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Daily Newsletter, Sunday, 05/09/2004

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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.





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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


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


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