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 ----------------------------------------------------------------- ================================================================= 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 06-15-2004 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 ================================================================= 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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