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Daily Newsletter, Thursday, 04/29/2004

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PremierInvestor.net Newsletter                 Thursday 04-29-2004
                                                    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:      Trend Change!
Market Sentiment: Truth Or Dare?
Watch List:       JNPR, HOV, DLTR, SLR, and more!


=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
      04-29-2004           High     Low     Volume   Adv/Dcl
DJIA    10272.27 - 70.30 10407.97 10219.18 2.30 bln  850/2400
NASDAQ   1958.78 - 30.80  1998.02  1946.10 2.37 bln  830/2362
S&P 100   544.54 -  3.30   551.53   541.69   Totals 1680/4762
S&P 500  1113.89 -  8.52  1128.80  1108.02
W5000   10867.10 -100.30 11008.24 10811.96
SOX       450.48 - 11.80   464.46   443.74
RUS 2000  567.25 -  9.81   580.45   564.44
DJ TRANS 2904.06 - 43.10  2964.52  2890.85
VIX        16.60 +  0.31    17.27    15.87
VXO (VIX-O)17.30 +  0.58    18.01    16.23
VXN        24.90 +  0.98    25.51    23.95
Total Volume 5,147M
Total UpVol    825M
Total DnVol  4,174M
Total Adv  5410
Total Dcl  1900
52wk Highs   98
52wk Lows   300
NasTRIN    2.13
TRIN       1.24
PUT/CALL   1.00
=================================================================

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

Trend Change!
by Jim Brown

It only took two days but the trend is on the verge of a
drastic change. The Dow hit 10537 on Tuesday and 10219 today.
In only two days the Dow has moved from the high end of its
range to the very low end of its range for the entire month.
The earnings sentiment has gone from very bullish to very
bearish despite any material change in the earnings. Fear of
the Fed, trouble in Iraq, decline in China and election fears
have all been given as excuses. Which one is it?

Dow Chart - Daily


Nasdaq Chart – Daily




The morning started out good with Jobless Claims dropping back
below 350K to 338,000 and moving back to the level we saw in
March. Something to do with the Easter holiday had bumped the
numbers back over 350K for two weeks but that anomaly appears
to have passed.

That was the extent of the good news. The Employment Cost
Index rose faster than expected at +1.1% pushed higher on
soaring benefit costs. Those costs jumped +2.4% for Q1 and
nearly double the costs for the prior three quarters. Benefits
for blue collar workers rose +3.8% and +4.2% for manufacturing
workers. This is a very strong jump for benefits where most of
the cost is due to rising healthcare. The wage component rose
only +0.6% and it was the slowest growth rate recorded to date!
That suggests the labor market is still very soft and employees
have no leverage in negotiating wages. This was not good news
for the employment picture or for future company earnings if
the trend continues.

Confirming the weak employment market was a drop in the Help
Wanted Index for March to 39. It was not a big move but it did
reverse the minor uptick from the prior month. It appears there
was some pickup in job advertising in February as the new year
got underway but that may have only have been a blip. Not an
earth shaking report compared to those we have next week but
still another crack in the economic outlook.

The biggest economic blow for the day was the GDP which only
posted a +4.2% gain in the most current estimate. Consensus
estimates had been in the +5.2% range with whisper numbers
nearing +6%. Suddenly all the constantly improving bullish
comments on the economy imploded and with it the expectations
for surging stock prices. All things considered the +4.2% rate
is very good. Everyone would be very happy to maintain that
rate for several years but the problem was expectations. The
market had priced in expectations of 5.2-5.5% or more. The
constant buzz about the very strong Q1 earnings had investors
thinking the revised GDP for the quarter was also going to be
very strong and surprise to the upside. Instead the surprise
shocked everyone back to reality. Business is good but not
great and harder times lay ahead.

That reality is also creeping into earnings. As of last weekend
78% of companies had beaten estimates for Q1. As of today that
number is down to 76% and still very respectable. The problem
is the guidance. As we get deeper into the earnings cycle the
quality of companies reporting declines and we are getting
fewer upside surprises and more downside guidance. The common
report is now predicting stronger comparisons ahead.

I have been cautioning you that this would happen but when the
markets are near their highs and the bulls are running nobody
wants to face facts. The underlying fact is simple. The economy
boomed in late 2003. Remember that +8.2% GDP in Q3-2003? The
Q2-2003 production cycle is what pushed us to much stronger
earnings and output in Q2, Q3 and Q4. That ramp up on the very
large tax rebate program in 2003 pulled us out of the depths
of recession and boosted us into high gear. We hit full speed
in late Q3 and quickly ran out of tax rebate fuel. We posted
a GDP of 4.1% in Q4, normally a strong quarter and have been
coasting through Q1 at that 4.1% rate. Companies were hoping
to pit stop in Q1 and pickup some more tax refund cash to spur
buying but as I have reported previously those refunds shrank
to about 1/4-1/3 of what was expected. Now we are faced with
the summer doldrums ahead and no gas in the economic tank.

Obviously that is a greatly simplified picture and not exactly
correct but I think you get the idea. The good news from the
lower GDP is no urgency on the part of the Fed. They were about
to go into attack mode if we had broken out over +5% and that
threat has been neutralized. We have several more critical
economic reports over the next several days and the Fed meeting
on Tuesday but the decision should already be over. Odds of a
rate hike in May or even June just went to near zero.

The market obviously did not celebrate that fact. The market
opened down and then rallied slightly on a single buy program
on the Help Wanted news and then crashed. Whoever pulled the
trigger on that buy program was probably celebrating the Fed
knockout but when the keg ran dry he found himself the only
one at the party.

Falling expectations trumped the falling chances of a rate hike.
Stocks that had been highly leveraged on the chances of a strong
economic explosion suddenly found themselves over priced for a
return to a slow growth environment. Semiconductors, techs and
small caps were dumped with no hesitation. Helping fuel the
fears of an economic slow down were comments from China that
the government was going to take "strong" steps to slow down
its overheated economy. Commodities dropped like a rock on Wed
when the comments were made. China has been on a ferocious pace
with growth at a 9.7% rate. They have been sucking up gold,
silver, copper, oil and almost every manufacturing material in
excess of current supply. Prices had been soaring. The potential
for China to suddenly slow rippled through all the markets. This
ripple was hardly warranted. The target growth rate for China is
+7.1%, hardly a recession. China's growth can be slowed by the
Premier taking strong measures as he has said but it is not
going to stop tomorrow. We all know it takes months if not years
to see any impact from economic brakes. The greed factor is alive
and well and it will always find a way to prosper if buyers are
available. Yes, comments from China did hit our markets over
the last couple days but the real impact is more imagined than
real for the time being.

Iraq and Israel were also used as excuses for the depression
in the U.S. markets. I would hope that anybody investing real
money is intelligent enough to know there has been and will be
fighting in those countries until hell freezes over. Sure, news
that ?? American soldiers were killed on any given day is still
very troubling but it is not something that should tank the
market by triple digits.

It all boils down to earnings and profits. Polite conversations
about the merits of particular stocks and the potential for the
next rally are held daily in institutions and across supper
tables. They remain polite as long as the uptrend remains
intact. Many funds, institutions and private traders have huge
profits on the table from the March rebound last year. The Dow
100 dma was not touched from April through February. It was
broken in March but quickly recovered. Trigger fingers relaxed
and traders with huge profits began to breath again. It was
broken again on the 21st but a rebound the next day put traders
back at ease. However, we all know the adage, once bitten twice
shy and the markets have been bitten several times lately. The
markets have been very nervous for the last couple of weeks.
Traders continued to hope for new highs to confirm the economic
expectations and their justifications for continuing to hold
profits from the 2003 rally. Unfortunately since the current
high for the year was set on February 19th we have seen a
steady progression of lower highs. Tuesday's push to 10537 was
the culmination of two weeks of gains but it was still a lower
high and one that was only 131 points over the 100dma. Once
that high failed with no attempted rebound the rats began
deserting the ship.

That desertion turned into a rout on Wed/Thr. Volume made new
highs for the year and it was extremely negative. On Wednesday
volume across all markets was 4.9B shares. 4.2B was down volume
with only 606 million shares of up volume, a 7:1 disadvantage.
On Thursday volume hit 5.2B shares, a record for the year, and
down volume was 4.2B with up volume only 829 million, 5:1. The
new highs/new lows number was also a disaster. Only 99 stocks
hit new highs and 303 hit new lows. To put this in perspective
that is the first time new highs have been under 100 since
March 24th, 2003. It is the first time new lows have been over
300 since March 12th, 2003. That just happens to be the day the
Dow broke under 7500 and set the low for 2003. I want to make
sure this is clear. The new high/lows for today were as bad
as the day the Dow was at the low for 2003. The difference is
about 2750 Dow points. We should not be seeing these kinds of
internals at this level in the market. This is serious but it
does not mean it will continue.

The Dow has dropped nearly -300 points in three days. It
closed today at 10272 after touching 10219. This level is
very critical. 10300 has been the bottom of our range since
March 29th. However, if you remember the March drop took us
to 10007. There is still a technical possibility that we
could hold here or at the March lows near 10000. I say
technical possibility because the sentiment has definitely
changed. It is one thing to predict higher moves when all the
earnings and economics are improving but once the dominoes
begin to fall the change in sentiment accelerates quickly. I
am not going to sugar coat this. We are at a critical point
in the market. We could continues to go either way but the
path of least resistance is definitely down.

The Nasdaq also broke critical support today and has fallen
-100 points since Monday. Further support remains at 1940 and
again at 1900 but the outlook is not good. Taking the Nasdaq
down is the semiconductor sector which broke final support on
Thursday and sank to a six month low. Take a look at the SOX
chart and the risk to the overall market will be quickly
apparent.

SOX Chart – Daily


Russell 2000 Chart – Daily



The last twig on the cliff that the bulls can cling to is the
Russell. Small caps have been taking a beating this week and
the Russell is on the verge of breaking that last critical
support at 560. We have been near this level four previous
times since January and each time there was a miraculous
recovery and it could happen again. Unfortunately the chart
is not suggesting that for tomorrow.

Before I get too bearish we all need to remember that market
events run in cycles and this cycle could just be an over
reaction to the changing trend. We have serious economic
events in our near future as well as a Fed meeting and the
GDP today was a warning. Actually it is unrelated to any of
the economics we will see over the next week but it did take
some of the complacency out of the economic expectations.
We have had two very negative days in the market. It may be
time for the bargain hunters to rush into the gap but there
are no indications yet that it will happen tomorrow.

I have been telling you to sell the tops and buy the bottoms
as long as we remained range bound. I suggested selling the
10500-10550 top of the range as recently as Tuesday. On Sunday
I suggested a break of this trend would be a move under Dow
10250 and Nasdaq 1975. Both of those levels were broken today.
The Dow regained some ground to close back above 10250 but
only slightly. The stage is set. Another drop at the open and
the bulls could be heading for summer pasture. While nobody
would expect the market to roll over and die it could be a
rocky month ahead. The majority of the initial damage has been
done and after Friday we could move sideways until after the
Fed meeting. If we rebound from 10250/1975 I would be very
cautious about going along for the ride.

Enter Passively, Exit Aggressively.

Jim Brown
Editor


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


Truth Or Dare?
- J. Brown

The major indices hit new monthly lows but managed a weak end of
day rebound to lessen the sting of Thursday's losses.  The
markets remain in their trading range but now here at the low end
of the range the question remains.  Will investors buy the
bottom?

There are plenty of sectors and stocks that are approaching
short-term oversold conditions and we're due for a bounce.  The
NASDAQ composite is one of them, down four days in a row.  It
just happened to rebound from the 1950 level outlined as
potential support in the wrap on Wednesday.  Underpinning this
area is the 200-dma about 20 points below it.

Weighing on tech stocks was a significant drop in the
semiconductor index (SOX).  The SOX pierced support at the 450
level intraday but managed a rebound to close (just barely) above
it.  The SOX, like many of the tech sector indices, have seen
four strong days of declines.  The NWX networking index, thanks
to more weakness from Nortel Networks and Cisco Systems, broke
down and closed under key support at its 200-dma and the 250
level.

The +4.2% GDP number was less than the 5% growth expected and
probably would have eased some fears regarding the proximity of
any rate hike.  Unfortunately, with the GDP report was the
personal consumption expenditure index, a key gauge of inflation,
that came out pretty strong.  This effectively revived the rate
hike specter once again.

Noteworthy was the market's internals.  They've been very bearish
the last couple of days. The advance/decline numbers were pretty
dark today with losers outnumbering winners 3-to-1 on the NYSE
and 23-to-8 on the NASDAQ.  Down volume completely overshadowed
up volume 4-to-1 on the NYSE and nearly 6-to-1 on the NASDAQ.

Tomorrow brings even more economic data that will steal the focus
from corporate earnings as Wall Street frets over next Tuesday's
FOMC meeting.



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

Market Averages

DJIA ($INDU)

52-week High: 10753
52-week Low :  8305
Current     : 10272

Moving Averages:
(Simple)

 10-dma: 10399
 50-dma: 10404
200-dma:  9967



S&P 500 ($SPX)

52-week High: 1163
52-week Low :  898
Current     : 1113

Moving Averages:
(Simple)

 10-dma: 1130
 50-dma: 1130
200-dma: 1072



Nasdaq-100 ($NDX)

52-week High: 1559
52-week Low : 1084
Current     : 1431

Moving Averages:
(Simple)

 10-dma: 1463
 50-dma: 1452
200-dma: 1408


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

Volatility indices continued their march higher but they remain
within their recent trading range.  If the range holds true then
we could see a bullish reversal in the markets soon.

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          1.00        797,749       798,591
Equity Only    0.77        664,197       513,577
OEX            1.05         31,395        33,244
QQQ            2.69         48,744       131,405


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

Bullish Percent Data

           Current   Change   Status
NYSE          74.7    - 1     Bull Confirmed
NASDAQ-100    47.0    - 9     Bear Confirmed
Dow Indust.   80.0    - 3     Bear Confirmed
S&P 500       71.6    - 3     Bear Confirmed
S&P 100       73.0    - 1     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: 3.59
10-dma: 2.69
21-dma: 1.83
55-dma: 1.49


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     712       830
Decliners    2127      2303

New Highs      48        59
New Lows       94        53

Up Volume    438M      336M
Down Vol.   1739M     1983M

Total Vol.  2289M     2332M
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



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


Juniper Networks - JNPR - close: 22.95 change: -1.23

WHAT TO WATCH: Selling off hard in sympathy with the
Semiconductor stocks on Thursday, the Networkers fared even
worse, with the NWX index losing 3.5%.  JNPR had been trying to
hold support near $24, but that went right out the window, as the
stock plunged lower by more than 5%.  With the late-day rebound,
the most likely bearish entry point will come on a failed rally
near the $24 level of resistance.  However, a return of the
sellers as we head into the weekend may be just the ticket for a
momentum entry below the $22 level.  Target a move down to the
$19-20 area.




---

Hovnanian Enterprises Inc. - HOV - close: 35.97 change: -1.46

WHAT TO WATCH: Housing stocks continued to feel the pain on
Thursday, with the $DJUSHB index crumbling another 2.44%.  We've
looked at shares of HOV from a bearish perspective several times
recently and it looks like the expected breakdown is close at
hand.  Today's dip below the January lows was a technical
violation of support, but the stock managed to rebound above that
level by the close.  Use a trigger under $35 and target a drop to
next strong support at $30.




---

Dollar Tree Stores - DLTR - close: 27.15 change: -0.56

WHAT TO WATCH: We had DLTR on our Radar Screen yesterday, as it
looked like the stock was preparing for a breakdown under the key
$27.50 support level.  Sure enough, the ice cracked today and the
stock fell to its lowest level since last May.  Entries below
today's low look the best for aggressive traders.  Target a
continued slide towards strong support at $24.




---

Solectron Corp. - SLR - close: 5.21 change: -0.11

WHAT TO WATCH: There's been little for SLR investors to cheer
about over the past several months, as the stock has been mired
in a persistent downtrend.  Things appear ready to get a bit
worse, as the stock has now fallen to key support at $5.10.  Use
a trigger below that level for entry and target a drop to next
support at $4.50.





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

WGO $28.82 - Are consumers starting to pull in their horns?
You'd certainly think so in light of the shellacking taken by
shares of WGO over the past week.  Today's drop broke the 200-dma
and the stock is right on the verge of breaking strong support
near $28.  Use a trigger under today's low and target a drop to
next strong support near $24.

CSCO $21.91 - Despite the weakness in much of the Technology
sector, bulls have been staunchly defending the $22 level in
CSCO.  That support gave way today, with the stock probing the
$21.50 area on rising volume.  Use a trigger below today's low
and target a drop towards strong support near $19.50 ahead of the
company's earnings report on May 11th.

CIEN $4.32 - Look out below!  The market decline over the past couple
days has been pretty rough on shares of CIEN, as the stock broke key
support near $4.70 yesterday and with today's drop, it is right on the
verge of breaking down again.  Use a trigger under $4.20 and target
next support near $3.65.



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PremierInvestor.net Newsletter                 Thursday 04-29-2004
                                                    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:  FCX, ALVR
Stock Splits:      PTEN, IKNX


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

FCX - short
Adjust from $36.50 down to $32.50

ALVR - short
Adjust from $13.00 down to $12.35




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

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

PTEN announces a 2-for-1 split with earnings

This morning before the opening bell Patterson-UTI Energy Inc.
(NASDAQ:PTEN) announced its Q1 financial results and a 2-for-1
stock split.

The Board of Directors approved the 2-for-1 split in the form of a
100% stock dividend.  This dividend will be payable on June 30th,
2004 to shareholders on record as of June 14th.

PTEN does have a cash dividend of 4 cents per share payable pre-
split on June 2nd, 2004 to shareholders on record as of May 17th.

About the company:
Patterson-UTI Energy, Inc. provides onshore contract drilling
services to exploration and production companies in North America.
The Company owns 361 land-based drilling rigs that operate
primarily in the oil and natural gas producing regions of Texas,
New Mexico, Oklahoma, Louisiana, Mississippi, Colorado, Utah,
Wyoming and western Canada. Patterson-UTI Energy, Inc. is also
engaged in the businesses of pressure pumping services and
drilling and completion fluid services. Additionally, the Company
has an exploration and production business that is based in Texas.
(source: company press release)

--

IKNX announces a 3-for-2 split

This afternoon before the closing bell IKONICS Corp (NASDAQ:IKNX)
announced that its Board of Directors had approved a 3-for-2 stock
split of its common shares to be enacted as a 50% stock dividend.

The payable date for the split is May 13th, 2004 to shareholders
on record as of May 6th.  Fractional shares will be paid in cash.
Post-split IKNX should have 1.89 million shares outstanding.


About the company:
Derived from the Greek, eikon, or image, the fundamental business
of the IKONICS Corporation is the creation and transfer of
physical and visual images. Through processes based in
photochemistry, abrasive etching, chemical etching and other
technologies, IKONICS participates in a diverse spectrum of
markets. From traditional and high-tech screen printing, to
decorative and industrial etching and imaging, IKONICS Corporation
conducts business in over 90 countries.
(source: company website)


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

PGR     Progressive                87.23     +0.77
GD      General Dynamics           93.92     +0.97
GDW     Golden West Financial     104.99     +2.44
CCE     Coca-Cola Enterprises      26.28     +1.62
CTL     Centurytel Inc             29.02     +2.07
BEC     Beckman Coulter Inc        56.07     +0.57

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

TWI     Titan Intl Inc              7.88     +1.14
MRBA    Marimba Inc                 8.07     +3.20

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

G       Gillette                   41.20     +2.25
EL      Estee Lauder               46.00     +1.58
WAT     Waters Corp                42.97     +1.35
RSG     Republic Services          29.50     +1.38
IRM     Iron Mountain Inc          45.10     +1.46
IMDC    Inamed Corp                58.84     +3.66
MEG     Media General              72.40     +1.80

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

TXN     Texas Instruments          25.43     -1.29
AMX     America Movil              34.40     -1.92
NKE     Nike Inc                   72.14     -1.47
ADI     Analog Devices Inc         43.99     -1.06
WY      Weyerhauser Co             60.47     -1.68
AET     Aetna Inc                  83.72     -4.03
PEG     Public Service Enterprises 42.88     -1.73
MBT     Mobile Telesys            107.50     -4.40
JP      Jefferson-Pilot            49.64     -1.14

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

SUN     Sunoco                     63.40     -1.83
CME     Chicago Mercantile Exchg  117.00     -1.50
ELAB    Eon Labs Inc               67.21     -3.21
NFX     Newfield Exploration       52.44     -1.48
MRX     Medicis Pharmaceutical     42.90     -1.18
ATK     Alliant Tech systems       59.96     -1.55





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