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Daily Newsletter, Thursday, 04/15/2004

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PremierInvestor.net Newsletter                 Thursday 04-15-2004
                                                    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:      Shrinking Refunds?
Market Sentiment: Waiting for the Weekend
Watch List:       CSCO, CC, F, BC


=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
      04-15-2004           High     Low     Volume   Adv/Dcl
DJIA    10397.46 + 19.50 10430.62 10322.16 1.91 bln 1586/1671
NASDAQ   2002.17 - 22.70  2031.84  1989.21 1.96 bln 1210/1992
S&P 100   552.47 +  0.59   554.69   548.38   Totals 2796/3863
S&P 500  1128.84 +  0.67  1134.08  1120.75
W5000   11024.00 +  1.10 11080.00 10948.04
SOX       488.76 - 14.40   504.15   483.40
RUS 2000  580.30 -  1.72   586.02   575.81
DJ TRANS 2913.94 +  4.60  2930.54  2893.11
VIX        15.74 +  0.12    16.78    15.22
VXO (VIX-O)16.24 -  0.42    17.24    16.10
VXN        22.83 +  1.24    22.97    21.53
Total Volume 4,268M
Total UpVol  1,477M
Total DnVol  2,742M
Total Adv  3180
Total Dcl  4163
52wk Highs  159
52wk Lows   187
NasTRIN    1.89
TRIN       0.96
PUT/CALL   0.84
=================================================================

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

Shrinking Refunds?
by Jim Brown

If you have not done your taxes your time has run out. Or
you may have done the rough draft and found that your refund
was significantly less than you expected. That is what the
IRS pencil pushers announced today and the reason given was
the improving economy late in 2003. Apparently the stronger
than expected stock market increased income and taxes. The
average refund has risen only $102 compared to prior
estimates of +$300. This means the $350 billion tax cut
package may actually cost significantly less.

Dow Chart - Daily


Nasdaq Chart - Daily


SOX Chart - Daily



That news did not help the markets today as expiration week
volatility divided the indexes and produced several erratic
swings intraday. The Dow ended with a gain of only +19 but
the Nasdaq lost -22. The S&P closed flat and only +3 points
over the 1125 level where the most SPX options would expire
worthless. Good job by the market makers in holding the SPX
flat at that level over the last two days.

The economics today were mixed with Jobless Claims soaring
back over 350K to 360,000 and well above consensus estimates
in the 335K range. This was the biggest jump (+30K) in claims
since April 2003. This was not good news for the labor
watchers. If this trend continues this week the April jobs
report could be in trouble. The Jobs report numbers are taken
from a survey done this week. One week does not make a trend
but it definitely raised some eyebrows. Offsetting the jump
in claims was a drop in continuing claims to 2.98 million.
This was the first time under 3M since July-2001. Continuing
claims are impacted by workers running out of benefits as
well as those finding jobs. More than likely today's number
was the result of adjusting for seasonality and a shift
from winter to summer jobs. Should this trend continue
next week the market impact would be much greater. It would
however reduce the chance for an early rate hike.

The Job Openings and Labor Turnover report today showed
that hiring and firing through February were nearly unchanged
from January and opening up only +4.3% from the same period
last year. We have seen net positives in this report for
the last four months but the gains have been minimal. Since
this report was for February analysts hope the March jobs
number is a more accurate representation of the current
environment.

The really good news for the day came from the Philly Fed
Survey and the NY Empire Survey. The Philly Fed number rose
to 32.5 from 24.2 and a three month high. While the headline
numbers show continued promise several internal components
slipped further. Employment was flat and the average work
week dropped to 10.4 from 17.9 and the second monthly drop.
Back orders dropped back into negative territory at -2.5
for the first time in nine months. Prices paid rose and
prices received fell. Inventories spiked to 11.7 from -12.8.
Personally I think the internals paint a much more negative
picture but traders were generally encouraged.

The NY Empire Survey rose to 36.1 from 25.3 and continued
to present an improving outlook for the New York area. In
contrast to the Philly Fed the employment component doubled
as did the average workweek. Inventories dropped into the
negative column and backorders and new orders both rose.
This was a very strong report on the inside and suggests
the New York area rebound is gaining speed. Last month the
survey showed a significant drop from record high set in
January. This rebound proves the drop was just a statistical
hiccup in the trend.

Rounding out the economic calendar was the NAHB Housing
Index which jumped from 64 to 69 for April. All components
jumped except buyer traffic which remained flat. The rise
in mortgage rates this month could impact this report in
May but so far the homebuilders remain very optimistic
about the coming selling season. Hopefully the Fed will
hold off on any rate hikes until the fall and we get one
more strong summer in this sector. Building stocks were
mixed on this news.

It was a busy evening for earnings and there were some
mixed results. IBM reported inline and called future analyst
estimates "reasonable". Investors don't want reasonable they
want positive guidance. IBM said services orders were less
than analysts had expected and despite gaining some market
share they were cautious about the future. IBM's revenue
rose +11% for the quarter but if you take out the currency
translation from the weak dollar it would have only been a
+3% gain. As we all know the dollar has been rising for the
last week and will continue to rise as long as the Fed rate
hike threat is ahead. This is going to hamper results from
not only IBM but all major international corporations.

Once of the companies IBM is taking share from is SUNW
which announced earnings tonight or maybe I should say
losses. The company lost eight cents and slightly more
than analysts expected. SUNW warned recently so the loss
did not come as a shock. They are continuing to lay off
workers and fight the new server offerings from IBM and
Dell.

Chip company earnings were represented by CREE +20 cents,
PMCS +6 cents, LEXR +11 cents (miss) and TMTA at -0.11.
PMCS had preannounced upgraded guidance and still posted
better than expected results. They raised guidance again
in the conference call. CREE beat estimates and raised
guidance on strength in its LED business. On the negative
side TMTA posted a loss on declining revenue and warned
that the loss could grow next quarter.

LEXR was the dog of the group. LEXR posted a small earnings
miss of a penny but warned that future earnings would be
rough. The company said "after several quarters of relatively
stable average selling prices, second quarter price declines
will be sizeable." According to the CEO the declines are
occurring sooner than anticipated due to excess supply in
the flash memory sector. While that is good news for chip
consumers it is bad news for chip makers. SNDK had already
taken a -$5 haircut this week after they also warned that
revenue would drop substantially.

Another sector that got hammered was the network storage
business. EMC results were less than hoped for and the
group took a nose dive on Thursday. After the bell McData
(MCDT) warned that revenue would be lighter than previously
expected. "This change in anticipated revenue reflects less
robust-than-expected early 2004 purchase patterns by end
users and customers, some of which may relate to a slower
pace of economic recovery and seasonal softness in IT
spending in the first quarter."

SEBL beat the street by a penny aided by strong cost
cutting efforts. While the news was good for the company
it was not greeted warmly. Investors would rather see
gains from increasing revenue instead of cost cutting.

The futures fell after the close on the earnings news and
on the warning from Colin Powell for all non essential
personnel to leave Saudi Arabia. According to the press
release the threat level has shot up with escalating
events building up to a potentially devastating attack
in the future. While this is in Saudi it is not the kind
of news that leads to rallies. There was a new Bin Laden
tape today with the requisite warning to America and its
allies. Investors realize it is only a matter of time
until we are hit again in the US and each escalation
brings it closer to home.

The markets are faced with more warnings and earnings
misses this week than we have seen in some time, the terror
threat is increasing and the election is a toss up. These
problems are converging with the normal start of the summer
doldrums. Institutions are starting to get nervous and there
are a surprising number of references to the crash of 1987.
We get these whenever the chart patterns match up and the
current match is scary. While I do not subscribe to this
theory for various reasons the concerns are making the
rounds. Rumors, however untrue, still cause concerns that
a repeat could happen.

Dow Comparison Charts 1987-2004



For today the Dow completed its second day of testing support
on the 100dma at 10350. After Tuesday's drop we have traded
in a range between 10415-10325 and the outlook is not positive.
We appear to be setting up for a test of the March low of
10000. With the general earnings trend already established
there is not a lot of expectations left unfulfilled. Most
are reporting slightly higher numbers with inline guidance.
I can't wait for the next First Call update to see if the
forecast for the quarter has slipped.

The Nasdaq was the weakest link today as the tech news has
been less than exciting. We broke 2000 intraday and barely
recovered to close back over that level. The expectations
and hopes that took traders to 2075 last Thursday has left
the building and several more results like IBM, SUNW, LEXR
and MCDT will pull the rug out from under Nasdaq 2000.

How much of this weakness and volatility is related to
options expiration on Friday remains to be seen. We may
not be able to tell from Friday's trading as we could see
stronger event risk flight tomorrow than last Friday.
The bloom is off the rose and traders could be thinking of
moving to safety rather than trying to squeeze another point
out of the week. There are no material earnings out in the
morning other than ET and NOK. Nokia has already warned so
no tech help from that announcement.

I suggested on Tuesday that traders wait until next week
to enter new positions and let the uncertainty from earnings
and expiration volatility dissipate. I am still leaning in
that direction. If we close down on Friday and nothing
happens over the weekend then we could get an oversold
bounce on Monday. We will know then how the fund flows
came in for this week and the drain for tax payments will
be over. There is always another day in the markets and
waiting patiently never lost anybody any money.

Enter Passively, Exit Aggressively.

Jim Brown
Editor


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

Waiting for the Weekend
- J. Brown

The markets didn't do much on Thursday as investors still
grappled with rising geo-political tensions and interest rate
concerns, warranted or not.  The strong earnings reports from
TXN, AAPL and AMD on Wednesday night failed to inspire any buying
save for a spike in shares of AAPL itself.  Investors got another
chance to buy the strong economic news when the Philly Fed survey
and the NY Empire State index came out today.  Both were strong
but again the markets shrugged them off.  Overall it seems like
investors are erring on the side of caution.  We even saw some
heavy buying in drug stocks.  This group was lead by a strong
rise in Pfizer after a Deutsche bank analyst mentioned it as the
best buy in the group but the rally was sector wide.  Normally
drugs are seen as a traditional "safe haven" play when investors
worry about stocks turning south.

Earnings have been generally good but guidance was somewhat
lackluster. IBM's report tonight was a prime example.  Add the
few earnings misses and suddenly investors aren't so eager to
push stocks higher on earnings news alone.  Be cautious and watch
those stop losses.


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

Market Averages

DJIA ($INDU)

52-week High: 10753
52-week Low :  8337
Current     : 10397

Moving Averages:
(Simple)

 10-dma: 10456
 50-dma: 10448
200-dma:  9904



S&P 500 ($SPX)

52-week High: 1163
52-week Low :  877
Current     : 1128

Moving Averages:
(Simple)

 10-dma: 1138
 50-dma: 1133
200-dma: 1066



Nasdaq-100 ($NDX)

52-week High: 1559
52-week Low : 1039
Current     : 1459

Moving Averages:
(Simple)

 10-dma: 1481
 50-dma: 1458
200-dma: 1399


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

The volatility indices didn't do much, which was par for the
course given the action in the major indices today.

CBOE Market Volatility Index (VIX) = 15.74 +0.12
CBOE Mkt Volatility old VIX  (VXO) = 16.24 -0.42
Nasdaq Volatility Index (VXN)      = 22.83 +1.24

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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.84      1,005,497       846,617
Equity Only    0.67        757,064       506,667
OEX            0.90         57,206        51,248
QQQ            3.73         30,536       113,948


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

Bullish Percent Data

           Current   Change   Status
NYSE          73.8    - 3     Bull Correction
NASDAQ-100    54.0    + 0     Bear Correction
Dow Indust.   90.0    + 0     Bear Correction
S&P 500       75.8    - 1     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: 1.17
10-dma: 1.04
21-dma: 1.12
55-dma: 1.18


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    1419      1196
Decliners    1424      1941

New Highs      69        61
New Lows      100        24

Up Volume    906M      475M
Down Vol.    978M     1455M

Total Vol.  1895M     1945M
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

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


==================================================================
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 - CSCO - close: 22.82 change: -0.44

WHAT TO WATCH: With Technology stocks getting hit lower on a
daily basis, CSCO is looking pretty weak, having peeled off from
its recent rally attempt and it is nearing key support at the $22
level, also the site of the 200-dma.  A break below that dual
support level could usher in a quick drop to the $19-20 area
ahead of earnings in mid-May.




---

Circuit City - CC - close: 11.95 change: +0.44

WHAT TO WATCH: Following its earnings report at the end of March,
CC has been looking better, now solidly over all its moving
averages.  The strong showing from the Retail Sales numbers
earlier in the week has the bulls getting interested again and
the stock shot sharply higher on Thursday, now nearing key
resistance near $12.  Use an entry trigger over $12.10 and then
target a move back near the November highs just over $13.




---

Ford Motor Company - F - close: 13.12 change: -0.12

WHAT TO WATCH: After being rejected from its 50-dma resistance
earlier this month, F is headed back for another test of key
support at its 200-dma ($12.89).  A successful rebound from that
average may be sufficient to generate another rally back to test
the highs from a couple weeks ago.  On the other hand, a break
below the 200-dma and the March lows near $12.70 could have the
$11.50 support level in play as a bearish target.  Earnings on
April 21 could be pivotal to near-term direction.




---

Alvarion Ltd. - BC - close: 41.94 change: +0.34

WHAT TO WATCH: With just under 2 weeks until BC announces
earnings on the 27th, it looks like there is just enough time for
a breakout play to materialize.  The stock has spent the past
week consolidating just below its recent high at $42.45 and
strong buying volume the past two days looks encouraging.  Use a
trigger of $42.50 and target a quick move to the $45-46 area.




---


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

SGP $17.37 - Finally breaking above the $17 resistance level on
Thursday, SGP looks like it may have begun its run into earnings
on April 22nd.  Use a trigger over today's high (also above the
50-dma) and target a move to the $18.50-19.00 area ahead of the
report.

JWN $37.70 - Punished with the rest of the Retail sector for much
of this week, shares of JWN just barely held onto support at the
100-dma today, but the rebound looked pretty weak.  A breakdown
under that average and the March lows near $36.60 can be used to
trigger bearish entries looking for a decline down to the next
level of support near $34.

SVU $30.30 - Ready for a major breakout?  Shares of SVU have been
holding just below major resistance at $31 for the past 2 weeks,
but a breakout over that level could really generate some follow
though.  Today's earnings report could be just the catalyst to
get the stock moving to the upside again.  Use a trigger above
$31 and then target a run towards the $33-34 area


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

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Copyright ) 2003  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.





PremierInvestor.net Newsletter                 Thursday 04-15-2004
                                                    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
Closed Plays:      IMOS
Stock Splits:      PBCT


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


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

ChipMOS Tech - IMOS - close: 10.26 change: -0.96 stop: 10.45

The technical breakdown in the SOX semiconductor index today was
the final blow to our bullish play in IMOS.  The SOX broke
through support at the 500 level and broke several moving
averages (10, 21, 30, 40 and 50-dma's).  In response IMOS dropped
8.55% and broke the same moving averages as the SOX.  The drop
paused at the $10.00 mark but with the bearish MACD indicator
this round-number level of support may not hold.  We're stopped
out at $10.45.

Picked on April 04 at $11.35
Gain since picked:    - 1.09
Earnings Date       04/22/04
Average Daily Volume:    857 thousand




=================================================================
Stock Splits
=================================================================

Announcements
-------------

PBCT announces 3-for-2 stock split

 Shortly after this morning's opening bell People's Bank
(NASDAQ:PBCT) announced its Q1 earnings and with it a 3-for-2
stock split.

The Board of Directors approved the 3-for-2 split to be payable on
May 15th, 2004 for shareholders on record as of May 1st.

In addition to the split PBCT also raised its quarterly cash
dividend to 43.5 cents per share payable on May 15th.


About the company:
People's Bank is a diversified financial services company
providing consumer and commercial banking services, in addition to
insurance and financial advisory services. The bank is a leader in
supermarket banking, with 64 of its 154 branches located in Super
Stop & Shop stores. Through its subsidiaries, People's provides
brokerage and financial advisory services, asset management,
equipment leasing and financing, and insurance services.
(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

AHC     Amerada Hess Corp          65.21     +0.96
PPP     Pogo Producing Co          47.35     +0.71
ACS     Affiliated Computer Srvc   54.00     +0.78
EXP     Eagle Materials Inc        60.79     +0.94
CTX     Centex Corp                48.91     +0.55
MRK     Merck & Co                 46.96     +1.52

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

CHIC    Charlotte Russe Hldg       19.01     +1.06
OPTN    Option Care Inc            13.70     +1.70

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

PFE     Pfizer Inc                 37.28     +1.47
LLY     Eli Lilly & Co             72.82     +2.41
JNJ     Johnson & Johnson          54.51     +1.91
ABT     Abbott Labs                43.99     +2.03
WYE     Wyeth                      40.04     +1.63
ADP     Automatic Data Processing  45.83     +1.48
PPG     PPG Industries             60.80     +1.38

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

TRB     Tribune Co                 48.96     -2.64
ATH     Anthem Inc                 88.66     -2.54
AET     Aetna Inc                  85.66     -4.70
SNDK    Sandisk Corp               27.91     -4.60
LRCX    Lam Research               25.33     -1.49
FAF     First American Corp        26.99     -1.23
SONC    Sonic Corp                 32.02     -1.34
CAPX    Capital Crossing Bank      58.78     -8.22

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

UNH     United Health              63.95     -2.95
MBG     Mandalay Resort            58.64     -1.81
PII     Polaris Industries         45.19     -1.64
NSM     National Semiconductor     44.90     -2.07
RHAT    Red Hat Inc                23.51     -1.18
BOL     Bausch & Lomb Inc          63.86     -0.63


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