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Daily Newsletter, Thursday, 07/15/2004

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PremierInvestor.net Newsletter                 Thursday 07-15-2004
                                                    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:      No Surprise Yet
Market Sentiment: No Conviction
Watch List:       Chips, Natural Gas and more


=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
      07-15-2004           High     Low     Volume   Adv/Dcl
DJIA    10163.16 - 45.60 10235.65 10162.94 1.70 bln 1686/1426
NASDAQ   1912.71 -  2.20  1925.76  1910.13 1.64 bln 1479/1512
S&P 100   537.88 -  3.91   542.81   537.84   Totals 3165/2938
S&P 500  1106.69 -  4.78  1114.67  1106.60
W5000   10792.14 - 29.38 10861.07 10790.07
SOX       418.53 -  2.20   425.49   416.75
RUS 2000  562.16 +  2.42   564.35   559.74
DJ TRANS 3125.39 + 40.20  3141.32  3084.24
VIX        14.71 +  0.95    14.73    13.60
VXO (VIX-O)15.73 +  0.71    15.75    14.96
VXN        21.68 +  0.04    22.14    20.96
Total Volume 3,603M
Total UpVol  1,531M	
Total DnVol  1,985M
Total Adv  3536
Total Dcl  3364
52wk Highs  148
52wk Lows   181
TRIN       1.61
NAZTRIN    1.13
PUT/CALL   0.83
=================================================================

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

No Surprise Yet
by Jim Brown

As the earnings momentum increases the markets continue
to trade sideways as investors hold their breath expecting
big surprises. So far those surprises have not appeared
and we are seeing earnings much like the economics, mixed.
After the close today we had an almost equal amount of
earnings warnings, earnings misses and companies beating
the street.

Dow Chart


Nasdaq Chart


SPX Chart



Recent economics have resembled a box of chocolates, you
never know what you are going to get. It started with the
Jobless Claims this morning spiking to 349,000 once again
and completely erasing the one week drop to 309K last
week. Continuing claims moved closer to the three million
market with a jump to 2,971,000. While the government and
analysts speculated that last weeks low number was an
anomaly, nobody expected a jump right back to the 350K
level. Last weeks low number is being attributed to
incorrect July-4th seasonal adjustment factors. The jump
this week is being attributed to a shutdown in automakers
to retool for the 2005 production year. Most notable for
me is the flat trend for claims. They have quit falling
over the last six weeks and have stabilized just under
the 350K level. This is troubling but it could be just
the summer doldrums of hiring.

Business Inventories rose a smaller than expected +0.4%
in May. Retail inventories were flat for the month and
the first time they have not risen since August 2003.
Concern about the direction of the economy and early
warning signs about the slowing consumer trend probably
kept retailers from stocking up. Business Sales rose
+0.7% and when coupled with low inventory levels keeps
exposure to potential economic risks at a minimum. The
inventory to sales ratio remained at its record low
of 1.30 for the third month. That means there is only
1.3 months of inventory on hand. Any further increase
in sales should force a continued uptick in manufacturing
or eventually there will not be any product to sell.

The NY Empire Manufacturing Survey jumped to 36.5 from
29.9 in June. This was well over consensus estimates of
only 28.3. Shipments, orders and back orders all posted
large gains. Even employment eked out a small gain.
Unfortunately Prices Paid rose while Prices Received
dropped. This shows inflation pressures building but
could also be a reflection of higher energy prices.

The Philly Fed Survey jumped to 36.1 from 28.9 and
echoed the same theme as the NY Survey. This was well
above consensus estimates of 26.3. Employment in the
Philly Survey jumped to a very strong 24.6 from 16.8.
The various Fed surveys have been mixed of late.
Different regions are showing different stresses and
this is normal for a slow growth environment. The
current expansion signals are very positive for future
non inflationary growth.

The main inflation gauge for this week the PPI posted
a surprising -0.3% drop. This was directly related to
the drop in oil prices last month and this is good news
for the Fed. Unfortunately with the oil spike to $41
this week this brief drop in the PPI may not last. This
report produced a spike in the futures on the headline
number but that spike did not hold once the cash market
opened. There were lots of positive internals but they
were mostly related to the drop in oil so I will not
dwell on them.

More important to the economic picture was the drop in
Industrial Production by -0.3% when expectations were
for a small gain. May's gains were also revised down
slightly. Capacity Utilization dropped to 77.2, a drop
of -0.4% from the prior month. Consumer goods production
dropped -0.7%. This does not bode well for the retail
inventory buildup I discussed above.

For the Fed this was a very good day. Headline inflation
falling and manufacturing still expanding but enough
slack in the industrial production to prevent a
resumption of that inflation any time soon. The chances
for a 50 point rate hike in August have dropped to only
15% according to the Fed Fund futures and this is a
statistically insignificant chance. There is still a
good chance for a 25 point hike in August and that
meeting is only three weeks away. Sure seems like we
just had one but that is what the calendar is saying.
Time sure flies when you are having fun.

The big news for the day was earnings and Nokia headed
the morning list with another warning that future profits
were threatened by increased competition, lower prices
and a lack of popular new models. Nokia has been the
poster child for the problems in the cell phone industry
of late and today's whining is no different. Yes, we
know it is a tough market and the easy money has been
made. Suck it up and forge ahead.

The other market mover was oil topping $41 a barrel this
morning and the cancellation of the OPEC meeting next
week. They instead believe they can implement the increase
in production without impacting prices. Let's see. They
are already pumping well over their stated levels even
after the "formal" production increase. Oil prices are
$41 today and rising despite this increase in production.
It does not take a rocket scientist to figure out that
the "proposed" increase already in effect will not impact
prices. Yep, no reason for a meeting.

After the close today the big numbers came from IBM
which posted earnings that beat the street by +4 cents.
This should have produced a rousing reception but the
lukewarm guidance poured cold water on the flames. IBM
repeated its guidance word for word from the previous
quarter saying "analysts estimates were reasonable."
They were right on the mark on their revenue with only
a miniscule miss of $20 million on total revenue of
a whopping $23.15 billion. They said spending was
continuing to improve led by growth in emerging markets
like China. I am not normally a fan of IBM earnings due
to the game they play each quarter. Like other quarters
they bought back $1.3 billion in shares which raises
their earnings per share. They also received a currency
benefit of 2-7% depending on the division and type of
sale. Still IBM did post an increase in revenue, profits
and said they expect margins to improve going forward.
There was nothing really negative in this report. This
alone may not be enough to produce an earnings bounce
on Friday but there is nothing here to really push us
lower.

Helping the markets in addition to the IBM news was
earnings wins for PMCS and RMBS after the bell. PMCS
beat by a penny and RMBS by two cents. PMCS talked up
the future prospects but suggested that summer revenue
could be flat to +7% for the quarter. PMCS fell about
-50 cents in after hours but the overall outlook was
very positive. Offsetting the PMCS weakness was RMBS
which doubled its earnings and grew revenue by +20%
to a new record. Rambus was bubbling with excitement
and the stock jumped about +12% in the after hours
session.

The reason I am thinking we could see a relief rally
tomorrow is two fold. First we had a fear of IBM crash
at the close where the major indexes tanked as investors
bailed rather than be long over their earnings. This
created an artificial oversold bias. Secondly, IBM,
PMCS and RMBS were all making bullish comments about
chips. Considering the two day drop in the SOX to 420
support any good news should be a reason for a rebound.
The SOX is very oversold and due for a rebound off that
420 support which dates back to September of last year.

In addition to the IBM comments about spending increasing
we had the CEO of Eaton (ETN) saying this was the strongest
economy on all fronts he had seen in years. Eaton is a
diverse manufacturer and like GE they are saying business
is good.

Offsetting that warm feeling was NFLX, which missed
estimates by -2 cents and failed to impress investors
with their story. The stock dropped -$4 in after hours.
HOTT warned after the close but that is old news as
we already know the retail sector is under pressure.

SOX Chart



The drop in the SOX and fear of IBM sent the Dow back
to its monthly lows at 10162 just before the close. It
did not recover. This is a little more than -20 points
below its 200dma at 10189 and right on the edge of a
real breakdown. It is time for the bulls to make a
stand if they are going to rescue the markets from a
retest of the May lows this summer.

The Nasdaq has slowly inched down to its lowest close
of the month at 1912 but it appears the decline is
slowing as we near support at 1900. I have speculated
before that 1900 would be a good bottom for a summer
trading range and I would really like to see a relief
rally on Friday give us a little more breathing room
before the Democratic convention on the 26th.

Our best chance of a rebound comes from the SPX which
is about to test its 200dma at 1102 after closing at
1106 on Thursday. This is a critical test of market
support and one that should hold. The S&P futures
hit 1102.50 in after hours and have rebounded slightly
already. We may need the cash test to trigger the buy
programs (speaking optimistically here) and that could
come at Friday's open. It is an option expiration day
and sharp volatility at the open could be the key to
the test.

The focus on Friday will be on Martha Stewart and the
betting line is 10 months in a minimum security prison.
The sentence will be given at 10:00 tomorrow and you
can bet all eyes will be watching whether they really
care about the outcome or not.

Volume on Wednesday's Intel led dip soared to 4.239B
across all markets. This was the highest volume since
June-25th and the Russell rebalance. Unfortunately it
was 2:1 negative. Thursday's volume was only slightly
lower at 3.651B but the ratio was only slightly negative.
New 52-week highs have been rising daily since last
Friday's low. That low capped a two-week slide since
June 23rd. What I am suggesting is that the internals
are not quite as negative as the indexes and we could
easily rebound from the IBM dip at the close. However,
with the Dow teetering on the cliff at 10162 this is
a do or die situation. A failure to rally here could
setup a quick retest of Dow 10000 or even the May lows
at 9900.

The major problems still ahead are the Democratic
convention only one week away. I believe any rally
will be short lived as investors take protective positions
ahead of that event. Earnings will continue to increase
next week and there will be plenty of companies to cuss
and discuss.

The setup for Friday sees markets at their lows and
right at critical levels. It would be a good place
for a major move in either direction and I am hoping
it is up but ready to react in either direction. I
suggest you do the same.

Enter Passively, Exit Aggressively.

Jim Brown
Editor


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

No Conviction
- J. Brown

We appear doomed to watch stocks slowly slip away or at best
remain within their trading range.  Wall Street is turning up its
nose to lackluster economic reports while investors seem to be
focusing on the earnings misses and not the earnings hits.  Nokia
(NOK) was the big disappointment this morning with a sales
shortfall due to rising competition in the handset market.  Yet
we saw individual stock gains in flash memory maker SanDisk
(SNDK) and iPod wonder Apple Computer (AAPL) after their
impressive earnings numbers but it wasn't enough to juice up the
technology sector.  Traders were too worried that Big Blue might
miss when it announced after the close.

Fortunately, IBM managed to beat analyst profit estimates but
revenues came in a little light and could spoil investors'
reaction.  What I find strange is that the Industrials have been
slowly fading lower throughout the month while the NASDAQ
Composite is down more than 6.5 percent for the month yet the
volatility indices continue to hover near their lows when they
should be climbing.  Another technical/sentiment indicator the
TRIN or ARMS index is showing several moving averages near
bullish levels, which should coincide with the market's short-
term oversold status.  Maybe the Dow needs to hit 10,000 and the
NASDAQ needs to hit 1900 before investors feel brave enough to
buy the dip.  On the other hand a breakdown below these
psychological levels could lead us into a very bearish third
quarter for stocks.

We don't have any super big earnings reports tomorrow so Wall
Street will focus on the CPI and Michigan Sentiment economic
reports due out tomorrow.  Oh, I'm sorry, what was I thinking?
The financial media is going to focus on the Martha Stewart
sentencing (as if it matters).


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

Market Averages

DJIA ($INDU)

52-week High: 10753
52-week Low :  8996
Current     : 10163

Moving Averages:
(Simple)

 10-dma: 10250
 50-dma: 10228
200-dma: 10193



S&P 500 ($SPX)

52-week High: 1163
52-week Low :  960
Current     : 1106

Moving Averages:
(Simple)

 10-dma: 1115
 50-dma: 1117
200-dma: 1103



Nasdaq-100 ($NDX)

52-week High: 1559
52-week Low : 1204
Current     : 1415

Moving Averages:
(Simple)

 10-dma: 1443
 50-dma: 1448
200-dma: 1445



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

CBOE Market Volatility Index (VIX) = 14.71 +0.95
CBOE Mkt Volatility old VIX  (VXO) = 15.73 +0.71
Nasdaq Volatility Index (VXN)      = 21.68 +0.04

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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.83        935,067       771,837
Equity Only    0.62        708,886       436,307
OEX            1.51         34,399        51,887
QQQ            1.22         37,454        45,693


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

Bullish Percent Data

           Current   Change   Status
NYSE          64.8    - 1     Bear Confirmed
NASDAQ-100    45.0    - 3     Bull Alert
Dow Indust.   66.7    + 0     Bear Confirmed
S&P 500       60.4    - 1     Bear Correction
S&P 100       62.0    - 2     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: 1.28
10-dma: 1.74
21-dma: 1.36
55-dma: 1.17


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    1497      1506
Decliners    1272      1499

New Highs     102        37
New Lows       39        97

Up Volume    663M      736M
Down Vol.   1033M      839M

Total Vol.  1712M     1629M
M = millions


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

Commitments Of Traders Report: 07/06/04

Weekly COT report discloses positions held by small specs
and commercial traders of index futures contracts at the
Chicago Mercantile Exchange and Chicago Board of Trade. COT data
can be found at www.cftc.gov.

Small specs are the general trading public with commercials being
financial institutions. Commercials are historically on the
correct side of future trend changes while small specs tend
to be wrong.

S&P 500

Commercial traders continue to sit tight without much change
in their bearish sentiment.  Retail traders aren't changing
their bullish tune much either but they have grown a bit more
optimistic


Commercials   Long      Short      Net     % Of OI
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%)
07/06/04      402,952   416,526   (13,574)   (1.7%)

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
06/15/04      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%
07/06/04      132,423    90,748    41,675    18.7%

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

Now we are seeing some money shuffling in the e-minis.
Commercial traders have reduced their shorts and raised their
long positions but remain overwhelmingly bearish.  Small traders
have pared back their bullish sentiment.


Commercials   Long      Short      Net     % Of OI
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%)
07/06/04      287,442   423,583   (136,141)  (19.1%)

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
06/15/04      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%
07/06/04      219,321     58,567   160,754    27.9%

Most bearish reading of the year: (77,385)  - 09/02/03
Most bullish reading of the year: 449,310   - 06/10/03


NASDAQ-100

Commercial traders remain somewhat bullish on the NASDAQ 100
but only by a small margin.  Small traders are much more
bearish on technology.


Commercials   Long      Short      Net     % of OI
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%
07/06/04       42,245     37,343     4,902    6.2%

Most bearish reading of the year: (21,858)  - 08/26/03
Most bullish reading of the year:  25,160   - 06/01/04

Small Traders  Long     Short      Net     % of OI
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%)
07/06/04        9,345    16,527    (7,182)  (27.8%)

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

Commercial traders continue to snooze with little change
in their Dow Jones Industrials positions.  Small traders
have reduced their bearish attitude some but remain
negative.


Commercials   Long      Short      Net     % of OI
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%
07/06/04       27,214    20,775    6,439      13.4%

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
06/15/04       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%)
07/06/04        5,969     8,227   (2,258)   (15.9%)

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

Chips, Natural Gas and more

Advanced Micro Devices - AMD - close: 12.97 change: -0.77

WHAT TO WATCH: Investors were not impressed with AMD's earnings
report and sent shares lower for a 5.6 percent drop on huge
volume.  The move broke huge support at the $13.50-13.00 levels
and produced a major sell signal on its P&F chart, which
currently points to a $9.50 target.  AMD could bounce back toward
the $13.50 level but if it starts to fade we'd consider new
shorts with a $10.00 target.  Bears might consider momentum
entries on a move through today's low at $12.60.




---

Masco - MAS - close: 31.31 change: +0.74

WHAT TO WATCH: After three weeks of consolidating the gains from
its May-June rally MAS finally broke out to the upside.  Today's
2.4 percent gain was fueled by very strong volume.  We might
consider new bullish positions on a breakout above $31.50 but
keep an eye on its all-time highs back in the 1998-1999 timeframe
at the $33.00 area. It could be overhead resistance.  Meanwhile
the P&F chart points to a $60 target.




---

Williams Cos - WMB - close: 12.30 change: +0.10

WHAT TO WATCH: Investors remain bullish on energy stocks and
several natural gas stocks have been outpacing their oil-related
brethren.  We might consider bullish positions on WMB if it can
breakout over the $12.45-12.50 levels.  Currently WMB's P&F chart
has been churning through overhead resistance near the $11.50
level but it has managed to breakout.  Its P&F target is $ 19.50.





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Do not duplicate or redistribute in any form.





PremierInvestor.net Newsletter                 Thursday 07-15-2004
                                                    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:  VISG
Stock Splits:      IMGC, IVX, VLO, ZBRA


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

VISG - high risk/reward short -
 Exit Alert! VISG fell another 4.79 percent today
 and closed soundly below the $7.00 mark.  VISG
 is within 25 cents of our EXIT point at $6.50.
 We're suggesting readers prepare to exit for a
 profit.  We're lowering the stop from $8.01 to $7.16


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

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

IMGC magnetizes shares with a 3-for-2 stock split

Before today's opening bell Intermagnetics General Corporation
(NASDAQ:IMGC) announced that its Board of Directors had approved a
3-for-2 stock split of its common shares in the form of a 50%
stock dividend.

The payable date for the stock split is August 17th, 2004 to
shareholders on record as of July 23rd.  Intermagnetics will have
approximately 34 million shares on a post split basis.


About the company:
Intermagnetics (http://www.intermagnetics.com) draws on the
financial strength, operational excellence and technical
leadership in its expanding business of Medical Technology that
encompasses Magnetic Resonance Imaging Systems & Components and
Patient Monitoring. Intermagnetics is also a key supplier to the
markets within Instrumentation and has become a prominent
participant in superconducting applications for Energy Technology.
The company has a more than 30-year history as a successful
developer, manufacturer and marketer of superconducting materials,
high-field magnets, medical systems and components and other
specialized high-value added devices.
(Source: Company Press Release)

---

IVX perscribes 5-for-4 stock split to shareholders

Near the end of today's trading session IVAX Corporation (AMEX:IVX)
announced that its Board of Directors had approved a 5-for-4 stock
split of its common shares in the form of a 25% dividend.

The payable date for the stock split is August 24th, 2004 to
shareholders on record as of August 10th.  This is IVX's first
stock split since the middle of 2001.


About the company:
IVAX Corporation, headquartered in Miami, Florida, discovers,
develops, manufactures, and markets branded and brand equivalent
(generic) pharmaceuticals and veterinary products in the U.S. and
internationally. (Source: Company Press Release)

---

VLO refines shares with a proposed stock split and dividend increase.

During today's trading session Valero Energy Corporation
(NYSE:VLO) announced that its Board of Directors had approved a 2-
for-1 stock split of its common shares, to be effected in the form
of a stock dividend.  However, this is subject to shareholder
approval in a special meeting tentatively planned for the third
quarter.

In addition to the proposed stock split, VLO management plans to
recommend an increase in their quarterly dividend of $0.075/share
to $0.08/share, to the Board of Directors.


About the company:
Valero Energy Corporation is a Fortune 500 company based in San
Antonio, with approximately 20,000 employees and annual revenues
of around $50 billion. The company owns and operates 15 refineries
throughout the United States, Canada and the Caribbean. Valero's
refineries have a combined throughput capacity of approximately
2.5 million barrels per day, which represents approximately 12
percent of the total U.S. refining capacity. Valero is also one of
the nation's largest retail operators with more than 4,500 retail
outlets in the United States, Canada and the Caribbean under
various brand names including Diamond Shamrock, Shamrock,
Ultramar, Valero and Beacon. For more information, please visit
www.valero.com. (Source: Company Press Release)

---

ZBRA prints out a 3-to-2 stock split.

After today's closing bell Zebra Technologies Corporation
(NASDAQ:ZBRA) announced that its Board of Directors had approved a
3-for-2 stock split of its common shares in the form of a 50%
stock dividend.

The payable date for the stock split is August 25th, 2004 to
shareholders on record as of July 29th.  Fractional shares will be
paid in cash.  Zebra will have approximately 71.6 million shares
on a post split basis.  ZBRA last split its stock 3:2 on August
21, 2003.


About the company:
Zebra Technologies Corporation delivers innovative and reliable
on-demand printing solutions for business improvement and security
applications in 90 countries around the world. More than 90
percent of Fortune 500 companies use Zebra-brand printers. A broad
range of applications benefit from Zebra-brand thermal bar code,
"smart" label, receipt, and card printers, resulting in enhanced
security, increased productivity, improved quality, lower costs,
and better customer service. The company has sold more than three
million printers, including RFID printer/encoders and wireless
mobile solutions, and also offers software, connectivity
solutions, and printing supplies. Information about Zebra
Technologies can be found at http://www.zebra.com .
(Source: Company Press Release)


==================
  Trading Ideas
==================

This section contains stocks that meet criteria which may make
them of interest to long and short side traders.  These are not
recommendations, nor have they been reviewed by PremierInvestor
editors for investment potential.  However, each of them has
technical and fundamental characteristics that make them worthy
of further review by traders and investors looking for fresh ideas.
New stocks will appear daily following the market close.

Value Plays With Bullish Signals
---------------------------------
Ticker  Company Name               Close     Change

FNM     Fannie Mae                 71.80     +0.54
UTX     United Technologies        91.00     +1.16
UNH     United Health              65.71     +3.81
COP     ConocoPhillips             78.92     +0.82
CAT     Caterpillar Inc            79.40     +0.62
CFC     Countrywide Financial      72.75     +1.13

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

FCS     Fairchild Semiconductor    14.50     +1.49
CY      Cypress Semiconductor      12.00     +1.03
MCS     Marcus Corp                18.99     +3.04
VOXX    Audiovox Corp              17.29     +1.56
VTIV    Ventiv Health              16.11     +1.33
PLNR    Planar Systems             14.09     +2.03

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

AAPL    Apple Computer             32.93     +3.35
RIG     Transocean Inc             30.06     +1.09
WFT     Weatherford Intl Ltd       46.95     +1.10
EXPD    Expeditors                 50.41     +1.17
ACV     Alberto-Culver             50.49     +1.69
RI      Ruby Tuesday               29.55     +1.91
PPDI    Pharma. Prod. Dev.         35.34     +5.69

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

PFE     Pfizer Inc                 32.58     -1.43
PEP     Pepsico Inc                51.92     -1.49
UBS     UBS Ag                     66.66     -2.33
DB      Deutsche Bank              72.26     -1.60
PGR     Progressive Corp           79.00     -2.50
TRB     Tribune Co                 42.00     -1.12
HET     Harrah's Entertainment     47.91     -3.07
RSH     Radioshack                 26.90     -1.22

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

RS      Reliance Steel             41.00     -0.62


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