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Daily Newsletter, Tuesday, 06/29/2004

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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

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


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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


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