PremierInvestor.net Newsletter Tuesday 06-29-2004 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: Watch Your Language! Watch List: One More Day Market Sentiment: One Down, Two to Go ================================================================= MARKET WRAP (view in courier font for table alignment) ================================================================= 06-29-2004 High Low Volume Adv/Dcl DJIA 10413.43 + 56.30 10429.13 10341.68 1.68 bln 1667/1592 NASDAQ 2034.93 + 15.10 2037.60 2017.35 1.60 bln 1826/1281 S&P 100 552.51 + 2.03 553.58 549.78 Totals 3493/2873 S&P 500 1136.20 + 2.85 1138.26 1131.81 W5000 11084.47 + 28.80 11099.92 11045.09 SOX 480.45 + 10.00 480.80 469.64 RUS 2000 587.83 + 3.73 590.07 583.72 DJ TRANS 3184.71 + 6.70 3189.05 3172.15 VIX 15.47 - 0.60 16.28 15.22 VXO (VIX-O)15.37 - 0.23 16.45 15.37 VXN 20.15 - 0.44 20.52 19.90 Total Volume 3,512M Total UpVol 2,247M Total DnVol 1,217M Total Adv 3923 Total Dcl 3293 52wk Highs 223 52wk Lows 96 TRIN 0.82 NAZTRIN 0.56 PUT/CALL 0.87 ================================================================= =========== Market Wrap =========== Watch Your Language! by Jim Brown That is what the investor community is saying to Greenspan tonight. While the actual rate decision may be anticlimactic tomorrow the language of the announcement is the key to the reaction. The market rallied on Tuesday on the hopes the "measured pace" clause is retained but the rally was muted on fears hikes could be accelerated. The fears kept us from testing the 10480+ level for the second consecutive day. Dow Chart - Daily Nasdaq Chart - Daily SOX Chart - Daily The morning started out with a minor dip but it was quickly erased as anticipation about the Consumer Confidence filtered through the markets. The Russell spiked substantially before the announcement and then led again after the release. Consumer Confidence rose to 101.9 in June from 93.1 in May. This was well over the consensus estimates at 95.0 and was attributed to falling gas prices and a rise in employment. This was the highest level for the index in two years. The present conditions component soared from 90.5 to 104.8 and the expectations component rose to 100.0 from 94.8. Those thinking jobs are plentiful rose to 18.0 from 16.6, not necessarily a rousing rebound. Those planning to buy homes FELL to 3.6% from 4.1% and those planning to buy a car fell slightly. These surveys are impacted greatly by employment surveys and we have a new Jobs report due out on Friday. As long as we continue to see jobs added to the economy these confidence surveys will improve. We have seen the result of this expanding confidence in the home sales numbers over the last week. Both new homes and existing sales set records. The only other economic report for the day was Chain Store Sales and at -1.2% it echoed the data we have been seeing from the big retailers. Rising consumer confidence has not translated into higher retail sales. Wal-Mart and Target have both warned this week that sales would be weak and that has been reflected in this report. Analysts have attributed the slow sales to cooler than normal weather and heavy rains in many areas. This was the biggest drop in sales in three months and I have a hard time blaming that big a drop on the weather. I suspect it is more of a combination hit from weather, high gas prices and the end of buying fueled by tax refunds. We are right in the middle of the summer doldrums and consumer debt is at record levels. Confidence may be rising but consumer cash is still stretched to the breaking point. I mentioned on Sunday that earnings warnings have been very quiet and traders were left to trade on their own optimistic assumptions. Well the dam broke this week. In just the first two days we have had warnings of weak sales or earnings from TGT, GM, WMT, T, WM and HAL to name a few. I have not heard any news about raised guidance from anyone. If this is the beginning of a new trend we could be in trouble. July is typically the best month of the 3Q and it is not shaping up as a barn burner if this is a clue to the future. The markets were less than inspiring today despite being positive for the day. The Dow battled 10400 for most of the morning and then used 10400 as support for most of the afternoon. The Dow traded in a 25-point range after 12:00 and closed right in the middle at 10413. Overhead resistance is still 10450-10500 and we are still stuck in the broader three week range from 10300-10490. Last week the Dow made a concerted effort to break out of that range to no avail. The Nasdaq did manage to move back to near its recent highs at 2040 on strength in the semis and the small caps. The SOX gained nearly +10 points to move back to interim resistance at 480. With much stronger resistance at 490 we could see one more day of help from the SOX before the Nasdaq has to make it on its own. That would translate to about 2050 on the Nasdaq and it would be a new high for the week. What is going to skew all the support/resistance levels is the Fed decision due out at 2:15 on Wednesday. The widely expected rate hike will be met strong buy/sell activity regardless of what they say. It is a program trade event on both sides. This should easily violate the current resistance levels and I am actually counting on it. After all the cussing and discussing over the last two months we are finally down to the last tick on the event clock and that occurs at 2:15 on Wednesday. Iraq has passed with no material news events and the end of the quarter buying has failed to materialize. The Russell shuffle is behind us and we are left with only the Fed decision before June expires. That decision is not really in doubt but the language will be hotly debated. Most feel they will keep the "measured pace" descriptor for future rate hikes but there is a growing group of analysts that expect that terminology to disappear by August. The real fear has always been that we would see a 1994 rate hike scenario where the Fed ran out of control with an unprecedented series of hikes. The Fed has tried to express that calm will prevail and the recent economic reports suggest the Fed is right in that claim. We have seen numerous weaker than expected reports over the last month suggesting the economy is growing slower than hoped and the Fed is not behind the curve as many have claimed. In fact the Fed has claimed that it will be patient in removing the economic stimulus of low rates until they actually see a substantial increase of inflation. So far they continue to claim that the excess capacity in the economy will keep inflation at reasonable levels for the rest of the year. Just in case they are wrong the Fed has said they will not hesitate to act aggressively if the pace of inflation increases. This is the key language traders will be looking for tomorrow. If the Fed retains the "measured pace" comment then we should rally despite the size of the rate hike. If they change the language to make it conditional to the inflation rate then we could see a strong negative reaction. The majority of traders claim that any Fed rate hike has already been factored in and most feel the language will be neutral. Currently there is only about a 40% chance of more than a 25 point hike. Regardless of the decision and the language we should have some strong moves and everyone should remember the first move is not normally the one that sticks. This leaves us with a vast number of trading possibilities for Wednesday. Add in the multiple earnings warnings and lowered guidance and suddenly the outcome does not look so exciting. I still have a positive bias but I am not as convinced as I was last week. I think the gains in the Nasdaq are the key. As long as techs are finding buyers the rest of the market will probably muddle ahead. We are still seeing some positive movement in the Russell despite some dumping by speculators of stock nobody wanted last Friday. There was a strong program bounce at the open and the close indicating not all funds have filled their rebalance needs. I studied a lot today trying to decipher the various reactions we could see tomorrow and more importantly for Thursday and Friday. It is not a simple problem. We will have four of the five major issues resolved by tomorrows close but there is still a major roadblock in our future. This roadblock is the Friday Jobs Report. The estimate of +275,000 jobs is very high in my opinion based on the weak employment components we have seen in various surveys over the last month. This may be borne out by the almost complete lack of any high profile analysts making higher estimates or even talking about Jobs so far this week. I am sure we are seeing the focus on the Fed decision take precedence over the Jobs number but you can bet that focus will change in a heartbeat once the Fed decision has passed. We have to assume the Fed will know the Jobs number in advance and that will be part of their decision. How they word their statement should be based in part on how strong Jobs were in June. This looming report could keep a cloud over the market after the Fed decision. Assuming a positive statement I think the cloud will be minimal but still a cloud. The worst-case scenario would be a runaway rally on Thursday with a complete collapse on a Job implosion on Friday. This fear should keep the big buyers from making any sizeable commitments prior to Friday. The keyword is "should" and we all know how that tends to cause trouble. Since it is widely assumed that the market will rally after the Fed decision, uncertainty will have vanished, there is always the possibility we could see some portfolio allocation programs hit that tape in hopes post Fed volume will dilute the impact of their selling. In short, there is simply no way to deduce the eventual outcome once the smoke clears. As I said before July is normally the best month in the 3Q and this is an election year which normally increases the odds of a better than average month. However, with the election now a dead heat it could be a hindrance to progress rather than a positive. I am going on the assumption that the flurry of earnings warnings was a fluke and we will still see a positive pre/post holiday bounce. Once we exit next week all bets are off and our direction will be related to real earnings. Until those earnings begin to appear buyers will be hesitant to increase their positions. If you are in the market after the Fed decision keep Dow 10500 resistance firmly in mind because that is the next key level to be broken. I would be very surprised to see that happen on Wednesday. Fed decision days are normally best used to take your spouse shopping. It is cheaper than trying to second and third guess the extreme post decision volatility. Don't forget there are other economic reports tomorrow, NAPM-NY, Chicago Fed NAI and PMI. Any strength/weakness there will only increase the post Fed volatility. Keep your focus on the language and not on the hike. 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 --------------------------------- One More Day Garmin Ltd. - GRMN - close: 35.72 change: -0.38 WHAT TO WATCH: We've been watching shares of GRMN in this space recently, looking for the stock to stage a breakout move. Well, the bulls finally got the job done yesterday, pushing through the $35.40 level and actually closing over $36 for the first time since the big gap down in late April. Entries look favorable either on a rebound from $35 or a breakout over yesterday's high. Target a move to the bottom of that gap near $39 or even to strong resistance at $40. --- Hilton Hotels Corp. - HLT - close: 18.55 change: +0.15 WHAT TO WATCH: HLT has been channeling its way higher for the past 2 years and today started poking through the $18.50 resistance level in what looks like another fledgling breakout. Look for entries on a break above today's high, targeting a move to the $20-21 area. Use a tight stop just under the bottom of the 3-week consolidation pattern near $17.85. --- Radioshack Corp. - RSH - close: 28.65 change: -0.30 WHAT TO WATCH: Shares of RSH haven't been looking very healthy lately and today's bearish action in the Retail sector certainly didn't help. The stock is right on the cusp of a significant breakdown and if that breakdown occurs, RSH should head towards major support near $24. Use a trigger at $27.75, just under support that has been holding since late last year. --- Praxair Inc. - PX - close: 39.84 change: +1.07 WHAT TO WATCH: After coiling up below solid resistance near $39, shares of PX broke out on strong volume today and the stock looks headed significantly higher after breaking from the 6-month consolidation pattern. Aggressive traders can chase the stock higher above today's high, while the more conservative entry strategy would be to buy a dip back near the $39 level. Look for this rally to continue up to the $43-44 area. =================== On the RADAR Screen =================== SYY $35.80 - In the midst of a major breakdown, shares of SYY are finding plenty of sellers after breaking the 200-dma yesterday. Ideal entries will come on a failed bounce below that average and that rollover should send the stock down to major support near $34. PMCS $14.32 - After 2 months of building a new base in the $12.00-14.50 area, shares of PMCS look ready for a breakout from this pattern. With price pressing against the top of the range and now over all the shorter-term moving averages, including the 50-dma, we're looking for a bullish move to unfold. Use an entry trigger at $14.60 and target a move now next resistance at $16, also the site of the 100-dma. JCOM $26.81 - Over the past several months, JCOM has been building a nice little rounded bottom formation and the stock looks poised for a bullish breakout. Trigger entries on a break above the 200-dma and target a move towards $30. =============================== Market Sentiment =============================== One Down, Two to Go - J. Brown The first of this week's three big events was Monday's surprise handover of power in Iraq. Tomorrow will bring about the second big event, the FOMC's decision on interest rates. Of course the actual announcement is likely to be anti-climatic since the whole world expects the Fed to only raise rates by 1/4 of a point. Cautious investors are likely still on the sidelines for fear of a surprise 1/2-point hike or a "sell the news" reaction by traders. Quite honestly, I'm not sure which direction the market is headed. The obvious direction is sideways. The Iraq news failed to inspire any big moves and we remain stuck in the market's trading range. Thus news of a 1/4-point hike isn't likely to spark any big moves either. No, the true event tomorrow is not the bump in rates but the FOMC's comments and bias toward future hikes. Right now stocks are unlikely to rally because it is believed the Fed needs to offer more aggressive comments to give them room to raise rates more quickly should inflation continue to rise. Additional factors contributing to a sideways market is Friday's non-farm payroll report and the upcoming Fourth of July holiday here in the States. If the jobs report comes in strong and we escape the weekend without any major "event" then I believe stocks are set up for a rally higher into the Q2 earnings season. At least most stocks look poised to trade higher into earnings. Retail stocks have been taking a beat, especially today. Retail giant Target (TGT) warned that June's same-store sales would likely come in at the low end of their range. This is an echo of Monday's comments from retail titan WMT about June same-store sales. The whole group took a dive today. An earnings warning from Washington Mutual (WM) last night undermined strength in financials and mortgage lenders. However, offsetting the bad news was a stronger than expected consumer confidence report and a continued drop in oil prices. Overall the market was generally bullish with advancers beating decliners 15 to 13 on the NYSE but failing 11 to 12 on the NASDAQ. Up volume outweighed down volume on both exchanges. In addition to the conclusion of the two-day FOMC meeting we'll also get the Chicago PMI report after the opening bell. ----------------------------------------------------------------- Market Averages DJIA ($INDU) 52-week High: 10753 52-week Low : 8871 Current : 10413 Moving Averages: (Simple) 10-dma: 10388 50-dma: 10253 200-dma: 10147 S&P 500 ($SPX) 52-week High: 1163 52-week Low : 962 Current : 1136 Moving Averages: (Simple) 10-dma: 1135 50-dma: 1119 200-dma: 1097 Nasdaq-100 ($NDX) 52-week High: 1559 52-week Low : 1180 Current : 1505 Moving Averages: (Simple) 10-dma: 1481 50-dma: 1449 200-dma: 1441 ----------------------------------------------------------------- CBOE Market Volatility Index (VIX) = 15.47 -0.60 CBOE Mkt Volatility old VIX (VXO) = 15.47 -0.13 Nasdaq Volatility Index (VXN) = 20.15 -0.44 ----------------------------------------------------------------- Put/Call Ratio Call Volume Put Volume Total 0.87 589,137 511,491 Equity Only 0.77 500,659 386,514 OEX 1.23 12,133 14,895 QQQ 1.26 30,867 38,776 ----------------------------------------------------------------- Bullish Percent Data Current Change Status NYSE 67.4 + 0 Bear Confirmed NASDAQ-100 49.0 + 4 BULL ALERT Dow Indust. 66.7 + 0 Bear Confirmed S&P 500 65.8 + 1 Bear CORRECTION S&P 100 64.0 + 1 Bear Confirmed Bullish percent measures the number of stocks in an index currently trading on a buy signal on their point and figure chart. Readings above 70 are considered overbought, and readings below 30 are considered oversold. Bull Confirmed - Aggressively long Bull Alert - Cautiously long Bull Correction - Pause or pullback in upward trend Bear Alert - Take defensive action if long Bear Confirmed - High risk if long, good conditions for shorting Bear Correction - Pause or rebound in downtrend ----------------------------------------------------------------- 5-dma: 0.95 10-dma: 1.00 21-dma: 0.98 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 1503 1121 Decliners 1339 1232 New Highs 92 58 New Lows 25 21 Up Volume 947M 1121M Down Vol. 716M 435M Total Vol. 1677M 1567M M = millions ----------------------------------------------------------------- Commitments Of Traders Report: 06/22/04 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 It looks like commercial traders are hedging all their bets by bringing them close to parity. If the "smart money" doesn't know what direction the S&P is going to go after June 30th how are the "little folk" supposed to know? *grin* Evidently, the retail trader isn't listening. They reduced their shorts to leave them strongly bullish on stocks. Commercials Long Short Net % Of OI 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%) 06/22/04 407,842 415,462 ( 7,620) (0.9%) 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 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% 06/22/04 124,985 89,934 35,051 16.3% Most bearish reading of the year: (1,657)- 5/27/03 Most bullish reading of the year: 114,510 - 3/26/02 E-MINI S&P 500 Wow! Maybe commercial traders are just ignoring the large S&P contracts and focusing on the e-minis. They reduced their positions in both longs and shorts but they almost cut their longs in half. That's VERY bearish for the market. Likewise small traders are lockstep in unison going the opposite direction. Commercials Long Short Net % Of OI 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%) 06/22/04 229,290 446,974 (217,684) (32.2%) 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 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% 06/22/04 243,444 58,389 185,055 61.3% Most bearish reading of the year: (77,385) - 09/02/03 Most bullish reading of the year: 449,310 - 06/10/03 NASDAQ-100 Commercial traders are reducing their positions in both longs and shorts for the NDX and bringing them closer to break even. Small traders are following suit bring their shorts and longs close to even. Looks like no one knows what direction the NASDAQ is going. Commercials Long Short Net % of OI 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% 06/22/04 40,397 37,413 2,984 3.8% 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 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%) 06/22/04 9,311 9,950 (639) ( 3.3%) 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... oddly enough commercial traders are turning more bullish on the Dow Industrials. Looks like they like the upside breakout. Small traders are more pessimistic here. Commercials Long Short Net % of OI 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% 06/22/04 26,808 19,752 7,056 15.2% 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 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%) 06/22/04 5,626 7,798 (2,172) (16.2%) 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 06-29-2004 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 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 $42.75 up to $43.50 ================== 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 CVX ChevronTexaco 93.52 +0.70 MO Altria Group 50.20 +0.60 GS Goldman Sachs 94.09 +0.83 UTX United Technology 90.57 +1.43 DOW Dow Chemical Co 40.94 +0.80 PRU Prudential Financial 46.34 +0.89 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- VICR Vicor Corp 17.24 +1.29 PSTI Per-se Technologies 14.49 +1.13 RTIX Regeneration Tech 10.77 +1.02 ECOL American Ecology 12.10 +1.17 LWAY Lifeway Foods 13.73 +1.58 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- QCOM Qualcomm 71.55 +2.88 CHKP Check Point Software 26.99 +1.14 XMSR XM Satellite Radio 26.95 +1.53 GYI Getty Images 58.97 +2.70 CRL Charles River Labs 47.60 +1.11 PLT Plantronics Inc 42.39 +3.21 COO Cooper Companies 62.45 +1.38 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- WM Washington Mutual 38.60 -2.71 TGT Target 42.30 -1.74 TJX TJX Companies 23.99 -1.33 KSS Kohl's 42.29 -1.46 RX IMS Health 23.05 -1.22 JEC Jacobs Engineering 40.01 -6.42 STGS Stage Stores 37.40 -1.37 SSYS Stratasys 24.83 -2.69 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- JCP J.C.Penney 37.72 -1.20 GLH Gallaher Group 49.35 -1.80 KMRT Kmart Holdings 68.22 -3.41 PETM Petsmart Inc 31.99 -1.36 SCG Scana Corp 36.11 -0.33 ANF Abercrombie & Fitch 38.27 -0.70 ================================================================= 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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