PremierInvestor.net Newsletter Tuesday 09-14-2004 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: Quad Witching Approaching Watch List: Gold to Trucks to Chips and more Market Sentiment: Momentum is Stalling ================================================================= MARKET WRAP (view in courier font for table alignment) ================================================================= 09-14-2004 High Low Volume Adv/Dcl DJIA 10318.16 + 3.40 10340.13 10303.41 1.53 bln 1549/1677 NASDAQ 1915.40 + 5.00 1917.74 1901.77 1.51 bln 1430/1645 S&P 100 546.93 + 0.82 547.82 545.83 Totals 2979/3322 S&P 500 1128.33 + 2.51 1129.46 1124.72 SOX 393.50 + 0.40 393.97 387.75 RUS 2000 570.96 - 2.14 573.10 567.74 DJ TRANS 3225.00 + 1.80 3227.05 3219.58 VIX 13.56 + 0.39 13.89 13.50 VXO (VIX-O)13.55 + 0.15 14.01 13.29 VXN 19.49 + 0.35 19.85 19.13 Total Volume 3,273M Total UpVol 1,767M Total DnVol 1,450M Total Adv 3440 Total Dcl 3726 52wk Highs 191 52wk Lows 49 TRIN 0.86 NAZTRIN 0.73 PUT/CALL 0.93 ================================================================= =========== Market Wrap =========== Quad Witching Approaching by Jim Brown For a quadruple witching week the volatility has been very calm. The Dow traded in a very narrow 37 point range and continued to hold right below significant resistance. The market is slowly digesting the last four weeks of gains and passing time as pages tick off the calendar. Dow Chart – Daily Nasdaq Chart – Daily The markets started off negative after Retail Sales for August came in lower than expected at -0.3%. The consensus estimate was for a drop of -0.2%. This was another case of sticker shock and a lack of internal understanding. Ex-autos Retail Sales actually rose +0.2%. The auto-manufacturing sector is throwing money at incentives to attract buyers but the number of consumers left who don't already own a late model car are slowly dwindling. Sales also fell at furniture and department stores and restaurants. The challenge facing retailers is the very high comparisons from this period last year. The tax rebate plan was in full swing and products were flying off dealers shelves. The U.S. Current Account balance fell to another new record low at -$166.2 billion. High oil prices and a slowing in exports produced the large deficit. This was the largest deficit relative to GDP on record. Foreign purchases of both debt and equities fell and purchases of foreign equities by U.S. residents increased. Net foreign portfolio outflows increased +$13.8 billion to $30.3 billion for the quarter. Net purchases of foreign equities almost doubled to $40.2B. This should be a clue to many that our budget deficit could eventually be a serious problem if money flow continues to be negative. The Richmond Fed Survey saw a strong jump with the headline number hitting +18 after a dip to only +6 in July. The only material component that slipped was employment along with a small drop in the six-month outlook. Backlogs hit the highest level in four months but that level is only +1. Backlogs dipped to -12 in June and have been rising since. The SOX gave up some ground at the open on the LSI warning from last night and then struggled to return to positive territory for the rest of the day. In the end the SOX ended in the green by a miniscule +0.40 but a warning by XLNX after the close could apply more pressure tomorrow. XLNX is in the same sector as ALTR but their warning was much stronger than the ALTR warning last week. XLNX said revenue would drop -5% to -7% for the quarter and ALTR warned only that sales would be flat. XLNX echoed the same sector refrain that there was a serious inventory correction in progress and orders from the Asia Pacific region were weaker than expected. XLNX had initially given guidance for +2% to +4% revenue growth. Margins were also expected to erode. XLNX lost over a dollar in after hours trading. Celestica (CLS) also warned that Q3 revenue would be light because of "order reductions from some of its largest communications and IT customers." They said revenue would drop to $2.05B to $2.15B down from prior estimates of $2.25B to $2.4B. Earnings are expected to drop to 7-11 cents from 11-17 cents in the prior forecast. This double hit from XLNX and CLS pushed the SMH lower in after hours but not materially. The Nasdaq futures were trading down only -3.50 points. This could change by morning but it appears the bad news is already priced into the sector. The Gartner Group said today that the chip sector was still very over rated and far too many companies were competing for the available business. They said they expected a 40% consolidation in the sector over the next ten years as the little fish were either consumed by the sharks or driven out of the market. Oracle announced earnings after the bell and beat the street by a penny on slightly less than expected revenue. They said they were comfortable with the 13 cents analysts expected for next quarter. However, the analysts consensus estimates were for 14 cents. Revenue was also quoted slightly below the consensus. It did not appear to impact the stock as ORCL rose slightly but some cautious statements at the end of the conference call pushed it back down to just barely positive. I doubt we will see any market impact from Oracle earnings. You are likely to see more impact from Larry Ellison's continued dumping of the stock. Since March-1st he has sold nearly $1 billion at the rate of a couple million shares per week. http://finance.yahoo.com/q/it?s=orcl Oil continued to make headlines as prices hovered near $45. The various challenges included pipeline sabotage in Iraq and the shutdown of hundreds of wells in the Gulf of Mexico as Ivan rumbled towards land. About 25% of our oil comes from the gulf and a week long shutdown could pressure already weak supplies. The storm surge in the oil fields is expected to be between 13-18ft on the eastern side of the fields. This could cause significant damage not only to wells but distribution facilities on the coast. Many of these storms fail to live up to their advance billing but this one does appear to be on target to disrupt the oil patch. OPEC meets tomorrow in Vienna and the pre meeting press claims they will approve a one million barrel increase in production to 27 million per day. The price of oil barely blipped on the announcement because OPEC countries are already producing over 30 million barrels per day. The production quotas mean nothing when oil is $45. Everyone that can pump more is doing so to capture the economic windfall. As news comes out of damage from Ivan we can expect the price to rise accordingly. The markets continue to hold near their recent highs and according to TrimTabs.com it is due to new cash coming into the market. In the first seven trading days of September equity funds saw inflows of $2.9B. According to TrimTabs this is nearly as much as the +$3.5B of inflows for all of August. The markets are doing amazingly well consolidating the last four weeks of gains without losing any ground. Bad news abounds but the levels continue to hold over 10300 for the Dow and over 1900 for the Nasdaq. The SPX has broken above 1125 and that prior resistance is now support. While the current consolidation is turning many traders bullish there are still challenges ahead. The election fix appears to be in and the Bush expanding lead has prevented any September decline from appearing. Hopefully this euphoria will continue but there are some critical technical levels still ahead. The NYSE Composite ($NYA.X) is approaching the critical 6600-6625 level that restrained the markets back in June for the entire month. NYSE Composite Chart – Daily The SPX has similar resistance just overhead at 1130 that stretches all the way to 1145. Just getting over 1130 will not mean there is a breakout in progress. It will require more conviction on the part of the bulls than we have seen recently. SPX Chart – Daily The markets are facing a quadruple expiration on Friday. Most of the volatility normally associated with this event has been noticeably absent with recent lows in the various volatility indexes. Volume has been rising and the majority of it has been on the buy side. The complete lack of any material attempt to sell stocks since Sept-3rd is a very bullish point in itself. There appears to be no real effort on the part of the bears to stop this rally. Of course the rally itself has been staggering forward more than surging ahead. Since the Sept-2nd buy program powered the SPX from 1110 to 1120 the index has gained only +8 points in seven trading days. Seven of those points were the direct result of the Friday afternoon buy program ahead of 9/11. Since that program pushed us out of our prior range we have traded in another narrow range between 1125 and 1130. Definitely not a bullish stampede. SPX Chart - 30 min For the rest of the week volume should slow as we near expiration Friday and enter the Jewish holiday period. Rosh Hashanah begins at sunset on Wednesday and ends Friday night. Many traders will be absent during this period. Add in the landfall of Ivan and the widespread uncertainties associated with a direct hit of a category five storm on the gulf coast and the rest of the week could be very slow. We also have a Fed meeting next Tuesday and the futures are showing a rate hike on two of the next three meetings. The hike is priced in but there is always some market instability ahead of the event. Nothing has changed since Sunday. Volatility is still low and the indexes have not moved. We are poised for a big move but the direction is still up for grabs. That could be the epitaph for the week. 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 --------------------------------- Newmont Mining - NEM - close: 44.14 change: +0.74 WHAT TO WATCH: Gold stocks have been doing relatively well lately. The XAU is testing its simple 200-dma as overhead resistance for the third time in a month. Even if the XAU fails to breakout this time the sector appears to be building a bull flag pattern. NEM is looking more attractive than the XAU. NEM has already broken out above its simple 200-dma and is now using it as technical support. Bullish traders may want to buy the bounce from $42.50 now or wait for a new high over resistance at $45.00. The P&F chart for NEM shows strong support and a bullish price target at $53.00. Be sure to keep an eye on the XAU anyway. It helps to have the sector moving your direction. --- Sierra Wireless - SWIR - close: 16.78 change: -0.73 WHAT TO WATCH: Readers should remember SWIR as a successful short play from August. After nearing round-number support at $15.00 SWIR exploded back toward the $20.00 level five days ago. Unfortunately for shareholders SWIR couldn't break through the $20 mark, which is now new resistance. The stock is fading again and we expect it to hit the $15.50 level soon. A breakdown under $15.00 might be a momentum player's entry point. --- Ryder Systems - R - close: 45.56 change: +0.57 WHAT TO WATCH: If you're looking for slow and steady then Ryder might be a bullish candidate for you. The stock spent most of August consolidating its July gains but shares have now broken through round-number resistance at the $45.00 mark. Technical oscillators are bullish and its MACD is currently in a "buy" signal. The P&F chart looks extended but Ryder has the benefit of the Dow Jones Transportation average hitting new relative highs suggesting strength in the sector. --- Intersil Corp - ISIL - close: 16.07 change: -0.53 WHAT TO WATCH: ISIL continues to under perform its peers and the SOX semiconductor index. The company's recent earnings warning certainly didn't help matters. We are bearish on the stock and now that ISIL has filled the gap down from early September it's free to hit new lows. There is support near $15.25 but more aggressive traders may want to consider positions under $16.00. The rest of us may want to wait for a new low. ----------------------------------- RADAR SCREEN - more stocks to watch ----------------------------------- BEAS $7.40 +0.38 - Software stocks have been pretty hot the last few days and BEAS is breaking out to new two-month highs after putting in a bottom near $6.00. Volume has been strong on the rallies. ESMC $13.71 +2.41 - ESMC may bear more watching. The stock soared 21 percent on huge volume to breakout over its simple 100 and 200-dma's. We wouldn't chase it here. QLGC $30.76 +0.88 - QLGC continues to ignore its brethren and the SOX and march higher to the beat of its own very steady drum. The breakout over $30 is impressive but we wouldn't chase it hear. =============================== Market Sentiment =============================== Momentum is Stalling - J. Brown Bullish traders beware. The momentum in the market's four-plus week rally is beginning to fade. Adding to traders' concerns was another rise in crude oil prices to $44.14 a barrel. The impending approach of Hurricane Ivan and more sabotage on Iraq's pipelines were to blame. Meanwhile gold futures rose to $407.40 an ounce on the weak dollar. Undermining the rally's strength were more earnings warnings. Today LCI Logic and Xilinx (after the bell) joined the growing ranks of semiconductor-related businesses that have warned for the third quarter. Retail stocks also suffered as grocer Kroger and Office Depot both issued disappointing outlooks. Looking at the various sentiment indicators is certainly a mixed bag. Market internals were mixed with declining stocks outnumbering advancers almost 15 to 13 on the NYSE and 16 to 14 on the NASDAQ. Yet up volume managed to outpace down volume, barely, on both exchanges. Turning to more arcane indicators the ARMS index or short-term trading index is turning bearish. The 5 and 10-dma's on the TRIN are near or below bearish reversal levels. Yet the point-and-figure chart bullish percent readings continue to slowly improve into a more bullish picture. If you've been reading the market commentary then you already know about the low levels in the VIX/VXO/VXN. Overall it feels like the markets are in transition. September is traditionally the worst month of the year for stocks. That much we've heard several times now. Election year Septembers tend to do a little bit better but not much. We're moving into earnings warning season and investors are going to find less and less reasons to own stocks now, especially if they think they can buy them for less four or five weeks from now. As we reported earlier the Stock Trader's Almanac said odds of Monday (yesterday) being up ahead of this Friday's quadruple- witching options and futures expiration was pretty good. As usually the Almanac was on target. Keeping that in mind the Almanac records that this coming Friday is usually down and the rest of the month tends to grow fur and claws (those are my words, not theirs). Looking ahead we have an OPEC meeting tomorrow. Plus, we'll have investor reaction to Oracle's earnings that came out tonight. Tomorrow also brings the NY Empire State manufacturing index, business inventories for July, and the industrial production and capacity numbers for August. Thursday will bring the CPI report. ----------------------------------------------------------------- Market Averages DJIA ($INDU) 52-week High: 10753 52-week Low : 9230 Current : 10318 Moving Averages: (Simple) 10-dma: 10278 50-dma: 10118 200-dma: 10283 S&P 500 ($SPX) 52-week High: 1163 52-week Low : 990 Current : 1128 Moving Averages: (Simple) 10-dma: 1117 50-dma: 1099 200-dma: 1115 Nasdaq-100 ($NDX) 52-week High: 1559 52-week Low : 1301 Current : 1434 Moving Averages: (Simple) 10-dma: 1394 50-dma: 1383 200-dma: 1440 ----------------------------------------------------------------- CBOE Market Volatility Index (VIX) = 13.56 +0.39 CBOE Mkt Volatility old VIX (VXO) = 13.55 +0.15 Nasdaq Volatility Index (VXN) = 19.49 +0.35 ----------------------------------------------------------------- Put/Call Ratio Call Volume Put Volume Total 0.93 741,513 692,059 Equity Only 0.67 532,990 355,116 OEX 0.44 68,260 30,397 QQQ 1.75 27,148 47,618 ----------------------------------------------------------------- Bullish Percent Data Current Change Status NYSE 60.3 + 1.0 Bear Correction NASDAQ-100 44.0 + 5.0 Bull Alert Dow Indust. 56.6 + 0 Bear Correction S&P 500 59.0 + 2.0 Bear Correction S&P 100 55.0 + 0 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: 0.72 10-dma: 0.89 21-dma: 0.95 55-dma: 1.26 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 1333 1395 Decliners 1485 1583 New Highs 90 47 New Lows 18 20 Up Volume 773M 807M Down Vol. 720M 668M Total Vol. 1514M 1505M M = millions ----------------------------------------------------------------- Commitments Of Traders Report: 09/07/04 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 did add to positions during the most recent week of data but there was zero change in their slightly bearish bias. Meanwhile small traders also added to both their longs and shorts and scaled back their bullish attitude just a bit. Commercials Long Short Net % Of OI 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%) 09/07/04 415,952 426,342 (10,390) (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 08/17/04 138,550 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% 09/07/04 157,732 130,817 26,915 9.3% 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 We're starting to see some big numbers line up on the short side from the commercial traders. This is not good news for the S&P 500 as the "smart money" grow more bearish on the market. Naturally small traders are walking the opposite direction by increasing their longs and bullish stance. This sort of tug-o-war usually ends up with the small trader losing. Commercials Long Short Net % Of OI 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%) 09/07/04 371,111 600,593 (229,482) (23.6%) 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 08/17/04 192,939 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% 09/07/04 286,194 80,075 206,119 56.2% Most bearish reading of the year: (77,385) - 09/02/03 Most bullish reading of the year: 449,310 - 06/10/03 NASDAQ-100 Surprisingly the commercial trader added to his or her long positions and increased their bullish bias a tad. Small traders also added to their longs but the jump in short positions decreased the overall bullishness. Commercials Long Short Net % of OI 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% 09/07/04 51,814 44,179 7,635 7.9% Most bearish reading of the year: (21,858) - 08/26/03 Most bullish reading of the year: 25,160 - 06/01/04 Small Traders Long Short Net % of OI 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% 09/07/04 16,817 12,561 4,256 14.5% Most bearish reading of the year: (20,270) - 06/01/04 Most bullish reading of the year: 19,088 - 01/21/02 DOW JONES INDUSTRIAL Commercial traders are still asleep here for the Industrials with very little movement. Meanwhile small traders are growing more bearish on the average. Commercials Long Short Net % of OI 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% 09/07/04 29,128 24,011 5,117 9.6% 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 08/17/04 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%) 09/07/07 5,041 8,656 (3,615) (26.4%) Most bearish reading of the year: (12,106) - 3/09/04 Most bullish reading of the year: 8,523 - 8/26/03 ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright ) 2004 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter Tuesday 09-14-2004 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: None 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 ================================================================== None ================================================================== 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 HD Home Depot 38.14 +0.71 DB Deutsche Bank 72.46 +1.98 WM Washington Mutual 40.00 +0.66 CVS CVS Corp 40.99 +0.61 CAH Cardinal Health 47.49 +2.00 NOC Northrop Grumman 51.70 +1.09 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- PIR Pier 1 Imports 18.90 +1.06 SOHU Sohu.com Inc 16.92 +1.70 CYD China Yuchai Intl Ltd 13.84 +1.34 CALM Cal-Maine Foods 12.65 +1.42 CELL Brightpoint Inc 15.96 +1.37 IPAR Inter Parfums Inc 13.29 +1.50 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- EBAY Ebay Inc 94.41 +2.31 PGR Progressive Corp 84.98 +4.83 AMZN Amazon.com Inc 42.67 +2.66 MUR Murphy Oil 83.22 +2.34 KMRT Kmart Holding 89.00 +3.67 HET Harrah's Entertainment 51.60 +1.75 TDS Telephone & Data Sys 83.78 +2.14 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- ITW Illinois Tool Works 88.40 -1.15 SSP E.W.Scripps Co 49.66 -1.56 UHS Universal Health Svs 43.67 -1.31 CBT Cabot Corp 35.61 -1.13 STRA Strayer Education 107.32 -3.81 YRK York Intl Corp 31.95 -1.25 AOS A O Smith 23.36 -2.14 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- PL Protective Life 39.15 -1.24 FDG Fording Canadian Coal 50.75 -2.73 EDMC Education Management 29.28 -0.32 EPR Entertainment Property 37.17 -0.99 REM Remington Oil & Gas 24.38 -0.62 SKT Tanger Factory Outlet 44.09 -0.60 ================================================================= 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. Do not duplicate or redistribute in any form.
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