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Daily Newsletter, Wednesday, 04/14/2004

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PremierInvestor.net Newsletter                Wednesday 04-14-2004
                                                    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:  Markets Turn Choppy
Watch List:   BKS, MWD, ALVR, DLTR

Trading Ideas
  Value Plays With Bullish Signals
  Breakout to Upside (Stocks $5 to $20)
  Breakout to Upside (Stocks over $20)
  Breakout to Downside (Stocks over $20)
  Recently Overbought With Bearish Signals (Stocks over $20)


===============================================================
MARKET WRAP  (view in courier font for table alignment)
===============================================================
     04-14-2004            High     Low     Volume Advance/Decline
DJIA    10377.95 -  3.33 10415.28 10322.94 1.82 bln    680/2206
NASDAQ   2024.85 -  5.23  2040.15  2013.98 1.82 bln   1217/1903
S&P 100   551.88 -  0.36   553.69   548.72   Totals   1897/4109
S&P 500  1128.17 -  1.27  1132.52  1122.15
RUS 2000  582.02 -  3.81   588.01   578.88
DJ TRANS 2909.35 + 18.64  2923.95  2881.50
VIX        15.62 -  1.64    17.71    15.60
VXO        17.30 -  0.20    18.30    16.66
VXN        21.59 -  0.64    22.83    21.59
Total Volume 4,137M
Total UpVol  1,532M
Total DnVol  2,496M
52wk Highs     111
52wk Lows      233
TRIN          0.62
PUT/CALL      0.82
===============================================================

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

Markets Turn Choppy
by James Brown

U.S. stocks markets turned in a mixed session as investors
couldn't decide which to focus on: interest rate fears or
stronger corporate profits.  The CPI numbers this morning
confirmed that inflation is on the rise, which means the Fed will
likely act sooner rather than later.  Earnings continue to come
in strong despite a few high profile misses.  Meanwhile the U.S.
dollar spiked higher against the euro before fading but jumped
strongly against the yen.  This sent gold to a $7.20 loss closing
at $400.50 an ounce.  The inflationary CPI data extended the
flight from bonds.  Crude oil fell 49 cents to $36.72 a barrel
but that didn't stop retail gasoline prices from hitting yet
another all-time high.

Global markets were mostly lower.  The Japanese NIKKEI fell 29
points to 12,098 but the Chinese Hang Seng plummeted 361 points
to 12,669 on currency and interest rate concerns.  European
stocks didn't fare much better.  The English FTSE lost 30 points
to 4485.  The French CAC dropped 43 points to 3731 while the
German DAX fell 58 points to 4012.  U.S. indices ended the day
close to unchanged with minor losses but that hardly tells the
whole story.  U.S. stocks fell sharply at the open but within 10
to 15 minutes traders bought the dip and by lunchtime they were
at their highs for the session.  Unfortunately the afternoon
turned into a slow drift lower before a rebound in the last half
hour recouped most of the market's losses.

Market internals paint a much more bearish picture with declining
stocks whipping advancing issues 3-to-1 on the NYSE and 19 to 12
on the NASDAQ.  Down volume outnumbered up volume 2-to-1 on the
NYSE and 10 to 7 on the NASDAQ.  Overall volume was much improved
over Monday's anemic levels.  Oddly enough the volatility index,
a measure of investor fear, almost completely erased yesterday's
gains.  The same could not be said for the VXO and the VXN
volatility gauges.

Yesterday's decline was pretty discouraging as numerous indices
including the Dow Industrials and the S&P 500 broke their simple
50-dma's.  Adding to the negative technical picture are the
bearish MACD readings on all three major indices.  However, there
is hope that the recent weakness may just be a bull flag but that
could just be the optimist in me striving to come out.
Fortunately, the super strong earnings reports after the bell
tonight should do a lot to boost investor confidence and we may
see a continuation of this afternoon's rebound tomorrow.

Chart of the Dow Industrials:



Chart of the NASDAQ Composite:



Chart of the S&P 500 Index:



One might have expected Intel (INTC) to be the Dow's biggest
loser today given its disappointing earnings report last night
but shares of INTC were only down 30 cents and managed to hold
support at the $27.00 level.  Although bears should take heart in
noting the strong overhead resistance at its 40-dma and its MACD
is weakening and is about to turn into a sell signal.  The
biggest drag on the Dow happened to be McDonald's (MCD).  The
stock lost 4.49% and broke support at its 50-dma after announcing
strong same-store sales growth and raised their Q1 earnings
estimates to 40 cents, 3 cents better than analysts' estimates.
Yup, you read that right.  MCD traded down on good news.
Investors ignored the higher profit forecasts and focused on
same-store sales numbers that were hurt by a 2.9% drop in the
European comparable store sales even though U.S. same-store sales
jumped nearly 10% in March.

Keeping rate hike fears in the spotlight was the inflationary
Consumer Price Index (CPI) for March.  Economists were expecting
a jump of 0.3% but the Labor Department reported a rise of 0.5%.
Furthermore the core rate of inflation, minus food and energy
prices, soared 0.4%.  This was strongly above the expected 0.2%
rise and marked the largest jump in the core rate since November
2001.  Overall the CPI hit its fourth monthly increase in a row.
There has been a lot of discussion over the last few months about
the rising rate of inflation even though the government appeared
to ignore it.  The rising price of commodities including metals
like copper and rolled steel have hit multi-year highs.  Most
businesses have managed to pass along these higher costs to the
consumer.  Kimberly Clark (KMB) mentioned the need to raise
prices a couple of days ago to offset higher raw materials.  Of
course this really isn't that big of a surprise.  An expanding
economy increases demand and thus prices rise.  It's the Federal
Reserve's job to keep growth (and inflation) in check before it
gets out of hand.  Yesterday's super strong March retail sales
and today's CPI figures have nearly guaranteed a rate hike much
sooner than previously expected.  Gone are the estimates for the
Fed to wait until 2005.  Instead the market is pricing in a 46%
chance that the Fed will raise rates by 25 basis points by June
and has already priced in a 100% chance of a 1/4-point hike by
August.  That's why interest-rate sensitive stocks (and bonds)
are getting hit so hard.

Speaking of hikes Delta Airlines (DAL) needs to be able to raise
their ticket prices but increasing competition won't allow it.
DAL is the third largest airline in the U.S. and the company has
slowly been prepping investors for the worst with two earnings
warnings over the last quarter.  Those turned out to be too
generous.  The airliner lost $387 million in the first quarter or
$3.12 per share.  This was 10 cents worse than expected as
revenues of $3.29 billion came in under estimates.  Rising fuel
costs due to the sharp climb in crude oil has been a profit
sponge for the entire industry but DAL is also suffering from
labor costs.  They're asking their pilots to take a 30% pay cut
but the pilots union is only offering a 9% cut and they're
willing to give up a 4.5% pay raise this coming May.  Analysts
don't think that's going to be enough.  The airline is saddled
with billions in debt and is currently burning about $165 million
in cash a month.  It has enough cash to last it the next year
before it may have to consider bankruptcy.

Investors were also unhappy to hear Take-Two Interactive's (TTWO)
earnings warning this morning.  Estimates had been for a profit
of 33 cents a share based on revenues in the $220 million range.
The company now expects earnings (due out in May) to be a loss of
15 cents per share with revenues closer to $170 million.  The
company is blaming poor sales (obviously) and delayed game
releases.  TTWO's CEO Jeff Lapin said it was game over for him
and resigned.  The stock gapped down with an early 16% loss but
ended the day at $31.92, down 9%.

So enough with all the bad news let's hear the good news!  Dow
component DuPont (DD), who recently announced a job cut for 3,500
employees, rose 2.99% to $45.00 after pre-announcing stronger
earnings this morning.  DD raised its March earnings guidance
from 65-to-75 cents a share to 95 cents a share.  Analysts'
estimates had been pegged at 73 cents.  The company's press
release said that "The improved results reflect a strong quarter
for its Agriculture & Nutrition segment and higher than expected
volumes across most businesses."  Earnings are expected on April
27th.

Another cyclical/commodity related company Georgia-Pacific (GP)
pre-announced stronger earnings this morning as well.  The
housing boom has helped boost lumber prices close to 50% higher
from a year ago levels.  GP now expects earnings to be 60 cents
per share, excluding a 6-cent charge, compared to estimate for 48
cents.

Yet the good news doesn't stop there.  The real fireworks began
after the closing bell.  Intel's rival Advanced Micro Devices
(AMD) reported a blow out quarter!  A big surge in demand for its
flash memory combined with cost cutting and higher average
selling prices helped AMD report profits of $45.1 million (12
cents per share) versus a loss of $146.2 million (-42 cents) a
year ago.  Analysts were expecting AMD to report just 3 cents per
share.  Revenues came in at $1.24 billion topping estimates.
Unfortunately, AMD's Q2 guidance was rather lackluster.

Not so for Apple Computer (AAPL)!  AAPL is forecasting its Q3
(June quarter) will come in at 12 to 13 cents per share with
revenue surging to $1.93 billion compared to analyst estimates at
9 cents and $1.83 billion.  This news followed their stunning
earnings report after the bell tonight.  AAPL said its March
quarter revenues vaulted 29% to $1.91 billion, well above the
average estimates at $1.81 billion.  Profits were $53 million (14
cents) not counting a $7 million restructuring charge compared to
last year's March quarter profit of $14 million.  Earnings
estimates had been for AAPL to hit 10 cents per share.  Driving
the quarter was the iPod and the iPod mini.

While we can cheer for AAPL's success its earnings report is
rarely a market mover.  The same can't be said for Texas
Instruments (TXN).  The chipmaker reported earnings that were
inline at 21 cents per share but revenues surged almost 34% to
$2.94 billion compared to average estimates of $2.89 billion.
The 21-cent profit ($367 million) is a major improvement over
last year's 7-cent performance.  The jump in profits were boosted
by a rise in gross margins from 43.1% to 45% and lead to TXN's
strongest growth in a decade.  Furthermore the company guided
earnings for the current quarter in the 23 to 26 cent range
compared to consensus estimates of 23 cents.  TXN expects
revenues to fall between $3.08 and $3.325 billion, which is also
above estimates.

Hopefully this triple-shot of positive earnings reports can jump-
start the bulls tomorrow morning and this afternoon's last hour
rebound can get some follow through.  The only thing in our path
would be a negative earnings report from Citigroup (C) or a
bearish reading from New York Empire State index tomorrow
morning.  I don't think we have to worry about the NY Empire
index since the most recent round of economic reports have been
so strong.  Dow component Citigroup is important because it's one
of the biggest financial conglomerates on the planet but once
again with the economy recovering earnings should be strong.
Estimates for C are 94 cents a share.

Thursday also brings the weekly initial jobless claims and the
Philly Fed index but the same argument applies to both.  Recent
economic readings have been positive and these shouldn't be any
different.  The real headliner tomorrow will be earnings from
International Business Machines (IBM) after the closing bell.
IBM is such a monstrous tech company with operations in
semiconductors, hardware (servers & laptops), and consulting that
it alone can be used as a proxy for the technology sector(s).
IBM's guidance for the next quarter can set the tone for tech
stocks.  Estimates for Big Blue are 93 cents a share.

Overall I agree with Jim's caution yesterday.  This is options
expiration week and it's liable to remain volatile while Wall
Street sorts out its concerns over interest rates.  A quarter
point rate hike isn't going to kill the bull market or the
recovery but right now traders are over reacting.  Hopefully the
theme of stronger corporate profits can once again retake
investors focus but if we don't bounce soon I fear this April may
not live up to its historical track record.


==================================================================
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
---------------------------------

Barnes & Noble - BKS - close: 30.50 change: -0.57

WHAT TO WATCH: Hit lower with the rest of the Retail sector over
the past couple days, BKS broke key support near $31 and is fast
approaching its 200-dma at $29.91.  Use a break below the 200-dma
to trigger bearish entries, targeting a drop to $28 and then
stronger support near $26.




---

Morgan Stanley - MWD - close: 53.35 change: -1.07

WHAT TO WATCH: The prospects for rising rates did not sit well
with the Brokerage stocks on Tuesday, with the XBD index being
hit for a 2.75% decline.  MWD fared even worse, losing nearly
3.5% on above average volume, falling close to the 200-dma.  With
the break of that average today, the stock looks well on its way
towards its PnF price target of $47.  Consider entries on either
a failed bounce below $56 or on a break of today's low.




---

Barr Pharmaceuticals Inc. - BRL - close: 45.38 change: -0.70

WHAT TO WATCH: After several weeks of holding support at $46, BRL
finally broke down today on above average volume.  The PnF chart
was already on a Sell signal with a target of $38 and today's
drop breaks the bullish support line.  Use a trigger under
today's low and target a drop first to $42 support and then
stronger support at $38.




---

Alvarion Ltd. - ALVR - close: 11.76 change: -0.29

WHAT TO WATCH: It was just Monday that we highlighted ALVR as a
potential breakdown candidate below $12 and yesterday's broad
market weakness certainly got things moving in the right
direction.  ALVR traded a low of $11.59 before rebounding at the
end of the day to just barely hold onto support at $12.  Today
saw more weakness as the stock tested yesterday's lows again,
this time setting a multi-month closing low.  A break below
yesterday's low should solidify what looks like a strengthening
downward trend.  Target a drop to the $10 level, just above the
200-dma.




---

Dollar Tree Stores, Inc. - DLTR - close: 28.95 change: -0.09

WHAT TO WATCH: Strong Retail Sales yesterday did little to help
shares of DLTR, as the stock headed sharply lower on the
prospects of rising interest rates.  More inflationary data this
morning didn't help either, and DLTR lost a bit more ground,
moving closer to major support at $28.  Use an entry trigger
below that level and then target a drop to next strong support at
$24.




---

===================
On the RADAR Screen
===================

PWR $6.63 - After its sharp drop from the February highs, PWR
found support near $6.50 for a rebound attempt.  That bounce
rolled over right at the 20-dma and the market weakness of the
past couple days has pushed the stock right back to that $6.50
level.  Use a trigger under $6.50 and target a drop to next
support near $5.00.

DHI $30.91 - Fears of rising rates have hit the Housing stocks
pretty hard over the past couple days, and that has completed
DHI's drop back to strong support at $30.  That initial test
generated a pretty strong rebound and this looks like the spot
for aggressive bulls to take a shot at a bullish play on the
stock.  Target a rally back to the $33.50-34.00 area.

SOV $19.96 - We looked at SOV last week when the stock was trying
to rebound from its 200-dma, but that attempt has clearly failed
in the past two days and it looks like the stock is headed lower.
With yesterday's break of that average, we can now look for a
failed rebound near $20.50 to provide favorable bearish entries.
Target a drop down to the $28.50 support level.


==================
  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 Corp      70.11    +2.60
RDN     Radian Group               47.63    +1.77
PMI     PMI Group Inc              43.28    +2.26


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

None


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

None


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

AVE     Aventis                    74.70    +0.04
WFC     Wells Fargo & Co New       55.23    -0.42
PHG     Koniklijke Philips Elec    28.28    -0.18
MER     Merrill Lynch & Co         57.74    -0.87
EXC     Exelon Corporation         65.65    -0.42
LEH     Lehman Bros Hldg Inc       76.54    -0.68
STT     State Street Corp          49.58    -2.56
NVO     Novo Nordisk A/S           45.12    -0.73
GDW     Golden West Financial     102.07    -3.31
ABX     Barrick Gold Corp          21.43    -0.61


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

CSCO    Cisco Systems Inc          23.31    -0.31
DIS     Walt Disney Co             24.92    -0.08
TEVA    TEVA Pharm Ind             62.39    -0.41
COST    Costco Wholesale Corp      37.59    +0.43
K       Kellogg Co                 40.18    +0.02
PCG     PG&E Corp Holdings Co      28.29    -0.16
LTD     Limited Brands Inc         19.94    -0.12
GILD    Gilead Sciences Inc        56.11    +0.55


=================================================================
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 2004  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.





PremierInvestor.net Newsletter                Wednesday 04-14-2004
                                                    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
=================================================================

In section two:

Stop Loss Adjustments:  None

Active Trader (Non-tech Stocks)
  New Bearish Plays:    UNA
  Closed Bullish Plays: FLIR

High Risk/Reward
  New Bearish Plays:    IMAX


==================================================================
Stop Loss Adjustments
==================================================================

None


==================================================================
Active Trader (AT) Non-Tech Stock section
==================================================================

---------
New Plays
---------

  New Bearish Plays
  -----------------

Unova, Inc. - UNA - close: 20.02 change: -1.06 stop: 21.75

Company Description:
UNOVA, Inc. and its subsidiaries function as an industrial
technologies company providing global customers with solutions to
enhance efficiency and productivity.  UNA is a global supplier of
mobile computing and wireless network products for non-office
applications and for manufacturing systems technologies primarily
for the automotive and aerospace industries.  The company has
three segments: Automated Data Systems, Integrated Production
Systems and Advanced Manufacturing Equipment.

Why we like it:
Ever since dropping back from its January highs, UNA has been
trying to build a new base from which it can head higher.  It was
starting to look like the bulls might just gain the upper hand,
as the stock had been building a pattern of higher lows over the
past couple months.  But that encouraging pattern was soundly
smashed today, as the stock crashed through the rising trendline
on strong volume, falling to test the lows from early February.
That $19.50 support is reinforced by the 200-dma ($19.32), but
when it gives way, it looks like UNA has a long ways to fall.
The PnF chart has been bearish for some time now, and with its
$12 bearish price target, the prospects do not look good for the
bulls.  Looking at the daily chart, there isn't much in the way
of support below the 200-dma until the stock reaches the $16
level and it isn't out of the question that we could see the
stock continue to fall to stronger support near $14.

Until UNA breaks the 200-dma though, it is still technically in a
consolidation pattern, so we're going to use a trigger at $19.25.
Aggressive traders will want to enter on the initial break, while
a more conservative approach will be to target entries on a
subsequent failed rebound below $20.50, the site of the violated
trendline that connects the lows of the past couple months.  Due
to the sharp drop of the past two days, we need to use a fairly
wide stop, but we don't want to give it too much room.  The
$21.75 level should work for a stop, as it is just over
yesterday's intraday high, as well as the 50-dma ($21.48).  We'll
initially target a drop to $16, with an outside chance for a drop
down to that $14 support.  UNA has not announced a date for their
earnings report, but since the last one was on February 12th, we
can estimate early to mid-May as a likely timeframe.

Annotated Chart of UNA:



Picked on April 14th at     $20.02
Change since picked          +0.00
Earnings Date              2/12/04 (confirmed)
Average Daily Volume =       505 K




============
Closed Plays
============

  Closed Bullish Plays
  --------------------

FLIR Systems - FLIR - close: 39.25 change: -0.75 stop: 38.90

Everything was looking so good for our FLIR play on Monday, as
the stock broke out through strong resistance on very heavy
volume.  Unfortunately, Tuesday's broad market weakness took all
those gains away, again on heavy volume.  We considered dropping
the play yesterday on that reversal, but decided to give the
stock the opportunity to bounce from its 10-dma ($39.64).  We got
our answer today, as FLIR sliced right through that average,
pushing right down to the $39 level.  Clearly the breakout has
failed and rather than wait around for our stop to be hit, we're
going to take an early exit and close the play for a small loss
tonight.

Picked on April 11th at     $39.75
Change since picked          -0.50
Earnings Date              2/04/04 (confirmed)
Average Daily Volume =       325 K





==================================================================
High Risk/Reward (HR) Stock section
==================================================================

---------
New Plays
---------

  New Bearish Plays
  -----------------

IMAX Corp. - IMAX - close: 5.25 change: -0.25 stop: 6.05

Company Description:
IMAX Corporation is an entertainment technology company
specializing in large-format film images, three-dimensional (3-D)
film presentations and large-format post production.  As of
December 31, 2002, the Company had three business segments: IMAX
Systems, Films and Other. The IMAX Systems segment designs,
manufactures, sells or leases and maintains IMAX theater
projection and sound systems for giant-screen, 15-perforation
film frame, 70-millimeter format (15/70-format) theaters based on
proprietary and patented technology.  The Films segment is
engaged in the production, post-production, digital re-mastering
and distribution of 15/70-format films.  The Other segment
includes the Company's camera rentals and theater operations.  As
of December 31, 2002, IMAX had 232 theaters operating in more
than 30 countries. Of these 232 theaters, 112 of them are located
in institutional locations and 120 in commercial locations.

Why we like it:
While IMAX may provide the most immersive movie experience on the
market, investors in the stock over the past several months must
think they bought tickets to a horror show.  After topping out
just over $10, the stock turned down in early November and it has
been a bearish affair ever since.  IMAX has been posting a
persistent chain of lower highs and lower lows for months now and
that trend only picked up steam today, with a high volume break
under the $5.50 level, which is the site of the 62% retracement
of the rally from February through November of last year.  The
PnF chart shows a truly horrifying view for investors in the
stock, as it is on a strong Sell signal, with a bearish price
target of $0.50.  Obviously that's a long ways down there and too
distant a target for us to shoot for during the duration of this
play.  But we can also see on the PnF chart that the bullish
support line at $4.00 lines up nicely with the next solid support
near $4.00 on the daily chart.

There's really no point in using a trigger for this play, as
there's no significant unbroken near-term support level at which
to place such a trigger.  An oversold bounce back to the $5.50-
5.75 area would make for the best entries into the play,
especially with our initial stop placed at $6.05, just over the
top of the most recent failed rally.  Realistically, the 10-dma
($5.71) should provide solid resistance, and that average is
reinforced by the 20-dma at $5.84.  Traders that prefer to enter
on further weakness can use a break below today's $5.16 low as a
trigger for entry.  There's some possible support near the $4.50
level, but it probably isn't strong enough to stop the downtrend.
We'll target a move down to $4.00, while at the same time keeping
an eye out for a more substantial decline.

Annotated Chart of IMAX:



Picked on April 14th at      $5.25
Change since picked          +0.00
Earnings Date                  N/A
Average Daily Volume =       645 K




=================================================================
To stop receiving this PremierInvestor.net Newsletter,
send email to Contact Support
=================================================================
DISCLAIMER
=================================================================

This newsletter is a publication dedicated to the education
of stock traders. The newsletter is an information service
only. The information provided herein is not to be construed
as an offer to buy or sell securities of any kind. The
newsletter picks are not to be considered a recommendation
of any stock but an information resource to aid the investor
in making an informed decision regarding trading in stocks. It
is possible at this or some subsequent date, the editors and
staff of PremierInvestor.net may own, buy or sell securities
presented. All investors should consult a qualified professional
before trading in any security. The information provided has
been obtained from sources deemed reliable but is not
guaranteed as to accuracy or completeness. PremierInvestor.net
staff makes every effort to provide timely information to its
subscribers but cannot guarantee specific delivery times due to
factors beyond our control.

Please read our disclaimer at:
http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html

*****************************************************************
ADVERTISING INFORMATION

For more information on advertising in PremierInvestor.net
Newsletter, or any Premier Investor Network newsletter please
contact Contact Support.

*****************************************************************

Copyright (c) 2004  PremierInvestor.net. and
The Premier Investor Network.
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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.

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Littleton, CO 80163

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