PremierInvestor.net Newsletter Thursday 09-30-2004 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: Great Debate Watch List: Airlines to REITs Market Sentiment: Three Things ================================================================= MARKET WRAP (view in courier font for table alignment) ================================================================= 09-30-2004 High Low Volume Adv/Dcl DJIA 10080.27 - 56.00 10142.94 10038.90 2.16 bln 1917/1289 NASDAQ 1896.84 + 2.90 1902.25 1887.68 1.67 bln 1766/1347 S&P 100 534.86 - 1.70 537.20 533.10 Totals 3683/2636 S&P 500 1114.58 - 0.22 1116.31 1109.61 W5000 10895.48 + 9.59 10913.66 10845.90 SOX 384.20 + 3.60 389.69 380.62 RUS 2000 572.94 + 1.87 574.71 569.33 DJ TRANS 3243.51 + 3.90 3249.20 3220.73 VIX 13.34 + 0.13 13.67 13.20 VXO (VIX-O)13.44 + 0.63 13.68 13.10 VXN 20.48 - 0.19 20.91 20.21 Total Volume 4,129M Total UpVol 2,472M Total DnVol 1,579M Total Adv 4195 Total Dcl 2973 52wk Highs 314 52wk Lows 96 TRIN 0.92 NAZTRIN 0.86 PUT/CALL 0.86 ================================================================= =========== Market Wrap =========== Great Debate by Jim Brown No, not the one between Bush and Kerry tonight but the debate over market direction over the next two weeks. The markets struggled to move higher over the last few days and were it not for the end of quarter window dressing the Dow would be under 10K instead of over tonight. Dow Chart Nasdaq Chart SPX Chart What a busy day! This could turn into a novel tonight but I will try to keep it flowing. Starting with the flood of economic reports we continue to see a mixed picture for the future. The Jobless Claims soared to 369,000 and the highest level since the 375K last Dec 6th. This was mostly due to the rash of hurricanes and I mentioned this might happen last week. The states with the most claims were Florida, North Carolina and California. California always ranks near the top due to population. Florida had 8,400 claims specifically related to the hurricanes but probably many more were indirectly related. This should not be a market problem because traders are always looking for an excuse to ignore bad numbers. Personal Income rose +0.4% and inline with estimates despite an impact from - hurricanes. Yes, the hurricane excuse is alive and well and will probably turn up in every economic report for the next couple quarters and in the earnings reports for companies. You can't take out electricity, retail, transportation and communication in five states impacting millions of consumers without a serious economic ripple. Fortunately that ripple will turn into a wave in Q1 as rebuilding and refurnishing efforts in Q4 are felt through the various supply chains. Auto sales to replace all the flooded vehicles, building materials, furniture, appliances, clothes, bedding etc, anything not taken to high ground has to be replaced. Elsewhere the NY-NAPM showed continued growth in the New York economy although growth was slower than in prior months. The region has been in a strong uptrend since August-2003 and the last index low at 221.7. The September headline number was 310.4 and illustrates how strong the recovery has been. The last two months have seen slowing but definitely nothing to worry about. The PMI jumped to 61.3 from 57.3 in August and was much stronger than expectations at 58.5. It was also a large gain over the 57.3 number for August. This should mean a strong jump in the ISM on Friday which is currently expected to be 59.0. Most impressive was the jump in new orders to 68.7 from 58.0 however inventories also rose over the last two months by the fastest pace in nearly two decades to 64.2 from 55.3. This suggests that producers may have gotten ahead of themselves in anticipating the recovery and sales slowed over the last couple months. Fortunately the jump in new orders this month should give them an opportunity to balance the inventory flow. The Help Wanted Index came in unchanged for August at 37 and suggests there is not a serious employment boom in progress. Internet job sites have reported an increase in openings but they are also not seeing any large jump in jobs. Because tomorrow is the first day of the month we have to wait until next Friday for the Jobs report and the current estimate is only 165,000 and right in the middle of the recent ranges. The only comments I have heard have been negative and expecting lower than the official estimates. After the ISM on Friday we should start to hear more chatter about jobs. Up, down, up, down, more gyrations than a windsock in a thunderstorm. Of course I am talking about oil which hit $50 on Tuesday and then declined to $48.50 on a build in inventories and the cease fire in Nigeria. Well you guessed it oil traded over $50 several times on Thursday and closed back up at $49.65. No specific challenges were noted but prices are creeping back up once again. T. Boone Pickens headlined the dozens of oil analysts hitting the airwaves and his quote of $60 before $40 is the sound bite of choice. The more analysts talk the more the real facts are coming out. Multiple experts claim Saudi Arabia can only produce 9.3-9.5Mbpd and their claim of 11mbpd is strictly smoke. Pickens related the Hubbert's Peak scenario and gave it much credence. He said the two million barrel Alaskan pipeline was down to only 700,000 per day and that is the same challenge felt around the world. Existing wells saw decreasing production and not enough new wells coming on to cover demands 2-5 years from now. I will get off the soap box but I am putting together a top ten energy stocks for long term investors for November release so stay tuned. The biggest challenge for the economy is not the flurry of hurricanes but the chance that oil will remain high. A very good chance. The various economists are starting to be heard about the prospects for the future and it is not pretty. Retailers are seeing a slowing in buyer activity not specifically in quantity but in cost. Talbots warned today that sales would be off due to the hurricane. Surprise, there is that excuse again! If you read the fine print they also say consumers are becoming more budget conscious. They specifically said their September sale had not performed well and had not driven the historical increase in regular priced merchandise sales. That means consumers came in to buy the sale merchandise and did not buy the profitable items that were not on sale. Talbots said same store sales could now be in negative numbers instead of their prior forecast for positive growth. This warning follows warnings by other retailers including the Federated chain of department stores. With heating oil more than doubled over last year and still rising the amount of money available for spending by those in the northern climate zones is going to be significantly less. You can't talk about today's market without talking about Merck. The sudden withdrawal of Vioxx from the market cut a $2.5 billion hole in Merck profits and shocked the drug sector. Merck took a -$25 billion cut to its market cap and dropped -$12.07, -26.8% to an eight year low. MRK volume at 145 million shares was nearly a tenth of the volume of the NYSE and we are talking a $33 stock. This was nearly 30 times normal volume. Funds bailed on fears there would be legal problems due to suits similar to the Fen-Phen recall several years ago. Other drug companies have had similar problems in the past but the magnitude of the potential problem is extremely large. Wyeth has spent nearly $17 billion on the Fen-Phen recall and only six million people took the drugs. For Vioxx over 84 million people have taken the drug and the potential for billions in claims is very strong. Any person who had a cardiac event and took Vioxx will be jumping on the litigation bandwagon even if they ate two big Macs every day for the last ten years, smoked and drank a quart of whiskey per day. Their lifestyle will have nothing to do with the event, it had to be Vioxx that caused their heart problem. Several analysts even questioned if Merck would be able to survive the storm. They have taken multiple potential products out of the pipeline over the last couple years and they are widely seen to be lacking any wonder drug to rescue them from this money pit. Despite the nearly -90 point hit the Dow took from the MRK drop it rallied back to close down only -56 points. Support held at 10050 and the Dow is poised to rally off a positive ISM tomorrow. However, there are several roadblocks to that possibility. Before the MRK drop window dressing had added +175 points since the Dow's low of 9977 on Tuesday. Today that window dressing effort was far less of a factor with only a small afternoon rebound. The Nasdaq was able to rebound back over 1900 twice on Thursday but could not hold on either attempt. This is strong resistance that even a positive SOX could not break. The SOX turned in a very strong effort just closing in positive territory after Micron missed earnings and multiple chip stocks have warned this week. This was a definite symptom of window dressing in my opinion. Funds had to put cash into stocks to show they were intelligently investing your money. This window dressing fought an uphill battle today. Volume was very strong on the NYSE and it was not just related to the MRK disaster. This was the first time the NYSE has traded over two billion shares (2.212B) since July-21st. I believe that window dressing met distribution today and they battled to a tie. Up volume on the NYSE was slightly higher than declining volume at 3:2 but there was no conviction among the stocks that saw any gains. The market felt heavy all day and the closing spurt could not correct it. The market is facing several challenges. First is the Bush-Kerry debate tonight. The market has priced in a Bush victory and the debate will be watched for signs of a change in that status. If Kerry pulls a rabbit out of his hat and scores major points or if Bush gets foot in mouth disease then the fragile lead could dissolve in an instant. The market would be quick to remove any Bush premium and that could be painful. Gail Dudak said she felt the a Kerry win would subtract -1000 points from the Dow. That number may be high but you get the point. Conversely should Bush win the debate in a convincing manner then the market "could" celebrate some more. Secondly the end of quarter window dressing is over. As much as the bulls would like to see it continue for another week the quarter is behind us and October looms large. Earnings warnings are the story and it is rare that a company gives positive guidance. In short we are entering a typical October with conditions about as bad as possible. Oil at $50, hurricanes, election fears, terrorist fears, earnings less than half the prior quarter and projected to be only +7% for all of 2005. While I think this will resolve itself quickly there is strong risk for the bulls. Historically we should see a ramp into the election as long as there is a clear leader. October is also year end for many mutual funds and portfolios are reshuffled faster than a blackjack deck in Vegas and that normally leads to substantial volatility. Remember the VXO hit a new eight year low on Wednesday so the volatility bomb is ticking. For Friday we have the next major economic hurdle the ISM Index. A positive report there could go a long way towards warding off the October bears. Vehicle data for September is also due but nobody expects cars to be rolling off showroom floors in any large numbers. The quarter that ended today was dismal for the markets with the Dow losing -3.0%, S&P -2.4%, Nasdaq -7.5% and the chip sector -25%. This swoon has put us right back where we started the year near 1112 on the S&P. Nine months of trading to end flat just before the election. In fact this has been called the tightest trading range since 1994. It was the worst quarter for the Dow since Q1-2003 and the worst for the Nasdaq since 2002. It has been called the most confusing election year market in the last 100 years. That may be a little before my time but if you are like me you have probably found the last several months very hard to trade. Fellow traders this is about to come to an end. October is normally very volatile but it is known as the bear killer month because the dips are normally bought and bull markets emerge. I don't know about you but I am counting on it. 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 --------------------------------- Ryanair Holdings - RYAAY - close: 29.20 change: -0.77 WHAT TO WATCH: Entry point alert! RYAAY has broken down under support in the $29.50-30.00 range to hit new lows. This looks like an entry point to short the stock and target a drop toward $25.00, although we suspect the $27.50 level will offer some support. The P&F chart is very bearish with a $7.00 price target. --- VeriSign Inc - VRSN - close: 19.88 change: +0.06 WHAT TO WATCH: Volume has been pretty strong the last two sessions for VRSN but the stock is still struggling with round- number, psychological resistance at the $20.00 mark. Readers can watch for a breakout and then consider bullish positions. The P&F chart looks pretty bullish with a $28.00 target. --- Compuware Corp - CPWR - close: 5.15 change: +0.22 WHAT TO WATCH: CPWR appears to have built a nice rounded bottom of saucer-shaped bottom between $4.40 and $5.20. Today's breakout over the $5.00 is impressive but a move over $5.25 would look like an aggressive entry point for longs. Watch out for resistance at the bottom of the gap down in July near $5.50 though. That could be a tough spot for bulls to push through. --- SL Green Realty - SLG - close: 51.81 change: +1.21 WHAT TO WATCH: Sometimes it's slow and steady that wins the race and SLG looks like a decent candidate. Shares have been slowly grinding higher and are currently near new all-time highs. We like its relative strength but you definitely need patience if you're not the buy and hold type. Dividend investors will note that SLG currently offers a 3.95 percent yield. =============================== Market Sentiment =============================== Three Things - J. Brown Stocks say good-bye to a painful third quarter but in reality the month of September was pretty mild for the historically "worst" month of the year. Right now there are three things on the minds of investors. First is the presidential debate tonight. Currently stocks are poised to march higher if President Bush puts in a good performance tonight. He is currently in the lead across most of the nation's polls and Wall Street likes the incumbent to win no matter what his affiliation. Investors big and small alike will spend the next month focusing on the November 2nd election and who will lead us for the next four years. The second major issue on investors' minds is crude oil. Crude remains near $50 a barrel. In the last week there's even been talk of oil at $60 a barrel. Fortunately most expect crude to slip lower but the $40 level is expected to be the new bottom at least for the foreseeable future. The third issue influencing investor sentiment will be corporate earnings. We've had a ton of warnings in the past month and the third quarter earnings season will begin in days. Wall Street has already discounted a disappointing third quarter and everything will depend on guidance for the fourth quarter. Traditionally the fourth quarter is one of the strongest given the end of year holiday season so expectations may be too high. Tomorrow is a big day for economic activity. The markets will digest the ISM manufacturing index, the Michigan sentiment index, the construction spending numbers, auto and truck sales and the G7 group of finance ministers meet. Not to mention a couple of fed governors will be speaking on banking tomorrow. ----------------------------------------------------------------- Market Averages DJIA ($INDU) 52-week High: 10753 52-week Low : 9230 Current : 10080 Moving Averages: (Simple) 10-dma: 10120 50-dma: 10109 200-dma: 10297 S&P 500 ($SPX) 52-week High: 1163 52-week Low : 990 Current : 1114 Moving Averages: (Simple) 10-dma: 1115 50-dma: 1101 200-dma: 1118 Nasdaq-100 ($NDX) 52-week High: 1559 52-week Low : 1301 Current : 1412 Moving Averages: (Simple) 10-dma: 1409 50-dma: 1380 200-dma: 1440 ----------------------------------------------------------------- CBOE Market Volatility Index (VIX) = 13.34 +0.13 CBOE Mkt Volatility old VIX (VXO) = 13.44 +0.63 Nasdaq Volatility Index (VXN) = 20.48 -0.19 ----------------------------------------------------------------- Put/Call Ratio Call Volume Put Volume Total 0.86 688,608 594,500 Equity Only 0.73 590,577 433,987 OEX 0.95 13,760 13,042 QQQ 0.92 31,831 29,300 ----------------------------------------------------------------- Bullish Percent Data Current Change Status NYSE 63.9 + 0.5 Bear Correction NASDAQ-100 43.0 + 0 Bull Alert Dow Indust. 53.3 - 3 Bear Correction S&P 500 61.2 + 0.4 Bear Correction S&P 100 60.0 + 1 Bear Correction Bullish percent measures the number of stocks in an index currently trading on a buy signal on their point and figure chart. Readings above 70 are considered overbought, and readings below 30 are considered oversold. Bull Confirmed - Aggressively long Bull Alert - Cautiously long Bull Correction - Pause or pullback in upward trend Bear Alert - Take defensive action if long Bear Confirmed - High risk if long, good conditions for shorting Bear Correction - Pause or rebound in downtrend ----------------------------------------------------------------- 5-dma: 1.16 10-dma: 1.10 21-dma: 1.03 55-dma: 1.18 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 1740 1682 Decliners 1065 1322 New Highs 182 97 New Lows 21 29 Up Volume 1305M 968M Down Vol. 856M 656M Total Vol. 2191M 1658M M = millions ----------------------------------------------------------------- Commitments Of Traders Report: 09/21/04 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 The latest COT data shows a big drop in positions for both commercials and small traders but commercials remain slightly net bearish and small traders remain net bullish. Commercials Long Short Net % Of OI 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%) 09/21/04 404,746 425,560 (20,814) (2.5%) 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 08/31/04 144,120 114,343 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% 09/21/04 134,943 108,036 26,907 11.1% 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 The passing of the quadruple-witching Friday cut a large chunk of open positions among long and shorts, big and small. Yet the remain positions still open have sent commercials to their most bearish bias in weeks and the small trader to their most bullish. Commercials Long Short Net % Of OI 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%) 09/21/04 213,014 397,844 (184,830) (30.2%) 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 08/31/04 258,624 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% 09/21/04 256,315 60,275 196,040 61.9% Most bearish reading of the year: (77,385) - 09/02/03 Most bullish reading of the year: 449,310 - 06/10/03 NASDAQ-100 Wow! It looks like last week's option expiration has produced some major shifts. There is a huge drop in open positions that have produced dramatic changes in bias. Commercials are now strongly bullish and small traders are incredibly bearish. To be honest I'm not sure how much I trust these numbers. Commercials Long Short Net % of OI 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% 09/21/04 54,530 30,827 23,703 27.7% 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 08/31/04 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% 09/21/04 7,417 25,821 (18,404) (55.3%) 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 The Dow Jones futures show the same dramatic drop in open positions with the recent option/futures expiration. However, the DJ futures do not show a big switch in bias. Commercials Long Short Net % of OI 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% 09/21/04 30,816 27,200 3,616 6.2% 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 08/31/04 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%) 09/21/04 4,467 6,748 (2,281) (20.3%) Most bearish reading of the year: (12,106) - 3/09/04 Most bullish reading of the year: 8,523 - 8/26/03 ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to 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 ) 2004 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter Thursday 09-30-2004 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, SPN 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 - Uh-oh! Danger! ARB has put together two back to back days of gains on strong volume. Make sure you're comfortable with your stop loss. SPN - non-tech long - Heads up! SPN is up six days in a row. Short-term traders may actually want to consider taking some profits off the table. We are going to raise our stop loss to $11.99. We're still aiming for a $13.50-14.00 target but some of this week's gains could be window dressing and thus tomorrow we may expect some profit taking. ================================================================== 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 --------------------------------- Value Plays With Bullish Signals --------------------------------- Ticker Company Name Close Change COP ConocoPhillips 82.85 +1.28 MO Altria Group 47.04 +0.52 HBC HSBC Holdings 79.80 +0.63 UTX United Technologies 93.38 +0.63 OXY Occidental Petroleum 55.98 +0.53 GM General Motors 42.48 +1.38 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- SWC Stillwater Mining Co 15.50 +1.33 OLN Olin Corp 20.00 +1.22 AGYS Agilsys Inc 17.29 +1.09 ADBL Audible Inc 17.93 +1.10 NIKU Niku Corp 15.20 +1.27 HURC Hurco Companies 13.39 +2.52 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- RTN Raytheon Co 37.98 +1.21 GD General Dynamics 102.10 +1.97 MAR Marriott Intl Inc 51.96 +1.51 BSC Bear Stearns 96.17 +3.81 MGG MGM Mirage 49.65 +1.35 COL Rockwell Collins 37.14 +1.31 AVY Avery Dennison 65.78 +1.07 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- MRK Merck & Co 33.00 -12.07 LLY Eli Lilly & Co 60.05 -1.80 FNM Fannie Mae 63.40 -2.85 AGN Allergan Inc 72.55 -2.18 ANN Ann Taylor Stores 23.40 -1.18 PDX Pediatrix Medical 54.85 -3.16 MATK Martek Biosciences 48.64 -2.48 TLB Talbots Inc 24.79 -2.51 FDP Fresh Del Monte Produce 24.91 -1.75 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ----------------------------------------- CVS CVS Corp 42.13 -0.23 PPP Pogo Producing 47.45 -0.44 ================================================================= 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.
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