PremierInvestor.net Newsletter Thursday 09-16-2004 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: Passing Time Watch List: Banks to Books and more! Market Sentiment: Investors Prepare for Option Expiration ================================================================= MARKET WRAP (view in courier font for table alignment) ================================================================= 09-16-2004 High Low Volume Adv/Dcl DJIA 10244.49 + 13.10 10281.88 10228.64 1.41 bln 2366/ 847 NASDAQ 1904.08 + 7.60 1914.38 1898.36 1.33 bln 1957/1109 S&P 100 543.35 + 0.72 544.94 542.63 Totals 4323/1956 S&P 500 1123.50 + 3.13 1126.06 1120.37 W5000 10956.52 + 43.67 10977.31 10912.83 SOX 381.45 + 0.70 386.47 380.15 RUS 2000 574.54 + 6.02 575.10 568.45 DJ TRANS 3233.41 + 17.70 3237.28 3208.83 VIX 14.39 - 0.25 14.66 14.27 VXO (VIX-O)14.44 - 0.33 14.76 14.15 VXN 19.92 - 0.38 20.48 19.60 Total Volume 2,958M Total UpVol 1,873M Total DnVol 1,026M Total Adv 4838 Total Dcl 2275 52wk Highs 239 52wk Lows 55 TRIN 1.40 NAZTRIN 1.08 PUT/CALL 0.75 ================================================================= =========== Market Wrap =========== Passing Time by Jim Brown On the surface today was rather unspectacular with all the major indexes finishing very close to the flat line. They all gave up some decent midday gains but rallied back from a late day sell off to keep the bullish bid intact. Dow Chart – Daily Nasdaq Chart The morning started off with positive economic news and a tame jump in Jobless Claims to 333,000. Analysts were expecting a slightly stronger bounce in the wake of Hurricane Charley and the abnormal dip to 317K last week. The bottom line remains a steady claim rate of 330K once the hurricane adjustments are factored in. This is a level that is consistent with an increasing job market but only at approximately 100K per month. Consumer Prices rose slightly with the CPI posting a +0.1% gain but this was also slower than expectations for a +0.2% jump. Energy prices fell for the second month and food prices posted the smallest gain since January. Core inflation for the year dropped to only +1.7% while the headline rate is +2.7% mostly on the higher energy prices earlier in the year. The Fed action to stop inflation appears to have been the right amount at the right time but I doubt their hikes actually had any impact. Hikes and cuts take about six months to work their way through the system. The more likely reason for the slowing in inflation is a lack of demand as retail slumped over the summer. The worst news for the day was drop in the Philly Fed General Business Index to 13.4 from 28.5. This is a major blow to the recovery theory and could only be a month away from the return of negative numbers. The index has been averaging around 30 since January with the high at 36.1 in July. The shipments component fell to 22.4 from 32 and the six-month outlook fell to 44.9 from 52.7. All other components were mostly positive with New Orders rising to 26.4 from 19.2 and Employment jumping to 21.5 from 17.2. This report shows we could be at a the crossroads for the recovery. Some of the bounce in the internals could be related to holiday orders and staffing. If that is the case those same internals should begin to decline again in Q4. The bond market exploded on the Philly Fed news and the yields on the benchmark ten-year fell to a five month low at 4.06%. The yield is nearing support that dates back to July of last year at 4.0% and it appears the bonds are telling us there is fear creeping into investors about the strength of the recovery. The Fed funds futures are still indicating another hike at two of the next three meetings. Ten-year Yield Chart Another shock to the economic groupies today was a speech by Fed Governor Gramlich on the impact of higher oil prices. He claimed the standard economic models do not allow for a major increase in the price of oil at this point in the economic cycle. He said a serious oil price shock could affect consumers confidence or spending plans in a way that could not be anticipated by current models. He also showed he was one of the few Fed heads that did not have his head buried in the sand on future prices. He noted that the sharp jump in futures prices was an unusual occurrence and one that suggests the price gains may be permanent. I am sure he is in the Fed doghouse tonight for opening Pandora's Box. A 100% jump in oil prices over the last year and some of those gains may be permanent? Duh! Who would have thought that? The recent OPEC statements may have continued to target in print the $22-$28 price band of a year ago but their actions AND abilities to lower the price much under $40 remain in serous doubt. Oil demand is continuing to rocket higher, supplies are continuing to decrease and reserves are moving closer to depletion. Just yesterday crude oil inventories in the U.S. dropped by seven mil barrels for the week. This was the 7th consecutive weekly drop. How about this for a Fed understatement from Gramlich? "This whole issue, however, is new and imperfectly understood. It is virtually inevitable that shocks will result in some combination of higher inflation and higher unemployment for a time". I bet he got a phone call from Alan after that speech hit the wires. It is no wonder the bonds rocketed higher with the double hit of the 50% haircut on the Philly Fed and a Fed speech warning of unemployment and inflation. Oil fell at the open after it was determined that Ivan missed the majority of the oil patch and damage to the system was minor. It spiked again at the close to $44 on reported short covering related to options expiration. We continue to see a pattern of higher lows wedging up to $45, a level that appears to be the current pain threshold. The markets moved in a tight range today as the Ivan news was filtered for economic impact. Volume was low due to Ivan, expiration and the Jewish holidays but the earnings warnings barely slowed. The hurricane excuse is appearing more often and whether real or imagined the results are the same. The pace of new warnings is growing and Q3 could be a challenge. Retailers from Office Depot to Panera Bread are now jumping on the hurricane excuse train and it appears that train will be loaded to capacity over the next three weeks. Despite the tight range today the internals were very strong with the A/D line ending positive with more than +2400 advancers than decliners. A/D volume was nearly 2:1 in favor of advancers and this was a throw away day given all the factors in play. The strongest indexes were the transports, utilities and the Russell-2000. Strange bedfellows for today's market. The transports hit a FIVE-YEAR high despite the $44 oil. This is a serious disconnect with reality but a new transport high has got to be good for the Dow theory crowd. Somebody needs to point this out to those investors in Dow stocks as the index closed very close to a three week low at 10244. Just as amazing is the Russell clinging to a +10% gain over the last three weeks and threatening to breakout of its 575 resistance. A breakout there would be an open door to 590 and only a strong day away from its all time closing high at 606. With the two strongest months of the year about six weeks ahead the possibilities are enormous. Russell 2000 Chart Getting to that November rally could still be a challenge as the other indexes have slowed at strong resistance. Next week begins the real Q3 warning season and odds are good there will be some high profile disappointments. Stocks like MMM, PG, HON and IBM have pulled back from their highs as traders begin to worry about which Dow component will be the next to warn. Next week traders will run the earnings gauntlet not knowing who will be the next to take a hit. We are getting close to the Osama surprise. There has been speculation for several weeks that Osama would suddenly be killed or captured in the weeks leading up to the election as the pressure to produce a trump card increases. This must be a recurring Kerry nightmare. The chip bulls got some more bad news tonight. The S.E.M.I. Association reported a drop in the book-to-bill number to 1.00, the fourth consecutive monthly drop and the lowest level since Sept-2003. Bookings fell -4.5% in August according to SEMI. Readers should remember that this is a three-month moving average which suggests bookings for August were significantly less than 1.00 with the average for the last two months at 1.04 and 1.07. SEMI does not release the raw data so it makes deciphering the numbers more of an art than science. The SOX had pulled back to support at 380 and held there for the last two days. 380 could provide a decent launch point but tonight's news could provide some minor instability. Of course the bulls could point to the fact that this negative news was already priced in and maybe it is not as negative as traders expected. It all depends on whether they see it as a glass half full or half empty. SOX Chart Friday should be another low volume day and the only event risk is earnings surprises expected next week. With the positive internals today I would say it was a tossup for direction on Friday. Options expiration should have produced about all the damage they are going to do as positions were squared ahead of the event. Wednesday's drop was probably more options related than earnings related but that would be pure speculation at this point. If there are two keys to watch for Friday it would be the SOX at 380 and the Russell at 575. A bounce in the SOX and a breakout on the Russell would set the stage for a strong close and a positive setup for Monday. 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 --------------------------------- PalmSource - PSRC - close: 26.58 change: +2.29 WHAT TO WATCH: Wow! PSRC soared 9.4% on four times the average volume today. We can't find any news to account for the move but the rally today is a major breakout over long-term resistance at the $25.00 and $26.25 levels. These are new ten-month highs and PSRC has pushed through P&F resistance as well. We would not chase it here but a dip back to $25.00 might be a tempting entry point. Beware of earnings due out on September 23rd. Chart= --- New York Community Bank - NYB - close: 21.92 change: +0.52 WHAT TO WATCH: You may remember NYB as successful long we recently closed. Now shares have spent the last week or so consolidating gains. Traders have bought the dip to its simple 20-dma and NYB is bouncing. We're not excited about the momentum oscillators as they look overbought but a move over $22.00 might be an aggressive bull's entry point. Chart= --- BJ's Wholesale Club - BJ - close: 27.05 change: +0.90 WHAT TO WATCH: Breakout alert! Wholesale retailer BJ has broken out to new 2004 highs on better than average volume. Its MACD indicator has reversed back into a bullish signal and RSI and stochastics confirm it. The $26.00-26.50 levels were tough resistance but BJ has more resistance at $27.45. A move higher here would put BJ at new two-year highs. The P&F chart looks pretty bullish with a spread triple-top breakout buy signal and a $38 target. Our initial target would be $30.00. Chart= --- Barnes & Noble - BKS - close: 35.95 change: +0.62 WHAT TO WATCH: Watch for a new three-year high over resistance at $36.50. Bulls can use such a move as a momentum entry point with a $40.00 target. P&F chart traders can wait for a move over $37.00, which would produce a new triple-top breakout buy signal. Chart= ----------------------------------- RADAR SCREEN - more stocks to watch ----------------------------------- GNW $23.90 +0.60 - This life insurance stock may be worth a second look. Shares are breaking out to new highs over $23.50. CNQ $35.46 +0.61 - This oil and gas play still looks strong over $34.50. ESE $66.17 -3.08 - For the truly high-risk trader ESE appears to have reversed. Its MACD has produced a new sell signal on massive volume. =============================== Market Sentiment =============================== Investors Prepare for Option Expiration - J. Brown It was an odd day on Wall Street. After Wednesday's weakness many felt that the rest of the week would be down. That's probably not a surprise. We've already mentioned that September's option expiration Friday historically tends to end lower. Having the major averages at or near resistance and the volatility indices at or near bearish reversal levels looked like a good set up for a decline. Yet strangely the markets don't seem ready to fall yet. They shrugged of an earnings warning from Canadian networker Nortel Networks. They ignored news from Delta Airlines that it too may seek bankruptcy protection soon. Overall the market seems to be ignoring the recent parade of earnings warnings. Actually the market internals today were rather bullish. Advancing stocks outnumbered decliners 20-to-7 on the NYSE and 19-to-10 on the NASDAQ. Up volume outweighed down volume on both exchanges. Active traders will note that overall volume was somewhat low. This was due to the onset of Rosh Hashanah, the Jewish new year. Hogging the spotlight most of the day was news coverage of Hurricane Ivan and its effect on the Alabama, Florida and Louisiana coasts. Believe it or not there is another hurricane lurking in Ivan's shadow. That would be Hurricane Jeane, the fourth hurricane in five or six weeks, and one potential factor in the afternoon spike in oil prices. Economic data was mixed with the CPI confirming what the PPI already told us - inflation is under control. It's too bad the Philly Fed survey came in weaker than expected but this slow down in the economy and the lack of inflation may actually give the FOMC reason to pass on its next interest rate hike. At least that's what some are arguing. Others look at the economy and see it speeding up from its summer slow down. Just one more "indicator" that might make you pause before initiating another bullish play is the action in bonds. Bonds have been climbing ever since their double-bottom in May and June. The 10-year note rallied to a new 5 1/2-month high today pushing the yield lower to 4.069%. If "smart money" is buying bonds that's a defensive posture and doesn't speak well for where Wall Street thinks stocks are going. I'm not expecting much for tomorrow. Volume is likely to remain low but we could see some volatility with the quadruple option expiration. Look for the preliminary Michigan sentiment/consumer confidence numbers for September to come out. ----------------------------------------------------------------- Market Averages DJIA ($INDU) 52-week High: 10753 52-week Low : 9230 Current : 10244 Moving Averages: (Simple) 10-dma: 10291 50-dma: 10118 200-dma: 10287 S&P 500 ($SPX) 52-week High: 1163 52-week Low : 990 Current : 1123 Moving Averages: (Simple) 10-dma: 1120 50-dma: 1100 200-dma: 1115 Nasdaq-100 ($NDX) 52-week High: 1559 52-week Low : 1301 Current : 1417 Moving Averages: (Simple) 10-dma: 1402 50-dma: 1382 200-dma: 1440 ----------------------------------------------------------------- CBOE Market Volatility Index (VIX) = 14.39 -0.25 CBOE Mkt Volatility old VIX (VXO) = 14.44 -0.33 Nasdaq Volatility Index (VXN) = 19.92 -0.38 ----------------------------------------------------------------- Put/Call Ratio Call Volume Put Volume Total 0.75 773,434 582,658 Equity Only 0.61 555,654 340,448 OEX 0.77 41,157 31,938 QQQ 0.65 65,724 42,963 ----------------------------------------------------------------- Bullish Percent Data Current Change Status NYSE 61.1 + 1.0 Bear Correction NASDAQ-100 43.0 - 1.0 Bull Alert Dow Indust. 56.6 + 0 Bear Correction S&P 500 59.0 + 0 Bear Correction S&P 100 56.0 + 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: 0.96 10-dma: 0.99 21-dma: 1.05 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 2070 1909 Decliners 717 1047 New Highs 107 62 New Lows 16 13 Up Volume 881M 817M Down Vol. 504M 468M Total Vol. 1411M 1311M 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 remove@PremierInvestor.net ================================================================= 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 advertising@PremierInvestor.net. ***************************************************************** Copyright ) 2004 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter Thursday 09-16-2004 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: ARB, MVK, SPN, ETM, CTMI, PCLN Stock Splits Announcements: MIK 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 ================================================================== ARB - tech stock short- As expected ARB did show some weakness today but we remain untriggered and wait for ARB to break support at the $38.00 level. MVK - non-tech long - Be careful here. Momentum is fading and oscillators are turning bearish. If MVK trades under $30.50 we grow more concerned. SPN - non-tech long - Be careful here. Momentum is fading and oscillators are turning bearish. If SPN trades under $11.40 we're going to worry. ETM - non-tech short - ETM is now down several days in a row and hitting new lows. Consider tightening your stop loss. CTMI - high risk/reward short - Heads up! CTMI rallied 2.9 percent and out performed the BTK biotech index. The stock may have put in a short-term bottom. We are going to lower our stop to $9.01. PCLN - high risk/reward short - Internet travel site PCLN has fallen through round-number support at $20.00 despite a bullish day for most of the Internet stocks. ================================================================== Stock Splits ================================================================== Announcements ------------- MIK crafts a 2-for-1 stock split Just after Thursday's closing bell Michaels Stores, Inc. (NYSE:MIK) announced that its Board of Directors had approved a 2- for-1 stock split. The split will be paid as a stock dividend on October 12, 2004 to shareholders on record as of September 27th. MIK also announced a cash dividend of 7 cents per share payable on a post-split basis on October 29th, 2004. According to MIK's press release this is their second 2:1 split since 2001. About the company: Michaels Stores, Inc. is the world's largest specialty retailer of arts, crafts, framing, floral, wall decor, and seasonal merchandise for the hobbyist and do-it-yourself home decorator. As of September 16, 2004, the Company owns and operates 836 Michaels stores in 48 states and Canada, 163 Aaron Brothers stores, eight Recollections stores, and three Star Wholesale operations. (source: company press release) ================== Trading Ideas ================== This section contains stocks that meet criteria which may make them of interest to long and short side traders. These are not recommendations, nor have they been reviewed by PremierInvestor editors for investment potential. However, each of them has technical and fundamental characteristics that make them worthy of further review by traders and investors looking for fresh ideas. New stocks will appear daily following the market close. Value Plays With Bullish Signals --------------------------------- Ticker Company Name Close Change PTR PetroChina Co 51.68 +1.78 BA Boeing Co 54.52 +0.86 CD Cendant Corp 22.96 +0.92 FITB Fifth Third Bancorp 50.00 +1.08 STA The St. Paul Travelers 34.84 +0.72 AMX America Movil 37.67 +0.55 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- CYD China Yuchai Ltd 14.35 +1.04 ECSI Endocardial Solutions 11.52 +1.06 DDN Dynamex Inc 15.14 +1.04 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- GDW Golden West Financial 115.06 +2.36 RIMM Research In Motion 73.10 +3.07 XMSR XM Satellite Radio 30.58 +1.12 ACH Aluminum Corp 54.52 +5.42 TS Tenaris Sa 44.31 +1.83 WPI Watson Pharmaceuticals 29.70 +1.32 NCEN New Century Financial 59.42 +1.33 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- KO Coca-Cola Co 40.04 -1.12 HDI Harley-Davidson 59.94 -1.61 IMDC Inamed Corp 48.78 -2.23 MNT Mentor Corp 33.25 -1.88 WIBC Wilshire Bancorp 29.21 -2.43 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- ESE Esco Technologies 66.17 -3.08 EXM Excel Maritime Carriers 35.30 -2.70 KSS Kohl's Corp 49.48 -1.28 HAFC Hanmi Financial 31.97 -0.34 SJW SJW Corp 34.76 -0.29 ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to remove@PremierInvestor.net ================================================================= 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 advertising@PremierInvestor.net. ***************************************************************** Copyright (c) 2004 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
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