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Daily Newsletter, Tuesday, 09/14/2004

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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


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

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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


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