PremierInvestor.net Newsletter Tuesday 06-22-2004 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: Stalemate! Watch List: A Little Bit Of Everything Market Sentiment: Still Range Bound As Volatility Sinks ================================================================= MARKET WRAP (view in courier font for table alignment) ================================================================= 06-22-2004 High Low Volume Adv/Dcl DJIA 10395.07 + 23.60 10401.18 10307.25 1.72 bln 1711/1481 NASDAQ 1994.15 + 19.77 1994.87 1964.53 1.71 bln 1766/1355 S&P 100 553.47 + 1.11 553.95 548.83 Totals 3477/2836 S&P 500 1134.41 + 4.11 1135.05 1124.37 W5000 11032.13 + 41.26 11035.68 10933.20 SOX 466.69 + 15.65 466.70 450.77 RUS 2000 571.89 + 3.15 571.95 563.88 DJ TRANS 3077.83 + 12.59 3078.14 3042.28 VIX 14.31 - 0.95 15.64 14.31 VXO (VIX-O)14.10 - 0.53 15.54 14.02 VXN 19.29 - 0.44 19.90 18.72 Total Volume 3,712M Total UpVol 2,441M Total DnVol 1,144M Total Adv 3900 Total Dcl 3275 52wk Highs 154 52wk Lows 119 TRIN 0.67 NAZTRIN 0.55 PUT/CALL 0.81 ================================================================= =========== Market Wrap =========== Stalemate! by Jim Brown In a repeat performance of recent weeks the markets nearly made a complete round trip from resistance to support and back again over the last two days. The Dow, which topped at 10430 on Friday and Monday retreated to exactly the low of 10307 marking the bottom of the recent range that was made on the 14th. We then saw an end of day rally that returned us back to near the Monday highs. We are at a stalemate where the bulls and bears are evenly matched as long as we are within this range. Attempts to breakout on either side are met with firm support and resistance. Chart of the Dow Industrials: Chart of the NASDAQ Composite: Chart of the SOX semiconductor index: The morning was uneventful with no material economic reports and nothing to stimulate traders in either direction. The Dow took a slight hit after a Wal-Mart suit was upgraded to class action on sex discrimination action. WMT dropped -$1 on the news but recovered slightly at the close. Chain Store Sales only rose +0.1% last week and continued their summer doldrums. The small drop in gas prices should eventually see those dollars make their way back into retailer cash drawers but it could be a long dull summer for retailers. It was not a slow spring for PalmOne. The company reported earnings at 32 cents which more than doubled street numbers at 13 cents. The stock soared on the news gaining +37% on the day. Sounds like they might have under estimated their sales. On purpose or on accident? If the rest of the tech stocks followed suit for the 2Q earnings we would not be worried about the Nasdaq breaking 2000 but 3000 instead. Unfortunately we all know that will not be the case. GS and MWD also reported blowout earnings with GS reporting $2.31 per share with estimates of only $1.95. MWD reported $1.10 per share with estimates of $1.06. Earnings for Wednesday morning include FDX with estimates of $1.33 per share and WOR at $0.76 per share. Earnings after the close include ARRO, BBBY, CDIC, COGN, MLHR, MU, OVTI. The Nasdaq got help from the SOX after the index rebounded from support at 450 but that rally ran into trouble early in the afternoon. It was a technical bounce more than a fundamental rebound and sellers were still waiting just over 460. After a brief selling attempt the SOX rallied once again to a new three day high and led the Nasdaq back over its 1980 resistance. The SOX has tested 450 support for three days without failing and chip buyers became convinced that a bottom had formed. The SOX gained +3.5% for the day. Traders watching the election surveys today saw their worst fears confirmed. The election is a toss up with a prior strong point for Bush swinging to Kerry's favor. The terror factor swung in favor of Kerry at 48% to Bush at 47% for those voters that expressed an opinion. What this means is the majority of voters now feel Kerry would be better at dealing with terrorist threats than Bush. This has long been a Bush strong point and one that helped him maintain a lead over the challenger. This makes the election a real tossup and adds more confusion to the investing future. The clock is slowly ticking down to the June 30th event horizon and volume is ticking down with it. Monday's volume barely broke 3.0B across all markets and ranked as one of the slowest days of the year. Tuesday's rebound from the bottom of our recent range produced a slightly stronger day as buyers forced shorts to cover as volatility increased. The events facing us are the Fed meeting, Iraq turnover, end of quarter and the Russell shuffle. The following week sees a resumption of the major economic reports and the beginning of earnings season. Add in the July-4th holiday and the reasons not to trade over the next eight days outweigh the reasons to be in the market. I have covered all of these events before so I will not elaborate but suffice to say the cloud on the horizon has kept most traders on the sidelines but that may be changing. The market is not producing anything notable to discuss and is following my game plan for the week exactly. I expected a continued range bound environment until after the FOMC meeting and then a possible uptick into the holiday weekend. So far so good but stay tuned. The range is clearly defined from 10300-10430 on the Dow with a possible expansion of 100 points in either direction if a suitable news event appears. The Dow managed to cross that entire range in just the last two days. The rebound at the close today was nearly +100 points off the bottom but still could not muster enough excitement to break the 10400 resistance level and closed at 10395. The Nasdaq range is 1965 to 2000 and we saw most of that on Tuesday as well. As I mentioned above the +3.5% gain in the SOX brought the Nasdaq back from 1965 to close at 1994 and near the high of the day. The Russell also helped to power the Nasdaq with a rebound off the 564 lows and support at 565 to close at resistance at 572. This +8 point jump off the morning lows was very strong and was partially due to the rebound in the SOX. Many of the chip stocks are big fish in the Russell pond and the three indexes are very interrelated. The markets appear evenly mixed between the "doom and gloom" crowd expecting the worst from the next ten days and the "fears priced in" crowd. Those that feel the worst case scenarios have already been taken into account are using the dips to the bottom of the range as buying opportunities. Neither crowd has been able to break the range but I am going to give the nod to the bullish possibilities. I think the large amount of money waiting on the sidelines is getting nervous that a rally might break out without them. The last two times we saw an end of day rally it was on strong volume compared to the low volume gravity induced sell offs. This puts the risk on the side of the sellers more than the buyers. With the various events so over analyzed I think anybody that wants to sell has probably already sold and buyers are becoming immune to the news. That news will increase as the day draws near but short of a real surprise I think there is a potential for a post Fed/Iraq rally into the holiday weekend and then again post holiday. Buyers are deciding that the risk may not be so great and maybe they should nibble at long positions in advance just in case. I am far from expecting a blowout but you never can tell when the buying urge will hit. Just like every tick below our range increases fear of a breakdown, every tick above our range increases the fear of missing the rally train. We still have very strong resistance from 10400-10575 but that would more than double our current 130 point range. It may be a tough road but buying support appears to be building. I really liked the strength of the afternoon rebound despite the end of day stall. There are no material economic reports on Wednesday with only Mortgage Applications and Mass Layoffs slated. The calendar picks up some on Thursday with Jobless Claims, Durable Goods, Help Wanted and New Home Sales. Friday sees GDP, Sentiment and Existing Home Sales. These reports will ratchet up the interest level for traders but should not be market movers. The two of greatest interest will be Durable Goods and GDP. The GDP is the final for Q1 and is expected to be +4.4%. I am having technical problems tonight so I am going to cut this short. While I still think the possibility for a continued range bound market is strong I think we are starting to see the potential to begin testing the upper range and a higher high. I have shifted back to a "buy the dip" mode and suggest you do the same. Should we see a Dow move over 10430 we could see an acceleration of buying that just might overcome the resistance areas to the 10500 level. That would be my next pause point and one that should contain the markets until the 30th baring any spectacular news events. 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 --------------------------------- A Little Bit Of Everything Echostar Communications - DISH - close: 30.10 change: -0.02 WHAT TO WATCH: Following yesterday's drop, DISH headed sharply lower and nearly made a serious breakdown. This support at $29 looks destined to break and when it does, the fall could be significant. Note that a trade at $29 will create a new PnF Sell signal and the downside price target is already $18. Use a trigger at $29 and target an initial move to the $24-25 area. --- JDS Uniphase Corp. - JDSU - close: 3.58 change: +0.38 WHAT TO WATCH: Breaking free of its recent consolidation pattern today, JDSU soared higher by nearly 12% on much stronger than average volume. While today's rally feels a bit large for a chase, aggressive traders could consider momentum entries above today's high. A better strategy would be a pullback entery near the $3.40 level. In either case, target a rally to the $3.90- 4.00 area. --- PMC Sierra - PMCS - close: 13.00 change: +0.89 WHAT TO WATCH: Technology strength aided PMCS in its rebound from the $12 level today and it looks an awful lot like a double bottom has been put in place. Aggressive traders can enter near current levels, while the more conservative approach will be to wait for the pattern to confirm with a move over the $14.60 level. Look for a longer-term upside target near the $18 level. --- Texas Regional Bancshares - TRBS - close: 44.72 change: +1.20 WHAT TO WATCH: What's not to like with another breakout to new highs? TRBS shot through the $44.50 resistance level today, keeping its long-term rally alive. Look for the uptrend to continue towards psychological resistance at $50. A pullback into the $43.50-44.00 area looks good for bullish entries. =================== On the RADAR Screen =================== LU $3.71 - Another beaten down Networking stock, LU is trying to make another bullish move, breaking out over the 50-dma and horizontal resistance today. Entries look good either on a successful test of the 50-dma as support or on a breakout over today's high. Target strong resistance near $4.20. CCE $29.02 - Continuing its inexorable rise, shares of CCE set another multi-year high today and it looks like another major breakout is coming. Trigger entries over $30 and look for a longer-term rise to the $35 area. AYE $15.17 - Energy stocks continue to look bullish and AYE is still riding its ascending channel higher. Aggressive traders can enter on a breakout to new highs over $15.35, while the more conservative approach will be to look for a pullback near solid support at $14.50. Look for a move towards the $17.50 resistance level. =============================== Market Sentiment =============================== Still Range Bound As Volatility Sinks - J. Brown It would seem that Wall Street has accepted the fact that stocks are due to remain range bound until June 30th. On that magical day the FOMC will declare they are raising rates by 25 basis points while the reigns of power shift from the coalition to a strong and able-bodied new Iraqi government. Oh sorry... I must have been daydreaming while the market churned sideways - boring most of us to sleep. Yes, those two events will occur minus the able-bodied Iraq government and yes stocks look set to trade sideways until the 30th but will they move after that date? Let's hope so. Immediately following June 30th is the June employment report due out on Friday, July 2nd. Plus, we'll be that much closer to the Q2 earnings season. Until then traders are playing the range. The Industrials bounced from the bottom of their range near 10,300 toward the top of the range in the 10,400-10,440 area. The NASDAQ rebounded from the bottom of its range near 1965 back toward the 2000 level. Actually the NASDAQ completed an inverse or reverse head- and-shoulders pattern in the last day and a half. That's bullish for stocks. The bad news is that it has already reached its target of 1995. Meanwhile Wal-Mart (WMT) weighed on the Industrials and the retail stocks after a San Francisco judge certified what is to become the largest class-action suit ever in America. The suit alleges that WMT systematically discriminated against women in pay and promotions. Over 1 million women are listed in the class action suit. On the earnings front both Morgan Stanley (MWD) and Goldman Sachs (GS) beat estimates this morning when they reported earnings this morning. Normally these stocks tend to sell off after their report despite good news but since both were already trading near two-week lows investors actually responded with a rally. Both MWD and GS painted bullish engulfing candlesticks and that bodes well for tomorrow. It was interesting to see strong gains in Lucent (LU) and JDS Uniphase (JDSU). I thought the 5.4% gain in LU to $3.71 and the 11.8% gain in JDSU to $3.58 was just speculative buying until news came out that SBC had issued plans to spend $4B to $6 billion on a new fiber optic network over the next five years. Overall the market internals were bullish. Advancing stocks outnumbered decliners 5 to 4 on the NYSE and 17 to 13 on the NASDAQ. Up volume was more than double down volume while overall volume was stronger than it has been in days. We continue to trade without any major economic reports due out tomorrow and that leaves investors stewing in negative Iraq news. Maybe Fedex (FDX) can jump start stocks when it announces earnings tomorrow morning. Estimates are for $1.34 per share. On Thursday look for the initial jobless claims, durable goods orders, help wanted index and the New Home sales numbers. Let me issue a MAJOR caution here. All the volatility indices (VIX, VXO, VXN) took a dive today. The VIX/VXO are near their multi-month lows while the VXN hit a new all-time low. This is a SERIOUS red flag and if I had to bet I'd look for stocks to fail at resistance tomorrow. ----------------------------------------------------------------- Market Averages DJIA ($INDU) 52-week High: 10753 52-week Low : 8871 Current : 10395 Moving Averages: (Simple) 10-dma: 10386 50-dma: 10254 200-dma: 10134 S&P 500 ($SPX) 52-week High: 1163 52-week Low : 962 Current : 1134 Moving Averages: (Simple) 10-dma: 1133 50-dma: 1119 200-dma: 1094 Nasdaq-100 ($NDX) 52-week High: 1559 52-week Low : 1180 Current : 1474 Moving Averages: (Simple) 10-dma: 1472 50-dma: 1447 200-dma: 1437 ----------------------------------------------------------------- CBOE Market Volatility Index (VIX) = 14.31 -0.95 CBOE Mkt Volatility old VIX (VXO) = 14.21 -0.42 Nasdaq Volatility Index (VXN) = 19.29 -0.44 ----------------------------------------------------------------- Put/Call Ratio Call Volume Put Volume Total 0.81 761,243 620,003 Equity Only 0.69 623,543 431,825 OEX 1.35 19,776 26,726 QQQ 0.78 125,697 97,673 ----------------------------------------------------------------- Bullish Percent Data Current Change Status NYSE 66.1 + 1 Bear Confirmed NASDAQ-100 41.0 + 0 BULL ALERT Dow Indust. 70.0 + 0 Bear Confirmed S&P 500 64.0 + 1 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: 1.05 10-dma: 1.01 21-dma: 0.91 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 1536 1733 Decliners 1247 1321 New Highs 103 48 New Lows 30 37 Up Volume 1103M 1112M Down Vol. 576M 472M Total Vol. 1713M 1651M 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 traders remain net bearish but they have added to their long positions. Small traders have also added to their long positions but it's the jump in their shorts that is most noteworthy. Commercials Long Short Net % Of OI 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%) 06/15/04 428,905 444,197 (15,292) (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 05/25/04 136,086 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% 06/15/04 169,595 115,336 54,259 19.0% 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... what are commercial traders trying to tell us. Their short positions have grown steadily over the past four weeks. Likewise the small traders' long positions have grown each week for the last four weeks. Commercials Long Short Net % Of OI 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%) 06/15/04 440,867 522,546 (81,679) (8.5%) 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 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% 06/15/04 216,759 147,247 69,512 19.1% 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 bullish on the NASDAQ but their confidence is waning. Likewise small traders are staying true to their nature and doing the opposite with a decrease in shorts. Commercials Long Short Net % of OI 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% 06/15/04 78,542 54,341 24,201 18.2% 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 05/25/04 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%) 06/15/04 15,794 35,880 (20,086) (38.9%) 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 Hmm.. we have some interesting moves here. Commercial traders have gone from net bearish to net bullish while small traders have oved from net bullish to net bearish on the Dow Jones. You know who normally wins these conflicts - it's the commercials. Commercials Long Short Net % of OI 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%) 06/15/04 30,438 24,766 5,672 10.3% 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 05/25/04 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% 06/15/04 13,942 20,953 (7,011) (20.1%) 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 06-22-2004 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: BRCM Stock Splits: GTK 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 ================================================================= BRCM - long Adjust from $41.00 up to $41.60 ================================================================= Stock Splits ================================================================= Announcements ------------- GTK announces a 2-for-1 split with earnings This morning before the opening bell GTECH Holdings Corp (NYSE:GTK) reported earnings and with earnings announced a 2-for-1 stock split. The split will take the form of a 100% stock dividend payable on July 30th, 2004 to shareholders on record as of July 1st. Post- split GTK will have close to 118 million shares outstanding. About the company: GTECH, a leading global information technology company with over $1 billion in revenues and more than 5,500 people in 45 countries, provides software, networks, and professional services that power high-performance, transaction processing solutions. The Company's core market is the lottery industry, with a growing presence in commercial gaming technology and financial services transaction processing. (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 AIG American Intl Group 72.30 +0.73 CVX Chevron Texaco 93.83 +0.53 COP ConocoPhillips 77.18 +0.54 MFC Manulife Financial 39.75 +0.76 PGR Progressive Corp 85.80 +0.76 DE Deere Co 69.06 +0.74 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- LKQX LKQ Corp 19.52 +1.03 NFLD Northfield Lab 13.05 +1.23 CYTO Cytogen Corp 12.81 +1.38 ROYL Royale Energy Inc 16.20 +2.06 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- RJR RJ Reynolds 65.90 +1.57 CBSS Compass Bancshares 43.25 +1.34 WTW Weight Watchers 39.60 +1.73 TRBS Texas Regional Banc 44.72 +1.20 DKS Dick's Sporting Goods 34.30 +5.70 IMH Impac Mtg Holdings 21.77 +1.06 PLMO PalmOne Inc 29.36 +7.90 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- FRX Forest Labs 56.73 -4.64 STJ St. Jude Medical 74.48 -1.22 ATH Anthem Inc 85.71 -1.79 ALOG Analogic Corp 37.33 -3.50 NOBL Noble Intl Ltd 24.90 -1.90 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- SMG Scotts Co 64.96 -1.24 OSG Overseas Shipholding 41.40 -2.38 YCC Yankee Candle 29.45 -1.05 SWIR Sierra Wireless 32.12 -1.07 FL Foot Locker 23.00 -0.38 ACXM Acxiom 23.95 -0.78 ARO Aeropostale Inc 27.96 -0.70 SIE Sierra Health Services 44.70 -1.25 ================================================================= 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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