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Daily Newsletter, Thursday, 06/24/2004

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PremierInvestor.net Newsletter                 Thursday 06-24-2004
                                                    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:      Pause To Reflect
Market Sentiment: Traders Still Cautious
Watch List:       Orderly Retreat


=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
      06-24-2004           High     Low     Volume   Adv/Dcl
DJIA    10443.81 - 35.80 10487.46 10433.56 1.72 bln 1662/1566
NASDAQ   2015.57 -  5.40  2032.21  2013.78 1.69 bln 1623/1473
S&P 100   555.71 -  2.09   558.77   555.30   Totals 3285/3039
S&P 500  1140.62 -  3.44  1146.34  1139.94
W5000   11104.21 - 28.10 11159.24 11098.64
SOX       470.73 -  5.60   479.42   469.24
RUS 2000  579.05 -  1.10   583.06   578.92
DJ TRANS 3127.26 - 12.00  3144.88  3124.30
VIX        14.81 +  0.83    14.97    14.16
VXO (VIX-O)14.39 +  0.76    14.64    13.95
VXN        19.36 +  0.38    19.61    19.07
Total Volume 3,681M
Total UpVol  1,492M	
Total DnVol  2,086M
Total Adv  3774
Total Dcl  3429
52wk Highs  363
52wk Lows    81
TRIN       1.19
NAZTRIN    1.30
PUT/CALL   0.66
=================================================================

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

Pause To Reflect
by Jim Brown

After a very strong breakout on Wednesday the markets paused
to reflect today and managed a very orderly profit taking
session. The Dow tried twice to move higher and grab the
brass ring at 10500 but fell about a dozen points short on
the attempt. Considering the two day rally off the lows it
is not surprising traders paused to wonder not only how they
reached these levels but why given the current events.

Dow Chart


Nasdaq Chart


Sox Chart



The economic reports produced another mixed picture of
conflicting signals sending ten year bond yields back down
to 4.64%. The Jobless Claims crept up once again to near
the 350K level with a notch at 349,000 for last week. There
were comments from analysts that Reagan's funeral prevented
workers from applying for benefits in the prior week thus
shifting more applications into this week. Sounds reasonable
to me but we will have to wait for next Thursday's release
to see if they were right.

The Help Wanted Index for May rose to 39 from 38 in April.
Considering the recent gains in employment those same
analysts are suggesting that this indicator is no longer
valid instead of accepting that new employment may have
slowed as we move into summer. Had it soared to 45 or so
you can bet they would have been pounding the table to
raise the estimates for the June nonfarm payrolls due out
next Friday. The tea-leaf readers want the surveys to
conform to their economic outlook not change their outlook
to match the indicators. Since this indicator is based on
newspaper advertising it is probably outdated with the
onslaught of online job shops. Outdated yes but not yet
insignificant.

Another surprise came from a big drop in Durable Goods of
-1.6% for May when consensus estimates were for a gain of
+1.1%. This marks the second consecutive month that Durable
Goods have fallen with the April drop at -2.6%. This two
month drop of -4.2% sent the bond market soaring on the
outside chance the Fed will see the economy as still too
soft to raise rates. While I think that possibility is far
too remote to consider the ten-year yields did drop to a
five week low and with only four days remaining to the
Fed decision. The drop in Durable Goods suggests one of
the key points in the economic recovery, business spending,
may be slowing once again. This is a very broad indicator
and a continued slowdown in most components is troubling
to say the least. I think this has a good chance of coming
back to bite us very soon if the Jobs report next Friday
shows a letup in hiring.

The blowout number for the day was New Home Sales which
soared to 1,369,000 units and more than 200,000 more than
estimates. This is a May number and it was the largest one
month increase since April 1993. I am sure readers remember
I have written about this before and we expected the late
spring numbers to explode. Once the rate increase was more
or less guaranteed builders would provide higher incentives
to attract buyers and those buyers still on the fence would
bite the bullet and take the plunge trying to get in while
they could still afford it. We have seen repeated reports
that ARM loans have exploded as buyers try to reduce pmts
as much as possible to offset rising rates and to leverage
the largest amount of house they could buy on current
incomes. With housing prices rising +15% or more a year
in many areas the window of opportunity for a favorable
purchase is closing. I have a son that owns a mortgage
loan business and his closings have risen substantially
in just the last month. Also, remember that New Home Sales
are counted when the contract is signed and deposit made
and not when they are closed. The jump in sales is simply
a rushed decision to buy and lock in loan rates and it may
be well ahead of the actual date of possession. Builders
are now racing to build the homes they have already sold.
Builders have been offering a capped rate mortgage for
closings up to 12 months away in order to lock in buyers.
The builder will eat the difference and add it to the cost
of sales. Regardless of the current rate of sales you can
bet builders will start fewer homes next winter with the
prospects of rates being 2% higher in summer 2005. Keep
control of the inventory and you control prices.

It was not the economic reports that had the most impact
on the markets at the open. It was news from Iraq as we
draw nearer to the June-30th changeover. Overnight attacks
killed 69 and injured over 300 in Iraq as terrorists try
to further complicate the change in power. With six days
left you can expect this carnage to continue with attacks
against the new regime more than likely as the clock ticks
down. Where a change in U.S. Presidents normally focuses
on accomplishments in the first 100 days of office the
major goal for the incoming Iraq regime will be staying
alive for 100 days. If today's attacks are any indication
the body count over the next week could be huge.

Still the markets managed to hold their gains until about
1:PM and the eventual sell off was minimal. The Dow tried
very hard to attack the 10500 level but could only manage
10487. Very respectable in my opinion. The closing drop
to 10450 is still a level not seen in over two months
until yesterday. The resistance explosion on Wednesday
came on the back of a very big buy program that triggered
massive short covering. Seems there were many traders
short in front of the Fed/Iraq events and for good reason.
Somebody pulled the buy program trigger at exactly the
right time to upset that apple cart with a massive move
over the 10430 resistance level.

If you recall my comments from Tuesday night this event
was not unexpected. We closed just below 10400 on Tuesday
and I speculated that a +100 point move would not be
unreasonable and I saw a bullish bias building. The 10500
level was my target. "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." (Tuesday)
The 10486 high on Wednesday and 10487 high on Thursday
was close enough for me.

The Nasdaq rebound far exceeded my expectations and it
continued today with a spike to 2032, well over the top
of the recent range and over the 2020 resistance. It makes
you appreciate how strong the Wednesday short covering
really was. The A/D volume was 5:1 in favor of advancers
and the new 52-week highs were the strongest since April
12th. The spike came after an upward creep to that prior
resistance so the spring was compressed and ready to go.
The two-day rebound on the Nasdaq saw very little profit
taking with only a -5 point day but we did slip back under
the 2020 resistance level. We are poised to go either way.
The SOX lead the Nasdaq bounce and it also led the decline
today with a -5.61 drop beginning right at 1:PM. The SOX
is resting on 470 support and well under strong resistance
at 490. There could be another opportunity for a bounce
here but odds are better for a sideways move into next
week.

For Friday we have the final Q1 GDP, which is expected to
be +4.4% and inline with the last revision. After the bad
Durable Goods today it could move the market if we see a
substantial downward revision. Consumer Sentiment is also
due Friday at 95.5 and inline with the initial June number
at 95.2. This is one indicator that could see a jump. With
the Iraq prisoner problem behind us and no material economic
challenges in the rate/job market consumers should be happy
and enjoying the summer sun. We also see Existing Home
Sales where the consensus is for a decline to 6.53M units.
After the New Home number today that may be low.

For Friday I am not expecting any major upward move. With
the potential for an escalation in violence in Iraq as the
days tick away there is more potential for profit taking
ahead of weekend event risk than for another rally. With
the Fed meeting in two days those making bets should have
already made them or the cautious ones might wait until
Monday. We are watching the countdown on multiple time
bombs and as the fuses grow short the potential for gains
diminishes. My best target for a resumption of any summer
rally is next Thursday. I would look at any dips before
the 30th as buying opportunities.

Enter Passively, Exit Aggressively.

Jim Brown
Editor


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

Traders Still Cautious
-J. Brown

"No" was the answer to yesterday's question if there would be any
follow through on Wednesday's technical breakout.  The long-await
rush of money that is supposed to be sitting on the sidelines
failed to appear.  Investors remain cautious and for good reason.
News out of Iraq this morning was deadly.  A new series of
attacks and car bombs left 100 some people dead and hundreds
wounded as we approach the June 30th deadline.

Stocks traded mostly sideways through out the session before a
last hour sell-off.  Yet for the most part stocks held on to the
majority of their gains from the previous two sessions.   Today's
big winners, aside for a surge in gold, were the housing stocks.
The May New Home Sales numbers unveiled a 15% jump in sales to a
new record.  This sparked a fire under the homebuilders but the
flames began to cool midday and most builders significantly
tempered their gains by the close.  This is good news because
reaffirms that the economy is strong, consumers are still strong
and a wave of new home sales usually means more retail sales as
Americans rush out to buy new merchandise for their new homes.

Once again market pundits are suggesting that we will continue to
trade sideways until the end of next week.  I know you're tired
of hearing about it but Wall Street remains focused on the June
30th interest rate decision, the Iraq handover and the July 2nd
June payrolls report.  After that is the long July 4th holiday.
If the holiday proves to be uneventful then we can move
unhindered into the Q2 earnings season.

A couple of noteworthy items to cool any bullish cravings you
might have.  The volatility indices (VIX, VXO, VXN), while moving
higher today, remain near their lows and at bearish levels.
Meanwhile, the ARMS index and a few of its key moving averages
are also approaching bearish levels.  Now we know these can
always get more oversold but traders need to be careful when
considering new bullish positions.


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

Market Averages

DJIA ($INDU)

52-week High: 10753
52-week Low :  8871
Current     : 10443

Moving Averages:
(Simple)

 10-dma: 10387
 50-dma: 10253
200-dma: 10139

S&P 500 ($SPX)

52-week High: 1163
52-week Low :  962
Current     : 1140

Moving Averages:
(Simple)

 10-dma: 1134
 50-dma: 1119
200-dma: 1096

Nasdaq-100 ($NDX)

52-week High: 1559
52-week Low : 1180
Current     : 1488

Moving Averages:
(Simple)

 10-dma: 1473
 50-dma: 1447
200-dma: 1438

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

CBOE Market Volatility Index (VIX) = 14.81 +0.83
CBOE Mkt Volatility old VIX  (VXO) = 14.39 +0.76
Nasdaq Volatility Index (VXN)      = 19.36 +0.38

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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.66        861,415       572,208
Equity Only    0.49        698,962       341,775
OEX            1.20         14,827        17,831
QQQ            0.27        137,077        36,783


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

Bullish Percent Data

           Current   Change   Status
NYSE          67.0    + 1     Bear Confirmed
NASDAQ-100    43.0    + 2     BULL ALERT
Dow Indust.   66.7    - 3     Bear Confirmed
S&P 500       64.4    + 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: 0.91
10-dma: 0.97
21-dma: 0.93
55-dma: 1.04


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    1357      1585
Decliners    1465      1457

New Highs     161        89
New Lows       30        28

Up Volume    725M      751M
Down Vol.    976M      848M

Total Vol.  1726M     1674M
M = millions


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

Commitments Of Traders Report: 06/15/04

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

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


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

Orderly Retreat

Garmin Ltd. - GRMN - close: 34.40 change: +1.04

WHAT TO WATCH: Rather than breaking down, shares of GRMN put in a
higher low last week and today surged through the 50-dma for the
first time since breaking that average in January.  A break over
key resistance near $35.40 looks like a solid entry point, with
an upside move near $38.50 and then possibly to $40 being the
likely bullish objective.




---

Toll Brothers Inc. - TOL - close: 42.84 change: +1.07

WHAT TO WATCH: With the FOMC meeting next week on interest rates,
Housing stocks are poised either to soar or plunge on the
decision and from the looks of today's price action, up is the
direction of least resistance.  TOL surged through resistance at
$42.50 today and despite a significant intraday pullback, still
held onto that breakout at the close.  Entries look favorable on
a slight pullback to test the $42 support and then a run towards
the $48 highs appears likely.  Note the PnF chart is already
bullish with an upside target of $55.




---

Lennar Corp. - LEN - close: 45.49 change: +1.20

WHAT TO WATCH: Another housing stock that is turning bullish is
LEN, with the stock pushing through the 50-dma today and ending
the session just shy of a new PnF Buy signal.  Use a trigger at
$47, which would be a move over the 200-dma and sufficient for
that PnF Buy signal.  While there's likely to be some near-term
resistance near $48, the first real obstacle will be found in the
$50-51 area.




---

Check Point Software - CHKP - close: 25.50 change: -0.27

WHAT TO WATCH: CHKP has been wedging up against resistance in the
$26 area for the past few weeks and this appears to be just the
final stage of the assault on this resistance level.  Use a
trigger over $26.25 and then look for a strong rally towards
resistance near $30.





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

CHIC $21.50 - It may look a bit extended on the daily chart, but
the weekly shows just how significant this week's breakout over
the $20 level is.  Let's be patient and look for a pullback to
test that breakout level and consider new entries on the rebound
from that support.  Target a longer-term upside move to the $25
area.

APPB $23.41 - Playing out just as we expected, APPB broke down
under the $23.50 support level today and with the breakdown
coming on strong volume, we thought it would be worthwhile to
highlight the stock again tonight.  Entries look favorable,
either on a break below today's low or on a failed bounce below
the $24 level.

WMB $12.23 - Making regular appearances in this space throughout
its bullish rise, WMB looks ripe for another breakout move, as it
is once again testing key resistance near $12.40.  Use a trigger
over that level and target strong resistance near $15.


=================================================================
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.

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Copyright ) 2003  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.





PremierInvestor.net Newsletter                 Thursday 06-24-2004
                                                    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:  SHW
Closed Plays:      SEE NOTE


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

SHW - non-tech long -
 raise stop from $38.65 to $39.50


=================================================================
Closed Plays
=================================================================

HOTT and RMBS were both stopped out today.  Due to technology
difficulties, we will be sending out the dropped write-ups in
the Weekend Emails..


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

HBC     HSBC Holding               74.30     +0.62
BAC     Bank of America            85.44     +0.67
MER     Merrill Lynch              54.99     +0.69
CHA     China Telecom              33.92     +0.94
UNP     Union Pacific              58.81     +0.81
BSC     Bear Stearns               84.77     +1.22

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

ATYT    ATI Technologies           18.33     +1.54
KFY     Korn Ferry Intl            19.65     +1.02
DGIN    Digital Insight            19.62     +1.02
SSRI    Silver Standard Resource   12.73     +1.06
BW      Brush Engineered           19.72     +1.18

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

ZBRA    Zebra Technologies         82.84     +1.69
ADS     Alliance Data              41.16     +1.28
KBH     KB Home                    70.08     +1.75
NCEN    New Century Financial      49.34     +1.75
KWK     Quicksilver Resources      65.65     +1.65

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

APOL    Apollo Group               85.85     -4.77
RDN     Radian Group               45.85     -1.75
ALD     Allied Capital             24.25     -2.70
COCO    Corinthian Colleges        22.51     -2.55

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

PSYS    Psychiatric Solutions      25.67     -1.58
RMK     Aramark Worldwide          27.78     -0.37


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

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Option Investor Inc is neither a registered Investment Advisor nor a Broker/Dealer. Readers are advised that all information is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All opinions, analyses and information included herein are based on sources believed to be reliable and written in good faith, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. In addition, we do not necessarily update such opinions, analysis or information. Owners, employees and writers may have long or short positions in the securities that are discussed.

Readers are urged to consult with their own independent financial advisors with respect to any investment. All information contained in this report and website should be independently verified.

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