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Daily Newsletter, Sunday, 09/19/2004

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PremierInvestor.net Newsletter          Weekend Edition 09-19-2004
                                                    section 1 of 3
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: The Stage Is Set        
Market Sentiment: September: To Dip or Not to Dip?    
Watch List: Retailers to Miners and more!         

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MARKET WRAP  (view in courier font for table alignment)
=================================================================
        WE 9-17         WE 9-10         WE 9-03         WE 8-27 
DOW    10284.46 - 28.61   10313 + 52.87   10260 + 65.19 + 84.91 
Nasdaq  1910.09 + 15.78 1894.31 + 49.83 1844.48 - 17.61 + 31.07 
S&P-100  545.80 +  2.45  546.25 +  5.19  541.06 +  0.18 +  4.84 
S&P-500 1128.58 +  4.66 1123.92 + 10.29 1113.63 +  5.86 +  9.42 
W5000  10993.32 + 57.00   10936 +115.44   10820 + 65.86 +106.22 
SOX      388.50 +  4.89  383.61 + 25.77  357.84 - 24.50 -  3.66 
RUT      573.17 +  3.26  569.91 + 13.67  556.24 +  4.57 +  3.75 
TRAN    3257.39 + 24.00 3224.38 + 82.53 3141.85 + 33.05 + 17.93 
VXO       13.55           13.49           13.91           14.79
VXN       20.13           19.56           21.06           21.27
=================================================================

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

The Stage Is Set
by Jim Brown

The indexes clung to the levels reached last week with the
tenacity of a rock climber 200 feet up a cliff. The Dow
managed to fight off several attempts to break 10250 and
closed the week with only a minor loss. The Nasdaq fought
off several attempts to break 1900 and posted a gain for 
the week. This is a very strong performance given the 
numerous market factors. 

Dow Chart - 60 min

 
Nasdaq Chart - 30 min

 
SPX Chart - 30 min

 


The only economic report on Friday was the first look at
the Michigan Consumer Sentiment and it offered no clues
as to the current trend. The headline number at 95.8 was
barely below the August reading of 95.9. The current 
conditions component fell slightly and the expectations
component rose slightly. All the changes were technically
insignificant. The last four months have flat lined at
the 96 level and it suggests consumers are in a wait and
see mode as we approach the elections. 

The bad news did not come from government economics but
from private research groups. ISI reported on Friday that
retail softness was increasing and may be weaker than
previously thought. The International Council of Shopping
Centers reported that same store sales increases have 
slowed in the past two months on a year over year basis.
This corresponds with the 2003 tax rebate and the surge
in buying in late 2003. This rising tide of negativity
toward retailers and the consumer could come back to
haunt us as the holiday season approaches. There are 
conflicting opinions at present on the expected strength
of the holiday buying season and the strongest opinions
are leaning to a weak holiday. This would lead to weak
earnings and missed comps with a long spring and summer
ahead.

On the earnings front the numbers are starting to appear.
The numbers of warnings that is. So far we have had 583
warnings for Q3 compared to only 362 this time last year.
305 companies have given positive or inline guidance
compared to 495 at this point in 2003. In just the first
12 days of September we have seen 94 warnings with 30 of
those supposedly related to the hurricanes. The current
tally of expected earnings growth is rough with an 
estimate wide enough for Ivan to blow through. Analysts
are quoting earnings increases of +13% to +17% for Q3. 
I think they are afraid to publish the real numbers and
inciting a panic. This will be the first time in five 
quarters that earnings will be under 20% and several of
those quarters were well over 20%. Reuters is now quoting
only +8.5% revenue growth for the quarter compared to 
more than +10% last quarter. Hurting earnings are tough
comparisons with 2003, lost income due to the hurricanes
and higher energy prices.

Oil prices jumped +1.71 on Friday to $45.63 and showed
no indications of weakening at the close. Those energy
prices are not expected to drop back to prior levels 
any time soon. Andrew Clark, an analyst with Lipper, 
went public with their oil price forecast on Friday.
He said we could see a return to sub $40 oil AFTER the
election with the low maybe in the $36-$37 range. Once
that post election dip has arrived they expect oil 
prices to rise to $67 per barrel over the next couple
of years. The problem as I have been discussing in this
column recently is rising global demand and decreasing
global reserves. He noted that the UK had returned to 
a net importer and rising demand in India, China and 
Japan would outstrip production increases. We know from 
commentary last week on OPEC that they are powerless 
to produce enough oil on demand to lower prices. They
can talk a good game but there are no actions to back 
it up. For the short term most analysts expect terrorist
attacks on various OPEC suppliers between now and the
elections as a way of putting pressure on the U.S. This
should continue to keep the prices high until November. 

Following that thought Germany issued an "urgent" 
warning for all German citizens to leave Iraq. When
a country uses the word urgent in its warnings it is
because they have information suggesting an imminent
danger. With the election only six weeks away there is
sure to be further escalation of the kidnappings, car
bombs, rocket/mortar attacks, pipeline destruction
and attacks on American troops.  

Downgrades replaced earnings warnings on Friday as
EBAY was cut to a hold at Leg Mason with a price target
of $100. They said recent gains have fully valued EBAY.
Cisco was downgraded by Lehman on the basis of uninspiring
sales in recent weeks. Lehman cut Cisco to a hold and they
said the stock should remain trapped in the $18-$20 range.
According to Lehman recent comments from executives of
communications chip suppliers like ALTR, BRCM and XLNX
suggest that large equipment manufacturers like Cisco
are actively rebalancing their inventory. In English 
that means they are suddenly buying fewer chips from
those vendors. Lehman also said that Cisco's increasingly
cautious commentary could also be a negative sign. 
 
Despite all these negative factors all the major indexes
closed in positive territory with the exception of the
Russell-2000. Even the lower book to bill could not
keep the SOX from closing higher and it added +7 points,
nearly +2%. The Dow may have closed negative for the
week but it was only slightly negative. Actually the
Dow closed almost exactly where it opened on Sept-3rd.
We have tried multiple times to crack the long term
downtrend at 10350 with no success. We have also held
current support at 10250 despite multiple attempts to
break it. For three weeks we have traded in this 100 
point range despite earnings warnings, high oil prices
and the calendar. 

The Nasdaq did manage to tack on +16 points for the 
week but that was due mostly to the Monday spike more
than the performance for the rest of the week. The
Nasdaq has traded in a narrow 20 point range for the 
week and ended right in the middle at 1909. Considering
the negative factors and the heavy tech warnings this
should also be considered bullish. 

The Dow has what appears to be forming a bullish flag
as it consolidates its three weeks of gains. The Nasdaq
is showing a bullish pennant. The SPX has a solid 
ascending triangle with 1130 as the upper resistance.
This is the same resistance as the downtrend from
March. All three indexes are showing bullish patterns
in a market that has far more negatives than positives.
Traders can't hardly help but be bullish with confirmation
on multiple indexes. If there is such a thing as too many
positive charts then we are in trouble.

The challenge is still the calendar. Next week we will
enter the most active period of the warning cycle and
the last two weeks of the quarter. Those companies
hoping for a miracle to avoid missing estimates are
watching the calendar tick away and they will have to
make some decisions quick. The next two weeks normally
contain the most warnings. 

Much of that bad news is already baked into the cake. 
We saw the SOX rise today despite the BTB numbers. One
brokerage went public saying they thought the worst
was over for chips. They still expect more warnings
and slower sales but they felt the majority of the
price punishment was over. This gave the chips a 
bounce but the rebound foundation is still very shaky.

While I see traders turning bullish all around me I
would still urge caution. I would gladly go long on
any SPX move over 1130 but all indexes would have to
be firing on better volume than we had this week to 
make it successful. 

The closing setup on Friday had the SPX closing at a
three day high at 1128.58. The Russell, which I had
mentioned as the key for Friday experienced several 
bouts of expiration related weakness but it still 
managed to cling to the high ground near 575 resistance.
This keeps it in range of a break of that 575 level and
a short covering romp to 590. Sounds bullish but that
is exactly the way it is setting up. The Russell has 
joined the big cap party with the identical  bullish
formation.

Russell Chart

 


The cautionary points are still the same. The earnings
warnings are likely to increase and the volatility is
extremely low. Volume was higher on Friday due to the
OpEx but it was evenly matched. The A/D numbers were
almost an identical tie across all markets. It is 
almost scary to have all the positive factors lining
up at the same time the negative factors are increasing.

With no material economics due out early in the week
and the Nikkei closed on Monday we could start out the
week in positive territory. Tuesday is the FOMC meeting
and the conventional wisdom is for another rate hike.
There is a growing thought that the Fed could give 
some neutral guidance along the lines that they were
going to watch the economy for signs of growth before
making any more hikes after Tuesday. While I think this
is wishful thinking there is a growing contingent of 
analysts that think there is an outside chance of this
happening. This could provide a stronger bullish bid 
on Monday in hopes of a Fed blessing on Tuesday. 

This bullish bid could be offset by the normal post
OpEx settlement process. Traders who wake up on Monday
with stock in their account they did not expect or
stock missing they really wanted will scramble to 
square those positions. This typically provides
volume but no direction. Bulls need to get a solid
spike over the 10350/1920/1130/575 resistance to start
a wave of short covering and have a chance of offsetting
the OpEx confusion. Bears are hoping for resistance to
hold and some big name company to warn. We all know 
there are some big name confessions in our future and
a Monday warning could set the tone for the week. 

I think it is important not to lose sight of the big
picture regardless of your bias. The indexes are at
strong resistance with more negative factors than
positive. The bulls have chosen to climb this wall of
worry and that is great as long as they don't slip. 
The strongest rallies appear when bulls power over 
the strong ranks of protesting bears. It produces a
short wave similar to Ivan's storm surge that powers
over everything in its path. While that may be overly
graphic we have all seen those vertical moon shots in
the past when conditions combine to produce the perfect
squeeze. TrimTabs.com said equity funds saw the strongest
inflows of cash since July for the week ended Sept-15th.
$2.6B poured into funds and that was on top of the $1.7B
from the first week of September. That cash has to go
somewhere and the end of the quarter is only two weeks
away. Money is coming to market in anticipation of a
either a buying opportunity or a rally. 
  
About the only guarantee we have for next week is that
we probably will not trade in the same 100 point range 
on the Dow. We are poised to go directional and the
only question is which direction. Logic suggests the
negative factors will come to a breaking point when
some currently unforeseen event appears to tilt the
scales in the favor of profit taking. However, logic
is very overrated when determining market direction.
Investing is a team sport and the crowd always favors
the bulls even more when they are the underdogs. That
sentiment has been clearly evident over the last three
weeks. The SOX rebounded +10% when chip companies were
warning daily. The Dow is within 75 points of its three
month high. 

The stage is set, the props are in place and the 
audience is ready. Will the next act be reminiscent 
of a WWF tag team smack down with opposing forces running
in circles and going nowhere? Or maybe a replay of the
Alamo with a few bulls holding the high ground while
waves of bears mount an assault? I think traders would
rather see Rocky appear and lead the charge up the wall
of worry with his Gonna Fly Now music playing in the 
background. Trying hard now, Gonna fly now, Flying high
now. Is that music I hear? 

Enter Very Passively, Exit Very Aggressively!

Jim Brown


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

September: To Dip or Not to Dip?
- J. Brown

Considering September's historical track record as the worst 
month of the year this one has been pretty mild.  Dare we say 
even bullish?  We're more than half way through the month and the 
S&P 500 index just notched its sixth weekly gain in a row.  The 
NASDAQ has been up four out of the last five weeks while the 
Industrials just ended a five-week winning streak.  That 
certainly doesn't sound very bearish to us.  

To be honest I don't trust the market's show of strength these 
last few weeks.  There are plenty of reasons to not be bullish.  
Crude oil has risen 7 percent in the last week to close over $45 
a barrel.  The recent semi book-to-bill numbers confirmed a slow 
down in the semiconductor sector that has unleashed a parade of 
revenue warnings.  The recent rash of earnings warnings are not 
just coming from tech stocks.  Dow-component Coca-Cola (KO) 
issued an earnings warning this week.  There have also been a 
number of downgrades this week.  Economic data shows that growth, 
while still there, is slowing significantly.  Corporate earnings 
growth is slowing and this upcoming October earnings season is 
supposed to be the first quarter in five that profit growth will 
slow to less than 20 percent.  Momentum indicators are fading and 
most are at or near new bearish reversal signals as the major 
indices and sector indices enter their fourth, fifth and sixth 
week of the current up trend.  The volatility indices are all at 
or near bearish reversal levels and have been for days.  Plus, we 
have the threat of a terrorist event on home soil as we near the 
November elections.  The markets have been able to shrug off all 
of this on top of what is typically a weak period in the markets.  

On the flip side if you're feeling optimistic there are a few 
things investors can be positive about.  Earnings growth is still 
relatively strong at 15-17 percent.  The U.S. is certainly 
expanding faster than its European counterparts.  Our economic 
growth is still there and we are still growing despite a summer 
slump.  The Dow Transportation average is hitting new five-year 
highs.  Dow Theory suggests that you can't have a sustained 
market rally without the transports and right now transports are 
leading the way higher while completely ignoring the rise in oil.  
The markets have not succumbed to the traditional September 
weakness (yet).  The most recent surveys suggest that business 
will begin hiring employees at a faster rate.  Wall Street 
appears to be pricing in a win for the incumbent President.  
Since the markets hate uncertainty just knowing who they think 
will win gives money managers, politics aside, a stronger sense 
of confidence.  Inflation is under control as evidenced by the 
recent PPI and CPI indices.  Plus, the threat of a terrorist 
attack may still be there in our collective consciousness but the 
impending dark cloud seems to have lightened up a bit.  Then 
again that last variable has probably been affected by the lack 
of media attention.  News outlets have been distracted by four 
weeks of non-stop hurricane reporting.  Yes it certainly seems 
that investors are employing some selective hearing to hear only 
what they want to.  TrimTabs just reported that inflows to equity 
funds for last week ending September 15th were $2.8 billion.  
That's the biggest week since early July.  

The better question is will the market strength last?  Consumer 
confidence numbers were lower than expected on Friday morning.  
While one report is not alarming if the consumer pulls back then 
the traditionally stronger fourth-quarter could be disappointing.  
Fortunately, I don't believe that will be an issue.  Historically 
the markets charge higher after a Presidential election and 
that's a trend I'd bank on assuming we don't have a terrorist 
event.  Most market pundits are bullish on stocks throughout the 
rest of this year.  I agree.  The second half of October through 
November and December should be positive for stocks.  What I'm 
worried about is the next four weeks.  If we can get a decent 
consolidation now then stocks would be poised for a strong post-
earnings season rally.  

Next week will be somewhat busy.  The earnings-warning period 
should come into full swing as corporations confess before the 
October reporting season.  We'll also hear from several early 
announcers.  Monday brings earnings reports from technology 
stocks ADBE, PLMO and RHAT in addition to homebuilders KBH and 
LEN.  Tuesday brings earnings from AZO and GIS in addition to 
brokers GS and LEH.  Wednesday we'll hear earnings from BBBY, 
BSC, DRI and FRX.  Thursday has AGE and RAD.  Yet the main event 
next week is Tuesday's FOMC meeting and the expected 1/4-point 
rise in interest rates to 1.5 percent.  



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

Market Averages

DJIA ($INDU)

52-week High: 10753
52-week Low :  9230
Current     : 10284

Moving Averages:
(Simple)

 10-dma: 10291
 50-dma: 10120
200-dma: 10289



S&P 500 ($SPX)

52-week High: 1163
52-week Low :  990
Current     : 1128

Moving Averages:
(Simple)

 10-dma: 1122
 50-dma: 1100
200-dma: 1115



Nasdaq-100 ($NDX)

52-week High: 1559
52-week Low : 1301
Current     : 1426

Moving Averages:
(Simple)

 10-dma: 1405
 50-dma: 1382
200-dma: 1440



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

CBOE Market Volatility Index (VIX) = 14.03 -0.36
CBOE Mkt Volatility old VIX  (VXO) = 13.55 -0.89
Nasdaq Volatility Index (VXN)      = 20.13 +0.21


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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.83        905,929       753,552
Equity Only    0.66        742,190       487,054
OEX            1.92         28,118        54,233
QQQ            1.65         42,973        70,976


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

Bullish Percent Data

           Current   Change   Status
NYSE          61.6    + 0.5   Bear Correction
NASDAQ-100    43.0    + 0     Bull Alert      
Dow Indust.   56.6    + 0     Bear Correction
S&P 500       60.0    + 1     Bear Correction
S&P 100       56.0    + 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: 1.00
10-dma: 1.01
21-dma: 1.06
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    1447      1522
Decliners    1341      1485

New Highs     125        60
New Lows       14        20

Up Volume   1019M     1008M
Down Vol.    697M      589M

Total Vol.  1732M     1631M
M = millions


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

Commitments Of Traders Report: 09/14/04

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

After the last few weeks of just minor changes we're seeing
some heavy volume in the commercials' positions.  They added
27K contracts to their longs and 43K contracts to their shorts.
This is the most bearish the "smart money" has been in weeks.
Small traders also added to positions with a net gain in 
their bullish bias, naturally.

Commercials   Long      Short      Net     % Of OI
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%)
09/14/04      442,049   469,982   (27,933)   (3.0%)

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
08/24/04      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%
09/14/04      167,310   126,513    40,797    13.9%

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

Hmm... it looks like commercials have pulled back a bit
on their e-mini short positions but they remain net bearish
on the market.  Small traders didn't make any big changes
and remain strongly net bullish.

Commercials   Long      Short      Net     % Of OI 
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%)
09/14/04      377,643   586,139   (208,496)  (21.6%)

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
08/24/04      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%
09/14/04      289,155     81,314   207,841    56.1%

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


NASDAQ-100

There is where it gets interesting.  The NDX futures witnessed
some huge surges in volume.  Commercial traders' long positions
rose 25 percent.  Yet their short positions rose 34 percent.
The overall change was a sharp reduction in their net bullish
bias.  Small traders also opened their wallets this past report.
Long positions more than doubled and short positions surged
125 percent.  Yet small traders remain net bullish.  

Commercials   Long      Short      Net     % of OI 
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%
09/14/04       64,282     59,808     4,474    3.6%

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
08/24/04       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%
09/14/04       36,372    28,584     7,788    12.0%

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

Wow!  After weeks of very little action the DJ futures are 
finally seeing some volume.  Long and short positions for
commercial traders' both rose 41 percent.  Thus their overall
bias didn't change.  Small traders also raised their bets
and remain strongly net bearish.  

Commercials   Long      Short      Net     % of OI
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%
09/14/04       41,951    34,486    7,465       9.7%
 
Most bearish reading of the year: (8,322) -  1/16/01
Most bullish reading of the year: 15,135  - 10/16/01

Small Traders  Long      Short     Net     % of OI
08/24/04        5,052     7,214   (2,162)   (17.6%)
08/31/04        4,929     7,122   (2,193)   (18.2%)
09/07/04        5,041     8,656   (3,615)   (26.4%)
09/14/04        8,121    14,425   (6,304)   (27.9%)

Most bearish reading of the year: (12,106) -  3/09/04
Most bullish reading of the year:   8,523  -  8/26/03
 

==================================================================
WATCH LIST
==================================================================

The PremierInvestor.net watch list is not designed to be read
as full fledged stock picks.  Rather we would prefer to offer
it as an extra tool in today's investor toolbox.  Think of it
as a radar screen with your own radar operator pointing out
interesting developments, technical patterns or potential plays
that you may or may not have seen on your own.  Due to time
constraints we do glance at the news but rarely do we have
time to fully read pertinent news stories, due background
research and other necessary screens that investors should do
before making a decision.  A common exercise is to read the
entry, glance at the sector and other stocks in that industry
and then compare what's happening in the stock to what's
happening in the broader market indices.  We hope you enjoy
the Watch List and that it proves to be a useful tool for your
own trading success.

STOCKS WORTH WATCHING
---------------------------------

School Specialty Inc - SCHS - close: 37.14 change: +0.39

WHAT TO WATCH: SCHS has been stuck in a trading range between $33 
and $37.25 for nine months.  Currently the stock looks ready to 
breakout through the top of its trading range.  Should SCHS 
continue to rally it would produce a new quadruple top breakout 
buy signal on its P&F chart, which already points to a $55 
target.  Watch for a move over $37.50.  Otherwise nimble traders 
can try and trade the drop back tot he bottom of the range.




---

Nordstrom - JWN - close: 39.55 change: -0.23 

WHAT TO WATCH: This high-end retailer's stock is suffering under 
a new seven-week downtrend.  JWN has rebounded enough to fill the 
gap from late August but now shares can't breakout over its 
simple 40-dma.  The drop back under $40.00 looks bearish and its 
oscillators are also hinting at new bearish sell signals.  More 
aggressive traders could open bearish plays now with a tight stop 
and a $36-35 target.  The P&F chart is bearish and points to a 
$27 target.




---

Southern Peru Copper - PCU - close: 43.55 change: -1.25

WHAT TO WATCH: The stock managed to avoid any selling during the 
recent 13-day labor strike at one of its mines but PCU is 
starting to see some profit taking now.  Workers are still 
unhappy and are threatening to walk out again.  Shares of PCU 
have broken through their 21-dma on big volume while its MACD 
indicator paints a new sell signal.  We would look for PCU to 
retest the $40 level.  




---

Escalon Medical - ESMC - close: 14.12 change: +1.74

WHAT TO WATCH: ESMC has been very volatile the last several days.  
Earlier this week it broke out over its simple 200-dma.  Now the 
stock is using this technical level as support.  Friday saw 
shares rally another 14 percent to a new three-month high.  The 
company said it sees no reason for the rally in shares and with 
short interest at less than 7 percent of the float it doesn't 
sound like a short squeeze.  Then again there are only 4.6 
million shares in the float to begin with.  We're not suggesting 
any trades but this could certainly be one to watch.



 

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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) 2001-2004  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.







PremierInvestor.net Newsletter          Weekend Edition 09-19-2004
                                                    section 2 of 3
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:

Tech Stocks
  Bearish Play Updates:  ARB, IMN

Active Trader (Non-tech)
  New Bullish Plays:     UCL
  New Bearish Plays:     PSSI
  Bullish Play Updates:  MVK, SPN
  Bearish Play Updates:  DPH, ETM, SMRT

High Risk/Reward
  Bearish Play Updates:  CTMI, PCLN
  Closed Bearish Plays:  ICOS

Stock Splits
  Announcements:         None


==================================================================
Net Bulls (NB) Tech Stock section
==================================================================

============
PLAY UPDATES
============

  --------------------
  Bearish Play Updates
  --------------------

Arbitron Inc - ARB - close: 37.62 change: -0.83 stop: 40.01

We have good news to report.  After another week of consolidating 
under resistance at $40.00 and its simple 200-dma shares of ARB 
have finally turned lower.  We've been waiting for ARB to break 
support at the $38.00 level and its exponential 200-dma to hit 
our TRIGGER at $37.95.  That breakdown occurred on Friday with a 
2.15 percent drop on above average volume.  This still looks like 
a good entry point for new bearish positions.  We are going to 
keep an eye on the $37.00 level, which is the top of the gap 
higher and could be potential support. Our target is the $34.50-
34.00 region.

Annotated Chart:

 

Picked on September 17 at $37.95
Gain since picked:        - 0.33
Earnings Date           07/22/04 (confirmed)
Average Daily Volume:        288 thousand



---


Imation - IMN - close: 35.80 change: +0.01 stop: 37.01

Hmm... IMN did not produce the sort of follow through we were 
looking for.  The bearish reversal pattern we outlined on 
Wednesday was thwarted by support at the simple 21-dma.  
Fortunately, resistance near $36 is holding.  If you look more 
closely you may see IMN's short-term trend of higher lows and 
lower highs.  This is actually a neutral pattern that tends to 
produce a breakout.  The problem is the breakout could go either 
way.  Readers may feel more comfortable waiting for IMN to trade 
under the $35.00 level before considering new bearish positions.

Annotated Chart:

 

Picked on September 15 at $35.15 
Gain since picked:        + 0.65
Earnings Date           07/21/04 (confirmed)
Average Daily Volume:        352 thousand




==================================================================
Stock Bottom / Active Trader (AT) section
==================================================================

=========
NEW PLAYS
=========

  -----------------
  New Bullish Plays
  -----------------

Unocal Corp - UCL - close: 40.27 change: +0.69 stop: 38.95

Company Description:
Unocal is one of the world's leading independent natural gas and 
crude oil exploration and production companies. The company's 
principal operations are in North America and Asia.
(source: company press release)

Why We Like It:
Two of the strongest sectors in the market right now are oil and 
oil services.  Considering the environment for oil stocks when we 
saw UCL breakout over major resistance at the $40.00 level on 
above average volume it looked like a great momentum-style entry 
point.  The Point & Figure charts shows a fresh quintuple-top 
breakout buy signal and a $51 price target.  Now we are a little 
bit cautious so we're going to use a relatively tight stop right 
under recent support at the $39.00 level.  We're surprised that 
news out on September 14th didn't affect the stock price more.  A 
California judge said she will not dismiss a human rights lawsuit 
against UCL in regards to its operations in Burma during the 
1990s.  Investors are probably paying more attention to earnings.  
On August 2nd UCL beat estimates by 5 cents and guided higher.  
We're going to target a run toward $44-45.

Annotated Chart:

 

Picked on September 19 at $40.27 
Gain since picked:        + 0.00
Earnings Date           08/02/04 (confirmed)
Average Daily Volume:        1.3 million 




  -----------------
  New Bearish Plays
  -----------------

PSS World Medical - PSSI - cls: 10.58 chg: -0.32 stop: 11.15

Company Description:
PSS World Medical, Inc. is a specialty marketer and distributor 
of medical products to physicians and elder care providers 
through its two business units. Since its inception in 1983, PSS 
has become a leader in the two market segments that it serves 
with a focused market approach to customer services, a 
consultative sales force, strategic acquisitions, strong 
arrangements with product manufacturers and a unique culture of 
performance.
(source: company press release)

Why We Like It:
We are adding PSSI to the play list as a relative weakness 
technical play.  The stock turned higher in late August after 
reporting earnings that were inline with estimates.  Shares 
soared again in mid August after some positive comments in 
Business Week.  Then bad news hit in late August when PSSI said 
it would be forced to delay its flu vaccine distributions.  The 
stock dropped back under the simple 200-dma and the $11.00 level 
on the news and has been consolidating mostly sideways for the 
month of September.  Longer-term PSSI has been suffering under a 
trend of lower highs and the recent peak in August looks like 
another one.  This Friday's bearish engulfing candlestick looks 
like the sort of failure/entry point short-term traders can 
capitalize on.  However, we're a bit cautious.  The P&F chart 
does have immediate overhead resistance but it's still in a buy 
signal.  We're going to use a TRIGGER at $10.44 that way we can 
catch a breakdown under the $10.50 level.  Our first target will 
be the $9.00 mark.  As PSSI nears the target we'll re-evaluate 
our exit plan.  We do expect some support near $10.00.

Annotated Chart:

 

Picked on September xx at $xx.xx <-- see trigger
Gain since picked:        + 0.00
Earnings Date           07/28/04 (confirmed)
Average Daily Volume:        734 thousand




============
PLAY UPDATES
============

  --------------------
  Bullish Play Updates
  --------------------

Maverick Tube Corp - MVK - close: 31.02 chg: -0.38 stop: 29.25*new*

Uh-oh!  Traders need to be careful here.  MVK, who makes pipes 
for companies in the oil industry, is not seeing the same 
strength that the OIX and OSX sector indices are.  Instead MVK is 
starting to wilt a bit.  The stock has been trading between $31 
and $32 for more than a week and it looks like profit taking is 
about to set in.  Technical oscillators are fading here.  We 
would look for MVK to dip back to the $30.00 level.  Traders can 
then look for a bounce from $30 as a new entry point.  We are 
raising our stop loss to 29.25, just under the simple 40-dma, 
which has consistently been support for MVK in the past.  Longer-
term traders can take comfort in the bullish P&F chart and its 
current buy signal.

Annotated Chart:

 

Picked on September 01 at $30.60 
Gain since picked:        + 0.42
Earnings Date           07/20/04 (confirmed)
Average Daily Volume:        713 thousand



---

Superior Energy - SPN - close: 12.00 chg: +0.37 stop: 11.35*new*

SPN spent much of this week consolidating sideways between $11.50 
and $11.75.  However, Friday produced a bullish end for the week 
as SPN added more than 3 percent on over twice the average 
volume.  That's a very bullish jump in volume.  Now if SPN can 
breakout over last week's high we should be okay.  The P&F chart 
still looks positive with an ascending triple-top breakout buy 
signal and a $21 target.  We are still targeting a move to 
$13.50-14.00.  Now that the OSX oil services index has broken out 
to new three-year highs it can lead SPN higher. We are raising 
our stop loss to $11.35.

Annotated Chart:

 

Picked on September 01 at $11.74 
Gain since picked:        + 0.26
Earnings Date           08/03/04 (confirmed)
Average Daily Volume:        355 thousand




  --------------------
  Bearish Play Updates
  --------------------

Delphi Corp - DPH - close: 9.02 change: -0.34 stop: 9.41

It has been a rather volatile week for DPH.  The stock has run 
from $9.20 down to $8.60 and back to $9.20 again.  We were 
triggered on Wednesday when shares broke down under the $9.00 
level and hit our entry point at $8.89.  While we're disappointed 
to see the quick rebound back minor resistance at $9.20 did hold 
on Friday.  There has certainly been a lot of mixed news and 
views on the auto parts group.  As you already know GM cut its Q4 
production numbers a few weeks ago.  Rival auto parts maker 
Visteon issued an earnings warning after over estimating Ford's 
production.  Morgan Stanley downgraded DPH on Wednesday sparking 
the breakdown and triggering our play.  Yet Wednesday also had 
other brokers making positive comments about the auto and auto 
parts industries.  This Friday clouded the picture even more with 
a positive outlook coming from Ford.  With all the conflicting 
data some traders may feel better just sitting this one out.  
Still others can see the bounce to $9.20 as a failed rally to be 
shorted while some will feel better waiting for DPH to trade back 
under the $8.90 level before initiating new positions.  If you're 
a P&F chart trader then you have a more uncluttered view without 
all the noise.  Currently the P&F chart is bearish with a sell 
signal pointing to $6.50.  We're going to keep the play active 
but suggest waiting for DPH to trade back under $8.90 before 
considering shorts again.

Annotated Chart:

 

Picked on September 15 at $ 8.89
Gain since picked:        + 0.19
Earnings Date           07/16/04 (confirmed)
Average Daily Volume:        1.3 million 



---

Entercom Comm. - ETM - close: 34.99 change: +0.01 stop: 37.01*new*

We are certainly making progress in our ETM short play.  The 
stock has continued to sink despite a relatively bullish market.  
We like to see that kind of relative weakness in our bearish 
candidates.  We're even more encouraged by the strong volume that 
has accompanied this downturn in ETM.  The stock is currently 
trading near potential support at $35.00 so we're not suggesting 
new positions here, especially with ETM this oversold and due for 
a bounce.  Look for a possible bounce and failed rally near the 
simple 10-dma (currently $36) as a new entry point.  Remember 
that our initial profit target is $32.00.  We're going to lower 
our stop loss to $37.01.

Annotated Chart:

 

Picked on September 08 at $37.00 
Gain since picked:        - 2.01
Earnings Date           08/03/04 (confirmed)
Average Daily Volume:        463 thousand



---

Stein Mart - SMRT - close: 14.34 change: -0.70 stop: 16.01*new*

The sell-off continues in shares of SMRT with above average 
volume fueling Friday's 4.65 percent drop.  SMRT hit a new 2 1/2 
month low and is nearing possible support at $14.00.  Point & 
Figure chart traders will notice that the recent triple-bottom 
breakdown sell signal has extended the bearish target to $10.00.  
We're still only targeting the $12.00-12.50 region.  Watch out 
for the simple and exponential 200-dma's, which could impede 
SMRT's decline.  We are lowering our stop loss to $16.01.

Annotated Chart:

 

Picked on September 15 at $14.93 
Gain since picked:        - 0.59
Earnings Date           08/19/04 (confirmed)
Average Daily Volume:        384 thousand




==================================================================
HIGH RISK/HIGH REWARD (HR) section
==================================================================


============
PLAY UPDATES
============

  --------------------
  Bearish Play Updates
  --------------------

CTI Molecular Imaging - CTMI - cls: 8.44 chg: -0.30 stop: 9.01     

We may have a technical issue with our CTMI play.  We recently 
lowered our stop loss to $9.01.  On Friday morning right at the 
opening bell shares of CTMI opened at $9.00 and then immediately 
traded lower.  Yet the high for the day says $9.22.  If you check 
the time and sales it looks like it was backed out as a bad tick.  
Looking at an intraday chart (on our Qcharts program) you can see 
the surge to $9.00 and then the sell-off.  Whether CTMI traded at 
$9.00 or $9.22 Friday was still a big failed rally that looks 
worthy of shorting.  More aggressive trades may want to consider 
new positions under $8.40 although our target remains the $7.50-
7.00 range.  We are going to leave the play open for now and see 
if the powers-that-be will correct the bad tick or not.  If not, 
then we'll have to close the play at $9.01.  You, as the reader, 
do not and can keep the play open as long as you'd like.

Annotated Chart:

 

Picked on August 15 at $ 9.67 
Gain since picked:     - 1.23
Earnings Date        08/05/04 (confirmed)
Average Daily Volume:     322 thousand



---

Priceline.com - PCLN - close: 20.00 chg: +0.00 stop: 21.05*new*

Wow!  Market makers pegged PCLN right at the $20.00 strike price 
for option expiration.  The stock continues to trade under a 
short-term trend of lower highs and its technical oscillators are 
bearish.  Yet traders looking for new positions may want to wait 
for PCLN to trade under $19.75 or $19.65 based on their 
preference just to get some confirmation of the new downtrend.  
We're still targeting a big drop toward $16 but short-term 
traders can plan an exit closer to $18.00, which is the next 
major level of support.  We're going to lower our stop loss from 
$21.75 to $21.05.

Annotated Chart:

 

Picked on September 07 at $19.85
Gain since picked:        + 0.15
Earnings Date           08/02/04 (confirmed)
Average Daily Volume:        478 thousand




============
CLOSED PLAYS
============

  --------------------
  Closed Bearish Plays
  --------------------

ICOS Corp - ICOS - close: 24.69 change: +0.53 stop: 26.01

The longer-term trend may be down but the short-term eight-week 
trend is up.  ICOS continues to bounce from support and is 
producing a trend of higher lows.  We still think it looks like a 
big bear flag but our entry point was too early.  We're going to 
preserve our capital and exit now to avoid further losses.  If 
ICOS breaks down under the $23.00 level we may consider new 
shorts.

Picked on September 08 at $23.80 
Gain since picked:        + 0.89
Earnings Date           08/04/04 (confirmed)
Average Daily Volume:        1.1 million 




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

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

None



=================================================================
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) 2001-2004  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.





PremierInvestor.net Newsletter          Weekend Edition 09-19-2004
                                                    section 3 of 3
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 three:

Market Watch for Week of September 20th, 2004
   - Major Earnings
   - Stock Splits
   - Economic Reports

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)


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

===========================================
Market Watch for the week of September 20th
===========================================

-----------------
Earnings Calendar
-----------------

Symbol  Co               Date           Comment      EPS Est

------------------------- MONDAY -------------------------------

ADBE Adobe Systems        Mon, Sep 20  After the close    0.39
KMX  CarMax Inc           Mon, Sep 20  Before the bell    0.28
KBH  KB Home              Mon, Sep 20  After the close    2.73
LEN  Lennar Corp          Mon, Sep 20  Before the bell    1.34
NKE  Nike                 Mon, Sep 20  Before the bell    1.11
PLMO PalmOne              Mon, Sep 20  After the close    0.20
RHAT Red Hat, Inc.        Mon, Sep 20  After the close    0.05
SMSC SMSC                 Mon, Sep 20  Before the bell    0.04


------------------------- TUESDAY ------------------------------

AZO  AutoZone Inc.        Tue, Sep 21  After the close    2.55
CBK  Christopher & Banks  Tue, Sep 21  After the close    0.15
FDS  FactSet Research     Tue, Sep 21  ---- N/A ----      0.46
GIS  General Mills        Tue, Sep 21  Before the bell    0.60
GS   Goldman Sachs        Tue, Sep 21  Before the bell    1.46
GTK  GTech Holdings       Tue, Sep 21  Before the bell    0.37
JBL  Jabil Circuit        Tue, Sep 21  After the close    0.26
LEH  Lehman Brothers      Tue, Sep 21  ---- N/A ----      1.55
TIBX TIBCO Software       Tue, Sep 21  After the close    0.05


------------------------ WEDNESDAY -----------------------------

BSC  Bear Stearns         Wed, Sep 22  Before the bell    1.98
BBBY Bed Bath & Beyond    Wed, Sep 22  After the close    0.38
COGN Cognos               Wed, Sep 22  After the close    0.26
CAG  ConAgra Foods Inc    Wed, Sep 22  Before the bell    0.27
DRI  Darden Restaurants   Wed, Sep 22  After the close    0.43
DBRN Dress Barn           Wed, Sep 22  ---- N/A ----      0.37
FDX  Fedex                Wed, Sep 22  Before the bell    1.08
PAYX Paychex              Wed, Sep 22  Before the bell    0.23
WOR  Worthington Ind.     Wed, Sep 22  ---- N/A ----      0.44


------------------------- THUSDAY -----------------------------

AGE  A.G.Edwards          Thr, Sep 23  Before the bell    0.55
MANU Manugistics Inc      Thr, Sep 23  After the close   -0.04
PSRC PalmSource Inc       Thr, Sep 23  After the close   -0.02
RAD  Rite Aid Corp        Thr, Sep 23  ---- N/A ----     -0.02
TOPP Topps                Thr, Sep 23  ---- N/A ----      0.12

------------------------- FRIDAY -------------------------------

- No Major Earnings Announcements -



----------------------------------------------
Upcoming Stock Splits In The Next Two Weeks...
----------------------------------------------

Symbol  Company Name              Ratio    Payable     Executable


AMWD    American Woodmark         2:1      Sep  24th   Sep  27th
LM      Legg Mason Inc            3:2      Sep  24th   Sep  27th
CATY    Cathay General Bancorp    2:1      Sep  28th   Sep  29th
WST     West Pharma               2:1      Sep  29th   Sep  30th
NPBC    National Penn             5:4      Sep  30th   Oct   1st
WBNK    Waccamaw Bank             2:1      Sep  30th   Oct   1st

--------------------------
Economic Reports This Week
--------------------------

It's another busy week.  Not only will Wall Street be wading 
through more corporate earnings warnings but we get to hear from
some early announcers as well.  Tuesday will be a big but probably
anticlimatic day with the FOMC meeting on interest rates.

==============================================================
                       -For-           
----------------
Monday, 09/20/04
----------------
Treasury Secretary Snow speaks at the National Press Club
NAHB Housing market index for September

-----------------
Tuesday, 09/21/04
-----------------
FOMC meeting and decision on Interest Rates (2:15 pm ET)
Housing Starts for August  (last reading 1,978K)
Building Permits for August (last reading 2,066K)

-------------------
Wednesday, 09/22/04
-------------------
MBA Refinancing index
Crude oil inventories
Gasoline inventories

------------------
Thursday, 09/23/04
------------------
FOMC minutes from the August 10th meeting
Fed governor Gramlich speaks on monetary policy in Michigan
Weekly initial jobless claims (last reading 333,000)
Leading Economic Indicators for August (last reading -0.3%)
Money Supply numbers
Natural Gas inventories

----------------
Friday, 09/24/04
----------------
Durable Goods orders for August (last reading +1.6%)
Existing Home Sales for August (last reading 6.72 mln)


Definitions:
DM=  During the Market
BB=  Before the Bell
AB=  After the Bell
NA=  Not Available


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

TOT     Total Sa (ADS)            101.27     +1.57
CVX     ChevronTexaco              51.94     +0.97
FNM     Fannie Mae                 77.21     +0.77
XOM     ExxonMobil                 48.37     +0.82
ALL     AllState Corp              48.84     +0.76
BA      Boeing Co                  55.15     +0.63

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

ALO     Alpharma Inc               18.95     +1.78
TOO     Too Inc                    17.91     +1.06
ISLE    Isle of Capris Casinos     18.97     +1.02
WITS    Witness Systems Inc        16.53     +1.55
UEIC    Universal Electronics      18.75     +1.05
CLZR    Candela Corp               11.98     +1.04

---------------------------------------
Breakout to Upside (Stocks over $20)
---------------------------------------
  
UPS     United Parcel Service      75.04     +1.02
SLM     SLM Corp                   42.25     +1.06
PCAR    PACCAR Inc                 64.95     +1.75
OMC     Omnicom Group              70.19     +1.11
NE      Noble Corp                 44.68     +1.14
PDS     Precision Drilling         52.91     +1.37
TEK     Tektronix                  33.25     +2.44

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

NEM     Newmont Mining             41.55     -1.23
JCP     J.C.Penney Co              36.56     -1.17
SFA     Scientific-Atlanta         26.10     -1.06
SEE     Sealed Air                 45.49     -4.82
ACV     Alberto-Culver             46.30     -1.06
HB      Hillenbrand Industries     52.14     -4.30
CWCO    Consolidated Water Co      20.28     -1.51

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

QCOM    Qualcomm Inc               38.83     -1.57
PCU     Southern Peru Copper       43.55     -1.25
CATY    Cathay General             72.50     -1.35
HSII    Heidrick & Struggle        27.71     -1.55
CVH     Coventry Health Care       52.39     -0.88
EWBC    East West Bancorp          35.55     -0.94
UCBH    UCBH Holdings              40.39     -0.41
WWW     Wolverine World Wide       24.92     -0.32


=================================================================
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) 2001-2004  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.







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.

Readers are urged to consult with their own independent financial advisors with respect to any investment. All information contained in this report and website should be independently verified.

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