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Daily Newsletter, Tuesday, 09/07/2004

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PremierInvestor.net Newsletter                  Tuesday 09-07-2004
                                                    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:       Eight Out of Ten
Watch List:        Steel to Mortgages and more!
Market Sentiment:  Investors Breathe Relieved

=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
      09-07-2004           High     Low     Volume   Adv/Dcl
DJIA    10341.46 + 81.30 10363.36 10261.45 1.47 bln 2356/ 881
NASDAQ   1858.56 + 14.10  1865.45  1848.30 1.32 bln 1923/1174
S&P 100   545.00 +  3.94   546.13   541.06   Totals 4279/2055
S&P 500  1121.30 +  7.67  1124.08  1113.63 
SOX       353.76 -  4.10   362.00   351.27
RUS 2000  562.93 +  6.69   563.02   556.24
DJ TRANS 3179.95 + 38.10  3180.29  3143.01
VIX        14.07 +  0.16    14.64    14.03
VXO (VIX-O)13.58 -  0.33    14.54    13.55
VXN        21.44 +  0.38    22.15    21.19 
Total Volume 3,070M
Total UpVol  2,115M
Total DnVol    905M
Total Adv  4809
Total Dcl  2387
52wk Highs  321
52wk Lows    89
TRIN       0.93
NAZTRIN    0.97
PUT/CALL   0.86
=================================================================

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

Eight Out of Ten
by Jim Brown

Today's market advance stretched the recent bullish streak
of post Labor Day advances to eight of the last ten years.
Unfortunately that trend normally precedes another trend 
of September being the worst month for the Dow and SPX
since 1950. September normally begins with a gain but
ends with a loss. 

Dow Chart – Daily

 
Nasdaq Chart – Daily

 
SPX Chart – Daily

 


There were not a lot of economic reports today to distract
the market and that may have been a good thing. The August
Challenger Layoff Report showed announced layoffs rose 
+6.6% to 74,150 workers. This was the highest level in
six months and the second consecutive monthly gain. This
was still -7.2% lower than the prior August and not a
real cause for concern, yet. The increase was minimal 
and was offset by an increase in planned hiring to 
132,105 from only 26,880 in July. Challenger recently 
began collecting hiring data and there are no long term
numbers to compare with the current trend. The majority
of new job openings were in the retail sector. Challenger
data looks out over the next 90 days and that puts us
right in the middle of the holiday season. Projecting
retail jobs prior to the holidays should not surprise
anyone. 

Tomorrow we have a few more reports due out but none are
earth shaking. The biggest event for Wednesday should be
the Greenspan testimony before the House Budget Committee.
He is expected to continue the Fed's standard statement
that the economic recovery is self sustaining and the
Fed will continue to hike rates at a measured pace. They
will want to quiz him about stronger growth ahead because
it relates to future income. Because it is an election
year somebody is sure to ask some campaign oriented 
questions about deficits and social security reform. 
This testimony is not expected to be a market mover but
any time Greenspan speaks there is always a danger. In
the current context any bullish comments could also 
provide a boost now that event risk fears have passed.

Oil provided a boost to the market with a drop of more
than a dollar at the open. We spent most of the day under
$43 after OPEC made positive comments about supply. Still
we saw the price rise back to $43.30 at the close on 
short covering and disbelief anything had really changed. 

Despite the high oil prices the Transportation Index
came very close to a new post 9/11 high. The close at
3178 was very close to the June 30th close at 3204. 
This apparent logic conflict has the bears very confused. 
With oil in the U.S. budgeted in the $28-$30 range this
rally on prices $10-$15 higher than expected is causing
significant confusion. FedEx did hit a new post 9/11 high
and an all time high at 84.20 after Yellow-Roadway raised
their guidance. YELL said they were seeing a stronger
pricing environment although shipping volume was about
as expected. They raised guidance from $1.20-$1.25 to
$1.30-$1.35. FedEx had also raised guidance about two
weeks ago. This should be good news for the economy. 
If shipping companies have been able to raise prices
and recover oil losses without losing customers it
suggests business is healthy. 

Having the Dow Transports nearing a new high at the 
same time the Dow is pressing higher is also bullish
for those that see the transports as final confirmation
of a longer term Dow move. Helping this confirmation is
the soaring financial stocks. The BKX closed right at
100 and only THREE points away from an all time high. 
Further confirmation comes from the Dow Utility Index
which is also at a two year high nearing 300. 
Bullishness is breaking out all over. 

Dow Transports Chart – Weekly

 
Banking Index Chart – Daily

 

Tech stocks tried to rise after several tech stocks 
raised guidance. (Is it snowing in hell today?) Seagate
Technology (STX) said sales and earnings would be above
estimates. Seagate makes disk drives and they said the
overall demand was stronger this quarter than last. 
VRSN raised estimates and said it's recently acquired
Jamba business is performing significantly ahead of
expectations. Cisco rose after CIBC upgraded the 
company to outperform. 

Not all was rosy in tech world. Intel attracted another
downgrade and fell under $20 again. Was this analyst
in a coma all last week then the downgrade party was
in full swing? Probably just wanted his day in the
limelight. Lehman cut Intel to neutral but the sector
to negative from neutral. Chips are not out of the 
doghouse yet with Texas Instruments slipping under 
$19 in front of their mid quarter update on Wednesday
after the close. The SOX was the number one reason the
Nasdaq failed to follow the Dow materially higher. 

The SOX set another new 52-week low at 351.27 and 
barely moved off that low at the close. The SOX
continues to be the weakest link and until all the
major chip updates and profit warnings have passed
it should continue to be the Nasdaq anchor. 

SOX Chart – Weekly

 

The Nasdaq has topped at 1865 and refuses to move 
higher. Each attempt runs out of steam once it moves
over 1860. Until this trend changes the Dow should
find it hard to maintain an advance despite the help
from the transports and utilities. 

The Dow has downtrend resistance at 10350-10360 from
the February highs and that is almost exactly where it
failed this morning. It should be tough to move over
this level without any help from techs. The calendar
ahead is tough and any weak supporting index will make
it even tougher. 

So far the September roadmap is still intact. We are
only seven days down the path but hugging the center
line. Septembers normally start with a bullish bounce
but earnings warnings end up dragging it down. For
tomorrow we are going to start out with a warning from
McKesson. MCK said it would earn between 75-80 cents
for the first half. Since they earned 53 cents in Q1
that means they will post 22-27 cents in Q2. Analysts
were expecting 50 cents. Confusing analysts was an
affirmation of full year guidance of $2.20-$2.35 with
no explanation. Considering the 50% drop in Q2 earnings
one analyst called the full year affirmation laughable.
That affirmation was the only thing that kept MCK from
being crushed after the close. It did fall from $31.86
to $29.50 in after hours.

The technical viewpoint is mixed today. The Dow failed
at the downtrend resistance but is still over both the
100 and 200 day averages. We are extended and approaching
some very high risk levels. The SPX closed at 1121 and
only +3 points above its average close for the year at
1118. It is also above its averages at 1110-1113 with
resistance at 1125. On the bullish side a break of 1125
could easily run to much stronger resistance at 1140-1145. 

For the rest of the week my bias is neutral. We could
wander higher in the absence of any material earnings
warnings because the real warning season does not begin
for another week or so. We could also slowly decline 
in anticipation of those warnings and the Fed meeting 
on the 21st. We opened September as expected according
to the historical trend. This week is where that trend
begins to weaken IF we follow the historical norm. Given
the strength in transports despite the high oil we may
not be in a true historical cycle. The election could
be skewing the outlook as well. Keep your eye on the
trend and follow closely. Changes in direction could
come quickly.  

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

Steel Dynamics - STLD - close: 34.20 change: +1.86

WHAT TO WATCH: STLD soared 5.75% on big volume to breakout above 
its six-week trendline of resistance and hit new all-time highs.  
Technically the stock looks rejuvenated with a fresh MACD buy 
signal.  We don't see any news behind the move but it's strength 
is likely to draw momentum players.  Closing at the high for the 
day is certainly bullish.  We'd watch for a dip back to $33.00 
and consider buying a bounce.  




---

Carmax - KMX - close: 21.32 change: +0.82

WHAT TO WATCH: KMX soared another four percent on Tuesday adding 
to its gains from late last week.  The stock has broken out over 
minor resistance at the $21.00 level but is starting to look a 
little overbought as it nears the simple 100-dma overhead.  We'd 
watch KMX for a dip back toward $21.00 or maybe the $20.50 region 
and consider buying a bounce.  P&F chart traders will want to 
wait for KMX to produce a new "buy" signal after it pushes 
through the $22.00 mark.  




---

Countrywide Financial - CFC - close: 37.31 change: +0.68

WHAT TO WATCH: There appears to be no post-split depression for 
shares of CFC.  The stock recently split 2-for-1 but that hasn't 
stopped this mortgage lender from breaking out to new highs in 
the last couple of days.  Shares look a little overbought here 
but we'd watch it for a bullish entry point.  Volume has been 
rising on the rally and that's bullish.  




---

Sungard Data Systems - SDS - close: 23.65 change: +0.65

WHAT TO WATCH: SDS is trying to form a bottom near the $22.00-
$23.00 region.  The rebound in late August produced a higher low 
and now shares are poised for a breakout through the top of its 
current trading range.  SDS added 2.8% today and stopped just 
under its simple 50-dma.  We'd watch for a breakout above the 
$24.00 mark but be careful.  The P&F chart looks pretty bearish.






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

TOY $16.64 +0.11 - TOY is nearing significant resistance at the 
$17.00 level.  Watch for a breakout or a roll over.  

F $14.56 +0.35 - It looks like Ford is trying to put in a bottom 
near the $13.50-14.00 level.  Today's 2.4% rally pushed Ford 
through its simple 50 and 200-dma's. 

DHI $32.45 +0.89 - Homebuilders were big winners today and DHI 
hit another new four-month high.  


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

Investors Breathe Relieved
- J. Brown

The day after the Labor Day holiday is traditionally positive.  
This year the odds were probably even higher for a rally as 
investors heave a sigh of relief.  Not only did the Olympics pass 
uneventful but the DNC and RNC also survived without terrorist 
incident.  Now that the summer's major targets are in the rear 
view mirror investors can focus on the Presidential election and 
the upcoming forth quarter.  Of course we have to survive the 
upcoming Q3 earnings season and before that the corporate 
earnings warning session, which begins in just a couple of weeks.  

Stocks were mostly positive on Tuesday as Wall Street money 
managers return to work.  Boosting the urge to buy stocks was a 
significant dip in crude oil prices.  However, the heaviest 
anchor on stocks today was the semiconductor sector.  The SOX was 
red compared to its fellow tech sectors in the green.  Tugging on 
the already weak SOX were negative comments from Lehman Brothers 
who downgraded their outlook on the semiconductor sector and 
ASML, INTC, and NSM.  Investors were already cautious on chip 
stocks after Intel's mid-quarter update last week but it could 
get worse.  After the bell tonight TriQuint Semiconductor (TQNT) 
issued an earnings warning for the third quarter during their 
mid-quarter update.  Traders are likely to fear the worst for 
Texas Instruments (TXN) who reports their mid-quarter update 
tomorrow.  

Overall the session was positive with advancing stocks 
outnumbering decliners 20-to-7 on the NSYE and 19-to-11 on the 
NASDAQ.  Up volume outweighed down volume on both exchanges.  Yet 
I believe the real test is whether or not stocks can keep this 
momentum alive.  Traders are giving the VIX/VXO a wary eye as 
both volatility indices are near their lows, which typically 
signifies a short-term top.  If we close up for the week I'll be 
impressed.  

Tomorrow brings the Federal Reserve's Beige Book report and Alan 
Greenspan testifies before the House Budget committee.  


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

Market Averages

DJIA ($INDU)

52-week High: 10753
52-week Low :  9230
Current     : 10341

Moving Averages:
(Simple)

 10-dma: 10200
 50-dma: 10123
200-dma: 10267



S&P 500 ($SPX)

52-week High: 1163
52-week Low :  990
Current     : 1121

Moving Averages:
(Simple)

 10-dma: 1107
 50-dma: 1100
200-dma: 1113



Nasdaq-100 ($NDX)

52-week High: 1559
52-week Low : 1301
Current     : 1381

Moving Averages:
(Simple)

 10-dma: 1379
 50-dma: 1392
200-dma: 1440



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

CBOE Market Volatility Index (VIX) = 14.07 +0.16
CBOE Mkt Volatility old VIX  (VXO) = 13.58 -0.33
Nasdaq Volatility Index (VXN)      = 21.44 +0.38


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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.86        591,019       507,845
Equity Only    0.70        418,271       292,067
OEX            0.88         46,239        40,673
QQQ            2.26         18,530        41,949


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

Bullish Percent Data

           Current   Change   Status
NYSE          58.1    + 1     Bear Confirmed
NASDAQ-100    38.0    + 0     Bull Alert      
Dow Indust.   56.6    + 3     Bear Correction***
S&P 500       56.0    + 2     Bear Correction
S&P 100       55.0    + 1     Bear Correction


Bullish percent measures the number of stocks in an index 
currently trading on a buy signal on their point and figure 
chart.  Readings above 70 are considered overbought, and readings 
below 30 are considered oversold.

Bull Confirmed  - Aggressively long
Bull Alert      - Cautiously long
Bull Correction - Pause or pullback in upward trend
Bear Alert      - Take defensive action if long
Bear Confirmed  - High risk if long, good conditions for shorting
Bear Correction - Pause or rebound in downtrend


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

 5-dma: 1.06
10-dma: 1.23
21-dma: 1.09
55-dma: 1.28


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    2073      1900
Decliners     746      1119

New Highs     166        63
New Lows       19        31

Up Volume   1075M      838M
Down Vol.    372M      441M

Total Vol.  1465M     1309M
M = millions


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

Commitments Of Traders Report: 08/31/04

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

The latest data shows commercial traders reducing their short
positions just a tad.  They remain net bearish by only by a 
small margin.  Retail traders have upped both their longs and
shorts and the net result has been a reduction in their 
bullish enthusiasm.

Commercials   Long      Short      Net     % Of OI
08/10/04      397,576   419,734   (22,158)   (2.7%)
08/17/04      398,472   416,109   (17,637)   (2.2%)
08/24/04      402,599   420,478   (17,879)   (2.2%)
08/31/04      406,637   416,778   (10,141)   (1.2%)

Most bearish reading of the year: (111,956) -  3/06/02
Most bullish reading of the year:   23,977  - 12/09/03

Small Traders Long      Short      Net     % of OI
08/10/04      135,689    93,897    41,792    18.2%
08/17/04      138,550    97,792    40,758    17.2%
08/24/04      135,151   100,351    34,800    14.7%
08/31/04      144,120   114,343    29,777    11.5%

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

Wow!  We're seeing some action in the e-minis.  Commercial
traders or "smart money" has really upped their shorts while
reducing their longs.  This has produced the most bearish 
reading in a long time.  Without missing a cue the retail
traders have upped their longs to produce the most bullish 
reading in a while.  

Commercials   Long      Short      Net     % Of OI 
08/10/04      369,547   441,055   ( 71,508)  ( 8.8%)
08/17/04      404,065   457,372   ( 53,307)  ( 6.2%)
08/24/04      392,065   473,911   ( 81,846)  ( 9.4%)
08/31/04      372,071   543,100   (171,029)  (18.7%)

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
08/10/04      179,940     89,239    90,701    33.7%
08/17/04      192,939     92,361   100,578    35.3%
08/24/04      211,995     76,184   135,811    47.1%
08/31/04      258,624     77,036   181,588    54.0%

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


NASDAQ-100

Commercial traders appear to be happy to sit still in the
NDX futures but small traders have increased their long 
positions.

Commercials   Long      Short      Net     % of OI 
08/10/04       43,968     38,351     5,617    6.8%
08/17/04       44,743     41,535     3,208    3.7%
08/24/04       48,624     43,222     5,402    5.8%
08/31/04       48,167     43,411     4,756    5.2%

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

Small Traders  Long     Short      Net     % of OI
08/10/04       10,081    10,858    (  777)  ( 3.7%)
08/17/04       12,256     8,352     3,904    18.9%
08/24/04       11,666    10,068     1,598     7.3%
08/31/04       14,635    10,572     4,063    16.1%

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

Traders don't seem very willing to change their bets on 
the Industrials.  Neither the commercials or the small traders
are shifting any money around.

Commercials   Long      Short      Net     % of OI
08/10/04       30,634    22,994    7,640      14.2%
08/17/04       30,271    22,809    7,462      14.1%
08/24/04       28,919    23,658    5,261      10.1%
08/31/04       29,143    24,147    4,996       9.3%

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
08/10/04        6,450     8,488   (2,038)   (13.6%)
08/17/04        4,388     7,089   (2,701)   (23.5%)
08/24/04        5,052     7,214   (2,162)   (17.6%)
08/31/04        4,929     7,122   (2,193)   (18.2%)

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,
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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

*****************************************************************
ADVERTISING INFORMATION

For more information on advertising in PremierInvestor.net
Newsletter, or any Premier Investor Network newsletter please
contact Contact Support.

*****************************************************************


Copyright ) 2004  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.







PremierInvestor.net Newsletter                  Tuesday 09-07-2004
                                                    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
=================================================================

In section two:

Stop Loss Adjustments:  PCLN

Stock Splits
  Announcements:       None

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

PCLN - high risk/reward short -
  PCLN dipped to $19.72 this afternoon, which was more
  than enough to hit our TRIGGER at $19.85.  The play 
  is open and our stop is $21.75.  The close under the $20.00
  mark is good news for the bears as is the lack of participation
  in today's market rally.


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

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

None


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

UBS     UBS Ag                     70.40     +1.04
AIG     American Intl Group        72.66     +0.90
FNM     Fannie Mae                 77.54     +1.48
BAC     Bank of America            44.27     +0.66
MWD     Morgan Stanley             52.72     +1.72
AXP     American Express           50.99     +0.73

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

VRSN    Verisign Inc               19.40     +1.55
BVF     Biovail Corp               16.68     +1.67
NFLX    Netflix Inc                15.41     +1.05
FLE     Fleetwood Enterprises      15.00     +1.66
ALVR    Alvarion Ltd               12.25     +1.09
HLEX    HealthExtras Inc           13.90     +1.13

---------------------------------------
Breakout to Upside (Stocks over $20)
---------------------------------------
  
MBT     Mobile Telesys            145.20     +4.45
RIMM    Research In Motion         65.45     +3.09
IGT     Intl Game Technology       31.89     +1.84
VLO     Valero Energy              67.55     +1.35
PHM     Pulte Homes                62.76     +2.90
PH      Parker Hannifin            57.68     +2.28
LEG     Leggett & Platt Inc        28.81     +1.15

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

SNY     Sanofi-Aventis             34.11     -1.18
MXIM    Maxim Integrated           39.93     -1.01
LXK     Lexmark Intl               81.86     -4.14
RCN     Rogers Wireless            27.97     -1.05
CHS     Chico's FAS                37.14     -1.49

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

FAST    Fastenal Co                60.80     -2.30
CEPH    Cephalon Inc               45.88     -2.00
ITY     Imperial Tobacco           43.36     -0.74


=================================================================
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 (c) 2004  PremierInvestor.net. and
The Premier Investor Network.
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DISCLAIMER

Option Investor Inc is neither a registered Investment Advisor nor a Broker/Dealer. Readers are advised that all information is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All opinions, analyses and information included herein are based on sources believed to be reliable and written in good faith, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. In addition, we do not necessarily update such opinions, analysis or information. Owners, employees and writers may have long or short positions in the securities that are discussed.

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Littleton, CO 80163

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