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Daily Newsletter, Thursday, 09/23/2004

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PremierInvestor.net Newsletter                 Thursday 09-23-2004
                                                    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:       Chips In Charge
Watch List:        Chocolate to Books and more!
Market Sentiment:  Follow through

=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
      09-23-2004           High     Low     Volume   Adv/Dcl
DJIA    10038.90 - 70.30 10108.74 10031.16 1.59 bln 1441/1746
NASDAQ   1886.43 +  0.72  1894.67  1883.32 1.39 bln 1409/1614
S&P 100   534.20 -  2.64   536.84   534.12   Totals 2850/3360
S&P 500  1108.36 -  5.20  1113.61  1108.05 
W5000   10820.90 - 40.73 10863.33 10816.24
SOX       383.79 +  2.10   397.03   387.80
RUS 2000  565.80 -  0.09   567.76   564.91
DJ TRANS 3173.97 - 20.70  3197.82  3173.75
VIX        14.80 +  0.06    15.08    14.61
VXO (VIX-O)14.87 +  0.30    15.47    14.62
VXN        21.17 +  0.11    21.35    20.90 
Total Volume 3,280M
Total UpVol  1,307M
Total DnVol  1,891M
Total Adv  3262
Total Dcl  3807
52wk Highs  134
52wk Lows    84
TRIN       1.52
NAZTRIN    0.75
PUT/CALL   0.92
=================================================================

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

Chips In Charge
by Jim Brown

After only one day of declines the chip sector fought
to move back higher and single handedly kept the entire
market from a serious disaster. The SOX finished up 
+2.05 and that kept the Nasdaq in positive territory 
and the Russell only fractionally negative. The dog 
was the Dow once again as traders fled from big cap 
internationals in fear of potential warnings. 

Dow Chart

 
Nasdaq Chart

 
SOX Chart

 

Economic reports started off bearish and continued to 
disappoint as the morning progressed. Jobless Claims
jumped back to 350,000 after a couple weeks at lower
levels but the jump was blamed on timing related to 
the hurricanes. Those busy doing cleanup work put off
filing until the home chores were done. For future 
weeks we could see a pickup in temporary hires to do
longer term rebuilding but also a pickup in layoffs
as those in buildings seriously damaged will have to
cut workers until new quarters can be acquired or 
rebuilt.

Evidence of economic weakness came from the Chicago
Fed National Activity Index, which fell from 0.53 in
July to only 0.19 in August. Production growth slowed
as it appeared the July rebound was short lived and 
another decline is approaching. Remember June's drop
to -0.16 from 0.63 in May and analysts were hanging 
their hat on the July rebound and that rebound has 
already lost traction. With energy prices rising along
with interest rates the economy is facing an uphill 
battle.

The Conference Board Leading Indicators fell for the
third consecutive month and the -0.3% decline was 
larger than expected. The index is now up only +0.7%
for the last six months and very close to losing that
ground. The index has not lost ground for three months
in a row in over 18 months. With oil prices rising, 
housing permits slowing and Fed rates moving higher 
the odds are good this indicator trends lower for the
rest of the year. 

The best news of the day came from the Monthly Mass
Layoffs which showed only 69,033 worker layoffs were
announced in August compared to 253,929 in July. This
is definitely moving in the right direction. The sector
hardest hit was still manufacturing with a loss of
-17,698 jobs. Four states, California, Florida, New
York and Pennsylvania accounted for 56% of the total
layoffs. With the holiday season just ahead we should
not see any material increase until December. 

The most negative report for the day actually occurred
back in August. The FOMC minutes for the August meeting
were released today and the tone was positively bearish
toward rates. They believed the economic weakness was
short lived and inflation would remain abnormally low.
The hawkish rate statement killed all the bullishness
about the positive economic comments. 

"Given the current quite low level of short-term rates,
especially when judged against the recent level of 
inflation, members noted that significant cumulative 
policy tightening likely would be needed to foster 
conditions consistent with the Committee's objective
for price stability and sustainable economic growth."

Bonds immediately sold off and yield on the ten-year
jumped +39 basis points to 4.029%. The time spent 
under 4% this week could be measured in hours not days
and the prospect of falling rates was seriously dashed.
If the Fed is planning on a "significant cumulative
tightening" that could be a long period of measured
pace hikes. Back in 1994 the Fed raised from 3% to 6%
to blunt the economic boom and inflation chances. They
have assured us repeatedly over the last few months 
they were NOT going to repeat the 1994 scenario that
sent real rates back to 8%. Watch their lips move but
read the minutes to see the real story. We can kiss
lower mortgage rates goodbye based on these minutes.

Oil soared again today as reports hit the wire that 
there was more damage than previously expected in the
gulf and oil would not be back up to speed for days or
even weeks. Oil hit $49 intraday but sold off into the
close after the Department of Energy said they were
considering opening the strategic petroleum reserve
and loaning oil to several refineries to offset the
hurricane loss. This may have slowed the jump in oil
prices but it really heated up the political war. The
democrats immediately called the move politically
motivated despite Kerry severely deriding Bush for 
not doing it as late as yesterday. So, if Bush didn't
open it he was a bad guy and if he did open it he was
a bad guy. Only in politics. 

The Dow opened up in the red and stayed there all day
due in part to the $49 oil. However the biggest problem
for the Dow is fear more Dow components will warn. 
MMM has fallen from $85 to $79 over the last two weeks
on warning fears. UTX, JNJ, BA, CAT, IBM, etc have all
fallen from their highs on earnings worries. For those
invested in big caps this is frustrating but for those
who are looking for entry points for any end of year
rally this is a long awaited event. The Dow traded as
low as 10031 today and right on the verge of breaking
the 10K level once again. It closed near the low of
the day at 10039 as proof bargain hunters are not yet
ready to rush into the dip. 

The Nasdaq struggled to keep its head above water all
day but it managed to keep afloat by standing on the
SOX. The lack of a drop may only be temporary as the
Nasdaq is facing very strong overhead resistance.
Should the Nasdaq cave in the next stop could be in
the 1850 range. Remember the Nasdaq dropped -35 points
on Wednesday tech bulls picked up some chips on the
dip. The SOX is the amazing sector with a gain despite
the broader market weakness. The SOX bounced off 390
on Wednesday and again today and while it did not 
manage to mount a serious rebound just holding the
high ground was admirable. According to my count over
the last week we have had two sector upgrades for chips
and one for techs in general. This is definitely a
change in trend and there are obviously a few buyers
who think we are not going lower. 

Over the last 10 months the Nasdaq has seen four major
rallies. The December rally gained +12%, March rally
+9.5%, May +9.7% and August +9.0%. Each rally eventually
failed and the Nasdaq made a lower low. Eventually this
trend will break but that is not the point I want to
make. Each time we saw a consolidation period at the
top and then a sharp break to the downside once it
became obvious we were not going higher. The Nasdaq
may be setting up for this trend to break. A clear
signal would have to be a higher low on whatever 
profit taking pullback is ahead. 

TrimTabs.com said cash inflows slowed for the week 
ended on Wednesday to $1.7B from the $2.6B the prior
week. The positive cash flow is nice but it is not
enough to really keep the markets afloat at the highs.
Granted there are a lot of funds with massive cash
hoards at present but inflows are still the key to
forward progress. 

Oil companies did not benefit from the oil bounce
today because Deutsche Bank downgraded XOM and Shell
citing high valuations across the group. Yes, we know
oil companies are high but so is oil and the prospects
of it being cheap again soon are very slim. Oil seems
headed for $50 despite the SPR oil release and the 
reason is the current event risk. There are 40 days 
left before the election and the terrorist window for
influencing our election is slowly closing.

Another window not yet closing is the earnings warning
window and it is doing a thriving business. I won't
bore you with all the individual details but the odds
are the numbers will increase before the quarter is
over. Major companies across all sectors are quoting
various reasons for the shortfall but the key point 
is they are all warning. This is not good for the 
bull's case but the bulls have the election trend on
their side. It is going to be a volatile next two weeks
as we close the quarter. Given the lack of a material
drop in September there could be some funds sitting on
cash they will need to invest before the end of the
quarter. This also complicates the outlook.

For Friday the only material reports are Durable Goods
and Existing Home Sales and neither are expected to be
market movers. Oil, earnings and event risk are the
prime movers and volatility should continue. It is
built into the calendar and I do not believe we can
count on the pre election bounce. We have never had an
election in a post 9/11 terror environment and we do 
not know what the next 40 days will hold. In reality
we could be treading on very thin ice and anything is 
possible. For Friday we could see further weakness 
but there is nothing we can point to for confirmation.
The SPX closed under its 100dma at 1109 but futures
are trading up as I type this. I suspect Friday would
be a good day to watch instead of play in traffic. 

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

Hershey Foods - HSY - close: 46.30 change: -0.15

WHAT TO WATCH: The breakdown in HSY is picking up a little speed 
here.  The stock has been climbing steadily for months with 
investors buying dips to its simple 50-dma.  They bought the dip 
again last week but shares quickly failed.  Now HSY has broken 
its rising channel and is testing technical support at the simple 
100-dma. Readers can watch for a drop under $46 or a failed rally 
under $47.00 as a potential entry point for a move toward $44 and 
its simple 200-dma. 




---

Darden Restaurants - DRI - close: 22.51 change: +1.33

WHAT TO WATCH: Wow!  DRI turned in a 6.2 percent rally on big 
volume today.  The move was fueled by its earnings news this 
morning that looked somewhat disappointing.  The breakout over 
its simple 200-dma and the $22.00 level might be trade-worthy but 
we'd watch for a dip and then consider buying a bounce.  




---

Finish Line - FINL - close: 30.44 change: -1.06

WHAT TO WATCH: After a very strong rebound from its August lows 
shares of FINL are finally seeing some profit taking.  FINL had 
been struggling with technical resistance at its simple 200-dma 
near $32.00 but today's 3.3 percent decline breaks minor support 
at its rising 10-dma.  Volume was very heavy as would be expected 
consider the move was fueled by FINL's earnings report this 
morning.  The company missed estimates by 2 cents.  Short-term 
traders may want to jump on this as a bearish entry point.  




---

Scholastic - SCHL - close: 30.60 change: +1.02

WHAT TO WATCH: We don't see any news but SCHL has rallied 
strongly (+3.44 percent) to breakout over resistance at $30.00-
30.50 and its simple 200-dma to hit new six-month highs.  This 
P&F chart isn't that inspiring but this could be a bullish entry 
point for a run toward $34.  Watch for potential resistance at 
the top of the gap near $31.00.






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

TEX $40.72 +2.01 - TEX has broken out over resistance at $40.00-
40.50 to hit new highs.  

FRED $16.85 +0.80 - FRED has broken through resistance at $16.50 
and its simple 50-dma on strong volume.  We would watch for some 
follow through above $17.05 as a potential entry point.


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

Follow through
- J. Brown

Thursday proved to be a mixed day on Wall Street.  Bears were 
undoubtedly disappointed in the lack of follow through from 
Wednesday's steep decline.  The Dow Industrials did slip another 
70 points but this was lead by ExxonMobil who received a 
downgrade as Deutsche Bank lowered their outlook on the entire 
oil sector. 

Overall the tone of the market remained slightly negative but 
technology stocks, retail and gold all closed higher.  Declining 
issues outnumbered advancers 15 to 13 on the NYSE and 16 to 14 on 
the NASDAQ.  Down volume outweighed up volume 2 to 1 on the NYSE 
but up volume narrowly surpassed down volume on the NASDAQ.  

Weakness in the financials is normally not a good sign of market 
health and the BIX index slipped another 1.48 percent to break 
down below its simple 40 and 50-dma's.  The BKX slipped more than 
1 percent to crack support at its simple 40 and 200-dma's.  
Airline stocks also few lower as crude oil traded near record 
highs at $49 a barrel.  

Tomorrow could be a toss up.  There aren't any major earnings and 
we've only got the durable goods for August and the existing home 
sales for August as our only economic reports for Friday.  We 
could see more weakness in the semiconductor sector tomorrow 
since AMCC came out after the bell to issue a Q3 earnings 
warning. AMCC joins a crowd of chip companies who have warned for 
the current quarter.  



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

Market Averages

DJIA ($INDU)

52-week High: 10753
52-week Low :  9230
Current     : 10038

Moving Averages:
(Simple)

 10-dma: 10250
 50-dma: 10128
200-dma: 10272



S&P 500 ($SPX)

52-week High: 1163
52-week Low :  990
Current     : 1108

Moving Averages:
(Simple)

 10-dma: 1122
 50-dma: 1100
200-dma: 1117



Nasdaq-100 ($NDX)

52-week High: 1559
52-week Low : 1301
Current     : 1405

Moving Averages:
(Simple)

 10-dma: 1420
 50-dma: 1381
200-dma: 1440



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

CBOE Market Volatility Index (VIX) = 14.80 +0.06
CBOE Mkt Volatility old VIX  (VXO) = 14.85 +0.28
Nasdaq Volatility Index (VXN)      = 21.17 +0.11


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

          Put/Call Ratio  Call Volume   Put Volume

Total          0.92        562,196       518,122
Equity Only    0.81        438,810       355,896
OEX            1.13         20,334        22,900
QQQ            3.98         22,283        88,603


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

Bullish Percent Data

           Current   Change   Status
NYSE          62.7    + 0     Bear Correction
NASDAQ-100    44.0    - 1     Bull Alert      
Dow Indust.   56.6    + 0     Bear Correction
S&P 500       61.0    + 0     Bear Correction
S&P 100       58.0    + 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: 1.03
10-dma: 0.99
21-dma: 1.07
55-dma: 1.19


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    1261      1369
Decliners    1528      1599

New Highs      61        45
New Lows       26        24

Up Volume    518M      704M
Down Vol.   1041M      644M

Total Vol.  1588M     1379M
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


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







PremierInvestor.net Newsletter                 Thursday 09-23-2004
                                                    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: ETM  

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

ETM - non-tech short -
  ETM traded sideways for a change.  We're ready
  to exit at $32.00 should ETM spike lower.  We are
  going to lower our stop from $36.01 to $34.11


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

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

SNP     China Petro & Chemical     40.15     +0.54
CVS     CVS Corp                   42.02     +1.72
OMC     Omnicom Group              71.70     +0.70
MAY     May Dept Stores            26.03     +0.81
HRB     H&R Block                  49.95     +1.30
AUO     Au Optronics               14.28     +0.78

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

MSO     Martha Stewart Living      17.55     +2.57
KEYW    Essex Corp                 11.95     +1.12

---------------------------------------
Breakout to Upside (Stocks over $20)
---------------------------------------
  
CA      Computer Associates        26.90     +1.60
UST     UST Inc                    40.36     +1.19
ACH     Aluminum Corp              63.10     +4.85
KRI     Knight-Ridder Inc          66.71     +1.40
WYNN    Wynn Resorts Ltd           45.51     +2.77
DRI     Darden Restaurants         22.51     +1.33
TK      Teekay Shipping            41.69     +1.19

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

SC      Shell Transport            44.14     -1.33
RD      Royal Dutch                50.72     -1.21
FNM     Fannie Mae                 67.15     -3.54
FRE     Freddie Mac                64.38     -2.02
FDX     Fedex Corp                 83.96     -1.25
GDW     Golden West Financial     110.32     -2.58
BBBY    Bed Bath & Beyond          37.59     -1.99
ITT     ITT Industries             77.91     -1.28

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

ABK     Amback Financial           77.41     -1.03
XOM     ExxonMobil                 47.76     -1.10
CI      Cigna Corp                 67.71     -1.02
TROW    T.Rowe Price               50.19     -1.25
PCP     Precision Cast Parts       58.76     -0.74
THO     Thor Industries            27.64     -0.30
NX      Quanex Corp                48.51     -0.57

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