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Daily Newsletter, Tuesday, 07/27/2004

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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

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


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DISCLAIMER
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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


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