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Daily Newsletter, Sunday, 05/16/2004

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PremierInvestor.net Newsletter         Weekend Edition 05-16-2004
                                                   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:       Escaped With A Minor Loss
Market Sentiment:  Big Moves
Watch List:        Weakness Prevails

=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
        WE 5-14         WE 5-07         WE 4-30         WE 4-23
DOW    10012.87 -104.47 10117.3 -108.23 10225.6 -247.27 + 20.87
Nasdaq  1904.25 - 13.71 1917.96 -  2.19 1920.15 -129.62 + 54.03
S&P-100  535.47 -  1.88  537.35 -  3.53  540.88 - 15.92 +  1.86
S&P-500 1095.66 -  3.03 1098.69 -  8.61 1107.30 - 33.30 +  6.03
W5000  10634.71 - 51.33 10686.0 -107.62 10793.7 -356.76 + 72.34
SOX      450.99 -  6.02  457.01 + 13.52  443.48 - 44.50 +  7.84
RUT      543.76 -  4.80  548.56 - 11.24  559.80 - 30.91 +  7.34
TRAN    2848.89 +  2.71 2846.18 - 40.26 2886.44 -115.27 + 62.24
WE = week ending
=================================================================

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

Escaped With A Minor Loss
by Jim Brown

After a very rocky week traders escaped with only a minor loss
across all the indexes. The Dow was the most negative at -104
for the week and mostly on the back of losses in CAT, IBM, MRK,
C and JPM. The Nasdaq only finished with a -14 point drop despite
some high profile losses in individual stocks. As the time ran
out on the clock at Friday's close the bulls mounted a solid
goal line stand to prevent the Dow and Nasdaq both from dropping
under the critical 10000/1900 levels.

Dow Chart - Daily


Nasdaq Chart - Daily



After dropping to new lows for the year on Wednesday the Dow
has managed to trade sideways for two days at the 10000 level.
Considering the negativity from multiple events this was a
minor miracle. Unlike Thursday the economics on Friday were
great. The Consumer Price Index led the list with a minimal
+0.2% jump in the headline number and slightly below the +0.3%
consensus. The core rate only rose +0.3% and is now only +1.8%
for the year. No soaring inflation in sight for consumers
according to this report. Both numbers were actually less than
they were in March. If you dig into the internals it does show
that core inflation although moderate is growing an annualized
rate of +3.3% over the last three months. We are far from home
free. Most analysts do not expect this rate to continue but
to lessen over the summer. This slight bump in the core rate
is what lessened the Fed's fears of "unwelcome fall in inflation"
or what the rest of us would call deflation. To be free of the
"D" monster the Fed would be perfectly happy with a hint of
moderately higher inflation ahead.

The Fed has been trying to fan the inflationary fire under
conditions similar to midnight in the cold north woods. With
only one match left they are very relieved to see a warming
flame begin to develop from the smoldering economic embers.
The alternative was a cold winter night and frost on their
sleeping bags and bears closing in on all sides.

There was one small point of contention. The CPI actually
showed that energy prices slowed to only a +0.1% gain in
April. Anybody at least room temperature and breathing
should doubt this statistic based on the price of oil and
soaring gasoline prices. Expect an unwelcome upward revision
in May.

Also bullish was a +0.7% jump in Business Inventories and
well over consensus of only +0.5%. This was a March number
and February was revised up to +0.8%. The governments last
estimates for inventory buildup were very low and this hot
number should spike the GDP on the next revision. Business
Sales also shot up +2.9% prompting the inventory to sales
ratio to fall to a record low at 1.30. The +2.9% jump was
the largest single month gain in the 12 year history of the
report. Manufacturing shipments rose +3.8%. Considering
this is a March number and the 1.3 inventory to sales ratio
means there was only 1.3 months of inventory on hand I think
we are going to see a real blowout in April. We all know
April was a stronger month than March and those inventories
have got to be much lower today. This ties into the next
paragraph on Industrial Production and the rise in capacity
utilization. The race is on.

Industrial Production jumped a huge +0.8% and well over the
consensus at +0.3%. Capacity Utilization also rose +0.3% and
is at the highest level in over a year at 76.9%. Several
analysts believe this is artificially low and is a result of
the Fed's failure to remove "dead" capacity from their figures.
The ISM capacity utilization numbers are nearer 85% and this
is more in line with current production growth. However you
look at it the number was strong and climbing.

The negative news for the day was the Consumer Sentiment at
94.2 and unchanged from last month. Consensus was slightly
higher but the higher cost of gasoline appears to be an
offset to the new jobs. Also, the falling stock market over
the last two weeks and prisoner scandal in Iraq have combined
to depress expectations. The expectations component posted its
second consecutive monthly drop and is now at 85.8 suggesting
consumers are becoming more depressed as the summer doldrums
near. Consumers have held in the 94.5 range for the last six
months except for an unexplained spike in January to nearly
104. There is no explanation for that event and we have seen
nothing similar since. It remains to be seen if the pace of
job creation can overcome $50 oil and $3 gasoline.

$50 oil? Yes, that is the growing forecast. Demand continues
to grow faster than supply. Oil traded at a 20-year high on
Friday at $41.60 and closed at $41.40. This is the highest
level we have seen since the Iran hostage crisis in 1979
that sent oil to an inflation adjusted price of $78. OPEC
is meeting on May-22/24th to discuss boosting quotas and
Saudi Arabia called on OPEC to raise output by 1.5M barrels
per day. Don't hold your breath. I still believe the OPEC
countries around Iraq are mad at us for the war and are
extracting their pound of flesh in retaliation. Remember I
also mentioned last week that oil tankers are booked solid
for months to come and there is no additional shipping
capacity available. The manager of the Russian pipeline
system said output from Russia was at max capacity. This
eliminated hope that Russia could fill the shortfall. A
survey also announced on Friday said that oil consumption
in some sections of China would increase 600% over the next
year. Currently $44 is almost a given and $50 is the current
whisper number target. With unleaded now over $2.40 in many
places $50 oil could spike that price to $3.00 or more very
quickly. How would that impact consumer sentiment?

After the close on Friday Oracle reduced its bid for PSFT
to $21 from $26 to reflect "current market conditions".
Since the tech decline began ORCL has dropped from $15 to
$11.50 and PSFT dropped to $17 from $24. If ORCL could not
buy it for $26 I doubt they will be successful at $21. I am
sure they were beginning to have a lot of stockholders
reconsider their offer of $26 with the stock nearing 52-week
lows but that is ancient history now.

Dell traded down to $34.50 and barely saw any rebound after
posting earnings that disappointed quite a few traders. This
was just a drop in the bucket compared to the crash in ADIC
which fell to $7.50 from its $10 close on weaker than expected
earnings. BEAS got hit for a -22% loss from $10.80 to $8.34
after saying sales declined. This was the backdrop on Friday
that saw the Nasdaq hold over 1900 despite a -22 point drop.
There is no joy in tech land and the current three-week
decline is showing no signs of letting up.




The Dow has failed to rally from the massive sell off over
the last three weeks and could not get out of its trading
range all week. The negativity is very strong but there is
a chance that by holding the line we could be getting ready
to attempt a rebound. I know this would be a stretch for most
to comprehend given the heavy selling but don't count it out.

Wednesday was very negative and volume was high. Almost 2B
shares of the volume came in the last hour when the S&P bounced
off the 200dma in what is being called the Barton Biggs Bounce.
That bounce found no follow through but sellers have not been
able to put in a repeat performance. Volume for Thr/Fri was
very low with barely 3.5B shares traded and the A/D ratios
were almost even. Overall internals were much closer than
the indexes would lead you to believe. Only the Nasdaq
internals were significantly worse with declining volume
3:1 over advancing. The high profile earnings problems
contributed to this imbalance. More on the rebound
potential later.

Other internal problems included very large cash outflows
from mutual funds. I mentioned Thursday night the numbers
were somehow missing from the news reports. They appeared on
Friday and now we know why. Equity funds saw $2.4 billion in
outflows for the week ended on Wednesday. Junk bond funds saw
outflows of $2.15 billion indicating traders were becoming
much more concerned about the future and were jumping to
safety now that yields are nearing 5.0%. Emerging market
equity funds saw the largest fund outflows on record for
any single week. Tech funds saw cash outflows for the 15th
consecutive week. Considering the Wednesday drop probably
triggered many investors to head for the barn on Thursday
those outflows will not be tallied until next week.

There were several comments in the analyst community on
Friday about hedge fund losses over the last month. Names
were withheld to protect the guilty but evidently there are
some hedgies in serious trouble. Seems the monster moves and
whipsaw nature of the last couple months have caused some
best laid plans to go astray. The momentum players have had
their heads handed to them and nobody knows which way to
jump. Welcome to reality.

Speaking of reality it is coming home to roost for Greenspan.
His appointment as Chairman of the Fed is up on June 20th.
Bush has said he would reappoint him BUT has not done it yet.
With the next Fed meeting on June-30th the scuttlebutt making
the rounds has the Bush administration applying pressure to
Greenspan to delay the rate hikes until after the election.
The economy continues to ramp up, jobs are created, income
generated and everybody votes Republican. If this is the
case then somebody is smoking grass clippings. I could see
Bush leaning on Greenie about rates but not with a heavy hand.
If Bush is really withholding the appointment to apply pressure
it is more likely to get him to shut up about the deficit and
the looming Baby Boomer Social Security crash. Greenspan has
been taking shots at the administration for the last couple
of months as if he and Bush have their own cold war brewing.
Either way the countdown is on and after 14 years at the helm
their may only be 35 days left in Greenspan's tenure.

Ten-year Yields


Banking Index - Daily



When trying to generate a potential scenario for a market
rebound it must include financials and they are not leading
the pack. Bonds sold off at the open on Friday with ten-year
yields hitting 4.90% but then rallied on the tame CPI news.
Financials failed to gain any ground and until the Fed begins
its rate hike process there will be a cloud over the sector.

SOX Chart - Daily



Another cloud continues to be the Semiconductor sector and
the midweek rebound to 470 has been completely erased. The
SOX is threatening to break the May support at 440 and test
support from last September at 420. The Nasdaq cannot rebound
without the SOX.

Russell-2000 Chart - Daily




Behind the SOX the Russell was the next weakest supporter of
the Nasdaq on Friday. The index dropped back to close right
on its 200ema and very close to a significant drop. Small caps
continue to be weak and the record withdrawals from emerging
markets last week were a signal to me that the Russell is
likely seeing the same fund weakness. If you follow the
pattern on the chart above from the last touch of 600 you
will see large drops followed by several days of consolidation
and then a repeat of the process. This is a "b" pattern selling
cycle. The Russell could be about ready to take the next dump
to 520 to begin the next "b".

I started this conversation thread with the potential for a
coming rebound. Unfortunately the evidence is very thin and
not something on which I would bet the farm. Here is my case.
This is option expiration week. Open interest is very high,
much higher than normal and most of the indexes are underwater.
The MaxPain numbers for the DJX/DIA are 103, NDX 1425, SPX 1125
and QQQ 36. This suggests there could be some upward pressure
on Monday as traders attempt to square positions and market
makers try to maneuver the indexes higher to expire more
options worthless.

There are no material economic reports early in the week and
nothing significant in the earnings arena until Tuesday. The
Nikkei stopped its slide on Friday with a minimal gain but a
gain never the less. The Dow closed at 10000 support. The
Nasdaq at 1900 support and the NDX at 1400 support. It was
a fight but they all held their ground at the close in front
of weekend event risk. The SPX has not sold off since testing
its 200dma on Wednesday and has been holding 1095, right where
it closed. All of this is circumstantial evidence as the say
but it is the only evidence we have. They tried to sell them
both Thursday and Friday and were unsuccessful. As a betting
man I am betting we "could" see an options related rebound on
Monday morning assuming there are no "events" over the weekend.

If we do see a rebound I expect it to only be a trading rally
and we continue to see weakness once positions are squared.
The Dow has resistance at 10200 and strong resistance at 10300.
I would be very surprised to see those touched. The Nasdaq is
the weak link and has strong resistance at 1930, 1950 and 1960.
Corresponding resistance for the SPX is 1110 and 1120. Any
expiration rally should slow considerably at those levels.
I continue to advise selling any rally until the pattern
changes.

I still believe we have some serious risk in front of us
with rates, Iraq, elections, Olympics, oil prices, China
and declining earnings growth. Now we have the Greenspan
time bomb ticking down in our future. Whatever you think
about Greenspan the markets will definitely be volatile
around any change in the Fed chairmanship. Views of any
new appointee will be immediately scrutinized and reacted
to accordingly. At least the countdown will reduce the
impact of a sudden change from a health issue. The Fed
replacements will be cussed and discussed in the media
until Greenspan's fate is finally known. Our fate next
week should be known very quickly. We will either rebound
out of the gate on Monday or sink beneath current levels
to our next support plateau. Choose your direction carefully.

Enter Very Passively, Exit Very Aggressively!

Jim Brown


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


Big Moves
Jonathan Levinson

There was much ado about breadth this week, with the now-
(in)famous Biggs exclamation presumably referencing the large
swings in the New Highs minus New Lows category.  For all the
drama and handwringing, price moves were relatively subdued- for
examply, the NYSE's NYHL chart (new highs-new lows) reached a low
this week at levels seen only thrice in at least 10 years (the
outer limit of my dataset).  While the swings in price were
significant for leveraged speculators, the overall moves were
nothing like the swings in breadth.

By the end of Friday's session, most of the damage was repaired,
with the NYSE's NYHL line closing  just south of unchanged in
neutral territory.  The VXO closed below 19 after a number of
bursts above 20, with the recent prints in the low 14's a distant
memory.  The Nasdaq volatility index, the VXN, closed above 29,
also well above the recent lows around 20.

The seesaws in the internals were not matched by equivalent moves
in the prices of the indices, and that disconnect is attributable
to the action of a few major bellwethers, most notably MSFT and
GE, both of  which held up remarkably well during the worst
plunges of the week.  Whether this was mutual funds or other
interests defending the headline index numbers, the market was
far weaker below the surface than was apparent from the index
prices.  By the end of the week, the worst of the internal
imbalanced were corrected.  For next week, we will see whether
the bounces off the lows were the first steps of a daily change
in direction and a new upleg, or merely the result of the more
deeply bearish internals, a deadcat bounce.  The COT data
indicates that commercials in the E-mini S&P are betting on the
former, while for the other contracts, the market is not clearly
favoring either outcome yet.


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

Market Averages

DJIA ($INDU)

52-week High: 10753
52-week Low :  8416
Current     : 10012

Moving Averages:
(Simple)

 10-dma: 10137
 50-dma: 10303
200-dma: 10021


S&P 500 ($SPX)

52-week High: 1163
52-week Low :  912
Current     : 1095

Moving Averages:
(Simple)

 10-dma: 1104
 50-dma: 1121
200-dma: 1079


Nasdaq-100 ($NDX)

52-week High: 1559
52-week Low : 1103
Current     : 1399

Moving Averages:
(Simple)

 10-dma: 1413
 50-dma: 1438
200-dma: 1436


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

CBOE Market Volatility Index (VIX) = 18.47 -0.39
CBOE Mkt Volatility old VIX  (VXO) = 18.93 -0.46
Nasdaq Volatility Index (VXN)      = 29.04 +0.93


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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.97        530,308     1,046,464
Equity Only    0.82        398,858       326,891
OEX            0.91         37,692        34,406
QQQ            4.24         20,726        87,791


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

Bullish Percent Data

           Current   Change   Status
NYSE          62.1    + 0     Bear Confirmed
NASDAQ-100    34.0    + 0     Bear Confirmed
Dow Indust.   66.7    + 0     Bear Confirmed
S&P 500       59.0    + 0     Bear Confirmed
S&P 100       61.0    + 0     Bear Confirmed



Bullish percent measures the number of stocks in an index
currently trading on a buy signal on their point and figure
chart.  Readings above 70 are considered overbought, and readings
below 30 are considered oversold.

Bull Confirmed  - Aggressively long
Bull Alert      - Cautiously long
Bull Correction - Pause or pullback in upward trend
Bear Alert      - Take defensive action if long
Bear Confirmed  - High risk if long, good conditions for shorting
Bear Correction - Pause or rebound in downtrend


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

 5-dma: 1.00
10-dma: 0.92
21-dma: 1.14
55-dma: 1.14


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    1513      1045
Decliners    1313      1987

New Highs      25        46
New Lows      104        81

Up Volume    721M      260M
Down Vol.    897M     1210M

Total Vol.  1644M     1485M
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 increased their open interest be equivalent amounts
both long and short, while small traders went net shorter.

Commercials   Long      Short      Net     % Of OI
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%)
05/11/04      401,365   421,672   (20,307)   (2.5%)

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
04/20/04      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%
05/11/04      135,534    76,987    58,547    27.5%

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 were much more active in the e-mini S&P contracts,
reducing their shorts slightly and dramatically increasing longs,
flipping to net long for the first time in at least 4 weeks.
Small traders took the other side of the trade, reducing longs and
increasing their net short position.

Commercials   Long      Short      Net     % Of OI
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%)
05/11/04      378,696   362,887     15,809     2.1%

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
04/20/04      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%
05/11/04      101,199     94,408     6,791     3.5%

Most bearish reading of the year: (77,385)  - 09/02/03
Most bullish reading of the year: 449,310   - 06/10/03


NASDAQ-100

Commercials added slightly to their net short position, while
small traders reduced both shorts and longs but favoring the long
side, reducing their overall net short position.


Commercials   Long      Short      Net     % of OI
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%
05/11/04       57,680     37,410    20,270   21.3%

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
04/20/04        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%)
05/11/04        9,716    21,072   (11,356)  (36.9%)

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

Commercials increased their net long position, while small traders
took the other side of the trade, increasing longs and reducing
shorts.


Commercials   Long      Short      Net     % of OI
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%
05/11/04       22,614    21,507    1,107       2.5%

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
04/20/04        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%)
05/11/04        7,009     7,640   (  631)   ( 4.3%)

Most bearish reading of the year: (12,106) -  3/09/04
Most bullish reading of the year:   8,523  -  8/26/03

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


=================================================================
WATCH LIST
=================================================================

The PremierInvestor.net watch list is not designed to be read
as full fledged stock picks.  Rather we would prefer to offer
it as an extra tool in today's investor toolbox.  Think of it
as a radar screen with your own radar operator pointing out
interesting developments, technical patterns or potential plays
that you may or may not have seen on your own.  Due to time
constraints we do glance at the news but rarely do we have
time to fully read pertinent news stories, due background
research and other necessary screens that investors should do
before making a decision.  A common exercise is to read the
entry, glance at the sector and other stocks in that industry
and then compare what's happening in the stock to what's
happening in the broader market indices.  We hope you enjoy
the Watch List and that it proves to be a useful tool for your
own trading success.

STOCKS WORTH WATCHING
---------------------------------

Weakness Prevails

Netease.com Inc. - NTES - close: 37.34 change: -2.28

WHAT TO WATCH: The past month has not been kind to NTES
investors, as the stock has plunged on the weakness associated
with China's purported slowdown.  The past week's price action
looks like a precursor to more weakness too, as resistance was
found at former support near $41 and Friday's plunge has the
bears eyeing a breakdown below its multi-month support at $35.
Use a trigger below that level and target an initial plunge to
$30.

Chart=


---

Cognizant Tech. Solutions - CTSH - close: 42.01 change: -1.89

WHAT TO WATCH: Joining the "Broken 200-dma" party, CTSH broke
that important average just over a week ago and then found
resistance at that average late last week before Friday's
precipitous plunge.  The stock did manage to bounce back to end
right at critical support/resistance at $42, but it looks like
the breakdown is coming.  Use a trigger under Friday's low and
then target an initial drop to the $35 support level.

Chart=


---

NII Holdings - NIHD - close: 33.24 change: -1.60

WHAT TO WATCH: In classic topping fashion, snares of NIHD have
been trading in an expanding wedge pattern for the past 3 months
and these patterns are normally bearish.  Friday's break of the
100-dma looks bearish as well, and the lower wedge line is just
below at $32.  Use a trigger below that level and target a drop
to the 200-dma, currently just below $28.

Chart=


---

Black Box Corp. - BBOX - close: 47.93 change: -1.21

WHAT TO WATCH: After the recent breakdown under the $50 level,
shares of BBOX have been trying to find support, but the
prospects of that occurring don't look good.  The stock finally
cracked the $48 level on Friday to test the 200-dma and while
we'll probably see a near-term bounce from that average, the
stock does look ready to head substantially lower.  Note that the
PnF chart is on a Sell signal with a downside target of $37.
Target entries either on a failed rally near $50 or on a volume-
backed move below the 200-dma.  Target $42-43 initially due to
the PnF bullish support line at $43.

Chart=


---

Xilinx Inc. - XLNX - close: 34.10 change: -0.93

WHAT TO WATCH: The price chart of XLNX is looking worse by the
day, as the stock continues to be pressured by the persistent
weakness in the SOX index.  The last major rollover pressed the
stock under the 50-dma and the 100-dma and now the shorter
average has crossed below the longer one.  The next battle
occurred at the 200-dma and it looks like the stock is in the
process of breaking below that average as well.  XLNX is barely
above key support near $33 and we can use that level as a bearish
entry trigger.  Target a move down to the next significant
support near $30.

Chart=




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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 advertising@PremierInvestor.net.

*****************************************************************

Copyright (c) 2001-2004  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.





PremierInvestor.net Newsletter          Weekend Edition 05-16-2004
                                                    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 Bearish Plays:     JNPR
  Bullish Play Updates:  NXTP
  Bearish Play Updates:  ISIL


Active Trader (Non-tech)
  Bearish Play Updates:  ENZN, FCX, IGT


High Risk/Reward

  Bullish Play Updates:  MAGS, VRSN


Stock Splits
  Announcements:         None


==================================================================
Net Bulls (NB) Tech Stock section
==================================================================

=========
NEW PLAYS
=========

  -----------------
  New Bearish Plays
  -----------------

Juniper Networks - JNPR - close: 20.92 change: -1.58 stop: 20.90

Company Description:
Juniper Networks, Inc. is a provider of network infrastructure
solutions that transform the business of networking by converting
bandwidth into a dependable and secure corporate asset.  The
company's products, services and solutions enable service
providers and other network-intensive businesses to support and
deliver services and applications on an efficient and low-cost
integrated network.  Products are designed and purpose-built for
service provider networks and offer its customers high
performance with less complexity and cost than legacy
alternatives.

Why we like it:
On more than one occasion recently, we've mentioned JNPR as a
possible bearish play in our daily Watch List.  After the sharp
decline in late April, the stock found support for a sharp
rebound from the $21 level.  But that rebound stalled right at
the 10-dma ($22.47), which has been acting as stiff resistance
over the past week.  But there was still the potential for the
stock to hold above the early May low ($20.91) and rebound.
Friday's action made that possibility rather unlikely though, as
the stock traded down as low as $20.80 before bouncing slightly
at the close to end just barely above the 200-dma ($20.83).  JNPR
hasn't yet completely broken down, but it is in an ideal position
from which to play a breakdown should it occur.  The PnF chart
argues for a major move lower, with its current Sell signal
predicting a fall all the way to the bullish support line at $14.

While the PnF chart has a price objective of $14, that doesn't
look reasonable over the near term, as there is mild support near
$19, becoming quite strong in the $17.50-18.00 area.  We'll
target the top of that lower support zone for our play, looking
to exit open positions on the first test of $18.  Because of
where the stock came to rest on Friday, we have the ability to
set a very close trigger at $20.70.  Entries on the initial
breakdown look good for aggressive traders, but the way the stock
has bounced back from the past two tests of the $21 level, we
have to be prepared for another volatile snap-back bounce as high
as $22.  Now a bounce and rollover from the $22 level after our
trigger has been satisfied looks like an even better entry point.
We'll set our stop initially at $20.90, just over Thursday's
intraday high.  If our bearish thesis has merit, then the stock
should not be able to move through that level, as it should still
find resistance at the 10-dma.

Annotated Chart of JNPR:



Picked on May 12th at       $20.92
Change since picked          +0.00
Earnings Date              4/21/04 (confirmed)
Average Daily Volume =    12.5 mln
Chart =


============
PLAY UPDATES
============

  --------------------
  Bullish Play Updates
  --------------------

Nextel Partners - NXTP - close: 14.59 change: -0.36 stop: 13.75

With volume dwindling to an absolute trickle at the end of the
week, it really is hard to read much into NXTP's price action
towards the end of the week.  After the prior week's strong
breakout, we were expecting (and hoping for) a pullback towards
what we suspected would be solid support near the $14.50 level.
The stock didn't disappoint, falling back towards that level
early in the week and then bouncing in volatile fashion in
roughly the $14.50-15.00 area for the remainder of the week.
Next week is option expiration, so it could be that we'll see
that stock continue to gravitate towards the $15 level over the
next week.  Brief dips into the $14.00-14.50 area still look
viable for new entries in anticipation of a renewed bullish move.
Note that the daily Stochastics are almost to oversold territory
and when they turn up from that zone, we'll have greater
confidence in trying to buy this dip.  The 20-dma ($13.93) and
30-dma ($13.73) will provide additional protection for our $13.75
stop next week if the $14 level sees a serious test.  Traders
looking for momentum entries have some time to wait, as we'll
need to see NXTP push through the $15.75 before we'll have a
breakout situation on our hands.

Picked on May 9th at        $15.38
Change since picked          -0.79
Earnings Date              4/28/04 (confirmed)
Average Daily Volume =    2.23 mln

Chart =



  --------------------
  Bearish Play Updates
  --------------------

Intersil Corp. - ISIL - close: 18.26 change: -0.63 stop: 20.50

While Semiconductor stocks appear to be failing in their attempt
to break the dominant downtrend of the past month, our new
bearish play on ISIL is leaving no room for equivocation.
Wednesday's breakdown under the $19 level was a clear warning of
more weakness to come.  After a feeble rebound attempt on
Thursday, the stock tipped over at the 10-dma ($19.23).  Heading
sharply lower at the open on Friday, the stock made one attempt
at an intraday rally before rolling over and heading sharply
lower into the close, ending at its low of the day and a new 52-
week low.  We have to be careful not to read too much into the
plunge on Friday though, as it came on very light volume, the
product of a buyers strike, rather than a flood of sellers.  The
bottom of the descending channel at $17.50 is likely to provide
the next possible support, as it is also the site of the top of
the gap from April of last year.  Aggressive traders can enter on
a break below Friday's low, but our preferred entry strategy is
still to target failed bounces near the 10-dma.  Maintain stops
at $20.50 for now.

Picked on May 12th at       $18.67
Change since picked          -0.41
Earnings Date              4/21/04 (confirmed)
Average Daily Volume =    2.24 mln

Chart =



==================================================================
Stock Bottom / Active Trader (AT) section
==================================================================

============
PLAY UPDATES
============

  --------------------
  Bearish Play Updates
  --------------------

Enzon Pharma. - ENZN - close: 14.70 change: -0.12 stop: 15.41

After another week of trying, ENZN still hasn't broken down from its
bearish triangle formation, but it hasn't been for a lack of trying.
The bears managed to drive the stock down for a couple of solid tests
of the $14 level on Monday, but the buyers prevailed and once again the
stock lofted back towards the $15 level, which is now beginning to
provide solid resistance.  The stock hasn't been able to manage a close
over its 30-dma ($15.10) since late April, reinforcing the idea that
resistance is moving lower.  That said, we need to see a real break of
the $14 level to activate our entry trigger at $13.95.  Until that
happens, we remain in a holding pattern.  Entries off the initial break
look viable, but based on the way the stock has been bouncing back from
tests of support at $14, we're expecting that the initial break below
that level might see a quick rebound to test broken support as new
resistance.  That could set up a nice conservative entry on a rollover
from the $14.50-14.75 area.  Maintain stops at $15.41, which is now
above the 50-dma ($15.40).

Picked on May 9th at      $14.68
Gain since picked:         +0.02
Earnings Date           05/06/04 (confirmed)
Average Daily Volume:      689 K

Chart =


---

Freeport McMoran - FCX - cls: 28.83 chng: +0.43 stop: 29.75*new*

The downtrend in the metals stocks appears to be losing momentum,
but as of yet there hasn't been any sign of a meaningful rebound.
After touching a new multi-month low of $27.76 early on Monday,
shares of FCX bounced strongly, but stalled upon running into the
10-dma (now $29.52).  The bulls made another mid-week attempt at
moving through that average, but resistance held firm and the
stock fell back under $29 to close out the week.  Looking at the
intraday chart, we can see a semblance of a neutral wedge being
formed and that suggests a break from this ever-narrowing range
is likely in the week ahead.  The top of the wedge is at $29.45
and coupled with the 10-dma, ought to provide solid resistance at
the $29.50 level.  A move above there could kick off a more
sustained rally, so we want to keep our stops tight.  Note that
we've aggressively lowered our official stop to $29.75 this
weekend.  Should the current consolidation break to the downside
with a move under $27.75, we are not recommending breakdown
entries.  Instead, let's use that breakdown to achieve the best
possible exit from the play, targeting the $26 level, which
appears as though it could provide support.

Picked on April 25th at     $32.59
Change since picked          -3.76
Earnings Date              4/20/04 (confirmed)
Average Daily Volume =    3.41 mln

Chart =


---

Intl. Game Tech. - IGT - cls: 38.18 chng: +0.89 stop: 38.80

We may be coming to the end of the line on our IGT play.  On four
separate occasions in the past two weeks, the bears have pressed
the stock right down to the $36 level and eager buyers have
stepped forward to halt the slide.  In searching for the reason
for that level to provide support, we noted that the 50%
retracement of the rally that began last August sites at $35.71,
close enough to be construed as support.  Of course, that lines
up nicely with horizontal support near $36 as well.
Interestingly, the rebounds off of this support have seen
resistance come in near $38.50, which is no small coincidence
with the 38% retracement resting at $38.40.  Based on the pattern
of the upturned daily oscillators, it looks like IGT is ready to
break this pattern to the upside.  But lately things haven't been
as they have seemed, so we're going to give the play one more
chance to head south, in deference to the PnF chart, which is
quite bearish.  Maintain a tight stop at $38.80, just over the
intraday peaks of the past 2 weeks.

Picked on April 28th at     $38.89
Change since picked          -0.79
Earnings Date              4/22/04 (confirmed)
Average Daily Volume =    3.22 mln

Chart =



==================================================================
HIGH RISK/HIGH REWARD (HR) section
==================================================================

=========
NEW PLAYS
=========

  -----------------
  New Bullish Plays
  -----------------

Magal Security - MAGS - cls: 13.69 chng: -0.78 stop: 12.50*new*

We haven't seen anything that would indicate MAGS is ready to
make its next bullish move yet, but the price action over the
past 2 days is setting up what could be considered a very
attractive entry point.  Recall that we were initially looking
for a rebound off the $14 level as a good pullback entry point.
Dialing down to the intraday charts, we can fine-tune that a bit
by noticing that the past 2 weeks have created a pattern of a
neutral consolidation wedge.  The lower boundary currently rests
near $13.25, while the top (resistance) line lies in wait at
$15.50.  Taking another look at the PnF chart, we can see that
the past two days painted a new column of O's, and that
simplifies the play significantly.  Whichever way this neutral
triangle breaks (both on the candle chart and the PnF chart),
there ought to be significant follow-through.  So target-shooting
entries in the $13.50-14.00 area (with the PnF bullish support
line at $13.50) looks like a viable, albeit aggressive strategy.
Traders looking to enter on demonstrable strength can use an
entry trigger at $16, which will not only be a PnF Buy signal,
but also have the stock solidly above the top of the neutral
wedge on the candle chart.  The recent developments on the PnF
chart also allow us to reduce our risk by raising our stop to
$12.50, as a trade at that level will constitute a bearish
resolution of the current wedge, as well as a new Sell signal.

Picked on May 5th at        $15.04
Change since picked          -1.35
Earnings Date              4/28/04 (confirmed)
Average Daily Volume =    2.52 mln

Chart =


---

Verisign Inc. - VRSN - close: 17.86 change: -0.61 stop: 16.50

After the bullish week VRSN just had, we're willing to cut the
stock a bit of slack and let it fall back to test support.  After
satisfying our entry trigger with its break above the short-term
descending trendline, the stock rose almost to the $19 level on
Thursday before falling back a bit.  Friday's negative Technology
market was to much to bear (pardon the pun) and the stock fell
back towards what should now be strong support in the $17.25-
17.50 area.  That support is reinforced first by the 10-dma
($17.58) and then the 100-dma ($17.29) and finally the 20-dma
($17.10).  Connecting the lows over the past several weeks
produces a trendline that crosses at approximately $17.25.  The
bottom line is that unless the selling volume picks up
significantly, we should be able to use this drop towards support
as a high-odds bullish entry point.  There will be resistance
found near $19, but we're still targeting a rise to $20 as our
signal to exit the play.  Maintain stops at $16.50, just under
the most recent swing low, as well as the 50-dma ($16.63).

Picked on May 5th at        $17.40
Change since picked          +0.46
Earnings Date              4/22/04 (confirmed)
Average Daily Volume =    2.47 mln

Chart =



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

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

None


=================================================================
To stop receiving this PremierInvestor.net Newsletter,
send email to remove@PremierInvestor.net
=================================================================
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 advertising@PremierInvestor.net.

*****************************************************************

Copyright (c) 2001-2004  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.






PremierInvestor.net Newsletter          Weekend Edition 05-16-2004
                                                    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 17th, 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 17th
==========================================

-----------------
Earnings Calendar
-----------------

Symbol  Co               Date           Comment      EPS Est

------------------------- MONDAY -------------------------------

A      Agilent Technologies  Mon, May 17  After the Bell      0.24
BAB    British Airways       Mon, May 17  Before the Bell      N/A
CCH    Coca-Cola Hllnc BttlngMon, May 17  Before the Bell     0.05
CSC    Computer Sciences CorpMon, May 17  After the Bell      1.00
LTD    Limited Brands        Mon, May 17  -----N/A-----       0.13
LOW    Lowe's Co             Mon, May 17  Before the Bell     0.54
ROS    Rostelecom            Mon, May 17  Before the Bell      N/A
TOY    Toys R Us             Mon, May 17  Before the Bell    -0.01
VAL    Valspar               Mon, May 17  Before the Bell     0.74


------------------------- TUESDAY ------------------------------

AMAT   Applied Materials     Tue, May 18  -----N/A-----       0.19
ADSK   Autodesk, Inc.        Tue, May 18  After the Bell      0.30
BKS    Barnes&Noble          Tue, May 18  Before the Bell     0.12
BJ     BJ's Wholesale Club   Tue, May 18  Before the Bell     0.22
BGP    Borders Group Inc.    Tue, May 18  After the Bell      0.02
DE     Deere & Co            Tue, May 18  -----N/A-----       1.74
DKS    Dick's Sporting Goods Tue, May 18  Before the Bell     0.18
HPQ    Hewlett-Packard       Tue, May 18  After the Bell      0.34
HD     Home Depot Inc        Tue, May 18  Before the Bell     0.43
JCP    JCPenney              Tue, May 18  Before the Bell     0.34
MNT    Mentor                Tue, May 18  After the Bell      0.32
OOM    MMO2                  Tue, May 18  Before the Bell      N/A
NTAP   Network Appliance     Tue, May 18  After the Bell      0.12
SKS    Saks Incorporated     Tue, May 18  Before the Bell     0.17
SCO    Scor                  Tue, May 18  -----N/A-----        N/A
SPLS   Staples, Inc.         Tue, May 18  Before the Bell     0.22
TJX    The TJX Co Inc.       Tue, May 18  Before the Bell     0.32
ZLC    Zale Corp             Tue, May 18  Before the Bell     0.43


------------------------ WEDNESDAY -----------------------------

ADCT   ADC                   Wed, May 19  After the Bell     0.00
AAP    Advance Auto Parts    Wed, May 19  After the Bell     0.66
BLI    Big Lots, Inc.        Wed, May 19  Before the Bell    0.04
BRCD   Brocade Comm Systems  Wed, May 19  After the Bell     0.03
EV     Eaton Vance Corp.     Wed, May 19  Before the Bell    0.50
FL     Foot Locker, Inc.     Wed, May 19  -----N/A-----      0.31
GT      Goodyear Tire Rubber Wed, May 19  Before the Bell   -0.20
INTU   Intuit                Wed, May 19  After the Bell     1.16
PETC   PETCO ANIMAL SUPPLIES Wed, May 19  After the Bell     0.25
ROST   Ross Stores, Inc.     Wed, May 19  Before the Bell    0.32
SNPS   Synopsys              Wed, May 19  After the Bell     0.33
TLB    Talbots               Wed, May 19  -----N/A-----      0.57


------------------------- THUSDAY -----------------------------

ARO    Aeropostale, Inc.     Thu, May 20  After the Bell      0.09
BTY    BT Group PLC          Thu, May 20  Before the Bell      N/A
CBRL   CBRL Group            Thu, May 20  Before the Bell     0.53
CIEN   CIENA Corp            Thu, May 20  Before the Bell    -0.08
CLE    Claire's Stores, Inc. Thu, May 20  Before the Bell     0.24
GPS    Gap Inc.              Thu, May 20  After the Bell      0.32
HRL    Hormel Foods Corp     Thu, May 20  Before the Bell     0.33
MRVL   Marvell Technology GrpThu, May 20  After the Bell      0.32
NGG    National Grid Transco Thu, May 20  Before the Bell      N/A
NAV    Navistar InternationalThu, May 20  Before the Bell     0.59
JWN    Nordstrom             Thu, May 20  After the Bell      0.43
PDCO   Patterson Dental      Thu, May 20  Before the Bell     0.65
PETM   PetsMart              Thu, May 20  -----N/A-----       0.21
UU     United Utilities      Thu, May 20  Before the Bell      N/A
UVV    Universal Corp        Thu, May 20  After the Bell       N/A

------------------------- FRIDAY -------------------------------

TKS    Tomkins PLC           Fri, May 21  Before the Bell      N/A


----------------------------------------------
Upcoming Stock Splits In The Next Two Weeks...
----------------------------------------------

Symbol  Co Name              Ratio    Payable     Executable

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
RCI     Renal Care Group, Inc     3:2      May  24th   May  25th
BMRC    Bank of Marin             3:2      May  24th   May  25th
BFCF    BFC Financial Corp        5:4      May  25th   May  26th
ESCA    Escalade, Inc             2:1      May  25th   May  26th
ANN     AnnTaylor Stores Corp     3:2      May  26th   May  27th
ERES    eResearchTechnology, Inc  3:2      May  27th   May  28th
KIND    Kindred Healthcare, Inc   2:1      May  27th   May  28th
IEX     IDEX Corp                 3:2      May  28th   May  31st
CEDC    Central European Dist     3:2      May  28th   May  31st
QCRH    QCR Holdings, Inc         3:2      May  28th   May  31st
CNQ     Canadian Natural Res Lmtd 2:1      May  28th   May  31st


--------------------------
Economic Reports This Week
--------------------------

If it wasn't for a full week of stock splits, there wouldn't be
much to report this week.  We have the NY Empire State Index
report due on Monday and the Leading Indicators set for Thursday.


==============================================================
                       -For-

----------------
Monday, 05/17/04
----------------
NY Empire State Index (BB) May  Forecast:    34.8  Previous:     36.1


-----------------
Tuesday, 05/18/04
-----------------
None


-------------------
Wednesday, 05/19/04
-------------------
Housing Starts (BB)        Apr  Forecast:   1988K  Previous:    2007K
Building Permits (BB)      Apr  Forecast:   1940K  Previous:    1976K


------------------
Thursday, 05/20/04
------------------
Initial Claims (BB)      05/15  Forecast:     N/A  Previous:     321K
Leading Indicators (DM)    Apr  Forecast:    0.2%  Previous:     0.3%
Philadelphia Fed (DM)      May  Forecast:    31.2  Previous:     32.5


----------------
Friday, 05/21/04
----------------
None


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

XOM     Exxon Mobil Corp           43.27    +0.54
TOT     Total SA (ADS)             94.18    +1.13
WFC     Wells Fargo & Co           56.99    +0.89
MO      Altria Group Inc           49.88    +0.98
CVX     Chevrontexaco Corp         92.69    +0.82
BP      BP Plc                     52.93    +0.53


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

VXGN    Vaxgen Inc                 16.36    +1.26


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

GD      General Dynamics Corp      95.19    +1.57
LTR     Loews Corp                 59.29    +1.05
ESRX    Express Scripts Inc        76.72    +2.69
FMX     Fomento Economico Mex      45.30    +3.70
SMG     Scotts Co CI A             64.36    +1.28


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

TM      Toyota Motor Corp (ADS)    69.70    -1.85
DELL    Dell Inc                   34.72    -1.08
UN      Unilever N.V.              62.30    -1.38
CAJ     Canon Inc (ADR)            48.13    -1.08
CAH     Cardinal Health Inc        73.44    -1.29
RTP     Rio Tinto Plc (ADR)        86.42    -3.43
NAB     National Australia Bank    98.62    -1.19


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

None


=================================================================
To stop receiving this PremierInvestor.net Newsletter,
send email to remove@PremierInvestor.net
=================================================================
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 advertising@PremierInvestor.net.

*****************************************************************


Copyright (c) 2001-2004  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.





DISCLAIMER

Option Investor Inc is neither a registered Investment Advisor nor a Broker/Dealer. Readers are advised that all information is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All opinions, analyses and information included herein are based on sources believed to be reliable and written in good faith, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. In addition, we do not necessarily update such opinions, analysis or information. Owners, employees and writers may have long or short positions in the securities that are discussed.

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