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Daily Newsletter, Thursday, 05/06/2004

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PremierInvestor.net Newsletter                 Thursday 05-06-2004
                                                    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:      Job Fears Rampant
Market Sentiment: Good News Bad, Bad News Good
Watch List:       A Full Plate For The Bears


=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
      05-06-2004           High     Low     Volume   Adv/Dcl
DJIA    10241.26 - 69.70 10308.20 10170.51 1.84 bln  607/2683
NASDAQ   1937.74 - 19.50  1949.55  1923.30 1.80 bln  933/2204
S&P 100   543.90 -  3.29   547.19   540.23   Totals 1540/4887
S&P 500  1113.99 -  7.54  1121.53  1106.30
W5000   10851.70 - 86.25 10937.00 10777.86
SOX       452.48 +  0.20   454.17   444.31
RUS 2000  563.09 -  6.97   570.06   556.97
DJ TRANS 2912.51 - 10.50  2927.82  2889.07
VIX        17.05 +  1.28    17.67    16.45
VXO (VIX-O)17.65 +  1.42    18.98    17.47
VXN        25.28 +  0.84    25.86    24.79
Total Volume 3,980M
Total UpVol    903M
Total DnVol  3,031M
Total Adv  1761
Total Dcl  5517
52wk Highs   64
52wk Lows   438
NasTRIN    1.12
TRIN       0.98
PUT/CALL   1.26
=================================================================

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

Job Fears Rampant
by Jim Brown

Few traders are afraid of losing their job but they are very
afraid that too many workers may have found jobs in the month
of April. That April Jobs report will be released at 8:30 on
Friday. You would have thought time came to a stand still for
traders today while they waited for the release. Volume was
very light and most of it was down. Traders had visions of
Greenspan with phone to his ear and finger poised over the
auto dialer to raise rates on a blowout number.

Dow Chart - Daily


Nasdaq Chart - Daily



Helping that fear today was a huge +15% jump in employment
ads on over 1500 websites as surveyed by Monster.com. The
index jumped to 125 in April from 109 in March and up from
86 in December. The steady climb over the last three months
really exploded in April and that could have supplied added
jobs to the April employment report to be released tomorrow.
Keep in mind job ads do not translate into jobs until
somebody actually starts to work. Since the low in December
there has been a +50% increase in the number of advertised
jobs. The Monster data is more current than the Conference
Board and shows that jobs were hot in April. The Mountain
region jumped +30% in the last month with New England
gaining +29%. The south Atlantic region was the slowest
with +13% gains.

Also helping feed the fear was the lowest Jobless Claims
since October-2000 at 315,000. The bounce last month has
been completely erased and forgotten and traders see sub
300K numbers ahead. The larger than expected drop of -25K
in claims shocked everyone and the drop to post recession
lows put some real fear into traders that the jobs report
on Friday would be a blowout.

I am not going to repeat all the commentary about the Jobs
from the last couple weeks but just hit the highlights.
Consensus estimates are +185,000, down from the +308K
actual gain in the April report. The whisper numbers have
been running in a wide range between 60K and 250K until
this morning. After the Monster.com survey posted such
strong gains the numbers being discussed rose to as much
as +350K. The latest jobs estimate I heard after the market
close was for a range of 350K to 400K by Cramer. The fears
of a blowout hit the already weak market and down we went.
At least that is the conventional wisdom.

My current thought process is for a number under 200K to
produce buying in equities because it would justify the
Fed's "no rush" position on rate increases. Having a
negative revision to last months number would not hurt.
A number over 200K could produce more consternation over
a potential move in rates at the June meeting. A number
over +300K could produce a rate hike a soon as Monday.
The Fed has raised rates on Monday in the past after
stronger than expected Jobs numbers in a rising economic
environment.

In a nut shell an inline jobs number means the Fed was
right to remain on the sidelines and the economy is still
growing moderately. If the number is much over the current
consensus then the Fed will be seen as behind the curve
and needing to raise rates faster to catch up. Thus the
fear factor for traders is that the Fed may be behind
the curve. We will know the answer at 8:30 tomorrow
morning.

While the talking heads were using the rate hike worries
as the reason for the selling that does not make it true.
There are several reasons for the selling with oil, Iraq,
elections and terror among the leaders.

The market is selling off on risk aversion concerns and
weak guidance on potential earnings. Leading the risk
list for the short term is the rate fears but in reality
those fears are already priced into the market. One of
the items not priced in is the current Iraq prisoner
scandal. This is an Iraq problem the Bush administration
did not need and may turn into a serious political anchor.
There are already calls for Rumsfield's resignation and
the president is having to devote public face time to
defending officials while condemning the event. This is
a lose-lose situation. Nothing good can come from it and
the outcry from the world wide Muslim community is giving
strength to the anti U.S. opposition. This may be a small
event enacted by a handful of soldiers but it has the
potential to swing the election.

Another worry is the Olympics. With a monster bullseye
currently painted on Greece and the games starting in
just over 90 days there is an extreme risk for multiple
terror attacks. Greece is spending more than $1 billion
on security but you can't protect everyone when the
attackers are not afraid of dying. This is going to be
a major deterrent to buying stocks for the next 100 days.

Oil prices rose to within three cents of $40 today with
another 13-yr high and are showing no indications of
falling. Global demand is still rising and OPEC may be
punishing us for invading Iraq and destabilizing the
region. They refuse to raise production or even discuss
it until their next scheduled meeting. Every $1 over $25
a barrel adds billions in undeclared energy taxes to the
U.S. consumer. $2-$3 per gallon gas will be commonplace
very soon and that is sucking dollars available for other
spending out of consumer pockets. April retail sales
reported today were much weaker than expected and this
is one of the reasons.

Earnings guidance for coming quarters is slipping. 429
S&P companies have reported and current average earnings
growth for Q1 is +26.7%. Estimates for the coming quarters
are in the mid to low teens. Investors are dealing with
the fact that earnings growth has peaked and will be
slowing for the rest of the year and potentially falling
in 2005.

As if the market and the administration did not have
enough problems Greenspan took aim at the deficit once
again in a speech today. He launched a tirade about the
now 4.25% of GDP deficit for this year and the rising
deficit in years to come and on the rising household
debt. He reiterated his warning that the budget and
Social Security would become unbearable by the time the
baby boomers begin retiring in 2008-2012. He railed on
the growing trade deficit at 5% of GDP. His point was
that long term stability of the U.S. economy was far
from guaranteed and tough times lay ahead. He questioned
"if something fundamental had happened to the U.S. economy
that enabled us to disregard the time tested criteria for
economic danger." His answer, "The free lunch has still to
be invented." It is obvious to me that Greenspan is not
going to lobby for reappointment when his term expires
and he feels free to take parting shots whenever the
opportunity arises. His comments this morning helped to
cloud the outlook for equities and added to the overall
market weakness. Greenspamed again.

Adding to the negative tone was a late day news report
that Bin Laden had offered 10,000 grams of gold to anyone
that killed specific U.S. and U.N. representatives to
Iraq and the UN. This equates to $136,000 at today's
prices. On the list of targets who were specifically
mentioned were Kofi Annan, UN Secretary General, Paul
Bremer, Chief U.S. administrator in Iraq and Lakhdar
Brahimi the UN envoy to Iraq. While we know those who
are listed would be obvious targets the bounty adds to
the risk. The statement said the family of the killers
would get the reward if the killer did not survive the
attack. How the reward would actually get to the family
remains to be seen. Believing it would appear would take
more faith than most would have.

The multitude of negatives coupled with the rate fears
have pushed shorts in the 10-year treasuries to an all
time high. It appears everyone is counting on a rate
increase very soon. No wonder the pits booed the Fed
announcement on Tuesday. The yield on the ten-year note
rose to close at 46.02 today and highs not seen since
last August. The move off the March lows is nearly
vertical and shows the market is doing the work of
the Fed already.

Despite all the negatives today the market was not as
bad as it appeared. The internals were very negative for
most of the day with the A/D negative 5:1 and A/D volume
negative 6:1. However, it was on light volume with only
3.0B shares traded going into the last hour. We added
another billion shares in the last hour rebound. There
were simply no buyers until the end of day short covering
rally. Up volume was under 500m shares total until late
in the afternoon. Those who want to be long are smart
enough to wait for the Jobs report before wading into
shark infested waters. Every tick lower before the
report just provides a better buying opportunity for
them.

Just because I said it was not as bad as it looked does
not mean it was good. The new 52-week highs fell to a
new 52-week low at only 64 across all markets. The new
52-week lows rose to a new 52-week high at 438. This is
NOT a good sign and illustrates the real underlying market
weakness despite the gyrations of the indexes. While the
indexes did not really tank today the internals that count
did.

The Dow dropped to a low of 10170 intraday and broke
its long term uptrend at 10200 but managed to rebound
back over that level at the close. Still the outlook is
not good. We are continuing to flirt with the bottom of
the recent range and the short term trend is still down.
There is significant resistance in the 10300-10350
range and I can't imagine what surprise on Friday
could push it above 10400. If jobs are bad then the
economy is still struggling and the earnings outlook
would weaken even further. If jobs are a blowout then
more Fed fears would appear. Tough uphill climb ahead
for the bulls.

The Nasdaq also gave up ground gained over the last
couple days and closed back at the 200dma once again
but only after a fight. The intraday lows were near
the lows from last week at 1923 and we could easily
trade down to critical support at 1900 with any bad
news. Like the Dow the Nasdaq is in a short term down
trend and even a strong rally on Friday would not get
it out of trouble.

I cautioned last Tuesday to maintain a short posture
below 10275/1940 and that advice still holds. Any
gains over that level will be questionable and I would
be very careful about new long positions. The Nasdaq
has very strong resistance at 1965 and above 2000 which
should stop/slow any rebound. The Dow has strong repeat
resistance at 10350, 10400 and 10500. With all the negative
items I mentioned earlier there is simply no catalyst on
the horizon that may push the indexes above those levels.
They may be out there but they are not on my radar. All
the good news is priced in and the bad news keeps growing.
Caution is the key and Friday could be mild or wild.

Enter Passively, Exit Aggressively.

Jim Brown
Editor


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

Good News Bad, Bad News Good
Jonathan Levinson

Bulls and bears have continually remarked on the unpredictability
of the market's reaction to economic data.  Good news is often
sold, bad news bought.   For the past year, this counterintuitive
relationship has shown a tendency to occur, confounding traders
who follow the news.  Joe Granville has said "News is for
suckers," and it's often appeared appropriate this year.

The preliminary Q1 GDP met expectations at 3.5%, while initial
unemployment claims surprised strongly to the downside, coming in
at 315K for the week.  What had been weakness in the overnight
markets became a steep selloff throughout the day for equities,
even as the US Dollar Index rose.

On the one hand, the key intraday cycles were in downphases, and
the technical conditions for a selloff were in place.  On the
other hand, the market has been reacting to the prospect of
higher interest rates and the prospect of a decline in
stimulation from the Federal Reserve.  Strong economic data
removes the justification for the easy money stimulative policies
that the Fed has been so aggressively employing, and consequently
leads traders to sell bonds, which causes yields/rates to rise,
and equities.  The rising dollar coincides with all assets valued
in US Dollars falling.

While news may well be for suckers, a wise trader keeps one eye
on the news and the intermarket relationships.  On a day when the
news is good and the charts favor downside, a trader can be more
skeptical of bounces when they occur.  On a bad news day, the
underlying bias may be more likely to be to the upside.  The
moral hazard that the Fed has created with its policies won't
last forever, but for the time being, this appears to be the
relationship between economic news and market prices.


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

Market Averages

DJIA ($INDU)

52-week High: 10753
52-week Low :  8416
Current     : 10241

Moving Averages:
(Simple)

 10-dma: 10341
 50-dma: 10371
200-dma:  9996


S&P 500 ($SPX)

52-week High: 1163
52-week Low :  912
Current     : 1113

Moving Averages:
(Simple)

 10-dma: 1123
 50-dma: 1128
200-dma: 1076


Nasdaq-100 ($NDX)

52-week High: 1559
52-week Low : 1103
Current     : 1415

Moving Averages:
(Simple)

 10-dma: 1442
 50-dma: 1447
200-dma: 1412


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

CBOE Market Volatility Index (VIX) = 17.05 +1.28
CBOE Mkt Volatility old VIX  (VXO) = 17.65 +1.42
Nasdaq Volatility Index (VXN)      = 25.18 +0.84

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

          Put/Call Ratio  Call Volume   Put Volume

Total          1.26        543,069       682,891
Equity Only    0.97        398,820       385,067
OEX            0.86         35,251        30,395
QQQ            3.79         21,003        79,686


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

Bullish Percent Data

           Current   Change   Status
NYSE          72.1    - 1     Bull Confirmed
NASDAQ-100    40.0    - 2     Bear Confirmed
Dow Indust.   80.0    + 0     Bear Confirmed
S&P 500       68.0    - 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: 0.77
10-dma: 0.76
21-dma: 1.08
55-dma: 0.98


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     574       896
Decliners    2283      2186

New Highs      47        52
New Lows      203        63

Up Volume    364M      456M
Down Vol.   1444M     1246M

Total Vol.  1818M     1724M
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
---------------------------------

A Full Plate For The Bears

Children's Place - PLCE - close: 23.70 change: -3.09

WHAT TO WATCH: Disappointing sales for the month of April sent
shares of PLCE plunging on Thursday, only a week ahead of the
company's scheduled earnings report.  The proximity of that
report makes this a high risk play, but the stock looks poised
for a major breakdown.  Use a trigger under today's low and
target a move down to strong support at $20.




---

The Home Depot - HD - close: 34.36 change: -0.90

WHAT TO WATCH: The spectre of rising interest rates is finally
starting to weigh on shares of HD, and the stock got knocked down
below important support at $35 today, also the site of the 200-
dma.  With the move occurring on strong volume today, this looks
like the beginning of a significant move ahead of the company's
earnings report on May 18th.  The optimal entry would be on a
failed bounce near the 200-dma, but a breakdown under $34 should
work too.  There's some mild support near $33, and then we can
target the $31-32 area.




---

Hovnanian Enterprises Inc. - HOV - close: 35.44 change: -1.40

WHAT TO WATCH: We've been carefully watching HOV, waiting for
some sign of a real breakdown occurring and it looks like we're
very close to that event, with the attempted rebound apparently
failing and the stock dropping very close to the key $35 support
level.  Use a trigger below $35 and look for a drop to the $32
level enroute to strong support at $30.




---

J C Penney Company - JCP - close: 34.04 change: +0.04

WHAT TO WATCH: Although it normally trades in a tight intraday
range, the past couple weeks have been pretty exciting for JCP,
as the stock plunged to the 50-dma and then stabilized.  April's
same store sales number injected a bit of volatility again today,
but the stock looks vulnerable to a breakdown ahead of the May
18th earnings report.  Use a trigger under $33.25 and target a
drop towards strong support near $28.  Keep an eye on price
action near the $32 level, as that could provide some near-term
support.




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

DLTR $26.03 - Another Retailer that got hit following release of
its April sales numbers on Thursday was DLTR, with the stock
smashing through its recent lows on a big gap-down open.  We're a
bit gunshy about chasing the stock lower here, but should it
rebound and fail near what should be strong resistance at $28,
that looks like an attractive bearish entry.  Initial support
will be found near $24.

SNDK $23.63 - If that's all the rebound the bulls can muster,
then shares of SNDK appear destined to move lower again before
finding a bottom.  Rolling over near the $24.50 level, the stock
is headed back for a test of the recent lows near $22.50.  Use a
trigger below that level and target a drop to solid support at
$20.


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DISCLAIMER
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newsletter picks are not to be considered a recommendation
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The Premier Investor Network.
Do not duplicate or redistribute in any form.





PremierInvestor.net Newsletter                 Thursday 05-06-2004
                                                    section 2 of 2
Copyright (c) 2004, All rights reserved.
Redistribution in any form is strictly prohibited.

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

Stop Adjustments:  FCX
Play Updates:      MNT
Closed Plays:      LNCR
Stock Splits:      PVA


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


=================================================================
Stop Loss Adjustments
=================================================================

FCX - short
Adjust from $32.50 down to $31.50


=================================================================
Play Updates:
=================================================================

Mentor Corp - MNT - close: 31.95 change: -0.10 stop: 30.45

MNT set its earnings date for May 18, after the close.  That
gives this play another week to work.  One rising trendline now
crosses just under $31.50, just above the 30-dma, so we're
hopeful that level would provide support.  MNT appears to be
trading sideways into that trendline.

We'll reevaluate again on Friday, hoping to see more strength by
then.  We'll keep the stop where it is.  We would not suggest new
entries at this time since the play will be reevaluated tomorrow.

Annotated Daily Chart for LNCR:



Picked on April 18 at $32.35
Gain since picked:    - 0.40
Earnings Date       05/18/04 (confirmed)
Average Daily Volume:    299 thousand




=================================================================
Closed Plays
=================================================================

Lincare Holdings - LNCR - close: 33.60  chg: -0.51  stop: 33.75

We warned when we listed this play that it was difficult to find
a decent long play, and apparently it was more difficult than we
guessed.  After hitting our trigger on May 3, LNCR immediately
began showing ominous signs of a potential rollover near the
equal-high level.  Early Thursday morning, LNCR hit the stop on
our play and headed lower, confirming a double-top pattern on its
daily chart.  That set up a downside target of $32.80, just above
the 200-dma of $32.65. During the morning, it looked as if LNCR
was going to hit that target today, but $33.00 proved to be
support for now.  The play is closed.

Picked on May 03 at $35.01
Gain since picked:  - 1.41
Earnings Date     00/00/00 (unconfirmed)
Average Daily Volume:  xxx thousand




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

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

PVA produces a 2-for-1 stock split

Penn Virginia Corp (NYSE:PVA) announced a few hours after the
closing bell this evening 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 10th, 2004 to shareholders on record as
of June 3rd.  On a post split basis, PVA will have approximately
18 million shares of common stock outstanding.

About the company:
Penn Virginia Corporation (NYSE: PVA - News) is an energy company
engaged in the exploration, acquisition, development and
production of crude oil and natural gas. Through its ownership in
Penn Virginia Resource Partners, L.P. (NYSE: PVR - News), PVA is
also in the business of managing coal properties and related
assets. PVA is headquartered in Radnor, PA. For more information
about PVA, visit the Company's website at www.pennvirginia.com.


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

LMT     Lockheed Martin Corp       48.88    +0.58
DVN     Devon Energy Corp          63.85    +1.85
TXU     TXU Corp                   37.31    +1.51
TLM     Talisman Energy Inc        62.14    +1.28
DF      Dean Foods Company         35.14    +1.04


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

None


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

EXPD    Expeditors Int Wash Inc    43.46    +1.73
DBD     Diebold Inc                47.06    +1.37
ANF     Abercrombie & Fitch Co     32.98    +1.23


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

WMT     Wal-Mart Stores Inc        54.58    -1.28
TM      Toyota Motor Corp (ADS)    71.55    -2.55
GM      General Motors Corp        46.27    -1.29
COST    Costco Wholesale Corp      36.30    -1.11
NVO     Novo Nordisk A/S           46.72    -1.23


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

CAJ     Canon Inc (ADR)            51.55    -1.70
GIS     General Mills Inc          47.86    -0.47
LNCR    Lincare Holdings Inc       33.60    -0.51


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