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Daily Newsletter, Tuesday, 04/27/2004

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PremierInvestor.net Newsletter                  Tuesday 04-27-2004
                                                    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:      New Excuse
Watch List:       TDW, CCMP, BJS, SON
Market Sentiment: More of the same

=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
      04-27-2004           High     Low     Volume   Adv/Dcl
DJIA    10478.16 + 33.40 10537.35 10441.75 1.84 bln 1765/1454
NASDAQ   2032.53 -  4.20  2053.57  2027.64 1.96 bln 1572/1603
S&P 100   555.62 +  1.00   559.91   554.62   Totals 3337/3057
S&P 500  1138.15 +  2.62  1146.84  1135.53
W5000   11129.34 + 19.60 11211.76 11109.70
SOX       468.33 -  6.40   479.48   466.76
RUS 2000  590.76 +  1.31   594.98   587.24
DJ TRANS 2973.28 +  3.10  3001.46  2964.34
VIX        15.07 +  0.30    15.17    14.37
VXO (VIX-O)14.98 +  0.04    15.36    14.24
VXN        21.84 +  0.01    22.32    21.59
Total Volume 4,077M
Total UpVol  1,675M
Total DnVol  2,344M
Total Adv  3769
Total Dcl  3497
52wk Highs  299
52wk Lows   276
TRIN       1.07
NAZTRIN    2.08
PUT/CALL   0.72
=================================================================

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

New Excuse
by Jim Brown

The market sold off at 2:PM and the excuse given was either
fighting in Iraq or explosions in Syria. Far as I know there
has been fighting in Iraq for quite some time. Syria arrested
three terrorists near the Iranian embassy but it does not
sound like a market moving event. The Dow had risen to strong
resistance at 10530 just before the sell off. Do you think
there was any chance it was just profit taking? Odds are
very good.

Dow Chart - Daily


Nasdaq Chart - Daily


SOX Chart - Daily



The markets rallied at the open but it was not due to strong
Retail Sales because they were far from strong. Sales dipped
last week by -0.5% from the +1.0% gain the week before. The
reason given by retailers is the long lull between Easter
and Mothers Day (May-9th). They expect shopping to improve
again next week.

The real excitement came from a stronger than expected Consumer
Confidence report and a very strong housing report. Consumer
Confidence jumped to 92.9 from 88.5 and well over estimates
of 89. After two months of decline the unexpected jump went
a long way to confirm the recent indications of a growing
economy. Positive consumers spend more money and this helped
provide positive sentiment for stocks. There were strong
gains across all but one component. Both present conditions
and future expectations posted big jumps. Unfortunately those
planning to buy homes fell to 3.5% from 4.2% but auto buyers
jumped to 6.4% from 5.4%. Consumers who felt jobs were now
plentiful rose to the highest level since Sept-2002. Those
that felt jobs were hard to get fell to the lowest level
since Nov-2002.

Also surging higher were Existing Home Sales, which rose at
the fastest rate in more than two years. Sales jumped +5.7%
to 6.48 million and the second highest rate ever. This is
really good news and suggests consumers were expressing their
confidence by purchasing a new home. This jump turned around
a -5.8% slide in January and meager +2.2% gain in February.
I have predicted before that home sales would pick up once
the weather improved and this is proof. The only disturbing
news is the drop in those planning to buy a home in the near
future in the Consumer Confidence report. That could turn
around as well as home builders begin their strong summer
sales push and heighten consumer awareness of available
features. Despite the jump in rates they are still very low
on a historical basis.

Helping the bounce in the home builders was positive comments
from Pulte Homes. (PHM) They are one of the largest builders
in the country and they also build outside the U.S. The CEO
said they controlled 290,000 lots and were growing at 3-4
times the growth rate of the industry. He also said the Fed
could raise interest rates by 300-400 basis points without
materially impacting their business. They build across all
price ranges in multiple geographic areas. They are estimating
earnings of $7.25 for the year and the stock is just over $50.
While this is a stock specific story we are seeing the same
pattern from almost all the homebuilders and the projections
just keep getting better. This positive attitude and results
from those in the sector should continue to boost investor
prospects for a continued economic recovery. Home sales are
a very big component to overall economic health.

However, not all sectors are seeing this kind of growth. We
began seeing some downgrades today on the prospect of tougher
comparisons ahead. As we move into the earnings from smaller
companies we are seeing some earnings misses and/or some soft
forecasts. This translates into lowered earnings estimates
for future quarters. This is actually beneficial to some
extent because it lowers the bar and makes it easier to beat.
Unfortunately it also lowers the price targets as we begin the
PE compression phase.

The semiconductor sector is already seeing this PE compression
as the SOX dropped below critical support at 470 today. The
bloom is off the rose in semis and that led the Nasdaq to a
weaker performance for the day.

The Nasdaq has spent three days trying to break through the
2050 level and today's close was a three-day low. The Nasdaq
is at a critical turning point. In early April it rose to
strong resistance at 2070 with three intraday spikes briefly
higher over a six day period. We saw the mid April pullback
to below 2000 and then a strong dead cat bounce last Thursday.
That bounce culminated on Friday morning at 2050 and that
resistance level has held for three days. The Nasdaq must
rebound from the brink tomorrow or be faced with the potential
for another trip under 2000. The NDX has been fighting the
same battle with resistance at 1500 all month and the best
it could manage before dropping back this week was 1499.45.
This is very strong resistance for the NDX and by association
the Nasdaq Compx.

The Dow has been fighting the same battle at 10550 since early
April and we watched it creep back to 10537 today before a
quick sell off. The sell off was blamed on shooting in Syria
and/or fighting in Iraq but if you look closely at the A/D
line for the last two days I think you will lose that excuse
quickly. On Monday at exactly 2:PM the A/D line dropped -1300
issues. On Tuesday at exactly 2:PM the drop was -1500 issues.
Recently mutual funds have been entering/exiting the market
when? 2:PM. With the indexes right at strong resistance and
near highs for the month this is a very good spot for funds
to take profits. This is not an indication that there is a
specific down trend ahead but simply a good place to shift
cash ahead of some very critical economic reports and a Fed
meeting over the next eight days. It is simply prudent money
management.

A/D Chart - 15 min



There is not enough data yet to determine if we are looking
a bullish May or a bearish May. Earnings are still flowing
and most analysts are still bullish. As long as investors
are still sending in retirement contributions we are likely
to continue to trade in this range. I suggested on Sunday
to sell the tops and buy the bottoms and today was very close
to the top of the range. Until we breakout of the range that
advice remains the same.

The challenge for the next several days will be the impending
Fed meeting on Tuesday and the impact of the economic reports
on their decision. Wednesday is still calm but Thursday starts
the heavy reporting cycle with GDP for Q1, Employment Cost
Index and Help Wanted. Friday picks up the pace with Personal
Income, NY-NAPM, Consumer Sentiment and PMI. Monday has the
ISM so traders will likely want to square positions before
Friday's close to avoid not only weekend event risk but
economic event risk as well. With the Fed meeting on Tuesday
and rising fear they could actually hike rates there may not
be many buyers after tomorrow. Most institutions will want
to see what decision the Fed makes before making a commitment.
Even if you thought there was no chance the Fed would hike
rates and that those economic reports would be strong would
you want to invest millions of dollars near the current market
highs without knowing for sure? Probably not.

That pretty well sums up our forecast. Odds of big bets are
slim and volume has already started to dry up. Volume on the
NYSE and Nasdaq totaled only 3.5B shares today and it should
continue to decline. Keep your eyes open for some new excuses
for market movement and watch that 2:PM time slot for clues
to market direction. Watch the SOX as a leading indicator
for the Nasdaq. We are still range bound and until the trend
changes watch the top of the range (10550/2050) for weakness.

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


Tidewater Inc. - TDW - close: 29.78 change: +1.18

WHAT TO WATCH: TDW was looking like a nice long candidate prior
to last week's earnings and after the report the stock shot right
up to resistance at the 200-dma.  That resistance was soundly
broken today and the rally is underway.  A pullback near $29
would be a gift of an entry point, so any brief pullback should
be pounced on.  More conservative traders will want to wait for a
breakout over the 100-dma before playing.  Target a rally up to
strong resistance near $33.




---

Cabot Microelectronics Corp. - CCMP - close: 32..01 change: -0.17

WHAT TO WATCH: Semiconductor stocks have been notably weak lately
and they don't come much weaker than CCMP, which plunged after
its recent earnings report and has been tagging new 52-week lows
on a daily basis.  The stock is WAY overdue for a bounce, but a
failed rebound below $35 looks like a gift of an entry.
Aggressive traders can short a breakdown below today's low in
anticipation of the stock continuing to drill lower.  Target a
drop to the $26-27 area.




---

BJ Services Company - BJS - close: 47.20 change: +2.18

WHAT TO WATCH: Yesterday we suggested keeping an eye on shares of
BJS for a post-earnings breakout and that's exactly what
happened, with the stock gaining nearly 5% today.  With a clean
high-volume breakout, this one looks good for upside
continuation.  An ideal entry would come on a pullback to test
broken resistance near $45-46, with a logical target being
psychological resistance at $50.




---

Sonoco Products - SON - close: 25.81 change: +0.56

WHAT TO WATCH: Earnings provided just the catalyst to drive SON
through near-term resistance at $25 and the stock shot up
following the news.  After a brief dip to test that broken
resistance as new support, it looks like the stock is ready to
run.  Use a trigger at $26 and look for the rally to continue up
towards strong resistance at $30.




---

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

TYC $29.08 - While the stock hasn't made much progress lately,
TYC is still trading in its ascending channel that started early
last year.  Now isn't the time to enter due to earnings which are
due to be released on May 5th.  Look for a post earnings dip and
rebound near the bottom of the rising channel ($28) and then hold
for a rally to the top of the channel near $32.

XOM $43.75 - While lacking in the wild price action of some of
its contemporaries, there's no arguing with the bullish trend in
shares of XOM.  The stock looks ready to breakout and a move
through $44 looks like a good bullish trigger.  Look for an
initial move to $46, with potential for a rally up to test the
all-time highs just south of $48.

SBUX $39.27 - After more than 2 months of consolidating in a
sideways channel, shares of SBUX look ready to resume their
upward climb.  Earnings are past and last week's upgrade from
Lehman ought to add a bit of bullish fuel.  Use a trigger at $40
and look for a rally towards the $44-45 area.


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

More of the same
- J. Brown

Tuesday proved to be somewhat interesting.  Futures were
relatively weak before the open but when the bell rang stocks
shot higher.   There were a couple of economic reports out and
both were stronger than expected.  The Conference Board's
consumer confidence index soared to 92.9, which was above
estimates for a small rise to 88.7.  The survey polled some 5,000
households and found that Americans are growing more optimistic
about the future and about finding a job.

The second report was the existing home sales numbers.  Like the
new home sales numbers out yesterday these were above
expectations.  Home sales are hot and with the prime home buying
season in front of us (a.k.a. summer) it could be a good quarter
for homebuilders, realtors and mortgage lenders even with a rate
hike.  The broader impact is that consumers tend to buy more
products like furniture and appliances when they move into a home
and that's a big positive for the economy.  What is odd is that
the new home sales numbers yesterday sent the markets lower on
rate fears yet today's number failed to cause much of a reaction.

That's not to say the markets didn't turn lower. The major
indices were near their highs for the session before turning
sharply lower in the afternoon.  Apparently this was due to a new
offensive by coalition forces in Iraq.  The cease-fire with
insurgents in Fallujah ended today.  This evening the military
dropped leaflets saying it's time to give up, this is your last
chance to surrender, we're coming in and a little bit later the
air strikes began.   At the same time there was new violence in
the Syrian capital near several western embassies, which many
believed was a terrorist reaction to the Syrian government's help
with the global war on terrorism.

The stock markets' reaction was to interpret the military's move
in Iraq as a potential spark for new violence around the globe
and possibly here at home.  Thus the natural reaction was to sell
stocks and take profits - at least that's one train of thought.
The selling really wasn't that bad with techs and gold lagging
the bluechips.  Closer to home and probably more important on
investors' minds is the upcoming Fed meeting on May 4th and the
string of economic reports between now and the end of next week.
We appear stuck in a trading range to manage your risk carefully!


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

Market Averages

DJIA ($INDU)

52-week High: 10753
52-week Low :  8305
Current     : 10478

Moving Averages:
(Simple)

 10-dma: 10415
 50-dma: 10420
200-dma:  9956



S&P 500 ($SPX)

52-week High: 1163
52-week Low :  898
Current     : 1138

Moving Averages:
(Simple)

 10-dma: 1132
 50-dma: 1132
200-dma: 1071



Nasdaq-100 ($NDX)

52-week High: 1559
52-week Low : 1084
Current     : 1479

Moving Averages:
(Simple)

 10-dma: 1468
 50-dma: 1455
200-dma: 1407


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

There was little change in the volatility indices.  They remain
near their multi-year lows.

CBOE Market Volatility Index (VIX) = 14.07 +0.30
CBOE Mkt Volatility old VIX  (VXO) = 14.98 +0.04
Nasdaq Volatility Index (VXN)      = 21.84 +0.01

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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.72        876,032       627,839
Equity Only    0.57        772,474       441,571
OEX            0.97         15,910        15,403
QQQ            3.25         11,842        38,450


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

Bullish Percent Data

           Current   Change   Status
NYSE          77.6    + 0     Bull Confirmed
NASDAQ-100    56.0    - 1     Bear Correction
Dow Indust.   83.3    + 0     Bear Confirmed
S&P 500       74.8    - 1     Bear Confirmed
S&P 100       74.0    - 2     Bear Confirmed


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: 2.41
10-dma: 1.98
21-dma: 1.47
55-dma: 1.37


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    1624      1538
Decliners    1216      1570

New Highs      94        85
New Lows       79        26

Up Volume    910M      607M
Down Vol.    920M     1297M

Total Vol.  1854M     1927M
M = millions


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

Commitments Of Traders Report: 04/20/04

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

Commercials still not willing to place in big one-sided bets.
The remain net short.  Small traders upped their bearish
positions by a couple of thousand contracts.


Commercials   Long      Short      Net     % Of OI
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%)
04/20/04      409,729   421,456   (11,727)   (1.4%)

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
03/30/04      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%
04/20/04      136,699    92,982    43,717    19.0%

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 remain heavily net short the e-minis and small
traders, who typically do the opposite, are right on track
with heavy long positions.


Commercials   Long      Short      Net     % Of OI
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%)
04/20/04      275,985   355,555    (79,570)  (10.1%)

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
03/30/04      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%
04/20/04      186,799     69,137   117,662    46.0%

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


NASDAQ-100

Very little movement in the NDX futures for commercial
traders.  The same can be said for small traders.


Commercials   Long      Short      Net     % of OI
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%
04/20/04       54,852     35,964    18,888   20.8%

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
03/30/04        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%)
04/20/04        8,538    19,431   (10,893)  (39.0%)

Most bearish reading of the year: (10,769) - 06/11/02
Most bullish reading of the year:  19,088  - 01/21/02

DOW JONES INDUSTRIAL

Hmm... we're seeing a little bit of money getting shuffled
around here.  Commercials are slightly more bullish this
week.  Small traders, as expected, have turned more bearish.


Commercials   Long      Short      Net     % of OI
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%
04/20/04       24,156    22,009    2,147       4.7%

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
03/30/04        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%)
04/20/04        5,997     9,631   (3,634)   (23.3%)

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


PremierInvestor.net Newsletter                  Tuesday 04-27-2004
                                                    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:     FNLC, TOUS

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

FNLC announces a 3-for-1 split

Lunchtime on Tuesday afternoon First National Lincoln Corp.
(NASDAQ:FNLC) announced that shareholders had approved an increase
in the number of authorized shares from 6 million to 18 million at
the company's annual meeting.  Immediately thereafter the company
announced 3-for-1 stock split.

The Board of Directors approved the split, which will take place
as a 200% stock dividend.  The payable date will be June 1st, 2004
to shareholders on record as of May 12th.  The number of
outstanding shares will jump from 2.4 million to 7.3 million.
FNLC's last split was December 1997.

About the company:
First National Lincoln Corporation, headquartered in Damariscotta,
Maine, is the holding company for The First National Bank of
Damariscotta and Pemaquid Advisors. The First is an independent
community bank serving Mid-Coast Maine with seven offices in
Lincoln and Knox Counties that provide consumer and commercial
banking products and services. Pemaquid Advisors provides
investment advisory and trust services from offices in
Damariscotta, Boothbay Harbor and Portland, Maine. (source:
company press release)

---

TOUS announces a 3-for-2 split

Immediately following the closing bell Technical Olympic USA, Inc.
(NASDAQ:TOUS) announced that its Board of Directors had approved a
3-for-2 stock split of its common stock.  The split will take
place as a 50% stock dividend.

This dividend is payable on May 31st, 2004 to shareholders on
record as of May 14th.  Fractional shares will be paid in cash.

About the company:
Technical Olympic USA, Inc. ("TOUSA") is a leading homebuilder in
the United States, operating in 14 metropolitan markets located in
four major geographic regions: Florida, the Mid-Atlantic, Texas,
and the West. TOUSA designs, builds, and markets high-quality
detached single-family residences, town homes, and condominiums to
a diverse group of homebuyers, such as "first- time" homebuyers,
"move-up" homebuyers, homebuyers who are relocating to a new city
or state, buyers of second or vacation homes, active-adult
homebuyers, and homebuyers with grown children who want a smaller
home ("empty-nesters"). It also provides financial services to its
homebuyers and to others through its subsidiaries, Preferred Home
Mortgage Company and Universal Land Title, Inc.
(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

BP      BP Plc                     53.70     +0.78
WFC     Wells Fargo & Co           57.09     +0.70
CVX     ChevronTexaco              92.89     +0.64
XOM     ExxonMobil                 43.75     +0.74
MRK     Merck & Co                 47.25     +0.61
ECA     Encana Corp                42.75     +0.70

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

GNTA    Genta Inc                  16.35     +1.97
PXR     Paxar Corp                 17.40     +1.39
ISPH    Inspire Pharmaceuticals    16.56     +2.57
WHQ     W-H Energy Services        17.27     +1.71
CVNS    Covansys Corp              14.95     +2.81
DPTR    Delta Petroleum            12.61     +1.11

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

EBAY    Ebay Inc                   83.95     +2.37
DHR     Danaher Corp               95.50     +1.93
TXU     TXU Corp                   34.77     +1.24
RIG     Transocean Inc             29.12     +1.61
PHM     Pulte Homes Inc            52.11     +3.08
BJS     BJ Services                47.20     +2.18
SII     Smith Intl Inc             57.75     +2.61

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

VAR     Varian Medical             84.22     -3.65
BG      Bunge Ltd                  36.56     -1.94
R       Ryder Systems              37.47     -1.87
RMBS    Rambus Inc                 21.11     -2.93
PIR     Pier 1 Imports             20.45     -2.30
ANPI    Angiotech Pharmaceutical   21.17     -1.18
NTE     Nam Tai Electronics        21.93     -1.46
OTL     Octel Corp                 26.30     -3.68

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

PDCO    Patterson Dental           75.17     -1.83
GYI     Getty Images Inc           55.17     -1.93
MICC    Millicom Intl              24.20     -2.00
AMED    Amedisys Inc               26.94     -3.13


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