PremierInvestor.net Newsletter Tuesday 05-04-2004 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: Fed Raising Rates Watch List: MLNM, PLCM, MOT, INCY Market Sentiment: Listening to the Fed ================================================================= MARKET WRAP (view in courier font for table alignment) ================================================================= 05-04-2004 High Low Volume Adv/Dcl DJIA 10371.20 + 3.20 10386.04 10266.17 2.01 bln 1869/1377 NASDAQ 1950.48 + 11.80 1968.70 1933.60 1.87 bln 1855/1266 S&P 100 547.15 + 1.30 551.03 543.59 Totals 3724/2643 S&P 500 1119.51 + 2.02 1127.65 1112.89 W5000 Problem with data feed SOX 448.31 + 7.40 454.76 440.87 RUS 2000 569.64 + 4.16 575.18 565.18 DJ TRANS 2915.63 - 7.50 2935.02 2902.28 VIX 16.55 - 0.07 17.13 15.97 VXO (VIX-O)16.36 - 0.27 17.52 15.88 VXN 25.14 - 0.58 25.89 24.36 Total Volume 4,245M Total UpVol 2,767M Total DnVol 1,362M Total Adv 4247 Total Dcl 2978 52wk Highs 134 52wk Lows 224 TRIN 0.87 NAZTRIN 0.69 PUT/CALL 0.67 ================================================================= =========== Market Wrap =========== Fed Raising Rates by Jim Brown Using Fedspeak Greenspan said they were ready to raise rates but they are not raising them now. The Fed left rates unchanged but said they could begin raising rates at a measured pace in the near future. The market was not sure if they liked the new Fed policy stance despite getting everything they wanted from the statement. Dow Chart - Daily Nasdaq Chart - Daily The morning started off great with Chain Store Sales jumping to +1.5% for last week compared to -0.5% for the prior week. No real excitement there with tax refunds fueling the buying. The real excitement came from the Factory Orders, which soared +4.3% for March compared to +1.1% for Feb. That Feb number was revised up from only +0.3%. Consensus for March was only +2.3% and it was widely assumed to be optimistic. The blowout at almost twice what was thought to be optimistic really gave traders some positive economic ammo but they failed to hold any morning gains. Nondurable goods rose +3.5% which completely erased the -1.8% decline in February. Shipments rose +3.8%, unfilled orders rose +1.2% but most important was nondefense capital goods, that is normal business equipment, rose +4.5%. The upward revision to a weak February and the blowout in March suggests the economy may actually be exploding. While traders were excited with the initial release their fears that the strong numbers would excite the Fed weighed on the bulls. The morning bounce to 10330 on the news was sold into the pre Fed lull. Worry, worry everywhere and not a buy program in sight. Helping fan the economic flames was a very minor +6.1% jump in layoffs from 68K to 72K in April according to the Challenger Layoff report. Better news showed that the private sector was firming and the government sector was responsible for the majority of the cuts. The number of layoffs has been moving steadily down for months with only a couple spikes in Oct and Jan. Challenger also found that small business hiring actually grew +25% in the first quarter. Companies of less than 500 employees are doing the most hiring. The big news was of course the Fed announcement that they were not going to raise rates today BUT they are ready to raise rates at a pace that is likely to be measured. (Their words) They cleaned up their policy statement to remove any hint of economic weakness and any reluctance to act on their part. The dumped the comments that either "inflation" or "unwelcome disinflation" were likely and adopted a "risks are equally balanced" posture. This was a key point they tried to make. No inflation. The mentioned inflation in one form or another several times. "Long term inflation expectations appear to have remained well contained." "Price stability is in balance." "Inflation low and resource use slack." All of these comments were made to tell us that the Fed is not worried and not in a rush to raise rates. When they do begin to raise rates it will be at a "measured pace" meaning they are not going to try and shock the market or make any large sudden moves. It was a picture of a Fed trying to be patient in an election year without actually saying so. In Fedspeak it is all "read between the lines". They have left us with an economy that is "robustly growing productivity", "output expanding at a solid rate" and "hiring appears to have picked up", all their words. They like what they see and see no reason to raise rates despite the lowest rates in decades. The markets rallied to new highs for the week on the news then crashed back to pre Fed announcement levels. The Dow ended up +3 and the Nasdaq +11. What in earth happened? Fear of the unknown. The Fed left the cloud over the market and left traders guessing about when the rate hikes would begin. There was actually a strong contingent of traders hoping for a hike today. Traders in the Chicago pits and on the floor of the NYSE booed when the announcement was made. Amazing when you think about it. The Fed statement gave everyone a present, strong economy, no inflation and no rate hikes on the horizon. If the market was afraid of rate hikes last week then today should have been a breath of fresh air. Unfortunately it did not give them any view of the future other than the Fed is ready to act if needed. That can happen as soon as next Monday or six months from now. It is like riding down the highway with a bubble on your tire. You know it could pop at any time and you are afraid to go very fast. That is the market today. We have a Fed cloud over our car and lightning could strike at any time. The outlook shifted to events in the future that could cause the Fed to react. The immediate threat is the Jobs report on Friday. The Fed has been known to react between meetings on the Monday after an employment report. If the Layoff report is any clue then the Jobs report this Friday could be decent. The +25% growth in small business hiring as indicated by Challenger is the key. Last months report showed an increase of +308,000 jobs and a similar report this month would just about guarantee a rate move in June if not before. Should the jobs from last month be revised down significantly it could put the Fed on hold that much longer. It is a very confusing scenario for institutions and for bond traders. When confusion reigns nothing happens. That is exactly what we saw today. The Dow had been uptrending slightly from last weeks severe depression. The post Fed spike sent the Dow to near 10400 once again but that level was very short lived and we fell to close back near 10300. The slight uptrend is still intact but just barely. Resistance is still 10325 and it has held for three days. Support is 10265 and it has held for two days. Odds are good we are going to break one of those levels on Wednesday. The Nasdaq is exhibiting the same very slight uptick although it was the strongest index today. We saw a spike to 1970 after the announcement, a solid retrace of those gains but a stubborn hold at 1950 at the close. After three days of concentrated selling last week the Nasdaq is refusing to give ground. Current support has turned into 1933 and that is also the 200dma as we discussed last weekend. It is right on the edge of a real rebound or a real failure. The buyers appeared at the right level but so far have not been able to get enough traction to move it higher. This brings us to the rest of the week. Just like we went into hold mode for the announcement today we could just as easily maintain this mode into the Jobs report on Friday. The Fed stance put the bulls back into bad news mode where they want any economic news to be just good enough to prove there is an economic pulse and not strong enough to require a Fed sedative. Instead of wanting another +300K of new jobs on Friday the bulls would be perfectly happy with a number less than consensus, say in the +150K range. Too much good news now could activate the Fed either at or before the June 29th meeting. The goal for traders now will be to somehow get through the June-29th meeting with no hike and that gives them a potential free pass into August. This makes everything that happens between now and the June FOMC meeting of greater than normal importance. Personally I think the markets received a free pass until Fall as long as the jobs do not continue at the +300K pace. The Fed is clearly watching for inflation but not currently concerned due to the weakness of the recovery until now. The Fed does not want to crash the housing market before summer and they realize that the stock market also contributes to overall good will and economic prosperity. With everything running so smoothly AND with the bond market already pricing in a rate hike, the Fed only needs to keep up the tough talk and the credit markets will keep rates at a reasonable level. This will allow the carry traders plenty of time to unwind their trades and the home builders to produce a record summer. The economy will benefit from both and in an election year that can't be bad. Besides, if a little economic slowdown appears over the summer the Fed will not be making it worse. Now, all I need to do is make the market see it my way. For Wednesday I would look to be long over 10330/1960 and short under 10275/1940 and simply follow what the market gives us. The funds could begin to reenter the market tomorrow but remember we are still in a down trend. Until the pattern of lower highs is broken we are just range bound at a lower level with risk to the downside. Earnings are still decent but declining in quality and frequency and the summer doldrums are just ahead. There is no real catalyst to send us higher but there is no specific risk either. The Fed should already be priced into the market. We are likely to see some volatility at the open as the various forces do battle so don't look for direction until after 10:00. Enter Passively, Exit Aggressively. Jim Brown Editor ================================================================== WATCH LIST ================================================================== The PremierInvestor.net watch list is not designed to be read as full fledged stock picks. Rather we would prefer to offer it as an extra tool in today's investor toolbox. Think of it as a radar screen with your own radar operator pointing out interesting developments, technical patterns or potential plays that you may or may not have seen on your own. Due to time constraints we do glance at the news but rarely do we have time to fully read pertinent news stories, due background research and other necessary screens that investors should do before making a decision. A common exercise is to read the entry, glance at the sector and other stocks in that industry and then compare what's happening in the stock to what's happening in the broader market indices. We hope you enjoy the Watch List and that it proves to be a useful tool for your own trading success. STOCKS WORTH WATCHING --------------------------------- Millennium Pharmaceuticals - MLNM - close: 14.88 change: -0.33 WHAT TO WATCH: After holding in a bullish trend for more than a year, shares of MLNM are breaking down in a big way. The drop through the 200-dma unleashed a wave of selling volume and the stock is now sitting on critical support. A break below the $14.50 level could usher in a fresh wave of selling and send the stock down to test next strong support in the vicinity of $11.50. --- Polycom Inc. - PLCM - close: 19.84 change: +0.90 WHAT TO WATCH: Traders that have been playing the range in shares of PLCM look like they're going to get another chance. The stock dipped just below $19 this morning and then put on a strong rally to kick the daily oscillators back into ascent mode. Entries in the vicinity of the 200-dma look viable, with an upside target of $21, near the site of the clustered moving averages. A rally up to the $23 level (the top of the recent range) is certainly possible, but we don't want to be greedy. --- Motorola Inc. - MOT - close: 18.65 change: +0.43 WHAT TO WATCH: Following the euphoric reaction to its earnings report last month, shares of MOT shot higher, nearly reaching the $21 level before being pulled earthward by the negative market action. The stock now appears to be building a new base near $18, which corresponds to old resistance, as well as the 50% retracement of the post-earnings gap. This looks like a great entry point, looking for a renewed rally up into the $20-21 area. Use a tight stop just under the 50-dma. --- Incyte Corporation - INCY - close: 7.30 change: -0.45 WHAT TO WATCH: The bearish trend that INCY has been trading in for the past few months looks ready to tip over in a more determined manner. The stock has fallen to last-ditch support and looks ready to break down. Use a trigger below today's $7.20 intraday low and target a drop towards the $6.00 level. Watch for potential support near the 200-dma at $6.60. --- =================== On the RADAR Screen =================== LU $3.44 - Certainly not for the faint of heart, LU may be offering up a quick bullish play for those with the necessary tolerance for risk. The stock is trying to rebound just above the 200-dma and if successful, a rally back towards the $3.90 resistance level seems reasonable. Use a tight stop just under yesterday's low. CREE $19.49 - Is it time to play the rebound? It wasn't that long ago that we were looking at shares of CREE as a bearish play, with a target of $18. Well, that target was reached yesterday and the stock put in a strong rebound today. A slight pullback near the 200-dma looks good for entries, targeting a rally back to the site of the 50-dma over $21. PMCS $12.82 - It wasn't that long ago that we were looking bearish on shares of PMCS with a $12 target in mind. Well, that target has been reached and the stock is trying to put in a solid rebound. A pullback below $12.50 should afford solid entries ahead of a continued rebound towards what is likely to be firm resistance near $15. =============================== Market Sentiment =============================== Listening to the Fed Jonathan Levinson During the past several weeks, as bond yields have continued their strong rally, we've seen a great deal of bearishness on bonds and bullishness in the dollar. Metals and commodity prices, as well a equities corrected as traders anticipated the abandonment by the Fed of its aggressive reflationary policy. You'll recall statements by Bernanke and Greenspan along the way, beginning to acknowedge what they referred to as a decrease in the risk of unwelcome deflation and hinting at tighter monetary policy. As we've seen during recent years, central banks prefer to move the markets with words instead of money, and today's action was a fine example of just that. Indeed, the ten year yield had increased almost 100 basis points during the previous two months, far exceeding anything that the Fed might have done to its overnight rates today. While this seems obvious in retrospect, the moves following today's FOMC annoucement indicate some surprise, as equities, metals, and bonds all whipsawed to the upside following the 2:15 statement and then levelled out again, giving back their gains. Whether these trends continue or not remains to be seen. However, I will continue to be dubious of any direct action by the Fed to shock the markets with higher rates. Simply put, the level of personal, mortgage and corporate debt makes higher rates a dangerous formation in the financial landscape, and were I a central banker, I would be seeking as much as possible to allow a gradual, unexciting move higher in rates without panicking the markets with sudden moves. I'm guessing we will see a range develop as traders seek direction. Equities, bonds, commodities and foreign currencies should firm up as the dollar softens. The drop in the volatility indices following the announcement indicates general bullishness increasing based on the prospect of further stimulation from the Fed. ----------------------------------------------------------------- Market Averages DJIA ($INDU) 52-week High: 10753 52-week Low : 8416 Current : 10317 Moving Averages: (Simple) 10-dma: 10364 50-dma: 10383 200-dma: 9985 S&P 500 ($SPX) 52-week High: 1163 52-week Low : 912 Current : 1119 Moving Averages: (Simple) 10-dma: 1125 50-dma: 1129 200-dma: 1074 Nasdaq-100 ($NDX) 52-week High: 1559 52-week Low : 1103 Current : 1422 Moving Averages: (Simple) 10-dma: 1451 50-dma: 1448 200-dma: 1410 ----------------------------------------------------------------- CBOE Market Volatility Index (VIX) = 16.55 CBOE Mkt Volatility old VIX (VXO) = 16.36 Nasdaq Volatility Index (VXN) = 25.14 ----------------------------------------------------------------- Put/Call Ratio Call Volume Put Volume Total 0.67 698,925 467,344 Equity Only 0.50 583,332 291,348 OEX 0.81 25,970 21,135 QQQ 0.38 167,368 64,122 ----------------------------------------------------------------- Bullish Percent Data Current Change Status NYSE 73.3 + 0 Bull Confirmed NASDAQ-100 42.0 - 1 Bear Confirmed Dow Indust. 80.0 + 0 Bear Confirmed S&P 500 69.0 - 1 Bear Confirmed S&P 100 70.0 + 0 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: 1.36 10-dma: 1.30 21-dma: 1.09 55-dma: 1.14 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 1643 1822 Decliners 1178 1258 New Highs 55 51 New Lows 82 38 Up Volume 1276M 1211M Down Vol. 694M 556M Total Vol. 2005M 1829M 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 ----------------------------------------------------------------- ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright ) 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter Tuesday 05-04-2004 section 2 of 2 Copyright (c) 2004, All rights reserved. Redistribution in any form is strictly prohibited. The entire newsletter is best viewed in COURIER 10 for alignment ================================================================= Stop Adjustments: None Closed Plays: ALVR Stock Splits: GSBC Trading Ideas Value Plays With Bullish Signals Breakout to Upside (Stocks $5 to $20) Breakout to Upside (Stocks over $20) Breakout to Downside (Stocks over $20) Recently Overbought With Bearish Signals (Stocks over $20) ================================================================= Stop Loss Adjustments ================================================================= None ================================================================= Closed Plays ================================================================= Alvarion Ltd. - ALVR - cls: 11.12 chng: +0.34 stop: 11.50 The past couple weeks have seen ALVR trade in a bearish manner, just like we were expecting. However, we certainly would have preferred that the stock get moving at a higher rate of speed. As it is, we have to exit the play just below our original entry trigger without even reaching our first target at the 200-dma. The bearish trend is still very much intact, but the company is due to release its quarterly earnings report tomorrow morning and we don't want the risk of holding over the announcement. As mentioned over the weekend, any open positions should have been closed by the end of today's trading session. Picked on April 18th at $11.45 Change since picked -0.33 Earnings Date 5/05/04 (confirmed) Average Daily Volume = 1.25 mln ================================================================= Stock Splits ================================================================= Announcements ------------- GSBC divvies out a 2-for-1 stock split Great Southern Bancorp, Inc (NASDAQ:GSBC) announced mid-session today that its Board of Directors had approved a 2-for-1 stock split of its common stock in the form of a 50% stock dividend. The payable date is June 1st, 2004 to shareholders on record as of May 17th, 2004. This is their third split since being listed on the NASDAQ in 1990. About the company: Great Southern offers a broad range of banking, investment, insurance and travel services to customers and clients. Headquartered in Springfield, Missouri, Great Southern operates 29 branches and more than 140 ATMs throughout southwest and central Missouri. The company also serves lending needs in metropolitan Kansas City through its Kansas City-based loan production branch and in the Northwest Arkansas region through its loan production office in Rogers, Arkansas. The stock of Great Southern Bancorp, Inc. is quoted on the NASDAQ National Market System under the symbol "GSBC". ================== 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 UBS UBS Ag Ord. Shares 73.14 +1.72 PTR Petrochina Co Ltd (ADS) 46.83 +2.40 HBC HSBC Holdings Plc 73.85 +1.33 FTE France Telecom (ADS) 24.73 +0.67 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- MVL Marvel Enterprises 20.00 +1.21 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- SNP China Petro & Chem (ADS) 37.70 +1.35 OMC Omnicom Group Inc 82.78 +1.24 SNN Smith & Nephew Plc (ADS) 53.65 +1.46 ADBE Adobe Systems Inc 45.90 +1.90 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- IGT Internat Game Technology 36.58 -1.86 GILD Gilead Sciences Inc 58.35 -2.08 ABK Ambac Financial Group 68.89 -1.18 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- WFMI Whole Foods Market Inc 78.84 -0.66 ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
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