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Daily Newsletter, Thursday, 05/27/2004

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PremierInvestor.net Newsletter                 Thursday 05-27-2004
                                                    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:      Volatility Crunch
Market Sentiment: Throwing Caution to the Wind?
Watch List:       Light Volume Lift


=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
     05-27-2004            High     Low     Volume Advance/Decline
DJIA    10205.20 + 95.31 10222.24 10109.89 1.75 bln   1914/ 915
NASDAQ   1984.50 +  8.35  1991.87  1969.04 1.60 bln   1645/1382
S&P 100   546.32 +  3.72   547.17   542.60   Totals   3559/2297
S&P 500  1121.28 +  6.34   1123.95 1114.86
RUS 2000  568.56 +  0.79   571.87   564.35
DJ TRANS 2951.89 + 86.53  2974.62  2933.38
VIX        15.28 -  0.69    15.86    15.19
VXO        15.53 -  0.70    16.39    15.37
VXN        21.50 -  0.13    22.19    21.33
Total Volume 3,394M
Total UpVol  2,311M
Total DnVol    948M
52wk Highs     181
52wk Lows       56
TRIN          0.63
PUT/CALL      0.94
=================================================================

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

Volatility Crunch
Jonathan Levinson

Equities added to the week's gains, with the Dow closing higher
by .94% at 10205, the Nasdaq +.42%  to 1984.5 and the SPX adding
57% to close at 1121.28.  Options volatility as measured by the
VXO, VIX, QQV and VXN fell further still, despite a widespread
consensus that the volatility crash this week had come too far,
too fast.  The QQV is below 20 again, back to levels from which
previous price highs have blown off.  But equity futures were
looking firm afterhours as of this writing.

The market's bounce has aligned itself with an upturn in the
daily chart oscillators from oversold territory. However, key
trendline tests lie dead ahead, and there's been remarkably
little backing or filling this week.  With a holiday weekend
approaching, there is an apparent lack of concern for terrorist
threats, Iraq trouble or even a technical correction in price as
option premiums continue their plunge.  However, key trendline
tests are imminent, and the mettle of this rally should be put
more fully to the test at those levels.

Daily Dow Chart


The Dow's 95 point gain today brought it nose-to-nose with
resistance at the 50 day EMA (pink line).  The daily cycle
upphase is in its early stages, launching from a wide base in the
9900 area.  I expect some chop as the current gains get digested,
but so long as the daily cycle upphase continues, we should see a
test of trendline resistance in the 10360 area. A failure at that
level below 10400 would maintain the daily downtrend off the year
highs, which would suggest that the longer cycles within which
the daily cycle oscillates have turned down as well.

Monthly Dow Chart


Looking at those longer cycles, the monthly is in the first
stages of a downphase.  The continued bounce in today's trading
was sufficient to convert what was shaping up to be a 3rd bearish
candle into a doji star, turning this month from red to green.
The 10 year monthly chart reveals a lower high to complete the
rally of 2003, but the decline off the year high is still young
enough to constitute a monthly bull flag if the descending upper
trendline in the 10600 area can be broken to the upside.
However, the 10 month stochastic is on a sell signal, the first
suggestion of a monthly cycle downphase lined up with the failure
beneath that upper descending trendline.  A move back below the
9800 support level would confirm this downphase and likely
produce the beginnings of a bearish cross on the monthly Macd,
while a break above 10600 would reverse the weakness and confirm
the bull flag interpretation.


Daily Nasdaq Chart


The one year daily Nasdaq chart resembles that of the Dow, except
that the broad base on the Dow is narrower on the Nasdaq, with
the current daily cycle bounce sharper and consequently more
extended than that on the Dow.  The broken rising trendline test
is closer at hand as well, fittingly at round number resistance
at 2000.  The descending upper trendline from the year high at
2160 lines up just below 2040, by which level I would expect the
daily cycle to be overbought and extended.  If the cycle turns
back down at or below that level, we'll again have confirmation
of a new downphase in the longer cycles.  Those longer cycles are
currently ambiguous, as we've just seen with respect to the Dow,
which sets up that 2040 level as a key resistance to watch.


Monthly Nasdaq Chart


I still find the monthly Nasdaq candles fascinating.  Looking at
the full 10 year sweep of it, it's tempting to assume a head and
shoulders pattern, although the downside projection on a neckline
break would obviously be many thousands of points below zero, of
theoretical interest only.  That said, rising support lines up
with monthly Bollinger support at 1200.  The 10 month stochastic
is in the first steps of a downphase, with the Macd not yet but
much closer to a sell signal than that on the Dow monthly above.
The same bull flag / bearish rollover dilemma is apparent here,
and it will take a break above 2100 or below 1800 to clarify the
picture for the coming months.

On the economic front, there were a number of announcements
before the bell.  The Commerce Department revised the 1st quarter
GDP upward from 4.2% to an annualized 4.4% rate of growth,
falling just shy of the anticipated 4.5% level.  The GDP's
strength was attributed primarily to inventory rebuilding and
software and equipment investments on the part of businesses,
high spending on the part of consumers, and defense spending.
After-tax profits rose 36.7% from the previous year's period,
which marks a 23 year high, while the Personal Consumption
Expenditure Price Index rose less than the 3.2% expected, coming
in at a 3% annualized rate.

The Labor Department reported that initial jobless claims
declined for the week ending May 22 by 3,000 applicants to
344,000, while the 4 week moving average of initial claims rose
by 1,500 to 335,500 applicants from a 3 and half year low.  The
number for the week exceeded estimates by 9,000 applicants.

The dollar and treasuries had been weak ahead of the data, and
while the bond strengthened from 8:30AM, the dollar fell further
against British pounds, Swiss francs, CDN dollars and euros.
Gold, silver, US bonds and equities all rose on the dollar
weakness.  The move in the dollar and bonds was attributed in
part by the media to the discovery of explosives in the Slovak
capital of Bratislava, near this weekend's planned meeting place
for 300 NATO officials.

At 10AM, the Help Wanted Advertising Index for April was
released, falling by 1 point from the March reading of 39 to 38,
still up 1 point year-over-year.  Ad lineage increased in most US
regions during the past quarter, with an estimated 708,000 new
jobs created.


While the market clearly expressed disappointment in the data, with
the US Dollar Index getting croaked on the news and bonds rallying,
the employment news clearly represents an improvement over the
400K+weekly initial claims we recall from last year.  The deeper
issue is the quality of the jobs being created, with the outsourcing
of tech and manufacturing jobs still a crucial and troubling story.

Crude oil broke back below the 40 level in the morning and remained
weak throughout the session, falling 3.44% to close at 39.30.
Natural gas stocks rose 89 billion cubic feet for the latest week,
exceeding analyst expectations for an 88 bcf rise.  Natural gas,
heating oil, crude oil, cotton and soybeans were the weakest
components of the CRB Index for the day.

It was a quiet day for corporate news, with mostly up- and
downgrades making the headlines.  It was reported that the
Federal Reserve fined Citigroup (C) $70M million "to pay
restitution to certain subprime personal and home mortgage
borrowers" for requiring borrowers to obtain co-signatories for
loans, even where they qualified independently for the loan.

Costco Wholesale (COST) reported Q3 net income of .42 per share
or $198.7M, up from .33 per share year-over-year and beating
estimates of .38 per share. Sales were up 14% to $10.67B, also
beating estimates of $10.64B.  COST rose 1.66% to close at 38.08.

Electronic Data Systems (EDS) completed the $2.05B sale of its
UGS PLM Solutions software unit to a group of three private
equity firms.  This appears to be a bullish transaction for the
company, which it claims should render it debt-free and flush for
$5B by the end of the year, as well resulting in a large cash
gain for Q2 to be reported in July.  EDS closed higher by 2.01%
at 16.25.

The Fed was relatively quiet today, with New York Fed President
Timothy Geithner addressing the Economic Club of New York today.
Mr. Geithner told the Club that the financial system appears to
be sound, but admitted that the increasing complexity of the
financial system makes risk assessment and banking oversight
difficult tasks.  He noted that participants appear to be
adjusting themselves in preparation for a higher interest rate
environment, but stressed the difficulty in evaluating risk
within the system and the need to devote resources to allow
regulators to properly monitor those risks.

With the weather heating up and a long weekend approaching, I'm
expecting volume to drop considerably for tomorrow.  As we know,
that can either result in a comatose flatlined range, or hair-
raising volatility on a thin tape.  In either case, barring a
strong directional move to the downside, this week is clearly set
up for a bullish victory.  As discussed in tonight's Futures
Wrap, an intraday pullback is to be expected, but for the time
being, the daily cycle upphase, still in its early stages, is
delivering strong upside price traction.  If feeling bearish on
the action, my suggestion is to either use patience, disciplined
entries, tight stops and quick exits, or preferably all of the
above.

Tomorrow morning, we'll have personal income and personal
spending data for April to be released at 9:30, followed by
Michigan Sentiment at 9:45 and the Chicago PMI for May at 10AM.
With holiday volume expected, there's a good chance that we'll
see some fast action in the morning.  We'll be covering it tick-
by-tick in the Market Monitor and Futures Monitor.  See you
there.


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

Throwing Caution to the Wind?
- J. Brown

This has been a positive week for stocks.  The Dow Industrials
are up more than 230 points while the NASDAQ Composite is up more
than 70 points (+3.7%) for the week and it's not over yet.  It
was only four days ago that oil hit its all-time high near $41.72
a barrel.  Since then we've seen stocks march higher as crude oil
prices fall.  Today crude slipped $1.26 to $39.44 a barrel, which
is the lowest close in nearly three weeks.

Is it all about oil?  Well, this week the answer is probably yes.
The market is always finding something to worry about.  It didn't
hurt that this morning the GDP number came in at 4.4% growth.
That's higher than the earlier reading at 4.2% but under
estimates of 4.5%.  This hot but not too hot reading has some
traders speculating that the Fed might not raise rates at the
next meeting.

Looking at the action in today's market the movement was
generally positive.  Money was flowing into transports as the Dow
Transport index surged 3%.  Traditional Dow theory suggests that
you can't have a meaningful rally in the markets without
confirmation in the transports.  Today's rally higher, fueled by
the drop in oil, is good news for the bulls.

Tech stocks are still creeping higher although hardware was a
laggard today.  The INX Internet index has broken through
resistance at 185 and cleared all its moving averages.  Likewise
the SOX is performing well but is just under technical resistance
at its 200-dma.  This could be a challenge for the NASDAQ
tomorrow, if the chip sector slips on profit taking.  The good
news is that the NDX-100's bullish percent chart has moved into a
new bull alert status.

I also noted that the DFI defense index was near its all-time
highs.  Retails stocks have also been big winners the last two
weeks and the RLX index is nearing its highs.  Market internals
were generally bullish with advancing stocks outnumbering
decliners by more than 2-to-1 on the NYSE and better than 8 to 7
on the NASDAQ.  Up volume was three times down volume on the NYSE
and twice down volume on the NASDAQ but overall volume remained
light.  Volume is going to get even lighter tomorrow as Wall
Street empties ahead of the long, three-day Memorial Day weekend.

Volatility indices continue to sink back toward their April lows
and investor sentiment seems to be improving.  However, tomorrow
may be a challenge.  Several of the major sector-specific
averages are right underneath significant resistance and we could
see some profit taking.  It is not normal for traders to throw
caution to the wind, especially ahead of a long weekend.
Normally professionals tend to reduce and/or hedge positions over
concerns of a potential terrorist event.


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

Market Averages

DJIA ($INDU)

52-week High: 10753
52-week Low :  8540
Current     : 10205

Moving Averages:
(Simple)

 10-dma: 10012
 50-dma: 10248
200-dma: 10059



S&P 500 ($SPX)

52-week High: 1163
52-week Low :  927
Current     : 1121

Moving Averages:
(Simple)

 10-dma: 1098
 50-dma: 1116
200-dma: 1084



Nasdaq-100 ($NDX)

52-week High: 1559
52-week Low : 1123
Current     : 1463

Moving Averages:
(Simple)

 10-dma: 1415
 50-dma: 1437
200-dma: 1424


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

CBOE Market Volatility Index (VIX) = 15.25 -0.69
CBOE Mkt Volatility old VIX  (VXO) = 15.53 -0.70
Nasdaq Volatility Index (VXN)      = 21.50 -0.13


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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.94        648,734       608,932
Equity Only    0.63        512,473       320,999
OEX            1.21         21,903        26,556
QQQ            2.17         34,708        75,435


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

Bullish Percent Data

           Current   Change   Status
NYSE          63.7    + 1     Bear Confirmed
NASDAQ-100    36.0    + 3     BULL ALERT
Dow Indust.   66.7    + 0     Bear Confirmed
S&P 500       59.8    + 1     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: 0.67
10-dma: 1.05
21-dma: 1.05
55-dma: 1.08


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    1914      1645
Decliners     915      1384

New Highs      94        86
New Lows       30        18

Up Volume   1281M     1032M
Down Vol.    470M      479M

Total Vol.  1785M     1609M
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

Commercial traders remain net short and seem to be increasing
their bearish sentiment.  Small traders are net bullish and in
mirror-like fashion are growing more bullish compared to the
big traders.


Commercials   Long      Short      Net     % Of OI
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%)
05/18/04      394,352   423,258   (28,906)   (3.5%)

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
04/27/04      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%
05/18/04      139,647    74,597    65,050    30.4%

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

The four-week trend for the commercial traders has been a bullish
one as they increase their long positions.  Meanwhile the small
traders have been busy shuffling money around and reducing their
long and short positions.


Commercials   Long      Short      Net     % Of OI
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%
05/18/04      390,484   357,157     33,327     4.5%

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
04/27/04      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%
05/18/04       62,216     87,269    25,053    16.8%

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


NASDAQ-100

There continues to be very little movement in the commercial
traders' positions.  Small traders have reduced their short
positions somewhat.


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%
05/18/04       58,376     37,528    20,848   21.8%

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
04/27/04        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%)
05/18/04        9,843    18,935   ( 9,092)  (31.6%)

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

The dead heat between longs and shorts for the commercial
traders has grown even thinner.  Small traders have moved
from net bearish to net bullish on the Industrials.


Commercials   Long      Short      Net     % of OI
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%
05/18/04       22,257    22,444   (  187)     (0.4%)

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
04/27/04        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%)
05/18/04        9,098     6,591    2,507     16.0%

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

Light Volume Lift

Walgreen Company - WAG - close: 35.23 change: +0.66

WHAT TO WATCH: Ever since early December, shares of WAG have been
in a declining trend, but that began to change in April, with the
stock finally posting a slightly higher low.  Another higher low
in mid-May brightened the picture a bit more and today the stock
finally broke over its 6-month descending trendline.  This ought
to allow the stock to rally back to at least the $37 level and
then make a run towards the $40 level.  Entries near the $35
level look favorable with stops set just under the 50-dma.




---

Vivendi Universal - V - close: 25.67 change: +1.49

WHAT TO WATCH: The past few months have seen V heading retracing
a portion of its gains from the past year, with price falling all
the way to the 200-dma a couple weeks ago.  Then the bulls
stepped up and started buying the stock and they really threw
their weight around this morning, driving the stock sharply
higher at the open, producing a strong breakout over the
descending trendline at $25.  A successful test of that line
would make for the ideal entry point although momentum entries
over today's high could work for more aggressive traders as well.
Target a rally back to the highs earlier this year near $29.




---

The Gillett Company - G - close: 43.05 change: +1.10

WHAT TO WATCH: Although it rarely tops a list of exciting or
fast-moving stocks, G is definitely on a bullish run here,
producing one breakout to new multi-year highs after another.
Today saw the stock blast through the $42 level on expanding
volume and while there will be some resistance found near the $45
level, we're looking for a rise into the $47-48 area.  Based on
the way the stock has traded in the recent past, we'd expect a
pullback to confirm support near $42.  Look for entries on a
successful test of that level.




---

Nordstrom Inc.. - JWN - close: 40.65 change: +0.46

WHAT TO WATCH: While the rest of the market has been selling off
and attempting to rebound, shares of JWN have held up remarkably,
failing to even test the 200-dma.  The rebound this week has
driven the stock right back to major resistance at its all time
highs.  Use an entry trigger over $41.25 and then look for upside
continuation towards the $45 level.  As a point of confirmation,
look for the Retail index (RLX.X) to break out to new all-time
highs as well.




---


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

CVS $41.96 - We mentioned CVS as a potential breakout candidate
earlier this week and the bulls delivered today, with the stock
blasting through that $41 resistance.  That puts the stock at its
best level in nearly 3 years and the next substantial resistance
isn't found until $45.  Momentum entries above today's high may
work, but we'd prefer to capture a pullback entry on a test of
$41 as new-found support.

AEP $31.54 - Breaking resistance didn't take very long for AEP
investors, as the stock only stalled below the $31 level (and the
50-dma) for a couple days before today's strong breakout.  Strong
support should now be found at $31, making a pullback near that
point ideal for new entries.  While there may be some mild
resistance found near the 100-dma, we're looking for the stock to
rally to $33 and then make a solid attempt on its recent highs
near $35.


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





PremierInvestor.net Newsletter                 Thursday 05-27-2004
                                                    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
Stock Splits:      IRM


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


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

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

IRM announces a 3-for-2 stock split

 Thursday evening after the market's close Iron Mountain Inc.
(NYSE:IRM) announced that its Board of Directors authorized and
approved a 3-for-2 stock split of its common shares.

The split will take place as a stock dividend and will be payable
on June 30th, 2004 to shareholders on record as of June 15th.
Fractional shares will be paid in cash.  Post-split IRM will have
approximately 129 million shares outstanding.


About the company:
Iron Mountain Incorporated is the world's trusted partner for
outsourced records and information management services. Founded in
1951, the Company has grown to service more than 200,000 customer
accounts throughout the United States, Canada, Europe and Latin
America. Iron Mountain offers records management services for both
physical and digital media, disaster recovery support services,
and consulting - services that help businesses save money and
manage risks associated with legal and regulatory compliance,
protection of vital information, and business continuity
challenges. (source: company press release)


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

SI      Siemens Aktien             71.70     +1.46
DCM     NTT De Co Mo               18.41     +0.66
HBC     HSBC Holdings              73.84     +1.69
MRK     Merck & Co                 47.48     +0.56
CSR     Credit Suisse Group        35.52     +0.88
SNY     Sanofi-Synthelabo          33.55     +0.92

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

ASF     Administaff Inc            16.47     +1.39
JDAS    JDA Software               13.05     +1.35
NAVR    Navarre Corp               12.84     +1.71
OS      Oregon Steel Mills         11.09     +2.44
ANIK    Anika Therapeutics         13.49     +1.42

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

UNH     UnitedHealth Group         64.33     +1.32
BA      Boeing Co                  46.19     +1.43
V       Vivendi Universal          25.63     +1.45
GD      General Dynamics           95.61     +1.73
CNI     Canadian Natl Railway      39.72     +2.05
MIK     Michaels Stores            51.29     +4.59
DLTR    Dollar Tree Stores         27.73     +2.21

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

OXY     Occidental Petroleum       44.05     -1.63
CNQ     Canadian Ntrl Reserves     51.98     -2.34
CAI     CACI Intl Inc              37.39     -5.03
SLXP    Salix Pharmaceuticals      29.06     -1.55
STAR    Lone Star Steakhouse       25.89     -3.86

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

THX     Houston Exploration        47.00     -1.00


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