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Daily Newsletter, Thursday, 07/29/2004

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PremierInvestor.net Newsletter                 Thursday 07-29-2004
                                                    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:      Escaping July
Market Sentiment: A Buyable Bounce?
Watch List:       Railroads, Steelmakers and more!


=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
      07-29-2004           High     Low     Volume   Adv/Dcl
DJIA    10129.24 + 12.20 10163.01 10084.84 1.84 bln 2258/ 963
NASDAQ   1881.06 + 22.80  1885.01  1867.62 1.70 bln 2043/ 992
S&P 100   537.28 +  0.82   539.64   535.28   Totals 4301/1955
S&P 500  1100.43 +  5.01  1103.71  1095.42
W5000   10663.45 + 12.45 10691.29 10541.91
SOX       411.19 + 11.70   414.04   399.49
RUS 2000  549.83 +  8.63   549.90   541.20
DJ TRANS 3129.42 + 43.10  3135.05  3086.33
VIX        15.68 -  0.47    16.12    15.42
VXO (VIX-O)15.46 -  0.42    16.24    15.22
VXN        23.99 -  0.88    24.79    23.82
Total Volume 3,838M
Total UpVol  2,865M
Total DnVol    888M
Total Adv  4879
Total Dcl  2222
52wk Highs  104
52wk Lows   151
TRIN       0.94
NAZTRIN    0.61
PUT/CALL   0.65
=================================================================

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

Escaping July
by Jim Brown

It is almost over, July that is. So far it has run true to
its historical election year norm with weakness leading up
to the convention and disappointment over summer guidance.
The good news is our sentence to this purgatory of a market
correction may be about over as the July calendar expires.

Dow Chart


Nasdaq Chart


SPX Chart




The economics this morning were unimpressive and the market
lost its overnight excitement early as oil began to rebound
from its dip. The Jobless Claims rose to 345,000 and +5K
over estimates and very close to the 350K inflection point.
Continuing claims rose again and at 2.96M are very close
to breaking back over the three million mark. Investors
were not impressed.

The Help Wanted Index dropped to 38 and only +2 points off
its historical low of 36 reached last year. The recent high
was 40 in February and it has been trending slightly lower
ever since. Prior to the recession the index peaked at 92.
Only 31% of newspapers surveyed indicated help wanted ads
were increasing. While the headline numbers are not likely
to increase to numbers of yesteryear with the advent of
online search firms the actual movement of the index
remains important. The movement has not showed any gains
since February and that is a strong negative for current
job growth.

The Employment Cost Index rose +0.9% for Q2 and only
slightly less than the +1.1% jump in Q1. The majority of
the increase was related to benefit cost increases and
only a minor amount was due to wage increases. This still
suggests the labor market is soft and there is strong
competition for available jobs. Since benefits increase
regardless of wages, employers continue to be faced with
job cuts as way to reduce expenses.

The Jobs picture will come to a head next week when we
get the Nonfarm Payrolls once again. The current consensus
is for an addition of +215,000 compared with only +112,000
jobs added in June. That is a very strong number for a
summer month. We are also nearing that time of the
month again where the major economic reports seem to
converge. Friday begins with the Q2 GDP, NAPM and PMI
and Monday has the ISM for June. These reports lead off
the August schedule and will serve to set the tone for
the next couple weeks.

As we move out of July traders will breathe a sigh of
relief. According to ISI the markets lost -$900 billion
in market cap since July 1st. The Dow gave up -5% since
June 30th to the July 26th lows. The Nasdaq lost -11%,
SPX -5.7%, Russell -6.8% and a whopping -20% on the SOX.
Using the Nasdaq and SOX numbers we have seen a real
correction in the markets and it is time for more than
just a relief rally. Coincidentally the convention is
over tonight. Nice how that worked out.

Seriously, we are due for a real rebound next week and
it could begin as early as tomorrow. For the last three
days we have seen attempts to rebound in the afternoon
but fear of convention darkness always held us back
from a real rally. The volatility has been very strong,
relative to the last three months and volume has
picked up significantly. Tuesday and Wednesday we
had over four billion shares traded and today came
very close at 3.85M. Up volume has increased strongly
and most of the indexes have seen a double bottom
retest of support over the last four days.

The Dow tried for three days to break and hold 9950
and the bears could not manage it. We have now seen
two higher lows since Monday and we went out near
the highs of the day in anticipation of the convention
closing successfully. The Nasdaq pushed down to 1830
on Monday and Wednesday and barely dipped below 1870
today. It held its gains and went out near the highs
of the day.

Obviously these factors do not guarantee a positive
market ahead but they are bullish signals. Earnings
are literally exploding and may even beat Q2 when
the smoke clears. This is very contrary to the prior
estimates of mid to high teens for overall earnings.
Current estimates are for +25% to +27% based on the
strong performance by S&P companies. Granted Intel,
MSFT, IBM and some others were not glowing about their
future prospects but they still posted decent results.
We are actually seeing estimates for Q3/Q4 rise
slightly and this has surprised most analysts.

We also have the rising price of oil impacting our
markets. After opening down today it did rise to touch
$43 once again. Boone Pickens was on the radio today
saying oil was headed for $50. This kind of talk had
the markets running scared as well as the talk about
shutting down Yukos. Guess what? Yukos was a power
play as the game of brinkmanship continues and the
Russian courts said today they never expected Yukos
to stop selling oil. Also, oil supplies are rising
according to a report today. The extra oil OPEC said
they would begin pumping a month ago is starting to
hit stockpiles and I believe the market price will
reflect that soon. If oil prices begin to moderate
then stock prices, down on the threat of oil, are
free to rebound.

We also have the elimination of the convention risk.
Tonight is the last night and is probably the most
risky as it is the highest profile event. If the
Kerry speech goes off without an incident and the
attendees file out of the auditorium safely the
city of Boston and the country in general will
breathe a strong sigh of relief.

To make a long story short we have seen a sharp
correction and we are due for a sharp rebound. The
timing is right with a week devoid of events and only
a few high profile economic reports to stimulate the
conversation. This is a free week for traders to romp
if they so desire. The following week we have another
Fed meeting and possible rate hike and the news will
begin to focus on the Olympics and associated terror
risk in Greece. Still, as bad as it can be it is still
Greece and not on U.S. soil and investors may feel a
little better about being in the market.

Obviously nothing guarantees a rebound or the duration
should a rebound occur. What we have is the perfect
setup in an imperfect market. Money is still flowing
into funds but that money has not made it into the
market. As I related last week many funds are sitting
on as much as 25% of their portfolio in cash. Should
the market begin to rise those funds will begin to
worry about missing a move and could put some of that
cash back to work.

Historically the calendar is with the bulls. In election
years the markets tend to rise in August as expectations
about the winner begin to firm. Part of the recent sell
off could have been an election slump as Kerry went into
the convention ahead of Bush in the polls. Since the
convention has been in progress Bush has pulled ahead
again and the markets have begun to rise. It could be
just a coincidence of timing but don't discount the
polls completely.

Technically the Dow has rebounded from its 9914 low to
the top of its down trend channel at 10150 and this is
very strong resistance. It is also exactly where a
breakout could produce a strong reaction. A breakout
here would quickly run into resistance at 10200-10250
but without any immediate clouds on the horizon we could
see 10400 again. I know, it sounds like I have been
hitting the bottle and got a little tipsy but I am just
telling you what could happen. The 200dma is 10225.

The Nasdaq is so far from real resistance that it could
easily run for quite a few points. With the 1881 close
today the 1900 level is the next key but a break there
could see a quick bounce to 1950. I am not suggesting
that will happen but just stating potential.

The SPX is still the key as I have been telling you for
the last two weeks. It closed today exactly on the key
1100 level and ready to race off in either direction.
The 200dma is near 1107 and a strong bounce could easily
push the index back over that key level and remove some
of the sell triggers from the reach of fund managers.

The bearish side of this analysis is the dead stop at
key levels of Dow 10150 and SPX 1100. These are strong
resistance levels and levels that could hold if even
the slightest negative news appears. We can be watching
for a rebound to appear but we need to be careful to
also watch for the bears sneaking up behind us.

We had several positive earnings reports after the close
with IM, ACS, ADPT, CYTC, GILD, KLAC and VSEA beating
estimates. KLAC was somewhat bullish on the conference
call and futures are up in the overnight session. The
earnings calendar for Friday morning is very light but
we have four economic reports that could spark the
market. GDP, NAPM-NY, PMI and Consumer Sentiment will
be released.

One negative event was announced today and that was a
$5 billion withdrawal from Janus Funds. Janus announced
that an unnamed investor was withdrawing $5 billion by
year-end from Janus Funds. This amounts to nearly 4% of
assets under management for Janus. This money will
likely be reinvested in the market by a new fund of
choice but we could see a negative bias at Janus as
other investors hearing the news decide to liquidate
as well. This could be a drag on the market over the
next five months BUT remember we lost $900 billion in
market cap over the last 21 days in July according to
ISI. $5 billion may be a significant amount of money
but over five months the withdrawal should be nearly
invisible.

For Friday the instructions are the same. Remain long
over SPX 1100 and short/flat below that level.

Enter Passively, Exit Aggressively.

Jim Brown
Editor


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

A Buyable Bounce?
- J. Brown

It would seem that the current oversold bounce may indeed be
buyable.  At least that appears to be the sentiment among the
more optimistic traders.  Stocks have suffered a very painful
July and after three weeks of losses we were due for an upside
correction.  The market internals today were pretty bullish and
paint a much better picture than the 12-point gain on the Dow
Jones or the 5-point gain on the S&P 500.  Advancing stocks
outnumbered decliners 19 to 8.5 on the NYSE and 20 to 9.5 on the
NASDAQ.  Up volume was more than double down volume on the NYSE
and almost four times the down volume on the NASDAQ.

Looking at the sector indices we can see just how wide the rally
was today.  Not one major sector index closed lower.  The rebound
was lead by a 4% gain in the HMO healthcare sector, which was
bouncing from its simple 200-dma.  The INX Internet index
followed with a 3.5% gain and a breakout over its simple 10-dma.
The XAL airlines index turned in a 2.9% gain after rebounding
from new one-year lows.  The airlines were boosted by news that
Russia's Justice Ministry would not force oil giant Yukos to halt
oil sales.  This tugged on crude prices but they remain near
their highs.

With so many stocks bouncing from oversold levels we could see
shorts begin to cover in earnest and bulls being tempted to step
back into the market.  Keep in mind that we have one more night
of the Democratic convention and if all goes well (i.e. no
terrorist attacks) then stocks could melt higher in a big sigh of
relief.

Tomorrow also brings several economic reports.  Before the bell
is the advanced GDP readings, which are expected to come in
around 3.7%.  After the open will be the July University of
Michigan consumer sentiment index and the Chicago PMI report.


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

Market Averages

DJIA ($INDU)

52-week High: 10753
52-week Low :  8997
Current     : 10129

Moving Averages:
(Simple)

 10-dma: 10073
 50-dma: 10212
200-dma: 10225


S&P 500 ($SPX)

52-week High: 1163
52-week Low :  960
Current     : 1100

Moving Averages:
(Simple)

 10-dma: 1096
 50-dma: 1113
200-dma: 1106


Nasdaq-100 ($NDX)

52-week High: 1559
52-week Low : 1204
Current     : 1398

Moving Averages:
(Simple)

 10-dma: 1392
 50-dma: 1434
200-dma: 1447


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

CBOE Market Volatility Index (VIX) = 15.68 –0.47
CBOE Mkt Volatility old VIX  (VXO) = 15.46 –0.42
Nasdaq Volatility Index (VXN)      = 23.99 –0.88


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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.65        671,863       435,720
Equity Only    0.56        547,501       306,108
OEX            0.95         19,785        18,836
QQQ            1.57         23,682        37,248


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

Bullish Percent Data

           Current   Change   Status
NYSE          59.8    - 1     Bear Confirmed
NASDAQ-100    33.0    - 3     Bear Confirmed
Dow Indust.   53.3    - 3     Bear Confirmed
S&P 500       53.6    - 1     Bear Confirmed
S&P 100       55.0    - 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: 1.21
10-dma: 1.19
21-dma: 1.44
55-dma: 1.16


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    1933      2039
Decliners     859       953

New Highs      41        39
New Lows       35        46

Up Volume   1280M     1312M
Down Vol.    494M      341M

Total Vol.  1834M     1671M
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

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


==================================================================
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
---------------------------------

Railroads, Steelmakers and more!

Canadian Pacific Railway - CP - close: 25.81 change: +0.51

WHAT TO WATCH: CP reported earnings today and investors responded
by confirming yesterday's breakout over the $25.25 level and its
simple 200-dma.  The stock has also managed to breakout over its
50 and 200-week moving averages.  Readers might want to consider
momentum plays here or a bounce from $25.25.  Use a tight stop.




---

Olympic Steel - ZEUS - close: 22.33 change: +2.96

WHAT TO WATCH: ZEUS reported record sales and earnings for the
second quarter today.  Management was pretty optimistic about the
second half of 2004.  Investors responded with a 15% rally to new
multi-year highs and a breakout over resistance at the $20.50-
21.00 region.  Volume was huge and its MACD is on the verge of a
new buy signal.  We would watch ZEUS for a dip back to $21 and
consider buying the bounce.




---

Ethan Allen Interior - ETH - close: 36.80 change: +3.11

WHAT TO WATCH: ETH turned in a strong session with a 9% rally on
big volume.  The move was fueled by earnings that beat estimates
by a penny.  It might not be a coincidence that ETH was trading
near P&F support.  The move could also be a short-squeeze.
Whatever the case ETH has broken technical resistance at its 10,
21, 40 and 50-dma's.  Aggressive bulls might want to consider
buying a bounce from the $35.50-36.00 region and target the 200-
dma near $40.




---

Par Pharmaceutical - PRX - close: 38.60 change: +6.38

WHAT TO WATCH: PRX is another post-earnings winner.  Shares
climbed almost 20% on huge volume after the company beat
estimates by 19 cents and came in above expectations on the
revenue number.  The rally broke resistance at the $35 level and
its simple 10, 21, 40 and 50-dma's.  We would watch for a dip and
consider buying the next bounce.





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

LF $19.98 +0.93 - Leapfrog jumped 4.88% to breakout over its 40
and 50-dma's.  Readers might want to consider aggressive bullish
plays on a breakout above its 100-dma near 20.50.

SWN $32.12 +1.00 - After three weeks of sideways consolidation
shares of SWN are breaking out to new highs.  This looks like a
bullish entry point.

GTI $10.53 +1.18 - GTI rose more than 12% on an earnings inspire
rebound that broke multiple levels of resistance.  Look for some
confirmation back above $10.80 and consider targeting the 200-
dma.

JLL $28.90 +1.36 - JLL is breaking out to new highs not seen
since 1999.  The recent rally has been fueled by strong volume
and its MACD has produced a new buy signal.


=================================================================
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DISCLAIMER
=================================================================

This newsletter is a publication dedicated to the education
of stock traders. The newsletter is an information service
only. The information provided herein is not to be construed
as an offer to buy or sell securities of any kind. The
newsletter picks are not to be considered a recommendation
of any stock but an information resource to aid the investor
in making an informed decision regarding trading in stocks. It
is possible at this or some subsequent date, the editors and
staff of PremierInvestor.net may own, buy or sell securities
presented. All investors should consult a qualified professional
before trading in any security. The information provided has
been obtained from sources deemed reliable but is not
guaranteed as to accuracy or completeness. PremierInvestor.net
staff makes every effort to provide timely information to its
subscribers but cannot guarantee specific delivery times due to
factors beyond our control.

Please read our disclaimer at:
http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html

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Copyright ) 2003  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.





PremierInvestor.net Newsletter                 Thursday 07-29-2004
                                                    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, CMTL, WWW
Closed Plays:      FRED
Stock Splits:      TOX, SSP


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 -
 Be careful here.  The rebound in the markets has
 made it dangerous to play shorts.  We don't like
 seeing CCBL back above the $8.00 mark and its
 MACD is curling towards a new "buy" signal.

---

CMTL - tech stock short -
 Danger! Danger!  The rebound in tech stocks has
 CMTL bouncing back toward resistance at $20.00.
 Its MACD is about to produce a new "buy" signal.
 More conservative investors may want to exit now.

---

WWW - non-tech short play -
 Remember, we are UN-TRIGGERED until WWW trades
 under the $22.00 level. Today's move doens't bode
 well for the stock.



=================================================================
Closed Plays
=================================================================

Fred's Inc - FRED - close: 18.32 change: +0.29 stop: 18.51

We've been suggesting readers prepare to exit and/or take some
money off the table as FRED traded toward our initial target at
$17.50.  The stock hit our target on Monday and has managed to
bounce (as expected) since shares are so oversold.
Unfortunately, the bounce has been stronger than we thought with
FRED closing above its simple 10-dma, which has been technical
resistance for the last three weeks.  Bears should be careful
here.  FRED's short-term technicals are bullish and its MACD is
close to producing a new "buy" signal.  We suggest exiting now
for a small profit if you've not done so already.

Picked on July 12 at $19.66
Gain since picked:   - 1.34
Earnings Date      08/19/04 (unconfirmed)
Average Daily Volume:   924 thousand




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

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

SSP announces a 2-for-1 stock split.

About 30 minutes after the closing bell on Thursday E.W. Scripps
Company (NYSE:SSP) announced that its Board of Directors had
approved a 2-for-1 stock split and a quarterly cash dividend of 20
cents per share.

The split will be paid as a 100% stock dividend payable on
September 10th to shareholders on record as of August 31st, 2004.

The cash dividend of 20 cents per share is payable on September
10th to shareholders of record on August 31st and payable on a
pre-split basis.


About the company:
The E.W. Scripps Company is a diverse media concern with interests
in newspaper publishing, broadcast television, national television
networks, interactive media and television retailing. Scripps
operates 21 daily newspapers, 15 broadcast TV stations, four cable
and satellite television programming networks and a television
retailing network. All of the company's media businesses provide
content and advertising services via the Internet. Scripps
Networks brands include Home & Garden Television, Food Network,
DIY -- Do It Yourself Network and Fine Living. HGTV reaches about
86 million U.S. television households and Food Network can be seen
in about 84 million households. Scripps Networks Web sites include
FoodNetwork.com, HGTV.com, DIYnetwork.com and fineliving.com.
Scripps Networks programming can be seen in 86 countries.
The company's television retailing subsidiary, Shop At Home
Network, markets a growing range of consumer goods directly to
television viewers and visitors to the Shop At Home Web site,
shopathometv.com. Shop At Home reaches about 49 million full-time
equivalent U.S. households, including 5 million households via
five Scripps owned, Shop At Home affiliated broadcast television
stations. Scripps also operates Scripps Howard News Service and
United Media, which is the worldwide licensing and syndication
home of PEANUTS and DILBERT.
 (Source: Company Press Release)

---

TOX tests a 3-for-2 stock split.

Not long after this morning's opening bell MEDTOX Scientific, Inc.
(AMEX:TOX) announced that its Board of Directors had approved a 3-
for-2 stock split.

The stock split will be paid in the form of a stock dividend,
which will be distributed on August 20th, 2004.  The record date
for the split is August 10th.  Post-split TOX will have
approximately 7.5 million shares outstanding.


About the company:
MEDTOX Scientific, Inc., headquartered in St. Paul, Minn., is a
provider of high quality specialized laboratory and on-site/point-
of-collection (POC) devices. The Company also supports customers
with complete logistics, data and program management services.
MEDTOX develops and manufactures diagnostic devices for quick and
economical on-site/point-of-collection analysis for drugs of
abuse, therapeutic drugs and biological and agricultural toxins
and provides employment drug screening and occupational health
testing. MEDTOX is a leader in providing esoteric laboratory
testing services to hospitals and laboratories nationwide. This
includes both central laboratory and bio-analytical testing for
pharmaceutical clinical trials. (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

BP      BP Plc                     55.99     +1.07
CVX     ChevronTexaco              95.48     +1.17
IBM     Intl Business Machines     86.77     +0.92
COP     ConocoPhillips             78.10     +1.44
DOW     Dow Chemical Co            40.50     +1.10
MER     Merrill Lynch              50.36     +0.53

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

EDS     Electronic Data Systems    18.44     +1.17
GTI     Graftech Intl Ltd          10.53     +1.18
RRC     Range Resources            16.86     +1.23
LAVA    Magma Design               18.05     +3.20
HVT     Haverty Furniture          18.40     +1.63
BMHC    Building Materials         20.00     +1.12

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

PCAR    Paccar Inc                 60.08     +1.34
ETN     Eaton Corp                 64.98     +1.03
RJR     RJ Reynolds Tobacco        70.25     +2.05
FAST    Fastenal Co                63.30     +1.69
DRL     Doral Financial            38.75     +1.61
BG      Bunge Ltd                  40.39     +2.90
BC      Brunswick                  38.68     +3.74

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

G       Gillette Co                38.16     -2.42
ACL     Alcon Inc                  76.41     -7.00
CCE     Coca-Cola Enterprises      20.63     -4.40
PBG     Pepsi Bottling Group       27.56     -2.03
ESRX    Express Scripts            65.36     -6.49
COT     Cott Corp                  28.15     -1.40
AGY     Argosy Gaming Co           31.80     -1.22

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

JHI     John Hancock               20.55     -0.13


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