PremierInvestor.net Newsletter Thursday 04-01-2004 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: April Fools Market Sentiment: Too Optimistic Watch List: PAAS, MET, AFL, BG ================================================================= MARKET WRAP (view in courier font for table alignment) ================================================================= 04-01-2004 High Low Volume Adv/Dcl DJIA 10373.33 + 15.60 10419.04 10342.59 1.91 bln 2132/1097 NASDAQ 2015.01 + 20.80 2019.09 1996.45 1.82 bln 1980/1148 S&P 100 553.64 + 2.51 555.87 551.12 Totals 4112/2245 S&P 500 1132.17 + 5.96 1135.67 1126.20 W5000 11107.42 + 68.00 11132.06 11039.42 SOX 495.32 + 8.20 498.78 487.12 RUS 2000 595.32 + 5.01 596.15 590.31 DJ TRANS 2918.66 + 23.20 2918.79 2896.76 VIX 16.65 - 0.09 17.25 16.65 VXO (VIX-O)17.15 + 0.42 17.44 17.01 VXN 23.41 - 0.35 24.02 23.32 Total Volume 4,056M Total UpVol 2,907M Total DnVol 1,080M Total Adv 4644 Total Dcl 2576 52wk Highs 563 52wk Lows 28 NasTRIN 0.61 TRIN 0.89 PUT/CALL 0.61 ================================================================= =========== Market Wrap =========== April Fools by Jim Brown AT&T, EK and IP were kicked out of the Dow. Google is seeking employees to work in an oxygen depleted environment. The administration is ready to reinstate cheap generic gasoline and Martha Stewart wants a retrial because a juror may have hit his girlfriend several years ago. Which of these events is not true? Dow Chart - Daily Nasdaq Chart - Daily Actually they are all true to some extent. Google did post an advertisement asking for candidates to work at its lunar hosting facility. "This unique opportunity is available only to highly-qualified individuals who are willing to relocate for an extended period of time, are in top physical condition and are capable of surviving with limited access to such modern conveniences as soy low-fat lattes, The Sopranos and a steady supply of oxygen." http://www.google.com/jobs/lunar_job.html While that may have been the highest profile April Fools joke there were several other news events that could have qualified. Google actually may be regretting its joke because it prompted the announcement of its Gmail.com email service to be seen as an April Fools joke as well. The company was quick to respond that it really was going to offer a web based email service to compete with Yahoo and Hotmail. The service will be free and provide 1000MB of storage per user. Rumor has it that the Google IPO could be as early as the end of April. A little marketing buzz in advance sure did not hurt. The Dow managers did announce today that AT&T, IP and EK were being replaced by PFE, AIG and VZ. AT&T has been in the Dow since 1939 and was also in it for 12 years prior to 1928. EK has been in the Dow since 1930 and IP since 1956. These companies are being replaced as no longer reflective of the broader business environment and not representative of corporate America. AT&T has been cutting off limbs for years and is only a fraction of its former self. Ironically SBC was added to the Dow in 1999 and it was one of the pieces previously split off from AT&T. Eastman Kodak has also shrunk to a much smaller part of the economy with the traditional film market being taken over by overseas companies. Kodak was slow to jump on the digital camera revolution and while they may be on a revitalization program they are no longer a true Dow company according to the managers. International Paper was dropped according to the managers due to materials companies no longer being representative of a broad portion of the US economy. This emphasizes the emergence of high tech and services sectors as more important to overall GDP. Pfizer is the second largest market cap company behind GE and is a natural inclusion into the Dow today. The financial sector will gain additional representation from AIG. The change will take place before the open on April 8th. It will not have any immediate impact on the Dow's level as the index will be rebalanced after the close on Wednesday based on the closing prices of each component. This is done by re-weighting the individual components based on the closing price to equal the index price at Wednesday's close. The Dow is price weighted and as of today's close the price of the three stocks being voted off the island was $86.66 and the three new stocks were worth $145.86. Oil prices dropped substantially to close at $34.27 after the administration said it was considering exempting some states from the stringent emission standards to allow the cheaper and more easily produced gasoline to be used. The unleaded gasoline futures dropped -5% on the news and oil prices broke below recent support. Hold the applause, you would probably not see any impact to pump prices for at least a month. Oil Chart - Daily Rounding out the April Fool questions Martha Stewart does want a retrial based on supposed errors in omission from a juror. Stewart's attorneys claim juror Chappell Hartridge, 47, lied on his paperwork by omitting the fact he had been arrested for hitting his girlfriend in 1997. They claim that a violent act against a woman evidences extreme misogynistic tendencies and made him unfit to sit on a jury with a woman defendant. Hartridge did not mention it because the complaint was dropped and charges were never filed. Grabbing at straws Martha? Moving back into the more mundane events the Jobless Claims fell -3000 from last weeks number but that number was revised up +6000. Net result was number +3000 higher than the number announced last week. This constant backward revision process is a major pain in the accounting process. We just need to have them add the "found" claims to the current number instead of the prior week. It is an economic shell game where they can rearrange the numbers for weeks at a time to impact the outcome. Just report them as they find them and be done with it. Construction spending fell -0.1% and posted the second monthly drop. The prior month was revised down from -0.3% to -0.8%. This report was ignored because of the historical nature, February, and the abundance of more important data. The much delayed PPI number showed a rise of +0.1% and well under consensus estimates of +0.5%. Estimates were higher due to a larger expected impact of higher energy prices. There was some evidence of inflation with core intermediate goods rising +0.9% and core crude goods rising +5.5%. These are very strong jumps and were predicated on the constant rise in commodity prices up +3.5% for durable goods and +12.4% for steel. The ISM Index for March rose to 62.5 and well over consensus estimates of 60.5. This was a strong report and relieved some of the fears that the economy had peaked in January. The internals showed minor improvements but still upward motion in the critical components. Only New Orders, Inventories and Imports declined slightly. Unfortunately the component with the biggest jump was the Prices Paid which jumped from 81.5 to 86.0. This suggests inflation is creeping into the system. The backlog of orders rose to its highest level since the recovery began at 63.5. The current string of five months with the headline number over 60 is the longest string of strong monthly expansion since an eight month string in 1983. ISM Index Component Table The Risk of Recession report rose to 9.4% chance of a new recession and this has been steadily climbing since the low of 3.4% in November. Components impacting this number are the stock market, consumer confidence, jobless claims and average work week. At 9.4% this is still not a problem but bears watching over the next couple months. After the close today Gateway announced it was closing all of its retail stores and 2500 employees would be laid off from the move. Gateway said it was continuing to lose money from the retail side after the eight year effort. They are continuing to seek other methods to market their products but for now they are depending on phone and web orders. Gateway rose in after hours trading after the announcement. Airlines gained a little ground after the drop in oil prices but still remain under pressure. Every $1 price in the cost of oil translates to a $500 million loss to the airlines on an annual basis. Considering they will lose $2.1 billion as a group in 2004 they still need a lot of help. The odds are good today's drop in oil is only temporary. The first quarter ended on Wednesday and it was the first losing quarter by the Dow in a year and the first by the Nasdaq in six quarters. The indexes resolved to not let it happen again and stormed out of the gates this morning with strong gains. The Dow rallied to 10419 and the Nasdaq to 2019 before sellers appeared. The rest of the day was a low volume battle as traders positioned themselves in front of the jobs report due out on Friday. The indexes did jump at the close on either short covering or positioning and the Nasdaq is now positive for the year at 2013. Just a day to late for the calendar historians. The gains for today where muted despite closing at new two week highs. The bets have been placed and everyone is waiting for the only economic report due out tomorrow. The Jobs report is still drawing high profile estimates from analysts but the official consensus is still 100,000. The official whisper number (a contradiction of terms?) is now 125,000 but reality may be much different. There is a way for institutions to purchase options on the expectations for the report. This allows them to place bets or hedges on the announcement. The highest volume of options today were in the 50K-75K range which indicate the real consensus is a lot lower than the 125K to 250K being tossed about in the media. Jobs Table - Last Nine Months Unless the number is well over 100K it is likely to be seen as less than exciting. However, with the better than expected ISM today and the coming earnings cycle there is an outside chance that a consensus number may actually be met with buyers. While I think the expectations are already priced in the bullishness in today's market could be pointing to an April earnings run. The jobs number may be seen as a green light if it is just not as bad as some fear. Obviously everybody has an opinion about tomorrow's outcome and when the bad news bulls are in control the answer may not matter. From a technical standpoint we are very extended from last weeks lows and we are facing a weekend ahead. The odds for some profit taking before the close are very good. If we do move higher the Dow has resistance at 10450 and the Nasdaq at 2050. Both of those levels could be reached on Friday with any decent jobs news but odds are good they will not hold into the close without a blowout. Remember a very strong jobs number dramatically increases the chance for a Fed rate hike sooner rather than later. Keep those stops tight on any bounce and look for another potential buying opportunity next week. Enter Passively, Exit Aggressively. Jim Brown Editor =============================== Market Sentiment =============================== Too Optimistic - J. Brown The markets were a lot more bullish than they may have appeared on Thursday. Oh sure the Industrials, the NASDAQ and the S&P 500 were all positive but the internals were stronger than you might have expected. Advancing issues outpaced decliners 2-to-1 on the NYSE and 19-to-11 on the NASDAQ. Up volume was very strong at more than twice the down volume on the NYSE and nearly three times down volume on the NASDAQ. Only five out of the 25 sector indices that we follow were red today and only the oil service stocks really felt any selling. This is not what you'd expect from a market that's supposed to be worried about tomorrow's non- farm payrolls number. Therein lies the problem. The markets don't appear to be too worried. Yes, we've churned mostly sideways the last three days and the Chicago PMI's employment component unsettled many investors. But that was all forgotten when the ISM employment number turned out so well this morning. Suddenly instead of hoping that we just meet the government's estimates of 125,000 new jobs we're hearing rumors that the whisper number on Wall Street is 200K or more. That smells like a big set up for a disappointment, especially since the jobs report has disappointed us four times in a row. Don't get me wrong. I'd love to hear a strong jobs number. Then we could focus on what should be a very bullish earnings season. The challenge here is that when everyone's leaning one way the market tends to come up with a surprise. All three of the major indices have rallied toward overhead resistance at the 50-dma's, although the Industrials are a bit farther away than the NASDAQ and S&P 500. If the jobs number is good we're set up for a big blow out. If not it's the perfect place to short with resistance directly overhead. It's not that often that you see the VXO and the markets moving the same direction. It happened today because traders were buying more puts to protect themselves from a negative surprise. I'd say investors are optimistic but the smart ones are expecting a disappointment. Trade carefully! ----------------------------------------------------------------- Market Averages DJIA ($INDU) 52-week High: 10753 52-week Low : 7979 Current : 10373 Moving Averages: (Simple) 10-dma: 10233 50-dma: 10464 200-dma: 9843 S&P 500 ($SPX) 52-week High: 1163 52-week Low : 847 Current : 1132 Moving Averages: (Simple) 10-dma: 1111 50-dma: 1133 200-dma: 1059 Nasdaq-100 ($NDX) 52-week High: 1559 52-week Low : 1018 Current : 1453 Moving Averages: (Simple) 10-dma: 1415 50-dma: 1463 200-dma: 1386 ----------------------------------------------------------------- It's not often that we see both the markets and the volatility indices moving the same direction. Well, at least the VXO was higher today and probably due to traders buying puts to protect themselves from any unpleasant reactions if the jobs number disappoints. CBOE Market Volatility Index (VIX) = 16.65 -0.09 CBOE Mkt Volatility old VIX (VXO) = 17.15 +0.42 Nasdaq Volatility Index (VXN) = 23.41 -0.35 ----------------------------------------------------------------- Put/Call Ratio Call Volume Put Volume Total 0.61 862,321 524,115 Equity Only 0.47 676,577 317,796 OEX 1.22 26,575 32,342 QQQ 2.12 33,229 70,430 ----------------------------------------------------------------- Bullish Percent Data Current Change Status NYSE 71.6 + 1 Bull Correction NASDAQ-100 44.0 + 5 Bear Correction Dow Indust. 83.3 + 3 Bear Confirmed S&P 500 74.8 + 1 Bear Confirmed S&P 100 78.0 + 1 Bull Correction 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: 0.81 10-dma: 1.23 21-dma: 1.41 55-dma: 1.16 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 1877 1941 Decliners 954 1129 New Highs 231 151 New Lows 8 7 Up Volume 1290M 1308M Down Vol. 547M 442M Total Vol. 1853M 1797M M = millions ----------------------------------------------------------------- Commitments Of Traders Report: 03/23/04 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 pared back their positions in both long and short plays but they remain next short, which is a change in sentiment over last week. Small traders significantly altered their short positions but remain net long. Commercials Long Short Net % Of OI 03/02/04 411,932 418,936 (7,004) (0.1%) 03/09/04 418,394 433,237 (14,843) (1.7%) 03/16/04 454,635 449,505 5,130 0.6% 03/23/04 401,456 418,732 (17,273) (2.1%) 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 03/02/04 148,383 84,135 64,248 27.6% 03/09/04 155,947 88,317 67,630 27.7% 03/16/04 159,054 115,023 44,031 25.3% 03/23/04 130,648 89,943 40,705 18.5% 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 Commercial traders chopped off a large chunk of open positions from both their longs and shorts and what was left behind is their most bullish reading in weeks. Small traders are still bullish too. Commercials Long Short Net % Of OI 03/02/04 344,805 395,112 (50,307) ( 6.8%) 03/09/04 431,623 485,268 (53,645) ( 5.9%) 03/16/04 472,809 574,241 (101,432) ( 9.7%) 03/23/04 268,647 294,930 (26,283) ( 4.7%) 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 03/02/04 119,382 67,453 51,929 27.8% 03/09/04 135,233 76,558 58,675 27.7% 03/16/04 192,136 96,691 95,445 33.0% 03/23/04 131,879 59,210 72,669 38.0% Most bearish reading of the year: (77,385) - 09/02/03 Most bullish reading of the year: 449,310 - 06/10/03 NASDAQ-100 We see the same reduction in outstanding positions in the NDX futures but commercial traders have become more bullish on the NASDAQ while small traders have become bearish. Commercials Long Short Net % of OI 03/02/04 49,959 41,059 8,900 9.8% 03/09/04 57,368 46,082 11,286 10.9% 03/16/04 68,285 54,899 13,386 10.9% 03/23/04 52,014 34,017 17,997 20.9% Most bearish reading of the year: (21,858) - 08/26/03 Most bullish reading of the year: 13,386 - 03/16/04 Small Traders Long Short Net % of OI 03/02/04 11,605 7,128 4,477 23.9% 03/09/04 15,533 8,070 7,463 31.6% 03/16/04 27,859 18,333 9,526 20.6% 03/23/04 9,884 12,887 (3,003) (13.2%) 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 Ouch! Commercial traders have switched from bullish to almost bearish with a large drop in long positions and a big jump in shorts. Meanwhile small traders have moved from strongly bearish to bullish. Commercials Long Short Net % of OI 03/02/04 27,594 14,166 13,428 32.2% 03/09/04 26,867 12,845 14,022 35.3% 03/16/04 32,317 17,514 14,803 29.7% 03/23/04 23,048 22,119 929 2.1% 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 03/02/04 6,898 15,874 (8,976) (39.4%) 03/09/04 7,053 19,159 (12,106) (46.2%) 03/16/04 10,002 20,970 (10,968) (35.4%) 03/23/04 8,344 6,734 1,610 10.7% 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 --------------------------------- Pan American Silver Corp. - PAAS - close: 18.76 change: +0.94 WHAT TO WATCH: We've looked at PAAS a couple times in the recent past, waiting for the breakout over the top of the consolidation flag and that breakout arrived today, with the stock gaining more than 5% to close at a new all-time highs. Dips back to the $18.25-18.50 area look favorable for continuation entries, targeting a long-term move up towards the $24.50 PnF bullish price target. Chart= --- Metlife Inc. - MET - close: 35.89 change: +0.21 WHAT TO WATCH: Insurance stocks continue to hold near their recent highs and MET is on the verge of a breakout to new recent highs. The stock has been wedging up under the $36 level, with the 50-dma continuing to act as support. Use a breakout over the $36 level as an entry trigger and target a run towards the $40 level. Chart= --- AFLAC Inc. - AFL - close: 40.89 change: +0.75 WHAT TO WATCH: Pulling back with the rest of the market, AFL spent the past few weeks building a new base just above the 50- dma and with today's strong move, it looks like the stock has begun its next push up to test its February highs near $41.50. Use a trigger over that level and target a run to the $45-46 area. Chart= --- Bunge Limited - BG - close: 41.00 change: +0.78 WHAT TO WATCH: Shares of BG have finally emerged from their recent consolidation this week, capped off by yesterday's solid breakout over $40, with continued strength today bringing the stock to the $41 level on expanding volume. This looks like the breakout we've been waiting for and entries look favorable near current levels for a rally up towards the $45 level. Chart= --- =================== On the RADAR Screen =================== CA $27.69 - As a testament to the fact that Technology stocks are coming back to life, CA broke above its descending trendline on Thursday, and on expanding volume. A slight pullback near $27 (the site of the breakout) will afford the best entries, ahead of a continued rally up to challenge the January highs just below $30. LUV $14.34 - It has been a tough road, but it looks like LUV has finally solidified its breakout above the 3-month descending channel and the stock rose right to its 50-dma on Thursday. A breakout over that average can be used for new entries, seeking a rally up to strong resistance in the $16.00-16.50 area. SANM $11.34 - After being successfully supported at the 200-dma last week, shares of SANM have risen right to near-term resistance at $11.50 and look ready to make a run at a near-term breakout. Use a trigger over $11.50 and look for a near-term rally towards the $13 resistance level. Take note of the reality that there is likely to be some significant resistance in the $11.25 area, at the junction of the 50-dma and 100-dma. ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to remove@PremierInvestor.net ================================================================= 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 advertising@PremierInvestor.net. ***************************************************************** Copyright ) 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter Thursday 04-01-2004 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: FNF, SIRI 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 ================================================================= FNF - long Adjust from $36.90 up to $38.00 SIRI - long Adjust from $2.95 up to $3.05 ================== 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 PPG PPG Industries 59.17 +0.87 AZO Autozone Inc 86.71 +0.74 MSA Mine Safety Appliance 29.25 +0.89 ACS Affiliated Computer Srvc 52.90 +1.00 EXP Eagle Materials Inc 59.75 +0.90 MRK Merck & Co 44.79 +0.60 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- NANO Nanometrics Inc 17.43 +2.12 STST Sensytech Inc 16.75 +1.23 PANL Universal Display Corp 13.88 +1.05 EVCI EVCI Career Colleges 13.70 +1.09 NANX Nanophase Tech 11.16 +1.24 APN Applica Inc 12.30 +1.06 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- JBX Jack In The Box 28.83 +3.86 NVEC NVE Corp 50.83 +3.15 ACCL Pharmacopeia Inc 22.10 +1.98 EBAY Ebay Inc 72.25 +2.97 FNF Fidelity National Financial41.06 +1.46 SAFC Safeco Corp 44.23 +1.11 POT Potash Corp 85.91 +2.74 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- HRB H&R Block 49.07 -1.96 EK Eastman Kodak 25.10 -1.07 PCO Premcor Inc 29.71 -1.26 CEC CEC Entertainment 33.10 -1.60 NDC NDChealth Corp 22.70 -4.45 CALM Cal-Maine Foods 32.96 -2.64 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- SUN Sunoco Inc 59.54 -2.84 WMT Wal-Mart Stores 58.35 -1.34 ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to remove@PremierInvestor.net ================================================================= 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 advertising@PremierInvestor.net. ***************************************************************** Copyright 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
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