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. ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright ) 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter Thursday 05-27-2004 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 ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
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