PremierInvestor.net Newsletter Thursday 10-14-2004 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: Thank You Elliott Spitzer Watch List: Candidates for Everybody Market Sentiment: Earnings & Oil Double-Team. ================================================================= MARKET WRAP (view in courier font for table alignment) ================================================================= 10-14-2004 High Low Volume Adv/Dcl DJIA 9894.45 -107.90 10003.36 9875.13 1.66 bln 1285/1805 NASDAQ 1903.02 - 17.50 1921.82 1900.77 1.47 bln 973/2052 S&P 100 529.58 - 5.90 535.73 528.75 Totals 2258/3857 S&P 500 1103.29 - 10.36 1114.97 1102.06 W5000 10788.48 - 92.52 10892.34 10777.97 SOX 380.60 - 12.70 393.25 378.98 RUS 2000 564.88 - 4.54 570.06 564.79 DJ TRANS 3302.90 + 20.50 3315.18 3282.57 VIX 16.43 + 1.01 16.56 15.22 VXO (VIX-O)17.13 + 0.88 17.80 15.78 VXN 22.30 + 0.17 22.67 22.03 Total Volume 3,424M Total UpVol 1,038M Total DnVol 2,339M Total Adv 2556 Total Dcl 4333 52wk Highs 102 52wk Lows 139 TRIN 1.58 NAZTRIN 1.00 PUT/CALL 1.07 ================================================================= =========== Market Wrap =========== Thank You Elliott Spitzer by Jim Brown Single-handedly Elliott Spitzer turned into a one man wrecking crew and sent the indexes into a death spiral at 10:30 this morning. Spitzer took aim at the major insurance companies in what he called a major scandal and financial stocks imploded. Dow component AIG lost -7 points taking nearly -63 points off the Dow. Dow Chart Nasdaq Chart SPX Chart Wilshire-5000 Chart Spitzer said he was going to sue Marsh McLennan for a wide ranging scheme to defraud clients and sell insurance at artificially high rates. The four major insurers took substantial hits with AIG -6.99, AOC -4.48, CB -4.09 and MMC a whopping -11.28. In what could develop into a RICO prosecution Spitzer has taken aim at these monster companies and claims their pattern of business practices are fraudulent. The case stems from the quotation process. According to Spitzer companies like MMC accepted payments from insurers to sell their insurance at higher prices than the competition. MMC supposedly would produce fictitious quotes putting the company they wanted to win in the quote at the price they wanted to get for the insurance. The challenge was the relationship between the client and broker created fiduciary responsibility and MMC and others violated that responsibility by taking payoffs for quote positioning. They were representing the quotes as the best available when they knew there was insurance available at cheaper rates in their own rate book. MMC reportedly made $800 million in kickbacks last year and that was nearly half of their total profit. When asked in a TV interview if he was going to put the companies out of business he ducked the question but stated the companies were not cooperating. Because these companies deal in various securities as well a felony conviction could put them out of business like Arthur Anderson. It is a death sentence for financial entities and based on Spitzer's description of the complaint it could happen. However, because these four companies represent the majority of business written in the U.S. the odds are good there will be a settlement with those that cooperate. One could be made an example and sent down the tubes as a warning to the rest. MMC appears to be the target of choice. MMC Chart Before the insurance bomb hit the markets they were already struggling under a widening oil slick and having trouble just treading water. A fire at a west coast refinery did not hamper production but prices continued to climb. Oil inventories rose +4.2MB for the week and much more than expected but prices still rose. Heating oil inventories fell sharply and prices hit another all time high with a close at $1.548. Crude Chart Heating Oil Chart While the market was being ransacked by the insurance and oil problems the semiconductor sector was also under attack. The list of chip stocks either missing earnings or warning in the last 48 hours was long and it was still getting longer at today's close. The list included NVLS, FLEX, SNDK, LRCX and PHTN to name a few. The SOX lost -12 points or -3.21% but the damage could have been a lot worse. The SOX found support at 380 and clung to that level all afternoon. This limited the Nasdaq loss to only -17 points and kept it from breaking 1900 support. The 380 support could be critical to our market direction on Friday. A break of that level could see a return to the lows for the year at 350. SOX Chart Economically the news was not good either. The Jobless Claims rose to 352,000 and the four-week moving average rose to 353,000. This is not good news for the recovering economy. There were no hurricanes to blame and California and Illinois were the states with the biggest increases. Claims under 150K equate with job gains in the employment report over 100K per month and claims over 150K generally equate to a flat to down job market. Import prices rose a smaller than expected +0.2% but odds are good next month will show a dramatic increase. Oil prices have rocketed higher and this should skew the numbers dramatically. The International Trade numbers reflected a much stronger impact of oil prices with the trade balance slipping to -$54 billion and the second highest level in history. Import growth is soaring at +20.7% and at record highs while export growth is rising at a slower +14.2% rate. At the current rate foreign trade will subtract from our Q3/Q4 GDP instead of contribute to its rise as in Q1/Q2. Friday has some critical economic reports and the market will be looking for some relief. The NY Manufacturing Survey is expected to be weaker after a strong rebound last month. How weak will be the key. We will get the PPI for September and the consensus is for a flat reading but eventually oil prices have to produce a strong bounce in the PPI numbers. Retail sales are expected to show a bounce to +0.6% for September on back to school shopping but the cycle was noticeably weak in most areas. Consumer Sentiment is expected to be flat at 94.9 but with the election mudslinging and rocketing energy prices there is the potential for a major drop. Business Inventories are expected to rise +0.7% but if the economy is really slowing as much of the earnings guidance has indicated those inventories could be much higher. Friday could be rocky economically. Even without the insurance bomb the Dow was already in trouble with the warning from GM. GM said it was cutting 12,000 jobs in Europe and would be cutting more in the U.S. They slashed profit forecasts and said demand remained weak. They may have reached a point where they can't provide enough incentives to sell more cars. With up to $6,000 in incentives on some models the company has tried to keep production rolling but now may be forced to close some assembly lines. Merrill Lynch said they are likely to close at least one plant completely and possibly more. The high incentives helped dealers liquidate 230,000 units of their current 1.137 million units of unsold cars and trucks in Q3. With strong tax bills ahead in December for dealers stuck with those vehicles at year end we can expect huge promotions to move inventory over the next two months. The Dow retreated to close under 9900 and at the May lows. This is a very important support level and we are closing in on the August lows at 9783. This is the make or break time for the Dow. A successful test of 9800 would create a double bottom and a potential launch point for a post election rally. A failure at 9800 would be very critical and could easily project to 9600 to 9300 depending on which technical analyst you believe. A break below 9800 would be a lower low and break many of the technical models suggesting an end of October rally. The Nasdaq is much stronger than the Dow and clung to support at 1900 most of the afternoon. This is decent support and considering the rash of earnings misses and warnings in the tech sector it is amazing we held this level. A break here targets 1850-1860. I am clinging to my bias that we should see a rebound over the next couple of days. Technically speaking we should plummet to new lows and not look back. However, the last two weeks of October in election years are almost always bullish if the incumbent is ahead. The problem we are facing is an election with no leader, oil prices soaring despite higher inventory levels, terrible earnings and a very high ratio of negative guidance. We are also facing the start of Ramadan, the Muslim holy month, on Friday in Saudi Arabia. During the month Muslims are forbidden to eat, drink or smoke during daylight hours. Also during Ramadan we have historically seen an escalation of terrorist activities. This makes tomorrow even more volatile than normal for an option expiration day. Four of the economic reports for Friday will be released before the open and fortunately for us there are no major earnings. Earnings after the close today failed to dent the overnight futures despite some spectacular failures. Juniper beat the street and raised guidance but got killed for more than a -$2 drop in after hours on comments about a recent acquisition. Juniper has beaten estimates for eight straight quarters. CNET beat the street but warned for Q4 and lost -12% in after hours trading. LEXR posted inline and traded down. RMBS beat the street and traded level. SUNW beat the street but traded level on a weak outlook. CREE beat the street by +4 cents but lost -1.50 in after hours after guiding revenue lower and earnings higher. The highest profile failure was NFLX. NFLX beat estimates by +3 cents but then traded down to $11 from $17 after saying they expected competition to become increasing stronger and they were slashing subscriber rates to combat the trend. Blockbuster has a competing service now and Amazon is expected to enter the competition. That -37% drop in the stock was on heavy volume. That makes a very light earnings schedule on Friday good news for the bulls because even good earnings news has been riddled with negative factors. This could be a critical day for the bulls and they had better rally the troops to stave off a break of 9800. While we are running out of reasons to move higher the expectations for the end of the year rally remains the same from most analysts. The divergence between economic reality and market expectations is growing about as wide as the reality gap between oil prices at all time highs and the Transports soaring like diesel was 29 cents a gallon. Eventually all divergences return to reality and while I was expecting it to happen in January for equities there is always the possibility that market conditions for creating the perfect storm are currently forming. If you are bullish Monday should be the day to go long with historical trends in your favor. It also means that Friday could be highly volatile as everyone positions for the expected move. 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 --------------------------------- Bunge Ltd - BG - close: 40.88 change: +0.78 WHAT TO WATCH: There's no weakness in shares of BG. The stock's four-week climb has sent shares back towards resistance near $41.50. If BG can breakout it would produce a new triple-top breakout buy signal on its P&F chart. Consider using a trigger to catch the move but watch out for earnings on or near October 28th. We would target the $44-45 range for a short-term run. --- Kimco Realty - KIM - close: 52.60 change: +0.94 WHAT TO WATCH: Real Estate Investment Trusts or REITs have totally ignored the recent market weakness. Most of the sector- specific indices that cover the group are hitting new highs. Shares of KIM are doing just that - hitting new highs. The move over resistance at $52 looks like an entry point but patient traders may want to watch for a dip back toward $51 and buy a bounce. Just remember to set your stop loss and be patient. KIM isn't the fastest moving stock. --- Pep Boys - PBY - close: 12.42 change: -1.15 WHAT TO WATCH: A downgrade for PBY has sent the stock to an 8.4 percent decline and a new one-year low. Shares had been consolidating above support at $13.00 but the stock was wilting under a trend of lower highs. The high-volume breakdown today and the new MACD sell signal looks like a bearish entry point. If you're patient consider targeting the $10 region. Just watch for earnings around November 10th. --- Cabot Microelectronics - CCMP - close: 31.33 change: -1.82 WHAT TO WATCH: We are still watching CCMP. The stock recently broke minor resistance near the $34 level and now the descent is picking up speed and volume. Shares just dropped 5.5 percent and closed under its simple 100-dma. Readers can watch for a bounce from round-number support at $30.00 or a breakdown. Either can offer a short-term trade. Remember to avoid the earnings report on October 21st. ----------------------------------- RADAR SCREEN - more stocks to watch ----------------------------------- PETM $30.00 +0.05 - We're still watching for a move over $30.25. BEAS $7.48 +0.05 - BEAS is holding up despite the drop in the NASDAQ today. MCD $29.08 +0.22 - MCD is still climbing after its positive earnings report. The rally looks headed for the $30 mark. PCU $46.15 +0.25 - The sell-off in copper stocks may be overdue. Watch this one for a bounce back toward $50. =============================== Market Sentiment =============================== Earnings & Oil Double-Team. - J. Brown Investor sentiment has taken a turn for the worse. The Q3 earnings parade has not been enough to divert attention from the record prices in crude oil. Every tick higher raises concerns about the impact on our economy. At a new all-time high of $54.76 the talk of $60 a barrel may become a self-fulfilling prophesy. Then again focusing on earnings may not help either. Citigroup and General Motors left investors disappointed and technology stocks aren't doing so hot either with SanDisk dropping 27 percent. iPod-producer Apple Computer seems to be the lone standout today. As if rising oil and lackluster fourth quarter guidance wasn't bad enough the New York Attorney General Elliott Spitzer said he was investigating anti-fraud issues in the insurance sector. Several of the big names in the group like MMC, AIG and HIG were possible defendants and the whole sector crashed. The IUX insurance index fell almost 7 percent. MMC dropped 24 percent and AIG plummeted 10 percent. Overall market internals were pretty negative. Decliners outpaced advancers almost 17 to 11 on the NSYE and 20 to 9 on the NASDAQ. Down volume overshadowed up volume 12 to 5 on the NYSE and 10 to 5 on the NASDAQ. On top of it all the third and final presidential debate last night was a toss up. Both sides are claiming victory, which is a big surprise there (not). However, the real money futures on the election are narrowing with Bush's lead faltering. The markets hate uncertainty and this election's results couldn't be more uncertain. Looking at the Industrials the index appears to be headed toward its August lows near 9800. However, the index has been trading in a descending channel and the bottom of the channel is closer to 9700 almost 9600. Setting a new low for the year would be pretty disappointing. Tomorrow brings the Producer Price Index, the NY Empire State index, the Retail sales for September, the Michigan Sentiment numbers and industrial production and capacity utilization. It's going to be a busy Friday. ----------------------------------------------------------------- Market Averages DJIA ($INDU) 52-week High: 10753 52-week Low : 9230 Current : 9894 Moving Averages: (Simple) 10-dma: 10106 50-dma: 10113 200-dma: 10289 S&P 500 ($SPX) 52-week High: 1163 52-week Low : 990 Current : 1103 Moving Averages: (Simple) 10-dma: 1125 50-dma: 1107 200-dma: 1119 Nasdaq-100 ($NDX) 52-week High: 1559 52-week Low : 1301 Current : 1425 Moving Averages: (Simple) 10-dma: 1446 50-dma: 1392 200-dma: 1441 ----------------------------------------------------------------- CBOE Market Volatility Index (VIX) = 16.43 +1.01 CBOE Mkt Volatility old VIX (VXO) = 17.13 +0.88 Nasdaq Volatility Index (VXN) = 22.30 +0.17 ----------------------------------------------------------------- Put/Call Ratio Call Volume Put Volume Total 1.07 955,623 1,023,708 Equity Only 0.85 667,745 568,304 OEX 0.86 75,219 65,206 QQQ 2.02 33,550 67,878 ----------------------------------------------------------------- Bullish Percent Data Current Change Status NYSE 64.3 - 1 Bear Correction NASDAQ-100 45.0 - 0 Bull Alert Dow Indust. 53.3 - 3 Bear Confirmed*** S&P 500 62.4 - 2 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: 1.46 10-dma: 1.08 21-dma: 1.09 55-dma: 1.14 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 1113 918 Decliners 1682 2053 New Highs 59 55 New Lows 56 53 Up Volume 542M 484M Down Vol. 1264M 1059M Total Vol. 1825M 1579M M = millions ----------------------------------------------------------------- Commitments Of Traders Report: 10/05/04 Weekly COT report discloses positions held by small specs and commercial traders of index futures contracts at the Chicago Mercantile Exchange and Chicago Board of Trade. COT data can be found at www.cftc.gov. Small specs are the general trading public with commercials being financial institutions. Commercials are historically on the correct side of future trend changes while small specs tend to be wrong. S&P 500 Commercial traders aren't making any big bets ahead of the Q3 earnings season. Longs and shorts have moved closer to parity and the bearish sentiment is at it lowest level in four weeks. Small traders are upping both their longs and their shorts but their bullish bias is waning a bit. Commercials Long Short Net % Of OI 09/14/04 442,049 469,982 (27,933) (3.0%) 09/21/04 404,746 425,560 (20,814) (2.5%) 09/28/04 404,773 434,441 (29,668) (3.5%) 10/05/04 421,217 435,736 (14,519) (1.7%) 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 09/14/04 167,310 126,513 40,797 13.9% 09/21/04 134,943 108,036 26,907 11.1% 09/28/04 135,317 107,173 28,144 11.6% 10/05/04 137,210 114,489 22,721 9.0% 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 Commercial traders have upped their positions in both longs and shorts but clearly remain net bearish. In contrast the small traders have raised their positions in longs and shorts and remain staunchly net bullish. Commercials Long Short Net % Of OI 09/14/04 377,643 586,139 (208,496) (21.6%) 09/21/04 213,014 397,844 (184,830) (30.2%) 09/28/04 226,020 420,714 (194,694) (30.1%) 10/05/04 248,190 476,608 (228,418) (31.5%) 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 09/14/04 289,155 81,314 207,841 56.1% 09/21/04 256,315 60,275 196,040 61.9% 09/28/04 262,501 68,255 194,246 58.7% 10/05/04 308,021 80,373 227,648 58.6% Most bearish reading of the year: (77,385) - 09/02/03 Most bullish reading of the year: 449,310 - 06/10/03 NASDAQ-100 We are not seeing a lot of movement in commercials' positions so they remain net bullish on the NDX. Meanwhile small traders are raising positions in both longs and shorts but shorts saw a big jump creating a large bearish bias by small traders. This is of course a bullish contrarian indicator. Commercials Long Short Net % of OI 09/14/04 64,282 59,808 4,474 3.6% 09/21/04 54,530 30,827 23,703 27.7% 09/28/04 55,045 32,319 22,726 26.0% 10/05/04 55,640 32,872 22,768 25.7% 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 09/14/04 36,372 28,584 7,788 12.0% 09/21/04 7,417 25,821 (18,404) (55.3%) 09/28/04 10,078 22,917 (12,839) (38.9%) 10/05/04 12,254 30,693 (18,439) (42.9%) 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 Investors both big and small seem rather undecided about how to bet on the Industrials. The gap between longs and shorts continue to narrow, especially between small traders where it's a dead-even. This is the least bullish commercials have been in weeks while it's the least bearish small traders have been in weeks. Commercials Long Short Net % of OI 09/14/04 41,951 34,486 7,465 9.7% 09/21/04 30,816 27,200 3,616 6.2% 09/28/04 29,714 26,877 2,837 5.0% 10/05/04 27,498 25,772 1,726 3.2% 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 09/14/04 8,121 14,425 (6,304) (27.9%) 09/21/04 4,467 6,748 (2,281) (20.3%) 09/28/04 5,143 5,988 ( 845) ( 7.6%) 10/05/04 5,531 5,539 ( 8) ( 0.0%) 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 10-14-2004 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: PSSI, LSCP Stock Splits Announcements: None Active Trader (Non-tech Stocks) Closed Bullish Plays: AMH 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 ================================================================== PSSI - non-tech short - We are going to lower our stop loss from $10.51 to $10.26 LSCP - non-tech short - LSCP looks ready to breakdown under $19.00. We are going to lower our stop from $21.49 to $21.01. ================================================================== Stock Splits ================================================================== None ================================================================== Active Trader (AT) Non-Tech Stock section ================================================================== ----------- Closed Play ----------- Closed Bullish Play -------------------- AmerUs Group - AMH - close: 39.91 change: -1.26 stop: 39.99 News that New York Attorney General Elliott Spitzer was aiming his legal guns at the insurance industry sent the sector into a tailspin. Heavy hitters in the group dove and AMH, who was not listed as a potential defendant, lost 3 percent in sympathy. The drop was enough to send AMH through its simple 40 and simple 50- dma's and round-number, psychological support at $40.00. We are stopped out at $39.99. Picked on October 01 at $42.55 Gain since picked: - 2.64 Earnings Date 11/02/04 (confirmed) Average Daily Volume: 222 thousand ================== 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 ECA Encana Corp 48.17 +0.72 IMO Imperial Oil Ltd 54.25 +0.57 DVN Devon Energy 72.98 +0.75 CSG Cadbury Schwepps 32.06 +0.78 ITT ITT Industries 79.06 +0.51 KIM Kimco Realty 52.60 +0.94 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- ENDP Endo Pharmaceutical 19.79 +1.39 SWFT Swift Transportation 17.85 +1.17 FHCC First Health Group 17.04 +2.00 ENER Energy Conv. Devices 19.66 +1.26 RNVS Renovis 11.58 +1.58 CAAS China Automotive Sys 11.51 +2.91 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- AAPL Apple Computer Inc 44.98 +5.23 CME Chicago Mercantile Exchg 171.69 +4.44 REG Regency Centers 47.80 +1.29 PPDI Pharma Product Development 40.23 +4.22 UTIW UTI Worldwide 64.00 +3.23 LSTR Landstar System 60.59 +2.64 DY Dycom Industries 29.66 +2.11 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- AIG American Intl Group 60.00 -6.99 MMC Marsh & Mclennan 34.85 -11.28 GM General Motors 38.84 -2.46 ACL Alcon Inc 67.84 -8.56 HIG Hartford Fincl Services 58.40 -3.78 COF Capital One Financial 69.22 -1.42 LTR Loews Corp 57.22 -1.01 CB Chubb Corp 65.65 -4.09 ATH Anthem Inc 82.12 -1.78 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ----------------------------------------- BAC Bank of America 44.20 -0.81 LEH Lehman Brothers 79.60 -1.24 UCI UICI 30.41 -4.24 GBBK Greater Bay Bancorp 30.05 -0.56 CAC Camden National 35.80 -0.09 ================================================================= 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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