PremierInvestor.net Newsletter Thursday 07-22-2004 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: New Nine Month Low Market Sentiment: Key Reversal or Speed Bump? Watch List: More than slightly bearish ================================================================= MARKET WRAP (view in courier font for table alignment) ================================================================= 07-22-2004 High Low Volume Adv/Dcl DJIA 10050.33 + 4.20 10073.49 9946.88 1.95 bln 1268/1948 NASDAQ 1889.06 + 14.70 1892.98 1853.58 1.96 bln 1348/1795 S&P 100 535.49 + 2.47 536.99 529.43 Totals 2616/3743 S&P 500 1096.84 + 2.96 1099.69 1084.16 W5000 10663.45 + 12.45 10691.29 10541.91 SOX 420.44 + 12.60 422.58 407.81 RUS 2000 546.52 - 2.05 549.60 539.05 DJ TRANS 3051.63 - 35.50 3087.62 3014.21 VIX 15.75 - 0.66 17.10 15.29 VXO (VIX-O)15.82 - 0.32 17.86 15.41 VXN 22.44 + 0.29 23.10 21.96 Total Volume 4,263M Total UpVol 2,444M Total DnVol 1,747M Total Adv 2932 Total Dcl 4309 52wk Highs 45 52wk Lows 357 TRIN 0.77 NAZTRIN 0.59 PUT/CALL 0.89 ================================================================= =========== Market Wrap =========== New Nine Month Low by Jim Brown The Nasdaq was hit with strong selling this morning and dropped to a new nine month low of 1853 before bargain hunters appeared. The Dow broke 9950 briefly and the Russell fell to strong support at 540. High profile earnings misses and earnings warnings added to the week's negativity and pushed the indexes to their limits. Dow Chart - Daily Nasdaq Chart SOX Chart - Daily The morning started out with a high profile earnings miss by Dow component CAT and it all went downhill from there. Ironically Caterpillar's earnings miss was due to too much business and in the rush to fill all the orders they let costs get away from them. They raised estimates for the future and said they expect profits to rise +80-85% for the full year. They are still experiencing very high sales and construction bottlenecks from the excess demand. Must be tough to have the market knock you for a -$5 loss on so much business you can't produce it all. Sears added to the negativity with a lowered forecast that did not come even close to prior estimates. Sears said weak consumer demand nationwide was the cause for its -83% drop in earnings. Sears said they experienced very weak customer demand in June and weak spring sales had caused inventory levels to rise to unacceptable levels. Sears lowered estimates for the full year to $2.66-$2.86 and well below analysts estimates of $3.65. Mixed economics did nothing to overcome the negative earnings sentiment. The Jobless Claims dropped slightly to only 339,000 from last weeks 350,000. This was not enough of a drop to build confidence that the last six weeks of higher claims were easing again. This report was neutral but was actually the most positive report of the day. The Chicago Fed National Activity Index dropped to 0.00 from 0.75 and that May number was revised down from 0.91 and the high for this recovery cycle. The sharp drop in the national activity index is a wakeup call for analysts. The production component fell to -0.15 from +0.34 in the prior month. Industrial production fell 30 basis points and the ISM composite index fell to 61.1 from 62.8 in May. This is the first time manufacturing output fell since May 2003. Employment was negative for the first time since February. Of the 85 components 58 fell, only 26 improved and one was unchanged. This report is a clear sign the economy is slowing. The Conference Board Leading Indicators fell -0.2% and it was the first drop since March-2003. This was a sharper drop than was expected with weakness in housing and hourly work week the main detractors. Half of the components lost ground for the month and analysts suggest this projects slowing through the end of the year. Further weakness came from the Monthly Mass Layoff report with layoffs jumping +53% in June to 134,588 from only 87,501 in May. Manufacturing layoffs soared to 27,307 and was the weakest sector by far. This was still the lowest layoffs for June since 1999 but that was slim consolation after the jump from last months low numbers. Earnings surprises with Dow component CAT knocking -35 points off the Dow at the open and the weak economics sent the indexes into free fall. The Dow plummeted to 9947 and a level not seen since May 25th. This was a continuation move to yesterday's reversal drop and could be seen as a climatic selling event. The Nasdaq fell to 1853 and a nine month low. This caps a -15% drop from the 2153 high in January. After the bell today there was another deluge of earnings reports headed by Amazon and Microsoft. Both seemingly on top of the world and doing great. Both also missed their numbers by a penny. A penny! What happened to the days of managing your estimates to prevent these things from happening? (just kidding) Amazon missed earnings and revenue and but they did post a profit of +18 cents compared to a loss for the same quarter last year. This was the fourth consecutive quarterly profit. Two cents of their income was due to currency translation. The quarter was weaker than expected for Amazon but we already know late May and all of June was a challenge for all retailers. AMZN traded down -2 in after hours. Microsoft posted profits of 28 cents and a penny under estimates despite increased revenue. To make matters worse they guided lower for the current quarter by about -2 cents. Microsoft dropped sharply in after hours to $27.34 but recovered to trade just over $28 late in the session. Microsoft had just wowed investors on Tuesday with the big $75 billion investor payout and saw its stock move up to almost $30. If the current trend continues it could be a long time before we see $30 again. Investors holding on for the $3 payout and watching the stock drop in after hours are seeing their dividend slowly slip away. Remember MSFT will open -$3 lower on the day they pay the dividend in November. It will be interesting to see if the dividend play is enough to make investors ignore the lowered guidance on Friday. Tonight's earnings were just about evenly mixed between beats and misses yet futures saw a serious drop despite gains by several chip stocks. So far this cycle nearly 50% of the S&P-500 have reported. Before tonight 159 companies have beaten estimates, 45 announced inline and only 24 missed estimates. This time last year the numbers were 194, 7, 27. Considering how weak Q2-2003 was relative to the end of 2003 you would expect results from this Q2 cycle to exceed those comparisons easily. You can see that although profits are coming in strong there is a definite case of overly optimistic estimates. As we move into the summer we are seeing estimates cut almost daily to match the constant drone of lowered guidance. Still analysts are stumped as to why stock prices are dropping. Hello, connect the dots please. I have mentioned numerous times that falling expectations coupled with summer event risk does not provide a strong outlook for stocks. This does not mean we will not move higher from here but it does mean there is no overriding reason to rush into the market. We are at the point where traders should be positioned to withstand any problems at the Democratic convention next week. This means we are ready for a rebound if the convention ends without any terrorist event. The markets have sold off to major support levels and pressures appear to have equalized. The Dow drop to 9946 gave traders looking for an entry the chance to buy stocks cheap. The bargain hunters moved in and we saw a rebound on strong volume. Wednesday was drastically weighted to the sell side and also on strong volume. Down volume was 5:1 over up volume. Today that reversed but just barely to 3:2 in favor of up volume. While we may have had our climatic selling event there was no V shaped rocket taking off from that bottom. There is just two much risk in the immediate future for that pile of cash waiting on the sidelines to jump back into the fire. However, we are getting close. The Nasdaq dip to 1853 was the bottom of its downtrend channel since January. This is the level where it should rebound OR at least stop dropping. In a nutshell we are finally positioned for a post convention rebound at the bottom of our long term ranges. The wild card tonight is the AMZN/MSFT earnings misses. The S&P futures fell to 1088.75 but have since rebounded to 1092.50. The Nasdaq futures fell from their 1405 close to 1389 but have since rebounded back to 1400. The knee jerk reaction to the negative news appears to have already passed and we may not see any adverse reaction when the markets open tomorrow. Should we see another drop I would consider it a buying opportunity for those with a strong appetite for risk. SPX H&S Chart Daily There is a train of thought that suggests we are forming a reverse head and shoulders on the SPX. This faction believes we will rebound after the convention and return to the highs around 1160. They are using the great historical earnings and the growing economy as the reason for the rebound. The other viewpoint sees a major breakdown in internals taking place with the SPX closing under its 200dma at 1105 for the first time since April 16th 2003. The 200 dma is a critical technical level and it has been broken for several days. The fundamental justification for a continued decent is the falling guidance and the rapidly decreasing earnings picture for late 2004 and 2005. The current earnings estimates for all 2005 are for less than 10% compared with 20+ percent for our last three quarters. The 200dma is a critical technical indicator for mutual funds and many will begin scaling back positions if the index remains under that level. SPX Chart Daily So what is a trader to do given the conflicting viewpoints and the coming event risk? I believe that even if the bearish viewpoint is the true view we will still see a post convention bounce. That bounce may only last a short time but from our very oversold position it is very likely. The earnings news after the close today could give us one more entry point on Friday but I would still be cautious about entering before Monday. Any long positions should definitely be protected by insurance puts in case of the worst case coming to pass. My outlook is going to be completely technically based. I feel as long as we are under the SPX 200dma we should be cautiously bearish. Should we move back over that level I would be cautiously bullish. This is a very risky environment but at least traders are seeing some nice volatility return. While traders like volatility I have seen on the news every day this week that residents in Boston have been fleeing the city by the tens of thousands to get away from the potential volatility there. I can relate to that since we have seen the same thing in the market all week. Normally these events turn into an anticlimactic news event and quickly forgotten. A week from now we will probably be trading several hundred Dow points away from our close today. The only question is which direction? Enter Passively, Exit Aggressively. Jim Brown Editor =============================== Market Sentiment =============================== Key Reversal or Speed Bump? - J. Brown Wednesday's market decline was extremely bearish. Yet the momentum faded even as the Dow Industrials broke down through the 10,000 mark and the NASDAQ hit new lows not seen since October. The afternoon rally on Thursday was actually pretty strong. Some stocks like EBAY, who gapped down several points actually managed to close in positive territory. Is this investors just buying the dip? Is it shorts covering for a profit? Stocks don't look very healthy here even though hundreds of stocks produced bullish hammer candlestick patterns, which are typically one-day reversal patterns. Is there a reason to go long the market ahead of the Democratic convention next week, which is a huge terrorist target? Market internals today were negative despite the afternoon rebound. Decliners outpaced advancers 17 to 10 on the NYSE and 17 to 13 on the NASDAQ. Down volume outweighed up volume by 26% on the NYSE but up volume was more than double down volume on the NASDAQ. Overall volume was pretty heavy. We can't think of a reason to be bullish. Investors seem to be selling stocks on the earnings announcement whether the news is good or bad. What's worse is tonight's round of earnings reports unveiled some high profile misses. Foundry Networks missed by 3 cents. Amazon.com missed by a penny and came in under revenue estimates. Amgen managed to beat estimates by 2 cents but guided under analysts' estimates for the rest of the year. Lo and behold the might Microsoft actually missed by a penny even though revenues soared past expectations. Yes it's true that most of the companies announcing are beating estimates but the market is suddenly dealing with concerns that earnings won't grow this fast in the third and fourth quarters. OptionInvestor has been warning readers about this issue for weeks if not months. The high profile misses tonight only make for a tough opening tomorrow. Considering how oversold the market is we'd normally say today was a key reversal and a great spot to watch for new bullish entries for the oversold bounce. Yet somehow we just can't work up enough enthusiasm knowing what's in front of us next week. ----------------------------------------------------------------- Market Averages DJIA ($INDU) 52-week High: 10753 52-week Low : 8997 Current : 10050 Moving Averages: (Simple) 10-dma: 10147 50-dma: 10211 200-dma: 10211 S&P 500 ($SPX) 52-week High: 1163 52-week Low : 960 Current : 1096 Moving Averages: (Simple) 10-dma: 1106 50-dma: 1116 200-dma: 1105 Nasdaq-100 ($NDX) 52-week High: 1559 52-week Low : 1204 Current : 1408 Moving Averages: (Simple) 10-dma: 1413 50-dma: 1447 200-dma: 1447 ----------------------------------------------------------------- CBOE Market Volatility Index (VIX) = 15.75 -0.66 CBOE Mkt Volatility old VIX (VXO) = 15.82 -0.32 Nasdaq Volatility Index (VXN) = 22.44 +0.29 ----------------------------------------------------------------- Put/Call Ratio Call Volume Put Volume Total 0.89 828,641 735,463 Equity Only 0.71 639,356 452,128 OEX 1.99 26,031 51,860 QQQ 1.92 23,701 45,530 ----------------------------------------------------------------- Bullish Percent Data Current Change Status NYSE 62.6 - 2 Bear Confirmed NASDAQ-100 35.0 - 7 Bear Confirmed Dow Indust. 60.0 - 3 Bear Confirmed S&P 500 55.6 - 3 Bear Confirmed S&P 100 58.0 - 3 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: 1.17 10-dma: 1.22 21-dma: 1.38 55-dma: 1.13 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 1058 1305 Decliners 1748 1754 New Highs 22 16 New Lows 39 103 Up Volume 868M 1300M Down Vol. 1099M 599M Total Vol. 1980M 1946M M = millions ----------------------------------------------------------------- Commitments Of Traders Report: 07/13/04 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 Not much movement going on in the Commercial traders' positions for the large S&P futures contracts. They remain net bearish but by a small margin. Small traders remain net bullish but have upped their shorts a bit. Commercials Long Short Net % Of OI 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%) 07/13/04 407,166 416,869 ( 9,703) (1.2%) 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 06/22/04 124,985 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% 07/13/04 133,935 95,787 38,148 16.6% 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 reduced their long positions in the e-minis raising their net bearish positions several percentage points. Small traders are still very bullish. Commercials Long Short Net % Of OI 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%) 07/13/04 265,142 427,017 (161,875) (23.4%) 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 06/22/04 243,444 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 57.8% 07/13/04 225,410 57,699 167,711 59.2% 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 upped their long positions a bit boosting their bullish stature on the NDX. Small traders reduced both their longs and shorts but the drop in long positions actually left them move bearish. Commercials Long Short Net % of OI 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% 07/13/04 44,211 37,007 7,204 8.9% 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 06/22/04 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%) 07/13/04 7,847 15,243 (7,396) (32.0%) 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 are not making any big moves with their INDU futures positions and they remain net bullish. Meanwhile small traders have turned a bit more bearish, the most we've seen in weeks. Commercials Long Short Net % of OI 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% 07/13/04 27,773 20,573 7,200 14.9% 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 06/22/04 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%) 07/13/04 5,292 9,068 (3,776) (26.3%) 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 --------------------------------- More than slightly bearish Syntel Inc - SYNT - close: 15.26 change: -1.05 WHAT TO WATCH: SYNT has traded sideways in a very narrow range for four and a half weeks. Now the stock has broken lower on volume 2 1/2 times the average. The catalyst was the company's earnings report. SYNT reported inline with estimates but guided lower for the next quarter. This looks like a bearish entry point to us. Look for a bounce back to new resistance at $16.00 and short a failed rally or look for a new low under $14.50. We'd target $11.00 - $10.00. --- Orbotech - ORBK - close: 17.57 change: -0.18 WHAT TO WATCH: ORBK has dropped to levels not seen since September 2003. The Tuesday rally and Wednesday reversal has painted a "tweezer top" if you're a candlestick trader. Today's drop to a new low confirms the move. We would consider bearish positions with a target of $15-14. Its P&F chart is bearish and points to a $7.00 target but does show support near $14. Watch out for earnings expected on August 2nd. --- Transaction Sys. Architects - TSAI - close: 18.28 change: -0.63 WHAT TO WATCH: Software stocks may not do so well tomorrow after MSFT's earnings miss tonight. We'd watch TSAI for a breakdown under long-term support in the $17.50-18.00 range. Should the breakdown occur we can probably target a drop to $15.00. Its P&F chart is more bearish and points to a $12.00 target. Watch out for earnings on July 27th. We would not hold over the event. --- Nordstrom - JWN - close: 43.23 change: +1.01 WHAT TO WATCH: This high-end retailer's stock is bouncing from support at the $40.00 level. Today's 2.39% gain broke through minor resistance at $43. JWN's short-term technicals are already bullish and its MACD is very close to producing a new buy signal. We do like how JWN has broken its four-week trend of lower highs. More aggressive traders can consider bullish positions here but watch out for resistance at the $45 level. Momentum traders may want to look for the breakout above $45. ----------------------------------- RADAR SCREEN - more stocks to watch ----------------------------------- ROG $47.14 -11.99 - If you've been watching this column then you know ROG has been on the watch list as a potential short. If you took it we'd suggest closing the play for a profit. ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright ) 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter Thursday 07-22-2004 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: CCBL Closed Plays: BORL, SINA 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 ================================================================= CCBL - tech stock short - Believe it or not we are still NOT TRIGGERED. CCBL traded to $7.96 while our trigger is 7.95. We will continue to sit on the sidelines. ================================================================= Closed Plays ================================================================= Borland Software - BORL - close: 7.12 change: +0.02 stop: 7.36 This is a late update on BORL. Per our instructions on Sunday we were to close the play on Wednesday afternoon to avoid any surprises with BORL's earnings report after the bell Thursday night. Exiting on Wednesday would have closed BORL at $7.10. If you didn't exit on Wednesday and kept the play open then odds are you were stopped out early this morning at $7.36 (our stop). BORL did report earnings this evening and beat estimates by 2 cents. The company guided inline for the next quarter. After nearly two weeks of consolidating sideways between $7.00 and $7.35 it's anyone's guess which direction BORL will breakout but we do expect some sort of reaction tomorrow to the earnings news. Picked on July 04 at $ 7.91 Gain since picked: - 0.79 Earnings Date 07/22/04 (confirmed) Average Daily Volume: 672 thousand --- Sina Corp - SINA - close: 26.30 change: +2.74 stop: 26.20 When we initially added SINA to the short list we outlined rumors that YHOO might be considering SINA a takeover target as one of the risks. Now we have to contend with new rumors that Microsoft might be considering SINA an acquisition target. At least that's what some are attributing to SINA's 11.6% rally today. It's days like these that one can be both glad and grumpy that we use stop losses. We've been taken out with a loss but the losses could have been bigger and there was no way to know ahead of time when it comes to rumors. Picked on July 16 at $24.95 Gain since picked: + 1.35 Earnings Date 07/27/04 (confirmed) Average Daily Volume: 5.2 million ================== 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 BAC Bank of America 84.87 +0.96 CCU Clear Channel Comm. 35.73 +1.50 DVN Devon Energy 68.64 +0.54 AT Alltel 50.78 +1.55 COF Capital One Financial 69.30 +3.30 FD Federated Dept Stores 47.17 +1.08 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- SWKS Skyworks Solutions 8.15 +1.17 MCRL Micrel Inc 10.21 +1.22 ISSX Internet Security Sys 15.10 +2.05 AEN AMC Entertainment 19.10 +1.94 BEAV BE Aerospace 7.89 +1.43 IMM Immtech Intl 11.76 +1.98 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- QCOM Qualcomm Inc 72.50 +4.82 SBUX Starbucks 47.76 +2.12 LH Laboratory Corp 39.94 +3.14 CVD Covance Inc 39.07 +2.25 FLIR FLIR Systems 61.27 +5.93 TEX Terex Corp 36.75 +4.79 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- CL Colgate-Palmolive 53.85 -1.15 CAT Caterpillar 73.53 -3.42 BSX Boston Scientific 33.27 -2.08 DE Deere Co 62.20 -1.37 IGT Intl Game Technology 30.73 -3.18 CIT CIT Group 35.75 -1.85 FISV Fiserv Inc 34.50 -1.29 DOX Amdocs 20.21 -2.37 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- HOT Starwood Hotels 43.22 -1.28 KMRT Kmart Holdings 69.42 -4.84 TK Teekay Shipping 37.70 -1.66 ARLP Alliance Resource 45.66 -2.23 LMT Lockheed Martin 53.32 -0.98 TLM Talisman Energy 23.37 -0.22 ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
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