A-----       0.64
GDW    Golden West Finl      Thu, Jan 22  -----N/A-----       1.84
GGG    Graco                 Thu, Jan 22  After the Bell      0.46
HP     Helmerich & Payne, IncThu, Jan 22  Before the Bell     0.08
HCBK   Hudson City Bancorp   Thu, Jan 22  After the Bell      0.28
HYSL   Hyperion              Thu, Jan 22  After the Bell      0.21
IEX    Idex                  Thu, Jan 22  Before the Bell     0.47
INGP   Instinet Grp Incorp   Thu, Jan 22  Before the Bell     0.01
ICST   Integrated Circuit SysThu, Jan 22  Before the Bell     0.26
IDTI   Integrated Device TechThu, Jan 22  After the Bell      0.02
ISCA   Intl Speedway         Thu, Jan 22  Before the Bell     0.61
IGT    Intl Game Tech        Thu, Jan 22  Before the Bell     0.29
IVC    Invacare              Thu, Jan 22  -----N/A-----       0.69
IFIN   Investors Finl Serv   Thu, Jan 22  Before the Bell     0.41
ESI    ITT Educational Serv  Thu, Jan 22  -----N/A-----       0.49
JEC    Jacobs Engineering GrpThu, Jan 22  Before the Bell     0.58
KLAC   KLA-Tencor            Thu, Jan 22  After the Bell      0.19
NITE  Knight Trading Grp     Thu, Jan 22  Before the Bell     0.20
KRB    MBNA                  Thu, Jan 22  After the Bell      0.53
MCK    McKesson Corp         Thu, Jan 22  After the Bell      0.50
MDU    MDU Resources         Thu, Jan 22  -----N/A-----       0.40
MCHP   Microchip Tech        Thu, Jan 22  After the Bell      0.19
MSFT   Microsoft             Thu, Jan 22  After the Bell      0.30
MTX    MINERALS TECH INC     Thu, Jan 22  After the Bell      0.66
NOK    Nokia                 Thu, Jan 22  Before the Bell     0.31
NVS    Novartis Corp         Thu, Jan 22  Before the Bell     0.54
OXY    Occidental Petroleum  Thu, Jan 22  -----N/A-----       1.02
ONB    Old Natl Bancorp      Thu, Jan 22  Before the Bell     0.32
OSK    Oshkosh Truck         Thu, Jan 22  Before the Bell     0.49
PTV    Pactiv                Thu, Jan 22  After the Bell      0.41
PCL    Plum Creek Timber     Thu, Jan 22  After the Bell      0.28
PFS    Provident Finl Serv   Thu, Jan 22  After the Bell      0.15
RESP   Respironics, Inc.     Thu, Jan 22  Before the Bell     0.48
RYL    Ryland Grp            Thu, Jan 22  Before the Bell     2.90
TSG    Sabre Hldg Corp.      Thu, Jan 22  Before the Bell     0.08
SAP    SAP AG                Thu, Jan 22  Before the Bell     0.44
SLE    Sara Lee              Thu, Jan 22  Before the Bell     0.39
SAY    Satyam Comp Serv Lmtd Thu, Jan 22  -----N/A-----       0.18
SFA    Scientific-Atlanta IncThu, Jan 22  After the Bell      0.28
SEPR   Sepracor              Thu, Jan 22  Before the Bell    -0.73
SI     Siemens AG            Thu, Jan 22  -----N/A-----        N/A
SKYF   Sky Finl Grp          Thu, Jan 22  Before the Bell     0.45
SWKS   Skyworks              Thu, Jan 22  After the Bell      0.01
SOTR   SouthTrust            Thu, Jan 22  -----N/A-----       0.54
LUV    Southwest Airlines    Thu, Jan 22  Before the Bell     0.08
STE    Steris                Thu, Jan 22  Before the Bell     0.35
STK    Storage Tech          Thu, Jan 22  Before the Bell     0.54
SUN    Sunoco                Thu, Jan 22  Before the Bell     0.75
TLAB   Tellabs               Thu, Jan 22  Before the Bell    -0.03
SSP    The E.W. Scripps Co   Thu, Jan 22  Before the Bell     0.93
TKR    The Timken Co         Thu, Jan 22  Before the Bell     0.12
THER   Therasense, Inc.      Thu, Jan 22  -----N/A-----       0.08
TMA    Thornburg Mortgage    Thu, Jan 22  After the Bell       N/A
UNH    UnitedHealth Grp Inc. Thu, Jan 22  Before the Bell     0.79
UTSI   UTStarcom             Thu, Jan 22  After the Bell      0.51
VTSS   Vitesse Semiconductor Thu, Jan 22  After the Bell     -0.01
WBS    Webster Finl Corp.    Thu, Jan 22  Before the Bell     0.89
WDC    Western Digital Corp. Thu, Jan 22  -----N/A-----       0.29
WY     Weyerhaeuser Co.      Thu, Jan 22  Before the Bell     0.51
WYE    WYETH                 Thu, Jan 22  Before the Bell     0.66


------------------------- FRIDAY -------------------------------

AT     ALLTEL Corp.          Fri, Jan 23  Before the Bell     0.77
CIN    Cinergy Corp.         Fri, Jan 23  -----N/A-----       0.65
D      Dominion Resources IncFri, Jan 23  Before the Bell     1.02
FO     Fortune Brands        Fri, Jan 23  Before the Bell     1.03
FPL    FPL Grp               Fri, Jan 23  Before the Bell     0.74
ITT    ITT Industries        Fri, Jan 23  Before the Bell     1.04
NE     Noble Corp            Fri, Jan 23  -----N/A-----       0.31
NWAC   Northwest Airlines CrpFri, Jan 23  Before the Bell    -1.59
PGL    Peoples Energy Corp.  Fri, Jan 23  Before the Bell     0.87
SLB    Schlumberger          Fri, Jan 23  Before the Bell     0.43
UST    UST Inc.              Fri, Jan 23  Before the Bell     0.76
VC     Visteon Corp          Fri, Jan 23  Before the Bell    -0.53


----------------------------------------------
Upcoming Stock Splits In The Next Two Weeks...
----------------------------------------------

Symbol  Co Name              Ratio    Payable     Executable

FRK     Florida Rock Industries   3:2      Jan  16th   Jan  19th
SWWC    Southwest Water Company   2:1      Jan  20th   Jan  21st
PHS     PacifiCare Health Systems 5:4      Jan  20th   Jan  21st
MRX     Medicis Pharmaceutical    3:2      Jan  23rd   Jan  26th
THO     Thor Industries Inc       2:1      Jan  26th   Jan  27th
CHDX    Chindex International Inc 2:1      Jan  26th   Jan  27th
MSA     Mine Safety Appliances Co 3:1      Jan  28th   Jan  29th
YAJC    YAK Communications, Inc   2:1      Jan  29th   Jan  30th
HOFT    Hooker Furniture Corp, Inc2:1      Jan  30th   Feb   2nd


--------------------------
Economic Reports This Week
--------------------------

This week it's all about the earnings!  The Q4 earnings season
is in full swing and announcements and guidance will dominate
the headlines and market direction.


==============================================================
                       -For-

----------------
Monday, 01/19/04
----------------
None


-----------------
Tuesday, 01/20/04
-----------------
None


-------------------
Wednesday, 01/21/04
-------------------
Housing Starts (BB)        Dec  Forecast:  1.983M  Previous:   2.070M
Building Permits (BB)      Dec  Forecast:  1.860M  Previous:   1.863M

------------------
Thursday, 01/22/04
------------------
Initial Claims (BB)      01/16  Forecast:     N/A  Previous:     343K
Leading Indicators (DM)    Dec  Forecast:    0.2%  Previous:     0.3%



----------------
Friday, 01/23/04
----------------
None


Definitions:
DM=  During the Market
BB=  Before the Bell
AB=  After the Bell
NA=  Not Available


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

WFC     Wells Fargo & Co New       57.13    +0.63
WM      Washington Mutual Inc      42.56    +0.75
MER     Merrill Lynch & Co         60.60    +1.01
HMC     Honda Motor Co Ltd (ADR)   21.96    +0.80
FRE     Freddie Mac                61.27    +0.79


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

AMD     Advanced Micro Devices     16.99    +1.09
TLAB    Tellabs Inc                11.20    +1.44
CIEN    Ciena Corporation           7.88    +1.17
SONS    Sonus Networks Inc          9.03    +1.13
TWTC    Time Warner Telecom Inc    12.38    +1.24


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

GE      General Electric Co        33.34    +1.34
SYK     Stryker Corp               88.64    +2.36
ZMH     Zimmer Holdings            75.48    +4.82
DHR     Danaher Corp               95.07    +1.60
JNPR    Juniper Networks           29.14    +6.21

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

PTR     Petrochina Co Ltd (ADS)    47.54    -2.76
ABT     Abbott Laboratories        43.54    -1.41
NAB     National Australia Bank   115.23    -1.97
FITB    Fifth Third Bancorp        56.95    -1.01
INFY    Infosys Technologies (ADS) 90.50    -2.40

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

IFN     India Fund                 24.34    -2.20
BPT     BP Prudhoe Bay Royal Tr    26.57    -1.76
ACO     Amcol International Corp   20.25    -3.61


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