PremierInvestor.net Newsletter Weekend Edition 03-07-2004 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: Bad News Bulls Are Back Market Sentiment: Another tough week Watch List: KKD, R, BLL, A ================================================================= MARKET WRAP (view in courier font for table alignment) ================================================================= WE 03-05 WE 02-27 WE 02-20 WE 02-13 DOW 10595.55 + 11.63 10583.9 - 35.11 10619.0 - 8.82 + 34.82 Nasdaq 2047.63 + 17.81 2029.82 - 8.11 2037.93 - 15.63 - 10.45 S&P-100 568.45 + 3.91 564.54 - 0.33 564.87 - 1.05 - 0.14 S&P-500 1156.86 + 11.91 1144.95 + 0.84 1144.11 - 1.70 + 3.05 W5000 11314.42 +141.50 11172.9 + 29.34 11143.6 - 30.42 + 44.60 SOX 504.25 + 1.99 502.26 - 7.99 510.25 - 0.80 - 8.30 RUT 599.54 + 13.98 585.56 + 5.67 579.89 - 5.25 + 1.07 TRAN 2893.07 - 9.12 2902.19 + 10.01 2892.18 - 24.38 + 22.20 VIX 14.48 - 0.09 14.57 - 1.47 16.04 + 0.46 - 0.41 VXO 14.80 + 0.04 14.76 - 1.49 16.25 + 0.62 - 0.35 VXN 22.08 - 0.79 22.87 - 1.25 24.12 - 0.02 - 0.49 TRIN 1.40 1.26 1.29 1.19 Put/Call 0.79 0.73 0.86 0.76 WE = week ending ================================================================= =========================== Market Wrap =========================== Bad News Bulls Are Back by Jim Brown Jobs were drastically lower than expected. Markets gaped down at the open and bonds soared on the weak economic news. Suddenly the bad news bulls stampeded into the picture and not only pulled the markets back from the brink but pushed them to new highs in many cases. Bad news equals strong markets or so it appears. Dow Chart - Daily Nasdaq Chart - Daily The bad news came in the form of the February Employment Report and a huge miss in the headline number. Only 21,000 jobs were created in February when official estimates were for +125,000 and whisper numbers exceeded +250,000 in several instances. Not only was the headline number bad but the numbers for the prior two months were revised down as well. January dropped from +112,000 to +97,000 and December fell from +16,000 to only +8,000. This was not good news for those looking for signs of a rapidly expanding economy. It was good news for the bond market where bonds soared to eight month highs as fear of a coming rate hike evaporated. Yields on the ten-year note fell to 3.83% and well off the 4.10% highs for the week. That may not seem like much on the surface but in bond terms it is huge. It was the biggest one day change in rates since last July. In one fell swoop the Fed fund futures erased the chance of a quarter point increase in August where it had been indicated and moved it all the way to March 2005. Obviously this can change should the recovery suddenly catch fire but as of today there are no rates hikes expected this year. Ten-year Yield Chart - Daily With the Fed on hold and interest rates falling to eight month lows the business environment suddenly improved significantly. Fears of rising rates from a stronger dollar and the panic Greenspan created this week were suddenly forgotten. No strong dollar here or in the near future. All outward signs show the recovery still in progress but moving at a snails pace. This means the deficit will continue to grow from lack of tax receipts from surging earnings but earnings gains are still on track. The lack of job creation is actually good for earnings. It means productivity will continue to increase and costs will continue to be low. U.S. employees are expensive with up to 40% of their cost going to benefits. Using existing employees until they are forced to hire due to rising demand will keep earnings strong and companies healthy. The problem we are left with is the unemployed consumer and those that fear they could become unemployed. Workers in those categories hoard money not spend it. Every dollar takes on a higher value when future income is in doubt. What we are likely to see is further drops in consumer confidence and sentiment numbers. Those numbers will be even further depressed because of the political rhetoric which intensified immediately after the jobs announcement. The candidates wasted no time in blasting Bush about the lack of new jobs, the rising deficit and weakness in the economy. This will continue to be fed to the masses and confidence in the current and future economic conditions will decline. Overlooked in the greater scheme of things was the six consecutive months of positive job creation. Not a record pace but compared to the -300K to -450K per month of job losses in late 2001 this is a huge improvement. We have been steadily improving albeit at a slow pace since the 9/11 disaster. Also, when evaluating the current economy you always have to compare conditions now to those pre 9/11. Economic conditions, business and travel patterns all changed drastically on that day and it had nothing to do with the administration. We have worked our way out of that black hole and America businesses are stronger for it. Business is improving. Many companies are posting record profits again once they restructured to the new reality. Lessons were also learned from the bursting of the Internet bubble and the collapse of the Y2K buying cycle. There are a lot of things to be positive about and many traders saw through the jobs fog on Friday morning and went on a shopping spree. Business conditions had suddenly improved with the removal of the rate hike cloud that had tanked stocks earlier in the week. Stocks were on sale and smart investors recognizing a bull market opportunity loaded up. Interest rate sensitive stocks like banks and homebuilders soared with many hitting new highs. Consumer stocks like Maytag, TJX and HSY also rose on the prospect of continued low rates. Bull market? Absolutely! I have been telling you for weeks that the Russell and the Wilshire, the broadest market indicators, were still in rally mode despite the Dow's lagging performance. We saw the proof again today. The Russell broke prior resistance at 600 and traded to a high of 603.16 and a level not seen since March of 2000. That was only .65 below the March-10th, 2000 closing price of 603.81. This is a new four-year high and a very strong performance in the face of the jobs news. The Wilshire traded up to 11370 and a new post 9/11 high. It closed at 11314 also a post 9/11 closing high. The Wilshire-5000 ended up gaining +141 points for the week despite several external events like the Greenspan speech. In fact, all the major indexes were up for the week except for the transportation index which lost -9 points on the rising price of oil. Considering all the negative events I think this was a bullish week mainly due to the new high closes on the Russell and the Wilshire. The Dow struggled all week, actually for the last two weeks and remains locked into a narrow range. The spike to 10650 today was very short lived although it put up a valiant attempt to move higher again in the afternoon. In the end like a swimmer sinking beneath the waves the Dow slid back below 10600 once again. This is very tough resistance for the Dow and it has been the price magnet for two weeks. The Dow did get some good news as the 50dma finally rose to a level where it met the horizontal support at 10550. The morning dip hit that 50dma for the first time since November 24th. Now the real decision process will begin. The Dow MUST hold that 50dma and based on the recent highs it will continue to rise to something in the 10600 range. It must hold this average! This has been support since March 2003 and traders have come to rely on it. It is not an electric fence and it can be penetrated. On three of the last four tests it traded across the average for up to five days before breaking free and streaking to new highs. It never traded below it for the entire day. Eventually this avg will fail. I have been projecting an April failure since November. We are now at the crossroads for this market. If the average fails now we could easily see a drop to the 100dma currently at 10219. We have seen the Dow trade sideways since Jan-2nd and the time has run out. It must move higher next week or risk a serious technical drop. The Nasdaq closed down for the day due to a sell program at the close but it was still a bullish day. How can I say that with a -7 loss? Remember Thursday, the Nasdaq sprinted ahead of the other indexes in front of the Intel news and closed at nearly a two week high at 2054. The index had been trending up since its most recent low on Feb-24th and had soared to 2064 on the day of the Greenspan speech before getting killed on the interest rate worries. Those worries dropped it back to 2020 and it recovered to trade most of Friday over 2050 resistance again until the closing sell program. Look at a short term chart and you will see the bullish uptrend. The closing program knocked nearly -10 points off the gains but was not material to overall market sentiment. Much of the weakness the Nasdaq struggled to overcome was due to another drop in the SOX prompted by the weak Intel guidance. Everybody forgot about Intel in the Jobs hoopla. Hopefully TQNT and TXN on Monday will erase that memory. The challenge for the Nasdaq is the 50dma, which is at 2060 and above the current price not below it. If you have seen my Nasdaq chart over the last week you have seen the triple threat resistance at 2060 and it is not going away. We traded over it on Friday on the opening bounce but it quickly reasserted itself. Like the Dow and the critical 50dma support test the Nasdaq is currently at a pivotal resistance area. It MUST break this 2060 resistance next week or risk a retest of 2000. The most positive market event on Friday was the new highs on the Russell and Wilshire. The Dow is languishing but it is only 30 stocks. The Wilshire is the top 5000. If you were going to pick one for the health of the overall market I would pick the Wilshire. I know the Dow is the most recognized and most quoted index but it is not reflecting a correct picture of market strength. The Russell closed only -2 points from a new closing high. The Wilshire did close at a new high. These indexes are only a heartbeat away from breakout mode and represent a truer picture of the market. Wilshire-5000 Chart - Weekly Wilshire 5000 Chart - Daily The calendar is working in our favor with no material economic reports next week. There are plenty of reports but none that are earth shaking. The PPI for February, previously scheduled for next Friday, has been cancelled just like the PPI for January. There are no new dates for either report. The mid quarter update process is continuing and chip makers TQNT and TXN will give us their guidance on Monday after the close. There are also more than a dozen tech conferences next week that will stimulate tech interest. We are only three weeks away from quarter end and funds will use the next couple of weeks to dress up their portfolios for the quarterly statements. We are only five weeks away from the start of the Q1 earnings reporting cycle beginning the week of April-12th. Next week is the week before March option expiration and should have a bullish bias. This is the time where any April earnings run should begin. The keyword was "should". We all know there is no starting bell and no hard and fast rule that says we will even have an earnings run. BUT, if it is going to happen it should start soon. Despite the apparent neutral finish for the Friday on the major indexes, Dow +7, Nasdaq -7, the internals were strongly positive. We had the highest volume of the last two weeks and advancers beat decliners 4410 to 2882. All on bad (good) economic news. Were it not for the insane Martha Stewart activity that took over the NYSE Friday afternoon we could have seen a stronger finish. Trading activity in all but MSO came to a total stop once the verdict news hit the airwaves. Hopefully the broadcasters will wear themselves out before Monday and we can go on with business as usual. I could be all wet about my current market view and it certainly would not be the first time. Bears keep finding more excuses to short the market and to their dismay bulls keep buying the dips. So far the bulls have been winning with a whopping 813 new highs on Friday as proof. Until these conditions change I am going to keep buying the dips and suggest you do the same. Just remember the two key points for next week. The Nasdaq MUST break 2060 and hold it and the Dow MUST NOT break the 50dma at 10550 by any large amount. As long as those conditions are met the bulls are still in control. Enter Very Passively, Exit Very Aggressively! Jim Brown ================================================ Market Sentiment ================================================ Another tough week - J. Brown Wow! We just finished another eventful week. While the markets didn't move much in front of Intel's mid-quarter update on Thursday and the disappointing non-farm payrolls report on Friday the Dow and the NASDAQ's minor gains did manage to break a six- week long losing streak. Last Monday's rally on a decent ISM report with an encouraging employment component quickly withered. Intel's mid-quarter update was disappointing and lead the tech sector lower on Friday. Jobs failed to appear for yet another month with just 21,000 added in February, more than 100,000 short from most estimates. Given the events above I'd say investor sentiment should be tired, frustrated and ready to give up. Yet that's not the case. The markets rallied on the jobs report because it guarantees that the Fed is on hold. With the current low interest rate environment and corporations still not hiring that means they're getting more work done with their current staff, based on the incredible productivity gains, and that goes straight to their bottom line to boost earnings. At least that's the train of thought and big investors seem more excited to see low interest rates than job gains. On top of it all investor psychology might be positively affected by the string of events for high-profile CEO's. Earlier this week Michael Eisner was stripped of his position as Disney Chairman while maintaining his CEO title in reaction to the unprecedented vote of no confidence by shareholders. On Thursday Bernie Ebbers, the former head of telecom titan WorldCom, was indicted on fraud charges for his role in one of the world's largest corporate bankruptcies. On Friday Martha Stewart, former head of Martha Stewart Omni Living, was convicted on all counts of conspiracy, false statements and obstruction of justice which will probably send her to jail. To see all of these headlines in one week could have a positive influence on the collective investor mindset demonstrating the power of the little guy (with the Disney vote) and that justice is being served to corporate management who felt they were above the law. Meanwhile the economy does seem to be heating up. Commodities are soaring even though the Fed continues to suggest that inflation is not an issue at the moment. The rising cost of oil with crude breaking above the $37 a barrel is a major issue that needs to be addressed or its going to affect both businesses and consumers. They're already talking about gasoline prices potentially hitting $3.00 a gallon this summer. The XAL airlines index has been coiling into a tighter and tighter range suggesting a breakout is on the way and given the rising oil prices I would gamble that the breakout is likely to be lower if we don't see a correction in crude prices soon. Scanning the various sector indices I'm seeing a lot of positive developments. The broadest measure of the market, the Wilshire 5000 total market index, just hit a fresh 2 1/2 year high on Friday. Plus the Russell 2000 small cap index is attempting to breakout above resistance in the 600 level and its technicals look positive. We also see both the KBW and the S&P banking indices hitting new all-time highs. Following the banks are the broker-dealers, which are ready to mount another attempt to break through resistance at 750 to hit more all-time highs. The BTK biotech index has put together a small string of gains to hit new two-year highs. While the DRG drug index may have just produced a short-term bottom. The drug sector looks like tempting ground for bullish traders to find candidates that aren't so overbought. Naturally the energy sectors are rising with oil so high. The OIX oil index has put together a string of four winning weeks. The UTY utility index is at a new one-year high and the XNG natural gas index is approaching new three-year highs. With the economy heating up we see the RLX retail index breaking out to new all-time highs and rising 7 out of the last 8 weeks. Wal-Mart's strong performance this year has been a major factor and the company just announced strong same-store sales above their usual mantra of 3%-5% growth. The Homebuilders have been the real standout winners with a huge surge in the last two weeks to new all-time highs. Honestly, while I'm very bullish on the group they look short-term overbought and due for a pull back. Be careful chasing stocks in this sector. Also noteworthy are the IUX insurance index and the HMO healthcare index, which are at or near new highs. Through my research this weekend I viewed several hundred charts and overall the picture looks pretty encouraging. Unfortunately, we've just seen the bullish percent data on the Dow Industrials turn into a bull correction and the NASDAQ-100 turn into a "bear confirmed" status. Be careful. With the volatility indices this low we'll never know when the market's going to turn. ----------------------------------------------------------------- Market Averages DJIA ($INDU) 52-week High: 10753 52-week Low : 7416 Current : 10595 Moving Averages: (Simple) 10-dma: 10598 50-dma: 10551 200-dma: 9719 S&P 500 ($SPX) 52-week High: 1158 52-week Low : 788 Current : 1156 Moving Averages: (Simple) 10-dma: 1148 50-dma: 1135 200-dma: 1045 Nasdaq-100 ($NDX) 52-week High: 1559 52-week Low : 946 Current : 1472 Moving Averages: (Simple) 10-dma: 1472 50-dma: 1495 200-dma: 1365 ----------------------------------------------------------------- Volatility indices (VIX and VXO) traded toward their multi-year lows early in the session but edged higher by the close. All three remain at extremely low levels with no change to the trend in sight. It's surprising that given the build up ahead of the jobs report this morning that there wasn't a stronger reaction here. CBOE Market Volatility Index (VIX) = 14.48 +0.08 CBOE Mkt Volatility old VIX (VXO) = 14.80 +0.09 Nasdaq Volatility Index (VXN) = 22.08 -0.42 ----------------------------------------------------------------- Put/Call Ratio Call Volume Put Volume Total 0.79 696,919 549,202 Equity Only 0.61 556,020 338,207 OEX 1.54 31,537 48,069 QQQ 3.46 22,578 78,185 ----------------------------------------------------------------- Bullish Percent Data Current Change Status NYSE 75.8 + 0 Bull Confirmed NASDAQ-100 60.0 + 0 Bear Confirmed Dow Indust. 83.3 - 3 Bull Correction S&P 500 85.6 + 0 Bull Confirmed S&P 100 86.0 - 1 Bull Confirmed Bullish percent measures the number of stocks in an index currently trading on a buy signal on their point and figure chart. Readings above 70 are considered overbought, and readings below 30 are considered oversold. Bull Confirmed - Aggressively long Bull Alert - Cautiously long Bull Correction - Pause or pullback in upward trend Bear Alert - Take defensive action if long Bear Confirmed - High risk if long, good conditions for shorting Bear Correction - Pause or rebound in downtrend ----------------------------------------------------------------- 5-dma: 1.05 10-dma: 1.09 21-dma: 1.04 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 1849 1523 Decliners 986 1542 New Highs 309 149 New Lows 6 2 Up Volume 1011M 806M Down Vol. 652M 1104M Total Vol. 1678M 2025M M = millions ----------------------------------------------------------------- Commitments Of Traders Report: 03/02/04 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 In spite of a decrease in long positions by Commercial traders they still remain relatively neutral on the large S&P contracts. Small traders remain steadfastly bullish. Commercials Long Short Net % Of OI 02/10/04 412,217 414,044 (1,827) (0.2%) 02/17/04 416,148 415,278 870 0.0% 02/24/04 417,490 416,502 988 0.0% 03/02/04 411,932 418,936 (7,004) (0.1%) 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 02/10/04 143,496 80,362 63,134 28.2% 02/17/04 141,533 84,227 57,306 25.3% 02/24/04 141,559 85,171 56,388 24.9% 03/02/04 148,383 84,135 64,248 27.6% 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 did put some money to use this last week and we see an increase in long positions but they remain net bearish. In contrast small traders reduced their longs and upped their shorts but remain net bullish. Commercials Long Short Net % Of OI 02/10/04 297,601 356,630 (59,029) ( 9.0%) 02/17/04 296,313 371,703 (75,390) (11.3%) 02/24/04 320,425 387,255 (66,830) ( 9.4%) 03/02/04 344,805 395,112 (50,307) ( 6.8%) 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 02/10/04 110,480 58,428 52,052 30.8% 02/17/04 144,014 64,391 79,623 38.2% 02/24/04 129,894 63,524 66,370 34.3% 03/02/04 119,382 67,453 51,929 27.8% Most bearish reading of the year: (77,385) - 09/02/03 Most bullish reading of the year: 449,310 - 06/10/03 NASDAQ-100 Not much change here in Commercial traders' positions. and the same can be said for the small traders. Commercials Long Short Net % of OI 02/10/04 44,406 40,439 3,967 4.7% 02/17/04 46,104 40,385 5,719 6.6% 02/24/04 47,266 40,452 6,814 7.8% 03/02/04 49,959 41,059 8,900 9.8% 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 02/10/04 9,906 13,018 (3,112) (13.6%) 02/17/04 9,630 12,338 (2,708) (12.3%) 02/24/04 12,388 7,310 5,078 25.8% 03/02/04 11,605 7,128 4,477 23.9% 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 Commercial traders remain asleep in the Dow futures with almost zero change and small traders are following suit. Commercials Long Short Net % of OI 02/10/04 21,764 11,974 9,790 29.0% 02/17/04 24,451 12,907 11,544 30.9% 02/24/04 27,176 13,918 13,258 32.3% 03/02/04 27,594 14,166 13,428 32.2% 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 02/10/04 6,267 14,220 (7,953) (38.8%) 02/17/04 6,768 15,623 (8,855) (39.5%) 02/24/04 6,509 14,919 (8,410) (39.2%) 03/02/04 6,898 15,874 (8,976) (39.4%) 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 --------------------------------- Krispy Kreme Doughnuts - KKD - close: 39.70 change: +1.01 WHAT TO WATCH: Is the low-carb craze dying already? If so it won't happen soon enough for the likes of KKD. The stock has rebounded strongly from its P&F chart support but remains under resistance at $40.00 and its simple 200-dma. KKD came close to breaking out over this level on Friday on decent volume. We would watch KKD next week for a pre-earnings move higher before their March 10th earnings report. --- Ryder Systems - R - close: 37.87 change: +0.28 WHAT TO WATCH: Business must be pretty good in the rental industry. Shares of R are trading near levels not seen since April of 1998. We like the bullish reversal in its MACD indicator and traders can use a trigger above $38.00 to launch a play. Watch out for resistance at its all-time highs near $40.00. --- Ball Corp - BLL - close: 66.15 change: +1.07 WHAT TO WATCH: The consolidation in shares of BLL appear to be coming to an end. BLL spent five weeks trading in a tight range under the $65.00-65.50 level and Friday the stock broke out to new highs. Boosting shares was a credit upgrade from S&P who raised their outlook to stable. While we're bullish about BLL's daily chart its weekly chart makes us concerned. BLL has a trendline of resistance and Friday's jump makes it the fourth touch of this trendline. Use a tight stop should you decide to open bullish positions. --- Agilent Technologies - A - close: 34.81 change: +0.86 WHAT TO WATCH: Agilent's recent pull back found support at its rising simple 50-dma and now buyers are starting to challenge resistance at its $35.00 level. Traders could use a trigger over $35.00 to leg them into the play with a quick short-term target near its highs at $37.50-38.00. ================================================================= 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. 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PremierInvestor.net Newsletter Weekend Edition 03-07-2004 section 2 of 3 Copyright (c) 2004, All rights reserved. Redistribution in any form is strictly prohibited. The entire newsletter is best viewed in COURIER 10 for alignment ================================================================= In section two: Tech Stocks New Bullish Plays: TRMB Bearish Play Updates: CSCO, NVLS, VRTS, TSS Closed Bearish Plays: UTEK Active Trader (Non-tech) Bullish Play Updates: HAL, TYC, XMSR, SPF Closed Bullish Plays: LIN High Risk/Reward Bullish Play Updates: MXO Bearish Play Updates: NETE Stock Splits Announcements: None ================================================================= Net Bulls (NB) Tech Stock section ================================================================= ========= NEW PLAYS ========= ----------------- New Bullish Plays ----------------- Trimble Navigation - TRMB - cls: 23.44 chg: +0.09 stop: 21.75 Company Description: Trimble is a leading innovator of Global Positioning System (GPS) technology. In addition to providing advanced GPS components, Trimble augments GPS with other positioning technologies as well as wireless communications and software to create complete customer solutions. Trimble's worldwide presence and unique capabilities position the Company for growth in the emerging applications including surveying, automobile navigation, machine guidance, asset tracking, wireless platforms and telecommunications infrastructure. Founded in 1978 and headquartered in Sunnyvale, Calif., Trimble has more than 2,000 employees in more than 20 countries worldwide. (source: company press release) Why We Like It: We've always been interested in following the ups and downs in TRMB due to its position as a leader in developing and marketing GPS systems for the average consumer - an industry expected to explode over the next several years. We now feel that the recent pull back appears to be over and this may be an entry point for investors to buy the dip before the next leg higher. Its MACD indicator has moved from oversold back into a buy signal and its shorter-term RSI and stochastics oscillators are both pointing higher. TRMB did split 3-for-2 on Friday and sometimes a stock might see some post-split depression but since the stock didn't have a big pre-split run up we suspect it won't be a factor. It's probably not a coincidence that TRMB's recent decline stopped near its 50% retracement of the October to January rally. There is some overhead resistance near $25.00 and its 50-dma but we're betting bulls will be able to power through it. We'll initiate the play with a stop at $21.75. Annotated Chart: Picked on March 07 at $23.44 Gain since picked: + 0.00 Earnings Date 04/27/04 (unconfirmed) Average Daily Volume: 375 thousand ============ PLAY UPDATES ============ -------------------- Bearish Play Updates -------------------- Cisco Systems - CSCO - close: 22.89 change: -0.30 stop: 24.00 While unable to make much downside progress, CSCO is definitely delivering a trend of price weakness, as it continues to post lower highs. The problem comes in from the rebound over the past couple days, as the Networking stock found support at a higher low. This gives us the beginnings of a consolidation wedge and the break from that pattern will likely define the next directional move for CSCO. To remain bearish, the stock will need to remain below its short-term falling trendline, which is currently right on top of the 100-dma ($23.70). Confirmation will come on a break to new lows, with price falling under the $22.20 low set on 2/24. Remember, our target at the 200-dma ($21.20) continues to inch higher, so breakdown entries now have limited profit potential. Failed rebounds below trendline resistance still look favorable though, with risk easy to control with our $24.00 stop. Picked on February 22nd at $23.19 Change since picked -0.30 Earnings Date 5/11/04 (confirmed) Average Daily Volume = 51.7 mln --- Novellus Systems - NVLS - close: 31.16 change: -0.55 stop: 34.00 The bulls tried to pull a rabbit out of the hat on Thursday, with the sector giving a feeble rebound ahead of the INTC mid-quarter update. But with the company failing to impress, the Semiconductor index (SOX.X) fell back towards its $500 support level on Friday, earning it the dubious honor as the worst performing sector with a 0.87% loss. NVLS didn't manage much of a bounce on Thursday and gave it all back on Friday, ending just above the $31 level and primed for a continuation of Wednesday's breakdown. Failed bounces below the 20-dma ($32.82) still look like the best entry setup, but there's nothing wrong with taking the momentum entry below $31, especially if it comes on continued SOX weakness. While there could be some mild support found near $31, it is more likely that NVLS won't find any solid support until reaching the $28 support that was built up over a period of months leading up to the breakout last spring. Maintain stops at $34, which is now above the 30-dma ($33.39). Picked on March 3rd at $31.15 Change since picked +0.01 Earnings Date 1/26/04 (confirmed) Average Daily Volume = 6.48 mln --- Veritas Software -VRTS - close: 30.66 change: -0.76 stop: 32.50 Well, that didn't last long! Bulls lured into buying the stock on Merrill Lynch's upgrade on Thursday quickly lost their conviction on Friday, giving us a very nice entry point. Our trigger was satisfied on Wednesday, with the intraday drop under $30 and Friday's failed bounce under the 20-dma ($31.97) certainly looks like a convincing reversal, especially with price ending at the low of the day. Any successive rebound rejection under the 20-dma looks good for re-entry, while momentum traders will need to see a break back under Wednesday's low ($29.43) before playing. Technology remains the weak link in this market and if the NASDAQ continues to fail in its attempts to bet back over the 50-dma, we can look for VRTS to feel that bearish pressure and break lower towards initial support near $27. Maintain stops at $32.50. Picked on February 29th at $30.55 Change since picked +0.11 Earnings Date 1/28/04 (confirmed) Average Daily Volume = 5.91 mln --- Total System Srvs - TSS - cls: 21.31 chg: -0.05 stop: 21.75*new* We haven't made much progress in our TSS short but neither have the bulls. The stock continues to consolidate sideways in a tight range. Fortunately, its consolidation is giving us a chance to lower our stop loss to breakeven at 21.75. We're getting mixed messages from its MACD indicator versus its RSI and stochastics so we're banking on its P&F chart, which continues to point lower. Actually, its bearish price target has dropped to $10.00. More aggressive traders can still consider failed rallies under $22.00 as entry points but it may be easier to wait for a move back under the $20.80 mark. If TSS doesn't excite you, don't force the play and look elsewhere. Annotated Chart: Picked on February 20 at $21.75 Gain since picked: - 0.44 Earnings Date 01/13/04 (confirmed) Average Daily Volume: 323 thousand ============ CLOSED PLAYS ============ -------------------- Closed Bearish Plays -------------------- Ultratech - UTEK - close: 24.95 change: -0.24 stop: 26.01 The consolidation in shares of UTEK continues to narrow but we're growing more and more uncomfortable with the potential bullish reversal on its weekly chart. More aggressive traders can choose to keep the play open but be careful. Its MACD indicator is also looking pretty bullish. Picked on February 22 at $25.09 Gain since picked: - 0.14 Earnings Date 02/04/04 (confirmed) Average Daily Volume: 416 thousand ================================================================= Stock Bottom / Active Trader (AT) section ================================================================= ============ PLAY UPDATES ============ -------------------- Bullish Play Updates -------------------- Halliburton Hldg. - HAL - close: 31.51 change: -0.06 stop: 30.00 Holding right at support near $31.50 for the past 3 days, HAL looks to be undergoing a very healthy consolidation before continuing its march to new recent highs. The bottom of the rising channel ($31.50) is providing initial support, reinforced by the 20-dma ($31.25). Use the current weakness as an opportunity to enter the play in anticipation of a continued rally and breakout towards the top of the channel, now at $34. Fortunately, HAL has been moving in a very methodical manner the past few months, and that gives us the ability to set a tight stop at $30, just under the last reaction low. This stock will work better with entries on the pullbacks, rather than momentum entries due to this methodical price action, so that will remain our recommended entry strategy. Picked on March 3rd at $31.50 Change since picked +0.01 Earnings Date 1/29/04 (confirmed) Average Daily Volume = 3.90 mln --- Tyco International - TYC - close: 29.96 change: -0.10 stop: 27.25 There's certainly nothing not to like about our TYC play, as the rebound from the center of the rising channel led price up to test the top of the channel near $30 late last week. The fact that price stalled at the top of that channel is no great surprise either, as that has been the pattern for close to a year now. Chasing TYC higher with momentum entries may work, but it requires sitting through more patience, to sit through the next consolidation before the stock moves in our favor. Due to the slow and deliberate bullish price action, we favor buying the dips in TYC when offered. That means our next shot at a viable entry would be a pullback to the center of the rising channel near $28, supported by the 50-dma ($27.90). Our stop at $27.25 still makes sense, as it is just under the 2/24 intraday low. But traders unwilling to take that much risk can certainly use a tighter stop at $27.75, just under the 50-dma. TYC won't get there quickly, but we still see the stock making a longer-term move towards the $31-32 area, as permitted by the top of the rising channel. Picked on February 29th at $28.57 Change since picked +1.39 Earnings Date 2/03/04 (confirmed) Average Daily Volume = 9.09 mln --- XM Sat. Radio - XMSR - cls: 26.16 chng: +0.21 stop: 24.50*new* After the initial breakout over $24, XMSR needed to do a bit of consolidation before continuing its rally. The ability to hold over the 50-dma ($24.76) was key and price action looked pretty bullish on Friday, with its breakout over the $26 level, which held right into the closing bell. Our target for the play was only to the $27-28 area, so clearly we're getting close to that objective. This close to our goal, new entries on further strength do not make sense unless we expect XMSR to make a run to test its January highs near $30. Should we get an intraday dip back near the 10-dma ($25.00), that can be used for continuation entries, but right now it looks like we're entered the phase of this play where we're just looking to manage for maximum gains. With that in mind, let's raise our stop to $24.50, just under the 50-dma and last Monday's intraday low. Picked on February 25th at $23.95 Change since picked +2.21 Earnings Date 2/12/04 (confirmed) Average Daily Volume = 6.80 mln --- Standard Pacific - SPF - cls: 57.71 chg: +1.13 stop: 54.00*new* Homebuilders have been soaring and leading the pack is SPF. The breakout in the DJUSHB home construction index to new highs has been a big supporting boost but SPF has exceeded the index's gains. On Wednesday this last week SPF announced that new home orders for January and February were up 31% over last year to 1,890 over 1446 and their cancellation rate had dropped 3% to 15%. This last Friday's non-farm payrolls report was also a big boost. The lack of jobs will keep the Fed on hold for what many believe will be the rest of the year. With no immediate threat of a rate hike the bond market soared and yields dropped, which pushed mortgage rates toward their 2003 lows. Given the upcoming spring-summer home buying season investors are looking forward to a big year for homebuilders like SPF. Volume has been pretty strong on the rallies and SPF is already up more than $5.00 from our entry price. Short-term traders may want to consider taking some profits now. In the mean time we're going to raise our stop loss to $54.00. We're going to set our official EXIT price at $59.50. Given the stock's short-term overbought condition we really don't suggest new positions unless SPF offers a dip back toward the $55 level. Annotated Chart: Picked on February 29 at $52.31 Gain since picked: + 5.40 Earnings Date 02/04/04 (confirmed) Average Daily Volume: 468 thousand ============ CLOSED PLAYS ============ -------------------- Closed Bullish Plays -------------------- Linen N Things - LIN - close: 36.19 chg: +0.25 stop: 35.45 The retailers continue to soar boosted by a breakout to new highs in the RLX retail index and a strong performance by Wal-Mart. Of course LIN is doing just fine on its own with a steady string of wins that has sent the stock to new one-year highs. Mid-week we raised the stop loss to $35.45 to protect our gains and set an official exit price of $36.25. Shares of LIN surpassed our goal and hit $36.40 on Friday while maintaining very short-term support at $36.00. We're going to close the play at our planned exit and keep our eyes open for a pullback to consider new positions. Picked on February 08 at $31.64 Gain since picked: + 4.55 Earnings Date 02/04/04 (confirmed) Average Daily Volume: 557 thousand ================================================================= HIGH RISK/HIGH REWARD (HR) section ================================================================= ============ PLAY UPDATES ============ -------------------- Bullish Play Updates -------------------- Maxtor Corp. - MXO - close: 10.21 change: -0.07 stop: 9.40 After getting off to an encouraging start, our MXO play seems to have lost its way over the past few days. The dual resistance provided by the 200-dma ($10.47) and 50-dma ($10.43) was just too much for the bulls, especially with the NASDAQ continuing to struggle with its own resistance at the 50-dma. On the plus side, MXO is holding above support (former resistance) at $10.00 and this has the look of consolidation before staging the expected breakout move over the 50/200-dmas. So taking advantage of the current consolidation looks like a prudent move, so long as price remains above the 20-dma ($9.86). Last week's trend of falling volume supports the thesis of this just being normal consolidation prior to a resumption of the nascent bullish trend. Aggressive traders can consider entries on solid breakout over last week's $10.68 high, but our preference is for pullback entries. Maintain stops at $9.40. Picked on February 25th at $9.98 Change since picked +0.23 Earnings Date 1/21/04 (confirmed) Average Daily Volume = 4.20 mln -------------------- Bearish Play Updates -------------------- Netegrity, Inc. - NETE - cls: 8.84 chng: +0.05 stop: 9.40*new* It hasn't delivered the major breakdown we've been expecting, but NETE is still adhering to its bearish trend of the past several weeks. Each rally attempt is turned back from lower highs, the most recent one being rejected near the 20-dma ($9.21) early last week and leading price back under the key $9.00 level. The concern raised by last week's price action though is that NETE may have put in a higher low. The prior low of $8.27 and last Friday's low of $8.51 could be suggesting the stock is trying to form a near-term bottom. Of course, the other way of looking at it, is that this could just be a repeat of the price pattern seen in early February, as the stock put in a higher low and then proceeded to break down to new recent lows. For now, we'll stick with the bearish thesis until it fails to work, and that means entries on rejections at the 20-dma. Momentum entries can even be considered on a break under the $8.25 level, as that break should lead the stock down towards next support near $7.00. Lower stops to $9.40, just over last Tuesday's intraday high. Picked on February 4th at $9.16 Change since picked -0.32 Earnings Date 1/26/04 (confirmed) Average Daily Volume = 742 K =================================================================Stock Splits ================================================================= Announcements ------------- None ================================================================= 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 (c) 2001-2004 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter Weekend Edition 03-07-2004 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 March 7, 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 March 7th ========================================== ----------------- Earnings Calendar ----------------- Symbol Co Date Comment EPS Est ------------------------- MONDAY ------------------------------- CMGI CMGI Mon, Mar 08 After the Bell N/A KIND Kindred Healthcare IncMon, Mar 08 After the Bell N/A LYG Lloyds TSB Group Mon, Mar 08 Before the Bell N/A LQU Quilmes Industrial Mon, Mar 08 After the Bell 0.62 SSL Sasol Ltd ADR Mon, Mar 08 Before the Bell N/A SGY Stone Energy Mon, Mar 08 After the Bell 0.93 VE Veolia Environnement Mon, Mar 08 -----N/A----- N/A ------------------------- TUESDAY ------------------------------ ABS Albertson's Tue, Mar 09 Before the Bell 0.20 ANN AnnTaylor Stores Tue, Mar 09 After the Bell 0.65 CHC CharterMac Tue, Mar 09 Before the Bell 0.45 HUG Hughes Supply Tue, Mar 09 After the Bell 0.33 TEO Telecom Argentina Tue, Mar 09 After the Bell N/A IPG Interpublic Grp Co Tue, Mar 09 Before the Bell 0.12 KR The Kroger Co. Tue, Mar 09 Before the Bell 0.22 ------------------------ WEDNESDAY ----------------------------- CMS CMS Energy Corp. Wed, Mar 10 Before the Bell 0.24 CMVT Comverse Technology Wed, Mar 10 After the Bell 0.01 DT Deutsche Telekom Wed, Mar 10 Before the Bell N/A EON E.ON AG Wed, Mar 10 Before the Bell N/A IDCC InterDigital Comm CorpWed, Mar 10 Before the Bell 0.07 KKD Krispy Kreme Doughnut Wed, Mar 10 Before the Bell 0.26 MATK Martek Biosci Corp Wed, Mar 10 After the Bell 0.12 MIM MI DEVS INC Wed, Mar 10 Before the Bell N/A ZQK Quiksilver Wed, Mar 10 After the Bell 0.15 TLB Talbots Wed, Mar 10 -----N/A----- 0.40 TECD Tech Data Corporation Wed, Mar 10 -----N/A----- 0.54 ------------------------- THUSDAY ----------------------------- TRMD A/S Dmpskbsslskbt TormThu, Mar 11 -----N/A----- 0.90 ARO Aeropostale, Inc. Thu, Mar 11 After the Bell 0.69 AIZ Assurant, Inc. Thu, Mar 11 Before the Bell N/A BGP Borders Group Inc. Thu, Mar 11 After the Bell 1.51 CLE Claire's Stores, Inc. Thu, Mar 11 06:00 am ET 0.57 CM Coles Myer Thu, Mar 11 -----N/A----- N/A CNO CONSECO INC Thu, Mar 11 Before the Bell 0.50 DEG Delhaize Group Thu, Mar 11 -----N/A----- N/A DKS Dick's Sporting Goods Thu, Mar 11 Before the Bell 0.99 DISH EchoStar Comm Corp. Thu, Mar 11 Before the Bell 0.10 EP El Paso Corp. Thu, Mar 11 Before the Bell -0.05 FCEa Forest City Ent Inc. Thu, Mar 11 -----N/A----- N/A FRED Fred's Thu, Mar 11 Before the Bell 0.34 NSM National SemiconductorThu, Mar 11 -----N/A----- 0.41 ORCL Oracle Thu, Mar 11 After the Bell 0.12 PETC PETCO ANIMAL SUPPLIES Thu, Mar 11 After the Bell 0.44 SHPGY Shire Pharm Group Thu, Mar 11 07:00 am ET 0.49 URBN Urban Outfitters Thu, Mar 11 11:00 am ET 0.42 ------------------------- FRIDAY ------------------------------- ABER Aber Diamond Corp Fri, Mar 12 -----N/A----- 0.24 AEG AEGON N.V. Fri, Mar 12 -----N/A----- N/A VNO Vornado Realty Trust Fri, Mar 12 -----N/A----- 1.08 ---------------------------------------------- Upcoming Stock Splits In The Next Two Weeks... ---------------------------------------------- Symbol Co Name Ratio Payable Executable CLFC Center Financial Corp 2:1 Mar 5th Mar 8th WGO Winnebago 2:1 Mar 5th Mar 8th SSNC SS&C Technologies, Inc 3:2 Mar 5th Mar 8th VAPH Vaso Active Pharma, Inc 3:1 Mar 5th Mar 8th PII Polaris Industries Inc 2:1 Mar 8th Mar 9th LWAY Lifeway Foods, Inc 2:1 Mar 8th Mar 9th MPX Marine Products Corp 3:2 Mar 10th Mar 11th FIC Fair Isaac Corp 3:2 Mar 10th Mar 11th EXC Exelon Corp 2:1 Mar 10th Mar 11th HWFG Harrington West Finl Grp 6:5 Mar 11th Mar 12th CTX Centex Corporation 2:1 Mar 12th Mar 15th BRL Barr Pharmaceuticals 3:2 Mar 15th Mar 16th ATVI Activision, Inc 3:2 Mar 15th Mar 16th CEC CEC Entertainment Inc 3:2 Mar 15th Mar 16th CLZR Candela Corp 2:1 Mar 16th Mar 17th DCOM Dime 3:2 Mar 16th Mar 17th GWR Genesee & Wyoming Inc 3:2 Mar 18th Mar 19th XTO XTO Energy Inc 5:4 Mar 18th Mar 19th HBHC Hancock 2:1 Mar 18th Mar 19th DCI Donaldson Company, Inc 2:1 Mar 19th Mar 22nd -------------------------- Economic Reports This Week -------------------------- The economic reports are weighted toward the end of the week with the biggest economic news coming from the Import/Export numbers, Retail sales, PPI and the preliminary Michigan Sentiment numbers all this week. ============================================================== -For- ---------------- Monday, 03/08/04 ---------------- TQNT & TXN mid-quarter updates Kansas City Fed Manufacturing Index ----------------- Tuesday, 03/09/04 ----------------- Chain Store Sales Redbook Retail Sales Richmond Fed Manufacturing Index ------------------- Wednesday, 03/10/04 ------------------- Trade Balance (BB) Jan Forecast: -$41.6B Previous: -$42.5B Wholesale Inventories (DM) Jan Forecast: 0.4% Previous: 0.5% Crude Oil & Gasoline Inventory numbers ------------------ Thursday, 03/11/04 ------------------ Initial Claims (BB) 03/06 Forecast: N/A Previous: 345K Export Prices ex-ag. (BB) Feb Forecast: N/A Previous: 0.6% Import Prices ex-oil (BB) Feb Forecast: N/A Previous: 0.7% Retail Sales (BB) Feb Forecast: 0.5% Previous: -0.3% Retail Sales ex-auto (BB) Feb Forecast: 0.5% Previous: 0.9% Treasury Budget (DM) Feb Forecast:-$100.0B Previous: -$96.7B Greenspan speaks on Education in Washington DC Natural Gas Inventories Money Supply numbers ---------------- Friday, 03/12/04 ---------------- Business Inventories (BB) Jan Forecast: 0.3% Previous: 0.3% Current Account (BB) Q4 Forecast: $136.2B Previous: -$135.0B PPI (BB) Feb Forecast: N/A Previous: N/A Core PPI (BB) Feb Forecast: N/A Previous: N/A Mich Sentiment-Prel. (DM) Mar Forecast: 95.2 Previous: 94.4 Greenspan speaks at Boston College 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 ONE Bank One Corp 56.49 +0.69 MWD Morgan Stanley 62.22 +0.33 MER Merrill Lynch & Co 64.25 +0.02 MRK Merck & Co 48.10 +0.32 GS Goldman Sachs Group Inc 109.05 +0.53 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- LGND Ligand Pharmaceuticals B 19.49 +0.17 LAB Labranche & Co Inc 12.00 -0.10 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- DB Deutsche Bank Ag 93.50 +0.25 CSR Credit Suisse Group 38.76 +0.52 ACL Alcon Inc 64.98 +0.55 MBT Mobile Telesys OJSC (ADS) 113.26 -1.14 EDS Electronic Data Systems 19.91 -0.49 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- NOC Northrop Grumman Corp 97.83 +0.13 ROST Ross Stores Inc 29.83 +0.09 KMX Carmax Inc 33.78 +0.78 NTLI NTL Inc 64.08 -1.67 TBL Timberland Co 60.95 +0.15 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- ECA Encana Corporation 42.99 +0.90 PEG Public Service Entprs Gr 46.56 +0.21 UCL Unocal Corp 38.67 +0.70 RJR RJ Reynolds Toccaco Hldg 61.08 -0.50 ================================================================= 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 (c) 2001-2004 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
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