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Daily Newsletter, Tuesday, 06/15/2004

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PremierInvestor.net Newsletter                  Tuesday 06-15-2004
                                                    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:      Inflation or Deflation?
Watch List:       DPH, ACXM, NXTL, FBR
Market Sentiment: CPI Cools Concerns

=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
     06-15-2004            High     Low     Volume Advance/Decline
DJIA    10380.43 + 45.70 10428.05 10336.51 1.61 bln   2225/ 626
NASDAQ   1995.60 + 25.61  2006.58  1982.41 1.49 bln   2085/ 971
S&P 100   552.79 +  2.73   555.67   550.06   Totals   4310/1597
S&P 500  1132.01 +  6.72  1137.36  1125.29
RUS 2000  567.92 + 10.25   569.69   557.67
DJ TRANS 3039.84 + 45.87  3051.89  2997.09
VIX        15.05 -  1.02    15.35    14.72
VXO        15.00 -  1.15    15.64    14.61
VXN        20.88 -  1.36    21.85    20.46
Total Volume 3,116M
Total UpVol  2,443M
Total DnVol    625M
52wk Highs     111
52wk Lows       80
TRIN          0.61
PUT/CALL      0.78
=================================================================

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

Inflation or Deflation?
Jonathan Levinson

The markets were dominated with news and discussion surrounding
the thorny inflation vs. deflation issue, with the CPI report
released in the morning ahead of Greenspan's testimony before the
Senate Banking Committee.  Bonds staged a dramatic upside
reversal, with milder but still solid gains in equities and
metals.

The Dow closed higher by 45.7 points at 10380.43, the S&P 500
added 6.71 to close at 1,132 and the Nasdaq gained 25.6 points to
close at 1995.6.  Volume was modest, and volatility dropped
strongly following yesterday's sharp gains, correcting part of
those gains.  The VXO  fell 7.12% to close at 15, the QQV 7.09%
to close at 19.27.  The abortive morning rally and the failed
afternoon plunge accompanied by big moves in the volatility
indices reminded us that it is, after all, op-ex or "scam" week,
a time for headfakes and false breaks.  Today did not disappoint.


Daily Dow Chart



The Dow's gains lent support to the descending trendline at
10340, which once again supported the price with the day low
printed at 10336.  The move paints a complicated picture, as
today's failed high at 10428 broke Monday's and Friday's high,
but the gains blew off in a doji spike.  Despite the higher high
(and higher low), the overall descending trend from the June high
continues, but it was sufficient to confuse the daily cycle
oscillators, with the 10-day stochastic hesitating in its
downphase.   Macd confirmation of the stochastic sell signal from
last week remains elusive, making this a dangerous and tricky
level overall, below rising resistance but above descending
support.  A break below the descending trendline, currently at
10335-40, would be a good short entry with a stop just above the
trendline, while a break of today's high on a closing basis would
most likely abort the stochastic downphase and set up a test of
rising resistance at 10490.  Next support below 10335 is at
10290, being confluence and Fibonacci support, followed by 10240.


Daily Nasdaq Chart



The Nasdaq daily is a much simpler chart here, with a failed
"return-to-the-scene-of-the-crime" rally rejected at the
descending resistance line.  Last week's upside close has so-far
proven to be a classic throwover trap, and until a close above
the trendline at 2005, the daily cycle downphase should continue
to strengthen.  A closing break of support at 1980-82 (session
low at 1982 today) should provide the bearish Macd cross we've
been awaiting to confirm the daily cycle rollover from last week,
while another bounce from that level sets up another challenge of
the broken resistance line.  A break of 2005 on a closing basis
would obviously be bullish, but I'd want to see a break of 2025
resistance before doubting the daily cycle downphase currently in
progress.


It was a news-heavy day.  At 8:30AM, the Labor Department
reported that the Consumer Price Index, the most widely used
gauge of U.S. inflation, rose 0.6% in May, the largest one-month
gain since January 2001 and exceeding expectations for a 0.4%
gain.  The media emphasized that the core CPI, which is the CPI
net of food and energy costs, rose just 0.2%, in line with
expectations.   The fact that everyone has to pay the so-called
"volatile" food and energy costs doesn't seem to be a fact with
which many analysts concern themselves.  Furthermore, looking at
the yearly trend, we see that the 12-month y-o-y change in the
CPI (including food and energy) is now 3.1%.  At 1.0%, the real
Fed funds rate is -2.1% using the 12-month y-o-y change in CPI as
the inflation measure.  It's even more egregiously negative if we
use the 5-month annualized rate which is in the vicinity of 5.1%.
At 8:30AM with the release of the data, one could not help but
wonder, if the alleged economic recovery is as robust as the Fed,
the Treasury Department and our politicians claims, why is the
Fed funds rate being maintained so far below the curve?

Also at 8:30, the New York Empire State Manufacturing Index was
released, meeting expectations at 30.2.  The New York Federal
Reserve Bank said that the data showed strong economic activity,
unchanged from its May reading.  The press reported that other
than during the March decline, the Empire State index has been
above 30 since October. New orders fell to 26.5 from 36.6 in May,
shipments fell to 33.4 from 42.3, and the employment index fell
to 12.9 from 21.3.

The Commerce Department reported that business inventories in the
rose a 0.5% in April, exceeding expectations for a 0.4% rise for
an 8th consecutive gain.  Business sales fell 0.1% after record
gains in the prior month.  The inventory-to-sales ratio remained
at a record low of 1.30 months in April, which indicates
strengthening demand exceeding the ability or willingness of
businesses to grow their inventories, a generally bullish sign.
A low inventory-to-sales ratio predicts a more direct increase in
production in the event of increasing demand for products.

The Producers Price Index was delayed again indefinitely with the
BLS again citing computer problems.  The missing report was
originally scheduled for release on June 11th.

The US Dollar Index dipped on the 8:30 data, sparking a rally in
equities, treasuries and precious metals.  At 9:45, the
University of Michigan announced that consumer sentiment rose to
95.2 in June, a 2 month high, up from the 90.2 May reading and
exceeding expectations for 90.5.  The admittedly subjective index
reading is down 8% from its January high.  Despite this strong
data, bonds remained firm near their highs of the day in breakout
territory on the daily charts, just in time for Greenspan to
begin his testimony before the Senate at 10AM.

Around the same time, it was reported by oil minister Thamer
Ghadban that "A pipeline south of Basra was targeted by saboteurs
with explosives," in what he felt was an act of sabotage.  Oil
rose on the news of yet another attack on oil production and
delivery assets.  Iraqi oil exports were reportedly brought to a
standstill by the blast.  The gains were short lived, with crude
futures settling back into negative territory to finish the day
down 1.29% at 37.39.

Greenspan said relatively little in his Senate testimony.  He
told the committee that he would be honored to serve a 5th term
as Fed chairman.  Most notably, he did not confirm if or when the
Fed would be raising rates, and emphasized uncertainty and the
difficulty in determining monetary policy overall.  He said that
the Fed would focus on probabilities in the face of the wide
range of events that the future might hold, and noted that the
economy has been very resilient in the face of what would
formerly have been destabilizing shocks. In the Q&A session,
Greenspan stated that the Fed views inflation to be benign
currently, and not a problem.  He nevertheless admitted that high
energy costs could present a threat to productivity.  Moving from
that topic, he reiterated his warnings from last year, saying
that he found the numbers concerning the imminent retirement of
the baby boomers around 2008 to be "very disturbing", urging that
deficits be reduced or eliminated, primarily by reducing
government spending.  In response to a question from Senator
Sarbanes, he added that he would be very surprised to the boom in
home sales and prices continue.

Equities had been in the process of rolling over, but spiked
higher on the "inflation is benign" comments from the Fed chief.
Gold spike to new session highs and similarly held those levels
during the Q&A session.

Chairman Greenspan is scheduled to testify before the House
Budget Committee tomorrow at 10AM.

In last night's Futures Wrap, I cautioned against being too
confident that Greenspan would be quick to do what the market so
obviously expected.  With a rate hike appearing almost
unavoidable, I noted that the bond market, which determines the
rates that concern the whole world (other than the Fed's 23
primary dealer banks), had already fallen very substantially from
its March highs, raising yields (read: interest rates) sharply
from their March lows.  Central bankers prefer to jawbone the
markets than to actively buy or sell them, and Mr. Greenspan
today did not disappoint.  The markets over the past 3 months
have done most of the heavy lifting, and his testimony and Q&A
responses were only a step above bare chit chat.

Also in the morning, President Bush and the Afghan president
Hamid Karzai addressed the press from the Rose Garden.  They
delivered an upbeat assessment of economic developments in
Afghanistan, and announced a bilateral trade agreement between
the US and that country, including a dedication of $5M to
promoting the advancement of women in the Afghan's public and
private sectors, including training and small business grants.
In the Q&A session that followed, the President answered
questions about the US economy, stating that he's pleased about
the strong economy and optimistic for its future.  No one asked
him why he thought the Fed is pegging its rates so far below even
the official CPI number.

The House Financial Services Committee approved a bill tabled by
Richard Baker, R-LA. that would require companies to expense only
those stock options granted to their five highest-paid
executives.  This watered-down bill would also require the SEC
and Labor Department to conduct a joint study to study the
economic impact of stock option expensing despite the fact that
the Financial Accounting Standards Board has already recommended
that companies should deduct the value of all stock options from
their income statements.  This is also a point on which Warren
Buffett has been particularly outspoken in the past, arguing that
stock options should be required to be expensed by the companies
that grant them.

In corporate news, MSFT was higher on analyst Rick Sherlund's
speculation that MSFT may announce a share buy-back program to
reduce part of its massive cash position.  The Goldman Sachs
analyst said that "We believe an aggressive share repurchase
would be materially additive to earnings and could be a positive
catalyst to the stock," but admitted that the Company had yet to
make any announcement.  Speculators didn't wait, however, bidding
MSFT up to a 1.56% gain, stock closing at 27.32.

After the close, ORCL announced Q4 earnings of $990M or 19 cents
per share, up from $858 million or 16 cents y-o-y and beating
expectations by a penny.  Sales rose 9% percent to $3.1B,
exceeding expectations of $3.071M, up from $2.8B y-o-y.

For tomorrow, we await the 8:30 release of May housing starts
(est. 1.95M) and building permits (est. 1.97M), followed by May
industrial production (est. .8%) and capacity utilization (est.
77.4%), followed by the 2PM release of the Fed's Beige Book.
And, to repeat, Chairman Greenspan's testimony before Congress is
scheduled to begin at 10AM.

For tomorrow, I'm expecting more downside attempts based on the
ongoing daily cycle downphases.  Because it's op-ex week,
complete with failed moves and spiky volatility, I'm trying to
stay flexible and not get too surprised by whatever sudden move
happens next.  The trendlines on the daily charts provide a good
working range that can either be faded for reversals or followed
on breakouts, but I'd urge you to be disciplined with your stops
out of respect for the op-ex factor.  Greenspan's testimony
should also be good for some swings, if it doesn't result in a
teeth-grinding stall such as we had at various points this
morning.



==================================================================
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
---------------------------------


Delphi Corp. - DPH - close: 10.86 change: +0.21

WHAT TO WATCH: It doesn't move very fast, but shares of DPH look like
they are just finishing off a very healthy consolidating and are
setting up for a significant bullish move.  Near-term, we can play a
breakout over today's high, targeting a move to the $11.75 area.  But a
breakout over that level would complete the long-term cup & handle
formation, opening the door for a rally up to the $16-17 area.




---

Acxiom Corp. - ACXM - close: 24.81 change: +0.06

WHAT TO WATCH: We looked at ACXM as a potential breakout play
last week and the prospects still look bright.  What better way
to point that out than to feature the stock again here tonight.
The stock has been battling with the $25 resistance level for the
past few sessions and a firm breakout (over $25.25) looks like a
viable entry strategy in anticipation of a longer-term move
towards the $30 level, which should be significant resistance.




---

Nextel Communications Inc. - NXTL - close: 24.74 change: +0.66

WHAT TO WATCH: After drifting lower for most of the year, NXTL
finally found some support near the $22 level in late May and has
been giving some bullish signs.  Breaking over the 50-dma again
last week was a nice start and the stock is beginning to distance
itself from that average.  A pullback near the 50-dma can be used
for entry, as can a breakout over the 100-dma.  Target a move to
the $27.50-28.00 area.




---

Friedman Billings - FBR - close: 20.02 change: +1.18

WHAT TO WATCH: After a flood of selling swept shares of FBR down to
strong support near $16 last month, the stock has been trying to regain
its footing.  The past few weeks of consolidation just below $20 have
set the stage for a breakout move and today's action looks like a good
start with the close over the 50-dma.  Trigger entries over today's
high and target a rally back near $22.





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

HUM $16.01 - Shares of HUM can't seem to catch a break, with the late-
May rally stalling and rolling over below the 50-dma over the past
couple weeks.  We're a bit early for a breakdown play, but a drop
through the May low at $15.20 would be a major breakdown, opening the
door for a drop towards next strong support near $13.

MSFT $27.40 - Is Mr. Softee finally going to make a comeback?  The
rally over the past week certainly looks encouraging, as does today's
strong move that brought the stock right to descending trendline
resistance.  Enter on a breakout over today's high and look for a near-
term move towards the $30 resistance level.


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


CPI Cools Concerns
- J. Brown

Monday's market wide decline was fueled by rising fears of a 50
basis point rate hike at the end of June.  Hawkish comments from
Federal Reserve officials late last week made it clear that if
inflation rose too quickly so to would their monetary policy.
All eyes were on the May CPI report this morning.  The overall
rise in consumer prices jumped 0.6%, the strongest move in three
years.  Fortunately, everyone knew the Fed was watching the core
rate of inflation that excludes more volatile food and energy
prices.  May's core rate rose just 0.2%, which was inline with
expectations.  This report eased tensions that the Fed might be
forced to raise rates too quickly and Wall Street felt more
confident that the FOMC would indeed use their "measured"
approach with just a 25-point hike on the June 30th.

The May CPI number sparked a rally in both stocks and bonds today
but trading began to slow midday as investors turned to hear
Greenspan testify before his Senate confirmation hearings.  As we
moved into the afternoon stocks began to falter and by the close
we were well off the highs of the session.

Overall it was a bullish session with market internals strongly
positive.  Advancing stocks overshadowed decliners 11 to 3 on the
NYSE and by more than 2 to 1 on the NASDAQ.  Up volume was four
times down volume on the NYSE and the NASDAQ.

What is a potential concern are the volatility indices.  Once
again the VIX/VXO/VXN are moving toward their recent lows.
Usually when they reach such extremes the stock market tends to
sell-off.  These volatility indices aren't there yet but they are
nearing dangerous levels and traders should keep this in mind as
they consider any bullish positions.

Tomorrow is another big day for economic data and Fed head
speeches.  Wednesday brings the housing starts number, building
permits, industrial production, capacity utilization and the
Fed's Beige Book report.  Wall Street will also keep one ear
turned toward Fed governor Guynn and Fed governor Broaddus as
they speak on the economy.



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

Market Averages

DJIA ($INDU)

52-week High: 10753
52-week Low :  8871
Current     : 10380

Moving Averages:
(Simple)

 10-dma: 10322
 50-dma: 10266
200-dma: 10122



S&P 500 ($SPX)

52-week High: 1163
52-week Low :  962
Current     : 1132

Moving Averages:
(Simple)

 10-dma: 1129
 50-dma: 1120
200-dma: 1092



Nasdaq-100 ($NDX)

52-week High: 1559
52-week Low : 1180
Current     : 1479

Moving Averages:
(Simple)

 10-dma: 1470
 50-dma: 1449
200-dma: 1434



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

CBOE Market Volatility Index (VIX) = 15.05 -1.02
CBOE Mkt Volatility old VIX  (VXO) = 15.06 -1.09
Nasdaq Volatility Index (VXN)      = 20.88 -1.36


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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.78        737,671       578,207
Equity Only    0.63        534,309       337,034
OEX            1.29         41,021        52,912
QQQ            1.05         49,427        51,777


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

Bullish Percent Data

           Current   Change   Status
NYSE          65.3    - 1     Bear Confirmed
NASDAQ-100    39.0    - 1     BULL ALERT
Dow Indust.   70.0    + 0     Bear Confirmed
S&P 500       63.4    + 0     Bear Confirmed
S&P 100       63.0    + 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: 0.96
10-dma: 0.96
21-dma: 1.00
55-dma: 1.01


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    2225      2085
Decliners     626       971

New Highs      70        41
New Lows       39        41

Up Volume   1260M     1178M
Down Vol.    325M      300M

Total Vol.  1612M     1498M
M = millions


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

Commitments Of Traders Report: 06/08/04

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 trades are turning more bearish with an increase
in short positions while pulling a little bit of money out
of their longs.  Small traders have increased their positions
in both longs and shorts but continue to remain net bullish.


Commercials   Long      Short      Net     % Of OI
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%)
06/08/04      397,294   452,904   (55,610)   (6.5%)

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
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%
06/08/04      158,373    92,794    65,579    26.1%

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

Hmm... could the commercial traders be trying to tell us something?
Both their large S&P futures positions and their S&P e-minis
positions have turned net short or bearish.  As would be
expected the small traders is walking the other way and has
significantly beefed up their longs.


Commercials   Long      Short      Net     % Of OI
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%
06/08/04      367,191   409,246    (42,055)   (5.4%)

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
05/18/04       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%
06/08/04      140,191     84,649    55,542    24.7%

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 remain net long on the NASDAQ 100.
Small traders remain strongly net short.


Commercials   Long      Short      Net     % of OI
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%
06/08/04       64,747     41,178    23,569   22.3%

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
05/18/04        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%)
06/08/04        9,716    29,594   (19,878)  (50.6%)

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

There has been very little action from the commercial traders
in the Dow Jones futures but they remain net short.  Small
traders remain net long but their resolve may be weakening
a bit.


Commercials   Long      Short      Net     % of OI
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%)
06/08/04       24,636    25,821   (1,185)     (2.3%)

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
05/18/04        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%
06/08/04        8,325     6,431    1,894     12.8%

Most bearish reading of the year: (12,106) -  3/09/04
Most bullish reading of the year:   8,523  -  8/26/03
-----------------------------------------------------------------




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PremierInvestor.net Newsletter                  Tuesday 06-15-2004
                                                    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:  ISIL


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

ISIL - short
Adjust from $21.55 down to $21.00



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

NTT     Nippon Telephone           25.58     +1.13
FNM     Fannie Mae                 70.36     +0.91
BAC     Bank of America            84.23     +1.68
MRK     Merck & Co                 47.95     +1.05
FRE     Freddie Mac                60.94     +0.91
UTX     United Technologies        89.28     +1.18

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

ATI     Allegheny Technologies     14.74     +1.23
CTV     Commscope Inc              18.96     +1.68
KFY     Korn Ferry Intl            18.23     +1.53
NSS     NS Group Inc               15.20     +1.69
ANIK    Anika Therapeutics         15.30     +1.74

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

TM      Toyota Motor Corp          77.90     +2.91
SU      Suncor Energy              25.46     +1.18
INFY    Infosys Technologies       86.03     +3.28
MGG     MGM Mirage                 49.50     +1.30
EOG     EOG Resources              56.52     +1.92
NUE     Nucor Corp                 69.54     +2.69
HAR     Harman Intl Industries     89.20     +6.96

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

LEH     Lehman Brothers            73.02     -3.07
IGT     Intl Game Technology       33.45     -3.30
MTB     M&T Bank                   88.65     -1.24
RIO     Companhia Vale Do Rio Doce 45.35     -1.46
RHAT    Red Hat Inc                22.06     -2.24
MRX     Medicis Pharmaceutical     39.36     -2.64
MATK    Martek Biosciences         52.46     -3.11

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

COH     Coach Inc                  43.10     -1.02
TNS     TNS Inc                    21.47     -0.38
BKE     Buckle Inc                 27.98     -0.42
COKE    Coca Cola Bottling         56.53     -0.76



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