PremierInvestor.net Newsletter Tuesday 07-27-2004 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: So Far So Good Watch List: Retail to Software Market Sentiment: Stocks Bounce Big ================================================================= MARKET WRAP (view in courier font for table alignment) ================================================================= 07-27-2004 High Low Volume Adv/Dcl DJIA 10085.14 +123.20 10103.13 9963.54 1.97 bln 2030/1223 NASDAQ 1869.10 + 30.10 1872.17 1843.04 1.77 bln 2115/ 975 S&P 100 535.53 + 5.44 536.50 530.09 Totals 4145/2198 S&P 500 1094.83 + 10.76 1096.65 1084.07 SOX 402.91 + 2.60 405.71 393.21 RUS 2000 544.61 + 11.12 544.63 533.49 DJ TRANS 3063.60 + 15.00 3073.74 3046.78 VIX 16.55 - 0.75 17.34 16.30 VXO (VIX-O)15.70 - 1.30 17.14 15.70 VXN 24.31 - 0.98 25.53 24.11 Total Volume 2,892M Total UpVol 2,021M Total DnVol 845M Total Adv 4259 Total Dcl 2504 52wk Highs 43 52wk Lows 247 TRIN 0.68 NAZTRIN 0.79 PUT/CALL 0.72 ================================================================= =========== Market Wrap =========== So Far So Good by Jim Brown With the Democratic convention 25% over the markets rallied off its lows for the year in anticipation of a successful conclusion. The massive security and multi block long safety zones on all sides of the convention must have convinced investors the event risk was far overdone. They ventured back in the market to vote for their favorite stocks and the market election was a success. Dow Chart – Daily Nasdaq Chart – Daily SPX Chart – Daily The market rebound caught shorts off guard and after a large buy program hit at 2:30 it was rocket time into the close. Many still short after the last week of market weakness were forced to cover once the programs began firing. The buy programs between 2:30 and 3:PM added over +1000 issues to the advance/decline line on an otherwise low volume day. The morning started off well with another small gain in the weekly Chain Store Sales of +0.2% but the good news came at 10:00 with a significant jump in Consumer Confidence. The July number rose to 106.1 from 102.8 in June. The majority of the jump came in the expectations component which rose from 100.8 to 105.8. Those planning on buying a home or car rose slightly but major appliance purchasers dropped significantly from 34.3% to 30.4%. Seems consumer just will not turn loose of any cash out of pocket but will buy things on credit. The headline number was well over the consensus estimates of 102 and at 106 is the highest level for the index in 25 months. The previous sentiment decline on high gas prices appears to have eased and consumers have become immune to paying $2 for gas. The rise in consumers planning on buying homes should be good news for the homebuilders. The latest reading on New Home Sales came in at an annualized 1.326 million and while it is a minor drop from May's 1.337 level it was far better than consensus estimates for a drop to 1.255 million. June's number was only slightly off the record pace set in May and suggests the news may not be as dire as people predicted a couple weeks ago. Interest rates have declined despite the Fed's new rate hike cycle as markets come back in line with reality. That reality is a still growing economy moving at a steady pace that will not excite the Fed into aggressive action. Demand is still very high and builders are slowing the pace of construction to prevent high levels of inventory going into fall and an uncertain 2006 season. The biggest news of the day revolved around the HMO sector with the abrupt departure of the CFO at Cardinal Health. CAH lost -6.50 on the news. The recent disclosure that the government would oppose the Wellpoint/Anthem merger also continues to weigh on the sector. Wellpoint beat earnings by 4 cents after the close but was trading down -6.50 on the merger news. The HMO Index ($HMO) dropped -4.20% or -38 points on the strong blows to the sector. The HMO sector had been a strong rallying point in the markets with a three month high as late as July-16th. There could be some convention risk being priced in as the high price of health care becomes the focal point of both parties. The drop in the HMO Index took it back to the 200dma at 878 and buyers did appear at what should be long term support. Oil traded over $42 today with a bounce to $42.25 but pulled back to close at $41.83. The Yukos oil company, the largest company in Russia appears on the verge of collapse. The stock fell -14% on the Russian exchange and at 105.66 rubles it was the lowest level since Oct 2001. The stock dropped -20% in trading on Monday and -55% since last week when the court said they would begin selling Yukos assets to pay its tax debt. There are allegations of a criminal conspiracy and while the company is still pumping 1.7 million barrels per day there are worries a slow down in production could be coming as various issues are resolved. This is keeping upward pressure on the price of oil and flushing gas dollars out our tail pipe. The chip sector suffered another setback on the heels of the SLAB and CRAY warnings but was able to recover from its 393 low to close at 403. Considering the current environment for techs that was a positive move. Techs have been the weakest link and investors have been voting them off the island since this earnings cycle began. Equity funds specializing in techs have seen 25 straight weeks of outflows. While some of that is historically seasonal for techs to be weak during the summer months they are not normally that weak. If chip stocks can find a bid tomorrow then we may have seen the bottom. With earnings for 300 of the S&P-500 already reported for this cycle the numbers are still decent. 206 have beaten estimates, 52 inline and 42 have missed their numbers. Q2 last year at this point were 254, 8, 38 respectively. The trend is definitely weaker but only because expectations were much higher. This trend will only continue to worsen as we move into Q3 and the very strong comparisons with Q3-2003. This does not mean companies will not be more profitable but they just have a higher hurdle to vault. After the close today UTSI warned and was trading down in after hours. EDS cut its dividend from 15 cents to a nickel and also got knocked for a loss. PSFT missed estimates by a penny. None of these events are going to be positive for techs tomorrow. Got cash? Then you may be one of the few considering an investment in the Google IPO. Google priced its IPO between $108-$135 and quickly priced itself right out of the market for most investors. There are so many reasons not to bid on the IPO that it would be hard to list them all. Just yesterday Google noted that revenue growth had slowed and future growth may not be as strong as previously thought. The competition for Google's market is growing daily with everyone from Amazon to Microsoft entering the search engine marketplace in addition to Yahoo and its clones already chipping away at its base. The nearly $3.2 billion expected to be raised will be used to cash out the founders at $100 million each and many of the officers and early investors. I have no problem with that because they built a great company but others may feel they are selling at the top. Only $1.66 billion, barely half of the IPO will actually go to the company. The entire investment banker community wants it to fail so future companies will not take the auction route. Mutual funds as a group have already commented that the price was too high and most have no interest in bidding. In traditional institution supported IPOs the bankers give shares to their favorite funds at a low entry price knowing the shares will pop when opened for trading. The bankers get credit for "placing" much of the offering and the funds and high dollar individuals then get to flip the shares for an instant profit and everybody goes home a winner. Even the eventual shareholder is normally still in decent shape because the shares were undervalued initially to make sure the bankers could place all the offering and earn the highest fees possible. It may not be perfect but it has worked for years. The appearance of Google shares coming to market way over priced is going to be tough to overcome. The actual valuation is inline with Yahoo but the initial share price is a stumbling block for most investors. Only 60 or so stocks currently trade over $100 and those high priced stocks tend to decline rapidly when pressured. Should Google's revenues decline again they could easily see a significant haircut that investors would like to avoid. There is already a strong short sentiment once shares are available. Hedge funds are drooling at the potential. The consensus I am hearing is "I will wait until they have some history and then decide if the price is fair." It will definitely be an interesting IPO. The market rebound today was definitely not expected. I was looking for it on Thursday or maybe even Wednesday afternoon as convention risk lessened but not today. The general consensus was an oversold rally from strong support on better than expected economics. I have trouble buying that reason but I have nothing to disprove it. I believe it was an oversold rally when it started but once it began triggering buy stops on the upside the shorts began to get squeezed. As we have seen so many times in the past once the oversold rebound cycle gets started it tends to feed on itself into the close. This rebound was much tamer than it appears in the closing numbers. Much of it occurred after the 10:00 numbers then we moved sideways with a barely perceptible upward bias until a strong buy program hit at 2:30. That program triggered others and the shorts ran for cover. That 2:30 move accounted for about half of the days points but it only lasted about 45 minutes. The first buy program triggered the break over resistance and the dominos fell into place over the next 30 min. We did not get a major sell off into the close but once the programs ended we did see closing weakness. The key will be the open tomorrow. The Dow stalled at 10100 today and decent resistance. If there is no follow through tomorrow that is strong enough to break that 10100 level at the open then we could see weakness the rest of the day. The Nasdaq stalled at 1870 and the SPX at 1096. Both are right below strong resistance. Using the SPX as our guide 1098-1100 is a strong hurdle and one that will take real conviction to cross. I expect that conviction will develop before Friday but I am not counting on it at the open tomorrow. The key point I need to stress tonight is the potential for a post convention rally. We may get another buying opportunity before the rebound begins for real and we may not. We need to be prepared in the case there is no further weakness. I mentioned last week to use SPX 1100 as your guide. I would look to be long on any move over 1100 and remain long until the trend changes. Ideally I would love to see one more dip to strong support between now and Friday to give us a strong double bottom retest from which to launch a strong rally. Strong support for me would be SPX 1078-1080 with VERY strong support at 1068-1070. After today's rebound I doubt seriously we will see the lower range but we could easily see 1080 again. I would look to buy a rebound from those levels. Just to make myself clear, go long over 1100 on a breakout or buy any rebound off a dip to 1080 or below. Enter Passively, Exit Aggressively. Jim Brown Editor ================================================================== WATCH LIST ================================================================== The PremierInvestor.net watch list is not designed to be read as full fledged stock picks. Rather we would prefer to offer it as an extra tool in today's investor toolbox. Think of it as a radar screen with your own radar operator pointing out interesting developments, technical patterns or potential plays that you may or may not have seen on your own. Due to time constraints we do glance at the news but rarely do we have time to fully read pertinent news stories, due background research and other necessary screens that investors should do before making a decision. A common exercise is to read the entry, glance at the sector and other stocks in that industry and then compare what's happening in the stock to what's happening in the broader market indices. We hope you enjoy the Watch List and that it proves to be a useful tool for your own trading success. STOCKS WORTH WATCHING --------------------------------- Retail to Software American Eagle Outfitters - AEOS - close: 31.32 change: +1.83 WHAT TO WATCH: We strongly considered adding AEOS to the play list tonight. The RLX retail index surged 2.85% after this morning's consumer confidence report hit two-year highs. AEOS rallied more than 6% to breakout over resistance at $30-31 on stronger than average volume. Its MACD has produced a new buy signal. Patient traders might wait for a dip back to $30.50 and buy a bounce. Look for earnings around August 12th. --- Autodesk - ADSK - close: 38.70 change: +1.13 WHAT TO WATCH: Tech stocks helped lead the charge higher today and the GSO software index added more than 2%. Shares of ADSK outperformed its peers and climbed 3% to produce a bullish engulfing candlestick and breakout over its 10 and 50-dma's. Short-term technicals are pointing higher from oversold and its MACD indicator is very close to producing a new buy signal. We might consider bullish positions here with a tight stop under the recent low. Look for earnings in mid to late August. --- Penn National Gaming - PENN - close: 35.10 change: +3.13 WHAT TO WATCH: Investors reacted positively to PENN's earnings report this morning. The company beat estimates by 7 cents and guided higher for the next quarter. Shares added almost 10% on huge volume to close at new all-time highs. The breakout over $34 looks tradable but we'd wait for a dip back to test the $34 level as support and buy the bounce. --- VERITAS - VRTS - close: 19.04 change: +0.87 WHAT TO WATCH: Software stock VRTS turned in a strong session as well. Shares have been consolidating sideways in a relatively tight range the last three weeks. We are suggesting that readers watch for a breakout above $20.00 and than consider bullish positions with a $24-25 target. A move over $19.50 would be a new P&F buy signal. =============================== Market Sentiment =============================== Stocks Bounce Big - J. Brown The oversold rally many traders have been looking for finally occurred on Tuesday and stocks bounced pretty strongly. The rally was very wide with only the HMO healthcare index and the XAL airline index closing in the red. HMO-related stocks were lower on news out of Cardinal Health (CAH) who reported that its CFO had abruptly resigned while the company was dealing with an SEC probe into its accounting. Meanwhile the XAL airline index slipped as crude oil prices tagged $42 a barrel on an intraday basis. There is no denying the strength in the bounce today. Market internals were very bullish. Advancers outnumbered decliners 2- to-1 on the NYSE and 21 to 9 on the NASDAQ. Up volume was more than double down volume on the NYSE and more than 3-to-1 on the NASDAQ. Overall volume was pretty strong. The only fly in the soup with today's rebound is that many investors are skeptical. The markets have been so oversold that we were due for a bounce. Now that we've got it there are plenty of traders who are going to use any sign of strength as a new opportunity to get short. Bulls will point to today's consumer confidence numbers, which hit new two-year highs. This is a very good economic data and it should filter into the retailers who have been suffering from the June "slump". If consumers are confident then they should be spending. That will keep GDP growth strong, which would be a big bonus for stocks as we head into the generally weak third quarter. Wall Street is also measuring how much the Democratic National Convention might give John Kerry a boost in the polls. Political opinions aside current logic states that if Kerry gains in the polls then stocks will struggle because that puts the Bush tax cuts on the chopping block. Tomorrow brings the durable goods orders and the Federal Reserve's Beige book report. If the economic data is good we could see a second day to this rally. Don't forget that we're still in the midst of the Q2 earnings season and there will be plenty of stock-specific stories that could move their individual sectors. ----------------------------------------------------------------- Market Averages DJIA ($INDU) 52-week High: 10753 52-week Low : 8997 Current : 10085 Moving Averages: (Simple) 10-dma: 10086 50-dma: 10215 200-dma: 10220 S&P 500 ($SPX) 52-week High: 1163 52-week Low : 960 Current : 1094 Moving Averages: (Simple) 10-dma: 1098 50-dma: 1116 200-dma: 1106 Nasdaq-100 ($NDX) 52-week High: 1559 52-week Low : 1204 Current : 1391 Moving Averages: (Simple) 10-dma: 1397 50-dma: 1444 200-dma: 1447 ----------------------------------------------------------------- CBOE Market Volatility Index (VIX) = 16.55 -0.75 CBOE Mkt Volatility old VIX (VXO) = 15.70 -1.30 Nasdaq Volatility Index (VXN) = 24.31 -0.98 ----------------------------------------------------------------- Put/Call Ratio Call Volume Put Volume Total 0.72 720,204 520,685 Equity Only 0.55 570,934 314,997 OEX 0.87 22,924 19,842 QQQ 0.42 35,070 14,881 ----------------------------------------------------------------- Bullish Percent Data Current Change Status NYSE 60.4 - 2 Bear Confirmed NASDAQ-100 36.0 + 1 Bear Confirmed Dow Indust. 56.6 + 0 Bear Confirmed S&P 500 54.4 - 1 Bear Confirmed S&P 100 56.0 - 1 Bear Confirmed Bullish percent measures the number of stocks in an index currently trading on a buy signal on their point and figure chart. Readings above 70 are considered overbought, and readings below 30 are considered oversold. Bull Confirmed - Aggressively long Bull Alert - Cautiously long Bull Correction - Pause or pullback in upward trend Bear Alert - Take defensive action if long Bear Confirmed - High risk if long, good conditions for shorting Bear Correction - Pause or rebound in downtrend ----------------------------------------------------------------- 5-dma: 1.18 10-dma: 1.29 21-dma: 1.30 55-dma: 1.12 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 1855 2100 Decliners 963 940 New Highs 32 21 New Lows 28 87 Up Volume 1266M 1330M Down Vol. 641M 391M Total Vol. 1952M 1737M M = millions ----------------------------------------------------------------- Commitments Of Traders Report: 07/20/04 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 have upped their short positions a tad while reducing their longs by nearly the same amount. Yet the change is rather insignificant. Small traders pared back their shorts by a very small amount and remain net bullish. Commercials Long Short Net % Of OI 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%) 07/22/04 404,828 419,017 (14,189) (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 06/29/04 129,978 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% 07/22/04 138,123 94,990 43,133 15.5% 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 There is some interesting action in the e-minis. Commercial traders significantly added to their long positions, which reduced their overall net bearish stance to the lowest level in weeks. Small traders, in contrast, reduced their longs and added to their shorts. This could be viewed as a bullish move in sentiment except institutional traders remain net bearish. Commercials Long Short Net % Of OI 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%) 07/22/04 309,972 428,240 (118,268) (16.0%) 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 06/29/04 236,492 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% 07/22/04 212,078 62,416 149,662 54.5% Most bearish reading of the year: (77,385) - 09/02/03 Most bullish reading of the year: 449,310 - 06/10/03 NASDAQ-100 Very little action in the commercial traders with similar additions to both longs and shorts. Meanwhile small traders upped their longs and reduced their shorts and that significantly reduced their overall bearish posture. Commercials Long Short Net % of OI 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% 07/22/04 45,069 37,975 7,094 8.5% 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 06/29/04 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%) 07/22/04 9,398 11,776 (2,378) (11.2%) 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 Almost no change in positions for commercial traders but small traders have pared back their bearish positions. Commercials Long Short Net % of OI 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% 07/22/04 27,957 20,389 7,568 15.7% 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 06/29/04 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%) 07/22/04 4,857 7,297 (2,440) (20.1% Most bearish reading of the year: (12,106) - 3/09/04 Most bullish reading of the year: 8,523 - 8/26/03 ----------------------------------------------------------------- ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright ) 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter Tuesday 07-27-2004 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: None Closed Plays: BOBJ Stock Splits: HTLD, WOOF 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 ================================================================= None ================================================================= Closed Plays ================================================================= Business Objects - BOBJ - close: 20.14 chg: +0.85 stop: 21.01 A market-wide rally showed up on Tuesday and lifted almost everything. Tech stocks were especially strong with the GSO software index adding more than 2 percent. BOBJ climbed more than 4 percent and erased two days of losses by closing above the $20 level again. While the rally back above support/resistance looks bad for the bears we're actually closing the play now because BOBJ is due to report earnings after the bell on Wednesday. Picked on July 21 at $19.77 Gain since picked: + 0.37 Earnings Date 07/28/04 (confirmed) Average Daily Volume: 933 thousand ================================================================= Stock Splits ================================================================= Announcements ------------- HTLD delivers a 3-for-2 stock split This morning about thirty minutes after the opening bell Heartland Express (NASDAQ:HTLD) announced that its Board of Directors had approved a 3-for-2 stock split. The split will be payable as a 50% stock dividend on August 20th, 2004 to shareholders on record as of August 9th. The stock split will boost the number of outstanding shares from 50 million to 75 million. HTLD also announced a quarterly cash dividend of 2 cents per share. About the company: Heartland is a truckload carrier serving major shippers nationwide. Based in Iowa City, Iowa, Heartland's primary traffic lanes run between customer locations east of the Rocky Mountains, with select service to the West. (source: company website) --- WOOF barks out a 2-for-1 split with earnings Shortly after Tuesday's closing bell VCA Antech, Inc. (NASDAQ:WOOF) reported Q2 earnings and with earnings announced a 2-for-1 stock split of its common shares. The split will be payable as a stock dividend on August 25th, 2004 to shareholders on record as of August 11th. Post-split WOOF will have approximately 82 million shares outstanding. About the company: VCA Antech owns, operates and manages the largest networks of freestanding veterinary hospitals and veterinary-exclusive clinical laboratories in the country. (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 PTR Petrochina Co 49.98 +1.37 AIG American Intl Group 70.84 +1.84 GSK GlaxoSmithKline 40.40 +0.59 SBC SBC Communications 25.34 +0.59 CMCSA Comcast Corp 28.74 +0.63 COP ConocoPhillips 76.90 +0.77 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- FCN FTI Consulting 17.50 +1.70 SKO Shopko Stores 15.75 +1.10 IFLO I-Flow Corp 12.77 +2.98 DDN Dynamex 15.85 +1.25 CMCO Columbus Mckinnon 7.81 +1.02 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- TV Grupo Televisa 47.20 +3.39 COX Cox Communications 28.98 +1.08 FAST Fastenal Co 62.05 +3.73 CMI Cummins Inc 69.37 +1.95 CTSH Cognizant Tech 27.51 +1.69 R Ryder Systems 42.19 +1.14 AEOS American Eagle Outfitter 31.32 +1.83 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- CAH Cardinal Health 44.00 -6.47 ATH Anthem 81.78 -6.38 RTRSY Reuters 34.20 -1.49 SWK The Stanley Works 41.40 -2.96 PHS Pacificare Health 31.31 -2.37 GXP Great Plains Energy 28.75 -1.76 SLAB Silicon Labs 35.09 -4.71 OSK Oshkosh Truck 51.35 -4.80 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- CVD Covance Inc 36.35 -1.25 SIE Sierra Health 43.03 -1.87 ================================================================= 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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