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Daily Newsletter, Tuesday, 04/20/2004

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PremierInvestor.net Newsletter                  Tuesday 04-20-2004
                                                    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:      Greenspamed Again
Watch List:       PRU, AAP, DHI, NEM
Market Sentiment: Rate Fears Loom Again

=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
      04-20-2004           High     Low     Volume   Adv/Dcl
DJIA    10314.50 -123.40 10487.67 10313.58 1.95 bln  763/2498
NASDAQ   1978.63 - 41.80  2032.41  1978.63 1.92 bln  965/2243
S&P 100   547.10 -  8.68   557.55   547.10   Totals 1728/4741
S&P 500  1118.15 - 17.67  1139.26  1118.09
W5000   10931.10 -170.90 11140.80 10931.06
SOX       469.70 - 17.30   490.32   469.69
RUS 2000  575.81 - 11.14   591.96   575.79
DJ TRANS 2911.27 - 12.50  2954.51  2909.98
VIX        16.67 +  1.25    16.72    14.79
VXO (VIX-O)16.51 +  1.28    16.59    14.74
VXN        23.07 +  1.67    23.12    21.01
Total Volume 4,231M
Total UpVol    739M
Total DnVol  3,464M
Total Adv  1991
Total Dcl  5353
52wk Highs  254
52wk Lows   113
TRIN       1.03
NAZTRIN    1.52
PUT/CALL   0.81
=================================================================

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

Greenspamed Again
by Jim Brown

It was supposed to be a calm day with no doomsday comments
from Alan Greenspan as he talked about the banking system.
The prepared comments were tame and nobody got excited but
the Q&A turned up the heat. Just as in the past several
supposedly tame comments suddenly triggered a mass exodus
and the Dow dropped more than -150 points in the last hour.
Wonder what he is thinking tonight about his major appearance
before the joint economic committee tomorrow?

Dow Chart - Daily


Nasdaq Chart - Daily


Semiconductor Sector - Daily



It definitely was not economics that tanked the markets today
because there was only one report. The Chain Store Sales rose
+1.0% last week as consumers spent their tax refunds on spring
items and nobody is complaining about that. This was the third
week of increasing gains and some analysts think it is also
a factor showing increasing job growth. I think that is a
stretch but I report, you decide. Analysts are expecting sales
to slow in April to +5% from the +7% rate in March. They are
suggesting the calendar and the weather accelerated buying
a couple weeks earlier than normal.

The bad news that tanked the market was actually good news.
Greenspan said the health of the banking sector was very good
and they would not be hurt by rising interest rates. What
rising rates? Traders were quick to translate that comment
into the logical progression that the Fed was going to raise
rates soon. Why else should the Fed head say they were in
good shape for the coming change. Secondly he said "American
companies had regained some pricing power" and that was one
of the items on the list that needed to be checked off before
the Fed could act. Strike two for the markets. If that was
not enough he continued praising the strength of the economy
and expressed his confidence that jobs would rise strongly.
All good news for the economy but not for the interest rate
outlook. The third strike came when he said the deflation
monster was dead. He said "deflation was no longer a potential
problem" leaving the Fed could concentrate on controlling
inflation. Oops! Without the risk of deflation to keep the
Fed in check and with inflation appearing in almost every
report Greenspan is clear to act. The only weapon in his
arsenal to slow inflation is the interest rate club. He was
clearly dusting it off today and the market cowered in fear.

One quick question. Is there anybody in the market today that
did not know interest rates were about to go up? I seriously
doubt it. Now the $64K question. Why did the market take it
so hard? The market died because the time table suddenly
jumped from Sept/Jan to June/August and right in the middle
of the six month equity window. The Fed funds futures jumped
to a 35% chance of a hike in June and a 100% chance of a hike
in August. They are also indicating a potential 100 basis point
hike by January. To go from a standing start to +100 points
(four quarter point hikes) over the next eight months was
simply too big a leap for the bulls. Confusion is running
rampant and Greenspan speaks again tomorrow on economic
policy. How much more good news can the bulls take? The next
Fed meeting is May 4th, two weeks from today and there is
always an outside chance the Fed could jump start the process
beginning in May. No reasonable analyst is suggesting that
but with an election looming the Fed may want to act soon and
avoid a rate hike immediately before the election. They could
hike in May and again in June then rest until November. The
August and September meetings would be speed bumps where the
threat of a hike could be as effective as a hike without the
political impact. In order for this to work they would have
to act quickly to get the first ones on the board.

The challenge for the Fed is employment and the summer doldrums.
They really need to see if jobs were created in April and that
report is due out on Friday May 7th and the FOMC meeting is
Tuesday May 4th. You and I both know the Fed will have the
numbers in advance of the release. That would suggest another
blowout jobs number could trigger a hike in May to shock the
market and start the process. No hike at the May-4th meeting
will instantly create serious discussions about the coming
jobs report. That same week we have the ISM report (Monday)
Layoffs, Factory Orders, Productivity, Wholesale Trade and
others. Plenty of data for the Fed to analyze for their
Tuesday decision.

McTeer had already set the stage this morning by saying the
Fed could raise rates and still be seen as accommodative.
This was another implied warning for those that refuse to
believe that the Fed is coming. He added to this by saying
the unexpectedly sharp rise in the March Consumer Price
index was disturbing. His comments probably tilted the
sentiment into the worry column and Greenspan's comments
finished the job.

Like I said above, nobody is suggesting the Fed will hike in
May. It is the worry that they COULD hike suddenly that put
the fear in the market. Greenspan was seen as clearing all
the roadblocks off the table in an appearance that was not
seen as a policy event. Traders were suddenly afraid the
policy discussion due on Wednesday could be much more hawkish
and profits from last weeks rebound were quickly taken.

I mentioned on Sunday that there was no real catalyst to
move the markets higher despite the better than expected
earnings. We had the expiration bounce on Friday and rather
listless trading so far this week. After today's drop it
is going to take a serious catalyst to move them higher.

After the bell today we had a strong report from Motorola
which beat estimates of seven cents with a whopping +25 cents.
Troubles at Nokia were apparently rainbows for Motorola. If
you remember I posed that question two weeks ago when NOK
warned. They said the sector grew 25% for the quarter and
I suggested somebody got the business since it was not NOK.
Evidently MOT was standing at the head of the line. MOT also
raise estimates for the current quarter and the stock shot
up +25% in after hours trading. While MOT may bounce semi
stocks on Wednesday the news from the rest of the sector was
not as positive. Other chip/tech companies reporting tonight
included AMCC which beat by two cents, SIMG and SANM beat by
a penny, STK, STX and MKSI announced inline, PSEM missed by
a penny. WEBX beat by a penny and lost -$4.50 in after hours
on guidance. Obviously the broader results were less exciting
for that sector. Nasdaq futures are only up slightly in after
hours.

Stocks were not the only major movers today. The dollar
soared to a five month high and gold fell under $400 once
again. Bonds dropped but not as much as you would have
expected with the yield on the ten year still hovering in
the 4.41% range. The bonds have been early to this move
with a major sell off over the last two weeks. Stocks are
finally catching up.

The Dow rose to within 13 points of 10500 this morning but
closed within 16 points of 10300 this afternoon. With that
move it covered its entire range for the last week. Today's
drop took it below the 50 and 100dma and the uptrend support
dating back to August. 10325 was support for two days last
week and today's close was the lowest close since March 29th.

The Nasdaq lost -42 points to close at 1979 and also the
lowest level since March 29th. The 29th was a major gap up
day and a touch of 1962 would fill that gap. I suspect a
drop to 1962 will be the least of our problems. Should we
move below 1960 I think the Nasdaq has risk to 1900 or
lower.

On the surface we appear to be oversold from today's drop.
However, the risk of a more in-depth policy clue from Alan
Greenspan on Wednesday suggests we are not going to rebound
out of the gate. We are seeing a minor bounce to the futures
overnight and we could see some gains at the open but I
would not bet on it. I have mentioned before that the market
looks for excuses to explain major moves. Everyone knew
earnings were going to be strong. Everyone knew rates were
about to go up. Everyone knew Greenspan was going to speak
today and tomorrow. I doubt anyone expected him to give the
"Fed will be patient for a considerable period" speech. The
market is priced to perfection for the current earnings and
interest rate environment and a sudden change in that status
quo will force an adjustment in stock prices. Contrary to
public opinion stocks do go up in rising rate environments.
Under the most pessimistic rate threat of a +1% hike over the
next 12 months we would still only be at a 2% Fed funds rate.
Those traders who have been in the market for longer than a
couple years would not worry about the long term impact of
a 2% Fed rate. The market is simply adjusting to the new
environment and used the change as an excuse to take profits.

The electric shock rocket short-circuited today and those
holding the stock received a shock to their portfolio. Yes,
TASR fell back to earth today with a -$34.55 loss (-28%)
on better than expected earnings. Yes, TASR beat the street
by two cents when traders were hoping for a couple dollars
if you believe the gains in the stock over the last couple
of weeks. Revenue soared +300% to $13.1 million for the
quarter. Yes, $13 million not billion. The company had a
market cap yesterday of $1.5 billion but that was cut by
nearly a third today. Everyone knew it would eventually
end badly but not necessarily all in one day. TASR has 9.3
million shares available for trading and nearly 50% of that
total was short according to the latest numbers. However
32 million shares were traded today, nearly four times the
number of shares available. That is even more amazing if
you take into account the 3.5 million held by institutions.
I suspect more than one trader bought the dip today thinking
the misfire in the shock rocket was a buying opportunity.

Tomorrows trading could be hazardous. Volatility has
returned and sentiment took a severe hit today. We have
Greenspan speaking again on economic policy and the Fed
Beige book. It could be the 1-2 punch or it could be all
smoke and mirrors. I would be very careful about any long
positions unless Greenspan has a change of heart after today
and eats his words on national TV. If he rescues the "patient
Fed image" from near death then the markets could also rise
from the ashes. Just don't bet the family fortune without
some serious confirmation.

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

Prudential Financial Inc. - PRU - close: 42.96 change: -1.08

WHAT TO WATCH: Financial stocks have been under significant
pressure over the past couple weeks and PRU joined the parade
over the past couple days, breaking down hard on Tuesday and
issuing a new PnF Sell signal.  Entries look favorable on further
weakness or on a failed rebound near the $44 level (also the site
of the 100-dma).  Target a drop first to $40 and then to the $38
tentative price target from the PnF chart.  Note that earnings
are set to be released on May 4th.




---

Advanced Auto Parts - AAP - close: 42.22 change: +1.11

WHAT TO WATCH: Blasting off at the open this morning, it looked
like AAP was set to make a major breakout.  But with a lack of
broad market followthrough, the stock fell back into its recent
consolidation zone.  Use a trigger of $43.25 for entries and
target a rally to the $47-48 area ahead of the company's earnings
report in mid-May.




---

D R Horton Inc. - DHI - close: 30.21 change: -1.51

WHAT TO WATCH: Interest rate sensitive stocks have been getting
clocked lately and Housing stocks are on the leading edge of that
action.  With the $DJUSHB breaking down, DHI looks to be in
trouble, with investors selling into last week's earnings news.
Use a trigger under $29.50 and target the 200-dma just over $26.




---

Newmont Mining Corp. - NEM - close: 39.93 change: -2.50

WHAT TO WATCH: With more strength in the dollar on Tuesday,
precious metals stocks got crushed and NEM itself broke down in a
big way.  The break under the $40 level generated a new PnF Sell
signal with a target of $32.  The best entries will come on a
failed rebound below the major broken support at the 200-dma just
under $42.  With earnings set to be released next week, the best
approach may be to look for a post-earnings bearish entry point.





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

SPLS $26.99 - After last month's breakdown, shares of SPLS have
come roaring back up near resistance and it looks like a breakout
move could be in the offing.  Wait for the breakout over $28
before playing and then target a rally towards the $31-32 area
ahead of the company's earnings report on May 18th.

LNCR $33.64 - Although aggressive due to the fact the company
reported strong earnings just yesterday, the strong breakout over
more than 4 months of resistance looks strongly bullish, with a
new PnF Buy signal.  Conservative entries look good on a pullback
to confirm the $32 level as new support, while more aggressive
traders can chase the stock higher on a breakout over the 200-
dma.

TJX $25.35 - Rejected on its first attempt, TJX wasn't able to
hold today's breakout over the $25.50 level.  But the pattern
still looks bullish as long as price doesn't break under the
bottom of the past couple weeks' consolidation near $24.75.  Use
an entry trigger above $25.75 (just over today's intraday high)
and target a rally to the $28 area.


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

Rate Fears Loom Again
- J. Brown

The stock market was effectively Greenspammed in the last hour of
trading as investors ran for cover after Alan told the Senate
that the deflation-monster was dead.  Traders immediately
translated his words to mean that inflation was the main threat
and that the Federal Reserve would need to raise rates sooner
rather than later to fight inflation.  The damage was widespread
with only the XAL airline index closing in the green.  Housing
stocks were pummeled and gold stocks plummeted.  Market internals
were very bearish.  Declining stocks trounced advancing issues 3-
to-1 on the NYSE and 22 to 9 on the NASDAQ.  Down volume was
almost five times up volume on the NYSE and the NASDAQ.  Overall
volume was a lot stronger than we've seen the last few sessions.

Noted below you'll see the spike in volatility as investors
rushed to buy puts and protect themselves and/or profit from the
drop.  Considering that the volatility indices are still near
their lows we could see several days of declines before fear
really sets in.  Investors are completely ignoring the strong
earnings data and choosing to focus on the interest rate issue,
which seems overdone.  A 1/4 point or 1/2 point rise in rates is
not going to derail the economy so patient investors may just
want to sit out for a couple of days as the market readjusts.
Then we can hopefully gauge a new entry point for the rebound.

Noteworthy earnings reports tomorrow morning are Dow components
KO, SBC and UTX.  Plus, we'll hear from CFC, EK, F, JPM  and SIRI
just to pick out a few of the dozens of companies reporting
tomorrow.


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

Market Averages

DJIA ($INDU)

52-week High: 10753
52-week Low :  8235
Current     : 10314

Moving Averages:
(Simple)

 10-dma: 10436
 50-dma: 10441
200-dma:  9924



S&P 500 ($SPX)

52-week High: 1163
52-week Low :  879
Current     : 1118

Moving Averages:
(Simple)

 10-dma: 1134
 50-dma: 1133
200-dma: 1068



Nasdaq-100 ($NDX)

52-week High: 1559
52-week Low : 1051
Current     : 1436

Moving Averages:
(Simple)

 10-dma: 1472
 50-dma: 1457
200-dma: 1402


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

The sudden drop in the markets at the end of the day did send
the volatility indices spiking as traders rush to buy puts and
protect positions.  These indices remain near their lows which
suggest we could still see several days of weakness before
investors truly feel fearful.

CBOE Market Volatility Index (VIX) = 16.67 +1.25
CBOE Mkt Volatility old VIX  (VXO) = 16.51 +1.28
Nasdaq Volatility Index (VXN)      = 23.07 +1.67

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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.81        833,531       677,967
Equity Only    0.69        699,494       482,043
OEX            1.03         20,975        21,701
QQQ            3.19         27,115        86,456


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

Bullish Percent Data

           Current   Change   Status
NYSE          78.3    - 4     Bull Confirmed
NASDAQ-100    54.0    + 0     Bear Correction
Dow Indust.   90.0    + 0     Bear Correction
S&P 500       75.8    + 0     Bear Confirmed
S&P 100       79.0    + 0     Bull Correction


Bullish percent measures the number of stocks in an index
currently trading on a buy signal on their point and figure
chart.  Readings above 70 are considered overbought, and readings
below 30 are considered oversold.

Bull Confirmed  - Aggressively long
Bull Alert      - Cautiously long
Bull Correction - Pause or pullback in upward trend
Bear Alert      - Take defensive action if long
Bear Confirmed  - High risk if long, good conditions for shorting
Bear Correction - Pause or rebound in downtrend


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

 5-dma: 1.55
10-dma: 1.48
21-dma: 1.24
55-dma: 1.24


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     676       897
Decliners    2163      2223

New Highs      62        83
New Lows       42        36

Up Volume    371M      318M
Down Vol.   1572M     1542M

Total Vol.  1950M     1883M
M = millions


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

Commitments Of Traders Report: 04/12/04

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

We continue to see little change in commercial traders' positions.
Small traders are adding to positions and remain bullish although
there is a decent jump in new shorts.


Commercials   Long      Short      Net     % Of OI
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%)
04/12/04      412,827   419,910   ( 7,083)   (0.9%)

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
03/23/04      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%
04/12/04      135,840    89,090    46,750    20.8%

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

Commercials have reduced the long positions and added to their
shorts, which is bearish for the markets.  Small traders remain
net long and have increased their bullish positions significantly.


Commercials   Long      Short      Net     % Of OI
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%)
04/12/04      261,889   341,163    (79,274)  (13.1%)

Most bearish reading of the year: (354,835)  - 06/17/03
Most bullish reading of the year:  133,299   - 09/02/03

Small Traders Long      Short      Net     % of OI
03/23/04      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%
04/12/04      172,473     52,274   120,199    53.5%

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


NASDAQ-100

Almost no change in commercial traders' positions here.
The same can be said for small traders.


Commercials   Long      Short      Net     % of OI
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%
04/12/04       54,144     34,432    19,712   22.3%

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
03/23/04        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%)
04/12/04        8,297    20,746   (12,449)  (42.9%)

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

Still no change in commercial traders' positions here either.
It's an even race between longs and shorts.  Small traders
have actually grown more bearish.


Commercials   Long      Short      Net     % of OI
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%
04/12/04       23,501    22,748      753       1.6%

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
03/23/04        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%)
04/12/04        6,136     7,450   (1,314)    (9.7%)

Most bearish reading of the year: (12,106) -  3/09/04
Most bullish reading of the year:   8,523  -  8/26/03

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


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Do not duplicate or redistribute in any form.





PremierInvestor.net Newsletter                  Tuesday 04-20-2004
                                                    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
Stock Splits:     HE, KENT, SYK

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


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

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

HE charges up a 2-for-1 stock split

Hawaiian Electric Industries (NYSE:HE) announced earnings this
morning and followed up with a split announcement this afternoon.
Its Board of Directors has approved a 2-for-1 stock split in the
form of a 100% stock dividend in addition to their normal
quarterly cash dividend.

The 2:1 split will be payable on June 10th, 2004 to shareholders
on record as of May 10th.  The cash dividend of 62 cents is
payable on a pre-split basis on June 10th to shareholders on
record as of May 10th.


About the company:
HEI and its subsidiaries are a critical part of Hawaii's economy.
HEI supplies power to over 400,000 customers or 93% of the Hawaii
market through its electric utilities and a wide array of banking
and other financial services to consumers and businesses through
the state's third largest bank.
(source: company press release)

---

KENT deals up a 2-for-1 stock split

This morning just before the opening bell Kent Financial Services,
Inc. (NASDAQ:KENT) announced that it would split its stock 2-for-
1.

The payable date is May 3rd, 2004 to shareholders on record as of
April 30th.


About the company:
Kent Financial Services is a holding company for its subsidiary
T.R.Winston & Company Inc, a securities broker-dealer.
(source: company press release)

---

SYK declares 2-for-1 stock split

Just before the closing bell on Tuesday, Stryker Corp (NYSE: SYK)
announced that its Board of Directors had approved a 2-for-1 stock
split of its common shares.

The split is payable on or about May 14th, 2004 to shareholders on
record as of May 3rd.


About the company:
Stryker Corporation is a leader in the worldwide orthopaedic
market and is one of the world's largest medical device companies.
Stryker delivers results through a wide range of capabilities
including joint replacements, trauma, spine and micro implant
systems, orthobiologics, powered surgical instruments, surgical
navigation systems and endoscopic products as well as patient
handling and emergency medical equipment. Stryker also provides
outpatient physical therapy services in the United States.
(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

GM      General Motors Corp        48.00     +1.85
AZO     AutoZone Inc               86.44     +3.81
MTG     MGIC Investments           71.11     +0.94
SUN     Sunoco Inc                 63.63     +0.84
DBD     Diebold Inc                49.97     +2.78

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

TPX     Tempur-pedic Intl          15.95     +1.19
PXLW    Pixelworks Inc             18.57     +1.67
AVL     Aviall Inc                 17.12     +1.49

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

BAX     Baxter Intl                32.76     +1.04
BCR     C.R.Bard                   99.96     +1.16
STN     Station Casinos Inc        48.70     +1.43
LNCR    Lincare Holdings           33.64     +2.77
CNF     CNF Transportation         36.87     +1.27
TNL     Technitrol Inc             22.02     +2.02

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

FRX     Forest Labs                69.96     -1.61
PLD     Prologis                   29.70     -1.35
RNR     RenaissanceRe Holdings     52.94     -2.25
OSI     Outback Steakhouse         45.85     -2.33
SEIC    SEI Investments            29.08     -1.17
ICOS    ICOS Corp                  33.20     -1.30
RYL     The Ryland Group           73.66     -2.79
TASR    Taser Intl                 84.39     -34.31
NFI     Novastar Financial Inc     31.88     -7.13

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

BDK     Black & Decker             58.76     -1.44
ALGN    Align Tech Inc             20.77     -2.03
BP      BP Plc                     52.72     -1.21
MTCT    MTC Technologies Inc       25.09     -0.79


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