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Daily Newsletter, Wednesday, 09/22/2004

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PremierInvestor.net Newsletter               Wednesday 09-22-2004
                                                   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: The Good the Bad and the Low Carb Diet
Watch List:  The "A" List


===============================================================
MARKET WRAP  (view in courier font for table alignment)
===============================================================
      09-22-2004           High     Low     Volume   Adv/Dcl
DJIA    10109.18 -135.75 10244.05 10097.37 1.68 bln  759/2058
NASDAQ   1885.71 - 35.47  1910.23  1884.85 1.58 bln  755/2232
S&P 100   536.84 -  7.90   544.74   536.20   Totals 1514/4290
S&P 500  1113.56 - 15.74  1129.30  1112.67
SOX       391.74 - 12.01   403.75   391.08
RUS 2000  565.89 - 11.03   576.92   565.53
DJ TRANS 3194.66 - 76.56  3270.33  3191.45
VIX        14.74 +  1.80    15.30    13.95
VXO (VIX-O)14.63 +  1.77    14.96    13.80
VXN        21.06 +  0.76    21.19    20.66
Total Volume 3,264M
Total UpVol    615M
Total DnVol  2,649M
Total Adv  4290
Total Dcl  1514
52wk Highs  189 
52wk Lows    60
TRIN       1.81
PUT/CALL   1.10
===============================================================

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

The Good the Bad and the Low Carb Diet
Jane Fox

The Low Carb Diet 

I tell you at some point the Low Carb diet will be blamed for the high 
price of oil. The latest to use this diet as a scagegoat is the makers 
of Twinkies and Wonder Bread Interstate Bakeries (IBC) when they filed 
for Chapter 11 bankruptcy reorganization. Although many factors were 
sited for the company’s woes including declining sales, a high fixed-
cost structure, excess industry capacity, rising employee benefits 
costs, higher costs for ingredients and energy, they had to jump on the 
bandwagon and include the low-carb diet. I have always contented that 
anyone who ate Twinkies or Krispy Kreme doughnuts didn't worry about 
dieting and didn't cut back on these luxuries because of a diet. But 
anything that flows your boat. IBC ended the day at 2.05

This is one bearish chart.

 

The Bad

Morgan Stanley (MWD) had positioned itself for a rise in interest rates 
that did not pan out because of the unexpectedly low unemployment data 
(or so they say) and due to this bond miscalculation, earnings came in 
at 0.76/share instead of the expected 0.95/share, a huge miss, and 
quarterly earnings dropped by 34%. MWD has also agreed to settle 
several disputes with the NYSE to the tune of $19 million. MWD ended 
the day at 48.72 down -3.66.

After an eight-month investigation by its main regulator that found 
evidence of earnings manipulation, the SEC has opened an informal 
inquiry into Fannie Mae's (FNM) accounting practices. The Office of 
Federal Housing Enterprise Oversight launched its probe of FNM after 
widespread problems surfaced last year and today presented its report 
to the company's board detailing accounting deficiencies and violations 
of generally accepted accounting principles. The OFHEO stated FNM has 
"maintained a culture that emphasized stable earnings at the expense of 
accurate financial disclosures." FNM closed the day at 70.69 down -
4.96. 

The Good 

Today FedEx (FDX) reported strong gains in shipment volume across 
almost all its levels of business and a fiscal first quarter profit 
that more than doubled. 

Although FDX's average load of 5.5 million packages/day was up 6.4% 
from a year earlier, the company noted air shipments in the U.S. 
continue to be hurt by the shift toward cheaper ground deliveries. This 
phenomenon seems to be restricted to the US however, because deliveries 
outside the U.S. climbed 13%, including a 52% surge in export shipments 
from China. FDX ended the day at 85.21 down -3.48. Looks like they 
wanted to sell today and no matter how pretty the books looked you got 
sold. 

30-year mortgage rates eased to their lowest level since early April 
spurring a rise in mortgage refinancings last week and new applications 
for U.S. home loans. The Mortgage Bankers Association said its 
seasonally adjusted market index, a measure of mortgage activity, rose 
for the week ending Sept 17 by 1.8 percent to 690.7 from the previous 
week's 678.2. 

The Department of Energy reported commercial crude inventories fell 9.1 
million barrels to the lowest level in seven months, caused by the 
disruption of imports when Hurricane Ivan hit the East coast. The 
greater than expected drop for the week ended Sept. 17, left commercial 
crude inventories well below the lower end of the average range for 
this time of year. Once the ships are able to dock again, there should 
be a substantial increase in imports next week that will build up 
inventories.

On to the charts.

The last time I did a market wrap I was quite bearish except for the 
NYA. Well things have definitely changed since then. But before we get 
to the charts I would like to say that I am going to use a more 
conventional MACD setting (12, 26, 9), which coincides with the other 
OI analysts. 

Annotated Weekly Chart of the SPX:

 

Here is a weekly chart of the SPX and as you can see it is up against 
that red downward trendline, which seems to be well-fit trendline. You 
can also see SPX is trading above the 50 and 200EMA. Support should 
come in at the August 12 low where you also find the 200EMA. 

Annotated Daily Chart of the SPX:

 

Here is the same time frame but on the daily chart and you see how 
important that red downward trendline has become as resistance. Now for 
support I have talked a lot about the swing high made on August 2nd as 
an important level for the bulls to break from below (which they did) 
and it is now an important level for the bulls to defend from above. I 
have marked the August 2nd swing high with a blue arrow. This arrow 
also coincides with the 50 EMA at 1109 confirming it as support. I also 
see an ominous MACD cross but those can be negated easily enough with a 
push upward and a positive MACD divergence that cannot be ignored. 

Annotated Weekly Chart of the DOW:

 

Here is the weekly DOW and the same well fit red downward trendline in 
place. The DOW is also trading above 50 and 200EMA. 

Annotated Daily Chart of the DOW:

 

The daily DOW chart has already traded past the August 2nd swing high 
and below the 50 and 200 EMAs on the daily chart so the DOW is more 
bearish than the SPX. Also the positive MACD divergence is not quite as 
prevalent in this market.


Annotated Weekly Chart of the Nasdaq:

 

The weekly chart of the NAZ shows that it didn't even make it all the 
way to the red downward trendline and is trading right at the 50 and 
200EMAs. This market is still the most bearish of the three above 
charts. 

Annotated Daily Chart of the Nasdaq:

 

The daily chart of the NAZ shows that it has not printed above the 
200EMA but is above the 50EMA and also right at the August 2nd swing 
high. Support and resistance is very clear in this market and may help 
to determine where the rest of the market may go. If the NAZ closes 
below the 50EMA take a look at the other markets to see if they are 
closing below their support levels also for bearish confirmation. If 
you see all three closing below support a revisit of August 12th lows 
is possible. On the other hand if you see the NAZ close above the 
200EMA look to see if the SPX and DOW have broken above their red 
downward trendlines for a confirmation of bullishness. 

Annotated Weekly Chart of the Russell 2000:

 

Here we have the same red downward trendline but note where the 50 and 
200EMAs are. 

Annotated Daily Chart of the Russell 2000:

 


This chart looks more like the SPX than the DOW or NAZ. Support is 
where the blue arrow and the 200EMA converge. It also has a positive 
MACD divergence. MACD has not yet crossed. 

Annotated Weekly Chart of the NYA:

 

This is the most bullish of all charts because the red downward 
trendline has been broken but NYA was stopped at the June swing high 
(blue line) making a double top, which is bearish if confirmed. That 
confirmation is a trade below the double bottom formed at August 12th. 
As a matter of fact we have a double bottom and a double top giving us 
very clear support and resistance. If so inclined, one could trade this 
range and have a very clear idea of where to put stops. 

Annotated Daily Chart of the NYA:

 

On the daily chart NYA should find support at the red downward trendline 
that converges with the 50EMA.

Tomorrows Economic Reports and Earnings

Thursday's economic releases will begin with the usual weekly 8:30EDT 
release of initial claims.  Last week's number was a lighter-than-
expected 333 thousand claims, with this week's expectations at 335,000-
338,000.  Of course, we could expect some disruption due to Hurricane 
Ivan's swath through the U.S. and a much-lower-than-expected claims 
number might be discounted resulting in little market reaction. For the 
week ending September 18th the consensus is +8K.

At 10:00EDT, the Conference Board releases the Leading Indicators 
number; one whose title would seem to make it an attention-grabber, but 
the truth is that many components are already known before this number 
is released. Consensus is +0.2%

Also at 10:00EDT is the Chicago Fed National Activity Index and the 
DJ/BTM Business Barometer along with the Fed's Gramlich speaking on 
monetary supply.  Gramlich detoured from recent Fedspeak in his talk 
last week on oil supply, so stay tuned on what he has to say about 
monetary supply, too.  Natural gas inventories follow about thirty 
minutes later.  Perhaps drawing more attention will be the FOMC Minutes 
from the August 10th meeting, to be released at 2:00.

HAL, CAG and WSTL will hold investor or shareholder meetings, while 
many of Wednesday's conferences continue, with WR Hambrecht joining in 
with a Display Technology Conference. 

Among the companies reporting tomorrow are AGE, RAD, SCS, CMGI and 
RAZF.  

Remember trade your plan and plan your trade. 


=================================================================
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
---------------------------------

Abbott Labs - ABT - close: 42.01 change: -1.03

WHAT TO WATCH: The DRG drug index is showing new weakness today 
and appears to have rolled over into a new downtrend.  ABT is 
showing a bit more strength but looks vulnerable to more profit 
taking.  ABT's MACD indicator has produced a new "sell" signal 
but we'd watch for a breakdown under the exponential 200-dma as a 
potential trigger.  




---

ADTRAN Inc - ADTN - close: 23.77 change: -1.21

WHAT TO WATCH: Technical oscillators on ADTN have all turned 
bearish and today's breakdown under support at $24.00 looks like 
a new entry point especially with the better than average volume.  
Unfortunately, the stock is testing P&F support.  Look for a new 
relative low under $22.50 before considering bearish positions. 




---

Aracruz Celulose - ARA - close: 32.53 change: -1.17

WHAT TO WATCH: ARA has broken its rising channel and now the 
stock has broken through its simple 100 and 200-dma's and the 
exponential 200-dma.  We can't find any news but today's 3.4 
percent sell-off was fueled by very big volume.  Its P&F chart is 
bearish and points to an $18 target.  Watch for a drop under $32 
and target a move toward $28-29.




---

Abgenix Inc - ABGX - close: 10.32 change: -0.57

WHAT TO WATCH: Drug and biotech stocks experienced a lot of 
profit taking today and ABGX dropped more than five percent.  The 
move broke through ABGX's narrow rising channel and support at 
the simple 10-dma.  ABGX's MACD is also very close to a new sell 
signal.  Readers can watch for a breakdown under round-number 
psychological support at $10.00 as a potential entry point.  





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

ALOG $41.21 -1.64 - We haven't checked the news but today is a 
massive bearish engulfing candlestick on ALOG's chart.  Watch for 
any follow through.

TELK $20.82 -0.84 - The rebound from its August lows is starting 
to fade and TELK is back under its simple 10 and 100-dma's and 
the exponential 200-dma.  A breakdown under $20.00 may be an 
entry point.



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

This newsletter is a publication dedicated to the education
of stock traders. The newsletter is an information service
only. The information provided herein is not to be construed
as an offer to buy or sell securities of any kind. The
newsletter picks are not to be considered a recommendation
of any stock but an information resource to aid the investor
in making an informed decision regarding trading in stocks. It
is possible at this or some subsequent date, the editors and
staff of PremierInvestor.net may own, buy or sell securities
presented. All investors should consult a qualified professional
before trading in any security. The information provided has
been obtained from sources deemed reliable but is not
guaranteed as to accuracy or completeness. PremierInvestor.net
staff makes every effort to provide timely information to its
subscribers but cannot guarantee specific delivery times due to
factors beyond our control.

Please read our disclaimer at:
http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html

*****************************************************************
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Newsletter, or any Premier Investor Network newsletter please
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Copyright 2004  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.







PremierInvestor.net Newsletter               Wednesday 09-22-2004
                                                   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, DPH

Active Trader (Non-tech Stocks)
  New Bearish Plays: AMLN, FRX, LSCP
  Closed Bullish Plays: MVK

High Risk/Reward
  Closed Bearish Plays: CTMI, PCLN

Stock Splits
  Announcements:       None

Trading Ideas
  Value Plays With Bullish Signals
  Breakout to Upside (Stocks $5 to $20)
  Breakout to Upside (Stocks over $20)
  Breakout to Downside (Stocks over $20)
  Recently Overbought With Bearish Signals (Stocks over $20)


==================================================================
Stop Loss Adjustments
==================================================================

ARB - tech stock short -
  We're going to lower our stop from $40.01 to $38.51

DPH - non-tech short -
  The lack of weakness here is not a good sign.  We're
  turning cautious and do not suggest new positions unless
  DPH trades under $8.80.


==================================================================
Active Trader (AT) Non-Tech Stock section
==================================================================


=================
New Bearish Plays
=================

Amylin Pharma - AMLN - close: 20.30 change: -0.34 stop: 22.01

Company Description:
Amylin Pharmaceuticals is committed to improving the lives of 
people with diabetes and other metabolic diseases through the 
discovery, development and commercialization of innovative, cost-
effective medicines. (source: company press release)

Why We Like It:
We are adding AMLN to the play list as a short based on its 
relative weakness, the recent failed rally at resistance and the 
new weakness in the DRG drug index today.  AMLN has already been 
suffering from a trend of lower highs and lower lows for months 
with clear resistance at the simple 200-dma dating back to June.  
Yet now the stock is offering a decent bearish entry point given 
its rebound from the August lows and recent failure at $22.00 and 
its 200-dma.  Shares broke down under minor support at $20.50 
yesterday while producing a new "sell" signal in its MACD 
indicator.  Its P&F chart is already bearish with a $17.00 target 
and very clear resistance. Given what appears to be a new top in 
the market the bearish momentum in AMLN should pick up.  We're 
going to target a drop to $18.00 with a secondary target near 
$17.00.  We highly suggest that readers use a trigger under $20.00 
and/or its simple 40-dma at $19.80.

Annotated Chart:

 

Picked on September 22 at $20.30 
Gain since picked:        - 0.00
Earnings Date           11/02/04 (unconfirmed)
Average Daily Volume:        821 thousand



---

Forest Labs - FRX - close: 43.49 change: -1.25 stop: 45.33

Company Description:
Forest Laboratories' growing line of products includes: Namenda® 
(memantine HCl), an N-methyl-D-aspartate (NMDA)-receptor antagonist 
indicated for the treatment of moderate to severe Alzheimer's 
disease; Lexapro® (escitalopram oxalate), an SSRI antidepressant 
indicated for the initial and maintenance treatment of major 
depressive disorder and for generalized anxiety disorder; Celexa® 
(citalopram HBr), an antidepressant; Benicar® * (olmesartan 
medoxomil), an angiotensin receptor blocker indicated for the 
treatment of hypertension; Benicar HCT(TM) (olmesartan medoxomil 
hydrochlorothiazide), an angiotensin receptor blocker and diuretic 
combination product indicated for the second-line treatment of 
hypertension; Campral® (acamprosate calcium), a glutamate receptor 
modulator, indicated for the maintenance of abstinence from alcohol 
in patients with alcohol dependence who are abstinent at treatment 
initiation when used in combination with psychosocial support; 
Aerobid® (flunisolide), an inhaled steroid indicated for the 
treatment of asthma; and Tiazac® (diltiazem HCl), a once-daily 
diltiazem, indicated for the treatment of angina and hypertension.
(source: company press release)

Why We Like It:
Forest Labs has been channeling lower with a steady series of lower 
highs for months.  The latest oversold rebound almost filled the 
gap from September 1st when JPMorgan removed FRX from its Focus 
List.  Now that FRX is rolling over again we want to take advantage 
of its position near resistance and open a bearish positions 
(hypothetically for us).  RSI and stochastics have already begun to 
roll over and the MACD should be far behind.  It's worth noting 
that while FRX's P&F chart is extremely bearish the $52 price 
target has been surpassed.  We're going to use a stop loss just 
over the recent high at $45.33 and target a drop to $40.00 possibly 
lower.

Annotated Chart:

 

Picked on September 22 at $43.49 
Gain since picked:        - 0.00
Earnings Date           10/19/04 (unconfirmed)
Average Daily Volume:        2.6 million 



---

LaserScope - LSCP - close: 19.85 change: -0.75 stop: 22.01

Company Description:
Laserscope designs, manufactures, sells and services on a worldwide 
basis an advanced line of medical laser systems and related energy 
delivery devices for the office, outpatient surgical center, and 
hospital markets.
(source: company press release)

Why We Like It:
The oversold bounce in LSCP is over and shares are rolling over 
under resistance at $22.00 and its simple 200-dma.  Actually the 
exponential 200-dma has had more of an affect on the stock.  LSCP 
has been suffering under a series of lower highs ever since it 
peaked back in April.  Now its technical oscillators are turning 
bearish and its MACD is on the cusp of a new sell signal.  We want 
to take advantage of the breakdown under $20.00.  We'll start the 
play with a stop loss at $22.01, which is a little wide.  Hopefully 
as LSCP moves in our favor we'll readjust the stop lower.  Our 
short-term target is $17.50 but we're really shooting for the 
$15.50 level.  More conservative traders might consider a stop loss 
near $21.00 instead.  

Annotated Chart:

 

Picked on September 22 at $19.85 
Gain since picked:        - 0.00
Earnings Date           07/28/04 (confirmed)
Average Daily Volume:        477 thousand




============
Closed Plays
============

  Closed Bullish Plays
  --------------------

Maverick Tube Corp - MVK - close: 29.76 chg: -0.38 stop: 29.25     

We haven't been stopped out yet but we feel that it's best to close 
the play in MVK now.  Yesterday Deutsche Securities downgraded MVK 
from a "buy" to a "hold" and shares dropped under support at $30.00 
only to bounce back above this pivotal level by the close.  Today 
the stock sank back below the $30 mark to test technical support at 
the simple 40-dma.  While there is hope that MVK could rally from 
$29.50 we're not going to bet on it.  The afternoon bounce on 
Wednesday failed under the $30.00 mark and we're expecting more 
weakness by the end of the week.

Picked on September 01 at $30.60 
Gain since picked:        - 0.84
Earnings Date           07/20/04 (confirmed)
Average Daily Volume:        713 thousand




==================================================================
High Risk/Reward (HR) Stock section
==================================================================

============
Closed Plays
============

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

CTI Molecular Imaging - CTMI - cls: 8.16 chg: -0.05 stop: 9.01     

To the best of our knowledge CTMI has not traded above the $9.00 
level since September 2nd of this month.  If you look at most of 
the intraday charts available you can see that and the spike to 
$9.00 last Friday.  Unfortunately, a bad tick/bad trade at $9.22 is 
still showing up as the high on Friday and it has not been 
corrected.  While we remain bearish on CTMI and expect the stock to 
continue to sink we cannot in good conscious keep the play open.  
If you think CTMI has more downside to go then by all means 
capitalize on it.

Picked on August 15 at $ 9.67 
Gain since picked:     - 1.51
Earnings Date        08/05/04 (confirmed)
Average Daily Volume:     322 thousand



---

Priceline.com - PCLN - close: 21.25 chg: +1.65 stop: 21.05     

Ouch!  Now that's frustrating.  PCLN was shaping up into a nice 
short candidate.  Unfortunately the company issued good news last 
night and raised their Q4 estimates.  Traders naturally responded 
positively and shares gapped open this morning to $20.25 before 
running to $21.68.  We have been stopped out at $21.05.  

Picked on September 07 at $19.85
Gain since picked:        + 1.40
Earnings Date           08/02/04 (confirmed)
Average Daily Volume:        478 thousand




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

FITB    Fifth Third Bancorp        49.38     +0.79
BNN     Brascan Corp               30.86     +0.88
PD      Phels Dodge                87.20     +1.31
LEN     Lennar Corp                48.30     +1.06
KRI     Knight-Ridder Inc          65.31     +0.94
PCU     Southern Peru Copper       46.90     +0.70

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

ADBL    Audible Inc                16.79     +1.86
CAMP    Calamp Corp                 7.80     +1.05
TRMM    TRM Corp                   19.40     +1.21

---------------------------------------
Breakout to Upside (Stocks over $20)
---------------------------------------
  
KBH     KB Home                    84.39     +1.03
STR     Questar Corp               46.00     +3.00
TK      Teekay Shipping            40.50     +1.08
NCEN    New Century Financial      62.75     +1.37
EAC     Encore Acquisition         32.56     +1.56
CWTR    Coldwater Creek Inc        22.35     +1.15
PETD    Petroleum Development      40.90     +4.50

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

C       Citigroup                  44.38     -1.27
FNM     Fannie Mae                 70.69     -4.96
MWD     Morgan Stanley             48.72     -3.66
FRE     Freddie Mac                66.40     -2.60
TEVA    Teva Pharma                26.13     -1.07
PAYX    Paychex Inc                30.63     -1.09
CDWC    CDW Corp                   57.44     -1.29
RMK     Aramark Worldwide          23.44     -1.42
WEN     Wendy's Intl Inc           33.34     -2.16

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

UPS     United Parcel Service      73.39     -1.64
FDX     Fedex Corp                 85.21     -3.48
SCSC    Scansource Inc             64.13     -4.18
BA      Boeing Co                  53.68     -1.02
SDA     Sadia S.A.                 54.30     -3.38


=================================================================
To stop receiving this PremierInvestor.net Newsletter,
send email to Contact Support
=================================================================
DISCLAIMER
=================================================================

This newsletter is a publication dedicated to the education
of stock traders. The newsletter is an information service
only. The information provided herein is not to be construed
as an offer to buy or sell securities of any kind. The
newsletter picks are not to be considered a recommendation
of any stock but an information resource to aid the investor
in making an informed decision regarding trading in stocks. It
is possible at this or some subsequent date, the editors and
staff of PremierInvestor.net may own, buy or sell securities
presented. All investors should consult a qualified professional
before trading in any security. The information provided has
been obtained from sources deemed reliable but is not
guaranteed as to accuracy or completeness. PremierInvestor.net
staff makes every effort to provide timely information to its
subscribers but cannot guarantee specific delivery times due to
factors beyond our control.

Please read our disclaimer at:
http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html

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

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

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

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








DISCLAIMER

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