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. ================================================================= 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 ) 2003 PremierInvestor.net. and 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.. ================================================================= 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 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
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