PremierInvestor.net Newsletter Thursday 05-13-2004 section 1 of 2 Copyright (c) 2004, All rights reserved. Redistribution in any form is strictly prohibited. The entire newsletter is best viewed in COURIER 10 for alignment ================================================================= In section one: Market Wrap: Inflation Returns Market Sentiment: Breadth Improves Watch List: Sorting It Out ================================================================= MARKET WRAP (view in courier font for table alignment) ================================================================= 05-13-2004 High Low Volume Adv/Dcl DJIA 10010.74 - 34.40 10074.11 9970.93 1.69 bln 1481/1709 NASDAQ 1926.03 + 0.40 1937.87 1914.10 1.56 bln 1373/1709 S&P 100 536.23 - 0.94 539.39 533.91 Totals 2854/3418 S&P 500 1096.47 - 0.81 1102.77 1091.76 W5000 10650.61 - 7.20 10713.69 10607.62 SOX 459.57 - 2.30 464.75 455.08 RUS 2000 547.17 - 1.82 552.40 545.00 DJ TRANS 2859.79 + 12.50 2866.02 2838.00 VIX 18.86 + 0.72 18.92 17.97 VXO (VIX-O)19.39 + 0.90 19.78 18.41 VXN 28.11 + 0.49 28.33 27.37 Total Volume 3,597M Total UpVol 1,642M Total DnVol 1,916M Total Adv 3187 Total Dcl 3853 52wk Highs 48 52wk Lows 275 NasTRIN 0.78 TRIN 1.02 PUT/CALL 1.01 ================================================================= =========== Market Wrap =========== Inflation Returns by Jim Brown Traders worst nightmares began to resurface today with a higher than expected PPI report. The overnight gain in the futures was erased in minutes and the markets opened under a rate cloud once again. It is a picture of things to come as the economy grows so do prices and the Fed can't be far behind. Dow Chart - Daily Nasdaq Chart - daily Russell-2000 Chart - Daily SOX Chart - Daily Jobless Claims jumped from 318K to 331K last week and only slightly higher than consensus. No real news there other than the 4-week moving average fell to 336K and the tenth week under 350K. This is the lowest level since the economy began to recover. The trend is continuing to decline and that suggests job creation is still growing. As long as claims remain under 350K per week we should continue to add 175K of jobs per month based on historical norms. Retail Sales for April fell -0.5%, well below consensus and well below the +2.0% gain in March. The culprit is higher gasoline prices and the undeclared energy tax that is ripping cash out of consumer pockets. Auto sales are dropping with a -1.8% fall for the month and shared the top of the loser list with apparel at -2.0%. Building supply stores also lost ground as rising mortgage rates slow home buying. This was a material change from the +11% gain in March. Sure sounds like trouble ahead. This was the first monthly decline in the headline number since September and helped to fan the flames of worry over the declining consumer. With the summer doldrums ahead the retail outlook is not exciting with oil prices continuing to rise. Oil prices rose to close over $41 per barrel today, a new 13-year high and spot prices of unleaded gasoline were above the level of the futures. This represents surging demand as the summer driving season begins and suggests some really high prices for the summer. Analysts claim a surge in output by OPEC would not necessarily help demand because all the oil tankers are chartered to full capacity and there is nothing left to press into service to haul oil. The big report today was the PPI, Producer Price Index, which jumped +0.7% and more than twice consensus estimates at +0.3%. Energy prices were the main culprit once again with the core rate, minus food and energy, rising at only +0.2%. If you do not eat or drive your inflation is only moderate. The talking heads were trying to downplay the headline number but a closer inspection shows the inflation rate of intermediate materials rose +1.37% for the month. Even if you take out food and energy that number rose +1.12%. This is pure inflation and at a high rate. Crude materials rose +3.0% and Foodstuffs rose +3.65%. This immediately knocked the bloom off the pre-market futures and the Dow opened down -75 points. Fear of a faster than expected rate hike scenario sent the yields on the ten-year note to 4.85% and a new two-year high. Mortgage rates knee jerked to new recent highs and all eyes became even more focused on the June-30 Fed meeting. This is going to be a critical period on the market calendar. The Fed will raise rates and Iraq will be turned over to Iraq rule on June-30th. 2Q earnings begin July 7th with YHOO and the Democratic convention starts three weeks later. Everyone will be handicapping the race as democrats grab the spotlight. The Olympics should begin two weeks after the convention assuming they finish the preparations and terrorists take a holiday. It is going to be a tough news environment over the summer. Fear of these news events probably had a lot to do with the lack of any follow through from yesterday's rebound. There may also have been some fear of Dell's earnings tonight but Dell did come through and hit their estimates of 28 cents. There were numerous analysts debating the results after the bell and Dell dropped more than $1 in after hours trading. There were as many excuses as there were analysts but the main sticking point was a drop in margins. Higher Dram costs and faster growth in lower margin businesses impacted the overall margin. Not a big deal in my opinion. Dell like Cisco has grown so large that they lack any real earnings leverage and are forced to grow the old fashioned way. Dell did see very strong growth in software, peripherals and in its Asian business with China seeing a jump of +33%. Dell is locked in a global battle with HPQ and they are competing on a price level that prevents them from raising prices to adjust for pricey components. Dell is still opting for more market share instead of more profit. Dell issued inline guidance of 29 cents for the current quarter. Dell had been expected to beat by a penny according to the whisper numbers but the higher memory costs prevented it despite a beat on revenue by +$100 million. ADI posted better than expected earnings and beating by +4 cents. ADI said profit more than doubled on strong demand for consumer electronics. ADI guided higher for the current quarter as well. ADI makes chips for cell phones and other consumer goods. BEAS took it on the chin after reporting inline revenues but said license revenues failed to hit its targets. BEAS lost -1.50 in late trading. ADIC posted a surprise loss -2 cents and said sales were falling amid rising expenses. Estimates were for a profit of six cents. The stock dropped -25% in late trading. There was also good news making the rounds with Intel, Dell and others saying they were raising their capex spending as customer demand increased. Dell said corporate demand was at a 3.5 year high. That can't be bad news. Unfortunately the big brokerages are still cautioning about potential tech weakness ahead. Merrill issued a comment that the odds of a bear market in tech are increasing and hedge funds added to their short positions. In the last hour of trading on Wednesday when the massive short squeeze was in progress there was over $26 billion in volume on the QQQ and SPY. The closer we get to a 200dma failure the more funds are hedging their bets. Currently open interest on the QQQ May-34 puts is 650,000. The May-35 puts are 350,000. These are huge bets the 200-day averages are going to fail. This bearish sentiment is depressing buyers and the rebound from Wednesday failed to show any follow through. I have heard several stories about why that rebound may have occurred but I think it was purely technical to start and aided by a couple buy programs. On Tuesday I suggested that the 200dma on the SPX at 1078 was very strong support and could produce our best chance of a rebound. We hit 1078 three times on Wednesday with no material penetration. The corresponding 200dma on the S&P futures was 1075.50 and the low for the day was 1075.25. Personally I think we saw a couple strong buy programs on a rebound from technical support on very oversold conditions. The result was a severe short squeeze and a rebound to prior resistance levels. Had there been any real change in buying sentiment we should have seen some follow through on Thursday. The Dow did recover from the morning PPI dip but could not hold any gains over 10050. It was a battle just to stay over 10K at the close. The current 200ema is 10003 and 200sma is 10017 and the Dow closed right between them at 10010. The index fought those levels for the last two hours of trading and failed to find conviction on either side. The Nasdaq was also stuck just above its 200ema at 1915 and just below the simple 200 at 1943. It closed flat after trading a dozen points on either side of zero and 1930 seems to be solid resistance. With all the negative bias and the two trips to 1880 earlier in the week we should be thankful just to hold over 1900 for the last three closes. The Dell, BEAS, ADIC, ADI news after the close initially sent the futures into the cellar but they did recover some lost ground while waiting for the Nikkei to open. On Thursday the Nikkei closed down -328 at 10825. This is nearly -1400 points from the April 26th 12195 high. If the Nikkei falls again tonight the U.S. markets could quickly test their 200dma support once again. Bonds are continuing to crash on the potential for future rate hikes but it did not hinder the quarterly refunding this week. The 10-yr notes went off at 4.848% with a bid to cover of 2.78. That was the strongest ratio since August-2001. Indirect bidders, a group that included foreign banks, bought 43% of the notes sold. This was very strong and up from 19.9% in the March sale. The 5% level is a level that will attract numerous large buyers and the PPI jump this morning pushed the yield very close to that level. A safe 5% yield can look very attractive to many institutions instead of stocks when the market is shaky. For Friday we have the CPI, Consumer Price Index, and numbers like we got on the PPI this morning will not be met with much excitement and probably not many buyers. We will also get the Business Inventories, Industrial Production and Michigan Sentiment. None of those are expected to be shockers but just more evidence the economy is growing slowly. If the Nikkei trades down tonight there could be more weekend event risk than usual. The last few Friday's have been mixed with both gains and losses but the last two Friday's have been losers. There is no real trend and this near the 200 day averages we could find about as many bargain hunters as sellers. The wild card is fund flows. With the market hitting new lows this week we could be seeing fund withdrawals and Friday could be a pay the piper day. I could find no reporting of fund flows today and that is normally negative. They want to advertise when money is flowing in but not when money is flowing out. Bottom line, I am still in sell the rally mode and the Dow has strong resistance at 10150 and 10200. Another major dip under 10K may not be bought and the bulls have got to be nervous after barely hanging on to that level for four days. The Nasdaq still has strong resistance at 1930, 1950 and 1965 and very few buyers. Another drop under 1900 could be the signal for the next leg down. Next Friday is option expiration and recently the prior week has seen lots of option related volatility. Tomorrow could be really exciting or really boring depending on who finds conviction first. Enter Passively, Exit Aggressively. Jim Brown Editor =============================== Market Sentiment =============================== Breadth Improves Jonathan Levinson Today's pullback following yesterday's sharp intraday upside reversal saw volatility increase, but breadth improved, as the number of new highs rose against new lows for the NYSE and Nasdaq. Up volume over down volume was nearly even on the NYSE and Nasdaq, slightly higher for the NYSE and slightly lower for the Nasdaq. The exception was for the AMEX, with the number of new lows increasing from yesterday and with down volume 6x up volume. Volume was moderate on all 3 exchanges. For tomorrow, we have the 8:30 release of the Core CPI for April, estimated at +.2%. At 9:15, there's industrial production and capacity utilization for April, estimated at .5% and 76.7% respectively. Michigan sentiment is last at 9:45, estimated at +96. These reports will hopefully catalize a move out of the range that held through Wednesday, and give us a clearer indication of direction for the coming week. ----------------------------------------------------------------- Market Averages DJIA ($INDU) 52-week High: 10753 52-week Low : 8416 Current : 10010 Moving Averages: (Simple) 10-dma: 10159 50-dma: 10314 200-dma: 10017 S&P 500 ($SPX) 52-week High: 1163 52-week Low : 912 Current : 1096 Moving Averages: (Simple) 10-dma: 1105 50-dma: 1122 200-dma: 1078 Nasdaq-100 ($NDX) 52-week High: 1559 52-week Low : 1103 Current : 1417 Moving Averages: (Simple) 10-dma: 1413 50-dma: 1440 200-dma: 1416 ----------------------------------------------------------------- CBOE Market Volatility Index (VIX) = 18.86 +0.72 CBOE Mkt Volatility old VIX (VXO) = 19.38 +0.89 Nasdaq Volatility Index (VXN) = 28.11 +0.49 ----------------------------------------------------------------- Put/Call Ratio Call Volume Put Volume Total 1.01 684,749 692,405 Equity Only 1.89 145,455 274,349 OEX 2.97 27,000 80,245 QQQ 0.57 127,770 72,608 ----------------------------------------------------------------- Bullish Percent Data Current Change Status NYSE 62.4 - 2 Bear Confirmed NASDAQ-100 34.0 + 1 Bear Confirmed Dow Indust. 66.7 - 3 Bear Confirmed S&P 500 59.0 - 1 Bear Confirmed S&P 100 61.0 - 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: 1.07 10-dma: 1.02 21-dma: 1.02 55-dma: 1.01 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 1374 1321 Decliners 1471 1726 New Highs 24 37 New Lows 103 49 Up Volume 806M 783M Down Vol. 897M 722M Total Vol. 1716M 1519M 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 --------------------------------- Sorting It Out Jack in the Box - JBX - close: 26.31 change: -0.91 WHAT TO WATCH: Falling sharply in the wake of yesterday's earnings report, JBX might initially look like a bearish candidate, but upon closer inspection, we can see lots of support converging near the $26 level. The stock is trying to hold support at its 50-dma, and the rising trendline from the October lows is at $25.65, just above gap support near $25.40. Look for a rebound from the trendline to trigger entries and look for a rally back towards strong resistance at $29. Use a tight stop just under the 100-dma at $24.90. --- Amdocs Ltd. - DOX - close: 24.83 change: -2.79 WHAT TO WATCH: Getting pummeled today on its modest profit outlook, DOX plunged through the 200-dma on heavy volume before finally rebounding from just above the $23 level. This was a major breakdown under the $26 support level, but we're looking for a return to the 'scene of the crime' to set the stage for a viable bearish play. Target a rollover in the $25.50-26.00 area for entry and then look for a subsequent decline down to the $22 area. Note that the PnF chart is now very bearish with a new Sell signal and a $17 price target. --- NVE Corp. - NVEC - close: 31.10 change: +1.27 WHAT TO WATCH: After a precipitous fall from the $55 level over the past month, shares of NVEC are overdue for a rebound and it looks like that bounce is finally getting underway from the $26.50 area. But there's some stiff resistance looming overhead at the site of broken support near $35-36. Let this rebound run its course and then look to enter on a rollover from resistance, playing for a drop back down to test and possibly break the recent lows. --- Target Corp. - TGT - close: 43.17 change: -1.18 WHAT TO WATCH: In a clear sign of indecision, shares of TGT have been consolidating in a very clean neutral wedge for the past 2 months. This pattern is due to break soon and a play in the direction of the break looks attractive. On a break above the top of the wedge ($44.60), bulls will get to play, with an upside target in the $47-48 area. On the downside, entries should be triggered on a break of the lower wedge boundary ($43.00), targeting a drop to the 200-dma at $40.51. Stops should be placed on the opposite side of the wedge. --- =================== On the RADAR Screen =================== NSIT $17.54 - After a strong rebound from key support at $16 earlier this week, NSIT rolled over right at the violated 200-dma this morning, ending at its low of the day. The rebound made perfect sense, as it came at the PnF bullish support line. But with the stock on a PnF Sell signal with a downside target of $12, odds clearly favor the bears. Use a trigger of $16 for entries and target a drop towards that $12 level. Take note of the potential for near-term support to be found near $15 on the way down. CSCO $21.76 - Investor's clearly weren't thrilled with CSCO's earnings report earlier this week, but that hasn't stopped the stock from refusing to break down. CSCO has been tracing out a bear flag pattern for the past couple weeks and the best approach for entry will come on a break of that pattern. Use a trigger at $21 and target a drop towards next strong support in the $18.50- 19.00 area. BJ $20.43 - While the broad market tries to build a new base, shares of BJ just keep plunging lower and lower. Thursday's price action was particularly dismal, as the stock broke below its January lows on very heavy volume. Chasing the stock lower at this point doesn't seem advisable, but a failed rebound in the vicinity of $22 looks like a solid bearish entry point. Note that the PnF chart is bearish, with a downside target of $15, with the bullish support line at $16. Conservative traders can target the $19 level, while those looking for a long-term play can set their sights on that $16 level. ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright ) 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter Thursday 05-13-2004 section 2 of 2 Copyright (c) 2004, All rights reserved. Redistribution in any form is strictly prohibited. The entire newsletter is best viewed in COURIER 10 for alignment ================================================================= Stop Adjustments: None Closed Plays: SINA Stock Splits: APPB Trading Ideas Value Plays With Bullish Signals Breakout to Upside (Stocks $5 to $20) Breakout to Upside (Stocks over $20) Breakout to Downside (Stocks over $20) Recently Overbought With Bearish Signals (Stocks over $20) ================================================================= Stop Loss Adjustments ================================================================= None ================================================================= Closed Plays ================================================================= SINA Corp - SINA - close: 29.75 change: +1.63 stop: 30.05 Thursday, SINA moved up high enough to trigger our stop but then sank back below the $30.00 level. That rise occurred on rising volume, too, signaling trouble for any bearish play. SINA closed well above the 10-dma, too. We note that other Chinese Internet- related stocks rose on increasing volume, but also closed back below key resistance levels. MACD is on the verge of a bullish cross, but from below signal. Stochastics verge on moving above signal. RSI, always the first to react, has pushed higher. The combination of these factors leaves some doubt about whether SINA and other similar stocks will continue to rise, but that higher volume served as a warning sign. Picked on June 02 at $28.50 Change since picked: + 1.25 Earnings Date 04/27/04 (confirmed) Average Daily Volume: 4.2 Million ================================================================= Stock Splits ================================================================= Announcements ------------- APPB dishes up a 3-for-2 stock split Restaurant chain Applebee's International Inc (NASDAQ:APPB) announced around lunchtime today that its Board of Directors had approved a 3-for-2 stock split of its common shares. The payable date for the stock split is June 15th, 2004 to shareholders on record as of May 28th. About the company: Applebee's International, Inc., headquartered in Overland Park, Kan., develops, franchises and operates restaurants under the Applebee's Neighborhood Grill & Bar brand, the largest casual dining concept in the world. There are currently 1,603 Applebee's restaurants operating system-wide in 49 states and nine international countries. Additional information on Applebee's International can be found at the company's website (www.applebees.com). ================== Trading Ideas ================== This section contains stocks that meet criteria which may make them of interest to long and short side traders. These are not recommendations, nor have they been reviewed by PremierInvestor editors for investment potential. However, each of them has technical and fundamental characteristics that make them worthy of further review by traders and investors looking for fresh ideas. New stocks will appear daily following the market close. Value Plays With Bullish Signals --------------------------------- Ticker Company Name Close Change C Citigroup 46.31 +0.62 TOT Total Sa (ADS) 92.87 +0.51 NTT Nippon Tel & Tel (ADS) 23.12 +0.68 WFC Wells Fargo & Co New 55.90 +0.80 BAC Bank of America Corp 80.34 +1.91 FNM Fannie Mae 70.08 +0.57 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- None --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- MATK Martek Biosciences Corp 70.79 +2.78 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- MO Altria Group Inc 49.80 -3.60 BSY British Sky Broadcstg Grp 44.42 -1.66 ZMH Zimmer Holdings 79.75 -1.15 STJ Saint Jude Medical Inc 71.40 -2.30 WIT Wipro Ltd (ADS) 41.00 -1.14 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- 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 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
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