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Daily Newsletter, Thursday, 05/20/2004

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PremierInvestor.net Newsletter                 Thursday 05-20-2004
                                                    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:      Tie Game
Market Sentiment: All Quiet
Watch List:       Go With The Flow


=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
      05-20-2004           High     Low     Volume   Adv/Dcl
DJIA     9937.64 -  0.07  9970.64  9900.59 1.47 bln 1893/1374
NASDAQ   1896.59 -  1.60  1912.02  1890.18 1.54 bln 1330/1798
S&P 100   533.20 +  0.92   534.92   531.28   Totals 3223/3172
S&P 500  1089.19 +  0.51  1092.62  1085.43
W5000   10578.93 +  5.70 10613.65 10542.79
SOX       453.88 -  3.90   461.05   451.49
RUS 2000  540.75 -  0.11   544.05   538.02
DJ TRANS 2830.12 -  6.60  2849.24  2818.95
VIX        18.67 -  0.26    19.25    18.55
VXO (VIX-O)19.36 -  0.01    20.11    19.05
VXN        25.54 -  0.55    26.31    25.51
Total Volume 3,277M
Total UpVol  1,453M
Total DnVol  1,766M
Total Adv  3630
Total Dcl  3607
52wk Highs   45
52wk Lows   212
NasTRIN    1.02
TRIN       1.66
PUT/CALL   1.21
=================================================================

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

Tie Game
by Jim Brown

If you added the closing point changes for the day on the
Dow, Nasdaq, S&P-100, S&P-500, Wilshire-5000, Russell-2000
and the SOX you get +1.45 points for the day. In any measure
the markets were as neutral as possible on very low volume
of barely three billion shares across all markets. Today
they opened the markets and nobody came.

Dow Chart - Daily


Nasdaq Chart - Daily


SPX Chart - Daily


SPX Chart - 5 min




The markets recovered significantly off the closing lows
last night with some positive action in the futures before
the open. The Jobless Claims jumped to 345,000 for last week
and +15,000 over consensus estimates. This knocked some of
the bloom off the rose before the cash open could capitalize
on those gains. The prior week was revised up slightly to
333K. The four-week moving average still fell to 333,500,
the lowest level since the recovery began. Initial weekly
claims have fallen to 2000 levels and should be predicting
an eventual  rate of unemployment under 4%. North Carolina
had the largest number of claims. Most were from the textile
and apparel sector where outsourcing is still a major factor.
The slight bounce in claims over the last two weeks could be
suggesting a Jobs gain in the June 4th report will be in the
175,000 range.

The best report of the day was the Chicago Fed National
Activity Index which jumped sharply from 0.23 to 0.64 and
a five-month high. 57 of the 85 indicators in the CFNAI
contributed gains to the headline number. Employment added
+0.18 to the headline number and its largest contribution
in four years. The leading components were output related
items which added +0.35 to the overall index. The jobless
recovery appears to be adding jobs at a growing pace with
only a minor slowing for summer.

The worst report of the day was the Philly Fed Survey which
came in at 23.8, sharply down from April's 32.5. Consensus
estimates were for 31.5 and this was a significant change.
New Orders and Shipments dropped substantially although
back orders rose from -2.5 to 12.8 on the backlog in the
commodities. Inflation rose sharply in prices paid with a
+8 point jump but prices received jumped a whopping +15
points. This shows prices rising but so far manufacturers
are able to pass those prices on to buyers. The market took
a dip on the news for the only real move of the day but did
recover almost immediately. The prices paid component was
the highest level since 1998.

The only other report, Index of Leading Indicators, was
inline with estimates at +0.1% but well below the +0.8%
from March. The large jump in interest rates was the main
culprit. This is old data despite the title "Leading" and
was ignored.

The price of oil rose to the highs again this morning at
$41.65 but closed back down at 40.80. The minor dip came on
various comments about increased production by OPEC. They
are meeting in Amsterdam this weekend to discuss the current
production limits. There are multiple rumors that one or
more countries will agree to raise the limit by 1.5M bbls
per day to help ease the crisis. Considering they are
already producing and selling more over the current limit
than 1.5M per day they may actually agree to ship less than
they are currently shipping but appear to appease the critics.
With oil at 41.50 the urge to cheat is so strong that nobody
expects any reduction in the current over production levels.

The current oil prices are having more of an impact to the
U.S. economy than multiple Fed rate hikes according to some
analysts. At the current $40+ levels over $50 billion of
consumer spending cash will evaporate this year. A survey
released this morning showed that 21% are buying fewer
clothes, 27% are eating out less and 31% are planning on
curtailing travel. This is a far stronger impact to the
consumer than any Fed rate hike series.

Airlines were the topic of the oil debate today when the
actual loss numbers due to high prices were released. At $30
oil the loss for the year from the major U.S. carriers was
placed at $800 million. At $41 that loss will rise to $3.2
billion. They have already proven to be unable to raise
rates or apply fuel adjustment charges due to the very
strong competition on the most heavily traveled routes.
These high prices will force the airlines to dip into much
needed cash reserves and will ruin the remaining health of
the airline industry. Just the term "airline cash reserves"
evokes a stunned expression from most since most have no
reserve.

Bush was asked again today about the oil going into the
strategic petroleum reserve. His comments were right on the
money in my opinion. He said the threat of a terror attack
on U.S. oil transportation, storage or production facilities
could put us at risk of a major problem ahead. The reserves
are for times of a national emergency not for price controls.
If we allowed the reserves to be drawn down for convenience
sake and something did happen then there would be a call to
hang him for not protecting the country. He also said using
the reserves to reduce prices in an election year could be
seen as a political ploy to gain votes. Since the other side
is already frying him on the airwaves for not releasing oil
I am not sure that last argument works but I admire him for
sticking his plan to build the defensive stockpile despite
the political attack. With all the bad press politicians
have been getting for not seeing 9/11 coming I can't blame
anyone for trying to be prepared for future problems.

The Semiconductor Book-to-Bill report was released late
tonight and it only rose to 1.14 for April from 1.10 in
March. March was revised down to 1.09 from 1.10. New
bookings rose +15.7% from $1.378B to $1.594B. Shipments
rose from $1.268 to $1.401B (+10.4%). These numbers are all
three month moving averages. Semi.org does not release the
individual monthly numbers to keep the erratic flows from
influencing the market. That means a +15.7% jump in bookings
was probably more in the +20% to +25% range in order to
cause such a sharp jump in the 3-mo average. The number
last month only rose +4% suggesting March was nearly flat
or even down to offset the gains from the prior two months.
I have probably confused everyone but the bottom line was
a very strong jump in bookings for April. Don't expect
much market movement from this release because the late
(6:PM) timing tends to see the report ignored.

TrimTabs.com released their fund flows for April and said
there were +$21 billion in inflows into equity funds. When
you consider the Dow hit a high of 10534 on April 27th there
was no material downtrend apparent. April had actually seen
a significant recovery from the march lows of 10007. May
however has been nearly a straight downtrend since that
April-27th high. We have traded at 9900 or lower for three
days of the last two weeks. One more leg down and the cash
flows for May could be really negative.

The Fed heads were out in force today with McTeer making
multiple appearances. He continued to parrot the company
line of measured hikes but the more he talked the more it
became possible that they may not hike in June. This rate
hike is going to drive the analysts nuts. After one speech
they start leaning to +50 points and somebody else speaks
and they start thinking no hike. The problem appears to be
an economy that is not as robust as people think. The oil
price challenge is also weighing on the recovery. Inflation
may be rising but several Fed heads today went out of their
way to say they did not expect it to be a problem and that
it would remain in check. Bernanke, Mr. printing press
himself, echoed those thoughts that economic conditions
have tightened and the risk of inflation had lessened.
McTeer was asked if given the current environment and the
oil problem would the Fed have to hike at all. He of course
said the Fed would keep an open mind until the meeting and
refused to speculate. When asked if a blowout Jobs report
would force an earlier Fed hike than June he said not likely.
When asked what might force the Fed to move he said a really
bad inflation report but he did not see that on the horizon.
Bottom line again, no hike until June-30th OR LATER.

The Dow closed yesterday just over 9940 and other than the
post Philly Fed dip to 9900 we traded in a 30 point range
around that 9940 number all day and closed at 9941. The
9930-9960 range was completely lifeless and completely the
opposite of the monster ramp/decline on Wednesday. Traders
are not chasing price up or down and based on the very low
volume they are just content to maintain a bid at support
to prevent a meltdown.

The Nasdaq has spent so much time at 1900 that number is
about to burn in on my monitor. The Nasdaq traded in only
a 19 point range today with the midpoint exactly 1900. The
NDX has become fixated on 1400 as we await option expiration.
The markets are so lackluster it is amazing especially when
you remember the eruption on Wednesday.

There are no material economic reports on Friday or Monday
and while Friday is option expiration I think most of the
volatility has passed. We appear to be locked in a trading
range on the Dow between 9900-10050 and 1880-1935 on the
Nasdaq. Key support is the 200dma on the SPX at 1081 and
that is the key to our future. I think it is too optimistic
to assume we will continue to trade sideways until June
30th. At some point we are going to go directional again
and I think  the bulls would like to see one more big drop
to really flush the rest of the weak holders before bargain
hunting for a post Fed rally. If that is going to happen
then I think my target of 9600 I have had since December
will come to pass. That would require a break of the SPX
200dma at 1081 and that would be my recommended trigger
for recognizing the event.

For Friday I would still recommend a neutral stance as
long as we hold over that SPX 1081 level. Expiration
Friday's tend to be boring and without an external event
to move the markets it might be a good day to start your
weekend early.

Enter Passively, Exit Aggressively.

Jim Brown
Editor


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

All Quiet
- J. Brown
Thursday turned out to be a relatively quiet session with very
light volume numbers and the major indices closing within two
points of unchanged.  Overall the tone seemed cautious ahead of
tomorrow's options expiration and no one really expects any
fireworks ahead of the weekend without any major economic reports
due out on Friday.

Today's economic data was negative.  The weekly initial jobless
claims showed a rise to 345,000.  This was a negative surprise
but nothing to be alarmed about.  The Philly Fed index was the
major report today and that was discouraging.  Economists were
looking for a dip from 32.5 last month to 31.0 in May.  Today's
report came out at 23.8.  Now in the past few months bad economic
news was good because it meant the FOMC would hesitate to raise
rates.  Now that the Fed has already signaled that rates would
need to rise soon bad economic news is just that - bad.

Most of the sector indices followed the major averages and closed
relatively unchanged with the XAL airline index as the major
exception.  The airlines rallied 2.77% on the strength in Delta
shares, which soared 15.8% on an upgrade.

Market internals were mixed to negative with advancers outpacing
decliners 4 to 3 on the NYSE but losing 17 to 13 on the NASDAQ.
Down volume outweighed up volume on both exchanges by a couple of
hundred million shares each.

According to the Stock Traders Almanac the Dow has been down on
May's option expiration five out of the last seven years. Given
this week's tone of the market it wouldn't surprise me to see
another down day.



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

Market Averages

DJIA ($INDU)

52-week High: 10753
52-week Low :  8416
Current     :  9937

Moving Averages:
(Simple)

 10-dma:  9994
 50-dma: 10260
200-dma: 10037


S&P 500 ($SPX)

52-week High: 1163
52-week Low :  912
Current     : 1089

Moving Averages:
(Simple)

 10-dma: 1092
 50-dma: 1117
200-dma: 1081


Nasdaq-100 ($NDX)

52-week High: 1559
52-week Low : 1103
Current     : 1396

Moving Averages:
(Simple)

 10-dma: 1402
 50-dma: 1435
200-dma: 1419


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

CBOE Market Volatility Index (VIX) = 18.67 -0.26
CBOE Mkt Volatility old VIX  (VXO) = 19.21 -0.16
Nasdaq Volatility Index (VXN)      = 25.54 -0.55


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

          Put/Call Ratio  Call Volume   Put Volume

Total          1.21        642,507       778,148
Equity Only    1.02        432,627       440,072
OEX            1.09         48,442        52,967
QQQ            7.18         16,290       116,959


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

Bullish Percent Data

           Current   Change   Status
NYSE          61.8    + 0     Bear Confirmed
NASDAQ-100    30.0    - 1     Bear Confirmed
Dow Indust.   66.7    + 0     Bear Confirmed
S&P 500       57.6    + 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: 0.76
10-dma: 0.97
21-dma: 1.23
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    1617      1310
Decliners    1225      1724

New Highs      24        52
New Lows       46        84

Up Volume    630M      614M
Down Vol.    818M      865M

Total Vol.  1462M     1502M
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
---------------------------------

Go With The Flow

SBS Technologies Inc. - SBSE - close: 17.75 change: +1.36

WHAT TO WATCH: While today's more than 8% rally in shares of SBSE
may seem like an overheated move, a look at the longer-term chart
shows the stock apparently finishing off the final stage of a
multi-year cup and handle formation, with the rim of the cup
right at today's closing high, which exactly matched the high
from mid-January.  Use a trigger above today's high and target a
near-term move to next resistance at $20.  Longer-term traders
can look for a rally to major resistance at $25.

Chart=


---

Oracle Corp. - ORCL - close: 11.23 change: -0.06

WHAT TO WATCH: On a couple occasions lately, we've looked at ORCL
as a potential bullish candidate, but we're going to have to
concede defeat as the stock instead looks headed for a breakdown.
The stock rolled over attain at its 20-dma and is on the verge of
taking out major support just over $11.  Use a trigger under
$11.10 and target a move down to the $10 area.  Use a tight stop
just over the 20-dma.

Chart=


---

Manor Care Inc. - HCR - close: 30.49 change: -1.28

WHAT TO WATCH: Look out below!  After last week's breakdown under
the 200-dma, HCR has been trading weekly, establishing that
average as newfound resistance.  Underscoring the stock's
weakness, price broke down on big volume today, shattering
potential support near $31.50.  A failed bounce below the 10-dma
would offer a great continuation entry, while more aggressive
entries can be taken on a break below $30.  Initial support comes
in near $28, although we can't rule out a continued slide all the
way down to major support at $26.

Chart=


---

Impax Laboratories Inc. - IPXL - close: 19.45 change: -0.90

WHAT TO WATCH: Didn't we look at IPXL yesterday?  You bet!  And
the stock broke down just as we expected it would.  We're
highlighting it again tonight because this just looks like the
opening act with today's drop through the $20 level.  A failed
bounce in the $20-21 area would be a gift of an entry point,
while aggressive traders can short a break below $19.  We're
still looking for this decline to carry down to the $17 level for
a test of the 200-dma.

Chart=


---


===================
On the RADAR Screen
===================

NX $42.17 - Over the past couple months, shares of NX appear to
have put in a pretty convincing double-bottom at the $40 level
and the stock has been rebounding nicely this week.  Look for a
break above $42.50 for aggressive entries and target a rally back
to strong resistance near $45.50-46.00.  More conservative
traders will want to wait for a break over the 50-dma before
playing.

LUV $14.83 - While yesterday's rally attempt was turned back near
the $15.30 level, LUV still looks like a solid breakout
candidate.  Aggressive traders can look to buy this dip near the
100-dma, while the more conservative strategy would be to wait
for a breakout over $15.35.  Target an initial move to the 200-
dma, followed by a move to strong resistance near $16.50.

CR $29.24 - Tests of the 200-dma have become commonplace lately,
with most being resolved with breakdowns below that important
average.  CR has been threatening to break its own 200-dma all
week and currently offers us an excellent setup for a breakdown
entry.  Use a trigger at $29 and target an initial drop to $27,
with potential for a continued slide down towards $26.  Use a
tight stop just over $30, which has been providing solid
resistance for nearly 2 weeks.


=================================================================
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=================================================================
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:
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The Premier Investor Network.
Do not duplicate or redistribute in any form.





PremierInvestor.net Newsletter                 Thursday 05-20-2004
                                                    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


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


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

WM      Washington Mutual Inc      39.65     +1.00
GCI     Gannett Co Inc             87.56     +0.61
CFC     Countrywide Financial      61.19     +1.13
COF     Capital One Financial      66.88     +0.88
GDW     Golden West Financial     102.51     +1.11
UB      Unionbancal Corp           55.61     +0.59

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

AFCI    Advanced Fibre Comm.       18.96     +2.13
SVC     Stewart & Stevenson        16.97     +1.31
GLBCE   Global Crossing            13.98     +2.83
SBSE    SBS Technologies           17.75     +1.36
ASE     American Science & Engnr.  15.53     +1.28

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

SNPS    Synopsys Inc               28.27     +2.95
STLD    Steel Dynamics             25.31     +1.60
PHRM    Pharmion Corp              39.91     +12.91
SSYS    Stratasys Inc              24.31     +1.05

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

FRX     Forest Labs Inc            60.83     -1.54
INTU    Intuit Inc                 38.28     -4.49
PDCO    Patterson Dental           70.49     -4.16
SEPR    Sepracor Inc               41.99     -2.16
HSIC    Henry Schein Inc           65.77     -1.59
NAV     Navistar Intl              33.96     -6.25
HCR     Manor Care                 30.49     -1.28
ICOS    ICOS Corp                  27.89     -1.38
ONXX    Onyx Pharmaceuticals       41.04     -2.76

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

.none..


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