Option Investor
Newsletter

Daily Newsletter, Tuesday, 04/13/2004

HAVING TROUBLE PRINTING?
Printer friendly version
PremierInvestor.net Newsletter                  Tuesday 04-13-2004
                                                    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:      Too Much Good News
Watch List:       See Note
Market Sentiment: Investors Turn Pessimistic

=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
      04-13-2004           High     Low     Volume   Adv/Dcl
DJIA    10381.28 -134.30 10552.61 10361.99 1.79 bln  397/2913
NASDAQ   2030.08 - 35.40  2073.42  2026.20 1.95 bln  718/2478
S&P 100   552.24 -  7.25   561.05   551.33   Totals 1115/5391
S&P 500  1129.44 - 15.76  1147.81  1127.70
W5000   11046.02 -166.80 11237.32 11029.52
SOX       506.25 -  9.00   517.62   505.01
RUS 2000  585.83 - 13.82   601.04   584.34
DJ TRANS 2890.71 - 43.10  2948.19  2884.40
VIX        17.26 +  1.98    17.98    15.29
VXO (VIX-O)17.50 +  2.06    18.06    15.47
VXN        22.23 +  1.86    22.52    20.26
Total Volume 4,097M
Total UpVol    739M
Total DnVol  3,320M
Total Adv  1323
Total Dcl  6085
52wk Highs  308
52wk Lows   121
TRIN       1.22
NAZTRIN    0.88
PUT/CALL   0.92
=================================================================

===========
Market Wrap
===========

Too Much Good News
by Jim Brown

Analysts would have you think the reason for today's drop
was too much good news. Higher than expected Retail Sales
and higher than expected Business Inventories were said
to have increased fears of higher interest rates and that
caused the sell off. Think about it for a moment. With
rates at multi-decade lows why would two minor reports
suddenly turn the markets upside down? Not hardly.

Dow Chart - Daily


Nasdaq Chart - Daily


Russell 2000 Chart - Daily


S&P Chart - Daily



The weekly Chain Store Sales rose by +0.8% but the real heat
came from the March monthly numbers with a +1.8% gain. This
was more than double the expectations of +0.5% to +0.7% and
suggest consumers are racing to the store with their tax
refund checks. After the stronger than expected number the
markets gapped open to strong resistance at 10550/2075/1150
and instantly failed. You will not make me believe that the
good news from 8:30-9:30 turned instantly to bad news at
9:40. The component with the largest gain was Building Supply
stores which soared +10.6%. The year over year gain was a
record +20.8%. You would think this component would be seen
as positive for the housing impact. Food service and
Electronics both rose over +10%. Again, this was very good
news for the economy.

The reason for the sell off was given by the talking heads
as the news was too good and would lead to rapidly higher
interest rates. While I agree the news was good it is only
one piece of the puzzle. We have been looking for some sign
the consumer was not hibernating and this was it but nobody
expects the Fed to come out tomorrow and raise rates. There
was also the viewpoint that such good sales would project
weaker numbers over the next couple months as the tax refund
bubble burst. This is entirely possible but wouldn't that be
a reason for the Fed to be patient? Gotcha.

Other economic news was the Business Inventories, which rose
+0.7% and slightly over the +0.5% estimates. Good news BUT
the sales component rose slightly as well and the inventory
to sales ratio remained at its record low of 1.33. Good news
but far from great. The Richmond Fed also rose to 30 from 19
and employment gained for the second month. Shipments rose
+11 points to 30 and the highest level since July-1999 and
new orders rose to 28 from 20. Good news but it is only one
Fed district.

Taking all of the above into context produces the following
quandary. Only the Retail Sales number was known at 9:30.
The markets had already given back their opening gains and
were well into negative territory before the Business Inv
and Richmond Fed Survey were known. You can't blame them
for the drop. The trend was already in place and strongly
negative.

Was it earnings that started the slide? Not hardly! Dow
component JNJ reported a +20% surge in profits and they
beat estimates by +3 cents. Merrill Lynch reported record
earnings of $1.22 per share and almost twice the same qtr
last year at 67 cents. Revenues were up +27% from Q1-2003
and +25% from 4Q-2003. No bad news there.

Something was clearly afoot that triggered the very strong
sell programs at the open. Personally I think it was several
factors at work. First is option expiration. We have had no
material volatility for this expiration period. Volume on
Monday was the lightest day of the year and not a normal
expiration Monday. Traders came back from the holiday
weekend with selling on their mind and analysts were quick
to try and place blame. Another reason for the selling was
tax related. Traders with substantial profits from the 2003
rally needed to raise cash to pay the taxman on Thursday.
It was a very good year for traders and the outlook for
stocks over the next six months is not exciting. Time to
take profits, raise cash and pay the piper. Last week
mutual funds only saw positive cash flows of $2B and
this was a quarter end period and the end of the 2003
contribution period. That was not a good sign. The selling
today suggested funds were seeing substantial outflows
this week. The Russell 2000 literally fell off a cliff
and traded -17 points off its opening high and lost nearly
twice as much on a percentage basis than the Dow. This is
a clear sign of fund withdrawals.

Other challenges facing traders were the Intel earnings
report tonight and the Bush press conference. Traders
heard that a group of hostages had been found dead in Iraq
and 40 more were in captivity. April has been a horrible
month with 78 coalition soldiers killed so far. Bad news
was breaking out all over but I still feel expiration and
cash flow were the key. Intel, Bush and the war were just
added weight.

After the bell Intel disappointed but only barely. Since
it had been widely expected to announce soft earnings there
was no real after hours impact. Revenue was light and Q2
guidance was light. They said processors, chipsets and
motherboard sales were lower than expected but flash
memory sales were slightly higher. Unfortunately flash
memory has been a profit problem for Intel. Futures fell
about -3 points in after hours. No big deal and Intel only
fell about -40 cents. Andy Bryant said on a TV interview
that they were seeing consolidation of the gains for the
last three quarters and were not seeing new economic growth.
He said mature markets segments would continue to expand
IF IT spending grew and IF the economic recovery continued
but not at the rate seen in the prior three quarters. Intel
had very respectable earnings at +$1.73B. Unfortunately I
think quite a few traders were hoping for an upside surprise.
Investors have been used to constantly rising estimates and
two quarters of lowered guidance is a disappointment to some
traders regardless of how well they really did.

The Bush press conference tonight is his first since the
war started in Iraq and he is expected to restate his case
for being there and announce that 20,000-40,000 troops will
not be allowed to return home as scheduled. It is a "press"
conference and not a speech so anything will be fair game
and he is bound to get some hardball questions on everything
and some traders may have wanted to see what pops up before
buying the dip. The pictures on TV of burned Americans
hanging from bridges has brought the war back home and the
70+ soldiers killed this month is the worst since the war
began and the month is only half over.

Stock news is booming and it would be very hard to pin
any market weakness reasons on the current earnings cycle.
Unfortunately we all know the markets discount six months
in advance. First Call is now projecting as much as +21%
earnings growth for Q1. This is the third consecutive
month over 20%. Very strong performance but it is already
priced into the market. First Call is also projecting
earnings growth for Q2 at +15%, Q3 +16% and Q4 +14%. These
levels are strong but far below the last three quarters
and far below the current 20% rate.

The problem is the calendar. The first quarter last year
was a pre-war quarter and earnings were very depressed.
Here we are a year later and we are measuring our "booming"
results of +21% growth over a quarter that was a pothole
in history. Once the war was "over" business started booming
and we ramped up into the monster 3Q on the strength of
monster tax rebates. Comparisons are going to get a lot
tougher as we compete with that 8.5% GDP rate from Q3-2003
with a +4.0% GDP rate in 2004. The weak Intel guidance
tonight suggests IT spending going into Q2 is decent but
not booming. Ashok Kumar said this week the PC/IT growth
for the rest of the year would be hard pressed to pass +4%
and much less than the +10% some have suggested.

Technically we were due for a test of strength despite the
other external factors. For seven straight days the Dow
tried to rally and hold over 10500 with no success. This
sets up the potential for profit taking as traders tire
of trying to push it higher. The Dow pulled back to near
support at 10350 with stronger support at 10300. This is
not the end of the world but you may be able to see it
from here. This drop gives us a potential completed lower
high and a drop under 10300 would confirm it. We are in
a critical area. We need to rally quickly from here and
break out to the 10600 level or the selling volume will
quickly escalate. Once the bulls decide there is not going
to be an April earnings run they will head for the corral
to rest up for fall.

The Nasdaq also tried for seven days to break 2075 and
could not make it happen. The -35 drop today was serious
but not yet severe. The April 2nd gap from 2010 has not
even been filled. The 50dma is 2017 and well below our
2030 close. The Nasdaq is in better shape than the Dow
but the same criteria applies. A drop back below 1980
would put the bulls out to pasture.

The market internals were very bad with decliners beating
advancers 4:1 and down volume nearly 5:1 over advancing.
New 52-week lows hit 121 and the highest single day level
since August 4th. There was definitely a change in sentiment
that was not due entirely to rate fears.

The interest fear that was blamed for today's selling is
not unfounded but it is greatly exaggerated. The Fed Funds
futures are still not targeting a rate cut until September
and then only a quarter point. Heck the ten-year yields
have almost doubled that in the last two weeks. The fear
of rate hikes has done far more damage than any real hike
will ever do. Talk is cheap and the Fed heads have been
doing a lot of it lately.

For the rest of the week earnings will continue to flow
with 70 S&P companies announcing this week. The next big
tech to report is IBM on Thursday and there are a flood
of chip stocks reporting tomorrow. Some of the notable
reporters for Wednesday include AMD, BAC, AAPL, DHI, DAL,
ETN, EXTR, LRCX, MTG, RMBS, SNDK, SGR, TXN and PGR. The
problem as I see it is not earnings but cash flow and
future expectations. If the lowered guidance from Intel
is a symptom of future earnings releases then traders
still in the market will lose interest. The cash flow
numbers for the week will be critical and there is no
second chance. Fund flows after April 15th typically
slow to a dribble as summer approaches. Tomorrow we also
have the Consumer Price Index and traders will be look
for signs of inflation that would accelerate any rate
hike schedule.

For the short term we are slightly oversold and could
rebound at the open but it is still an expiration week
and still income tax week. This suggests we could see
some more weakness. We also have the increasing war in
Iraq and it is finally beginning to drag on the market.
The Bush speech tonight could reassure Americans or it
could raise the anxiety level. It will be a critical
point as the fight escalates. I would be very cautious
about entering new positions until this week is out. The
conflicting currents are very strong and there are plenty
of icebergs around. Thursday is the 92nd anniversary of
the Titanic sinking and I would hope it is not an omen
for the markets.

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
---------------------------------

Check the site tomorrow for another edition of the
PremierInvestor.net Watch List.


===============================
Market Sentiment
===============================

Investors Turn Pessimistic
- J. Brown

After Monday's relief rally from the uneventful long holiday
weekend and the strong earnings report from NVLS the markets
seemed set to continue the rally into Tuesday.  Better than
expected earnings numbers from Johnson & Johnson (JNJ) and
Merrill Lynch (MER) helped set the tone and solidify expectations
for a strong earnings season.  Yet everything changed when the
March retail sales numbers blew past estimates with a +1.8%
increase.  Suddenly the focus was on higher interest rates and
the fed being forced to move sooner rather than later.  Whether
it was an excuse to take profits or not the sell-off was market
wide.  Declining stocks trounced advancers 25 to 4 on the NYSE
and 25 to 7 on the NASDAQ.  Down volume swallowed up volume 8-to-
1 and 14-to-5 on the NYSE and NASDAQ, respectively.

The market decline sent the Dow Industrials and the S&P 500 below
technical support at their 50-dma.  The NASDAQ looks poised to
join them below its own 50-dma soon.  Selling was very heavy in
the gold stocks on strength in the U.S. dollar.  The XAU dropped
more than 6% and closed below its simple 200-dma.  A number of
sector indices broke down under their own technical support
levels.  It was not a good day for stocks or bonds, the latter
saw yields shoot higher as investors pulled money out of the bond
market.

After the close Intel's earnings report didn't help matters.  The
largest chip maker on the planet missed earnings expectations and
revenues were lighter than expected.  This is liable to sink the
SOX back under its 50-dma and support at the 500 level, which
almost guarantees a down day for the NASDAQ.  There was some good
news after the close with McDonald's (MCD) raising their earnings
forecast but the Intel news is likely to overshadow it.

Historically April is the best month of the year for the Dow but
this is not a good start.  The MACD technical indicator on all
the major stock indices are hinting at a bearish sell signal in
the next few days.  I'd be careful about initiating new bullish
positions.


-----------------------------------------------------------------

Market Averages

DJIA ($INDU)

52-week High: 10753
52-week Low :  8179
Current     : 10381

Moving Averages:
(Simple)

 10-dma: 10453
 50-dma: 10453
200-dma:  9890



S&P 500 ($SPX)

52-week High: 1163
52-week Low :  865
Current     : 1129

Moving Averages:
(Simple)

 10-dma: 1138
 50-dma: 1134
200-dma: 1064



Nasdaq-100 ($NDX)

52-week High: 1559
52-week Low : 1020
Current     : 1472

Moving Averages:
(Simple)

 10-dma: 1476
 50-dma: 1459
200-dma: 1396


-----------------------------------------------------------------

Volatility indices soared higher with double-digit percentage
gains in the VIX and VXO as the markets dropped in a broad-based
decline.

CBOE Market Volatility Index (VIX) = 17.26 +1.98
CBOE Mkt Volatility old VIX  (VXO) = 17.50 +2.06
Nasdaq Volatility Index (VXN)      = 22.23 +1.86

-----------------------------------------------------------------

          Put/Call Ratio  Call Volume   Put Volume

Total          0.92        856,548       785,025
Equity Only    0.77        659,012       510,532
OEX            0.73         67,691        49,196
QQQ            1.78         80,044       142,423


-----------------------------------------------------------------

Bullish Percent Data

           Current   Change   Status
NYSE          77.1    + 1     Bull Correction
NASDAQ-100    54.0    + 1     Bear Correction
Dow Indust.   90.0    + 0     Bear Correction
S&P 500       76.6    - 1     Bear Confirmed
S&P 100       79.0    - 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: 1.40
10-dma: 1.08
21-dma: 1.22
55-dma: 1.19


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     380       674
Decliners    2500      2479

New Highs      50       104
New Lows       63        17

Up Volume    183M      528M
Down Vol.   1640M     1379M

Total Vol.  1832M     1921M
M = millions


-----------------------------------------------------------------

Commitments Of Traders Report: 04/06/04

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

There isn't much change to report in the Commercial traders'
positions.  They remain net short of the large S&P futures
contracts.  Small traders are virtually unchanged as well.


Commercials   Long      Short      Net     % Of OI
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%)
04/06/04      409,429   419,471   (10,042)   (1.2%)

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
03/16/04      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%
04/06/04      130,262    80,174    50,088    23.8%

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

The S&P e-minis are seeing a bit more action with commercials
increasing their short by 20K.  In contrast the small trader
has upped their longs, which is par for the course.


Commercials   Long      Short      Net     % Of OI
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%)
04/06/04      270,904   328,862    (57,958)  ( 9.7%)

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
03/16/04     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%
04/06/04     148,737     46,235   102,502    52.6%

Most bearish reading of the year: (77,385)  - 09/02/03
Most bullish reading of the year: 449,310   - 06/10/03


NASDAQ-100

Hmm.... commercial traders have erased the one-week surge in
short contracts flipping them back to net long for the NASDAQ.
Meanwhile small traders are reducing longs and upping their
shorts.


Commercials   Long      Short      Net     % of OI
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%)
04/06/04       54,862     34,762    20,100   22.4%

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
03/16/04       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%)
04/06/04        7,971    20,721   (12,750)  (44.4%)

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 for the
Dow futures.  Small traders have turned a bit more negative.


Commercials   Long      Short      Net     % of OI
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%
04/06/04       23,101    22,108      993       2.2%

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
03/16/04       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%
04/06/04        7,316     8,085     (769)    (5.0%)

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 04-13-2004
                                                    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

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


==================
  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

MTG     MGIC Investments           67.51     +0.73
RDN     Radian Group               45.86     +1.18
FL      Foot Locker Inc            26.40     +1.03
DLX     Deluxe Corp                41.34     +0.52
LF      Leapfrog Enterprises       22.45     +1.58

---------------------------------------
Breakout to Upside (Stocks $5 to $20)
---------------------------------------

VISG    Viisage Technologies       13.25     +2.55
ICPT    Intercept Inc              14.88     +1.78
NSTK    Nastech Pharmaceuticals    14.70     +1.20
IDSY    I.D.Systems                 9.40     +1.20
MACE    Mace Security Intl         10.15     +2.15

---------------------------------------
Breakout to Upside (Stocks over $20)
---------------------------------------

TSO     Tesoro Petroleum Corp      22.25     +2.48
TSAI    Transaction Sys Architecs  24.74     +2.20
GSOF    Group 1 Software Inc       22.68     +6.19
LWAY    Lifeway Foods Inc          27.49     +3.36

-------------------------------------------
Breakout to Downside (Stocks over $20)
-------------------------------------------

AVE     Aventis                    74.66     -2.57
WFC     Wells Fargo & Co           55.65     -1.38
LEH     Lehman Brothers            77.22     -3.60
AU      Anglogold Ltd              37.30     -2.77
CF      Charter One Financial      34.59     -1.41
HCBK    Hudson City Bancorp        34.75     -1.66
FCX     Freeport Mcmoran           35.66     -2.17
BPOP    Popular Inc                42.53     -1.25

-----------------------------------------
Recently Overbought With Bearish Signals (Stocks over $20)
-------------------------------------------

ABX     Barrick Gold Corp          22.04     -1.57
MCO     Moody's Corp               67.30     -1.49
VIP     Vimpel Communication      103.65     -5.15
CBH     Commerce Bancorp           62.58     -3.97
CME     Chicago Mercantile Exchg  105.33     -4.69
MOGN    MGI Pharma                 62.94     -1.69
DADE    Dade Behring Holdings      45.65     -1.83


=================================================================
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.





DISCLAIMER

Option Investor Inc is neither a registered Investment Advisor nor a Broker/Dealer. Readers are advised that all information is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All opinions, analyses and information included herein are based on sources believed to be reliable and written in good faith, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. In addition, we do not necessarily update such opinions, analysis or information. Owners, employees and writers may have long or short positions in the securities that are discussed.

Readers are urged to consult with their own independent financial advisors with respect to any investment. All information contained in this report and website should be independently verified.

To ensure you continue to receive email from Option Investor please add "support@optioninvestor.com"

Option Investor Inc
PO Box 630350
Littleton, CO 80163

E-Mail Format Newsletter Archives