PremierInvestor.net Newsletter Tuesday 04-06-2004 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: Wrong Number Watch List: ADBE, SPW, JBLU, MACR Market Sentiment: Stocks Catch Their Breath ================================================================= MARKET WRAP (view in courier font for table alignment) ================================================================= 04-06-2004 High Low Volume Adv/Dcl DJIA 10570.81 + 12.40 10570.81 10505.11 1.79 bln 1175/2087 NASDAQ 2059.90 - 19.20 2068.27 2053.32 1.78 bln 1092/2076 S&P 100 561.58 - 1.28 562.86 559.07 Totals 2267/4163 S&P 500 1148.17 - 2.40 1150.57 1143.30 W5000 11239.80 - 40.10 11279.90 11200.54 SOX 508.07 - 10.60 518.70 502.36 RUS 2000 599.33 - 7.06 606.39 599.28 DJ TRANS 2974.84 + 19.20 2982.45 2947.97 VIX 15.32 + 0.35 15.53 15.07 VXO (VIX-O)14.49 + 0.61 14.96 14.34 VXN 22.23 + 1.12 22.24 21.28 Total Volume 3,786M Total UpVol 1,242M Total DnVol 2,474M Total Adv 2494 Total Dcl 4637 52wk Highs 421 52wk Lows 58 TRIN 1.00 NAZTRIN 1.06 PUT/CALL 0.82 ================================================================= =========== Market Wrap =========== Wrong Number by Jim Brown Nokia dialed a wrong number for the markets on Tuesday and the result was a serious drop in tech stocks. Apparently more cell phone buyers are opting for the cheap phones instead of those laden with expensive and profitable features. This is simply a case of the market looking for an excuse to take profits. Dow Chart - Daily Nasdaq Chart - Daily Russell Chart - Daily Wilshire 5000 - Chart While it may sound strange to claim that the warning was just an excuse I believe the facts are clear. Nokia said their Q1 revenue would be almost $8 billion. That is a lot of phones and it is only -2% below last years levels. That may not seem like a positive sign but there were other points that bear mentioning. Nokia said industry growth rose +25% for the quarter. This is a huge number considering the saturation level of phones already. Nokia was killed on the news as well as chip companies supplying the internals for the phones. The entire market was taken down a notch. Think about it for a second. If the market grew +25% then somebody got the business. Odds are good Motorola picked up significant share with Ericsson and Qualcomm also gaining points. The chip companies that were cut on the news still produced chips for that +25% growth only they did not sell them to Nokia. The problem as I see it is a Nokia problem. They simply did not have the right product mix and the little guys chipped away at their market share and profits. If the sector grew at a +25% rate that cannot be bad news. The markets closed right at strong resistance yesterday after more than a week of a strong rebound. The Asian markets were not weak with the Nikkei hitting a 32 month high overnight. The Nokia warning was just a trigger for funds who were already nervous and had their finger on the trigger. The economic reports today were positive and did not add to the negative bias. Retail Sales were weak at +0.3% but still better than last weeks -1.9% drop. The better news was the Challenger Layoff Report which showed layoffs fell -12% in March to only 68,034 and the lowest level since June-2003. This should be good for the April Jobs report. The year over year change was a drop of -20%. The sector with the biggest drop was not manufacturing but financial services. This could be due to the wave of acquisitions in the sector and the resulting layoffs. Just yesterday Banc America announced a cut of -12,500 jobs as the result of the Fleet Boston merger. Cost cutting is still the motivating factor and the current productivity surge will continue to require fewer workers. The continued drop in layoffs despite the rising growth in productivity is a positive sign the economy is still growing. After the bell Alcoa missed estimates by two cents with earnings that were +135% over the same period last year. The stock dropped in after hours in yet another example of traders looking for an excuse to sell. A +135% jump in earnings and the stock was punished because analysts were over aggressive with their estimates. The AA CEO said demand for aluminum fabricated products was the highest level in three years and that was driving prices even higher. He said this trend would provide even higher profitability in the second quarter. Alcoa's revenue rose to $5.7 billion and the highest in nearly three years. This was NOT a bad earnings report yet the futures dove in after hours. The biggest impact to the after hours futures drop came from Seagate Technology. They are the biggest disk drive maker for computers. STX warned for the second time in the last five weeks and cut estimates to seven cents from 20 to 30 cents they had predicted in January. This is the killer comment. They said demand for computer disk drives had fallen far below guidance primarily in notebooks. They said notebook demand for the quarter was one million drives less than previously expected. That is a -7% drop from the 14-14.5 million drives and they said the backlog from the weak demand would probably carry over into the June quarter. Remember Intel getting killed over the last month because of weak notebook sales? Looks like the problem has not been resolved. They said full size PC drives were also weak and could be another million drives below plan. This is a major blow to the expanding IT spending theory. Removing two million drives from actual Q1 demand could mean two million fewer PCs will be sold. Obviously this is not a direct one-to-one correlation but it would be close. The number of drives sold as components into the retail market would be only a small fraction of the total demand. We had other warnings from techs EPNY and BRKT yesterday but this CTX warning is much higher profile. The markets are showing a much weaker opening tomorrow from the after hours news events above. That is not the whole story. The markets ended weak today, far weaker than the Dow was showing at +12 for the day and a close right at the high of the day. The problem came from the Russell. The Russell was also weak on Monday and only rallied on a broad based buy program at the close. The Nokia warning this morning intensified that weakness. We talked all last week about the window dressing and the strong rally in small caps from that dressing. We discussed the potential for window undressing this week if retirement fund flows were weak. The Nokia warning simply gave those wanting to lighten up an excuse to hurry. The Russell had closed at significant resistance on Monday and right at the all time closing high. It has failed here on each attempt since March of 2000. Many had high hopes it would break through on this attempt and lead the rest of the index higher into the April earnings period. After the close today the STX warning sent the Russell futures plunging even farther. What I thought we were seeing on Tuesday was a rotation out of small caps and into the big caps as evidenced by the Dow breaking out to a new high while the Russell was setting new lows. This would indicate that funds were still interested in being long the market but were moving to the safety of liquidity. That theory could be tested on Wednesday if the big caps fall as well. Another event after the bell was the 7E7 engine award by Boeing. GE and Rolls Royce were awarded the contracts and UTX Pratt and Whitney was the loser. This could put some pressure on the Dow at the open with minor gains going to GE because the size of the contract is still unknown. It could put more pressure on UTX because it lost out on what is expected to be more than 2,000 aircraft over the life of the product. Because the Dow is price weighted the impact to $89 UTX will more than offset the minor gain to $31 GE. Boeing will likely be neutral. GE has earnings on Thursday and that could weigh on the stock. The Dow also should begin to see pressure from the Dow rebalancing as funds increase selling in EK, IP and T. There are not a lot of funds indexed to the Dow with only about $20 billion according to current estimates. By comparison there is $1.2 trillion indexed to the S&P 500. The changeover occurs on Thursday and $20B of EK, IP and T is a lot of stock to sell. Earnings due out tomorrow include DNA, YHOO, RIMM, CBK, CKR and PERY. Clearly the big gun is YHOO and it was downgraded on Tuesday. There are quite a few analysts that think the increasing competition and over valuation from the strong rebound will clash with their announcement tomorrow night. The Dow moved slowly closer to the 10600 level at the close and very close to the 10600-10650 resistance range. With the news after the close we probably will open much closer to the 10500 range. The overhead resistance is very strong and the cracks in the foundation could make it tough to move higher. This suggests that should we actually make a higher move it would be strong confirmation that the bulls are back to stay. The Nasdaq is going to be the weakest link on Wednesday based on the STX. The Nasdaq closed at 2077 yesterday and 2057 today. The overnight decline in disk drives, chips and PC stocks is going to make 2000 a real target if this weakness catches on. The Russell failed at 605 and is trading at the lows at 595 overnight. This is going to be a real drag on the Nasdaq. The key for the rest of the week is going to be expectation. If the expectations for the April earnings have been damaged then we have a rough road ahead. I think the Alcoa earnings would be ignored and even cheered tomorrow but the STX stink bomb could linger. While the Russell and Wilshire had been rising to their highs the Nasdaq and Dow were still well below equivalent resistance. There needs to be some strong earnings performance over the next couple days to provide assurance that these were random events or the house of cards may crumble. This is normally a bullish week with Thursday a strong day. That sets up a potential for a dip buy at tomorrow's open and a rally into Thursday afternoon. Then what? A late news flash just said 12 marines were killed in Iraq in the strongest fighting since the end of the war. There is talk about sending more soldiers to Iraq instead of reducing the force. This will not help sentiment going into the Easter holiday. Also, what happened to the terrorist threat? Would a three day Easter holiday provide an opportunity to strike at the predominately Christian population in the US on a high profile religious holiday? I am not speculating that traders will dump stocks before the weekend with a strong earnings schedule next week but it is possible. We saw no fear last weekend on top of a week of gains but there was no excitement on Friday either. I am thinking we lost a lot of bullish sentiment over the last couple days and the April earnings run could be losing traction. That is not to suggest it won't return with a bang on Monday but the rest of this week could be a coin toss. I plan on buying the dip on Wednesday for a quick two day trade but then my risk profile is different than most. One thing I will not be doing is shorting TASR. The stock was hit with a drop at 12:30 on news that some bad guys hit with a Taser eventually died in custody. The company quickly responded that NONE of the deaths had been attributed to the Taser and there was no correlation. Then, in what appeared to be a pure stock price manipulation scheme they announced a 2:1 split 30 min later. The stock jumped +$15 on the news and shorts got killed once again. 40% of the stock was short for the latest available period. It currently has a PE of 247 and insiders are dumping stock. The CFO just sold 100% of his according to one report today. While this is a highly visible short target the company has shown no reluctance to manage the price. I will pass. Enter Passively, Exit Aggressively. Jim Brown Editor ================================================================== WATCH LIST ================================================================== The PremierInvestor.net watch list is not designed to be read as full fledged stock picks. Rather we would prefer to offer it as an extra tool in today's investor toolbox. Think of it as a radar screen with your own radar operator pointing out interesting developments, technical patterns or potential plays that you may or may not have seen on your own. Due to time constraints we do glance at the news but rarely do we have time to fully read pertinent news stories, due background research and other necessary screens that investors should do before making a decision. A common exercise is to read the entry, glance at the sector and other stocks in that industry and then compare what's happening in the stock to what's happening in the broader market indices. We hope you enjoy the Watch List and that it proves to be a useful tool for your own trading success. STOCKS WORTH WATCHING --------------------------------- Adobe Systems, Inc. - ADBE - close: 41.46 change: +0.11 WHAT TO WATCH: Following its strong rebound from the March lows, ADBE finally managed to turn its PnF chart bullish last week by trading $41 and the stock is continuing to look strong. Bullish entries look favorable near current levels, targeting a continued rally towards strong resistance near $45. --- S P X Corp. - SPW - close: 46.01 change: +0.26 WHAT TO WATCH: After plenty of gyrations following the February selloff, shares of SPW look like they are finally ready to break into the gap left behind. Use a trigger over $46.75 and target a rally up to the $50 level, right where the 200-dma lies in wait as potential resistance. --- JetBlue Airways Corp. - JBLU - close: 27.29 change: +1.05 WHAT TO WATCH: News of an improvement in traffic for the month of March finally broke JBLU out of the funk it's been in lately, with the stock powering through its 100-dma on very strong volume. This sets the stage for a run towards resistance at the 200-dma and then stronger resistance up near $34. Aggressive traders can enter near current levels, while the more conservative approach will be to require a breakout over today's high. --- Macromedia Inc. - MACR - close: 20.01 change: -0.72 WHAT TO WATCH: Giving us a nice trading range to exploit, MACR is just starting to tip over from the top of the $17.50-21.00 range in which it has been mired for the past several months. Aggressive traders can establish bearish positions in the $20-21 area, looking for a drop back to the bottom of the range, targeting exits near the $18 level. --- =================== On the RADAR Screen =================== SNDK $31.45 - After a long and persistent downtrend, SNDK broke out on Friday and continued to surge on Monday, easily clearing the 200-dma. A dip to retest the 200-dma or a breakout over $32 look like viable entry setups ahead of a continued rally towards strong resistance at $36. JNY $38.16 - Favorable news on JNY's proposed acquisition of the Maxwell Shoe Company sent the stock soaring today, breaking out to its best level since the middle of 2002. Trigger entries on a move above today's high and target a move up to next strong resistance at $41-42. =============================== Market Sentiment =============================== Stocks Catch Their Breath - J. Brown Stocks finally paused after an eight-day sprint higher from their late March lows. Overall the profit taking, which was focused on tech stocks, wasn't that bad and certainly overdue. Wall Street's focus is turning to earnings season and so far the first stocks out of the gate are stumbling. Aloca (AA) missed by 2 cents while Nokia (NOK) pre-announced an earnings warning that profits would fall toward the low end of their guidance. This is not encouraging news but investors seem hopeful that these "misses" are stock-specific. Currently First Call predicts that earnings this season will be up 17% to 20% over last year. The focus tomorrow will be on YHOO's and RIMM's earnings reports after the closing bell and GE's report on Thursday. My concern is that the market has bounced so strongly from its March lows that investors will use any news (good or bad) as an excuse to take profits. Thankfully April is historically a bullish month and a number of market forecasters believe positive earnings news will actually fuel the next leg higher in stocks. ----------------------------------------------------------------- Market Averages DJIA ($INDU) 52-week High: 10753 52-week Low : 8145 Current : 10570 Moving Averages: (Simple) 10-dma: 10352 50-dma: 10458 200-dma: 9862 S&P 500 ($SPX) 52-week High: 1163 52-week Low : 862 Current : 1148 Moving Averages: (Simple) 10-dma: 1125 50-dma: 1133 200-dma: 1061 Nasdaq-100 ($NDX) 52-week High: 1559 52-week Low : 1018 Current : 1493 Moving Averages: (Simple) 10-dma: 1449 50-dma: 1460 200-dma: 1390 ----------------------------------------------------------------- Volatility indices gapped higher at the open but faded lower through most of the session. They remain near their lows and suggest investors remain confidently bullish. CBOE Market Volatility Index (VIX) = 15.32 +0.35 CBOE Mkt Volatility old VIX (VXO) = 14.49 +0.61 Nasdaq Volatility Index (VXN) = 22.23 +1.12 ----------------------------------------------------------------- Put/Call Ratio Call Volume Put Volume Total 0.82 846,971 692,316 Equity Only 0.69 728,128 505,325 OEX 1.61 18,173 29,200 QQQ 1.26 193,327 243,849 ----------------------------------------------------------------- Bullish Percent Data Current Change Status NYSE 74.1 + 1 Bull Correction NASDAQ-100 53.0 + 3 Bear Correction Dow Indust. 83.3 + 0 Bear Confirmed S&P 500 76.8 + 0 Bear Confirmed S&P 100 79.0 + 0 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: 0.78 10-dma: 0.76 21-dma: 1.31 55-dma: 1.14 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 1116 1015 Decliners 1721 2078 New Highs 129 127 New Lows 35 12 Up Volume 629M 540M Down Vol. 1070M 1170M Total Vol. 1716M 1768M M = millions ----------------------------------------------------------------- Commitments Of Traders Report: 03/30/04 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 Not much change in the commercial traders' positions this past week. Small traders turned a little less bearish. Commercials Long Short Net % Of OI 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%) 03/30/04 407,987 420,624 (12,673) (1.5%) 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 03/09/04 155,947 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% 03/30/04 130,112 81,937 48,175 22.7% 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 Almost the same holds true here. Commercial traders edged up their short positions but not by much. Small traders turned a little less bullish. Commercials Long Short Net % Of OI 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%) 03/30/04 265,492 305,797 (40,305) ( 7.1%) 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 03/09/04 135,233 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% 03/30/04 123,494 59,550 63,944 35.0% Most bearish reading of the year: (77,385) - 09/02/03 Most bullish reading of the year: 449,310 - 06/10/03 NASDAQ-100 Whoa! Commercials turned bearish on the NASDAQ just before it broke out over resistance. Unless that's a typo by the COT it will be interesting to see how that number changes next week. Small traders turned more bearish. It's been a painful week for everyone here. Commercials Long Short Net % of OI 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% 03/30/04 52,749 67,967 (15,218) (12.6%) 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 03/09/04 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%) 03/30/04 8,928 16,551 (7,623) (30.0%) 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 Very little change in commercial traders' positions while small traders pared back their longs. Remember, these numbers are prior to the jobs report on Friday. Commercials Long Short Net % of OI 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% 03/30/04 23,642 22,180 1,462 3.2% 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 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% 03/30/04 7,020 6,711 309 2.3% Most bearish reading of the year: (12,106) - 3/09/04 Most bullish reading of the year: 8,523 - 8/26/03 ----------------------------------------------------------------- ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright ) 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter Tuesday 04-06-2004 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: IMOS Stock Splits: BEBE, TASR 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 ================================================================= IMOS - tech long play Actually we are not changing our stop from $10.45 but readers might note that the intraday low says $10.23. That's actually a bad tick that should be corrected by the charting services. However, we will add that today's close under the $11.00 mark is not a good sign and we could be stopped out tomorrow. ================================================================= Stock Splits ================================================================= Announcements ------------- BEBE fashions a 3-for-2 stock split This morning before the opening bell bebe stores, Inc (NASDAQ:BEBE) announced that its Board of Directors had approved a 3-for-2 stock split. Instead of doing the usual 3 shares for every 2 shares owned BEBE is going to split each share owned on April 21st, 2004 into 1.5 shares. The distribution date is May 5th and BEBE will trade split adjusted on May 6th. Post-split BEBE will have approximately 39 million shares outstanding and the company will increase the number of authorized shares from 40 million to 60 million. Fractional shares will be paid for in cash. About the company: bebe stores, inc. designs, develops and produces a distinctive line of contemporary women's apparel and accessories, which it markets under the bebe and BEBE SPORT brand names. bebe currently operates 191 stores, of which 173 are bebe stores and 18 are BEBE SPORT stores. These stores are located in the United States and Canada. (source: company press release) --- TASR electrifies with another 2-for-1 split In the middle of afternoon trading TASER Intl (NASDAQ:TASR) announced that it would declare another 2-for-1 stock split in the form of a 100% stock dividend. The payable date for the split is April 29th, 2004 for shareholders on record as of April 15th. Post-split TASR should have close to 28.3 million shares outstanding. The company also refuted claims from CBS evening news that 40 people had died while in police custody after being hit with a TASER energy weapon. About the company: TASER International, Inc. provides advanced less-lethal weapons for use in the law enforcement, private security, and personal defense markets. Its flagship ADVANCED TASER. M26 product uses proprietary technology to incapacitate dangerous, combative, or high-risk subjects that may be impervious to other less-lethal means. Its latest product, the TASER X26 is 60% smaller and lighter than the ADVANCED TASER M26 and reduces injury rates to suspects and officers, thereby lowering liability risk and improving officer safety. TASER. technology is currently in testing or deployment at over 4,000 law enforcement and correctional agencies in the U.S. and Canada. (source: company press release) ================== Trading Ideas ================== This section contains stocks that meet criteria which may make them of interest to long and short side traders. These are not recommendations, nor have they been reviewed by PremierInvestor editors for investment potential. However, each of them has technical and fundamental characteristics that make them worthy of further review by traders and investors looking for fresh ideas. New stocks will appear daily following the market close. Value Plays With Bullish Signals --------------------------------- Ticker Company Name Close Change GSK GlaxoSmithKline 40.65 +1.00 HBC HSBC Holdings 75.64 +0.61 SC Shell Transport & Trading 41.15 +0.54 UTX United Technologies 89.75 +0.52 COF Capital One Financial 76.82 +0.62 GD General Dynamic 93.17 +1.15 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- TUP Tupperware Corp 19.40 +1.22 EAGL EGL Inc 19.82 +1.78 NSSC Napco Security Systems 18.52 +1.36 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- GDT Guidant Corp 68.14 +2.29 DE Deere Co 72.94 +1.22 STJ St. Jude Medical 74.65 +1.07 EL Estee Lauder 44.52 +1.02 JNY Jones Apparel Group 38.16 +1.42 BDK Black & Decker 59.38 +1.35 RNR RenaissanceRe Holdings 56.04 +1.14 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- SPG Simon Property Group 53.35 -2.47 GGP General Growth Properties 30.37 -1.55 VNO Vornado Realty Trust 56.00 -1.48 PLD Prologis 32.78 -1.29 RSE The Rouse Co 48.23 -2.37 PZZA Papa Johns Intl Inc 31.09 -1.84 SFNT Safenet Inc 31.65 -6.80 ZOLL Zoll Medical 30.84 -11.78 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- FMX Fomento Economico 48.82 -1.33 GLK Great Lakes Chemical 23.77 -0.67 ================================================================= 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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