PremierInvestor.net Newsletter Tuesday 06-08-2004 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: Major Resistance Ahead Watch List: When In Pamplona Market Sentiment: Upbeat but cautious ================================================================= MARKET WRAP (view in courier font for table alignment) ================================================================= 06-08-2004 High Low Volume Adv/Dcl DJIA 10432.52 + 41.40 10432.81 10353.05 1.46 bln 1473/1721 NASDAQ 2023.53 + 2.90 2023.54 2008.30 1.47 bln 1342/1719 S&P 100 556.74 + 1.05 556.88 553.43 Totals 2815/3440 S&P 500 1142.12 + 1.70 1142.16 1135.45 W5000 11109.09 + 9.10 11120.32 11061.27 SOX 489.41 + 1.20 489.41 481.61 RUS 2000 577.91 - 0.99 578.90 575.70 DJ TRANS 3072.40 + 32.30 3072.45 3030.72 VIX 15.01 - 0.38 15.88 15.00 VXO (VIX-O)13.75 - 0.95 15.17 13.75 VXN 22.26 - 0.39 23.10 22.10 Total Volume 3,116M Total UpVol 1,648M Total DnVol 1,388M Total Adv 3137 Total Dcl 3787 52wk Highs 202 52wk Lows 49 TRIN 0.92 NAZTRIN 0.66 PUT/CALL 0.86 ================================================================= =========== Market Wrap =========== Major Resistance Ahead by Jim Brown You could not tell it from the indexes during the morning session with red across the board but the market is still in rally mode. They did not stray far from the bullish trend started on Monday despite the negative start. The Russell was the only index to finish in the red although gains on all but the Dow were slight. The good news was a consolidation in place after the monster move on Monday and a bullish close at the highs. It would appear the stage was set for another big move but in which direction? Dow Chart - Daily Nasdaq Chart - Daily SOX Chart - Daily The economic reports were mixed today with the Chain Store Sales showing only a slight gain for the week after posting a loss last week. Consumers are not rushing to the stores now that the income tax refund checks are slowing. Slightly bigger news came from the Richmond Fed Manufacturing Survey which rose to 22 in May from 13 in April. While the headline number posted a large jump there was trouble in the components. New orders fell to 12 from 17 and back orders dropped into negative territory at -1 and down from +9 in April. The six-month outlook also fell to 16 from 22. The only really bright component was employment which jumped from +1 to +9 and the strongest reading in over two years. The new orders component was the lowest reading since Oct. The picture is clear that manufacturing may have peaked in early May and is beginning to decline into the summer doldrums. It is ironic that employment peaked to a two year high just as orders and backlog dropped off. Wednesday we will see Mortgage Applications, Labor Turnover and Wholesale Trade. The NY Fed President will speak at 11:15 and the Kansas Fed President at 4:15. Several previously scheduled events have been rescheduled due to the Reagan services on Friday. The PPI has been moved to Thursday from Friday. Trade Balances have been moved to Monday from Friday along with Consumer Confidence. Greenspan's confirmation testimony has been moved to June 15th from Thursday. The Russell rebalance announcement will still be on Friday and will prevent a lot of positioning that normally occurs on announcement Friday. Look for Monday to have some added Russell volatility added to option expiration week. With minimum economic news today and very little stock news the markets were left with some huge gains from Monday that needed to be digested. Early in the morning Greenspan sent traders an after dinner mint that was tough to chew. In a speech on economic developments he as much as said the Fed was going to raise faster than expected. There was all the required qualifications and the doublespeak but the message was clear. The economy is growing and while we think inflation is under control we are prepared to act aggressively at any sign of increased inflation. He then went on to target things like oil prices that could cause increased inflation. He kept the measured pace phrase but the general context of the speech was bullish towards the economy and concern inflation might suddenly appear. He pointed out that business have suddenly picked up a significant degree of pricing power and moved away from heavy discounting. In the first four months of this year consumer prices rose +4.4% compared with only +1.9% for all of last year. Core prices, excluding food and energy, have risen +3% compared to +1.3% for all of 2003. The Fed rate hike picture is clear and it is soon. The Fed funds futures are still predicting +75 basis points by the Aug meeting. No change in that prediction but the chance of June being +25 and Aug +50 are now almost 100%. Traders have already priced this into the market and the Greenspan comments today only riled the markets for a short period but they did cause uneasiness. Whenever the Fed starts talking about getting aggressive the memory of the 1994 parallel quickly returns. This memory capped the morning rebound and kept us from moving higher at the close. The offset to the Greenspan comments was a serious drop in oil prices just after 1:45. The price of crude dropped from $38.20 to $37.20 in the last 30 min of trading ending with a -1.50 drop for the day. This is a five-week low and a move under the 50dma, a level that has held prices since last September. Traders are afraid of a build in U.S. supplies and an end to price speculation. OPEC comments were flowing again today and Saudi Arabia said they would pump as much oil as anybody was willing to take. Oil and Gas supplies will be announced at 10:30 tomorrow morning. The sudden drop in crude prices sent the Dow and S&P soaring at 2:PM but they could not hold their gains once the oil market closed. Sellers appeared at resistance and the indexes began a late afternoon plunge. The Dow fell from 10432 to 10385 in only a matter of minutes but once the 10400 level was broken with a sell program the buyers rushed into fill the gap. The Dow quickly recovered its -45 point drop and finished back near 10430. This was the first close over 10400 in over a month. The Dow has risen +500 points since the May 25th low without any material profit taking. The Dow is approaching serious resistance at 10450-10550. The Nasdaq recovered from its bout of morning depression and recovered to close over 2020 for the first time since April 27th. The Nasdaq is up +60 points since the pre Intel swoon last week. The Nasdaq is also approaching very serious resistance at 2050-2070. We talk about the Dow and Nasdaq as "the" market quite often but the real market is more properly reflected in the broader S&P and Russell-2000. The S&P closed at 1141.50 and right at the beginning of very serious resistance from 1140-1150. Where the Nasdaq has a few points to run before strong resistance the S&P is there already. This suggests that further gains this week could be really tough to manage. Along with the picture of resistance on the various indexes above there is another form of resistance brewing. I have not spoken of this in quite a while but like a bad penny it keeps turning up again. The VXO closed at an all time low (for this symbol) of 13.75. In the year since the VIX was converted to a complicated formula to calculate volatility from a wider range of SPX options the VXO (old VIX) has continued to keep time with the various market swings. The close today is a warning siren that there is entirely too much bullishness given the current environment. The VXO/VIX is calculated on the SPX. As such you would expect a strong correlation between SPX movement and VXO movement. Chart of VXO-SPX - Daily Chart of VXO-RUT - Daily I had never compared a Russell chart to the VXO before but the reaction was equally amazing. On both the SPX and RUT charts whenever the VXO hit the low 14s the upward market momentum completely stopped. There has not been one single day since mid January where the markets made a new high after the VXO hit 14 without first seeing a sell off. Some of the sell offs were dramatic. In late April the VXO hit 14 on two consecutive days and a -60 point SPX drop followed. I am not asking you to take my word, simply compare the charts above. The VXO is flashing a strong warning that the rally may be nearing its end. We all know that the VXO can go below 14. That just happens to be its recent trigger point. I am not trying to build a case that we always have some kind of response every time the VXO hits a particular level. I am only pointing out that Since January the markets have behaved in a particular way whenever the VXO hit 14. That is six times in six months. If this was a horse race and number 14 was running I would bet on it to win over Smarty Pants every time. So what is this telling us? The markets are on a roll. Even bad news has no impact and good news just adds fuel to the flames. Shorts are getting squeezed at ever turn and old resistance levels are falling daily. Still this rally has been built on very light volume. We have not traded 4B shares since May-19th and the volume continues to drop each day. Today was only 3.1B shares. The Nasdaq has rallied in June on 22% less than its average daily volume for May. We have not hit 2B shares on the Nasdaq since May-3rd. Volume today was only 1.4B. To put it bluntly there is no conviction to this rally. That is not always bad but it is certainly something to watch for. It will take conviction to move much higher. The SPX is right at the beginning of very strong resistance and there is no real event to push it higher. All the good news is priced in and all the bad news has been discounted. In short we may be running out of news just when we need a really strong catalyst to break the current resistance levels. Using the SPX chart below you can see the very strong resistance range we are facing. SPX Chart - Daily For the rest of the week I would be very cautious about being long. We have some huge event risk with the G8 meeting in progress in Georgia and the influx of VIPs for the Reagan services on Friday. Expiration is next week and we could see some real volatility over the next two days as those positions are rolled forward before the weekend event risk. We are only three weeks from the June-30 Fed meeting and Iraq turnover. Plenty of opportunity for an event to spoil the party. We had news of pending Al Qaeda attacks on the U.S. on Monday and the market did not even blink. They will blink when it happens for real. I told you on Sunday to be ready for a rally and prepare to buy any dips. Unfortunately we saw the rally but no dips. The rally exploded out of the gate on Monday and added to last weeks gains. Now I am suggesting being cautious about being long. We can move higher but it probably will not be a straight run and will likely be very choppy and range bound. I feel the most likely direction will be flat to down with very minimal additional gains. Watch the SPX. With resistance growing with every point gained toward 1150 it will be the best barometer for market direction. Enter Passively, Exit Aggressively. Jim Brown Editor ================================================================== 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 --------------------------------- When In Pamplona BEA Systems, Inc. - BEAS - close: 8.87 change: +0.18 WHAT TO WATCH: The past several weeks have provided a rough ride for BEAS investors, as the stock lost a third of its value, falling from above $12 to near $8. But buyers have been back at work this week, pushing the stock through near-term resistance and apparently ready to take a shot at the $9 level at the bottom of the gap. Use a trigger at $9.15 and target a rally all the way to the top of the gap near $10.50. --- Blyth Inc. - BTH - close: 34.53 change: -0.02 WHAT TO WATCH: After trapping the bears with its break under the $31.50 level, shares of BTH have been tearing up the chart and in the past week, the volume has really started to rise. Yesterday's bullish session saw the stock break out to its best levels since 1999 and it looks ripe for a momentum play towards the $38 level. Use a trigger over $34.60. --- Staples Inc. - SPLS - close: 28.85 change: +0.74 WHAT TO WATCH: A couple weeks back we looked at shares of SPLS as a possible breakout candidate. Well it finally happened, with the stock breaking over the $28 level yesterday and then continuing to surge today. Chasing the stock higher here may be a bit too aggressive, but a pullback near the $28 level would provide a gift of an entry point as the stock should be headed towards the $33-34 area after its lengthy consolidation. --- Smurfit Stone Container Corp. - SSCC - close: 18.44 change: -0.17 WHAT TO WATCH: Shares of SSCC have been consolidating just below the $19 level since last fall and with the strength in the overall market, we're betting on the bulls being able to achieve a breakout this time. Aggressive traders can enter on a push through the descending trendline near $18.70, while the more conservative approach will be to wait for a move through horizontal resistance at $19.15. Target a move to $21-22. --- =================== On the RADAR Screen =================== WBSN $34.66 - While a cursory look at WBSN's daily chart would give the impression that we've missed the breakout, stepping back to the weekly chart provides a different perspective. The stock is nearing its highs from 2001 and a break over $35 could set the stage for a rally towards next resistance at $40. TYC $31.95 - While an argument could be made that TYC is due for a rest after moving straight from the $27 level to $32 in less than a month, we're looking at the fact that the stock is now back in the upper half of its rising channel and appears destined for a run at the $35 level. Use a trigger over today's high. =============================== Market Sentiment =============================== Upbeat but cautious - J. Brown Investor sentiment feels pretty upbeat with stocks rising, jobs rising, and corporate profits rising yet there seems to be an undercurrent of caution. That's not surprising. The G8 summit is a big target for terrorists but they're going to have a hard time getting past security to Sea Island, Georgia. The state funeral in Washington to mourn President Reagan's death is also a big target with all the high profile attendees but security is going to be super tight. Fortunately, if there was any question yesterday if the Dow Industrials had or had not broken out above its descending trendline of resistance it has been answered today. The 41-point gain in the Dow put it above the 10,400 level and the age-old index closed at its high for the session, which is generally a positive sign for tomorrow. Boosting positive interest in stocks was the drop in crude oil prices. July futures for crude hit new six-week lows and broke down through support at the $38.00 level as well as its 40 and 50-dma's. This of course weighed on the energy sector and the OIX, OSX, and XNG indices all closed lower. In contrast the Dow Jones Transportation index continues to rally and is nearing major resistance at the 3090 (and 4000) level. The TRAN is starting to look pretty overbought as it nears resistance. That should make some of you cautious. The SOX semiconductor index is valiantly trying to breakout over resistance at 490 and its 100 and 200-dma's but it just couldn't do it today and that may have been what kept the NASDAQ in check. Meanwhile the GHA hardware index did breakout over its 200-dma just as IBM pushed through its own resistance at $90 and its 40 and 50-dma's. Overall market internals were mixed to bearish. The advance/decline line was negative with 5 losers for every 4 winners on the NYSE and almost 17 decliners per 13 winners on the NASDAQ. The up and down volume numbers were very close to even on the NYSE but bears had the edge. Volume was more bullish on the NASDAQ but not by any significant ratio. Traders should probably double check their stop losses and reassess how much risk they're willing to take. The VXO volatility index is waving a HUGE warning sign. Remember that the VXO is the old VIX. This gauge of investor fear has plummeted lower in the last two sessions and hit a new all-time low since it began trading under the new symbol. That doesn't mean that the markets are going to sell off tomorrow but it does mean we could be at a short-term top. Of course if there's one thing we've learned about the volatility indices in the last year is that they can sink a lot lower than generally thought they would. ----------------------------------------------------------------- Market Averages DJIA ($INDU) 52-week High: 10753 52-week Low : 8871 Current : 10432 Moving Averages: (Simple) 10-dma: 10234 50-dma: 10265 200-dma: 10091 S&P 500 ($SPX) 52-week High: 1163 52-week Low : 962 Current : 1142 Moving Averages: (Simple) 10-dma: 1123 50-dma: 1119 200-dma: 1089 Nasdaq-100 ($NDX) 52-week High: 1559 52-week Low : 1180 Current : 1495 Moving Averages: (Simple) 10-dma: 1465 50-dma: 1447 200-dma: 1431 ----------------------------------------------------------------- CBOE Market Volatility Index (VIX) = 15.01 -0.38 CBOE Mkt Volatility old VIX (VXO) = 13.75 -0.95 Nasdaq Volatility Index (VXN) = 22.26 -0.39 ----------------------------------------------------------------- Put/Call Ratio Call Volume Put Volume Total 0.86 617,310 531,082 Equity Only 0.66 457,046 300,707 OEX 1.54 25,276 38,917 QQQ 1.78 20,472 36,498 ----------------------------------------------------------------- Bullish Percent Data Current Change Status NYSE 66.2 + 2 Bear Confirmed NASDAQ-100 40.0 + 2 BULL ALERT Dow Indust. 70.0 + 2 Bear Confirmed S&P 500 63.4 + 2 Bear Confirmed S&P 100 63.0 + 1 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: 0.87 10-dma: 0.83 21-dma: 0.97 55-dma: 1.03 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 1283 1324 Decliners 1506 1676 New Highs 117 100 New Lows 24 13 Up Volume 695M 783M Down Vol. 712M 628M Total Vol. 1448M 1440M M = millions ----------------------------------------------------------------- Commitments Of Traders Report: 06/01/04 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 Action in the large S&P 500 futures contracts has been slow. Commercial traders remain net short but the bearish interest has been declining for two weeks now. Small traders' positions are virtually unchanged. Commercials Long Short Net % Of OI 05/11/04 401,365 421,672 (20,307) (2.5%) 05/18/04 394,352 423,258 (28,906) (3.5%) 05/25/04 400,713 420,764 (20,051) (2.4%) 06/01/04 406,665 421,681 (15,016) (1.8%) 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 05/11/04 135,534 76,987 58,547 27.5% 05/18/04 139,647 74,597 65,050 30.4% 05/25/04 136,086 79,060 57,026 26.5% 06/01/04 137,100 79,583 57,517 26.5% 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 Wow! Commercial traders are completely undecided with a dead heat between longs and shorts. Meanwhile small traders have turned bullish. Commercials Long Short Net % Of OI 05/11/04 378,696 362,887 15,809 2.1% 05/18/04 390,484 357,157 33,327 4.5% 05/25/04 353,722 336,406 17,316 2.5% 06/01/04 325,865 325,274 591 0.0% 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 05/11/04 101,199 94,408 6,791 3.5% 05/18/04 62,216 87,269 25,053 16.8% 05/25/04 91,515 100,759 ( 9,244) ( 4.8%) 06/01/04 111,484 90,625 20,859 10.3% Most bearish reading of the year: (77,385) - 09/02/03 Most bullish reading of the year: 449,310 - 06/10/03 NASDAQ-100 Commercial traders have hit new bullish extremes we've not seen in many months. Right on track small traders have hit bearish extremes. Commercials Long Short Net % of OI 05/04/04 56,931 35,209 21,722 23.6% 05/18/04 58,376 37,528 20,848 21.8% 05/25/04 59,891 37,630 22,261 22.8% 06/01/04 59,944 34,784 25,160 26.6% Most bearish reading of the year: (21,858) - 08/26/03 Most bullish reading of the year: 25,160 - 06/01/04 Small Traders Long Short Net % of OI 05/11/04 9,716 21,072 (11,356) (36.9%) 05/18/04 9,843 18,935 ( 9,092) (31.6%) 05/25/04 10,184 20,653 (10,469) (33.9%) 06/01/04 9,755 30,025 (20,270) (51.0%) Most bearish reading of the year: (20,270) - 06/01/04 Most bullish reading of the year: 19,088 - 01/21/02 DOW JONES INDUSTRIAL Not much action going on here with the commercial traders. They remain slightly bearish on the Dow. Small traders are growing more bullish. Commercials Long Short Net % of OI 05/11/04 22,614 21,507 1,107 2.5% 05/18/04 22,257 22,444 ( 187) (0.4%) 05/25/04 23,578 24,632 (1,045) (2.2%) 06/01/04 23,397 24,393 ( 996) (2.0%) 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 05/11/04 7,009 7,640 ( 631) ( 4.3%) 05/18/04 9,098 6,591 2,507 16.0% 05/25/04 9,623 6,614 3,009 18.5% 06/01/04 9,000 6,021 2,979 19.8% Most bearish reading of the year: (12,106) - 3/09/04 Most bullish reading of the year: 8,523 - 8/26/03 ----------------------------------------------------------------- ================================================================= 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 Tuesday 06-08-2004 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: AAI, NXTP, SBUX, ENZN 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 ================================================================= AAI - long Adjust from $12.75 up to $13.40 --- NXTP - long Adjust from $14.90 up to $15.25 --- SBUX - long Adjust from $39.00 up to $41.00 ---------- PUTS ENZN - non-tech short play Lower stop from $14.80 to $14.51 Traders can target an exit at its 200-dma near $13.25. More aggressive traders can hang on and target $12.00. ================== 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 IBM Intl Busines Machines 90.04 +1.40 UTX United Technologies 88.00 +0.93 PRU Prudential 45.66 +0.61 LEH Lehman Brothers 79.00 +0.99 YUM Yum! Brands 38.01 +1.00 S Sears Roebuck 40.41 +2.11 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- HXL Hexcel Corp 10.38 +1.13 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- HSY Hershey Foods 92.22 +2.42 MGG MGM Mirage 48.03 +3.19 KMRT KMart Holdings 66.33 +4.33 SFD Smithfield Foods 30.21 +1.09 ELAB Eon Labs Inc 39.92 +1.25 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- TRB Tribune Co 46.92 -1.76 BRL Barr Labs 38.80 -2.53 ONXX ONYX Pharmaceuticals 38.85 -1.83 WEBX Webex Communications 20.78 -1.33 DHOM Dominion Homes 24.83 -4.50 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- FO Fortune Brands Inc 74.61 -0.38 IPXL Impax Labs 21.29 -0.60 UZG United States Cellular 27.11 -0.30 ================================================================= 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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