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Daily Newsletter, Sunday, 02/01/2004

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PremierInvestor.net Newsletter          Weekend Edition 02-01-2004
                                                    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:       Surprise, Surprise
Market Sentiment:  So Goes January
Watch List:        ASCA, OCPI, NWL, LUV


=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
       WE 01-30        WE 01-23        WE 01-16        WE 01-09
DOW    10488.07 - 80.22 10568.3 - 32.22 10600.5 +141.62 + 49.04
Nasdaq  2066.15 - 57.72 2123.87 - 16.59 2140.46 + 53.54 + 80.24
S&P-100  560.31 -  5.10  565.41 +  0.69  564.72 +  8.17 +  6.56
S&P-500 1131.13 - 10.42 1141.55 +  1.72 1139.83 + 17.97 + 13.38
W5000  11029.20 -127.58 11156.8 + 40.74 11116.0 +187.04 +151.14
RUT      580.76 - 15.38  596.14 +  5.73  590.41 + 15.21 + 14.35
TRAN    2885.96 -186.99 3072.94 + 36.66 3036.28 + 47.34 - 19.22
VIX       16.63 +  1.79   14.84 -  0.16   15.00 -  1.75 -  1.47
VXO       17.05 +  2.18   14.87 -  0.40   15.27 -  0.67 -  2.00
VXN       25.06 +  3.79   21.27 +  1.03   20.24 -  2.77 -  1.50
TRIN       1.00            1.15            0.47            1.63
Put/Call   0.81            0.77            0.51            0.65
WE = week ending
=================================================================

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

Surprise, Surprise
by Jim Brown

The wheels came off the whisper number bus Friday when the
GDP failed to reach even the weakest estimates of 4Q growth.
All the analysts quoting obscene growth numbers were left to
sift positive component numbers out of the overall report in
an effort to justify their missed estimates. The market
behaved very well considering the negative news.

Dow Chart - Daily


Nasdaq Chart - Daily



The New York NAPM jumped to 257.3 from 242.6 and showed that
while the recovery may be slow across the country the New
York area is roaring out of the 2001 recession. Manufacturing
conditions improved with the quantity of purchase component
jumping from 40 to 61. This is a huge gain but the majority
of the other components were mixed. The headline number is up
a whopping +13.2% since November and may be experiencing some
rally fatigue soon. The non-manufacturing activity jumped
to 78.5 due to a rebound in financial services and is near
its highest levels since 2000. Considering manufacturing is
not a major part of the New York economy this suggests the
rest of the area economy could be growing at an even faster
rate.

Switching to the center of the country the Chicago PMI
soared to 65.9 and well over the estimates for a decline
to 60.0. Except for employment the report was very strong.
Production jumped to 76.5 from 68.9, backlogs to 57.3 from
52.2. Employment fell slightly to 48.3 from 49.6 and inventory
fell to 37.4 from 42.2. A negative component was the jump in
prices paid to 67.8 from 57.3. This is a huge one-month jump
and suggests that inflation may be closer than we think. A
+10 point jump in prices was a +18% gain in one month. This
one component weighed heavily on the positive initial
reaction to the headline number. Offsetting the jump in
prices was the inventory contraction at the fastest rate
in the last two years. Despite the good news the report
also stretched to three months the continuing layoffs in
the manufacturing sector.

Consumer Sentiment edged up only slightly for the final
January revision to 103.8 and a +11 point gain for the
month. Analysts suggest that severe weather in December
could have impacted the December decline but we have had
very cold weather the last four weeks as well. I suspect
the December decline was simply due to holiday depression
and financial stress. We are clearly out of the dip and
moving to higher ground and part of the higher sentiment
is probably due to new highs on the Dow. With massive tax
refunds on tap for the next three months those warm feelings
should continue but the gains could slow without a real
pickup in hiring. The Michigan Sentiment number is also
much higher than the Conference Board and Money Magazine
indexes. This suggests the difference in polling questions
could be adding to the positive responses.

The biggest disappointment for Friday was the Q4-GDP
which came in at a bland +4.0% compared to huge whisper
estimates. The gains were wide spread but emphasize the
slow growth thought process rather than the exploding
economy. Through out the day on Friday the whisper
numbers slowly declined from the +6.5% Thursday level
to only +5.0% by the close on Friday. That 1.5% difference
simply went up in smoke once reality appeared. The last
article I found Friday night was comparing the 4.4%
official estimate to the wildly optimistic "5%" whisper.
Obviously expectations, or at least those willing to
admit their expectations after the fact, imploded in
the white light of day.

The 4Q growth of +4.0% was being called "decent" by some
and "strong" by others when compared to the +3.1% total
for all of 2003. That makes you realize how weak the
first two quarters really were at +2.0% and +3.1%. The
4Q slowdown was being called "inline with expectations"
by Friday night. It appears in hindsight that the 3Q
explosion was due to exactly the reasons we have been
claiming in these pages. It was due to the last round
of home refinancing with ten year rates hitting 3.25%
lows in June. This prompted two months of massive cash
generation and a serious upgrade cycle for homeowners.
Adding even further to the economic explosion was a tax
rebate, tax cut program that gave billions of dollars
back to consumers. They immediately spent it all as
evidenced by the sales slowdown in the 4Q to only +2.6%
growth.

Government spending in the 4Q at +0.8% was less than
half the pace of the 3Q. Housing continued to be strong
and the weaker dollar continued to add to the bottom
line. Inventory rebuilding added +.60 basis points to
the 4Q number with IT equipment spending up +10%. Make
no mistake, this was not a shabby quarter. It simply
did not live up to the overly optimistic expectations
and proved that the 3Q spike was just a spike and not
a lasting trend. The "lasting recovery" is still in
doubt as the slowdown in Durable Goods Orders earlier
this week suggested.

The good news in the GDP report is actually the lack
of a blowout number. This decent growth is right on
track and it means the Fed is on hold for a much longer
period. The fears from Wednesday that the Fed could
be ready to pull the rate hike trigger as early as
May were totally groundless. There is nothing in the
GDP that would suggest the economy is running wild or
even that the economic recovery is self sustaining.
The Fed statement that they were still worried about
the potential for deflation confirms they did see this
coming. Without a massive jump in jobs soon we are
going into the summer doldrums at probably a +3.5%
GDP rate. That is actually a normal GDP target for
steady growth. It is just far shy from the overly
optimistic estimates.

No overheating economy and no rate cut in sight and
bonds rose on Friday once that reality struck home.
This means interest rates will stay low though the
spring home buying season and tax refunds will keep
the economy running for the next six months. With no
real economic worries the stock market recoiled from
the initial GDP announcement but the drop was very
short lived.

Sellers knocked the Dow back to Thursday's closing
support at 10450 on the GDP news but bargain hunters
jumped on the dip. It was a low volume seesaw for the
rest of the day but 10450 support held for the second
day. The Dow wandered back to 10500 resistance by day's
end on short covering but was unable to beak that current
resistance barrier with Super Bowl event risk looming
large in our future.

Russell 2000 Chart - Daily



The Russell was the strongest index once again and
closed the day positive and suggests that bargain
hunters were hoping for an oversold gap up on Monday.
The Nasdaq traded in positive territory most of the
day despite some lowered guidance from Thursday night
tech reports. The SOX also closed positive and rebounded
back to 514 and the current 50 dma.

SOX Chart - Daily



The market action or actually lack of action on Friday
was encouraging. With the already negative tone for the
week the GDP could have sent it into a death spiral.
When the initial dip was quickly bought the potential
sellers had to rethink their actions. The lure of a
potentially positive Jobs Report next Friday is a
powerful incentive to hang on as long as the market is
not self destructing. Friday turned into a consolidation
day and traders left early for the weekend.

I suspect it would have ended differently were it not
for the Super Bowl event risk. The Dept of Homeland
Security did not change the threat level but the actual
site security is extremely high. With Osama vowing to
go out a martyr and according to some reports has said
he would die in an attack in the United States this is
a very high profile target. 135 million viewers will be
watching in the U.S. and over 1 billion worldwide. Think
that would not be a tempting target for a crazed terrorist
wanting to go out with a bang? This week was also the
start of the Muslim Hajj Pilgrimage where over two million
Muslims fulfill a central duty of Islam. For 14 centuries
countless millions have made the trek to Makkah to fulfill
one of the five pillars of Islam. This is a very high
profile event and a period that could produce extra
terrorist activity. News reports out at 8:PM Friday
night said there was a sudden surge in intelligence
communication and the emphasis was on airliners flying
into the U.S. from other countries. So far no flights
were reported cancelled but you can bet any arriving
around Super Bowl time will be very heavily screened.
Let's hope that this event ends peacefully as have all
the other potential events like New Years Eve in New
York.

The one fly in the ointment to suggesting a potential
rebound next week is the crash in the transportation
sector. The transportation index has fallen -6.5% in just
the last week. For Dow theorists a falling transportation
index would prevent any meaningful rally in the Dow. The
index was only 12 points away from its 100 dma at the
lows on Friday. Despite the rebound in the broader
indexes the TRAN lost -86 points or nearly -3% for the
day. There are various reasons for the wreck and YELL was
a big reason on Friday. Yellow Roadway missed estimates
and lowered guidance. What really worried traders was
lack of shipment growth. YELL shipments rose only +1.1%
in the 4Q and Roadway shipments actually dropped -14%
during the quarter. What worries traders is the drop in
shipments in an economy that is supposedly growing. If
it is growing then shipments should be increasing. YELL
dropped -$5 on the news. Another company that is involved
in shipping, GATX Corp (GMT) dropped -15% or -$4.15 on a
-5% drop in revenues during the same period.

The transportation drop is further complicated by the
slowdown in airline passenger traffic while airlines are
racing to add capacity. Fare wars are increasing and the
business traveler has not come back yet. This suggests
the broader market and the economy is not yet out of
the woods.

Why fear? The S&P closed the month with a gain and that
almost guarantees a gain for the year. Since 1950 that
January barometer has a very impressive record of 91%
accuracy. The S&P closed up about +20 points for the
month and theoretically gives us a 91% chance of closing
the year in the black. Of course what the statisticians
don't tell you is that the barometer failed two of the
last three years. There is also another catch that we
don't always hear. If the S&P closed the year today at
1131 the record would be intact. Just closing the year
anywhere in positive territory keeps the statisticians
happy.

While we do not care about keeping the statistics guys
happy we do need to keep mom and pop investor happy.
The bean counters reported on Friday that 2003 saw an
inflow of $152.8 billion into equity funds. This was
the fifth largest inflow on record with 2000 being the
highest. There is currently $7.4 trillion being held
in all funds including money markets. Those investors
should be happy with their gains over the last twelve
months but that brings up the performance issue once
again. Those burned in the worst bear market since
the great depression have put their faith back into
Alan Greenspan and the stock market while moving full
speed into the election cycle. If your fund was up +30%
to +50% in 2003 then what are you expecting for 2004?
I would bet it is not +10% and the consensus market
projections for the rest of the year. For the next 90
days I would suspect those investors are going to be
sitting on pins and needles until we get a resumption
of the bullish trend and over the current highs.

I think the potential for that to happen is very good.
I know there were some setbacks this week with several
high profile techs not living up to the standard of the
majority of prior announcers. FDRY, GILD, NVLS, LEXR,
RNWK, SNDK and PSFT are just a handful of the most
recent disappointments. If only a handful per week is
all we have to worry about then I do not think it is a
problem. We know from past history that the deeper we
get into the earnings cycle the weaker the results
because the quality of the companies begins to decline.
With earnings currently running at +25% growth for the
4Q there is plenty of room for weaker results ahead and
still have a great earnings cycle.

The bottom line is still a growing economy, albeit slow
growing but still growing. Add in the massive tax refund
stimulation that will hit over the next three months and
the markets have plenty of room to grow. It is what will
happen after April that worries me. The comparisons to
2003 earnings will become progressively tougher and if
the economy does continue to grow the Fed will eventually
start the next rate hike cycle. The deficit is growing
and expected to be over $500 billion in 2004 and over
$1 trillion soon. The Fed actually expressed concern
over the deficit in the December FOMC minutes. But in
the scope of our current view that is still a long way
off. The average investor operates on a quarter by
quarter basis. With 4Q earnings about over the investing
public is pocketing their winnings and trying to decide
who will be the big winners for Q1. The forecast based
on the current guidance is for another great quarter.

Investors should be examining their portfolios now and
cutting back on those companies with lackluster results.
That cash should be used to buy on any pullback those who
raised their guidance. This portfolio rotation is just
beginning for this quarter and those companies that did
disappoint have been severely punished. With one more
week of decent earnings volume and a flurry of critical
economic reports the odds are good we will see some
erratic market moves. Larry Ellison is planning ahead
for this exact plan. He announced at 9:PM Friday night
that he was selling $1.67 billion in ORCL stock starting
on March 4th. It is a planned sale program to diversify
his holdings according to the press release. While that
should depress ORCL stock on Monday I would not feel
too sorry for him. He still has nearly 1.3 billion
shares left. Interesting timing on the announcement.

Assuming a successful Super Bowl weekend we should see
some month end cash flows put to work early next week.
Unless there is some real economic disaster we will
probably continue to trade in a range until after the
Jobs report on Friday. That range is probably between
Dow 10300-10650 and is wide enough to drive a truck
through. The Nasdaq range is probably between 2000-2150
and considering we have had more than a 100 point move
last week we are real close to exactly in the middle.
I am basing the lower end of my estimates on the oversold
conditions in the SOX. We saw it test 500 on Thursday and
rebound but I suspect we could see another dip to the 490
level and the 100 dma. I do expect that level to hold.
If the semis quit falling so will the Nasdaq. That does
not leave much more downside assuming we don't have any
negative surprises in our future.

Buy the dip! Assuming we do not have a black hole in our
economic future I would suggest buying the next dip. My
target for conservative traders would be Dow 10300 and
Nasdaq 2000 but recognizing we may not reach them. Over
the next couple weeks look for a sharp dip brought on by
some yet unknown event that drops us close to those
levels. If we pause at the lows and consolidate on high
volume I would enter partial positions. Once we get a
close above the prior days highs I would add to those
positions on any future dip. I fully expect to see new
highs before April-15th but that forecast and a $5 bill
will get you a cup of expensive coffee and a newspaper.

Enter Very Passively, Exit Very Aggressively!

Jim Brown


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

So Goes January
- J. Brown

Maybe you've heard the old Wall Street maxim, "so goes January,
so goes the year".  Another way to say it is if January is an up
month then we'll have an up year and if January is down, well you
get the idea.  According to the Stock Traders Almanac by Hirsch,
this market barometer has a pretty incredible track record.
There have only been 5 misses in the last 50 years giving it a
90% accuracy rating for predicting the market's direction.
That's a pretty good record and fortunately it corresponds with
most market prognosticators for a bullish 2004.

As Jim pointed out in his wrap this weekend many reports fail to
mention that two of those five misses have occurred in the last
three years.  That's definitely not a positive trend.  Of course
there were extenuating circumstances like the 9/11 attacks during
one of those years.  For the record the Dow Jones Industrial
Average is up 0.3%, the S&P 500 is up 1.7% and the tech-heavy
NASDAQ is up 3.1% for the year.

Driving these early gains has been a pretty strong earnings
season.  Just over half of the S&P 500 companies have reported
their December quarter and earnings growth is coming in up 25%
from the same period a year ago. Leading the way has been
technology, which has been averaging closer to 50% gains in net
income.  We still have a couple of weeks to go before Q4 earnings
finally wind down.  Typically the second and third tier companies
report later in the cycle and then tend to under perform the rest
of the market.  An exception this year will probably be the
retailers.  The GDP number may have missed the whisper number on
Friday but analysts still expect retail sales to be high
resulting from one of the best Christmases in recent memory.

Speaking of the GDP, the report out on Friday was both
disappointing and encouraging.  Economic growth for the fourth
quarter of 2003 came in at 4.0%, which was well below the
expectations for 5.0-6.0% or better growth.  A disappointing
miss? Yes, but it also quieted investor concerns that the Fed
might raise interest rates too early.  As long as the economy is
growing and not overheating then the Fed should stand still on
interest rates.  Some FOMC commentators believe the Fed will
stand pat on rates until we see several months of strong job
growth no matter what kind of economic numbers we see.

Earnings haven't been the only thing rising.  Merger &
Acquisition activity has boomed.  The month of January saw more
than $70 billion in M&A deals announced versus something in the
neighborhood of $220 billion for all of 2003.  Speculation of
more M&A activity this year, fueled by the expectation that
business are ready to open their checkbooks is a big positive for
market momentum.  Another momentum driver is consumer confidence.
There were a number of confidence numbers released last week and
the general consensus is that consumer confidence remains high
despite the lack of job growth.  As we mentioned before the
historically low interest rates, a rising stock market and rising
home appreciation is going to boost confidence.  A confident
consumer spends money and that's essential for the economy to
recover.

One of the challenges we face next is the rising market.  It
can't rise forever.  We've talked about a correction or a
consolidation for a while now and it just doesn't seem to occur.
This last week's decline is the closet thing we've had to a pull
back in weeks and traders bought the dip Thursday and Friday.
The NYSE bullish percent data is at 13-year (bullish) extremes.
I've never seen it this high.  The DJIA bullish percent data is
at eight-year highs.  The S&P 500 and S&P 100 bullish percent
data are both at eight-year extremes.  Combine this with the
volatility indices at multi-year lows (despite this last week's
gain) and everything still screams a market top.  Of course it's
been flashing a market top for weeks.  What is a trader to do?
Play the trend, of course.  Until it reverses we can only play
what the market gives us.  Trying to call a top can be painful.
However, that doesn't mean we can't use stop losses to protect
ourselves and our trading capital!

Assuming there are no terrorist events over the weekend, next
week is looking bullish.  Wall Street will have a number of
economic reports to digest and the earnings parade is still in
full swing.  Look for the ISM report on Monday and the ISM
Services index on Wednesday as potential market movers.  However,
the big report is Friday's nonfarm payrolls numbers.  Traders
will also want to hear from Cisco Systems (CSCO), the big tech
stock earnings event of the week.  CSCO is due to report on
Tuesday after the bell.  Estimates are for 17 cents a share and
what they have to say about the current quarter could do a lot to
shape the NASDAQ's direction mid-week.


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

Market Averages

DJIA ($INDU)

52-week High: 10701
52-week Low :  7416
Current     : 10488

Moving Averages:
(Simple)

 10-dma: 10572
 50-dma: 10223
200-dma:  9458


S&P 500 ($SPX)

52-week High: 1155
52-week Low :  788
Current     : 1131

Moving Averages:
(Simple)

 10-dma: 1140
 50-dma: 1095
200-dma: 1018


Nasdaq-100 ($NDX)

52-week High: 1559
52-week Low :  795
Current     : 1493

Moving Averages:
(Simple)

 10-dma: 1526
 50-dma: 1459
200-dma: 1322


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

We have seen a strong rise in volatility over the last week but
all of these indices remain near very low levels, which continue
to suggest the market is oversold and investors are too
complacent.


CBOE Market Volatility Index (VIX) = 16.63 -0.51
CBOE Mkt Volatility old VIX  (VXO) = 17.05 -0.06
Nasdaq Volatility Index (VXN)      = 25.06 -0.14

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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.81        702,516       568,347
Equity Only    0.71        580,051       409,448
OEX            1.12         17,433        19,488
QQQ            4.52         22,963       103,698


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

Bullish Percent Data

           Current   Change   Status
NYSE          76.9    + 0     Bull Confirmed
NASDAQ-100    74.0    - 1     Bull Correction
Dow Indust.   90.0    + 0     Bull Confirmed
S&P 500       87.0    + 0     Bull Confirmed
S&P 100       87.0    + 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: 0.97
10-dma: 0.95
21-dma: 0.98
55-dma: 1.03


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    1451      1635
Decliners    1363      1405

New Highs     217       161
New Lows       15         7

Up Volume   1126M      936M
Down Vol.    891M      932M

Total Vol.  2050M     1900M
M = millions


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

Commitments Of Traders Report: 01/27/04

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

Commercials are beginning to hedge their bullishness from two
weeks ago but the changes are mild.  In the mean time small
traders have become even more bullish with a strong decline
in open short positions.


Commercials   Long      Short      Net     % Of OI
01/06/04      403,721   408,729    (5,008)   (0.6%)
01/13/04      405,558   411,361    (5,803)   (0.7%)
01/23/04      422,135   407,626    14,509     1.7%
01/27/04      417,089   410,930     6,159     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
01/06/04      142,844    83,518    59,326    26.2
01/13/04      149,057    90,571    58,486    24.4%
01/23/04      141,107   100,090    41,017    17.0%
01/27/04      143,089    87,828    55,261    23.9%

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

In contrast to the larger S&P contracts above, commercial
traders dramatically increased their long positions in the
e-minis but remain overall net short.  Small trader pared
back some of their exuberance from the previous weeks.


Commercials   Long      Short      Net     % Of OI
01/06/04      175,489   240,865    (65,376)  (15.7%)
01/13/04      196,858   263,845    (66,987)  (14.5%)
01/23/04      233,867   307,122    (73,255)  (13.5%)
01/27/04      291,166   334,618    (43,452)  ( 6.9%)

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
01/06/04     139,433     51,909    87,524    45.7%
01/13/04     191,241     62,711   128,530    50.6%
01/23/04     187,270     57,196   130,074    53.2%
01/27/04     154,485     60,556    93,929    43.7%

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


NASDAQ-100

There is little change to report in the commercial positions
while small traders are hedging their bets almost 50/50.


Commercials   Long      Short      Net     % of OI
01/06/04       42,892     37,801     5,091    6.3%
01/13/04       41,829     38,547     3,282    4.1%
01/23/04       42,823     39,442     3,381    4.1%
01/27/04       43,704     40,951     2,753    3.3%

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
01/06/04        8,035    17,911   ( 9,876)  (38.1%)
01/13/04        9,705    12,539   ( 2,834)  (12.7%)
01/23/04        9,180    11,371   ( 2,191)  (10.7%)
01/27/04       10,137    10,715   (   578)  ( 2.8%)

Most bearish reading of the year: (10,769) - 06/11/02
Most bullish reading of the year:  19,088  - 01/21/02

DOW JONES INDUSTRIAL

Commercials have reached their most bullish stance in four
weeks on the Dow and in perfect timing the small traders
are at their most bearish over the last month.


Commercials   Long      Short      Net     % of OI
01/06/04       15,697     9,497    6,200      24.6%
01/13/04       16,501     8,724    7,777      30.8%
01/23/04       16,403     9,252    7,151      27.9%
01/27/04       16,536     8,404    8,162      32.7%

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
01/06/04        5,713     8,105  ( 2,392)   (17.3%)
01/13/04        6,496     9,970  ( 3,474)   (21.1%)
01/23/04        6,068    10,183  ( 4,115)   (25.3%)
01/27/04        7,240    12,372  ( 5,132)   (26.2%)

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

Ameristar Casinos - ASCA - close: 28.31 change: +2.24

WHAT TO WATCH: ASCA rocketed higher to levels not seen since June
2002 in anticipation of a strong earnings report expected on
Monday.  The breakout above resistance at $27.00 was fueled on
very strong volume of 594,000 shares.  Average volume is just
160,000.  Earnings estimates for Monday are 34 cents.

Chart=


---

Optical Communication Products - OCPI - close: 4.50 change: +0.60

WHAT TO WATCH: Networking issues have been red hot this month and
one stock many traders may not know about is OCPI.  The company
works with semiconductors and fiber optics to create networking
solutions.  An analyst just upgraded the stock on Friday and
posted a price target of $5.10.  Volume was huge at 1.4 million
shares on Friday's 15% gain.

Chart=


---

Newell Rubbermaid - NWL - close: 24.43 change: +0.21

WHAT TO WATCH: NWL recently announced earnings that beat
estimates by 2 cents.  The stock rallied higher on nice volume
and has broken short-term resistance at $24.00.  Unfortunately
there is longer-term resistance at $25.00 bolstered by its simple
200-dma.  Bulls can look for a breakout above this higher level
while bears may want to watch and see if NWL fails and rolls back
under $24.00-23.50.

Chart=


---

Southwest Airlines - LUV - close: 14.95 change: -0.09

WHAT TO WATCH: Airline stocks have been struggling late and LUV
looks vulnerable.  The stock really took a tumble in early
January and has been unable to recover.  LUV found new resistance
at 15.75 and after several tries to break above it finally washed
lower on strong volume the later half of this week.  If LUV
breaks the January low at $14.80 it could fall to its next
support level near $13.00.

Chart=



-----------------------------------
RADAR SCREEN - more stocks to watch
-----------------------------------


ASX $5.87 +0.32 - ASX really out performed its semiconductor
peers on Friday with a big 5.76% gain.  It could be investors
buying in anticipation of a strong earnings report on Monday.

GSLI $12.70 +0.30 - After a strong December-early January run
GSLI faded back to previous resistance at $12.00.  Now traders
are buying the dip.  Be careful, the stock doesn't trade much
volume.

CNET $10.75 +2.56 - CNET was a huge winner on Friday with a 31%
gain after announcing earnings that beat estimates by 2 cents.
The breakout over $10 sent it to 2+ year highs on eight times the
average volume.


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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 02-01-2004
                                                    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 Bearish Plays:     AMD
  Bullish Play Updates:  SPIL
  Bearish Play Updates:  AMAT

Active Trader (Non-tech)
  New Bearish Plays:     VC
  Bullish Play Updates:  IPG
  Bearish Play Updates:  IACI, LF
  Closed Bullish Plays:  ACE, ELBO

High Risk/Reward
  New Bullish Plays:     PVN


Stock Splits
  Announcements:         CLFC, MICC


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

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

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

Adv. Micro Devices - AMD - close: 14.86 change: +0.18 stop: 16.25

Company Description:
Advanced Micro Devices, Inc. is a semiconductor manufacturer with
manufacturing facilities in the United States, Europe and Asia.
The company designs, manufactures and markets industry-standard
digital integrated circuits (ICs) that are used in product
applications such as personal computers (PCs), workstations,
servers, communications equipment and automotive and consumer
electronics.  AMD's products consist of microprocessors, Flash
memory devices and personal connectivity solutions (PCS).  Memory
products included Flash memory devices and erasable programmable
read-only memory (EPROM) devices.  The company's PCS products
included embedded processors, platform products (which primarily
consist of chipsets) and networking products.

Why we like it:
Is last week's break of the 50-dma in the Semiconductor index
(SOX.X) the beginning of a larger decline?  Or is this break
going to result in consolidation and another push higher like we
saw in mid-December?  There are some signs that point to a more
significant pullback, not the least of which is that this time,
the 50-dma has actually rolled over.  There are some other
important signs as well, with the weekly Stochastics rolling over
at a lower low and presenting us with bearish divergence.  So
within that framework of potential weakness, our attention was
drawn to shares of AMD, the quintessential second-tier
microprocessor company behind INTC.  The stock fell sharply back
in early December and after a feeble rebound to the $16 level by
the middle of this month, spiked to $17.50 and then promptly sold
off surrounding its earnings report on January 20th.  Ignoring
that earnings spike, the stock has done a textbook rollover below
the 50-dma ($15.76) over the past month and that average has now
turned decidedly downwards.

Thursday's selloff halted just above key support at $14 and then
rebounded a bit on Friday.  But with volume running much stronger
on the down days and the PnF chart on a very clear Sell signal
(target $9.50), it looks like a break of the $14 level is only a
matter of time.  Once it does give way, there's only mild support
to be found until the stock reaches the 200-dma ($11.20) near
strong support at $11.  We're going to use an entry trigger of
$14.00, but more conservative traders may want to use a slightly
lower trigger at $13.80, the site of the 12/17 intraday low.  A
good point of confirmation will be the SOX breaking below the key
$500 level.  Momentum entries on the initial breakdown look the
most favorable, but more cautious traders may want to wait for a
failed bounce below the 100-dma ($14.74) before playing.  There's
the potential for mild support to be found near $13.25 and then
again at $12.75, enroute to our target at the 200-dma.  Set stops
initially at $16.25, just above the intraday highs (ignoring the
earnings spike) and the 50-dma.

Annotated Chart of AMD:



Picked on February 1st at   $14.86
Change since picked          +0.00
Earnings Date              4/20/04 (unconfirmed)
Average Daily Volume =    12.3 mln


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

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

Siliconware Precision - SPIL - cls: 6.07 chg: -0.11 stop: 5.90*new*

Things that make you go hmmmmm.  Looking at SPIL's daily chart
you can't help but see Friday's big red candle.  The stock gapped
higher and then quickly faded.  The drop was so quick on the
intraday chart we thought it may have been a bad tick.  The good
news is that SPIL actually traded that high.  The stock slowly
ramped higher in pre-market from 6.00 to 6.50+.  When it opened
it traded a lot of volume between 6.50 and 6.60.  Coincidentally,
when we first added SPIL we said our initial target was a move to
6.50-6.60.  While it's exciting to see it hit our target the
crash back to the  $6.00 level is disturbing.  SPIL spent the
rest of the day trading between 6.00 and 6.10 and there was no
news or headline to point to as a catalyst for the spike higher.

We're concerned that this action may indicate a short-term top.
To protect ourselves we're upping the stop loss to $5.90.
Traders seeking a new position may want to wait for SPIL to trade
back above the 6.25 level.  Currently, we've very cautious about
new bullish positions.

Annotated Chart:



Picked on January 18 at $ 6.02
Gain since picked:      + 0.05
Earnings Date         02/12/04 (unconfirmed)
Average Daily Volume:      1.7 million
Chart =



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

Applied Materials - AMAT - cls: 21.69 chg: +0.18 stop: 23.01*new*

Last week started off on the right foot for this bearish play.
AMAT continued to show weakness and by Tuesday it had tripped our
TRIGGER at $21.95 to open the play.  The stock had broken major
support at its rising trendline.  Unfortunately, the
semiconductor index (SOX) found support at its 50-dma the next
day, which coincided with horizontal price support for AMAT.
AMAT bounced again on Friday but remained under the $22 level.
The future of this play will likely depend on leadership by the
SOX.  If the SOX fades toward the 500 level, then AMAT should
slip as well.  Unfortunately, we have a larger concern.  What
looked like the beginning of a wider market correction last week
has stalled and indications suggest a bullish bounce next week.
This is not the best environment for shorts.  Proceed with
extreme caution here.  We're going to lower our stop loss to
$23.01.  If AMAT breaks above $22 look for more resistance at its
40-dma currently at 22.75.

Annotated Chart:



Picked on January 27 at $21.95
Gain since picked:      - 0.26
Earnings Date         02/18/04 (confirmed)
Average Daily Volume:       29 million
Chart =



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

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

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

Visteon Corp - VC - close: 10.70 chg: -0.55 stop: 11.40

Company Description:
Visteon Corporation is a leading full-service supplier that
delivers consumer-driven technology solutions to automotive
manufacturers worldwide and through multiple channels within the
global automotive aftermarket. Visteon has approximately 73,500
employees and a global delivery system of more than 180
technical, manufacturing, sales and service facilities located in
25 countries. (source: company press release)

Why We Like It:
Ouch!  Reaction to VC's earnings report was pretty harsh and it
doesn't look like the profit taking is over, but we're getting
ahead of ourselves.  Auto sales have been booming the last few
years, mainly due to low interest rates and large incentive
programs.  Record auto sales have produced quite a boon for the
auto parts makers who have really out performed the markets.
Except for VC.  Shares of VC seemed forgotten until Goldman Sachs
issued an upgrade for the stock in November.  Then suddenly
shares were in a race to catch up to its peers and the rally
never stopped until VC announced earnings on January 23rd.

VC's Q4 earnings were dismal.  The company lost $6.87 a share
compared to a loss of 27 cents the year earlier.  However, $6.02
of the loss was due to a $756 million charge for part of its
restructuring.  Yet even backing out the big write down VC lost
85 cents a share, well below analysts' estimates for a loss of 61
cents.  The company blamed a decline in revenues on Ford Motor
Co, it's biggest customer and responsible for 80 percent of VC's
business.    To make matters worse VC warned for the current
quarter saying income would be 5-to-15 cents a share, under
estimates of 23 cents.  Shareholder can be happy that VC plans to
report a profit but we feel there is too much profit still left
in the stock's massive run from November.  Evidently Goldman does
too since they have now downgraded the stock to an "under
perform".

Coincidentally, for those traders who don't yet follow P&F charts
yet, check out VC's.  The stock ran straight into its overhead
P&F resistance and stalled.  The earnings report did the rest.
So where is VC headed?  We think a 50% retracement of the rally
would be a good start and that suggest old resistance in the
9.30-9.40 range.  The challenge is stop loss placement.  Shares
have become volatile after its earnings report and we could
easily see a bounce back to 11.00-11.25.  We're going to stick
our initial stop loss at 11.40, just above its simple 21-dma.

Annotated Chart:



Picked on February 01 at $10.70
Gain since picked:       + 0.00
Earnings Date          01/23/04 (confirmed)
Average Daily Volume:       1.5 million
Chart =



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

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

Interpublic Group - IPG - close: 16.54 chg: -0.11 stop: 15.99

This has been an exercise in patience hasn't it?  Or maybe
boredom is a better adjective.  Shares of IPG just haven't gone
anywhere.  There's been no drop to test the $16.00 level and no
move to breakout over the $17.00 mark.  It's like investors are
waiting to see if IPG's SuperBowl ads, the ones they created for
Monster.com and Expedia, are any good.  We're going to give IPG a
couple of more days.  If it doesn't move by Tuesday we'll
probably drop it.

Annotated Chart:



Picked on January 18 at $16.98
Gain since picked:      - 0.44
Earnings Date         03/09/04 (confirmed)
Average Daily Volume:      3.6 million
Chart =



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

InterActiveCorp - IACI - close: 32.25 change: +0.15 stop: 34.30

After the sharp 2-day drop that had IACI breaking below the $32
support level and the 50-dma, we had the distinct impression that
an oversold rebound was due.  Sure enough, the stock bounced
smartly on Thursday and gained a bit more ground on Friday to end
literally on top of the 50-dma ($32.25) after just kissing the
$32.50 resistance level early in the day.  This looks like just
the sort of oversold bounce we were looking for to set up a more
favorable entry.  Aggressive traders can initiate new positions
either on another failed push into the $32.50-33.00 area on
Monday, while those with a more cautious approach will want to
wait for the break back under $32.  Traders that would prefer to
wait for real weakness to set in before playing should use an
entry trigger at $31.25, just under Wednesday's low.  The first
downside target will be for a test of $30 and then we can set our
sights on the 200-dma ($29.42).  Maintain stops at $34.30.

Picked on January 28th at   $31.29
Change since picked          +0.96
Earnings Date              2/09/04 (confirmed)
Average Daily Volume =    8.05 mln

Chart =


---

LeapFrog Ent. - LF - cls: 27.91 chng: -1.59 stop: 30.90*new*

Now that's more like it!  The first day out of the gate saw our
LF play catch a slight bounce back up to the 20-dma ($29.75), but
the true trend reasserted itself on Friday, with the stock
plunging more than 5% and closing near its low of the day.  More
importantly, Friday's drop pushed the stock below the 50-dma
($28.81), which has been acting as support ever since early
January.  LF ended the week very close to what could be viewed as
support at $28, so a rebound early next week would not be out of
the question.  But with selling volume on the rise, it looks like
down is the direction of least resistance.  A break below
Friday's close can be used for new momentum entries, while a
failed bounce below $29 looks even better.  Next support should
be found near $26.25 near the late December lows and then we'll
be setting our sights on a drop towards $24.  Given the potential
for a near-term bounce, we're going to keep our stop rather wide,
but we are lowering it to $30.90, just over Wednesday's intraday
high.

Picked on January 28th at   $29.00
Change since picked          +1.09
Earnings Date              2/10/04 (confirmed)
Average Daily Volume =    1.52 mln

Chart =



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


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

ACE Ltd - ACE - close: 43.42 change: +0.97 stop: 41.95

We couldn't have hoped for a better exit on ACE.  Okay, maybe we
could have hoped for a better exit but after two weeks of
churning sideways we're happy to take the bounce from short-term
support.  We're closing the play now because ACE is expected to
report earnings on February 4th.  More aggressive players can
test their luck and hold to see if ACE breaks out over the $44
level before its Wednesday afternoon announcement.  We're closing
the play with a decent gain.

Picked on Dec 22nd at $40.05
Gain since picked:     +3.37
Earnings Date       02/04/04 (confirmed)
Average Daily Volume:    1.3 million
Chart =


---

Elec. Boutique - ELBO - close: 25.21 change: -0.60 stop: 24.45

What can we say?  The fledgling bounce in shares of ELBO failed
miserably last week.  Unable to even sustain a move over the $26
level, the stock languished in a very tight range and never
offered what could be called a bullish move.  Friday's drop back
under the 20-dma ($25.68) and intraday violation of the 200-dma
($25.10) were the final straw.  Rather than waste any more time
waiting for another bounce (which now looks unlikely), let's cut
this loser loose and focus our attention elsewhere.

Picked on January 21st at   $25.85
Change since picked          -0.64
Earnings Date              3/18/04 (unconfirmed)
Average Daily Volume =       577 K

Chart =



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

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

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

Providian Financial - PVN - cls: 13.69 chng: +1.04 stop: 12.25

Company Description:
As one of the top ten US credit card companies, PVN issues mainly
secured credit cards to more than 12 million customers, many of
whom have spotty credit histories.  The company also offers
standard and premium crecit cards to those with better credit.
In addition to credit card products, the company also offers a
suite of loan products and membership services.  Soliciting new
customers via direct mail, phone calls, and online advertising,
PVN has more than $27 billion in assets under management and over
14 million customers.

Why we like it:
It has been a long hard road for PVN investors that rode the
stock all the way down from north of $60 to as low as $2 in the
latter half of 2001.  Bit by bit, the stock has been clawing its
way back to respectability, and the consistent improvement in the
economy has investors feeling good about improvements in PVN's
balance sheet and risk exposure as well.  Breaking out over the
$12 level was a major accomplishment this past fall, as it
represented the closure of the first of two very large gaps from
October of 2001.  Needless to say the bulls needed to rest and
the stock consolidated between $10-12 up until January 22nd, when
the stock finally broke out as investors cheered the company's
blowout earnings report.  That brought the next level of
resistance into play, that of the bottom of the next gap near
$14.  Pulling back from that resistance test, PVN found strong
support near $12.50 (former resistance) and blasted higher on
Friday, gaining more than 8% to end just below that key $14
resistance.

PVN looks primed for a breakout and it could be a powerful one
too, as a move above $14 will launch the stock into that second
gap, the top of which is near $18.50.  This is definitely an
aggressive play, looking for upside continuation after an 8% one-
day rally, but the technical setup gives us a very favorable risk
to reward ratio.  We're going to use a trigger at $14.00 (just
over the 1/23 intraday high) and recommend entries on the initial
breakout.  More conservative traders can wait for a subsequent
pullback to test the $13.50-14.00 area as new support before
entry, with the understanding that they might miss out on the
play.  Our initial target will be $16.25, which is midway to the
top of the gap.  At that point, we can re-evaluate and see if it
makes sense to go for the gusto and hold on for a rally all the
way to the top of the gap.  Initial stops will be set at $12.25,
just under last Thursday's intraday low.

Annotated Chart of PVN:



Picked on February 1st at   $13.69
Change since picked          +0.00
Earnings Date              4/20/04 (unconfirmed)
Average Daily Volume =    2.54 mln



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

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

CLFC declares a 2-for-1 stock split

Late Friday evening Center Financial Corp (NASDAQ:CLFC) announced
that its Board of Directors had approved a 2-for-1 stock split of
its common shares.

The payable date for the split will be March 5th, 2004 for
shareholders on record as of February 17th.  Post-split CLFC
should have  approximately 16 million shares outstanding.

About the company:
Center Financial Corporation is a financial holding company formed
in 2002 and is the parent company of Center Bank. Founded in 1986,
Center Bank is a community bank offering a full-range of financial
services. Center Bank changed its name from California Center Bank
in December of 2002. It specializes in commercial and SBA loans
and trade finance products for multi-ethnic and small business
customers. The Bank operates 13 branches throughout Southern
California and five Loan Production Offices located in Phoenix,
Seattle, Denver, Las Vegas and Washington D.C. It is one of the
largest financial institutions in the nation focusing on the
Korean-American community.
(Source: Company Press Release)

---

MICC proposes stock slit

Midday on Friday Millicom International Cellular (NASDAQ:MICC)
announced an Extraordinary General Meeting (EGM) for its
shareholders to be held on February 16th, 2004.

MICC's management will propose a 4-for-1 stock split at the
meeting.  The proposal is to split each share, currently valued at
$6.00 (US) into four new shares of $1.50 (US).

However, it is unclear how this stock split will affect shares of
MICC trading on the NASDAQ, which are currently trading at $73 a
share.  To contact investor relations, see their website:
www.millicom.com

About the company:
Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa. It currently has a total of 16 cellular
operations and licenses in 15 countries. The Group's cellular
operations have a combined population under license of
approximately 382 million people. In addition, MIC provides high-
speed wireless data services in five countries.
(Source: Company Press Release)


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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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For more information on advertising in PremierInvestor.net
Newsletter, or any Premier Investor Network newsletter please
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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 02-01-2004
                                                    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 February  2, 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 February  2nd
==========================================

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

Symbol  Co               Date           Comment      EPS Est

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

ACDO   Accredo Health        Mon, Feb 2  Before the Bell      0.40
ASX    Advanced Semi Engin   Mon, Feb 2  -----N/A-----        0.08
AFL    AFLAC Incorp          Mon, Feb 2  After the Bell       0.50
AMX    Am Movil, S.A. de C.V Mon, Feb 2  After the Bell       0.47
ANDW   ANDREW CORP           Mon, Feb 2  Before the Bell      0.07
BBV    Bnc Blb Vizcaya ArgentMon, Feb 2  -----N/A-----         N/A
BSX    Boston Scientific CorpMon, Feb 2  Before the Bell      0.16
GIB    CGI Grp               Mon, Feb 2  -----N/A-----         N/A
DNB    D&B                   Mon, Feb 2  After the Bell       0.98
EDMC   Education Management  Mon, Feb 2  After the Bell       0.43
ETR    Entergy               Mon, Feb 2  Before the Bell      0.37
RE     Everest Re Grp, Ltd.  Mon, Feb 2  After the Bell       2.15
FMC    FMC Corp              Mon, Feb 2  After the Bell       0.67
FDG    Fording Inc.          Mon, Feb 2  -----N/A-----         N/A
GCI    Gannett               Mon, Feb 2  Before the Bell      1.31
HCN    Health Care REIT, Inc.Mon, Feb 2  Before the Bell      0.74
HUM    Humana Inc.           Mon, Feb 2  Before the Bell      0.40
IP     Intl Paper Co.        Mon, Feb 2  Before the Bell      0.18
JP     Jefferson-Pilot       Mon, Feb 2  After the Bell       0.91
KZL    Kerzner Intl Limited  Mon, Feb 2  Before the Bell      0.12
MXRE   Max Re Capital Ltd.   Mon, Feb 2  Before the Bell      0.47
NFS    Nationwide Finl Serv  Mon, Feb 2  After the Bell       0.71
ONNN   ON Semi Corp          Mon, Feb 2  After the Bell      -0.07
PCAR   Paccar                Mon, Feb 2  Before the Bell      1.25
PPDI   Pharm Prod. Dvlpmnt   Mon, Feb 2  After the Bell      -0.29
PXD    Pioneer Natl Res Co   Mon, Feb 2  Before the Bell      0.56
PBI    Pitney Bowes Inc.     Mon, Feb 2  After the Bell       0.66
RTP    Rio Tinto PLC         Mon, Feb 2  Before the Bell      2.30
SPP    Sappi Limited         Mon, Feb 2  Before the Bell     -0.04
SRA    Serono S.A.           Mon, Feb 2  After the Bell       0.19
SOHU   SOHU.com              Mon, Feb 2  After the Bell       0.27
SPF    Standard Pacific Corp.Mon, Feb 2  Before the Bell      2.04
TIN    Temple-Inland, Inc.   Mon, Feb 2  Before the Bell      0.20
PFG    The Principal Finl GrpMon, Feb 2  After the Bell       0.32
TWTC   Time Warner Telecom   Mon, Feb 2  -----N/A-----       -0.24
VMC    Vulcan Materials      Mon, Feb 2  After the Bell       0.59


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

AKZOY  Akzo Nobel N.V.       Tue, Feb 3  -----N/A-----         N/A
AEP    Am Electric Power     Tue, Feb 3  -----N/A-----        0.39
AVZ    AMVESCAP PLC          Tue, Feb 3  Before the Bell      0.24
AXE    Anixter Intl Inc.     Tue, Feb 3  Before the Bell      0.27
AVCT   Avocent Corp          Tue, Feb 3  Before the Bell      0.34
AVP    Avon Prod.s Inc.      Tue, Feb 3  Before the Bell      1.04
SAN    Banco Santander-Chile Tue, Feb 3  -----N/A-----        0.49
BOX    BOC Grp PLC           Tue, Feb 3  Before the Bell       N/A
BG     BUNGE LIMITED         Tue, Feb 3  Before the Bell      0.67
CHRW   C.H. Robinson Wrldwde Tue, Feb 3  After the Bell       0.34
CECO   Career Education      Tue, Feb 3  After the Bell       0.47
CMX    CareMark Rx, Inc.     Tue, Feb 3  Before the Bell      0.31
CBL    CBL & Associates Prop Tue, Feb 3  4:00 pm ET           1.21
CME    CHICAGO MERCANTILE    Tue, Feb 3  Before the Bell      0.89
CB     Chubb Corp            Tue, Feb 3  After the Bell       1.28
CSB    Ciba Specialty Chem   Tue, Feb 3  Before the Bell      0.54
CSCO   Cisco Systems         Tue, Feb 3  -----N/A-----        0.17
CL     Colgate-Palmolive     Tue, Feb 3  -----N/A-----        0.63
CU     CoCervecerias Unidas  Tue, Feb 3  -----N/A-----        0.29
EXBD   Corporate Exec Board  Tue, Feb 3  After the Bell       0.31
CVH    Coventry Health Care  Tue, Feb 3  Before the Bell      1.13
EW     Edwards Lifesciences  Tue, Feb 3  After the Bell       0.41
EMR    Emerson Electric      Tue, Feb 3  Before the Bell      0.57
EC     Engelhard Corp        Tue, Feb 3  Before the Bell      0.49
EPD    Ent Prod. Partners    Tue, Feb 3  Before the Bell      0.17
ERES   eResearch Tech        Tue, Feb 3  After the Bell       0.13
FDC    First Data            Tue, Feb 3  Before the Bell      0.54
FSH    Fisher Scientific IntlTue, Feb 3  After the Bell       0.53
FLS    Flowserve Corp        Tue, Feb 3  Before the Bell      0.32
GBP    Gables Residl Trust   Tue, Feb 3  After the Bell       0.54
GP     Georgia-Pacific       Tue, Feb 3  Before the Bell      0.47
HCA    HCA                   Tue, Feb 3  Before the Bell      0.60
ICOS   ICOS Corp             Tue, Feb 3  After the Bell      -0.53
N      Inco                  Tue, Feb 3  -----N/A-----        0.33
MAT    Mattel                Tue, Feb 3  Before the Bell      0.50
MBI    MBIA Inc.             Tue, Feb 3  Before the Bell      1.22
MKSI   MKS Instruments       Tue, Feb 3  After the Bell       0.08
MLI    Mueller Ind Inc.      Tue, Feb 3  Before the Bell      0.31
NBL    Noble Energy, Inc.    Tue, Feb 3  Before the Bell      0.51
SPOT   PanAmSat              Tue, Feb 3  -----N/A-----        0.14
PDX    Pediatrix Medical Grp Tue, Feb 3  Before the Bell      0.96
PFGC   PERFORMANCE FOOD GRP  Tue, Feb 3  Before the Bell      0.28
PRGO   Perrigo               Tue, Feb 3  Before the Bell      0.25
RNR    RenaissanceRe Hldgs   Tue, Feb 3  After the Bell       1.81
SINA   SINA CORP             Tue, Feb 3  After the Bell       0.24
PCS    Sprint Corp           Tue, Feb 3  Before the Bell     -0.12
FON    Sprint FON Grp        Tue, Feb 3  Before the Bell       N/A
TCO    Taubman Centers       Tue, Feb 3  After the Bell       0.52
TMX    Telefonos De Mexico   Tue, Feb 3  After the Bell       0.87
JOE    The St. Joe Co        Tue, Feb 3  Before the Bell      0.25
TBL    The Timberland Co     Tue, Feb 3  Before the Bell      0.95
RIG    Transocean Inc.       Tue, Feb 3  Before the Bell      0.03
TRMB   Trimble Navigation    Tue, Feb 3  After the Bell       0.26
TYC    Tyco Intl             Tue, Feb 3  Before the Bell      0.32
UCL    Unocal                Tue, Feb 3  -----N/A-----        0.62
VOLVY  Volvo AB              Tue, Feb 3  Before the Bell       N/A
WHR    Whirlpool Corp        Tue, Feb 3  Before the Bell      1.75
WTM    White Mountains Ins.  Tue, Feb 3  After the Bell       5.80


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

NDN    99 CENTS Only         Wed, Feb 4  Before the Bell      0.24
ABN    ABN Amro Hldgs        Wed, Feb 4  Before the Bell      N/A
ACE    ACE LTD               Wed, Feb 4  After the Bell       1.08
AKAM   Akamai Tech Inc.      Wed, Feb 4  After the Bell      -0.01
AXL    Am Axle & Manu Hldgs  Wed, Feb 4  Before the Bell      0.96
BUD    Anheuser-Busch Co, IncWed, Feb 4  -----N/A-----        0.36
WTR    Aqua Am               Wed, Feb 4  Before the Bell      0.20
ARI    Arden Realty Inc      Wed, Feb 4  After the Bell       0.63
ASTSF  ASE Test Limited      Wed, Feb 4  After the Bell       0.09
ASL    Ashanti Goldfields    Wed, Feb 4  Before the Bell      0.17
BCE    BCE                   Wed, Feb 4  Before the Bell       N/A
BYD    Boyd Gaming           Wed, Feb 4  After the Bell       0.19
CFFN   Capitol Federal Finl  Wed, Feb 4  -----N/A-----        0.11
CD     Cendant Corp          Wed, Feb 4  After the Bell       0.27
CERN   Cerner Corp           Wed, Feb 4  After the Bell       0.43
CINF   Cincinnati Finl Corp  Wed, Feb 4  Before the Bell      0.58
CCK    CROWN HLDGS INC       Wed, Feb 4  After the Bell      -0.11
DCX    DaimlerChrysler       Wed, Feb 4  -----N/A-----        0.81
ELE    Endesa, S.A.          Wed, Feb 4  Before the Bell       N/A
EQR    Equity Residential    Wed, Feb 4  Before the Bell      0.49
ESS    Essex Property Trust  Wed, Feb 4  After the Bell       0.98
FLIR   FLIR Systems, Inc.    Wed, Feb 4  -----N/A-----        0.40
FLR    Fluor Corp            Wed, Feb 4  After the Bell       0.57
FBR    Friedman Bllngs RamseyWed, Feb 4  After the Bell       0.46
GXP    Great Plains Energy   Wed, Feb 4  After the Bell       0.26
HET    Harrah's EntertainmentWed, Feb 4  -----N/A-----        0.53
HIT    Hitachi Limited       Wed, Feb 4  -----N/A-----         N/A
LIN    Linens 'n Things Inc. Wed, Feb 4  Before the Bell      1.01
MLM    Martin Marietta Mat   Wed, Feb 4  Before the Bell      0.56
MX     Metso Corp            Wed, Feb 4  -----N/A-----         N/A
MCO    Moody's Corp          Wed, Feb 4  After the Bell       0.53
MPS    MPS Grp               Wed, Feb 4  Before the Bell      0.04
MUR    Murphy Oil Corp       Wed, Feb 4  After the Bell       0.58
NOC    Northrop Grumman      Wed, Feb 4  Before the Bell      1.10
DCM    NTT DoCoMo            Wed, Feb 4  -----N/A-----         N/A
OHP    Oxford Hlth Plns, Inc Wed, Feb 4  Before the Bell      1.07
PNR    Pentair, Inc.         Wed, Feb 4  Before the Bell      0.66
PAS    PepsiAms              Wed, Feb 4  Before the Bell      0.19
PIXR   Pixar Animation Stdio Wed, Feb 4  After the Bell       1.23
RL     Polo Ralph Lauren CorpWed, Feb 4  Before the Bell      0.47
PP     Prentiss Prop         Wed, Feb 4  After the Bell       0.75
PLD    ProLogis Trust        Wed, Feb 4  Before the Bell      0.71
RSG    Republic Serv, Inc.   Wed, Feb 4  After the Bell       0.35
RMD    ResMed Inc.           Wed, Feb 4  After the Bell       0.38
RG     Rogers Comms Inc.     Wed, Feb 4  After the Bell        N/A
RCN    Rogers Wireless Comms Wed, Feb 4  After the Bell        N/A
ROH    Rohm and Haas Co      Wed, Feb 4  Before the Bell      0.43
SPI    ScottishPower         Wed, Feb 4  Before the Bell       N/A
SEM    Select Medical Corp   Wed, Feb 4  After the Bell       0.20
SNA    Snap-on Incorp        Wed, Feb 4  Before the Bell      0.38
SUG    Southern Union Co     Wed, Feb 4  Before the Bell      0.44
STLD   Steel Dynamics        Wed, Feb 4  After the Bell       0.20
SEO    Stora Enso            Wed, Feb 4  -----N/A-----        0.04
TDS    Telephone Data        Wed, Feb 4  Before the Bell      0.47
ALL    The Allstate Corp     Wed, Feb 4  After the Bell       1.04
BCO    The Brink's Co        Wed, Feb 4  Before the Bell      0.32
CAKE   The Cheesecake FactoryWed, Feb 4  After the Bell       0.30
TMO    Thermo Electron Corp  Wed, Feb 4  After the Bell       0.34
TOM    Tommy Hilfiger        Wed, Feb 4  -----N/A-----        0.13
TMIC   Trend Micro           Wed, Feb 4  -----N/A-----         N/A
USM    U.S. Cellular         Wed, Feb 4  Before the Bell      0.25
UMC    United MicroElec Corp Wed, Feb 4  Before the Bell      0.04
UNTD   United Online Inc.    Wed, Feb 4  Before the Bell      0.17
UNM    UnumProvident Corp    Wed, Feb 4  After the Bell       0.42
WSH    Willis Grp Hldgs Lmtd Wed, Feb 4  After the Bell       0.63


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

RKY    Adolph Coors, Co.     Thu, Feb 5  Before the Bell      0.67
AES    AES Corp              Thu, Feb 5  Before the Bell       N/A
AG     AGCO                  Thu, Feb 5  -----N/A-----        0.35
ALA    Alcatel               Thu, Feb 5  Before the Bell      0.22
APCC   Am Power Convers Corp.Thu, Feb 5  After the Bell       0.27
AN     AutoNation            Thu, Feb 5  Before the Bell      0.28
AVE    Aventis               Thu, Feb 5  -----N/A-----        0.97
BRL    Barr Pharmaceuticals  Thu, Feb 5  Before the Bell      0.73
BWA    BorgWarner, Inc.      Thu, Feb 5  Before the Bell      1.74
BPO    BROOKFIELD PPTYS CORP Thu, Feb 5  -----N/A-----        0.56
BOBJ   Business Objects      Thu, Feb 5  After the Bell       0.27
CPT    Camden Property Trust Thu, Feb 5  After the Bell       0.83
CSL    Carlisle Co           Thu, Feb 5  Before the Bell      0.52
CRE    CarrAm Realty Corp.   Thu, Feb 5  After the Bell       0.75
CNH    CNH Global N.V.       Thu, Feb 5  Before the Bell      0.16
CTB    Cooper Tire & Rubber  Thu, Feb 5  Before the Bell      0.41
TEU    CP Ships              Thu, Feb 5  Before the Bell      0.35
DASTY  Dassault Systemes SA  Thu, Feb 5  -----N/A-----        0.58
DB     Deutsche Bank         Thu, Feb 5  -----N/A-----         N/A
DVN    Devon Energy Corp     Thu, Feb 5  Before the Bell      1.45
DTE    DTE Energy Co         Thu, Feb 5  After the Bell       0.98
EDS    Electronic Data Sys   Thu, Feb 5  After the Bell       0.11
ENDP   Endo Pharmaceuticals  Thu, Feb 5  Before the Bell      0.22
EOG    EOG Resources         Thu, Feb 5  Before the Bell      0.61
EPC    Epcos                 Thu, Feb 5  Before the Bell       N/A
EOP    Eq Office Prop Trust  Thu, Feb 5  Before the Bell      0.70
FOE    Ferro Corp            Thu, Feb 5  Before the Bell      0.11
FLO    Flowers Foods         Thu, Feb 5  Before the Bell      0.23
IT     Gartner               Thu, Feb 5  Before the Bell      0.17
GYI    GETTY IMAGES INC      Thu, Feb 5  After the Bell       0.28
GR     Goodrich Corp         Thu, Feb 5  Before the Bell      0.26
THX    Houston Exploration   Thu, Feb 5  Before the Bell      0.87
IDA    Idacorp Hldg          Thu, Feb 5  Before the Bell      0.19
IGL    IMC Global            Thu, Feb 5  Before the Bell     -0.17
ICI    Imperial Chem Ind Plc.Thu, Feb 5  Before the Bell       N/A
JHF    John Hancock Finl ServThu, Feb 5  After the Bell       0.78
JRN    Journal Comms, Inc.   Thu, Feb 5  Before the Bell      0.21
KSE    KeySpan               Thu, Feb 5  Before the Bell      0.82
LAF    Lafarge North Am      Thu, Feb 5  -----N/A-----        1.04
LVLT   Level 3 Comms         Thu, Feb 5  -----N/A-----       -0.32
LPX    LP Corp               Thu, Feb 5  Before the Bell      1.09
MFC    Manulife Finl Corp    Thu, Feb 5  During the Market    0.62
MXIM   Maxim Integrated Prod.Thu, Feb 5  After the Bell       0.27
MTD    Mettler-Toledo Intl   Thu, Feb 5  After the Bell       0.71
MHK    Mohawk Industries, IncThu, Feb 5  After the Bell       1.42
MWI    Moore Wallace Incorp  Thu, Feb 5  After the Bell       0.33
NVO    Novo-Nordisk          Thu, Feb 5  -----N/A-----         N/A
NUS    Nu Skin               Thu, Feb 5  -----N/A-----        0.30
ORH    Odyssey Re Hldgs Corp.Thu, Feb 5  After the Bell       0.47
IX     Orix Corp             Thu, Feb 5  -----N/A-----         N/A
PNP    Pan Pacific Retail    Thu, Feb 5  -----N/A-----        0.84
PEP    PepsiCo               Thu, Feb 5  Before the Bell      0.52
POT    Potash Corp SaskatchwnThu, Feb 5  During the Market    0.40
PRTL   PRIMUS Tlcm Grp       Thu, Feb 5  After the Bell       0.12
O      Realty Income Corp    Thu, Feb 5  -----N/A-----        0.77
DNY    RR Donnelley          Thu, Feb 5  After the Bell       0.53
R      Ryder System, Inc.    Thu, Feb 5  Before the Bell      0.57
SC     Shll Trnsprt Trdng Co Thu, Feb 5  Before the Bell      0.73
SHW    Sherwin-Williams      Thu, Feb 5  -----N/A-----        0.45
SPG    Simon Property Grp    Thu, Feb 5  After the Bell       1.24
SBGI   Sinclair Broadcast GrpThu, Feb 5  Before the Bell     -0.01
SNN    Smith & Nephew        Thu, Feb 5  Before the Bell      0.79
HOT    Starwood Htls Rsrts   Thu, Feb 5  Before the Bell      0.32
TE     TECO Energy Inc.      Thu, Feb 5  -----N/A-----        0.13
NZT    Tlcm Crp New Zealand  Thu, Feb 5  -----N/A-----         N/A
MNY    The MONY Grp Inc.     Thu, Feb 5  Before the Bell      0.08
TM     Toyota Motor Corp     Thu, Feb 5  -----N/A-----         N/A
TQNT   TriQuint Semi         Thu, Feb 5  After the Bell      -0.01
WPI    Watson PharmaceuticalsThu, Feb 5  After the Bell       0.48


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

BLC    Belo                  Fri, Feb 6  Before the Bell      0.36
CI     CIGNA                 Fri, Feb 6  Before the Bell      1.40
ECL    Ecolab Inc.           Fri, Feb 6  Before the Bell      0.25
ERICY  Ericsson LM Telephone Fri, Feb 6  -----N/A-----       -0.09
FFH    Fairfax Finl Hldgs    Fri, Feb 6  After the Bell       4.22
HME    Home Prop, Inc.       Fri, Feb 6  Before the Bell      0.76
LZ     Lubrizol              Fri, Feb 6  Before the Bell      0.41
NTE    Nam Tai Elec, Inc.    Fri, Feb 6  After the Bell        N/A
IQW    Quebecor World        Fri, Feb 6  -----N/A-----        0.43
SILI   Siliconix             Fri, Feb 6  Before the Bell      0.40
SKM    SK Telecom            Fri, Feb 6  -----N/A-----         N/A
SUP    Superior Industries   Fri, Feb 6  Before the Bell      0.85
VSH    Vishay Intertech, Inc.Fri, Feb 6  Before the Bell      0.09


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

Symbol  Co Name              Ratio    Payable     Executable

HOFT    Hooker Furniture Corp, Inc2:1      Jan  30th   Feb   2nd
RMCF    Rocky Mountain Chocolate  N/A      Feb   1st   Feb   2nd
PROV    Provident Finl Hldgs      3:2      Feb   2nd   Feb   3rd
PCAR    Paccar Inc                3:2      Feb   5th   Feb   6th
JST     Jinpan Intl Limited       2:1      Feb   6th   Feb   9th
DCAI    Dialysis Corporation      3:2      Feb   9th   Feb  10th
MSCC    Commercial Capital Bancorp2:1      Feb   9th   Feb  10th
TASR    TASER International, Inc. 2:1      Feb  10th   Feb  11th
ONFC    Onedia Financial Corp     3:1      Feb  10th   Feb  11th
NFLX    Netflix Inc.              2:1      Feb  11th   Feb  12th


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

The first week of February is a busy one with a very full week
of economic reports.  Plus investors will still be digesting
more corporate earnings reports.


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

----------------
Monday, 02/02/04
----------------
Personal Income (BB)       Dec  Forecast:    0.2%  Previous:     0.5%
Personal Spending (BB)     Dec  Forecast:    0.5%  Previous:     0.4%
Construction Spending (DM) Dec  Forecast:    0.8%  Previous:     1.2%
ISM Index (DM)             Jan  Forecast:    64.0  Previous:     63.4


-----------------
Tuesday, 02/03/04
-----------------
Auto Sales (NA)            Jan  Forecast:    5.9M  Previous:     5.8M
Truck Sales (NA)           Jan  Forecast:    7.9M  Previous:     8.9M

-------------------
Wednesday, 02/04/04
-------------------
ISM Services (DM)          Dec  Forecast:    60.0  Previous:     58.0
Factory Orders (DM)        Dec  Forecast:    0.3%  Previous:    -1.4%


------------------
Thursday, 02/05/04
------------------
Initial Claims (BB)      01/30  Forecast:    342K  Previous:     342K
Productivity-Prel (BB)      Q4  Forecast:    3.4%  Previous:     9.4%


----------------
Friday, 02/06/04
----------------
Nonfarm Payrolls (BB)      Jan  Forecast:    180K  Previous:       1K
Unemployment Rate (BB)     Jan  Forecast:    5.7%  Previous:     5.7%
Hourly Earnings (BB)       Jan  Forecast:    0.2%  Previous:     0.2%
Average Workweek (BB)      Jan  Forecast:    33.8  Previous:     33.7
Consumer Credit (DM)       Dec  Forecast:   $6.5B  Previous:    $4.0B

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

BAC     Bank of America Corp       81.46    +0.54
FRE     Freddie Mac                62.42    +0.60
WM      Washington Mutual Corp     44.30    +0.70
ALL     Allstate Corporation       45.46    +0.63
SLM     SLM Corp                   38.40    +0.53


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

NT      Nortel Networks Holding     7.82    +1.24
ADO     Adecco S.A.(ADR)           12.89    +1.48
PVN     Providian Fin Corp         13.69    +1.04
CYTC    Cytyc Corporation          16.24    +1.04
CNET    CNET Networks Inc          10.75    +2.56


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

AVE     Aventis                    78.10    +1.75
ERICY   LM Ericsson Telephone Co   23.01    +1.88
A       Agilent Technologies Inc   36.86    +1.21
RTRSY   Reuters Group Plc          35.51    +1.49
RCL     Royal Carribean Cruises    42.37    +1.16


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

TOT     Total Sa (ADS)             88.30    -1.40
NVS     Novartis Ag (ADS)          45.15    -1.30
HIT     Hitachi Ltd                63.61    -1.09
GM      General Motors Corp        49.68    -1.03
GD      General Dynamics Corp      91.43    -2.23


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

RIG     Transocean Inc             26.94    -0.26
BWA     Borg Warner Inc            92.92    -1.69
IBOC    Internat Bancshares Corp   49.70    -0.57
SIVB    Silicon Valley Bancshares  34.61    -4.91


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