PremierInvestor.net Newsletter Tuesday 02-10-2004 section 1 of 2 Copyright (c) 2004, All rights reserved. Redistribution in any form is strictly prohibited. The entire newsletter is best viewed in COURIER 10 for alignment ================================================================= In section one: Market Wrap: The Fed Man Cometh Watch List: TYC, JCP, MU, UST Market Sentiment: Holding Pattern ================================================================= MARKET WRAP (view in courier font for table alignment) ================================================================= 02-10-2004 High Low Volume Advance/Decline DJIA 10613.85 + 34.80 10626.66 10559.26 1.75 bln 2111/1129 NASDAQ 2075.33 + 14.80 2075.33 2060.44 1.66 bln 1988/1192 S&P 100 566.35 + 2.63 567.18 563.07 Totals 4099/2321 S&P 500 1145.54 + 5.73 1147.02 1138.70 W5000 11181.46 + 64.70 11183.26 11108.16 RUS 2000 592.83 + 7.34 592.85 584.69 DJ TRANS 2921.86 + 18.20 2921.86 2887.96 VIX 15.94 - 0.45 16.76 15.84 VXO (VIX-O)15.55 - 0.22 16.09 15.32 VXN 24.50 - 0.71 25.44 24.28 Total Volume 3,713M Total UpVol 2,324M Total DnVol 1,328M Total Adv 4644 Total Dcl 2639 52wk Highs 628 52wk Lows 7 TRIN 1.14 NAZTRIN 0.86 PUT/CALL 0.72 ================================================================= =========== Market Wrap =========== The Fed Man Cometh Investor positioning ahead of the Greenspan testimony tomorrow kept the markets in a tight range but it could not keep them from posting a decent gain for the day. The Dow closed back over 10600 and the Nasdaq surged to 2075. Not a bad day when you consider the fear some have of the Greenspan testimony. Dow Chart - Daily Nasdaq Chart - Daily The morning started off slow despite the Chain Store Sales for last week showing +1.8% growth. That was the strongest growth since December and about six times the average for the last five weeks at -0.3%. The year over year gains were +5.9% and the strongest growth since November. The cold weather is helping sell the remaining coats and sweaters and clearing the shelves for the spring wardrobe change. The ICSC raised its estimates for February to a range of +4.5% but it would still be below the +5.7% level for January. With the tax refunds beginning to flow soon the sales for late Feb and all of March should be very strong. The Richmond Fed Survey rose to 18 and up from 8 in December. This was the second highest level in the last year with the high being 20 last October. That October number was the result of the hot 3Q carry over that pulled the numbers back from negative territory. New Orders and Back Orders both improved although the long term outlook slipped slightly. New orders rose to 24 and the highest level since Jan-2003. Back orders rose to 7 and the highest level since June-2000. The employment component fell -8 points and back into negative territory. Future employment expectations fell to a four-month low. I guess the Richmond area did not benefit from any of those "found" jobs from last week. Inflation pressures increased with prices paid rising faster than prices received. Raw materials prices continue to climb across the board with energy prices spiking again today on news from OPEC. With commodity prices rising and prices received still falling due to excess capacity there is a profit squeeze in our future. Bottom line here is increased production and output but continued drop in hiring as manufacturers continue to try and lower employee costs. The news today was not earnings but fixation on what Greenspan might say on Wednesday. Opinions were plentiful and differing. The consensus was an optimistic outlook on the economy and nobody expects any problems there. The cloud over the market is the potential for any language that will suggest a rate hike in the near future. There is a growing concern that the Fed could raise rates preemptively this summer to avoid a later pre election hike. Earnings are still running in the +28% range for the 4Q and guidance has mostly been stronger than expected. If we did put in back to back quarters of strong earnings growth the Fed might feel the need to open the pressure relief valve slightly after the April earnings cycle. There is a meeting on May-4th and another two day meeting beginning on June 29th. This gives them three maybe four more employment reports to see if jobs are picking up before making a decision. IF they were going to hike the bond groupies are projecting a hike at the June meeting. The Fed funds futures are suggesting the rate will be hiked to 1.25% by August. There is no July meeting making the June meeting the target. Traders are hoping for a sign from Greenspan that nothing has changed and the Fed is planning on being patient at least until June. What they will probably get is nothing. Depending on Greenspan's mindset he will give them nothing but useless Greenspeak and leave them as confused as before. He has in the past taken advantage of a very few public appearances to "correct" the market's understanding of the Fed position with a well structured sentence or two. This is very rare occurrence but it does happen. What I would expect is a simple "economy growing slow but ramping up" context and a restatement of the "Fed can continue the current accommodative stance until capacity utilization and job creation improve". The bond bulls will interpret it in view of their outlook and go their merry way. Just in case Greenspan says something he did not mean to say or gets home to find the market interpreted it different than he expected then he gets a second chance to correct the statement on Thursday with a repeat appearance. The average change in the bond market when Greenspan gives his testimony is a full point. There are always fireworks in bonds when he speaks before Congress. The stock market is far less reactive but in this current mode we could be bond reactive. While it seems the market has come to a screeching halt while we wait for the master to speak that outlook is not true. We have had a very strong week in my opinion. The Dow jumped +140 points from its lows on Friday and the trend this week has continued upward. We did consolidate on Monday with a higher high but it was only a minor pullback at the close. That was corrected today with another higher high and a close over 10600. This was the highest close for February and we are nearing the 10650 resistance that gave us fits in January. Not a bad month so far for the Dow and February is historically the 3rd worst month of the year. The Nasdaq is not doing as good but is well off its lows. The close at 2075 was right at the month end resistance and about +63 points off the lows. This is great considering the rebound off the 50 dma but there are tougher levels above for the index. If the Nasdaq can get over the 2075 resistance it can then take aim at the very strong 2150 resistance level. The Nasdaq is dragging some heavy baggage along with its move. One piece of that baggage is Dell, which announces earnings on Thursday. While they are not expected to miss there is some worry that they could show the wear and tear of a major price war. Their major competitor HPQ while not a Nasdaq stock does not announce until the following Thursday. This sets up a great potential for an option play on HPQ which I will layout following this commentary. The Nasdaq will probably rejoice more over some good news from Dell than it will from any positive Greenspeak. Because of Dell's position as the second biggest PC maker they will impact all the component sectors with their market view. The Dow will also hear from a couple major components tomorrow. Disney and Coke will report earnings and there is much to speculate about. PIXR posted record earnings after their success with the Disney films. This would suggest Disney should also post better than expected earnings and this has been priced into the stock over the last couple days. KO has also seen a significant bounce after hitting the 50 dma last week. KO has been under fire from channel stuffing allegations that go back for several years. Coincidently KO said Japan results could be very strong and that is where the majority of the stuffing allegations were focused. Their earnings will be heavily scrutinized. Both stocks could find some profit takers on the announcement without any material upside surprise to provide a catalyst. While the Tuesday bounce was encouraging it did come on very low volume of only 3.7B shares compared to the 5B+ shares we were seeing on the last rally to this area. The internals remained very strong despite the lackluster volume. Advancers were nearly 2:1 over decliners and new highs rose to 628. This was more than twice the level we saw on the lows last week. The dip buyers are still alive and well. The market saw a major drop at 2:12 just as a rumor hit that the Washington Dulles Airport had been closed. That rumor knocked about -50 points off the Dow and the dip was immediately bought. The rumor did take some of the excitement away from the buyers and it was not until the last 30 min before they united to push it back over 10600 again. Assuming Greenspan does not attack the markets, the weak dollar, tax cuts or throws his support to Kerry for the election we should be in good shape. The Dow has a three day uptrend in place and the Nasdaq is poised to break out over 2075 resistance. We are only 93 points away from 10705 and the highs for the year on the Dow. The Nasdaq is only -88 points from its high of 2152. While this is positive I would not expect a sudden bullish ramp to new highs. We are simply trading at the high end of our range and we should continue to trend up once this week is over. We need to remember that February is the 3rd worst month of the year historically and is known for consolidations. This is exactly what we have been doing for the last nine days on the Dow and it may not be over despite the current uptrend. The Nasdaq saw more serious profit taking but despite the rebound could also till be vulnerable. Dell will be the key more than Greenspan but he is still a risk. The game plan should still be "buy the dip" until something changes. Personally I think there are quite a few traders hoping Greenspan takes aim at the markets just so they can get a better entry point. Dow 10475-10500, Nasdaq 2020-2050 support should hold on any minor verbal attack. I know my long positions would be perfectly happy to see a catapult spike back to 10700 tomorrow but I would also eagerly take advantage of any dip to add to those positions. Enter Passively, Exit Aggressively. Jim Brown Editor ================================================================== WATCH LIST ================================================================== The PremierInvestor.net watch list is not designed to be read as full fledged stock picks. Rather we would prefer to offer it as an extra tool in today's investor toolbox. Think of it as a radar screen with your own radar operator pointing out interesting developments, technical patterns or potential plays that you may or may not have seen on your own. Due to time constraints we do glance at the news but rarely do we have time to fully read pertinent news stories, due background research and other necessary screens that investors should do before making a decision. A common exercise is to read the entry, glance at the sector and other stocks in that industry and then compare what's happening in the stock to what's happening in the broader market indices. We hope you enjoy the Watch List and that it proves to be a useful tool for your own trading success. STOCKS WORTH WATCHING --------------------------------- Tyco International - TYC - close: 28.15 change: +0.48 WHAT TO WATCH: Shares of TYC have been consolidating their strong move off the $22 level and now look ready to commence the next upward leg. With the company looking like it has gotten its house in order, investors are continuing to drive the stock higher. Use a trigger over $28.60 and target a move to $35 resistance. --- J.C. Penney Company - JCP - close: 28.34 change: +0.31 WHAT TO WATCH: Retailers are looking strong again and the RLX index is threatening to break out through the $390 resistance level. At the same time, JCP has really been on a tear and today's gains put the stock at its best level since late 2001. Use a trigger over today's high. After scaling near resistance at $30, look for JCP to continue up towards strong resistance at $35. Earnings are set for February 26th. --- Micron Technology - MU - close: 16.21 change: +0.31 WHAT TO WATCH: Following its breakout in late January, shares of MU have held up very well, especially in light of the weakness in the overall Semiconductor sector. With the stock consolidating nicely above the $15.50 level, any dip and rebound above that level looks good for establishing long positions. Target a near- term rally to the $17.50-18.00 area. --- U.S.T. Inc. - UST - close: 36.34 change: +0.24 WHAT TO WATCH: Tobacco stocks have been smoking lately and UST is right on the edge of a breakout over 7 months of resistance. While there's the potential for some resistance to be found near the June highs just under $38, it looks like the stock may have upside to the $40-41 area. Use a trigger over $36.75. --- =================== On the RADAR Screen =================== NVDA $23.43 - With Chip stocks recovering from last week's test of key support, NVDA is starting to come back to life. Friday's rebound pushed the stock back over the 50-dma and today's rally makes it look like a run back to the recent highs just under $26 may be in play. Use a trigger over the 30-dma ($23.63). HCR $35.47 - Health Care stocks have been on the move again lately and HCR looks ready to break out to new highs. Today's rally attempt was turned back right at the December high ($36.83), so use a trigger over that level and target a near-term move to the $40 area. TGT $41.30 - TGT is another stock benefiting from the strength in the Retail sector and we could be looking at the beginnings of a run into the company's February 19th earnings report. Use a trigger over the September high ($41.80) and target a move to the $45 resistance level. =============================== Market Sentiment =============================== Holding Pattern - J. Brown The path of least resistance still appears to be up but the path may have grown a lot more rocky. Both the DJIA and the NASDAQ are up off their lows from last week but the buyers seem to be cautious, especially ahead of the Alan Greenspan's appearances this week. The last FOMC brought forth a change in language that the markets were not prepared for and now investors are apprehensive that he may say something else during his Wednesday or Thursday appearance before congress and the senate. On top of being fearful of what the Fed chairman might say we've had little economic news to drive stocks higher and earnings are almost over. Despite a lack of catalysts the Russell 2000 has seen a strong rebound in the last few days that has out performed the major averages. Also noteworthy is the bounce in the Dow Transport index. Traditional Dow theory suggests that we can't have a sustained market rally (bull market) unless the transports participate in it as well. Looking over the tech sector the Internet seem to be leading the way while the semiconductors have been digesting Friday's big gain. Meanwhile financial sectors have been churning sideways as investors continue to rotate money into drug and biotech stocks. The continued strength into drugs might be translated as a defensive posture by investors. Energy stocks have also been out performing with oil, oil services, utilities and natural gas all with three days of consecutive gains. Setting new highs are the insurance and defense indices while the RLX retail index has rallied straight to resistance. A strong round of earnings from the retailers could produce a breakout for the sector in general. ----------------------------------------------------------------- Market Averages DJIA ($INDU) 52-week High: 10701 52-week Low : 7416 Current : 10613 Moving Averages: (Simple) 10-dma: 10522 50-dma: 10341 200-dma: 9544 S&P 500 ($SPX) 52-week High: 1155 52-week Low : 788 Current : 1145 Moving Averages: (Simple) 10-dma: 1134 50-dma: 1108 200-dma: 1026 Nasdaq-100 ($NDX) 52-week High: 1559 52-week Low : 795 Current : 1500 Moving Averages: (Simple) 10-dma: 1487 50-dma: 1472 200-dma: 1335 ----------------------------------------------------------------- The stock market may not be galloping higher but investor confidence is still growing as evidenced by the declines in the volatility indices. CBOE Market Volatility Index (VIX) = 15.94 -0.45 CBOE Mkt Volatility old VIX (VXO) = 15.55 -0.22 Nasdaq Volatility Index (VXN) = 24.50 -0.71 ----------------------------------------------------------------- Put/Call Ratio Call Volume Put Volume Total 0.72 712,657 510,672 Equity Only 0.62 608,761 377,773 OEX 1.21 19,476 23,563 QQQ 1.14 31,191 35,640 ----------------------------------------------------------------- Bullish Percent Data Current Change Status NYSE 76.5 + 0 Bull Confirmed NASDAQ-100 70.0 + 0 Bear Alert Dow Indust. 86.7 + 0 Bull Confirmed S&P 500 87.6 + 0 Bull Confirmed S&P 100 88.0 + 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: 0.98 10-dma: 1.02 21-dma: 1.02 55-dma: 0.99 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 1875 1970 Decliners 969 1138 New Highs 372 182 New Lows 9 1 Up Volume 1021M 1025M Down Vol. 678M 540M Total Vol. 1711M 1644M M = millions ----------------------------------------------------------------- Commitments Of Traders Report: 02/03/04 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 Commercial traders can't seem to make up their mind. Currently, they're almost flat with a slight edge to the bears. Meanwhile the small traders have grown even less bearish. Commercials Long Short Net % Of OI 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% 02/03/04 411,920 414,596 (2,676) (0.3%) 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 01/13/04 149,057 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% 02/03/04 141,465 81,926 59,539 26.7% 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 Commercials have become significantly more bearish by upping their short positions and closing some bullish ones. Small traders are still feeling optimistic. Commercials Long Short Net % Of OI 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%) 02/03/04 280,519 346,042 (65,523) (10.5%) 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 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% 02/03/04 133,293 55,476 77,817 41.2% Most bearish reading of the year: (77,385) - 09/02/03 Most bullish reading of the year: 449,310 - 06/10/03 NASDAQ-100 Commercial traders in the NDX remain in limbo with very little movement over the last few weeks. In contrast small traders have become much more bearish. Commercials Long Short Net % of OI 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% 02/03/04 43,600 41,441 2,159 2.5% 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 01/13/04 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%) 02/03/04 8,907 13,729 (4,822) (21.3%) 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 The shuffling continues for commercial traders in the Dow. Small traders have become more bearish. Commercials Long Short Net % of OI 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% 02/03/04 17,765 9,619 8,146 29.7% 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 01/13/04 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%) 02/03/04 6,352 13,113 (6,761) (34.7%) Most bearish reading of the year: (10,136) - 12/16/03 Most bullish reading of the year: 8,523 - 8/26/03 ----------------------------------------------------------------- ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright ) 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter Tuesday 02-10-2004 section 2 of 2 Copyright (c) 2004, All rights reserved. Redistribution in any form is strictly prohibited. The entire newsletter is best viewed in COURIER 10 for alignment ================================================================= Stop Adjustments: None Closed Plays: None Stock Splits: DKS, POG Trading Ideas Value Plays With Bullish Signals Breakout to Upside (Stocks $5 to $20) Breakout to Upside (Stocks over $20) Breakout to Downside (Stocks over $20) Recently Overbought With Bearish Signals (Stocks over $20) ================================================================= Stop Loss Adjustments ================================================================= None ================================================================= Closed Plays ================================================================= None ================================================================= Stock Splits ================================================================= Announcements ------------- DKS scores with a 2-for-1 stock split Shortly after the market's close today Dick's Sporting Goods, Inc. (NYSE:DKS) announced its Q4 sales and a 2-for-1 stock split. Sales for the December quarter were up 20% to $474.4 million while comparable store sales rose 4.6%. DKS is raising its guidance on its Q4 net income to 98-99 cents a share. Analyst estimates were at 92 cents. DKS is due to report earnings on March 11th. The 2-for-1 stock split will be distributed as one additional share for each share of common stock owned. The distribution date should be April 5th, 2004 to shareholders on record as of March 19th. According to DKS' press release its stock price has risen 160% during 2003 and 340% from its IPO price back in October 2002. About the company: Pittsburgh-based Dick's Sporting Goods, Inc. is an authentic full- line sporting goods retailer offering a broad assortment of brand name sporting goods equipment, apparel, and footwear in a specialty store environment. As of January 31, 2004, the Company operated 163 stores in 27 states throughout the Eastern half of the U.S. (Source: Company Press Release) --- POG gushes with a 2-for-1 stock split After today's closing bell Patina Oil & Gas Corp (NYSE:POG) announced that its Board of Directors has approved a 2-for-1 stock split. The payable date for the split will be March 3rd, 2004 for shareholders on record as of February 23rd. Post-split POG should have almost 70.9 million shares outstanding. In addition to the split POG plans to issue a quarterly cash dividend of 5 cents per share, to be declared on a post-split basis some time in March. About the company: Patina is an independent oil company engaged in the acquisition, development, exploitation and production of oil and natural gas primarily in Colorado's Wattenberg Field, the Mid Continent region of southern Oklahoma and the Texas Panhandle, and the San Juan Basin. (Source: Company Press Release) ================== 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 GSK GlaxoSmithKline 45.22 +0.62 CVX ChevronTexaco 86.54 +0.76 MO Altria Group 55.18 +0.75 UTX United Technology 95.60 +0.73 BMY Bristol-Myers Squibb 29.57 +0.87 MET Metlife Inc 35.50 +0.62 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- PWAV Powerwave Technologies 10.95 +1.05 FLE Fleetwood Enterprises 14.52 +1.92 CHB Champion Enterprises 9.06 +2.17 PCR Perini Corp 14.29 +1.30 JILL J.Jill Group Inc 14.97 +1.48 MAPS MapInfo Corp 14.41 +1.68 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- UBS UBS 77.33 +2.30 AIG American Intl Group 73.50 +1.67 ERICY LM Ericsson Telephone 28.92 +1.51 RIG Transocean Inc 28.39 +1.09 TMK Torchmark Corp 49.90 +1.25 WFT Weatherford Intl Ltd 43.35 +1.44 ICBC Independence Bank 40.20 +1.39 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- WIT Wipro Ltd 46.44 -1.06 FNF Fidelity National Fnl 39.11 -4.33 PRE Partnerre Ltd 57.66 -2.13 HNI Hon Industries 39.79 -1.46 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- MGPI MGP Ingredients 23.21 -2.51 ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
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