PremierInvestor.net Newsletter Weekend Edition 05-09-2004 section 1 of 3 Copyright (c) 2004, All rights reserved. Redistribution in any form is strictly prohibited. The entire newsletter is best viewed in COURIER 10 for alignment ================================================================= In section one: Market Wrap: Stronger Than Expected Market Sentiment: Washout Watch List: No Surprise ================================================================= MARKET WRAP (view in courier font for table alignment) ================================================================= WE 5-07 WE 4-30 WE 4-23 WE 4-16 DOW 10117.34 -108.23 10225.6 -247.27 10472.9 + 20.87 + 9.94 Nasdaq 1917.96 - 2.19 1920.15 -129.62 2049.77 + 54.03 - 57.12 S&P-100 537.35 - 3.53 540.88 - 15.92 556.80 + 1.86 - 1.18 S&P-500 1098.69 - 8.61 1107.30 - 33.30 1140.60 + 6.03 - 4.76 W5000 10686.04 -107.62 10793.7 -356.76 11150.4 + 72.34 - 87.98 SOX 457.01 + 13.52 443.48 - 44.50 487.98 + 7.84 - 31.64 RUT 548.56 - 11.24 559.80 - 30.91 590.71 + 7.34 - 14.51 TRAN 2846.18 - 40.26 2886.44 -115.27 3001.71 + 62.24 + 12.59 WE = week ending ================================================================= =========================== Market Wrap =========================== Stronger Than Expected by Jim Brown April was a strong month for jobs according to the employment report released on Friday. The much stronger than expected numbers led to some serious volatility as traders alternately bought and sold the markets on supposed Fed fears. There is no doubt now that rates are going up soon. The only question is when? Dow Chart - Daily 100/200 Nasdaq Chart - Daily 100/200 SPX Chart - Daly The big news on Friday was the Jobs Report. The U.S. economy created +288,000 jobs in April which was well over the +185K expected. Not only did jobs grow in April but there were upward revisions in both February and March. February was revised from 46K to 83K and March was revised up from 308K to 337K. This was a total of +66K in upward revisions and when added to the April gains of 288K we get a monster jump of +354,000 over the prior numbers. This was the 8th consecutive month of job gains that total 1.113 million jobs. A gain of +300,000 or more was the point many analysts thought would trigger a Fed rate hike either at the June meeting or before. +288K is very close and when you add the revisions it looks to most analysts like a rate hike soon is in the cards. JPM went on record as saying the Fed would hike +25 in June and +25 in August. Merrill duplicated those remarks with only slightly less conviction about the June hike. The Fed funds futures are now calling for a 92% chance of a +25 point hike at the June meeting and successive hikes of +25 points at each of the Aug, Sept and Nov meetings. The Fed target is showing as 2.0% by the end of November. There is already a 76% chance of another +25 point hike in December. There is also a chance that the Fed could hike before the June meeting. In 1994 the first rate hike after a three year layoff was on a Friday after a blowout Jobs report. With the weekend event risk I believe the Fed would wait for Monday if they had plans on doing it now. If it does not happen on Monday then June-30th should be the date. Since the Fed did not hike rates at the recent meeting the majority of analysts feel the Fed is behind the curve and will have to accelerate their pace to catch up just like in 1994. I went back and looked at the 1994 rate hikes and it was a very strong, very fast series that investors are afraid they will repeat. This is a table of the 1994 hikes. - Date - Day - Hike 02/04/94 Fri +0.25 surprise hike 03/22/94 Tue +0.25 FOMC meeting 04/18/94 Mon +0.25 surprise hike 05/17/94 Tue +0.50 FOMC meeting 08/16/94 Tue +0.50 FOMC meeting 11/15/94 Tue +0.75 FOMC meeting 02/01/95 Wed +0.50 FOMC meeting Total +3.00% in 12 months to 6.00% You can see why traders are concerned. Even if this came to pass this does not mean the market is not going higher. We are starting from a much lower level at 1.0% instead of 3.0% and the state of the economy has changed significantly in the last ten years. 1994 was pre Internet and global consumption was significantly less high tech. Here is a chart Jeff put together showing the S&P growth after the 1994 rate hikes. Note that 1994 was flat during the hikes but growth really took off when the hikes stopped even though interest rates were significantly higher. Jeff's SPX Chart - Monthly 1993-2004 There are considerations for the gigantic ramp job and leading the list was the rush to change out computer hardware and software systems prior to Y2K. Add in the Internet revolution and the stock market bubble and you have the extreme highs in 2000. Most of that activity did not start until 1997 leaving the gains in 1995/1996 on their own and on top of a strong Fed funds rate. Economic growth does and will trump rate hikes but that growth has to have a chance to get a strong foothold before the Fed accidentally stunts its growth. I believe the Fed has learned its lesson after the various rate hike debacles under the Greenspan leadership and will continue at a measured pace this time around. Greenspan would love to leave as a legacy a booming economy and a booming market. Both would do wonders to resolve the coming deficit crisis when the baby boomers begin to retire in 2008-2012. Massive corporate profits and large gains in the market create strong cash flow from taxes and strong consumption by retail consumers. I am expounding here because I believe that the market has already priced in the potential rate hikes and there is nothing ahead from the Fed to hold the market back. This is an excuse for selling that is being applied by analysts to compensate for their bullish views not coming true. Get over it! I built my case on Thursday that the market malaise is not rate related. I agree it is a factor but it is not the only factor. Since Wednesday I think the market is factoring in the potential for a Kerry victory as the Bush administration goes down in flames. Revelations from multiple sources show the Iraq prisoner scandal has been known since last year. Numerous relief organizations had filed complaints and charges over the last six months. We are hearing now that there are video tapes of even worse atrocities being committed and may even include prisoner deaths. I will be the first to admit I don't have the facts and all I get is the news from the various major sources. We all know how sensational news makes better copy. I think investors are seeing the same thing and running for cover. Gail Dudak, a noted analyst from one of the big firms, said a couple weeks ago that appearance of a Kerry victory could knock -1000 points off the Dow and do it in a hurry. We know from experience that markets prosper under both democrats and republicans so it is not a party problem. The major problem is the vow to reverse the tax cuts and remove some of the business friendly initiatives that are helping this rebound. Kerry is more eco friendly than Bush and has a strong reluctance to approve defense spending to name a couple. Again, it is not a party thing but an administration change that the markets are dreading. The more the Iraq scandal takes over the headlines the more likely Kerry will win. Another factor continues to be the jump in oil prices. Oil finally traded at $40 on Friday and closed at $39.90 with no indications that there is any relief in sight. This price gain was in spite of a serious ramp in the dollar to highs for the month. Gold also got whacked from a morning high at $391 to close at $379.30. While I talked down the rate hike impact above I am talking about the impact from a Fed hike. The market has already priced in way more in the way of rate increases than the Fed could do in good conscience over the next twelve months. Yields on the ten-year treasury soared on Friday to 4.769% and a TWO YEAR HIGH. Considering we were at the 3.65% level in March this is a +30% jump in little more than a month. This is going to have an impact on the markets because real borrowing costs have already gone up. Any Fed hike will be anticlimactic. Ten-year Yield Chart - Weekly Big problems in the Dow on Friday included GM after saying that inventory levels had risen about +30% over their desired levels. Auto sales are slowing at a time consumers should be buying with their tax refunds. GM fell to a six month low. HD also fell to a six month low on fear higher mortgage rates would slow home repair projects. AA and DD both crashed on falling metals prices. Citigroup and JPM fell to four month lows on fears higher rates would shrink their margins. It was not a good day for the Dow. The Dow lost -124 points and closed only three points off its low of 10114. Support at 10250, 10200 and 10150 failed with barely a hint of slowing. Because we rallied off the prior Friday's lows the Dow only ended down -108 for the week but it was a critical 100 points. Current support is 10100 with disaster support at 10000 which is also the 200dma. The month long downtrend closed at its lowest point and internals were very negative. For all markets the A/D line was 5:1 in favor of decliners and volume was 4:1 in favor of declining volume. Volume was only slightly higher than Wed/Thr but did manage to break 4.0B. The new 52-week highs hit a new 12-month low at only 61 and new 52-week lows also set a new 12-month high at 897. We have gone from double-digit new lows just three weeks ago to nearly 1000 on Friday. There is no joy in Mudville tonight. The Nasdaq was slightly less negative and tried to single handedly keep the markets from falling off the cliff. It was a valiant effort but it did close at the low of the day at 1919 and support from last week. There is no other way to look at it today. The Nasdaq has broken the 200dma at 1939 by a bunch and is on the verge of testing real disaster support at 1900. A break under 1900 would be to a new six month low and very negative for tech bulls. Remember our discussion last Sunday about the difference between the 200 sma/ema? The 200sma is 1939 as I mentioned above and it has broken again. The 200ema is 1915 and just below where the Nasdaq came to rest at the close. A rebound here would be a successful second test. A failure here could be ugly. Helping push us lower is a complete lack of support from overseas markets. Art Cashin said on Friday the emerging markets are turning into submerging markets and he is right. The Nikkei has been down for five straight days and losing nearly -700 points. The rising dollar, rising oil and threats of slowing in China are knocking the profits out of the overseas markets. This global sentiment is not helping our direction. Other challenges remain the slowing consumer for whatever reason and the peaking in earnings for the year. Add all these things together and the market has a lot of weight on its shoulders heading into the summer doldrums. Fund flows were negative last week for the second time since March and fund managers cannot be thrilled about that. Tax day is on the way and money is flowing out to make those payments. This additional drag is worsened by the flood of new IPOs with the heaviest schedule since 2000. $39B in new issues has been sucked out of the existing market over the last 90 days. Trading next week could be frantic. With the markets right at or just above critical support this would typically be the right place for a relief rally. The selling over the last several days was very strong internally and we should see some relief of that pressure on Monday. Last Friday I suggested going long at the open on Monday because the NDX was resting just above 1400 support. Well the plan worked and we did rally at the open and the NDX rose to 1436 before failing. This Friday the NDX has fallen to just over 1400 once again. I am not nearly as optimistic this time around. While I would like to think that closing the at NDX 1400, Nasdaq 1920, Dow 10100 and SPX 1100, all critical support levels, would produce a Monday rebound I can't make that recommendation today. I will be making the call in real time on the Futures Monitor Sunday night but there is too much risk to make it today. The major risk is that we are beginning that -1000 point election dive Gail Dudak predicted. We also have the risk the Fed will hike rates at the open on Monday. It is a slim chance but it does exist. Actually I wish they would as it would clear the table for the next three months and take that implied threat out of the forecast. I think the markets would rally if they did. Russell Chart - Daily Once past Monday morning we should see the real direction appear. Unfortunately based on the Russell as the leading market indicator the direction is still down. We may get a trading rebound when the Russell hits the 200dma at 544 but I am not counting on it. The Russell has broken to a new four month low and that is not a good sign for mutual fund health. The semiconductor sector actually closed up on Friday and was instrumental in holding the Nasdaq up for most of the day. Despite the rebound in the SOX it is still in a down trend as well. There is a lot of potential here with all the major indexes at support but there is just enough cracking of that support to weight that potential to the downside. Even if we do get a trading rally on Monday it may be very brief. There are simply no material events on the horizon to act as catalysts for a sustained move higher. For the next 90-120 days we are in a period of economic, political and geopolitical uncertainty that may not lend itself to broad gains in the market. We are no longer in a range bound market where selling tops and buying dips will work. The game plan for the future has changed to simply sell the rallies. I suggested last week to remain in short mode under 10275/1940 and that advice still stands. Enter Very Passively, Exit Very Aggressively! Jim Brown ================================================ Market Sentiment ================================================ Washout Jonathan Levinson Sentiment and breadth were wildly negative on Friday as bullish employment data buoyed the US Dollar and sparked another selloff in bonds. Despite the upward march in yields for two months, the implications of higher interest rates were big news in the markets on Friday. Volatility increased along with the put to call ratio, and up volume spiked against down volume almost 9:1 on the NYSE, though less than 2:1 on the Nasdaq. Total NYSE volume actually exceeded Nasdaq volume, and it's apparent that the real damage was in the NYSE while tech shares were spared. Next week is loaded with economic reports, most notably the Producers Price Index on Thursday and Consumers Price Index, along with Industrial Production and Capacity Utilization on Friday. Inflation and interest rates will again be the theme, and given the oversold conditions of both stocks and bonds, the stage is set for either a strong bounce or more serious technical damage. ----------------------------------------------------------------- Market Averages DJIA ($INDU) 52-week High: 10753 52-week Low : 8416 Current : 10117 Moving Averages: (Simple) 10-dma: 10306 50-dma: 10362 200-dma: 10001 S&P 500 ($SPX) 52-week High: 1163 52-week Low : 912 Current : 1098 Moving Averages: (Simple) 10-dma: 1118 50-dma: 1127 200-dma: 1076 Nasdaq-100 ($NDX) 52-week High: 1559 52-week Low : 1103 Current : 1406 Moving Averages: (Simple) 10-dma: 1443 50-dma: 1445 200-dma: 1413 ----------------------------------------------------------------- CBOE Market Volatility Index (VIX) = 18.13 +1.08 CBOE Mkt Volatility old VIX (VXO) = 19.07 +1.42 Nasdaq Volatility Index (VXN) = 25.50 +0.32 ----------------------------------------------------------------- Put/Call Ratio Call Volume Put Volume Total 1.01 684,716 693,425 Equity Only 0.81 529,005 418,012 OEX 0.89 33,845 30,276 QQQ 1.03 46,943 48,212 ----------------------------------------------------------------- Bullish Percent Data Current Change Status NYSE 69.7 - 2 Bear Confirmed NASDAQ-100 40.0 + 0 Bear Confirmed Dow Indust. 76.6 - 3 Bear Confirmed S&P 500 65.6 - 2 Bear Confirmed S&P 100 67.0 - 3 Bear Confirmed Bullish percent measures the number of stocks in an index currently trading on a buy signal on their point and figure chart. Readings above 70 are considered overbought, and readings below 30 are considered oversold. Bull Confirmed - Aggressively long Bull Alert - Cautiously long Bull Correction - Pause or pullback in upward trend Bear Alert - Take defensive action if long Bear Confirmed - High risk if long, good conditions for shorting Bear Correction - Pause or rebound in downtrend ----------------------------------------------------------------- 5-dma: 0.83 10-dma: 1.29 21-dma: 1.12 55-dma: 1.15 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 239 801 Decliners 2691 2284 New Highs 28 37 New Lows 419 81 Up Volume 219M 566M Down Vol. 1706M 1028M Total Vol. 1944M 1606M M = millions ----------------------------------------------------------------- Commitments Of Traders Report: 05/04/04 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 reduced their longs and increased shorts slightly, while small traders added to longs and covered shorts. Commercials Long Short Net % Of OI 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%) 05/04/04 397,964 417,175 (19,211) (2.4%) Most bearish reading of the year: (111,956) - 3/06/02 Most bullish reading of the year: 23,977 - 12/09/03 Small Traders Long Short Net % of OI 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% 05/04/04 137,112 80,201 56,911 21.6% Most bearish reading of the year: (1,657)- 5/27/03 Most bullish reading of the year: 114,510 - 3/26/02 E-MINI S&P 500 Commercials added to longs and maintained their shorts, while small traders significantly reduced their long positions and added to shorts. Commercials Long Short Net % Of OI 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%) 05/04/04 316,840 370,781 (53,941) ( 7.8%) 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 04/12/04 172,473 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% 05/04/04 119,308 74,407 44,901 23.2% Most bearish reading of the year: (77,385) - 09/02/03 Most bullish reading of the year: 449,310 - 06/10/03 NASDAQ-100 Commercial traders increased their long positions and short positions, but the net addition to longs was sufficient to set a new high bullish reading of the year for the second week in a row. Small Traders added slightly to longs and more heavily to shorts, setting a new most bearish reading of the year - Commercials Long Short Net % of OI 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% 05/04/04 56,931 35,209 21,722 23.6% Most bearish reading of the year: (21,858) - 08/26/03 Most bullish reading of the year: 21,722 - 05/04/04 Small Traders Long Short Net % of OI 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%) 05/04/04 10,247 24,764 (14,517) (41.5%) Most bearish reading of the year: (14,517) - 05/04/04 Most bullish reading of the year: 19,088 - 01/21/02 DOW JONES INDUSTRIAL Commercial traders added slightly to longs and maintained their short positions, while small traders added slightly to longs and covered shorts. Commercials Long Short Net % of OI 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% 05/04/04 24,296 22,181 2,115 4.6% 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 04/12/04 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%) 05/04/04 6,262 8,155 (1,893) ( 9.2%) 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 --------------------------------- No Surprise Oracle Corp - ORCL - close: 11.40 change: -0.09 WHAT TO WATCH: ISM services numbers in the U.S. and eurozone proved that demand for services has been increasing. Perhaps that news helped stabilize ORCL as prices approached the March low. Bullish price/MACD divergence shows up as ORCL consolidates near that low, setting up the possibility that ORCL may be forming a double-bottom formation. Of course, we all know that the confirmation of such a formation would not occur until a break above the peak between the two troughs, so we can't officially term this a double-bottom. Still, we're betting on stabilization here in anticipation of a rise, planning a quick exit if we're proved wrong. Use intraday pullbacks to $11.25-11.35 as entries, setting a stop just below $11.00. Since we expect some volatility at that $12.86 level, we suggest that longs consider taking full or partial credit ahead of that level, as it's approached. ORCL reported earnings March 11. --- Hovnanian Ent. - HOV - close: 32.14 change: -3.30 WHAT TO WATCH: Threatened higher interest rates have hammered homebuilders, and HOV is no exception. Recent developments set up a downside P&F target of $19.00, although a bullish support line at $25.00 adds doubt to that downside target. Friday's drop also sent HOV crashing through its 200-dma on big volume. However, we think entries at the current level remain too risky. Watch for a several-day push up to retest the last support near $35.00-$35.40 or even to test the 200-dma. Bounces up to and rollovers from one of these former support levels would make good bearish entries, with a first target at $31.50 and a second target just over $30.00. Set a stop just over the 21-dma, now trailing down toward current prices. --- Tractor Supply Company - TSCO - close: 36.10 change: -2.41 WHAT TO WATCH: Since reporting earnings 4/12, TSCO climbed into a lower high and then plummeted. It tested its 200-dma for a few days and then dove through it Friday, also diving through the support near $38.00. Friday's drop was too precipitous to consider a breakdown entry now, so readers should watch for a possible bounce-and-rollover entry. An ideal entry would be on a push up toward $37.90 and then a rollover down through $37.00 again. Before considering this play, readers should be aware of the relatively low average daily volume of 375,000 for this stock. That adds to the possibility of being whipsawed out of a play. --- United Stationers, Inc. - USTR - close: 37.30 change: -0.19 WHAT TO WATCH: This chart looks ugly, but the P&F chart offers a warning. Last week's punch lower was followed by a quick bounce, creating a bear trap warning on the P&F chart. That action did not erase the $28.00 downside target and if USTR turns lower again, as we believe it could, that bear-trap warning will be erased, too. The weekly chart shows a broadening formation that's looking unstable. This stock also draws low average daily volume, so be aware that more volatility might be seen due to that low volume. We're looking for a move below last week's low, targeting $34.01, just above some swing high levels on the weekly chart. Initially, stops should be set just above last week's high, and then they should be lowered as USTR moves lower. Earnings were 4/29. ================================================================= 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. 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PremierInvestor.net Newsletter Weekend Edition 05-09-2004 section 2 of 3 Copyright (c) 2004, All rights reserved. Redistribution in any form is strictly prohibited. The entire newsletter is best viewed in COURIER 10 for alignment ================================================================= In section two: Tech Stocks New Bullish Plays: NXTP Bullish Play Updates: SINA Active Trader (Non-tech) New Bearish Plays: ENZN Bullish Play Updates: AAP, URBN Bearish Play Updates: FCX, IGT Closed Bullish Plays: MNT High Risk/Reward Bullish Play Updates: VRSN Stock Splits Announcements: None ================================================================= Net Bulls (NB) Tech Stock section ================================================================= ========= NEW PLAYS ========= ----------------- New Bullish Plays ----------------- Nextel Partners - NXTP - close: 15.38 change: +0.51 stop: 13.75 Company Description: Nextel Partners, Inc. provides digital mobile communications services using the Nextel brand name in mid-sized and tertiary markets throughout the United States. The company offers digital cellular services; Direct Connect (the long-range digital walkie- talkie service); wireless data services, including e-mail; text messaging and Nextel Online. Nextel Partners has constructed and operated a digital mobile network compatible with the digital mobile network established and operated by Nextel Communications Inc. (Nextel) in targeted portions of these markets in the United States. Why we like it: It may seem strange to see shares of NXTP pushing higher in strong bullish fashion, while NXTL is grinding lower in what looks like a bearish distribution pattern. The obvious difference is that NXTP has had some positive press lately and that has helped to give the stock a very positive tone in an otherwise weak market. Bear Stearns upgrade the stock on April 29th, the day after the company reported a profit a quarter ahead of expectations. Then late last week, Standard & Poors raised their credit rating on the company. This move had been mentioned as likely last Monday, leading to a very strong performance throughout the week. First breaking above horizontal resistance at $14, the stock continued its sharp rise, pushing through the January highs just over $15 on Friday on continued strong volume. This past week's bullish action produced a fresh Buy signal, giving added credence to the stock's bullish price target of $20.75. After such a strong rally last week, a bit of a pullback or at least some consolidation seems likely, and a dip and rebound near the $14.50 level looks viable for new entries. We could even see a drop back near the $14 level, but that should meet with strong buying interest as price nears the 10-dma (currently $13.83). Aggressive traders can certainly consider entries on further strength above Friday's $15.75 high, but our preference is for a pullback entry. Above current levels, the next area that should present significant resistance is $17.00-17.50, but we can't rule out a continued strong rise towards the $20 level. We'll err on the side of caution and set $17.50 as our initial target for the play. Once that level is reached, we can re-evaluate the likelihood of a push to higher levels. We'll place initial stops at $13.75, just under the strong $14 support, as well as the 10- dma. Annotated Chart of NXTP: Picked on May 9th at $15.38 Change since picked +0.00 Earnings Date 4/28/04 (confirmed) Average Daily Volume = 2.00 mln ============ PLAY UPDATES ============ -------------------- Bullish Play Updates -------------------- Sina Corp - SINA - close: 26.98 change: -1.12 stop: 31.43 Last week, an analyst named SINA the May stock pick, but that didn't help stock prices. Friday, SINA finally succumbed to the pressure applied to Internet- and China-related stocks. It broke out of the "b" distribution pattern in which it had consolidated since its last plunge. The break carried it below weekly historical support, bringing it closer to the $25.00 level we suggested as a first profit target. As a reminder, $25.00 is also the downside target suggested by the P&F chart. It's possible that SINA has much more downside than $25.00, but we continue to believe that conservative traders should consider an exit in the $24-25.00 level. Those looking for new entries could watch for bounces up to and rollovers from under $28.50. Since SINA has been oversold for so long, it's possibly due for a higher oversold bounce, so if a bounce occurs, watch volume levels carefully, avoiding the apparent rollover entry if volume expands on a bounce. Annotated Chart: Picked on May 02 at $28.50 Gain since picked: - 1.52 Earnings Date 04/27/04 (confirmed) Average Daily Volume: 4.2 million ================================================================= Stock Bottom / Active Trader (AT) section ================================================================= ========= NEW PLAYS ========= ----------------- New Bearish Plays ----------------- Enzon Pharma. - ENZN - close: 14.40 change: -0.72 stop: 15.41 Company Description: Enzon Pharmaceuticals is a biopharmaceutical company dedicated to the discovery, development and commercialization of therapeutics to treat life-threatening diseases. The Company has developed or acquired a number of marketed products, including PEG-INTRON., marketed by Schering-Plough, and ABELCET., ONCASPAR., ADAGEN., and DEPOCYT., marketed in North America by Enzon's specialized sales force. Enzon's science-focused strategy includes an extensive drug development program that leverages the Company's macromolecular engineering technology platforms, including PEG modification and single-chain antibody (SCA.) technologies. Internal research and development efforts are complemented by strategic transactions that provide access to additional products and technologies. Enzon has several drug candidates in various stages of development, independently and with partners, including Onco TCS, for which a U.S. marketing application has been submitted for the treatment of relapsed, aggressive non-Hodgkin's lymphoma. (Source: Company Press Release.) Why We Like It: Since February, ENZN has been setting up a bearish right triangle. If confirmed by a drop through $13.95, that triangle sets up a downside target of $9.60. We're setting a smaller profit target, however, between $11-12.00, with our official profit exit at $12.05. Before considering this play, all traders should be aware of the 200-dma, now at $13.05, and some players might elect to take an early profit or partial profit as ENZN approaches that moving average. Set the stop at $15.41, just above Friday's high. The high risk vs. reward ratio makes this an aggressive play and only those players willing to plan their own exit strategies should consider this play. MACD and RSI have been squiggling along their separate neutral levels, as often happens during consolidation patterns such as this several-month one, so price action will be our only guide. What's happening with ENZN? The company reported earnings May 6. Those earnings prompted Standard & Poor's to raise the company to an accumulate rating and to raise the price target to $22.00. While raising that target, S&P lowered the firm's estimates for the company's 2005 fiscal year and noted that the royalty stream fell while noting other positives for the company. Perhaps the firm was checking the P&F upside target when it raised its target, however, because that P&F target is set at $23.00. However, a break through that horizontal support should change the outlook quickly, favoring our bearish play. A trade at $13.50, which should be achieved if ENZN breaks through that horizontal support, would set up a new sell signal. The P&F chart also shows a bullish supporting trendline currently at $13.00, also supporting our suggestion that some traders might want to take a quick profit at $13.00. The bar chart formation looks bearish, the P&F chart temporarily bullish, so be aware of these competing chart characteristics as you decide on this play. Annotated Chart: Picked on May xx at $xx.xx (See Trigger) Gain since picked: - 0.xx Earnings Date 05/06/04 (confirmed) Average Daily Volume: 700 thousand ============ PLAY UPDATES ============ -------------------- Bullish Play Updates -------------------- Advance Auto Parts - AAP - close: 41.78 change: -0.77 stop: 41.00 Like so many other stocks, AAP didn't have a good week, and Friday's session fit that mold perfectly. After holding above the 20-dma ($42.53) for most of the week, the stock broke down below that level and actually closed a few pennies under the 30- dma ($41.81), coming to rest on what should be strong support. But based on the sharp decline, it looks like AAP may put its $41 stop to the test next week. There's more support at the $41.50 level and then last ditch support will be found at the 50-dma ($41.05). Adding to the negative tone, all of the stock's daily oscillators are firmly pointed south and we'd suggest that conservative traders may just want to close out the play on any rebound on Monday. But for those willing to give AAP one more chance, this could be setting up a great - if aggressive - entry point on a successful rebound. We'd prefer to see the stock get back over the 20-dma before initiating new positions though. We'll stick with the play for now, but with the admonition that the $41 stop should be rigidly adhered to. Picked on April 21st at $42.90 Change since picked -1.12 Earnings Date 5/19/04 (confirmed) Average Daily Volume = 562 K --- Urban Outfitters - URBN - close: 46.31 change: -1.33 stop: 45.00 When we initiated coverage on URBN, we had been looking for attractive entries on rebounds from between the 30-dma ($47.52) and the 50-dma ($46.09). Early last week, we did in fact get a solid rebound from just above the 50-dma, but rather than leading to a breakout to new highs, that rebound turned out to be rather feeble, topping out around $49. The past 2 days' price action has looked quite unhealthy, with the stock heading down to test the 50-dma again on rising volume. The end of day selling on Friday looks particularly ominous, as the stock plunged to close right at its low and just barely above the 50-dma. A violation of that average would have motivated us to drop the play this weekend, but we're going to give URBN one more chance at a rebound. Aggressive traders can consider new entries on a successful rebound from above the 50-dma on Monday, but we won't be out of the woods until the stock can successfully move through the $49 level, which is near-term resistance. Maintain stops at $45, which is just under the mid-April lows. Picked on April 21st at $47.13 Change since picked -0.82 Earnings Date 3/11/04 (confirmed) Average Daily Volume = 604 K -------------------- Bearish Play Updates -------------------- Freeport McMoran - FCX - cls: 28.61 chng: -1.04 stop: 30.50*new* Along with the rest of the market, the precious metals stocks got hammered on Friday, as fears of rising interest rates moved up a couple more notches. Gold plunged below $380 for the first time since early November, the XAU index lost more than 5% and our FCX play followed that trend, posting its own 3.5% decline. That was enough for a break to new 8-month lows and it looks like a test of the $28 level will occur early next week. Given the bearish tone in the sector, that level may turn out to be little more than a speed bump on the way to stronger support at $26. The PnF chart has now turned downright ugly, with the bearish price target now falling to $13, well below the $19.50 bullish support line. We're expecting more downside action to follow next week and are recommending a conservative exit on a test of the $26 level. More aggressive traders can hang on and shoot for a drop to stronger support near $24. In either case, the stock has had a protracted downward move and it's time to be more aggressive with our stop. The 10-dma ($30.46) has provided solid resistance on each oversold bounce for the past month and we should expect it to continue to do so. Therefore, we're lowering our stop to $30.50 this weekend. Picked on April 25th at $32.59 Change since picked -3.98 Earnings Date 4/20/04 (confirmed) Average Daily Volume = 3.32 mln --- Intl. Game Tech. - IGT - cls: 37.51 chng: -1.00 stop: 40.00*new* After dipping almost to the $36 level in the middle of last week, IGT finally caught another oversold rebound and that rebound was looking a bit stronger than we cared for by the closing bell on Thursday. The strong jobs report on Friday morning knocked the legs out from underneath the overall market and IGT lost its footing as well, giving back two-thirds of Thursday's gain and ending back under the $38 level. It is worth noting that the 10- dma (now at $38.19) appears to be acting as resistance and if there's more life in this downward trend then we should see that average continue to provide resistance. It's hard for a bear not to like the end-of-day slide in IGT, as the stock saw increasing selling volume and ended the session right at its low of the day. Traders that took advantage of the rollover to initiate new positions appear to have caught a winner and successive failed bounces below the $38.50-39.00 area look favorable for new entries. Our next milestone will be for the stock to close below $36 and that should solidify the odds of the stock falling to our eventual target at the 200-dma (currently $34.39). Note that we've lowered our stop to $40 this weekend, which is above both the 100-dma ($39.44) and the intraday highs since the plunge on April 26th. Picked on April 28th at $38.89 Change since picked -1.38 Earnings Date 4/22/04 (confirmed) Average Daily Volume = 3.07 mln ============ CLOSED PLAYS ============ -------------------- Closed Bullish Plays -------------------- Mentor Corp - MNT - close: 31.06 change: -0.89 stop: 30.45 On Thursday, we promised to reevaluate MNT, but the stock had other plans. Friday it completed a threatened rollover, falling beneath a short-term ascending trendline and threatening to fall beneath a longer-term one. Because of the presence of that long-term descending trendline, it's possible that MNT could find support and climb next week, but the 21(3)3 stochastics offer an ominous hint that might not happen. A H&S forms on those stochastics. Such oscillator formations often confirm or precede weakness in the stock price. We've decided to close this play. In addition, the 60-minute chart doesn't yet show a likelihood of a bounce occurring. If such a bounce should occur at the open Monday, play participants might use it to exit positions. Picked on April 18 at $32.35 Gain since picked: - 1.29 Earnings Date 05/18/04 (confirmed) Average Daily Volume: 299 thousand ================================================================= HIGH RISK/HIGH REWARD (HR) section ================================================================= ============ PLAY UPDATES ============ -------------------- Bullish Play Updates -------------------- Verisign Inc. - VRSN - close: 17.71 change: +0.14 stop: 15.90 Despite the weakness in the rest of the market, VRSN has actually performed fairly well so far. Thursday's push through the descending trendline at $17.50 looked encouraging, and the close near the high of the day looked even better. The stock vaulted higher right out of the gate on Friday, rising as far as $18.20, before the pull of gravity took hold. By the time the closing bell rang, the stock had given back all its intraday gains, posting a discouraging doji candlestick. But we need to keep in mind the most positive development on Friday was that VRSN traded above $18 during the day, satisfying our entry trigger and issuing that PnF Buy signal we were looking for. Coming with that buy signal is a tentative bullish price target of $23.50. Another encouraging sign was the way the initial bullish move on Friday came on strong volume, while volume continued to wane in the afternoon as the stock was falling. That is in contrast to much of the rest of the market, where volume was on the rise into the closing bell. This pullback is setting up our secondary entry and a rebound from the $17.00-17.50 area looks like a solid entry into the play. Traders preferring to enter on strength will now want to see a move above $18.25 before entering the fray. Recall that there is some resistance at $19 and we should expect some difficulty pushing through that level. But once the bulls succeed in that endeavor, look for a run to the $20-21 are to retest the highs from January. Maintain stops at $15.90 for now. Picked on May 5th at $17.40 Change since picked +0.31 Earnings Date 4/22/04 (confirmed) Average Daily Volume = 2.33 mln ================================================================= Stock Splits ================================================================= Announcements ------------- None ================================================================= 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 (c) 2001-2004 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter Weekend Edition 05-09-2004 section 3 of 3 Copyright (c) 2004, All rights reserved. Redistribution in any form is strictly prohibited. The entire newsletter is best viewed in COURIER 10 for alignment ================================================================= In section three: Market Watch for Week of May 9th, 2004 - Major Earnings - Stock Splits - Economic Reports Trading Ideas Value Plays With Bullish Signals Breakout to Upside (Stocks $5 to $20) Breakout to Upside (Stocks over $20) Breakout to Downside (Stocks over $20) Recently Overbought With Bearish Signals (Stocks over $20) ================================================================= ========================================== Market Watch for the week of May 9th ========================================== ----------------- Earnings Calendar ----------------- Symbol Co Date Comment EPS Est ------------------------- MONDAY ------------------------------- AYE Allegheny Energy, Inc.Mon, May 10 Before the Bell 0.08 ANPI Angiotech Pharm Mon, May 10 After the Bell -0.03 BAY Bayer Mon, May 10 Before the Bell N/A CVC Cablevision Sys Corp. Mon, May 10 Before the Bell -0.37 CHTR Charter Comm Mon, May 10 After the Bell -0.32 FOSL Fossil, Inc. Mon, May 10 Before the Bell 0.20 KGC Kinross Gold Mon, May 10 After the Bell 0.04 L Liberty Media Grp Mon, May 10 -----N/A----- 0.03 NHY Norsk Hydro Mon, May 10 -----N/A----- N/A PSUN Pac Sunwear of Ca, IncMon, May 10 After the Bell 0.16 PRA ProAssurance Corp Mon, May 10 Before the Bell 0.48 KPN Royal Kpn N.V. Mon, May 10 -----N/A----- N/A SPP Sappi Limited Mon, May 10 Before the Bell 0.06 SRV Service Corp Intl Mon, May 10 Before the Bell 0.15 SBL Symbol Tech Inc. Mon, May 10 After the Bell 0.08 TEO Telecom Argentina Mon, May 10 After the Bell N/A UCOMA UnitedGlobalCom, Inc. Mon, May 10 -----N/A----- -0.14 WR Westar Energy, Inc. Mon, May 10 Before the Bell 0.39 ------------------------- TUESDAY ------------------------------ ANF Abercrombie & Fitch CoTue, May 11 After the Bell 0.30 AGO Assured Guaranty Tue, May 11 Before the Bell N/A ATO Atmos Energy Corp Tue, May 11 After the Bell 1.11 BRG BG Grp Tue, May 11 Before the Bell 0.47 CHD Church & Dwight Co. Tue, May 11 -----N/A----- 0.56 CSCO Cisco Systems Tue, May 11 After the Bell 0.18 TEU CP Ships Tue, May 11 Before the Bell 0.08 E ENI SpA Tue, May 11 During the Market 2.46 FIA Fiat S.p.A. Tue, May 11 -----N/A----- N/A MIM MI DEVS INC Tue, May 11 -----N/A----- N/A MYL Mylan Laboratories Tue, May 11 Before the Bell 0.27 OSIP OSI Pharmaceuticals. Tue, May 11 After the Bell -1.03 IMI SanPaolo IMI SpA Tue, May 11 -----N/A----- N/A SCMR Sycamore Networks Tue, May 11 After the Bell -0.04 MAY The May Dept Stores CoTue, May 11 -----N/A----- 0.28 WTW Weight Watchers Intl Tue, May 11 After the Bell 0.47 ------------------------ WEDNESDAY ----------------------------- ACXM Acxiom Wed, May 12 After the Bell 0.17 AEG AEGON N.V. Wed, May 12 Before the Bell N/A ABV AmBev - Co Wed, May 12 Before the Bell 0.40 ANN AnnTaylor Stores Wed, May 12 After the Bell 0.56 RMK Aramark Corp Wed, May 12 Before the Bell 0.23 AIZ Assurant, Inc. Wed, May 12 Before the Bell 0.57 CIB Bancolombia SA Wed, May 12 After the Bell N/A BNG Benetton Grp Wed, May 12 -----N/A----- N/A BSY British Sky BrdCst GrpWed, May 12 Before the Bell N/A CPWR Compuware Corp Wed, May 12 After the Bell 0.09 EN Enel S.p.A. Wed, May 12 -----N/A----- N/A FD Federated Dept Stores Wed, May 12 -----N/A----- 0.48 GALN Galen Holdings PLC Wed, May 12 Before the Bell 0.73 LQU Quilmes Industrial Wed, May 12 After the Bell 0.40 REP Repsol YPF Wed, May 12 Before the Bell 0.49 SCM Swisscom AG Wed, May 12 Before the Bell N/A UTI Unvrsl Tech Institute Wed, May 12 After the Bell 0.24 DIS Walt Disney Wed, May 12 -----N/A----- 0.21 ------------------------- THUSDAY ----------------------------- ATVI Activision Thu, May 6 After the Bell 0.01 ALKS Alkermes, Inc. Thu, May 13 -----N/A----- -0.15 AEOS Am Eagle Outfitters Thu, May 13 Before the Bell 0.28 ADI Analog Devices Inc. Thu, May 13 After the Bell 0.35 IRE Bank of Ireland Thu, May 13 Before the Bell N/A BEAS BEA Systems Thu, May 13 After the Bell 0.08 BOX BOC Grp PLC Thu, May 13 Before the Bell N/A DELL Dell, Inc. Thu, May 13 -----N/A----- 0.28 DT Deutsche Telekom Thu, May 13 Before the Bell N/A EON E.ON AG Thu, May 13 Before the Bell 2.60 ELN Elan Corp, PLC Thu, May 13 Before the Bell -0.27 JHX James Hardie Inds N.V.Thu, May 13 -----N/A----- N/A KSS Kohl's Thu, May 13 After the Bell 0.33 PNRA Panera Bread Thu, May 13 -----N/A----- 0.31 PBY Pep Boys Thu, May 13 Before the Bell 0.24 RYG Royal Grp Tech Lmtd Thu, May 13 Before the Bell N/A TGT Target Corp Thu, May 13 Before the Bell 0.47 TIF Tiffany & Co. Thu, May 13 Before the Bell 0.27 UBB Unibanco Thu, May 13 -----N/A----- 0.71 URBN Urban Outfitters Thu, May 13 During the Market 0.34 WMT Wal-Mart Stores Inc. Thu, May 13 -----N/A----- 0.49 ------------------------- FRIDAY ------------------------------- ERJ Embraer Fri, May 14 After the Bell 0.22 KUB Kubota Limited Fri, May 14 -----N/A----- N/A NTT Nippon Tlgrph Tlphn Fri, May 14 -----N/A----- N/A ---------------------------------------------- Upcoming Stock Splits In The Next Two Weeks... ---------------------------------------------- Symbol Co Name Ratio Payable Executable FARM Farmer Bros. Co 10:1 May 10th May 11th YHOO Yahoo! Inc 2:1 May 11th May 12th DNA Genentech Inc 2:1 May 12th May 13th IKNX IKONICS Corp 3:2 May 13th May 14th NSM Natl Semiconductor Corp 2:1 May 13th May 14th SYK Stryker Corp 2:1 May 14th May 17th TOUS Tech Olympic USA, Inc 3:2 May 14th May 17th BCR C.R.Bard 2:1 May 14th May 17th PBCT Peoples Bank 3:2 May 15th May 17th BWA BorgWarner Inc 2:1 May 17th May 18th TK Teekay Shipping Corp 2:1 May 17th May 18th DHR Danaher Corp 2:1 May 20th May 21st ODFL Old Dom Freight Line, Inc 3:2 May 20th May 21st CCNE CNB Financial Corp 5:2 May 21st May 24th FBTC First BancTrust Corp 2:1 May 21st May 24th ASBC Associated Banc-Corp 3:2 May 21st May 24th SONC Sonic Corp 3:2 May 21st May 24th -------------------------- Economic Reports This Week -------------------------- Earnings announcements continue to dwindle, with a number of big retailers and computer-hardware giant DELL due to report this week. Traders should focus on the flood of economic reports set for next week. The trade balance and treasury budget are due to report on Wednesday, while retail sales/ex-auto is due on Thursday. Capacity utilization figures, business inventories, and the Michigan sentiment-prel. round out the weeks economic calendar. ============================================================== -For- ---------------- Monday, 05/10/04 ---------------- None ----------------- Tuesday, 05/11/04 ----------------- None ------------------- Wednesday, 05/12/04 ------------------- Trade Balance (BB) Mar Forecast: -$42.6B Previous: -$42.1B Export Prices ex-ag. (BB) Apr Forecast: N/A Previous: 0.6% Import Prices ex-oil (BB) Apr Forecast: N/A Previous: 0.2% Treasury Budget (DM) Apr Forecast: -$46.8B Previous: -$51.1B ------------------ Thursday, 05/13/04 ------------------ Initial Claims (BB) 05/08 Forecast: N/A Previous: 315K PPI (BB) Apr Forecast: 0.3% Previous: 0.5% Core PPI (BB) Apr Forecast: 0.2% Previous: 0.2% Retail Sales (BB) Apr Forecast: 0.1% Previous: 1.8% Retail Sales ex-auto (BB) Apr Forecast: -0.2% Previous: 1.7% ---------------- Friday, 05/14/04 ---------------- Business Inventories (BB) Mar Forecast: 0.4% Previous: 0.7% CPI (BB) Apr Forecast: 0.3% Previous: 0.5% Core CPI (BB) Apr Forecast: 0.2% Previous: 0.4% Industrial Production (BB) Apr Forecast: 0.5% Previous: -0.2% Capacity Utilization (BB) Apr Forecast: 76.7% Previous: 76.5% Mich Sentiment-Prel. (BB) May Forecast: 96.5 Previous: 94.2 Definitions: DM= During the Market BB= Before the Bell AB= After the Bell NA= Not Available ====================================================== Trading Ideas ====================================================== This section contains stocks that meet criteria which may make them of interest to long and short side traders. These are not recommendations, nor have they been reviewed by PremierInvestor editors for investment potential. However, each of them has technical and fundamental characteristics that make them worthy of further review by traders and investors looking for fresh ideas. New stocks will appear daily following the market close. Value Plays With Bullish Signals --------------------------------- Ticker Company Name Close Change TSN Tyson Foods Inc 19.67 +0.54 RRD R.R. Donnelley & Sons Co 30.00 +0.89 NCF Natl Commerce Finl Corp 31.80 +3.70 LNCR Lincare Holdings Inc 34.32 +0.72 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- None --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- ADI Analog Devices Inc 45.75 +1.62 MXIM Maxim Integrated Prods 47.75 +1.49 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- TM Toyota Motor Corp (ADS) 69.70 -1.85 TEF Telefonica Sa 43.31 -1.69 HD Home Depot Inc 33.00 -1.36 FNM Fannie Mae 67.86 -1.02 SNE Sony Corp 36.90 -1.17 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- SBUX Starbucks Corporation 38.15 -1.28 GDW Golden West Financial 101.22 -3.14 CPB Campbell Soup Co 27.14 -0.56 CSB CIBA Specialty Chem Hldg 33.67 -0.38 MRBK Mercantile Bankshares Cp 42.79 -1.18 ================================================================= 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 (c) 2001-2004 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
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