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Daily Newsletter, Sunday, 05/02/2004

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PremierInvestor.net Newsletter          Weekend Edition 05-02-2004
                                                    section 1 of 3
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:       Triple Ugly
Market Sentiment:  April Ends Lower
Watch List:        ADPT, ERJ, DLTR, SPG

=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
        WE 4-30         WE 4-23         WE 4-16         WE 4-09
DOW    10225.57 -247.27 10472.9 + 20.87 10451.9 +  9.94 - 28.56
Nasdaq  1920.15 -129.62 2049.77 + 54.03 1995.74 - 57.12 -  4.31
S&P-100  540.88 - 15.92  556.80 +  1.86  554.94 -  1.18 -  1.98
S&P-500 1107.30 - 33.30 1140.60 +  6.03 1134.57 -  4.76 -  2.48
W5000  10793.66 -356.76 11150.4 + 72.34 11078.1 - 87.98 - 36.36
SOX      443.48 - 44.50  487.98 +  7.84  480.14 - 31.64 -  2.08
RUT      559.80 - 30.91  590.71 +  7.34  583.37 - 14.51 -  5.57
TRAN    2886.44 -115.27 3001.71 + 62.24 2939.47 + 12.59 - 39.78
WE = week ending
=================================================================

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

Triple Ugly
by Jim Brown

For the third consecutive day the markets sold off on heavy
volume and serious technical damage has been done. There was
only a minor attempt to rally the big caps but the direction
of tech stocks was never in doubt. Small caps were also weak
and came within two points of a four month low. Big caps,
techs and small caps all closed at the lows of the day after
three days of selling. Definitely a triple ugly day.

Dow Chart - Daily


Nasdaq Chart - Daily



Economically the results were decent but nobody seemed to
care. The report parade began with Personal Income, which rose
+0.4% in March and slightly higher than expected. Considering
all the complaining about lack of leverage by employees this
headline number was a little surprising. However, the wages
component only rose +0.2% and it was the slowest growth of
the year. The higher growth came from proprietors' income
and from supplements to wages. The kicker was the inflation
rate at +0.3%. This translates to a REAL income and spending
rate of only +0.1% and the lowest growth rate since last fall.
Headlines can be very deceiving and they don't always tell
the entire story.

The final Michigan Consumer Sentiment for April at 94.2 was
up from the preliminary number of 93.2 but still lower than
the March 95.8. Both Present Conditions and Expectations
fell for the month. In reality the index has been roughly
flat for the last three months since the 103.8 posted in
January. Consumers are not changing their views along with
the current recovery. That suggests there is little real
confidence of its progress but consumers are waiting
patiently.

The New York NAPM just continues to move forward as economic
conditions in the city improve. The index surged over +10
points to 282.2 for April and all major components jumped
sharply. The +3.8% gain was very strong and shows the
rebound from the 9/11 disaster is well under way. This
is not a true reflection of the rest of the U.S. since the
economic damage to NYC was enormous but it is encouraging
to see the improvement.

A broader representation of the current business environment
came from the Chicago PMI rising well above estimates of 60.0
to 63.9 in April. This is a three month high and suggests
the March lull finally found some traction. March saw a drop
to 57.6 from 63.6 in Feb and analysts worried this was the
beginning of a down trend. With the return to the 63+ level
there was broad relief from the analyst community. Inventory,
production and new orders all jumped nearly +5 points and
posted strong gains. The component with the least gains was
employment at only +1.7. The prices paid component rose to
the highest reading since 1995 at 76.1 and it was also the
highest component in the index. Supplier deliveries hit a
16-year high at 69.7 indicating that delays are very common
and prices paid should continue to rise. I am sure Greenspan
is watching this clear sign of inflation.

The NY-NAPM and the PMI along with other manufacturing surveys
published recently are continuing to show growth although
somewhat limited in some areas. Strong reports like the PMI
are pumping up expectations for the ISM on Monday. It should
be strongly positive and well over the 63.0 consensus. Where
have we heard this recently? GDP maybe? The pre-release hype
builds expectations to levels that may not be met leading to
market letdowns. With that said, the ISM has been flat in
the 62.5 range since November and with consensus only 63.0
I am with the group in thinking we are in for an upside
surprise. We have seen a plateau in this index after last
years growth and resistance appears to be 63.0. A major break,
say to 65, would be very unlikely but 64 may be in the cards.

The challenge here is the Fed. If we had a real breakout it
would drastically increase the chances of a negative Fed
event. That puts us back to wanting the porridge to be just
right and not too hot or cold. The current best guess for the
Fed meeting is for only a change in the Fed statement to a
bias that leans toward rate hikes. The only question today
is how strong that bias statement will be. It will be examined
for hints of how long the Fed will be in a tightening bias and
how high the rates might get. Obviously they will not explain
it in English but the tea leave readers will be dissecting
every word. While there are no hikes expected for May or June
the Fed funds futures are now projecting a hike in Aug, Sept
and Nov with the funds rate being 1.75% in November. That
would be a strong series of hikes in an election year.

The key point beginning to pop up in most reports is rising
inflation. The PMI showed prices paid at a nine year high.
The NY-NAPM Regional Price Index component jumped +9 points
to 71 and well over the multiple consecutive 50s at the end
of 2003 and early 2004. Prices for gross domestic purchases
in the GDP rose +3.2% compared to only +1.4% in the same
period last year. We are reaching the point where the Fed
will have to fight inflation regardless of the speed of
economic growth. That is the under current analysts will be
looking for in the Fed statement.

The growing problem for the markets is not necessarily the
Fed but the lack of aggressive guidance as I have mentioned
before. With earnings suddenly taking a turn for the worse
the markets are not seeing buyers coming in at the dips.
For instance in just the last two days we have had outright
earnings misses or guidance downgrades from GTW, FDRY, BOBJ,
APCC, SPW, IM and WIN just to name a few. There have been
numerous tech stocks with less than expected guidance and
the Nasdaq has suffered for it.

If you doubt the tech flight has begun you only need to look
at SLAB, FFIV, CSCO, NVDA, GNSS, YHOO, ABTL, KLAC, AMAT, etc.
Even IBM has dropped to six-month lows. Hardware, software
and Internet stocks are moving to multi-month lows. Even the
biotech sector, which has seen numerous rockets lately is down
-8% for the week. This is pure PE compression from the lack
of aggressive guidance and profit taking from the 2003 gains.
Expectations at this point are in the tank.

Technically the markets are in trouble. I mentioned Thursday
that the bottom of the range was 10250/1975 and the Nasdaq
had already broken that level. The Dow had broken but then
recovered. Friday the Dow joined the Nasdaq with a new low
for the month and a close at 10225. This is well below all
the short term averages but still well above the 200dma and
well above the 10007 low from March. It is ugly but it is
still not a disaster.

The disaster for the week was the Nasdaq, which closed at
1925 and -134 points below the high for the week. Even more
critical for the Nasdaq was a break of the 200dma at 1933.
The 200dma is historically a rebound point for serious tech
corrections and while the Nasdaq did bounce on the first
touch it failed again at the close. This is the first time
the Nasdaq has closed under the 200dma since March-2003.
This is a critical failure if it holds. I say "holds" since
it happened late on a Friday in front of weekend event risk.
Also, the entire three days of selling could have been the
result of some asset allocation program before month end.
If buyers show up at the open on Monday and push us back over
the 1933 level, only +13 points away, then the tech cat has
at least one life left. If the selling continues at the open
then we are in serious trouble. The 200dma is considered to
be a fairly common institutional sell signal, a stop loss
for funds. Because it is an index it is not going to be a
wide spread dump signal but more of a warning. Funds will
sell individual stocks that break the 200 but not all stocks
just because the Nasdaq broke. It functions more as a warning
to take profits than a general sell signal. Also, they will
not just dump a stock but will begin reducing positions. The
only material support level remaining for the Nasdaq is 1900,
which held in March. The 200dma was 1890 at the time.

There was some discussion in the Market Monitor on Friday
about whether the 200sma (simple) or 200ema (exponential)
was the correct average for determining true support. While
the most common analysis involves the 200sma at 1933 there
is ample reason to suggest the 200ema may be more relative
to the Nasdaq itself. The following chart shows both the
averages and the differences over the last year. The 200ema
is currently 1913 and a negative open on Monday could make
the entire conversation mute.

Nasdaq Chart - Daily with 200 sma/ema




The major problem for the Nasdaq is still the SOX and that
index broke to another new six month low on Friday. There
was an attempt to rally back over 450 at the open but it
quickly failed and moved back down to close near the lows.
The SOX is well below all the averages but is approaching
decent support at 420. That could be the resting point that
provides support for the Nasdaq next week. Many of the chip
stocks are extremely oversold and are due for a bargain
hunting bounce soon.

SOX Chart - Daily


Russell-2000 Chart - Daily




Also providing risk for the Nasdaq is the Russell, which set
a new low for the month and came within two points of setting
a new yearly low. The small cap stocks have been taking the
brunt of the pressure from declining guidance. They do not
have the resources or the breadth of business lines that would
allow one product line to pickup the slack in sales for another.
Many small cap companies are single focus and a slowing of
growth in their target market means a slowing of growth for
the entire company. The current weakness in small caps is a
concern for mutual funds. Many funds concentrate on small caps
for high growth prospects and a drop in the Russell means those
funds are either selling stock or seeing their investments sink
rapidly. The Russell should find support at the 200dma just
over 540.

Nasdaq-100 Index Chart - Daily




If the Nasdaq has any single hope of rebounding at the open
on Monday the NDX is it. The sell off on Friday closed at
exactly 1400 with the 200ema at 1395. This is strong support
and we are significantly oversold on the NDX. The QQQ, which
is based on the NDX, fell nearly -2.50 from the weeks high to
close at $34.80. This -7% drop for the week has been nearly
vertical and has shown no letup. It is time for a bounce if
for no other reason but to relieve the oversold conditions.
The 200ema should be support at 34.69. Putting together the
stop at NDX/QQQ support right at the close and the COMPX 200
ema at 1913 I would be really surprised to see a significant
drop at the open on Monday. If we did have a strong Monday
morning drop it would suggest much more serious problems.

I have mentioned earnings several times and as of Friday
about 80% of companies have reported. The other 20% will
drag out over the next four weeks. Regardless of the earnings
and guidance for those stragglers there is nothing on the
earnings horizon to provide an upside catalyst. For all
practical purposes earnings are over.

The catalyst for next week is clearly the Fed and the economic
reports. We have the ISM on Monday, Factory Orders and FOMC
meeting on Tuesday, Productivity on Thursday and the Jobs
report on Friday. What the Fed does on Tuesday could make
the rest of the week's reports insignificant. The two key
reports are ISM and Jobs. The Jobs data is routinely given
to the Fed in advance of the release. Whether it is ready
on Tuesday for their discussion is unknown. The Jobs are
really the only wild card for a rate hike. The ISM is not
likely to be strong enough to offset the GDP depression and
will not be a material factor unless it is a blowout. The
Jobs report is the key. The Fed has been know to use jobs
as a rate hike trigger in the past. Another blowout could
push the Fed to react. Should the Fed offer a tame bias
statement then I would suspect the jobs report will also
be tame. Should the Fed issue a harsh statement then I
would expect the jobs to be strong.

I have heard very little commentary about the expectations
for Friday and the consensus is for only a gain of +185,000.
Considering last month produced +308,000 new jobs this is a
material drop. If you remember the consensus for last month
was only +100,000. Obviously we have a lot of contradictions.
Higher estimate but much lower than previous gains. This
suggests there is some fear that the month was a blip in
the process and not a real sustainable gain. I have heard
several analysts suggest anything over +100K this month
would be a relief and that worries me. It means they can
see the potential for a drop back under 100K and that the
jobs growth has not really started. I have heard nobody
suggest that the number will be higher than the 185K
consensus. No outrageous whisper numbers, no bragging,
nothing. This may be good. It means there is some fear
of failure and a decent number could actually produce a
surprise. We just do not want it to be too strong or the
Fed could react quickly. In the past they have been known
to act on the following Monday to raise rates. That
potential should keep the lid on any post Jobs blowout
rally.

Trading next week could be crazy. Whenever there is a major
move in the markets that is potentially a trend change the
trading activity increases. Those expecting a bounce rush
in (at least we hope they rush in) and those expecting a
continuation of the drop look for bounces to sell. It can
produce some very volatile conditions. The calming force
should actually be the Fed meeting and that would be a
change. With no rate hike anticipated traders could be
anticipating a post Fed relief rally. If this is the case
then Monday at the open would be the likely place for it
to start. The NDX support at 1400 is my guess for a trigger.
If we do get a bounce on Monday it probably will not be very
strong due to lingering doubt about rates. I would view it
more as positioning for a post Fed move. Volume should be
lighter as long as we move higher. Picking direction after
the Fed meeting is best left to those psychics with a
crystal ball.

Holidays overseas will close the London market on Monday
and the Japan markets for three days starting with Monday.
Since the Nikkei had fallen for three straight days this
could also take some pressure off the U.S. markets.
Personally I will be going long in the Monitor on any
strength at the open. I will be using NDX 1400 as my guide.
Long over 1400, short under 1395. The Dow tried to rally
all day Friday and the Nasdaq kept dragging it down. The
-6% drop in the Nasdaq for the week was three times larger
than the -2% drop in the Dow. That makes the Nasdaq/NDX the
key for me on Monday. One word of caution, if you do get
long don't get married to your positions. Any rally has
plenty going against it for the long term. Until we
determine the new range and direction your stops could
be your best friend. While I can see the potential for a
rebound from 1400 on Monday there is always the chance
that 1400 was the last elevator stop before the express
ride begins. If we do move lower do not fight it. Should
that support fail it could be a long drop.

Enter Very Passively, Exit Very Aggressively!

Jim Brown


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

April Ends Lower
- J. Brown

Boy, what a week.  The NASDAQ ended the week down five days in a
row for a 129-point loss (-6.29%) and a technical breakdown below
its simple 200-dma.  The Dow Industrials lost 200 points but
remained within its April trading range.  Concerns over interest
rates, the economy, the presidential election and Iraq continue
to buffet the markets and there doesn't appear to be any let up
in sight.

The country is still very divided over the upcoming election and
the Iraq conflict as evidenced by the reaction to Koppel's
Nightline television show on Friday.  Ted Kopped planned to read
the names of 500 of the war dead from Iraq as their photos
flashed across the screen in an effort to "humanize" them.  Some
felt it was not an act of honoring the dead but a political move
to undermine the President's support.

Not helping matters was the prisoner-photo scandal where a dozen
American soldiers sadly mistreated and abused naked Iraqis.  It
was not our proudest moment and that handful of soldiers
undermined the presence of the 135,000+ servicemen who are doing
their job honorably.  Our opponents were more than happy to air
the material as fodder to fuel the rising resentment against the
U.S.  How does this affect the stock market?  Wall Street is
already nervous about how Iraq will affect the upcoming November
elections and scenes of misuse under American soldiers can spark
a new round of violence in Iraq and abroad.

Believe it or not earnings season is still very much in full
swing but the majority of the large caps and S&P 500 components
have already announced.  Investors are turning their focus on
economic reports and that we might be more thankful since the
latest batch of earnings reports have been mostly flat to
negative.  Next week is full of major economic news and they will
likely set the tone for trading through May.  The ISM index comes
out on Monday and while traditionally a market mover investors
may sit tight as we wait for Tuesday's FOMC meeting.  Wednesday
unveils the ISM services index and Friday the non-farm payrolls
report.

Coincidentally, the Stock Traders Almanac states that the first
day of trading in May has been up 5 out of the last 6 years.
Considering how short-term oversold the markets are odds for a
bounce look good.


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

Market Averages

DJIA ($INDU)

52-week High: 10753
52-week Low :  8340
Current     : 10225

Moving Averages:
(Simple)

 10-dma: 10376
 50-dma: 10395
200-dma:  9973


S&P 500 ($SPX)

52-week High: 1163
52-week Low :  902
Current     : 1107

Moving Averages:
(Simple)

 10-dma: 1127
 50-dma: 1130
200-dma: 1073


Nasdaq-100 ($NDX)

52-week High: 1559
52-week Low : 1094
Current     : 1401

Moving Averages:
(Simple)

 10-dma: 1458
 50-dma: 1450
200-dma: 1409


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

The VIX and VXO, while up strongly this week, remain within their
April trading range.  The VXN has broken out of its recent
trading range on the breakdown in the NASDAQ but the VXN has yet
to break out above its 200-dma.

CBOE Market Volatility Index (VIX) = 17.19 +0.59
CBOE Mkt Volatility old VIX  (VXO) = 17.56 +0.26
Nasdaq Volatility Index (VXN)      = 25.73 +0.83

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

          Put/Call Ratio  Call Volume   Put Volume

Total          1.02        794,028     1,605,964
Equity Only    0.95        681,410       649,293
OEX            0.82         22,197        18,132
QQQ            2.04        144,106       293,838


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

Bullish Percent Data

           Current   Change   Status
NYSE          73.7    - 1     Bull Confirmed
NASDAQ-100    43.0    - 4     Bear Confirmed
Dow Indust.   80.0    + 0     Bear Confirmed
S&P 500       69.6    - 2     Bear Confirmed
S&P 100       70.0    - 3     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: 1.75
10-dma: 1.29
21-dma: 1.11
55-dma: 1.18


Extreme readings above 1.5 are bullish, and readings below .85
are bearish.  These signals don't occur often and tend be early,
but when they do, they can signal significant market turning
points.


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

Market Internals

            -NYSE-   -NASDAQ-
Advancers    1064       934
Decliners    1723      2161

New Highs      32        37
New Lows       65        56

Up Volume    535M      316M
Down Vol.   1405M     1820M

Total Vol.  1972M     2152M
M = millions


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

Commitments Of Traders Report: 04/27/04

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 aren't making any big moves and remain net bearish.
Small trades are relatively flat from last week as well and
remain net bullish.

Commercials   Long      Short      Net     % Of OI
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%)
04/27/04      406,927   416,244   ( 9,317)   (1.1%)

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
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%
04/27/04      133,775    90,535    43,240    19.3%

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

Commercial traders have upped their bets on both longs and
shorts but remain net bearish.  Small traders have decreased
the size of their long positions but are still strongly bullish.


Commercials   Long      Short      Net     % Of OI
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%)
04/27/04      291,365   370,549    (79,184)  (12.0%)

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
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%
04/27/04      175,788     69,613   106,175    43.3%

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


NASDAQ-100

There is virtually zero movement in the positions for commercial
traders but luck would have it the little movement we did get
pushed them to a new bullish high.  Small traders are also
stuck in limbo.


Commercials   Long      Short      Net     % of OI
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%
04/27/04       54,196     33,948    20,248   23.0%

Most bearish reading of the year: (21,858)  - 08/26/03
Most bullish reading of the year:  20,248   - 04/27/04

Small Traders  Long     Short      Net     % of OI
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%)
04/27/04        9,008    20,347   (11,339)  (38.6%)

Most bearish reading of the year: (12,750) - 04/06/04
Most bullish reading of the year:  19,088  - 01/21/02

DOW JONES INDUSTRIAL

Commercial traders aren't changing their bets on the Dow either
and remain marginally net long.  Small traders remain net bearish
but they have reduced their short positions.


Commercials   Long      Short      Net     % of OI
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%
04/27/04       23,676    22,009    1,667       3.6%

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
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%)
04/27/04        5,998     8,868   (2,870)   (19.3%)

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

Adaptec Inc - ADPT - close: 7.79 change: -0.31

WHAT TO WATCH: The semiconductor sector has been a huge weakness
on the NASDAQ and now ADPT is doing its part to weigh on the
sector.  The company reported earnings recently and only beat by
a penny.  This didn't inspire any new buying interest and shares
sunk on Friday, breaking key support at $8.00, as the NASDAQ
broke its 200-dma.  Speaking of the 200-dma ADPT has failed three
times in the last three days at its 200-dma near $8.50.  Bears
might want to target a move toward the $7.40-7.00 region but
watch out for its P&F chart.  ADPT is right at P&F support.




---

Embraer Empresa - ERJ - close: 25.80 change: -0.57

WHAT TO WATCH: Uh-oh!  Bears are circling shares of ERJ after the
stock broke down strongly this week under support at $27.50 and
its 200-dma.  Volume has been rising strongly on the declines and
we suspect that ERJ will break support at the $25.00 level soon.
Its P&F chart has produced a new triple-bottom breakdown sell
signal and points to a $19 price target.  Watch out for potential
support at $22.50.




---

Dollar Tree Stores - DLTR - close: 26.98 change: -0.17

WHAT TO WATCH: DLTR's trend of lower highs has finally blossomed
into another breakdown.  This time DLTR has broken key support in
the $28.00-27.50 range.  Its weekly chart suggests DLTR may be
vulnerable to a drop towards the $24-25 range.  Its P&F chart is
very bearish and points to a $19 price target but shares are
testing P&F support.




---

Simon Property Group - SPG - close: 48.21 change: -0.35

WHAT TO WATCH: Bears are at it again in the real estate/REIT
group.  The sector was hammered earlier in the month on higher
rate fears.  Now, after three weeks of consolidating those losses
many of these real estate stocks look ready to breakdown again.
We would watch SPG for a breakdown under the 200-dma. Other
stocks in the group that might be worth watching are CLI and HPT.





-----------------------------------
RADAR SCREEN - more stocks to watch
-----------------------------------

POS $16.58 -0.63 The breakdown under support at $17.00 looks like
bad news for POS.

FDS $39.76 -1.39 - Wow! Talk about confused.  FDS has struggled
with resistance under its 200-dma and the $43 level for days and
Friday's decline broke support at $40.00 and its 50-dma.  Yet its
P&F chart is still on a very bullish buy signal.  One of these is
going to reverse soon and we would bet on the bears.

SLR $4.90 -0.31 - SLR has broken through support at the $5.00
mark and looks very vulnerable to further declines.


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

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PremierInvestor.net Newsletter         Weekend Edition 05-02-2004
                                                   section 2 of 3
Copyright (c) 2004, All rights reserved.
Redistribution in any form is strictly prohibited.

The entire newsletter is best viewed in COURIER 10 for alignment
=================================================================

In section two:

Tech Stocks
  New Bearish Plays:     SINA


Active Trader (Non-tech)
  New Bullish Plays:     LNCR
  Bullish Play Updates:  AAP, BJS, URBN, MNT
  Bearish Play Updates:  FCX, IGT
  Closed Bullish Plays:  TUP


High Risk/Reward
  Bearish Play Updates:  ALVR
  Closed Bullish Plays:  MEDX

Stock Splits
  Announcements:         BXX, SONC, SSP


=================================================================
Net Bulls (NB) Tech Stock section
=================================================================

=========
NEW PLAYS
=========

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

Sina Corp - SINA - close: 28.50 change: -2.01 stop:

Company Description:
SINA Corporation is a leading online media company and value-
added information service (VAS) provider for China and for global
Chinese communities. With a branded network of localized web
sites targeting Greater China and overseas Chinese, SINA provides
services through five major business lines including SINA.com
(online news and content), SINA Mobile (mobile value-added
services), SINA Online (community-based services and games),
SINA.net (search and enterprise services) and SINA E-Commerce
(online shopping and travel). Together these provide an array of
services including region-focused online portals, mobile value-
added services, search and directory, interest-based and
community-building channels, free and premium email, online
games, virtual ISP, classified listings, fee-based services, e-
commerce and enterprise e-solutions.
(source: company press release)

Why We Like It:
We like SINA as a short play for both technical and fundamentals
reasons.  The company reported earnings on Tuesday this past week
and the numbers were actually pretty good.  Analysts were looking
for 27 cents a share and SINA turned in 29 cents while guiding
higher for the second quarter.  That sounds like good news yet
the stock fell strongly on Wednesday for two reasons.  First,
investors are concerned that margins are likely to narrow as SINA
responds to the competition by adding more content.  Second, the
China government dropped an economic bombshell on Wednesday.  The
Chinese economy surged to a 9.7% growth rate during the first
quarter.  Midweek the Chinese government said it would try and
cool its economy before it overheats.  While the biggest reaction
was in the metals stocks we saw declines in financials and the
Chinese Internets as well.  New rules to slow loan growth
affected the advertisers and that hit the Chinese portals like
SINA.  One analysts pointed out that property developers were
huge advertisers on Chinese portals and when the loan rules took
affect it immediately hit these advertisers, which should cut
into profits for SINA.

Technically SINA doesn't look so hot either.  Tuesday's action
looked like a failed rally at resistance with its 200-dma.
Wednesday's move was inspired by the government news.  Friday's
drop broke through key round-number support at $30.00.  Its P&F
chart is also very bearish and points to a $25 price target.
Short-term traders can target the $25.00 level but we suspect
that SINA can actually trade lower.  We're going to initiate the
play with a stop loss above Friday's high at $31.43.  Entries
looks good at current levels but traders can also watch for a
bounce back toward the $30 level and then look for it to fade.

Annotated Chart:



Picked on May 02 at $28.50
Gain since picked:  - 0.00
Earnings Date     04/27/04 (confirmed)
Average Daily Volume:  4.2 million




=================================================================
Stock Bottom / Active Trader (AT) section
=================================================================

=========
NEW PLAYS
=========

  -----------------
  New Bullish Plays
  -----------------

Lincare Holdings - LNCR - close: 34.62 chg: +0.85 stop: 33.75

Company Description:
Lincare, headquartered in Clearwater, Florida, is one of the
nation's largest providers of oxygen and other respiratory
therapy services to patients in the home. The Company provides
services and equipment to over 495,000 customers in 47 states.
(source: company press release)

Why We Like It:
No doubt about it - finding a decent bullish play has been tough
this week with the market's widespread declines.  However, LNCR
looks like a good bet.  The stock has spent the last five months
consolidating its huge declines from November.  Two weeks ago
shares exploded higher on a better than expected earnings report.
Now LNCR has consolidated its recent gains above key support at
its 200-dma but under new resistance at $35.00.

We want to use a TRIGGER at $35.01 to open a new long play and
capture any move back toward the $38-40 region.  We'll start the
play, if triggered, with a stop loss just under Thursday's low at
$33.75.

Annotated Chart:



Picked on May xx at $00.00 <-- See TRIGGER
Gain since picked:  + 0.00
Earnings Date     00/00/00 (unconfirmed)
Average Daily Volume:  xxx thousand




============
PLAY UPDATES
============

  --------------------
  Bullish Play Updates
  --------------------

Advance Auto Parts - AAP - close: 43.15 change: +0.12 stop: 41.00

In what was a very rough week for the bulls, our AAP play
actually held up fairly well.  After dropping back from its
recent highs near $44.40 to just above $43, the stock has been
bouncing along in that range, clearly consolidating its recent
breakout.  But unlike so much of the rest of the market, the
selling pressure has been light and the bulls have been defending
support.  While support at $43 is rather light, it was
encouraging to see the stock hang onto support at the 10-dma
($43.17) and if investors arrive with a better frame of mind on
Monday, we could see a solid rebound begin from this area.  On
more broad market weakness though, we should expect a test of
stronger support in the $42.00-42.50 area, which would set up a
better entry on the rebound.  After more than a week of
consolidation near its highs, we can now look for a breakout over
the $44.50 level (into new high territory) as a viable breakout
entry.  Maintain stops at $41.

Picked on April 21st at     $42.90
Change since picked          +0.25
Earnings Date              5/19/04 (confirmed)
Average Daily Volume =       595 K




---

BJ Services - BJS - close: 44.50 change: +0.03 stop: 42.50

Along with the weakness in the rest of the market, positive news
on the supply front, finally created a leak in the Oil stocks
late last week, with the OSX index dropping back from its
attempted breakout in the $110-111 area.  Following its sector,
BJS dropped back from its recent breakout to test support in the
$44-45 area.  While it hasn't been pretty, so far the stock is
holding that support, finding support the last two sessions at
the 20-dma ($43.90).  That's all well and good, but a quick look
at the daily Stochastics shows a clean bearish cross, with room
to fall before reaching oversold territory.  Adding further risk
to the equation is the fact that the higher highs in price and
lower highs on the oscillator present us with bearish divergence.
While aggressive traders can certainly take advantage of the
current dip if price begins to rally again next week, our
preference would be to wait for daily Stochastics to bottom in
oversold and begin to turn up with price before trying to buy
this dip.  Maintain stops at $42.50, which is now well below the
50-dma.

Picked on April 28th at     $46.04
Change since picked          -1.54
Earnings Date              4/27/04 (confirmed)
Average Daily Volume =    2.01 mln




---

Urban Outfitters - URBN - close: 46.17 change: -0.43 stop: 45.00

Recent high-flying stocks have been getting their wings clipped
over the past week, so it is really no surprise that URBN got
knocked back a bit from its attempt to break out over the early
April highs just over $50.  In reality, the size of this pullback
is a bit disconcerting, as the stock has lost over $4 from
Monday's high.  But remember, this is the way this stock tends to
trade.  A surge to or near new highs and then a pullback to
between the 30-dma ($46.96) and the 50-dma ($45.63) before
another run at new highs.  Assuming that pattern is still intact,
we're very close to a new entry point.  Note that these major
pullbacks can briefly puncture the 50-dma, so we don't want to
get too aggressive with our stop yet.  But any close under the
50-dma would be a strong indication that the trend may be ending.
Note that the daily oscillators are almost oversold, so we should
expect one more stab down over the next couple days and then a
rebound off that bearish move should be the entry point we've
been waiting for.  Maintain stops at $45.

Picked on April 21st at     $47.13
Change since picked          -0.96
Earnings Date              3/11/04 (confirmed)
Average Daily Volume =       599 K




---

Mentor Corp - MNT - close: 31.70 change: +0.05 stop: 29.99

It has been a very rough week for stocks but MNT is only down 29
cents for the week while the Industrials are down 200 points and
the NASDAQ is down more than 6%.  That sounds like relative
strength to us.  News has been scarce for MNT but its rival in
the medical devices business IMDC reported earnings this past
week and beat the estimates by 4 cents on revenues that soared
20% for the quarter.  That's good news and should mean good news
for MNT.  Mentor is due to report earnings on May 11th so that
gives us six trading days to reach a profitable exit point.  The
last two weeks have painted a short-term descending trendline of
lower highs for MNT.  We would suggest traders wait for MNT to
trade above $32.30 before initiating new positions.  More
aggressive players can still consider bounces from its rising 40-
dma but be sure to use a tight stop.  We are going to raise our
stop to $30.75, which is just under Thursday's low and its 40-
dma.  Remember, we're not going to hold over the earnings report.
Assuming we aren't stopped out we'll close the play this coming
Friday or the afternoon of Monday, May 10th.  Unless MNT changes
its announcement date since May 11th is still unconfirmed.

Annotated Chart:



Picked on April 18 at $32.35
Gain since picked:    - 0.65
Earnings Date       05/11/04 (unconfirmed)
Average Daily Volume:    299 thousand




  --------------------
  Bearish Play Updates
  --------------------

Freeport McMoran - FCX - close: 30.50 change: +0.68 stop: 32.50

If the economic reports are to be believed, inflation is back.
But with China -- one of the great sources of the increased
demand -- threatening to slow down its own expansion, the metals
stocks have not been performing well.  FCX gave us the breakdown
we were expecting last week and over the past couple days has
been feebly trying to put in a bounce from the $29-30 area.  So
far, there isn't much to cause the bears any concern, as the
trend is still very much intact.  A failed bounce below the 10-
dma ($32.24) looks good for fresh entries, while aggressive
traders can pounce on a fresh breakdown under $29.  Recall that
our initial target is only $28, but our final target is still a
good distance away at $26.  Traders entering on a fresh breakdown
should be doing so with that $26 target in mind, realizing that
they may have to ride out a brief oversold bounce from the $28
level before reaching that eventual goal.  Maintain stops at
$32.50, which is above both the 10-dma and the top of last
Tuesday's gap.

Picked on April 25th at     $32.59
Change since picked          -2.09
Earnings Date              4/20/04 (confirmed)
Average Daily Volume =    3.34 mln




---

Intl. Game Tech. - IGT - close: 37.74 change: -0.20 stop: 40.75

Now that's what you can call a stingy breakdown.  After we
initiated coverage on Wednesday, IGT did fall through the $38
level, but the bulls are making the bears work for every penny.
Rather than a real breakdown, we've seen price creep lower and
volume is on the wane (although still well above the ADV).  This
feels like a bounce is in the making, so even though our play has
been triggered, we are not really in favor of new entries on
further weakness at this time.  The more prudent strategy now
will be to wait for the rebound attempt to fail below the $40
level and then short that failure.  The first real strong support
is closer to the $36.50 area, so conservative traders already in
the play may want to harvest minor gains near that level and look
for a new entry on that failed rebound.  That rebound should help
to alleviate the near-term oversold condition, allowing for the
stock to then make steady progress towards our target at the 200-
dma near $34.  Maintain stops at $40.75 for now.

Picked on April 28th at     $38.89
Change since picked          -1.15
Earnings Date              4/22/04 (confirmed)
Average Daily Volume =    2.81 mln





============
CLOSED PLAYS
============


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

Tupperware - TUP - close: 18.73 change: +0.12 stop: 18.50

We're going to cut TUP loose.  The stock never traded at or above
our TRIGGER point to go long at $20.05 and the current trend is
starting to look increasingly bearish.  Granted TUP has bounced
again from its 50-dma and the stock is near the bottom of its
April trading range but we're not willing to speculate on a
bounce from here.  More aggressive traders might want to look for
a bounce but we would suggest a very tight stop.  If you're the
optimistic type then TUP might be building a reverse head-and-
shoulders pattern but we still wouldn't play it until it broke
out over $20.00.

Picked on April xx at $xx.xx <-- see TRIGGER
Gain since picked:    + 0.00
Earnings Date       04/20/04 (confirmed)
Average Daily Volume:    775 thousand




=================================================================
HIGH RISK/HIGH REWARD (HR) section
=================================================================

============
PLAY UPDATES
============

  --------------------
  Bearish Play Updates
  --------------------

Alvarion Ltd. - ALVR - cls: 10.68 chng: -0.06 stop: 11.50*new*

Over the past couple months, ALVR has made a habit of
consolidating in a sideways wedge-type manner before breaking to
new recent lows.  That pattern played out to perfection last
week, with the stock finally puncturing the $11.50 floor and
actually probing below the $10.50 level.  We had originally hoped
for a drop all the way to the $9 level, but with earnings set to
be released next Wednesday, it appears unlikely we'll see that
goal achieved.  So we'll drop back to our less aggressive goal of
a test of the 200-dma ($10.04).  Should we see a dip to touch
that goal, open positions should be closed for a solid gain ahead
of earnings.  One way or the other though, all positions should
be closed by the end of the day on Tuesday to avoid the event
risk.  Note that we've lowered our stop to $11.50, just over the
10-dma ($10.49).

Picked on April 18th at     $11.45
Change since picked          -0.77
Earnings Date              5/05/04 (confirmed)
Average Daily Volume =    1.25 mln





============
CLOSED PLAYS
============


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

Medarex Inc - MEDX - close:  9.57 change: -0.14 stop: 9.25

News that MEDX had sent a new antibody to China to be tested
against the SARS virus on Monday sent the stock soaring.
Unfortunately it was just pre-clinical testing and the biotech
sector promptly imploded the rest of the week.  MEDX turned lower
in profit taking as well but by Wednesday we felt the worst was
behind it with the bounce to $9.78 and rebound back to the $10
level.  This was not the case and we were stopped out on Friday
at $9.25.

Picked on April 25 at $10.50
Gain since picked:    - 0.93
Earnings Date       05/10/04 (unconfirmed)
Average Daily Volume:    1.1 million




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

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

BXX announces a 2-for-1 split

Lunchtime on Friday, Brooke Corp (AMEX:BXX) announced that its
Board of Directors had approved a 2-for-1 stock split of its
common shares.

The payable date for the split is June 10th, 2004 to shareholders
on record as of May 26th.  The split announcement comes eight days
after their April 22nd BoD meeting and two days after BXX's
earnings report.


About the company:
About our company ... Brooke Corporation is listed on the American
Stock Exchange under the symbol of BXX. Through subsidiaries, the
company distributes insurance, financial and related services
through a network of more than 250 franchise locations and has
originated nearly $120,000,000 in loans which have been sold to
participating lenders or to investors through asset backed
securitizations. A company subsidiary also sells insurance on a
wholesale basis through its franchisees and others. The company
believes that franchisees, as local business owners, distribute
"one-on-one sales" based services, such as insurance, more
efficiently than others. (source: company press release)

---

SONC serves up a 3-for-2 split

Shortly after Friday's closing bell, Sonic Corp (NASDAQ:SONC)
announced that its Board of Directors had approved a 3-for-2 stock
split of its common stock.  The split will take effect as a 50%
stock dividend.

The stock dividend is payable on May 21st, 2004 to shareholders on
record as of May 10th.  This is SONC's fifth stock split.


About the company:
Sonic Corp. franchises and operates the largest chain of drive-in
restaurants in the United States (source: company press release)

---

SSP announces plans for 2:1 split subject to approval

Friday morning before the opening bell, E.W.Scripps (NYSE:SSP)
announced that its Board of Directors had increased its cash
dividend and initiated steps to declared a 2-for-1 stock split.

The quarterly cash dividend was raised from 17.5 cents to 20 cents
per share and is payable on June 10th, 2004 to shareholders on
record as of May 31st.

The BoD also approved an amendment to double the number of
authorized shares from 120 million Class A shares and 30 million
common voting shares.  The amendment will be voted on by
shareholders at SSP's July 15th special meeting.


About the company:
The E.W. Scripps Company is a diverse media concern with interests
in newspaper publishing, broadcast television, national television
networks, interactive media and television-retailing. Scripps
operates 21 daily newspapers, 10 broadcast TV stations, four cable
and satellite television programming services and a television
retailing network. All of the company's media businesses provide
content and advertising services via the Internet.  Scripps
Networks brands include Home & Garden Television, Food Network,
DIY -- Do It Yourself Network and Fine Living. HGTV reaches about
85 million U.S. television households and Food Network can be seen
in about 84 million households. Scripps Networks Web sites include
FoodNetwork.com, HGTV.com, DIYnetwork.com and fineliving.com.
Scripps Networks programming can be seen in 86 countries.
The company's television retailing subsidiary, Shop At Home
Network, markets a growing range of consumer goods directly to
television viewers and visitors to the Shop At Home Web site,
shopathometv.com . Shop At Home reaches about 48 million full-time
equivalent U.S. households. Scripps also operates Scripps Howard
News Service and United Media, which is the worldwide licensing
and syndication home of PEANUTS and DILBERT.
 (source: company press release)


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

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

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Do not duplicate or redistribute in any form.






PremierInvestor.net Newsletter          Weekend Edition 05-02-2004
                                                    section 3 of 3
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 three:

Market Watch for Week of May 3rd, 2004
   - Major Earnings
   - Stock Splits
   - Economic Reports

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


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

==========================================
Market Watch for the week of May 3rd
==========================================

-----------------
Earnings Calendar
-----------------

Symbol  Co               Date           Comment      EPS Est

------------------------- MONDAY -------------------------------

ACDO   Accredo Health        Mon, May 3  Before the Bell      0.42
AMH    AmerUs Grp Co.        Mon, May 3  After the Bell       0.98
AXS    Axis Capl Hldg Lmtd   Mon, May 3  After the Bell       0.82
BBD    Banco Bradesco S.A.   Mon, May 3  -----N/A-----         N/A
BEC    Beckman Coulter       Mon, May 3  Before the Bell      0.51
CDIS   Cal Dive Intl         Mon, May 3  After the Bell       0.25
CEPH   Cephalon, Inc.        Mon, May 3  After the Bell       0.29
BAP    Credicorp             Mon, May 3  -----N/A-----        0.29
CMLS   Cumulus Media Inc.    Mon, May 3  After the Bell      -0.01
DVA    DaVita                Mon, May 3  -----N/A-----        0.72
EOG    EOG Res               Mon, May 3  Before the Bell      0.89
EYET   Eyetech Pharm         Mon, May 3  After the Bell      -0.38
FHCC   First Health Grp      Mon, May 3  -----N/A-----        0.32
GPRO   Gen-Probe             Mon, May 3  After the Bell       0.33
ICOS   ICOS Corp             Mon, May 3  -----N/A-----       -1.40
IMH    Impac Mortgage Hldg   Mon, May 3  After the Bell        N/A
IACI   InterActiveCorp       Mon, May 3  Before the Bell      0.16
MAS    Masco                 Mon, May 3  Before the Bell      0.43
MXRE   Max Re Capital Ltd.   Mon, May 3  Before the Bell      0.66
MCY    Mercury General       Mon, May 3  Before the Bell      0.89
MET    MetLife Inc.          Mon, May 3  After the Bell       0.75
NBIX   NEUROCRINE BIOSCI     Mon, May 3  Before the Bell     -0.36
SPOT   PanAmSat              Mon, May 3  -----N/A-----        0.18
PPS    Post Prop, Inc        Mon, May 3  After the Bell       0.41
QGENF  Qiagen N.V.           Mon, May 3  After the Bell       0.08
PFG    The Principal Finl GrpMon, May 3  After the Bell       0.65
UNTD   United Online Inc.    Mon, May 3  Before the Bell      0.21
WRC    Westport Res Corp     Mon, May 3  After the Bell       0.43
WEC    Wisconsin Energy Corp Mon, May 3  Before the Bell      0.76
XL     XL Capital Ltd        Mon, May 3  After the Bell       2.20


------------------------- TUESDAY ------------------------------

ACAS   Am Capital Strat      Tue, May 4  After the Bell       0.70
AOC    Aon Corp              Tue, May 4  -----N/A-----        0.56
ITU    Banc Itau Hldg Finan  Tue, May 4  Before the Bell      1.29
GIB    CGI Grp               Tue, May 4  -----N/A-----         N/A
XEC    Cimarex Energy Co.    Tue, May 4  -----N/A-----        0.65
CCU    Clear Channel Comm    Tue, May 4  Before the Bell      0.14
CTV    CommScope             Tue, May 4  After the Bell       0.02
DF     Dean Foods            Tue, May 4  Before the Bell      0.45
EMR    Emerson Electric      Tue, May 4  Before the Bell      0.68
EOP    Equity Off Prop Trust Tue, May 4  Before the Bell      0.66
GET    Gaylord Entertainment Tue, May 4  Before the Bell     -0.39
GLG    Glamis Gold Ltd       Tue, May 4  Before the Bell      0.05
GTM    GULFTERRA NRG PART LP Tue, May 4  Before the Bell      0.43
HIG    Hartford Finl Serv    Tue, May 4  After the Bell       1.47
HCC    HCC Insurance Hldg    Tue, May 4  After the Bell       0.63
HNT    Health Net, Inc.      Tue, May 4  Before the Bell      0.53
HTG    Hrtg Prp Invst Trst   Tue, May 4  After the Bell       0.70
HEW    Hewitt Associates     Tue, May 4  Before the Bell      0.30
HIW    Highwoods Prop        Tue, May 4  After the Bell       0.60
IGL    IMC Global            Tue, May 4  -----N/A-----        0.04
IRGI   Inveresk Research Grp Tue, May 4  After the Bell       0.28
KZL    Kerzner Intl Limited  Tue, May 4  -----N/A-----        1.12
KOSP   Kos Pharm             Tue, May 4  Before the Bell      0.28
LAF    Lafarge North America Tue, May 4  -----N/A-----       -0.89
LNC    Lincoln Natl          Tue, May 4  After the Bell       0.91
MLM    Martin Marietta Mat   Tue, May 4  Before the Bell     -0.15
MVL    Marvel Enterprises    Tue, May 4  Before the Bell      0.21
MBI    MBIA Inc.             Tue, May 4  Before the Bell      1.27
NFP    Natl Finl Partners    Tue, May 4  After the Bell       0.37
NXY    Nexen                 Tue, May 4  -----N/A-----        0.95
NBL    Noble Energy, Inc.    Tue, May 4  Before the Bell      0.98
NOC    Northrop Grumman      Tue, May 4  -----N/A-----        1.21
OCAS   Ohio Casualty         Tue, May 4  After the Bell       0.36
PDX    Pediatrix Medical Grp Tue, May 4  Before the Bell      0.85
PFGC   PERFORMANCE FOOD GRP  Tue, May 4  Before the Bell      0.14
PER    Perot Sys             Tue, May 4  Before the Bell      0.15
PKZ    PETROKAZAKHSTAN INC   Tue, May 4  Before the Bell      1.16
PCG    PG&E Corp             Tue, May 4  -----N/A-----        0.42
PL     Protective Life Corp  Tue, May 4  Before the Bell      0.74
PDLI   Protein Design        Tue, May 4  After the Bell      -0.11
PRU    Prudential Finl, Inc. Tue, May 4  After the Bell       0.73
KWK    Quicksilver Res       Tue, May 4  After the Bell       0.30
Q      Qwest Comm            Tue, May 4  Before the Bell     -0.14
RNR    RenaissanceRe Hldg    Tue, May 4  After the Bell       1.61
SWY    Safeway, Inc.         Tue, May 4  -----N/A-----        0.22
TLM    Talisman Energy       Tue, May 4  -----N/A-----        1.33
TLD    TDC A/S               Tue, May 4  -----N/A-----         N/A
THC    Tenet Healthcare      Tue, May 4  Before the Bell      0.02
TEVA   Teva Pharmaceutical   Tue, May 4  Before the Bell      0.59
DTV    The DIRECTV Grp, Inc. Tue, May 4  -----N/A-----        0.01
PNX    The Phoenix Co, Inc.  Tue, May 4  Before the Bell      0.16
TYC    Tyco Intl             Tue, May 4  Before the Bell      0.36
VSH    Vishay Intertech, Inc.Tue, May 4  Before the Bell      0.14
WWCA   Western Wireless      Tue, May 4  After the Bell       0.11
WFMI   Whole Foods Market    Tue, May 4  After the Bell       0.50


------------------------ WEDNESDAY -----------------------------

ARG    Airgas                Wed, May 5  After the Bell      0.28
ADRX   Andrx Corp            Wed, May 5  After the Bell      0.26
WTR    Aqua America          Wed, May 5  Before the Bell     0.17
BCE    BCE                   Wed, May 5  Before the Bell      N/A
CNQ    Canadian Ntrl Res LmtdWed, May 5  -----N/A-----       1.56
CPG    Chelsea Prop Grp, Inc.Wed, May 5  After the Bell      0.87
CSR    Credit Suisse Grp     Wed, May 5  Before the Bell      N/A
CCI    Crown Castle Intl     Wed, May 5  After the Bell     -0.19
CVS    CVS Corp              Wed, May 5  Before the Bell     0.56
ENB    Enbridge Inc.         Wed, May 5  -----N/A-----        N/A
FRT    Fedl Rlty Invst Trust Wed, May 5  -----N/A-----       0.69
FST    Forest Oil Corp       Wed, May 5  After the Bell      0.45
GMST   Gemstar-TV Guide Intl Wed, May 5  After the Bell      0.05
GPK    GRAPH PACK INTL CORP  Wed, May 5  After the Bell       N/A
IPXL   Impax Laboratories    Wed, May 5  Before the Bell    -0.03
KCI    KINETIC CONCEPTS INC  Wed, May 5  Before the Bell      N/A
LM     Legg Mason            Wed, May 5  Before the Bell     1.15
MCH    Millennium Chemicals  Wed, May 5  Before the Bell    -0.17
NFS    Nationwide Finl Serv  Wed, May 5  After the Bell      0.78
NKTR   NEKTAR THERAPEUTICS   Wed, May 5  -----N/A-----      -0.39
NTLI   NTL INC               Wed, May 5  Before the Bell    -2.18
OGE    OGE Energy            Wed, May 5  Before the Bell    -0.04
OTEX   Open Text             Wed, May 5  Before the Bell     0.23
PNP    Pan Pacific Retl Prop Wed, May 5  Before the Bell     0.84
PEI    Penn Rl Est Invst TrstWed, May 5  Before the Bell     0.87
PMI    PMI Grp               Wed, May 5  -----N/A-----       0.90
PUB    PUBLICIS Grpe SA      Wed, May 5  Before the Bell      N/A
IQW    Quebecor World        Wed, May 5  -----N/A-----       0.11
RA     Reckson Assoc Rlty    Wed, May 5  After the Bell      0.58
SRV    Service Corp Intl     Wed, May 5  Before the Bell     0.15
TRK    Speedway Motorsports  Wed, May 5  Before the Bell     0.50
STO    Statoil ASA           Wed, May 5  Before the Bell      N/A
SGY    Stone Energy          Wed, May 5  After the Bell      1.40
TEM    Telefonica Moviles    Wed, May 5  Before the Bell      N/A
TELN   Telenor ASA           Wed, May 5  -----N/A-----        N/A
TU     TELUS                 Wed, May 5  During the Markey    N/A
TS     TENARIS S A           Wed, May 5  -----N/A-----       0.66
BCO    The Brink's Co        Wed, May 5  Before the Bell     0.18
TRW    TRW Auto              Wed, May 5  Before the Bell     0.45
UNM    UnumProvident Corp    Wed, May 5  After the Bell      0.38


------------------------- THUSDAY -----------------------------

ATVI   Activision            Thu, May 6  After the Bell       0.01
AL     Alcan Inc.            Thu, May 6  -----N/A-----        0.58
ATK    Alliant TechSys Inc.  Thu, May 6  Before the Bell      0.87
ALO    Alpharma              Thu, May 6  After the Bell       0.01
AFR    Am Finl Rlty Trust    Thu, May 6  Before the Bell      0.26
AIV    Apartment Invst & Mgt Thu, May 6  Before the Bell      0.67
AHL    Aspen Ins Hldg LimitedThu, May 6  After the Bell       0.70
BCH    Banco de Chile        Thu, May 6  -----N/A-----        0.45
BE     BearingPoint, Inc.    Thu, May 6  Before the Bell      0.04
BIO    Bio-Rad Laboratories  Thu, May 6  -----N/A-----        0.86
BUH    Buhrmann NV           Thu, May 6  -----N/A-----         N/A
CPN    Calpine Corp          Thu, May 6  Before the Bell     -0.11
CPT    Camden Prop Trust     Thu, May 6  After the Bell       0.77
CMX    CareMark Rx, Inc.     Thu, May 6  -----N/A-----        0.32
CZ     Celanese AG           Thu, May 6  -----N/A-----         N/A
CHC    CharterMac            Thu, May 6  -----N/A-----        0.41
CZN    Citizens Comm Co.     Thu, May 6  Before the Bell      0.10
CLX    Clorox                Thu, May 6  Before the Bell      0.56
CMS    CMS Energy Corp.      Thu, May 6  Before the Bell      0.41
CNO    CONSECO INC           Thu, May 6  Before the Bell      0.44
CEI    Crescent Real Est Eq  Thu, May 6  Before the Bell      0.21
DEG    Delhaize Grp          Thu, May 6  Before the Bell       N/A
DVN    Devon Energy Corp     Thu, May 6  Before the Bell      1.84
DISH   EchoStar Comm Corp.   Thu, May 6  Before the Bell      0.16
FS     Four Seasons Hotels   Thu, May 6  Before the Bell      0.15
FOX    Fox Entertainment Grp Thu, May 6  Before the Bell      0.28
FMS    Fresenius Medical CareThu, May 6  -----N/A-----         N/A
GFI    Gold Fields Limited   Thu, May 6  -----N/A-----        0.06
GLDN   Golden Telecom        Thu, May 6  Before the Bell      0.45
HCP    Health Cr Prop Invest Thu, May 6  Before the Bell      0.42
HCN    Health Care REIT, Inc.Thu, May 6  After the Bell       0.73
HB     Hillenbrand Ind       Thu, May 6  Before the Bell      0.98
IDA    Idacorp Holding       Thu, May 6  Before the Bell      0.44
IPR    Intl Power            Thu, May 6  Before the Bell       N/A
IPCR   IPC Hldg              Thu, May 6  Before the Bell       N/A
IST    Ispat Intl            Thu, May 6  Before the Bell       N/A
KG     King Pharm            Thu, May 6  Before the Bell      0.33
LAMR   LAMAR ADVERTISING CO  Thu, May 6  Before the Bell     -0.09
MGA    Magna Intl Inc.       Thu, May 6  -----N/A-----        1.76
NXL    Nw Pln Exl Rlty Trust Thu, May 6  Before the Bell      0.49
NVDA   NVIDIA Corp           Thu, May 6  -----N/A-----        0.10
OSG    Overseas Shipholding  Thu, May 6  Before the Bell      1.84
PIXR   Pixar Anima Studios   Thu, May 6  After the Bell       0.39
PTP    Platinum Udrwrtr Hldg Thu, May 6  After the Bell       0.78
PSA    Public Storage        Thu, May 6  After the Bell       0.66
RRD    RR Donnelley          Thu, May 6  After the Bell       0.10
SPG    Simon Prop Grp, Inc.  Thu, May 6  After the Bell       0.96
SBGI   Sinclair Broadcast GrpThu, May 6  Before the Bell     -0.04
SNN    Smith & Nephew        Thu, May 6  Before the Bell       N/A
SDX    Sodexho Alliance S.A. Thu, May 6  -----N/A-----         N/A
STRA   Strayer Education     Thu, May 6  Before the Bell      0.74
TI     Telecom Italia        Thu, May 6  -----N/A-----         N/A
TSO    Tesoro Petroleum      Thu, May 6  Before the Bell      0.71
MNY    The MONY Grp Inc.     Thu, May 6  Before the Bell      0.05
NWS    The News Corp Limited Thu, May 6  Before the Bell      0.27
RSE    The Rouse Co          Thu, May 6  Before the Bell      0.96
TRN    Trinity Ind           Thu, May 6  Before the Bell     -0.21
TRZ    Trizec Prop, Inc.     Thu, May 6  Before the Bell      0.41
TXU    TXU Corp.             Thu, May 6  Before the Bell      0.57
UVN    Univision Comm        Thu, May 6  After the Bell       0.08
VRX    Valeant Pharm Intl    Thu, May 6  -----N/A-----        0.06
HLTH   WebMD                 Thu, May 6  After the Bell       0.09
WGR    Western Gas Res       Thu, May 6  Before the Bell      0.79
WMB    Williams Co Inc.      Thu, May 6  Before the Bell      0.08
XMSR   XM Satellite Radio    Thu, May 6  Before the Bell     -0.81


------------------------- FRIDAY -------------------------------

BLDP   Ballard Power Sys     Fri, May 7  Before the Bell     -0.28
EAS    Energy East Corp      Fri, May 7  After the Bell       0.90
EPC    Epcos                 Fri, May 7  Before the Bell       N/A
EVG    Evergreen Res         Fri, May 7  -----N/A-----        0.43
FE     FirstEnergy           Fri, May 7  -----N/A-----        0.44
IST    Ispat Intl            Fri, May 7  -----N/A-----         N/A
MAC    Macerich Co           Fri, May 7  -----N/A-----        0.86
CLI    Mack-Cali Rlty Corp   Fri, May 7  Before the Bell      0.87
DCM    NTT DoCoMo            Fri, May 7  -----N/A-----         N/A
POM    Pepco Hldg, Inc.      Fri, May 7  -----N/A-----        0.14
PNW    Pinnacle West Capital Fri, May 7  Before the Bell      0.24
PXD    Pioneer Ntrl Res Co   Fri, May 7  Before the Bell      0.50
NZT    Tlcm Corp New Zealand Fri, May 7  -----N/A-----         N/A
IPG    Interpub Grp of Co    Fri, May 7  Before the Bell      0.00
TOT    Total                 Fri, May 7  -----N/A-----        2.05


----------------------------------------------
Upcoming Stock Splits In The Next Two Weeks...
----------------------------------------------

Symbol  Co Name              Ratio    Payable     Executable

TCBK    TriCo Bancshares          2:1      Apr  30th   May   3rd
KENT    Kent Finl Serv, Inc       2:1      May   3rd   May   4th
LACO    Lakes Entertainment, Inc  2:1      May   3rd   May   4th
COBZ    CoBix Inc                 3:2      May   3rd   May   4th
TLM     Talisman Energy Inc       3:1      May   4th   May   5th
RBA     Ritchie Bros. Auctioneers 2:1      May   4th   May   5th
BEBE    bebe stores, Inc          3:2      May   5th   May   6th
FARM    Farmer Bros. Company     10:1      May  10th   May  11th
YHOO    Yahoo! Inc                2:1      May  11th   May  12th
DNA     Genentech Inc             2:1      May  12th   May  13th
IKNX    IKONICS Corp              3:2      May  13th   May  14th
NSM     Natl Semiconductor Corp   2:1      May  13th   May  14th
SYK     Stryker Corp              2:1      May  14th   May  17th
TOUS    Technical Olympic USA, Inc3:2      May  14th   May  17th
BCR     C.R.Bard                  2:1      May  14th   May  17th


--------------------------
Economic Reports This Week
--------------------------

Earnings season is still very much in full swing but the majority
of the S&P 500 have already announced.  This week Wall Street
will focus on economic reports like the ISM index on Monday, the
FOMC meeting on Tuesday, the ISM services on Wednesday, and the
non-farm payrolls report on Friday.

==============================================================
                       -For-

----------------
Monday, 05/3/04
----------------
Auto Sales (NA)            Apr  Forecast:    5.7M  Previous:     5.6M
Truck Sales (NA)           Apr  Forecast:    7.8M  Previous:     7.6M
Construction Spending (DM) Mar  Forecast:    0.5%  Previous:    -0.1%
ISM Index (DM)             Apr  Forecast:    62.7  Previous:     62.5


-----------------
Tuesday, 05/4/04
-----------------
Factory Orders (DM)        Mar  Forecast:    2.4%  Previous:     0.3%
FOMC Meeting (DM)


-------------------
Wednesday, 05/5/04
-------------------
ISM Services (DM)          Apr  Forecast:    65.0  Previous:     65.8


------------------
Thursday, 05/6/04
------------------
Initial Claims (BB)      05/01  Forecast:    335K  Previous:     338K
Productivity-Prel. (BB)     Q1  Forecast:    3.5%  Previous:     2.6%


----------------
Friday, 05/7/04
----------------
Nonfarm Payrolls (BB)      Apr  Forecast:    168K  Previous:     308K
Unemployment Rate (BB)     Apr  Forecast:    5.7%  Previous:     5.7%
Hourly Earnings (BB)       Apr  Forecast:    0.2%  Previous:     0.1%
Average Workweek (BB)      Apr  Forecast:    33.8  Previous:     33.7
Wholesale Inventories (DM) Mar  Forecast:    0.5%  Previous:     1.2%
Consumer Credit (DM)       Mar  Forecast:   $7.0B  Previous:    $4.2B


Definitions:
DM=  During the Market
BB=  Before the Bell
AB=  After the Bell
NA=  Not Available


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

NTT     Nippon Tel & Tel (ADS)     25.97    +0.85
GSK     Glaxosmithkline Plc (ADR)  42.00    +0.55
E       Eni Spa (ADS)             101.88    +1.15
CVX     Chevrontexaco Corp         91.50    +1.15
BP      BP Plc                     52.90    +0.85
UBS     UBS Ag Ord. Shares         70.80    +1.15


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

UCI     UICI                       17.31    +1.12
ISRG    Intuitive Surgical Inc     16.21    +1.08


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

AVP     Avon Products Inc          84.00    +3.95
MCK     Mckesson Corp              32.86    +2.77
TMK     Torchmark Corp             52.04    +1.15
RJR     RJ Reynolds Tobbaco Hldg   64.77    +2.22
PDX     Pediatrix Medical Gr Inc   71.50    +4.48


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

YHOO    Yahoo! Inc                 50.53    -4.18
TEVA    Teva Pharm Ind             61.55    -2.85
NHY     Norsk Hydro As (ADR)       58.56    -1.43
WY      Weyerhaeuser Co            59.20    -1.27
ATH     Anthem Inc                 88.58    -2.60


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

AT      Alltel Corp                50.34    -1.21
ELN     Elan Corp Plc              21.60    -1.05
MTX     Minerals Technologies Inc  58.65    -1.51


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