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. ================================================================= 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 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 ================================================================= 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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