PremierInvestor.net Newsletter Thursday 03-18-2004 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: Al Qaeda Expiration Market Sentiment: Not a good sign Watch List: THO, DISH, PRU, PBR ================================================================= MARKET WRAP (view in courier font for table alignment) ================================================================= 03-18-2004 High Low Volume Adv/Dcl DJIA 10295.78 - 4.50 10328.82 10214.15 1.57 bln 1389/1724 NASDAQ 1962.44 - 14.30 1972.31 1947.31 1.66 bln 1431/1787 S&P 100 550.69 - 0.79 552.44 546.32 Totals 2820/3511 S&P 500 1122.31 - 1.44 1125.50 1113.25 W5000 10960.56 - 20.30 10990.90 10875.18 SOX 480.66 - 6.40 578.57 569.23 RUS 2000 574.55 - 4.02 578.57 569.23 DJ TRANS 2830.92 - 16.70 2850.50 2813.10 VIX 18.53 + 0.42 19.23 18.35 VXO (VIX-O)18.62 + 0.48 19.65 18.18 VXN 24.58 - 0.17 25.36 24.32 Total Volume 3,569M Total UpVol 1,222M Total DnVol 2,277M Total Adv 2928 Total Dcl 4004 52wk Highs 255 52wk Lows 33 NasTRIN 1.72 TRIN 1.15 PUT/CALL 0.80 ================================================================= =========== Market Wrap =========== Al Qaeda Expiration News that the number two man in the Al Qaeda organization may expire along with March options lifted the markets off their lows and back to the highs for the week. The rumors were flying fast and the market makers earned their money today keeping the SPX under 1125 and guaranteeing the most SPX options would expire worthless. Dow Chart - 45 min Nasdaq Chart - Daily SPX Chart - Daily Pakistan announced they were in a major battle with Al Qaeda and the tribesmen supporting them and they thought they had a high value target surrounded. The rumors were flying as to what high value target it might be and the latest word was Ayman al-Zawahiri, the number two leader was trapped. The fight was centered around a very heavily fortified area that the military said had been built to withstand a military attack. The military said over 200 heavily armed defenders were surrounded and they were going to bring in air power at dawn Friday to finish them off. It may be some time before we really know who is under the rubble. Fortunately the news came just in time to prevent a market melt down as the indexes were accelerating into a decline just after 12:00. The economic news had been less than encouraging with the exception of Jobless Claims. New claims for last week fell to 336,000 and the lowest level in three years. Also encouraging is the week of the month this report represents. Last week was the survey week for the monthly Jobs Report and that suggests we could have an improved jobs number for March. The PPI for January, yes we finally got it, showed prices jumped twice the amount expected at +0.6% but the majority of the increase was in energy. Gasoline prices were up +14% in January. This was old news and traders breathed a sigh of relief that the long awaited report, delayed due to a new method of accounting, was not substantially worse. Prices rose on capital equipment, vehicles, construction equipment and aircraft due to higher demand. Nobody is going to complain about that. The only category with lower prices was foodstuffs brought on by the Mad Cow panic in January. The Conference Board Leading Indicators was unchanged for February and less than expected. The lower than expected number was caused by a drop in sentiment. This information is produced from previously announced components so the market tends to ignore it. The biggest negative for the day was the Philly Fed Survey which dropped to 24.2 for March from 32.4 in February. This was not exciting news. While it still shows an increasing level of manufacturing there was a substantial drop in several areas. New Orders fell to 21.9 from 27.8 and suggests a slowing in the buying process. Inventories fell back into negative territory at -12.8 from +0.8 last month. Unfilled orders rose to 8.8 from 4.4 and delivery times rose to 19.0 from 7.2. This is confusing as you would think a drop off in business would speed up the delivery process. Because of a shortage of inventories in the entire system it could suggest a shortage of new components and raw materials. Adding to this theory was a drop in the average workweek to 17.9 from 23.6 and a minor drop in employees. Prices paid jumped +10 points which also suggests higher demand for raw materials. The biggest component drop was in the six-month outlook which fell to 36.7 from 51.4. That is a -14 point drop! This report was a shock for traders but it was still a positive report. Only the inventory component was negative. The still positive headline number means manufacturing activity is still increasing but only at a slower pace. The last report was the FOMC minutes for the January meeting. The minutes were fairly calm except for fears of a potential deflationary enemy. The minutes said "In the view of many, some modest further disinflation appeared to be the most likely prospect." That feeling still persists in the recent meeting announcement where they still gave the nod to a potential deflationary scenario as having the highest risk although the risks were "roughly equal". They were still expecting "faster growth in employment" but so far that has been an elusive goal. There was some concern about the potential health of the economy in the second half of 2004 once the tax cut stimulus (refunds) ran their course. The concern was a slowing of demand and potential problems in the consumer area. I do not see any rate hikes any time in the near future based on their valid concerns for lack of robust and continued growth. The uncertain and contradictory economics along with option expiration produced a day that opened with a negative bias after two days of strong gains. Traders started out taking profits and the negative Philly Fed report accelerated that trend. The Dow had fallen to 10214 from yesterday's 10305 close when the rumors hit the wire. Within 30 min the Dow was back to the high of the day at 10328. Most of that was in three candles as traders rushed to cover their shorts. Once the burst of news was over and it was determined that Bin Laden was probably not in the area the excitement begin to fade with the indexes pulling back to support to await a Pakistani update. When the 3:PM bell rang and there was no further drops and no further news those still short began pondering their fate if a surprise announcement hit the wires overnight. Shorts began to cover once again and the Dow jumped +60 points into the close. The Nasdaq followed the same pattern as the Dow only it never returned to yesterday's levels. 1970 remained the current resistance level. This was frustrating to traders because Merrill upgraded the semiconductor sector before the open to overweight. The SOX made it to positive territory but could not hold it and ended down -6 for the day. The real challenge for the day was not the news, economics or al Qaeda. It was option expiration week. Those who bought the bottom on Tuesday took profits and closed those option positions at the open and then paused to determine direction. With the Nasdaq hovering right in the middle of its range for the last six days it was tough to decide what direction we were headed and everybody waited on the sidelines. This was complicated by the max pain points being at the high end of our ranges. The SPX max pain point was 1125 and we have stopped dead on that level for two consecutive days. When the al Qaeda spike hit at 1:15 the S&P futures ran to exactly 1124.80 and stopped dead on huge volume. The short covering rally at the end of the day also stopped at 1124.80 on large volume. Market makers had a serious desire to keep the SPX pinned under 1125 and despite the monster news spike they managed it beautifully. Now they have to hold their breath overnight and hope there is not any news before tomorrows open to upset their plans. Despite the market weakness today, regardless of the cause, there was not any serious problem with stocks. Microsoft was knocked for a minor loss at $24.89 after they announced settlement talks with the EU had broken down. The EU is set to hit MSFT with a fine in the hundreds of millions of dollars after Microsoft refused to make certain changes to Windows. Microsoft said it planned to appeal any ruling in court. A court case could take years to even come to trial and an EU order could force the Microsoft make changes in a matter of months. The EU is demanding that Microsoft sell a discounted version of Windows that does not contain Media Player so that rivals like RealNetworks and Apple have a chance to sell their products. They are also likely to require Microsoft to make their code available so other companies like SUNW can integrate their software into Windows. Microsoft only lost -24 cents on the news but it did close at a new multi month low. We are actually seeing some bullish things shaping up for the current quarter. We are continuing to see companies post good earnings. Adobe earnings tonight were a prime example. They posted earnings of 50 cents when analysts were only expecting 40 cents. They earned a record $423 million and a +43% increase over the same quarter last year. Shares were up +$2 in after hours. This continued trend of better than expected earnings and better than expected guidance, except for Intel, continues to raise the expectations for the first quarter. We are right in the middle of the regular warning cycle and to date we have not had any major confessions and very few minor ones. The quarter is shaping up to be outstanding. The low interest rates should continue, possibly for the rest of the year. All we need is for the economy to catch fire. Countering the bullish thoughts above there is a growing crowd of analysts that are worried about the 3.7% yield on the ten-year note. They claim this is a number that could be telegraphing economic problems ahead that may include another recession. Some people would complain if you hung them with a new rope. There is also the news making the rounds again today that Japan may quit buying bonds to weaken the Yen. They budgeted $100 Billion for that in the first quarter and they have already spent $45B and have twice this week floated the trial balloon that they were rethinking their policy. This could impact rates, the dollar and the equity market. While everyone agrees the economy really needs to be growing faster they also agree it is growing and eventually it will heat up. We still have not seen the impact of the massive flood of income tax refunds that should be hitting mailboxes soon. Large refunds, low interest and spring weather should provide a boost to the economy for the second quarter. The challenge over the next several weeks is to rebuild the bullish sentiment in the market. We suffered a huge sentiment blow over the last two weeks. While the drop to date was only a garden variety profit taking dip any further drops from here could be serious. This coming week is going to be pivotal. We will either move higher and begin battling to recover lost ground or we are going to head for the next lower support level. The odds are very good we are NOT going to just continue trading sideways. We are clearly going to have some volatility at the open as the index options settle and probably some news event movement as well. The rest of the day may expire peacefully. Moving into next week we will not have the options weight hanging over our head and will be free to move without restrictions. One thing is clear, even with the news event spike today the volume was terrible. Only 3.5B shares traded across all markets. This is almost holiday volume and the second consecutive day under 4B. We need a catalyst to get things going again and I do not see anything on the horizon. There are no material economic reports until next Wednesday so we will be left to focus purely on stocks. Friday may not be a stellar day to jump into a position due to all the conflicting forces. Finding somebody important in the Pakistan rubble could provide the stimulus for a short term breakout but there is also the possibility that after today much of the news has been baked into the cake. Enter Passively, Exit Aggressively. Jim Brown Editor =============================== Market Sentiment =============================== Not a good sign - J. Brown After a volatile session the major indices closed mildly lower with tech stocks taking the biggest lumps. Lifting the markets from its midday doldrums was news that Pakistani troops had surrounded what was believed to be Al Qaeda's number two man behind Osama. Should they be successful in capturing or killing him then global markets are likely to have a bullish tailwind going into the weekend. At least that is the general consensus. The growing violence in Iraq as we approach the one-year anniversary of the start of the war is still somewhat unsettling as news channels flash pictures of flaming wreckage. The failure to reach a settlement between software giant Microsoft (MSFT) and the European Union helped depress the software sector. The EU is likely to issue a huge fine totally several hundred million euros. Today's weakness and inability to breakout above the simple 10- dma in the Dow Industrials and the NASDAQ composite is not a good sign. I suspect that investors are still cautious and tomorrow could be weak if we don't get any positive headlines to inspire the markets higher. ----------------------------------------------------------------- Market Averages DJIA ($INDU) 52-week High: 10753 52-week Low : 7929 Current : 10295 Moving Averages: (Simple) 10-dma: 10313 50-dma: 10526 200-dma: 9788 S&P 500 ($SPX) 52-week High: 1163 52-week Low : 843 Current : 1122 Moving Averages: (Simple) 10-dma: 1125 50-dma: 1137 200-dma: 1053 Nasdaq-100 ($NDX) 52-week High: 1559 52-week Low : 1014 Current : 1417 Moving Averages: (Simple) 10-dma: 1425 50-dma: 1487 200-dma: 1377 ----------------------------------------------------------------- Markets churned sideways today and the volatility indices followed suit. CBOE Market Volatility Index (VIX) = 18.53 +0.42 CBOE Mkt Volatility old VIX (VXO) = 18.62 +0.48 Nasdaq Volatility Index (VXN) = 24.58 -0.17 ----------------------------------------------------------------- Put/Call Ratio Call Volume Put Volume Total 0.80 876,364 700,998 Equity Only 0.65 607,071 393,536 OEX 0.78 87,459 68,037 QQQ 3.22 30,566 98,571 ----------------------------------------------------------------- Bullish Percent Data Current Change Status NYSE 71.8 + 0 Bull Correction NASDAQ-100 43.0 + 0 Bear Confirmed Dow Indust. 80.0 + 0 Bull Correction S&P 500 77.0 + 0 Bull Correction S&P 100 85.0 + 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: 1.17 10-dma: 1.64 21-dma: 1.35 55-dma: 1.11 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 1654 1440 Decliners 1158 1575 New Highs 63 40 New Lows 13 19 Up Volume 1178M 1144M Down Vol. 618M 771M Total Vol. 1833M 1960M M = millions ----------------------------------------------------------------- Commitments Of Traders Report: 03/09/04 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 are committing new money to both long and short positions but they are turning more and more bearish in the large S&P contracts. Small traders are holding relatively steady. Commercials Long Short Net % Of OI 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%) 03/09/04 418,394 433,237 (14,843) (1.7%) 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 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% 03/09/04 155,947 88,317 67,630 27.7% 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 Wow! We really saw some money come into the e-mini's this week. Commercial traders added nearly 90K new long contracts and more than 90K new short contracts. They remain net bearish on the S&P. Small traders also added more to their positions but remain net bullish. Commercials Long Short Net % Of OI 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%) 03/09/04 431,623 485,268 (53,645) ( 5.9%) 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 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% 03/09/04 135,233 76,558 58,675 27.7% Most bearish reading of the year: (77,385) - 09/02/03 Most bullish reading of the year: 449,310 - 06/10/03 NASDAQ-100 Commercial traders have slowly been turning more and more bullish on the NASDAQ 100 over the last few weeks. As of March 9th, they hit new extremes surpassing they're last bullish peak dating back to June 11th, 2002. Unfortunately, this reading is before the steep Wednesday-Thursday sell-off this week and before the Thursday morning terror attack in Spain. We'll have to wait until next week to see how commercial traders, or "smart money", reacts to the last few sessions. Small traders have also turned more bullish but they're not hitting extreme readings. Commercials Long Short Net % of OI 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% 03/09/04 57,368 46,082 11,286 10.9% Most bearish reading of the year: (21,858) - 08/26/03 Most bullish reading of the year: 11,286 - 03/12/04 Small Traders Long Short Net % of OI 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% 03/09/04 15,533 8,070 7,463 31.6% 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 or institutions have been slowly growing more and more bullish on the Dow over the last few weeks. Again, this latest data is before the Wednesday-Thursday sell-off and the Thursday terror event but it is encouraging. In contrast small traders have turned more bearish and actually hit a new extreme in their bearishness, surpassing last December's readings. This is a contrarian bullish indicator since small traders tend to be wrong. Yet I would hesitate to draw too many conclusions until we see next week's data and investor reaction to the terrorist attacks. Commercials Long Short Net % of OI 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% 03/09/04 26,867 12,845 14,022 35.3% 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 02/17/04 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%) 03/09/04 7,053 19,159 (12,106) (46.2%) Most bearish reading of the year: (12,106) - 3/09/04 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 --------------------------------- Thor Industries, Inc. - THO - close: 25.10 change: -0.91 WHAT TO WATCH: After plunging through the 200-dma, THO has been trying to hold support near the $24 level for over a week now. Despite the rebound in the broad market, the stock has been largely unsuccessful, and it appears a breakdown will occur soon. Use a trigger under $24 (just below the bottom of the recent consolidation) and target the $20-21 support level. --- EchoStar Communications Corp. - DISH - close: 33.75 change: -1.11 WHAT TO WATCH: It really looked like DISH might make a push to new highs last month, but when the stock tipped over, the sellers really piled on and since then it has broken all of its moving averages and the last failed bounce was rejected at the 100-dma. DISH looks poised to break still lower and entries look favorable on a drop below $33. Target support near $30. --- Prudential Financial Inc. - PRU - close: 52.01 change: +1.23 WHAT TO WATCH: It was nip and tuck for a few days there, but PRU finally managed to stage a strong rebound from the site of its 50-dma and with today's rally back through the 20-dma, the stock is poised fro another assault on its all-time highs just over $48. Use a trigger over $48.25 and look for that breakout move to extend up into the $52-53 area. --- Petroleo Brasileiro - PBR - close: 33.89 change: +1.68 WHAT TO WATCH: Energy related stocks continue to trade strongly and after nearly 3 months of healthy consolidation, PBR looks poised for another breakout to new highs. Use a breakout over $34.75 as an entry trigger and look for a near-term move towards strong resistance at $38. =================== On the RADAR Screen =================== MET $35.65 - With the strong rebound in Insurance stocks over the past few days, MET has reversed its breakdown under the 50-dma and is quickly charging up to test its recent highs near $36. Use a breakout to trigger entries and then target a rally up to the $40 level AUO $19.35 - Shares of AUO barely flinched in the recent round of broad market weakness, dropping briefly to the 20-dma. Showing that demand for the stock is still brisk, it gapped strongly higher this morning and then steadily rallied throughout the session, ending at a fresh all-time high. Entries near this level look favorable for a ride on the bullish train. BG $39.51 - We've looked at BG several times in recent weeks, hoping for an opportunity to take a position in this strong bullish trend. That opportunity appears to have presented itself this week with another dip to the 30-dma and today's strong rally brought the stock within striking distance of another breakout to new highs. Either another dip near the 30-dma or a breakout over $40.10 look favorable for new entries. ================================================================= 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 Thursday 03-18-2004 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 Stock Splits: UNFI 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 ================================================================= Stock Splits ================================================================= Announcements ------------- UNFI grows a 2-for-1 stock split This morning before the opening bell United Natural Foods, Inc. (NASDAQ:UNFI) announced that its Board of Directors had approved a 2-for-1 stock split of its common shares. The split will be payable as a stock dividend. The payable date is April 19th, 2004 for shareholders on record as of March 29th. Following the split UNFI should have close to 39.6 million shares outstanding. The stock will trade ex-dividend on April 20th. About the company: United Natural Foods, Inc. carries and distributes over 32,000 products to more than 14,000 customers nationwide. The Company serves a wide variety of retail formats including conventional supermarket chains, natural product superstores, independent retail operators and the food service channel. (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 CVX ChevronTexaco Corp 89.75 +0.83 COP ConocoPhillips 70.36 +1.46 PRU Prudential Financial 47.00 +1.10 MET Metlife Inc 35.65 +0.70 PBR Petroleo Brasileiro 33.89 +1.68 GD General Dynamics 88.06 +1.11 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- CSGS CSG Systems 17.01 +2.65 GLYN Galyans Trading 9.97 +1.31 EVCI EVCI Career Colleges 12.12 +1.69 HAUP Hauppauge Digital Inc 5.95 +1.46 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- FO Fortune Brands 75.56 +3.73 SII Smith Intl Inc 54.71 +1.61 KMRT Kmart Holdings 37.06 +2.38 ASKJ Ask Jeeves Inc 30.61 +1.26 UNFI United Natural Foods Inc 48.46 +1.54 TASR Taser Intl 62.40 +5.62 DJO DJ Orthopedics 24.30 +2.65 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- CAKE Cheesecake Factory 45.06 -1.97 MLHR Herman Miller Inc 26.76 -2.07 WGO Winnebago Industries 29.91 -3.01 EAC Encore Acquisition 26.15 -1.05 ANSI Advanced Neuromo Sys 37.41 -2.64 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- .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 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
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