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Daily Newsletter, Sunday, 07/04/2004

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PremierInvestor.net Newsletter          Weekend Edition 07-04-2004
                                                    section 1 of 3
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:       Much Ado About Nothing 
Market Sentiment:  Mixed Emotions 
Watch List:        Something for bulls and bears

=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
        WE 7-02         WE 6-25         WE 6-18         WE 6-11
DOW    10282.83 - 89.01   10371 - 44.57   10416 +  6.31 +167.18 
Nasdaq  2006.66 - 18.81 2025.47 + 38.74 1986.73 - 13.14 + 21.25 
S&P-100  547.17 -  2.58  549.75 -  5.06  554.81 -  0.09 +  7.82 
S&P-500 1125.38 -  9.05 1134.43 -  0.57 1135.00 -  1.47 + 13.97 
W5000  10997.55 - 76.05   11073 + 39.48   11034 - 11.83 +109.64 
SOX      457.31 - 21.60  478.91 + 25.83  453.08 - 23.20 +  5.37 
RUT      582.72 -  4.98  587.70 + 17.16  570.54 +  1.42 +  1.37 
TRAN    3146.17 - 18.01 3164.18 + 95.61 3068.67 + 43.96 + 32.43 
WE = week ending
================================================================= 

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

Much Ado About Nothing
by Jim Brown

Multiple major events came and went and the markets yawned
with indifference. End of quarter window dressing turned 
into a strip search as weak economics and earnings warnings
started to chip away at investor confidence. Still, despite
a return to the bottom of our recent range the markets did
not appear concerned. 

Dow Chart - Daily

Dow Chart - 90 min

Nasdaq Chart - Daily

SOX Chart - Daily

Ten-year Yield Chart


Friday was no different from the rest of the week with the
Nonfarm Payrolls coming in weaker than expected at only
+112,000 and well under the consensus estimates of 275,000.
This was the third monthly drop since the March high of 
353,000 and the smallest gain in four months. April was 
revised down from 346K to 324K for a drop of -22,000 jobs.
Adding this drop to the this months gain represents only a
net gain of +90,000. This is still positive and the tenth
consecutive month of job additions but the trend is not 
healthy. The net gain was only 1/4 of the March number and
suggests the August payrolls could be flat or even negative
if the trend continues.  

Manufacturing employment fell -11,000 in June and was the
first decline in five months. The companion household 
employment survey showed a gain of +259,000 for June but 
this is a very volatile survey with wide swings. It is 
used as a confirmation of the Nonfarm Payroll numbers. 
This suggests more employees are switching to contractor
status or becoming self employed. Average workweek and
manufacturing workweek hours both dropped suggesting a
continuing weakness in the workplace. This would also
suggest next months employment numbers could be weaker. 
The number of unemployed workers rose +45,000 for the 
month to 8.248 million. This was the second consecutive
month of gains in the total unemployed. The economy must
add +150,000 jobs per month just to stay even with the 
number of new workers coming into the workforce. As you
can see we actually lost ground last month.  

The smaller than expected job gain sent the bond market
reeling with a drop in the ten-year note yields to 4.44%
and a two month low. Considering this was only two days
after the Fed began a rate hike cycle this is simply
amazing. While I doubt this will deter the Fed from 
its next hike the weak economics and the drop in bond
yields will undoubtedly keep the Fed on a slow and
measured pace for future hikes. The Fed funds futures
immediately removed a 25 point hike from the current 
end of year scenario and reduced the potential for a
50 point hike in August to almost zero. The equity market
did not like the weak jobs numbers but the drop in rates
should help smooth over their worries once trading begins
again next week. The slack in the labor market is still
with us and the Fed has strong history in not raising
rates until jobs are on a steady path. 

Another battle worth watching is the semiconductor sector.
I have written about it recent path several times but the
saga continues. The SOX dropped another -2% to 456 in early
trading on Friday after Deutsche Bank cut Intel to a hold
on concerns about global shipments. There are conflicting
data points on supply and demand constraints depending on
who you read. The Semiconductor Billing report on Friday
showed a +37% jump in sales on a year-over-year basis in
May and at their highest level since late 2000. This 
should be good news but the sector is under attack from
analysts suggesting the peak has passed. Viewed another
way sales only climbed +2.1% in May over April and this
has fueled the criticism by analysts. We will get Intel
earnings on the 13th and that gives us plenty of time
for analysts to polarize even further. As long as the 
SOX continues to be weak we cannot expect the Nasdaq to
recover. Leading chip stocks like INTC, AMAT and LRCX
lost an average of -5% for the week. To summarize, the
component shortage suggests high demand and an increase
in pricing power but limits the amount of chips sold. 
Earnings should continue to rise but sales may not rise
at the same rate. 

Next week is a relatively light week for economic reports
with those on the schedule not specifically market movers.
We will have the ISM Services on Tuesday and the MAPI
Survey on Thursday and those are the highlights. Investor 
focus should begin to shift to earnings as the Q2 cycle
begins. It will start with a whimper on Tuesday with AA,
DNA and YHOO followed by GE and ABT on Friday. The next
week beginning July-12th has over 300 reporters headlined
by Intel on Tuesday. After the GE guidance on Friday and 
the Intel guidance on Tuesday traders will make decisions
about Q3 direction and the markets should react accordingly.

The big news has passed with Iraq, the Fed, quarter end,
Russell shuffle and Jobs now history. If anything we could
be facing a long hot summer of investor apathy as vacations
and election conventions take center stage. Analysts are
pretty much in agreement that the economy is slowing but
only slowing to a more sustainable pace. The starting 
sprint out of the recession lows is over and the market
will settle into its long distance routine. Economics will 
begin to be ignored as long as they maintain a positive
trend and post election 2005 earnings guidance will begin
to take center stage. 

The prospect of no immediate catalyst provided traders 
with no excitement on Friday. The indexes dropped at the
open on the Jobs news but they rebounded slightly once
support levels were reached. The Dow fell to 10275 and
light support just a couple dozen points below its recent
range bottom at 10300. It tested that 10275 level multiple
time during the day and appeared on the verge of cracking
on weekend event risk most of the day. In the end support
held and the Dow closed at 10282 for a loss of -51. 
Internals have declined significantly and the Dow is 
back to June-2nd levels having given back -200 points 
from the weeks highs.

The Nasdaq retreated to resistance turned light support 
at 2000 and hovered there most of the day. With the SOX
heading south it was remarkable to see the Nasdaq hold 
this level for most of the day. The Nasdaq does not face
a support challenge until 1965 and that is well below
our current levels. The YHOO earnings on Tuesday could
be pivotal in whether we test that support. Traders were
not able to make any gains into the close and there was
a distinct lack of short covering. The Nasdaq ended at 
2006 for a loss of -9.  

The flurry of earnings warnings and the weaker than 
expected ISM and Jobs reports have put a crimp in my
expectations for a post holiday rally into earnings. 
I really do not think economic conditions have changed 
much but the perception of a worsening is growing. With
the markets near 10500/2075 and the recent highs stocks
were priced to perfection in anticipation of strong
earnings. The warnings have tarnished investor outlook
and we are seeing much less of a bullish undertone. Where
I was looking for a post holiday uptick into the earnings
week of the 12th I have moved back to a neutral position.

While we could easily go either way there is still 
strong support below us. That support could evaporate
with a couple more high profile warnings and we could
begin a sideways decline into October. I know this flies
in the face of the summer rally crowd but when you think
about it there is no reason for stocks to rise. If real
earnings are going to decline and the economy continue
to slow then stocks are fairly valued at the current
level. What we need is for GE and Intel to brag about
how strong business really is and raise guidance for Q3
and beyond. Personally I think the odds of this happening
now are very slim. I think they will just affirm guidance
and leave it at that. Should Intel lower guidance as two
analysts have suggested we will be in serious trouble. 

This makes next week a tossup and I suspect moving higher
will be a challenge. We have seen the range expanded on
the high side to 10487 and I think we could see the low
side pushed back to 10150. This gives us a very broad 
range to wander over the next couple weeks without any
damage being done. July is typically the strongest month
of the 3Q and so far it is not shaping up as bullish. The
Nasdaq has room to 1965 and is currently right in the 
middle of its recent 1965-2065 range. Again, plenty of 
movement potential without any conviction required. Our
volume on Friday was definitely light with only 2.7B
shares across all markets and that was weighted 2:1 in
favor of declining shares. 

Tuesday is going to be telling for market direction. I
would use Tuesday as an indicator for the week and trade
what you see not what you think. There could easily be
a sentiment change in progress and we need to see which
way the traffic is moving before stepping off the curb.
Speaking of traffic have a safe holiday weekend and 
remember to buckle up. The Dept of Transportation is 
predicting 522-550 deaths from traffic accidents over
the weekend. This weekend kills and injures more people
than any other. Buckle up and live to trade another day.

Enter Very Passively, Exit Very Aggressively!

Jim Brown


================================================
Market Sentiment
================================================
Mixed Emotions	
- J. Brown

All the traders not yet on holiday with the extended Fourth of 
July weekend can breathe a sigh of relief.  Despite an incredibly 
busy week where the markets endured the Russell 2000 reshuffling, 
the Iraq handover of power, the two-day FOMC meeting and decision 
on interest rates, the Friday non-farm payrolls report and a wave 
of disappointing economic reports, stocks remain widely stuck in 
their month-long trading range.  

Yes, it was rather anticlimactic.  We endured all of these 
"market moving" events and yet the markets didn't move - not just 
for the week but for the year.  The NASDAQ and the S&P 500 are 
marginally up for the year while the Industrials are negative but 
less than 200 points from their 2003 close.  

Looking ahead it's hard to judge investor sentiment.  There are 
conflicting factors for both short-term and long(er)-term time 
horizons. Short-term the broader NASDAQ and S&P 500 are near the 
bottom of their trading range and technicals look bearish.  The 
Industrials are actually just under the bottom of its month-long 
trading range.  Technically the ARMS index or TRIN is showing a 
bullish/oversold reading on its short-term 5-dma.  Yet volatility 
indices remain near their lows indicating traders are too bullish 
for stocks to mount any sort of extended rally.  Plus the sudden 
rise in oil has damaged expectations for a future drop in fuel 
prices to ease inflation and boost consumer discretionary 
spending.  Hopefully the recent two-day drop in the stock market 
and the rise in oil is merely investor fear and/or speculation 
over a terrorist event during the long holiday weekend.  If the 
weekend passes peacefully then oil may slip lower again.  

Short-term one might expect traders to gear up for what should be 
a strong Q2 earnings season.  Unfortunately, investor confidence 
has took a beating on this one with a rash of painful earnings 
warnings.  Yet on the positive side the beginning of July is 
supposed to see retirement money inflows from the recent quarter 
end filter into stock prices.  I think we haven't seen that yet 
because of investor caution ahead of the weekend.   July also 
happens to be the best month out of the third quarter for stocks 
in general.  On the flipside July may be the best month out of 
the third quarter only because August and September are 
historically that much weaker.  As I mentioned in the wrap on 
Wednesday July begins the worst four months of the year for the 
NASDAQ.  

Longer-term investors should be encouraged that the economy has 
been able to maintain its trend of growth.  The U.S. economy is 
working on its 12th consecutive quarter of growth.  Businesses 
have added more than one million jobs since last August.  It was 
only a few quarters ago that the pace of growth hit 20-year 
highs.  Of course therein lies our problem for the second half of 
2004.  Growth was so strong in the second half of 2003 that 
earnings comparisons are going to be extremely tough to beat.  
That's why this Q2 earnings season may be challenging.  
Corporations are expected to easily surpass last year's numbers 
but their guidance going forward will be the determining factor 
for the second half of July and probably all of August.  

One point of view I heard on Friday made a lot of sense.  The 
markets have already accepted a rising interest rate environment.  
Investors expect rates to rise because the economy is improving.  
Yet what if the economy isn't improving.  We've heard and seen a 
number of reports that show growth has been slowing.  The rate of 
job growth has also been declining for three months in a row.  
Now we're moving into the third quarter a.k.a. the slowest 
quarter of the year.  If you view the market from this point of 
view there isn't a lot of eagerness to buy stocks.  

This isn't a new idea.  Jim has been discussing lower earnings 
expectations and weaker comparisons for the third and fourth 
quarter for weeks.  If earnings growth slows down it's only 
natural to see the stock market slow and/or decline.  Earnings 
have always been the main market driver and that's why you hear 
so much lately about how "quality" stocks will be the winners in 
the second half.  But don't start looking at those January put 
options yet.  Job growth is expected to pick up again as we move 
deeper into the second half.  Plus, I mentioned on Wednesday that 
the S&P 500 historically rises an average of 8% in the first six 
months after the Fed begins a tightening cycle on monetary 
policy.  Plus, we have the historical trend for stocks to perform 
well in the last seven months of an election year.  Of course 
this last trend may be challenged.  There is so much uncertainty 
regarding the 2004 elections that stocks might be stuck in wide 
trading range through Thanksgiving.  

Enjoy your long weekend, your hard won freedoms and say thank you 
to the men and women in uniform who help defend it!



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

Market Averages

DJIA ($INDU)

52-week High: 10753
52-week Low :  8871
Current     : 10284

Moving Averages:
(Simple)

 10-dma: 10373
 50-dma: 10250
200-dma: 10169


S&P 500 ($SPX)

52-week High: 1163
52-week Low :  960
Current     : 1125

Moving Averages:
(Simple)

 10-dma: 1134
 50-dma: 1119
200-dma: 1099


Nasdaq-100 ($NDX)

52-week High: 1559
52-week Low : 1204
Current     : 1481

Moving Averages:
(Simple)

 10-dma: 1489
 50-dma: 1452
200-dma: 1443


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

CBOE Market Volatility Index (VIX) = 15.08 -0.12
CBOE Mkt Volatility old VIX  (VXO) = 15.21 +0.13
Nasdaq Volatility Index (VXN)      = 19.89 -0.17

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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.81        559,886       453,271
Equity Only    0.71        459,413       325,758
OEX            0.69         22,288        15,544
QQQ            3.10         32,169        99,994


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

Bullish Percent Data

           Current   Change   Status
NYSE          67.1    + 0     Bear Confirmed
NASDAQ-100    50.0    + 0     BULL ALERT
Dow Indust.   70.0    + 0     Bear Confirmed
S&P 500       65.6    + 0     Bear CORRECTION
S&P 100       67.0    + 1     Bear CORRECTION



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: 1.62
10-dma: 1.28
21-dma: 1.11
55-dma: 1.10


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    1725      1423
Decliners    1092      1522

New Highs     118        84
New Lows       30        39

Up Volume    470M      317M
Down Vol.    807M      838M

Total Vol.  1292M     1187M
M = millions


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

Commitments Of Traders Report: 06/29/04

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 would appear that no one wanted to make any big bets this
week with the Iraq handover, the FOMC meeting and the Jobs report.
Commercial traders remain slightly bearish and small traders remain
bullish.


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%)
06/29/04      405,273   413,351   ( 8,078)   (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%
06/29/04      129,978    94,535    35,443    15.7%

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

Commercial traders have tempered their bearishness a bit but they
remain very bearish on the e-minis.  Likewise small traders are
still very bullish.  One group is going to be terribly wrong here
and odds are in favor of the big traders.


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%)
06/29/04      258,443   447,505   (189,062)  (26.7%)

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%
06/29/04      236,492     47,780   188,712    66.3%

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 relatively neutral on the NASDAQ-100
with a small bullish bias.  Meanwhile small traders have turned
a bit more bearish on the group.



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%
06/29/04       41,078     37,194     3,884    4.9%

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%)
06/29/04        7,437    11,904    (4,467)  (23.1%)

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

Not much change for the commercial traders.  They remain bullish
on the Dow Industrials.  Small traders have turned a little more
bearish on the index.


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%
06/29/04       27,278    20,512    6,766      14.1%

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%)
06/29/04        4,930     7,682   (2,752)   (21.8%)

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

J2 Global Communications - JCOM - close: 28.71 change: +1.95

WHAT TO WATCH: JCOM proved to be one of the more bullish tech 
stocks on Friday.  Shares rose 7.28% on twice its average volume 
to breakout above resistance at $28.00.  JCOM still has 
resistance at $30.00 and we'd consider a push through this level 
as an aggressive entry point for new bullish positions.  Its P&F 
chart is bullish and points to a $44 price target but shows 
resistance near $36.00.  Coincidentally, we see resistance at $36 
on its daily chart near the bottom of its gap down last October.  
Beware of earnings on July 19th.



---

Guess Inc - GES - close: 16.57 change: +0.26

WHAT TO WATCH: The maker of Guess jeans and other apparel has 
rebounded nicely from support near $14.00 and above its 200-dma.  
Now after two weeks of consolidating between $15.50 and $17.00 
the stock looks ready to breakout again.  We'd consider a trigger 
over $17.00 as an entry point to target a run toward $19.50-
20.00.  GES' point-and-figure chart is bullish and points to a 
$22 target.  Earnings are in August.



---

Elan Corp - ELN - close: 25.39 change: +0.24

WHAT TO WATCH: The relative strength in shares of Irish drug 
maker ELN has been impressive the last couple of weeks.  The 
stock has broken out above resistance at $24.00 and $25.00, then 
retested the $24 mark as support and bounced again.  This looks 
like an entry point for bullish plays to target a move toward 
$30.00.  Earnings are expected in August.



---

Novell Inc - NOVL - close: 7.79 change: -0.28

WHAT TO WATCH: Networking stock NOVL has been struggling for 
months.  The steady downtrend of lower highs has broken through 
several support levels and its 200-dma.  In early June NOVL broke 
through support at $8.00 to close at $7.64.  The stock rebounded 
the next day but now a month later NOVL is once again under $8.00 
and testing support near $7.60.  Aggressive traders might want to 
consider a trigger under $7.60 or $7.50 as an entry point to 
short the stock.  There could be support at the top of its 
November gap near $7.00 but its P&F chart is very bearish and 
points to a $3.00 target.  We would target a move toward $6.00.




-----------------------------------
RADAR SCREEN - more stocks to watch
-----------------------------------

POWI $23.05 -1.11 - The breakdown under support at $24.00 looks 
pretty ominous for POWI.  The next support level is probably $20.

SBUX $45.54 +0.92 - SBUX continues to hit new all-time highs!

RSH $28.00 -0.05 - Traders might want to turn bearish on 
RadioShack if it breaks $27.75 again.

SNV $26.15 +0.55 - The breakout over $26.00 and its 200-dma looks 
pretty bullish for SNV, especially on volume more than double the 
average.  



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PremierInvestor.net Newsletter          Weekend Edition 07-04-2004
                                                    section 2 of 3
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 two:

Tech Stocks
  New Bullish Plays:     None
  New Bearish Plays:     DPMI, BORL
  Bullish Play Updates:  None
  Bearish Play Updates:  QLGC
  Closed Bullish Plays:  BRCM
  Closed Bearish Plays:  None

Active Trader (Non-tech)
  New Bullish Plays:     KCS
  New Bearish Plays:     None
  Bullish Play Updates:  SHW
  Bearish Play Updates:  None
  Closed Bullish Plays:  JCP
  Closed Bearish Plays:  None

High Risk/Reward
  New Bullish Plays:     None
  New Bearish Plays:     VISG
  Bullish Play Updates:  None
  Bearish Play Updates:  IMOS, SOHU
  Closed Bullish Plays:  EVOL
  Closed Bearish Plays:  None

Stock Splits
  Announcements:         KNGT delivers a 3-for-2 split


==================================================================
Net Bulls (NB) Tech Stock section
==================================================================

=========
NEW PLAYS
=========

  -----------------
  New Bullish Plays
  -----------------

None


  -----------------
  New Bearish Plays
  -----------------

DuPont Photomasks - DPMI close: 18.85 change: -0.62 stop: 20.50

Company Description:
DuPont Photomasks manufactures photoblanks and photomasks for the 
Semiconductor industry.  Photomasks are high-purity quartz or 
glass plates containing precise, microscopic images of integrated 
circuits that are used as masters (similar to negatives in a 
photographic process) to optically transfer the image of circuit 
patterns onto semiconductor wafers during the fabrication 
process.  Photomasks are made from photoblanks, which are highly 
polished quartz or glass plates coated with ultra-thin layers of 
chrome and photoresists.  The film is typically precision-coated 
with an anti-reflective layer to improve optical performance 
characteristics. 

Why we like it:
While we can't state that DPMI is a bellwether for the 
Semiconductor sector (SOX.X), it should be telling us something 
significant about the viability of any bullish expectations for 
the group, when this stock topped out near the $28 level back in 
October and has been steadily tracing out a pattern of lower 
highs and lower lows ever since.  With last week's rebound from 
just above the $19.50 level, it looked like the stock was going 
to make an honest effort at putting in a bottom and heading 
higher.  That attempt was soundly turned back at the 20-dma 
($20.47 on Wednesday and the stock's fate was sealed on Thursday, 
with the sharp selloff that broke the $19.50 support level on 
heavy volume.  With a complete lack of strength from the 
Semiconductor index, DPMI continued to fall on Friday, taking out 
the $19 level.  That puts the stock right on the verge of another 
major breakdown and in concert with the very bearish PnF chart, 
it looks like a test of last year's lows in the $16.00-16.50 area 
is on the menu.  Note that the PnF chart is on a powerful Sell 
signal right now, with a downside objective of $15.

There is the outside chance that last week's breakdown could be 
reversed by more bullish sentiment after the long weekend, but 
the technicals don't support that notion at all.  We'll initiate 
coverage with an entry trigger at $18.75, just under Friday's 
intraday low.  Momentum entries look good on a break below that 
level, while more conservative traders can target a subsequent 
failed rebound below $20 as a secondary entry point.  We'll start 
with our stop set at $20.50, just over the 20-dma, which served 
as solid resistance against last week's rebound attempt.  We 
could see some mild support just over the $17 level, but we'll 
target a drop to the May 2003 lows near $16.50, with possible 
continuation down to $16.  Monitor the action in the SOX, as 
continued weakness there should continue to exert pressure on 
shares of DPMI.

Annotated Chart of DPMI:



Picked on July 4th at       $18.85
Change since picked          +0.00
Earnings Date              4/22/04 (confirmed)
Average Daily Volume =       238 K



---

Borland Software - BORL - close: 7.91 change: -0.32 stop: 8.31

Company Description:
Borland Software Corporation is a world leader in platform 
independent software development and deployment solutions that 
are designed to accelerate the entire application development 
lifecycle. By connecting managers, testers, designers, 
developers, and implementers in real time, Borland enables 
enterprises worldwide to define and sustain their competitive 
advantage. (source: company press release)

Why We Like It:
Software stocks have been struggling lately and racing toward the 
front of the pack has been BORL.  The GSO.X software index has 
fallen sharply in the last two sessions and broken through its 
simple 200-dma.  Meanwhile BORL has been falling for 4 out of the 
last 5 sessions and broken through major support at the $8.00 
level.  Volume on Friday's decline was more than twice the norm.  
This is a technical play on BORL's weakness and now that it has 
broken through the $8.00 level the next major support appears to 
be the $6.50 region.  Its P&F chart is even more bearish and 
points to a $1.00 target.  

We're going to initiate a play at the current level under $8.00 
and target a move toward $6.50.  Shares of BORL are a bit 
oversold and they could bounce.  If so look for a failed rally 
under $8.20.  We're going to start the play with a stop loss at 
$8.31.  Earnings are expected on our about July 22nd and we do 
not plan to hold over the announcement.  

Annotated Chart:


Picked on July 04 at $ 7.91 
Gain since picked:   - 0.00
Earnings Date      07/22/04 (unconfirmed)
Average Daily Volume:   672 thousand



============
PLAY UPDATES
============

  --------------------
  Bullish Play Updates
  --------------------

None

  --------------------
  Bearish Play Updates
  --------------------

QLogic Corp. - QLGC - close: 25.91 change: -0.31 stop: 28.15

Believe it or not, our QLGC play has almost made a complete round 
trip from when we began coverage in the middle of June, expecting 
a break below the $25 level.  That breakdown never happened, so 
we've been watching from the sidelines to see if the most recent 
rejection from the $28 resistance level will lead to the much-
anticipated bearish move.  We still need to see our trigger 
activated before playing, but then momentum traders can jump 
aboard on the initial breakdown, with more conservative traders 
seeking a failed rebound near the $26 level for entry.  Recall 
that below the $25 level, there just isn't a whole lot in the way 
of support until the stock reaches its multi-year lows in the 
vicinity of $19-20.  Maintain stops at $28.15 until we see that 
breakdown.

Picked on June 20th at      $25.57
Change since picked          +0.34
Earnings Date              4/28/04 (confirmed)
Average Daily Volume =    4.19 mln



============
CLOSED PLAYS
============


  --------------------
  Closed Bullish Plays
  --------------------

Broadcom Corp. - BRCM - close: 43.15 change: -1.67 stop: 44.40

How very disappointing our bullish play on BRCM turned out to be.  
We got the solid breakout, and a steady advance such that the 
stock was testing the $47 level by the middle of last week.  Then 
the post-FOMC reaction hit the markets, the SOX plunged and for a 
change, BRCM went along with the sector.  We were still ok as of 
Thursday's close though, with price still holding just above what 
had been intraday support for over a week.  But Friday's session 
left no doubt that the bullish run in the stock is over, as price 
smashed through that support, then the 20-dma and appears headed 
for stronger support near $42.  With our $44.40 stop obliterated, 
there's no question that we're dropping the play this weekend and 
any positions should have already been closed.

Picked on June 16th at      $43.79
Change since picked          -0.64
Earnings Date              4/22/04 (confirmed)
Average Daily Volume =    8.19 mln



---

Cisco Systems - CSCO - close: 22.91 change: -0.20 stop: 22.50

When we initiated coverage on CSCO, looking for a breakout over 
resistance, we had just the slightest suspicion that perhaps it 
wouldn't play out the way we had envisioned.  That was the reason 
for setting our trigger at $24.25, just a bit above the recent 
highs. Sure enough, the stock pushed to new recent highs, but not 
quite enough to hit our entry trigger, keeping us safely on the 
sidelines as price deteriorated throughout the past week.  With 
Friday's close back under the 200-dma, we're more than happy to 
pull the plug on the play, knowing that nobody got into a bad 
position.  CSCO will surely offer stellar trading opportunities 
in the future, but now is not the time.

Picked on June 16th at      $23.97
Change since picked          -1.06
Earnings Date              8/10/04 (unconfirmed)
Average Daily Volume =    51.2 mln



  --------------------
  Closed Bearish Plays
  --------------------

None

==================================================================
Stock Bottom / Active Trader (AT) section
==================================================================

=========
NEW PLAYS
=========

  -----------------
  New Bullish Plays
  -----------------

KCS Energy - KCS - close: 13.64 change: +0.34 stop: 12.24

Company Description:
KCS is an independent energy company engaged in the acquisition, 
exploration, development and production of natural gas and crude 
oil with operations in the Mid-Continent and Gulf Coast regions.
(source: company press release)

Why We Like It:
The rise in oil and natural gas prices has not been lost on 
stocks.  The XNG natural gas index is near three-year highs and 
the OIX oil index and OSX oil services index have been pockets of 
strength for the markets.  Meanwhile KCS has been quietly 
climbing higher.  The stock's relative strength makes it really 
attractive.  The last few weeks have seen crude and natural gas 
prices actually slip while KCS has been strong.  Friday's close 
over $13.50 pushed KCS to levels not seen since 1998.  Daily and 
weekly technicals are bullish for KCS and its P&F chart has 
produced a new ascending triple-top breakout.  

KCS is not the fastest mover but if we're patient we feel KCS can 
trade toward the $16.00 level.  We're going to start the play 
with a stop loss at $12.24, just under the June 21-22 lows.

Annotated Chart:


Picked on July 04 at $13.64 
Gain since picked:   + 0.00
Earnings Date      05/05/04 (confirmed)
Average Daily Volume:   562 thousand



  -----------------
  New Bearish Plays
  -----------------

None


============
PLAY UPDATES
============

  --------------------
  Bullish Play Updates
  --------------------

Sherwin Williams - SHW - close: 40.99 change: -0.29 stop: 39.99

Hmm... the action in SHW this past week has been about as 
exciting as watching paint dry.  Sorry for the pun but shares 
have been churning sideways between $40.40 and $41.50 all week.  
The good news is that SHW shrugged off a downgrade from JPM who 
lowered their outlook from "overweight" to "neutral" last Monday. 
 The sideways action is allowing SHW's technical indicators to 
falter and many of them are starting to look bearish.  Traders 
can look for another bounce from the $40.00-40.50 level as an 
entry point but be mindful of the broader market.  If the major 
indices start to sink much lower through the bottom of their 
trading range SHW is bound to hit more profit taking.  Watch your 
stops.  Remember, we do not plan to hold over the earnings 
announcement on or around July 22nd.

Annotated Chart: 


Picked on June 20 at $39.96 
Gain since picked:   + 1.03
Earnings Date      07/22/04 (unconfirmed)
Average Daily Volume:   777 thousand




  --------------------
  Bearish Play Updates
  --------------------

None


============
CLOSED PLAYS
============


  --------------------
  Closed Bullish Plays
  --------------------

J. C. Penney - JCP - close: 36.79 change: -0.69 stop: 36.75

After first stalling near the $39 level, shares of JCP got 
smacked lower on Tuesday along with the rest of the Retail 
stocks.  After that gap, the stock was unable to get back over 
the bottom of the gap just over $38 and by Thursday's close, 
things were looking grim.  But with price still holding over the 
20-dma, we decided to ride out the storm and hope for a rebound 
from above the $37 level.  That never happened, and the storm was 
fiercer than expected.  JCP smashed through support on Friday, 
violating our stop and closing near the low end of its intraday 
range.  Last week's selloff seriously damaged the stock's bullish 
trend and we'll need to see some new base building before it will 
make sense to try and game the upside here again.

Picked on June 20th at      $37.85
Change since picked          -1.06
Earnings Date              8/17/04 (unconfirmed)
Average Daily Volume =    3.18 mln



  --------------------
  Closed Bearish Plays
  --------------------

None


==================================================================
HIGH RISK/HIGH REWARD (HR) section
==================================================================

=========
NEW PLAYS
=========

  -----------------
  New Bullish Plays
  -----------------

None

  -----------------
  New Bearish Plays
  -----------------

Viisage Technology - VISG - close: 8.17 chg: -0.15 stop: 8.51

Company Description:
Viisage delivers advanced technology identity solutions for 
governments, law enforcement agencies and businesses concerned 
with enhancing security, reducing identity theft, and protecting 
personal privacy. Viisage creates solutions using secure document 
and face recognition technologies that quickly, reliably, and 
accurately identify individuals. With over 3,000 installations 
worldwide, Viisage's identity solutions stand out as a result of 
the Company's industry-leading technology and unique 
understanding of customer needs. (source: company press release)

Why We Like It:
You may remember VISG as one of the security stocks that sprung 
up out of nowhere and surged for three or four months straight 
before fading again.  Investors have turned a bit more selective 
and instead of bidding up the entire niche they're only focusing 
on a few security stocks.  That doesn't mean that VISG can't 
suddenly come back into favor and that's one of the main reasons 
we're putting VISG in the high risk-reward section.  

The technical picture for VISG is steadily deteriorating.  The 
trend of lower highs and higher lows has broken to a new relative 
low.  Now VISG has broken its simple 100-dma and is poised to 
breakdown under critical support at the $8.00 mark.  The point-
and-figure chart for VISG is very bearish.  The P&F chart may 
have support near $7.50 but its vertical count currently points 
to a $3.00 price target.  A move under $8.00 would produce a new 
triple-bottom breakdown sell signal.  We're going to use a 
TRIGGER at $7.95.  There is some support near $7.00 but we're 
going to target a move to its 200-dma near $6.00.  

Another reason we're putting this in the high-risk/reward section 
is because we can't find an earnings date.  We know it last 
reported at the back end of the earnings cycle so we suspect VISG 
will report Q2 earnings in early August but that's only  a guess.

Annotated Chart:


Picked on July xx at $00.00 <-- See TRIGGER
Gain since picked:   - 0.00
Earnings Date      00/00/00 (unconfirmed)
Average Daily Volume:   2.4 million 




============
PLAY UPDATES
============

  --------------------
  Bullish Play Updates
  --------------------

None

  --------------------
  Bearish Play Updates
  --------------------

ChimMOS Tech. - IMOS - close: 7.15 change: +0.03 stop: 8.50

It is certainly enough to make you scratch your head.  IMOS 
rolled over hard from the 200-dma early in the week with the 50-
dma crossing down through the 200-dma -- a classic bearish sign.  
The selloff through Wednesday was proceeding on expanding volume 
too.  So it is a bit strange that the stock just stopped on a 
dime and consolidated over the past 2 days, while the 
Semiconductor index (SOX.X) got hit for more than a 6% loss.  
Nonetheless, we'll stay the course on the play.  We're looking 
for a drop through the $6.50 level to satisfy our entry trigger, 
with momentum entries looking viable on that initial breakdown.  
More conservative entries should materialize on a subsequent 
failed bounce in the $7.25-7.50 area.  We'll maintain a liberal 
initial stop at $8.50.

Picked on June 30th at       $6.97
Change since picked          +0.18
Earnings Date              5/14/04 (confirmed)
Average Daily Volume =       322 K



---

Sohu.com - SOHU - close: 17.80 change: -0.23 stop: 20.01*new*

We certainly can't complain about the action in SOHU.  The stock 
faltered under the $22.00 level as expected and then broke 
through support at $20.00 last Wednesday on rising volume.  
Volume was even stronger (about 50% stronger) on Thursday when 
the markets took a fall and the Chinese Internet sector was 
downgraded.  Thus far SOHU is down more than 15% from our picked 
price.  It would not be a bad idea to do a little profit taking 
of our own and close half of our position.  We remain bearish on 
SOHU but the stock is now short-term oversold and near what could 
be the bottom of a new descending channel.  This just happens to 
coincide with what could be round-number support at $17.50.  We 
would NOT suggest new bearish positions unless SOHU bounced back 
toward the $19.00-19.50 level and began to roll over again.  
We're going to lower our stop to $20.01.  This is still very wide 
and may be too aggressive of a stop for some traders.  Remember 
that our target is $16.00.

Annotated Chart: 



Picked on June 20 at $21.14 
Gain since picked:   - 3.34
Earnings Date      07/28/04 (confirmed)
Average Daily Volume:   3.0 million 



============
CLOSED PLAYS
============


  --------------------
  Closed Bullish Plays
  --------------------

Evolving Systems - EVOL - close: 4.64 change: -0.04 stop: 4.60

Everything looked great a week ago, with EVOL apparently breaking 
from its bull flag pattern in preparation for a run back at the 
$6.00 resistance level.  That apparent breakout was clearly (in 
hindsight) a trap though, as Monday's push to new relative highs 
was quickly reversed and the stock just drilled lower right into 
the lows on Friday near the 50-dma.  With those lows well below 
our stop, we've no choice but to drop coverage on EVOL, despite 
the late day rebound that pushed the stock just slightly above 
that stop level.  The technical case that was so clear a week ago 
has been wiped away, so we'll look elsewhere for appealing plays.

Picked on June 27th at       $5.15
Change since picked          -0.51
Earnings Date              3/08/04 (confirmed)
Average Daily Volume =       625 K



  --------------------
  Closed Bearish Plays
  --------------------


None

==================================================================
Stock Splits
==================================================================

Announcements
-------------


KNGT delivers a 3-for-2 split 

After the closing bell on Friday Knight Transportation Inc. 
(NASDAQ:KNGT) announced that its Board of Directors had approved a 
3-for-2 stock split of its common shares.

The 3-for-2 split will take the form of a 50% stock dividend 
payable on July 20th, 2004 to shareholders on record as of July 
12th.  Fractional shares resulting from the split will be paid in 
cash.  Post-split KNGT will have approximately 56.4 million shares 
outstanding.


About the company:
Knight Transportation Inc. is a short to medium haul, truckload 
carrier headquartered in Phoenix. The company serves most of the 
United States through its regional operations in Phoenix; Salt 
Lake City; Portland, Ore.; Indianapolis; Katy, Texas; Gulfport, 
Miss.; Charlotte, N.C.; Memphis, Tenn.; Kansas City, Kan.; 
Atlanta; Denver; Las Vegas; and Carlisle, Pa. The company 
transports general commodities, including consumer goods, packaged 
foodstuffs, paper products, beverage containers, and imported and 
exported commodities. (source: company press release)



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

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The Premier Investor Network.
Do not duplicate or redistribute in any form.




PremierInvestor.net Newsletter          Weekend Edition 07-04-2004
                                                    section 3 of 3
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 three:

Market Watch for Week of July 5th, 2004
   - Major Earnings
   - Stock Splits
   - Economic Reports

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)


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

==========================================
Market Watch for the week of May 5th
==========================================

-----------------
Earnings Calendar
-----------------

Symbol  Co               Date           Comment      EPS Est

------------------------- MONDAY -------------------------------

None

------------------------- TUESDAY ------------------------------

AYI    Acuity Brands         Tue, Jul 06  Before the Bell     0.44


------------------------ WEDNESDAY -----------------------------

ACN    Accenture             Wed, Jul 07  Before the Bell     0.37
AA     ALCOA Inc             Wed, Jul 07  After the Bell      0.47
DNA    Genentech, Inc.       Wed, Jul 07  After the Bell      0.19
ISCA   International SpeedwayWed, Jul 07  Before the Bell     0.32
MSM    MSC Industrial Direct Wed, Jul 07  -----N/A-----       0.31
SCHN   Schnitzer Steel Ind   Wed, Jul 07  After the Bell      1.25
YHOO   Yahoo, Inc.           Wed, Jul 07  -----N/A-----       0.08


------------------------- THUSDAY -----------------------------

LI     Laidlaw Intl, Inc.    Thu, Jul 08  After the Bell      0.22
OCENY  OcÚ N.V.              Thu, Jul 08  -----N/A-----        N/A
PBG    Pepsi Bottling Group  Thu, Jul 08  -----N/A-----       0.51


------------------------- FRIDAY -------------------------------

ABT    Abbott Laboratories   Fri, Jul 09  Before the Bell     0.54
GE     General Electric      Fri, Jul 09  Before the Bell     0.37
WMMVY.PK  Wal-Mart Mexico    Fri, Jul 09  -----N/A-----        N/A


----------------------------------------------
Upcoming Stock Splits In The Next Two Weeks...
----------------------------------------------

Symbol  Co Name              Ratio    Payable     Executable

BPOP    Popular Inc.              2:1      Jul   8th   Ju1   9th
URBN    Urban Outfitters Inc      2:1      Jul   9th   Ju1  12th
SLXP    Salix Pharmaceuticals     3:2      Jul  12th   Ju1  13th
MGPI    MGP Ingredients           2:1      Jul  15th   Ju1  16th
CCFH    CCF Holding Company       3:2      Jul  15th   Ju1  16th
BLUD    Immucor, Inc              3:2      Jul  16th   Ju1  19th


--------------------------
Economic Reports This Week
--------------------------

The economic calendar is a little light but we will get the ISM
services index data on Tuesday.  Tuesday also kicks off the Q2
earnings season with reports from AA, DNA and YHOO.  The real Q2
action doesn't pick up until the following week.

==============================================================
                       -For-           

----------------
Monday, 07/05/04
----------------
Market Holiday


-----------------
Tuesday, 07/06/04
-----------------
ISM Services (DM)          Jun  Forecast:    65.0  Previous:     65.2
Federal Reserve Governor Broaddus speaks on the economy

-------------------
Wednesday, 07/07/04
-------------------
None


------------------
Thursday, 07/08/04
------------------
Initial Claims (BB)      07/02  Forecast:     N/A  Previous:     351K
Consumer Credit (DM)       May  Forecast:   $7.5B  Previous:    $3.9B


----------------
Friday, 07/09/04
----------------
Wholesale Inventories (DM) May  Forecast:    0.5%  Previous:    -0.1%
Federal Reserve Governor Hoenig speaks on monetary policy

Definitions:
DM=  During the Market
BB=  Before the Bell
AB=  After the Bell
NA=  Not Available

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

FRE     Freddi Mac                 63.57     +0.97
MFC     Manulife Financial         40.62     +0.91
CFC     Countrywide Financial      71.43     +1.18
STT     State Street Corp          49.65     +0.57
MRO     Marathon Oil               38.00     +0.53
CNQ     Canadian Natural Rsrv      30.60     +0.65

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

TSP     Telecom De Sao Paulo       16.65     +1.45

---------------------------------------
Breakout to Upside (Stocks over $20)
---------------------------------------
  
BMET    Biomet Inc                 46.75     +1.19
KMRT    Kmart Holdings             77.65     +2.92
BFAM    Bright Horizons Family Sol.55.12     +1.70
JCOM    J2 Global Comm.            28.71     +1.95
DWSN    Dawson Geophysical         23.50     +1.39

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

GPS     Gap Inc                    23.44     -1.08
CAH     Cardinal Health            51.76     -1.10
ADP     Automatic Data Processing  39.90     -1.60
AAPL    Apple Computer             31.08     -1.22
ESRX    Express Scripts            73.00     -2.38
SEE     Sealed Air                 51.06     -1.44
PPP     Pogo Producing             45.01     -4.54
IRF     Intl Rectifier Corp        37.66     -1.63

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

SLM     SLM Corp                   39.39     -0.93
BRCM    Broadcom Corp              43.15     -1.67
ETN     Eaton Corp                 62.26     -1.42

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

*****************************************************************
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Newsletter, or any Premier Investor Network newsletter please
contact Contact Support.

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Copyright (c) 2001-2004  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.



DISCLAIMER

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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Option Investor Inc
PO Box 630350
Littleton, CO 80163

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