PremierInvestor.net Newsletter Thursday 10-28-2004 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: Tape Painting Eases Watch List: Plenty of Tech Market Sentiment: Three More Trading Days ================================================================= MARKET WRAP (view in courier font for table alignment) ================================================================= 10-28-2004 High Low Volume Adv/Dcl DJIA 10004.54 + 2.50 10044.95 9952.48 2.04 bln 1632/1555 NASDAQ 1975.74 + 5.80 1980.36 1959.57 1.81 bln 1514/1544 S&P 100 539.48 + 1.70 541.16 535.67 Totals 3146/3099 S&P 500 1127.44 + 2.04 1130.67 1120.57 W5000 11049.24 + 13.39 11077.04 10981.23 SOX 412.36 + 1.50 415.91 408.86 RUS 2000 585.63 - 1.55 587.19 581.72 DJ TRANS 3484.45 + 9.30 3484.45 3440.22 VIX 15.39 - 0.33 16.05 15.36 VXO (VIX-O)15.46 - 0.67 16.64 15.37 VXN 21.25 - 0.27 21.87 20.88 Total Volume 4,217M Total UpVol 2,385M Total DnVol 1,774M Total Adv 3608 Total Dcl 3532 52wk Highs 347 52wk Lows 92 TRIN 0.98 NAZTRIN 0.72 PUT/CALL 0.68 ================================================================= =========== Market Wrap =========== Tape Painting Eases by Jim Brown Mutual fund tape painting eased on Thursday despite a drop in oil and a strong IPO market. Volume remained high but at 4.2B shares it fell short of the 4.75B shares traded on Wednesday. That number was a multi- month high. Wilshire Chart Dow Chart Nasdaq Chart Economic news was light and failed to impress traders but it also failed to dim any outlook. The Jobless Claims jumped to 350,000 once again and continue to confuse analysts expecting them to fall as we enter the holiday season. Estimates had been for only 338K and inline with the low summer averages. The only guess from the Labor Department was lingering impact from the hurricanes. In conjunction with the rising Jobless Claims the Help Wanted Index fell back to its cycle low at 36 and has declined in eight of nine U.S. regions over the last three months. Only the Pacific region has remained stable at 31 and well below the average. The headline number reached a cycle high of 40 in February but that was well below the pre-recession reading of 90. This is an index of newspaper advertising and the growth in Internet job searching has depressed this expensive medium. However the cycles still remain valid although numbers may never return to prior highs. This suggests hiring is still weak and the economy is not gaining speed. A surprise quarter point (+0.27% to be exact) rate hike by China knocked oil and commodities for a loss today on fears that China would actually slow down. Oil fell to close at $50.92 and well below the $55.65 all time high just yesterday. China oil imports have grown +61% since last year and a slowing of that demand was seen to be a relief for oil prices. Steel and copper prices as well as stocks dealing in those commodities also fell. This was great for the market today but I seriously doubt it is going to last. Several analysts suggested this was a token rate hike made as a thank you gift to the U.S. for Colin Powell's comments yesterday. He said Taiwan was NOT a separate country. This was a major policy comment that lends credibility to China's attempt to control the Taiwan discussion. This was the first rate hike in nine years and it will not have any material impact. It was also seen as an effort to move ahead of the U.S. rate hike due Nov-10th to be seen as a leader not a follower. China cannot afford to slow down from its current +9% growth rate. Every month two million rural Chinese flee the poverty of the vast countryside and move to the cities in search of work and a better life. If China fails to provide infrastructure, housing and jobs for these migrants then social decay, civil unrest and crime will soar. The +61% increase in oil imports over the last year is only the leading edge of a tidal wave of oil that will be needed to continue the growth. Upgrading just the coastal 1/3 of China to the economic level of Korea would increase China's oil imports from the current six million bbls per day to nearly 20 mil bpd. This would be another +233% increase in imports of oil and continue huge increases in hard commodities. 20 mil Bpd is nearly double the output of Saudi Arabia today. Will it happen? Absolutely, only the timing is unknown. Over the last year their raw iron imports have jumped +21% and processed steel +11%. They already consume a large portion of our building material output for things like plywood, sheetrock and insulation. Should the market be worried about a quarter point rate hike in China and the potential for their economy slowing? Not in my opinion! Oil fell below $51 and the markets did not rally. What happened to the connection between oil and equities? I believe that the connection has been broken for quite a while and the talking heads on TV have been trying to keep it alive. A trader only needs to look at the transports currently at a five year high with oil over $50 to see this disconnect. Sure we got a reaction bounce on Wednesday with the first break in oil prices but the equity bounce was related more to year end tape painting by mutual funds than the drop in oil. The October tape painting is a historically recognized event. Mutual funds shuffle their portfolios over the first three weeks of October to eliminate the losers before their October year end. Once the losers are dumped they pour huge amounts of money into the stocks they are keeping over the last week of the month to produce the most positive picture possible for their year end statements. Historically this has produced a significant jump in the indexes over the last week of October. It also helps that the dumping of losers in early October pushes those same indexes to significant support levels that make a good launch point for the end of month tape painting. Over the last ten years the last week of October has shown gains ten out of ten times even in 2001 and during the bear market. Ten Year Table of October Last Week Gains Today is the 75th anniversary of the Black Tuesday market crash in 1929. Over two days the Dow lost -24% and it took a very long time to recover that loss. I doubt that had anything to do with today's performance but I am sure more than one money manager did a quick fact check to assure himself that conditions were not building to another similar event in the near future. At present the only major event the markets will be watching is the election next Tuesday. The current surveys continue to predict a dead heat and that should work to slow any further market advances. The electoral count shows 191 hard for Bush and 149 for Kerry with 270 needed to win. 36 votes are leaning to Bush and 58 are leaning to Kerry. 104 votes are currently considered a toss up. Using the current statewide surveys to predict the results Bush would have 220 votes to Kerry's 207 with FL, OH and PA the 68 votes that would swing the election. The bottom line is the election is still too close to call and the lack of a clear leader should keep any market gains over the next two days to a minimum. For the Dow we have seen a +300 point jump in three days from the 9708 low on Monday. The Dow closed at 10004 today and to put it in simple terms the easy points have already been captured. Moving over 10100 and 10200 is probably going to have to wait until after the election. The Dow has made a very nice sprint and it was especially nice after the three weeks of losses but it is showing signs of being winded. Today saw a bounce to near 10050 before consolidation began to appear. Market makers, fund managers or both managed to close the Dow at just over 10000 for the second consecutive day and I believe it represents the level they want to hold tomorrow and the last day of their accounting year. The Nasdaq also managed to consolidate its gains and move slightly higher to 1974 and hold over its 200dma at 1957. The early October resistance highs were just over 1970 and today's close eclipsed those levels. The Nasdaq managed to close at four-month highs and even if it was only by a couple points traders should be excited. You can see the Saturday papers now, "Nasdaq at Four Month Highs as Bull Market Returns." Of course that means they have to hold the line on Friday. The SOX is also at a three month high just over 410 and it is clear that funds shifted some of their money into chip stocks despite the general bad news from the sector. You have to buy stocks when nobody else wants them to be successful long term and they did exactly that in October. The SOX is up +5% for the week. The Russell has also rallied off its October lows and is nearing all time resistance at 600. Resistance at 587 has slowed the advance for the last two days but the lack of any selling suggests a new sprint ahead. A move over 600 should produce a stampede. The Wilshire-5000 closed at 11042 and barely 100 points away from the June and October resistance high at 11164. A breakout here along with a break over 600 on the Russell would be bull heaven. Earnings are nearly over with 377 of the S&P-500 already reported. Current earnings have averaged +15.5% with revenue up +11.1%. This compares to earnings of better than 25% in each of the prior two quarters. It is also better than some of the dire estimates of +13-14% to as low as +10.8% over the last month. According to Thompson Financial the final number will be in the +16.4% range based on current company guidance from those companies not yet reported. It also assumes no major misses. 63% of companies have beaten the mostly lowered estimates, 20% have missed estimates and 16% have reported inline. The slowing of the earnings flow and the current hard estimates leaves little to excite the market from the earnings standpoint. Now that we are at month end the economics will increase sharply and Friday is the first major reporting schedule in this cycle. We will see the GDP, Employment Cost Index, NAPM, PMI and Consumer Sentiment. You can bet the numbers will immediately be turned into campaign fodder and hurled vehemently from side to side. This does have the potential to upset the current market consolidation we saw today. I would look for traders to be cautious but funds have a vested interest in maintaining Dow 10,000 so selling could be contained. I would be careful going long ahead of next Wednesday because Monday could turn into a day of window undressing after the fund year end and ahead of the election. A legal battle over the election results could also poison market sentiment. Patience is the key here. We have endured many months of being bombarded with campaign mudslinging and the finish line is just ahead. These last three trading days should pass quickly. 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 --------------------------------- QLogic Corp - QLGC - close: 32.18 change: +0.71 WHAT TO WATCH: We came very close to adding QLGC to the play list tonight. The stock has broke through resistance at the $32.00 and broken through technical resistance at its simple 200-dma and the exponential 200-dma. Technical oscillators are bullish and its MACD has recently reversed into a new buy signal. The P&F chart is bullish with a long-term $53 price target. --- Cypress Semiconductor - CY - close: 10.59 change: +0.72 WHAT TO WATCH: The SOX managed to close over its simple 100-dma for a 2 1/2 month high but it was a lot less impressive than CY's 7.2 percent rally. CY broke through round-number resistance at the $10.00 mark on more than double its average volume. This is a very bullish move. Traders can choose to watch for a dip back toward $10.00-10.25 and buy a bounce or look for a move over the 100-dma. --- FormFactor - FORM - close: 22.89 change: +1.19 WHAT TO WATCH: FORM is a semiconductor stock that has been stuck in a trading range for almost a year. Today's move over resistance at $22.85 is a significant breakout. Momentum traders may want to consider positions if FORM can push past the $23 mark. Otherwise we'd probably wait and watch for a bounce from the $21 level (maybe $22). The stock does look more than a little overbought from its August lows so watch those stops. --- Juniper Networks - JNPR - close: 26.31 change: +0.49 WHAT TO WATCH: We had JNPR on the watch list last night for a breakout over resistance at $26.00. Now it's happened. This looks like a bullish entry point for a run to the $30 level. Yes, there appears to be some resistance near $28 but if the market does produce a post-election rally we don't expect the $28 level to slow JNPR down. Today's rally has produced a new buy signal on its P&F chart with a $37 target. =============================== Market Sentiment =============================== Three More Trading Days - J. Brown Hang on folks we're almost to the finish line. I am talking about the Nov. 2nd election. With the election this close investors could be dipping their toe in the water and placing some early bets to beat the crowd on any post-election rally. Of course there is a strong chance that the election numbers will be so close the final result will be tied up in recounts and lawsuits. This is a potential negative for the markets that would like to see this whole election-circus end. Remember, the stock market hates uncertainty and the margin between Bush and Kerry seems to be slimming. I think the markets did pretty well holding on to their gains from the previous two sessions. There was definitely some profit taking in oil and energy stocks but crude oil fell for its third session in a row closing under $51 a barrel for the first time in three weeks. A lot of the chatter today was on commodity related stocks due to a surprise rate hike from China. The Chinese has been trying to slow down their economy before it overheats. This was the first rate hike in nine years. There was an immediate concern that if China slows down too much it will drag on the U.S. and the rest of the global economy. Speaking of economics Friday will bring a raft of economic reports. First and foremost will be the Q3 GDP numbers. Economists are currently looking for +4.0 to +4.3 percent growth rate compared to a +3.3 percent rate last quarter. As we near the holiday shopping season Wall Street will also be watching the University of Michigan Consumer sentiment numbers. The current estimate is for a reading of 88 compared to the last reading at 87.5. We'll also get the Employment Cost Index (ECI), the NAPM number, and the Purchasing Managers Index (PMI). Tomorrow could be a toss up. I know. I'm really sticking my neck out here but it wouldn't surprise me to see the market go either way. Friday is the last day for many mutual funds' year- end window dressing. That probably means that the current "winners" could see another last push higher. Plus, as I suggested earlier there could be investors out there buying now to get in front of any post-election rally. Yet on the other hand there is so much confusion, uncertainty and indecision on who might win the election we could trade sideways for the next three days. If I had a third hand I'd suggest that we might see more defensive moves and profit taking. There is still a possibility of a terrorist event near or on election day. Plus, the cloud of not having a clear winner is a big negative. Overall I think investors would like to be bullish and with the election coming to an end soon and oil prices dropping. Normally news that another airline had filed for bankruptcy would be a big story but the media seems to have already forgotten. Of course that's easy to do with the election next Tuesday. Yet another sentiment indicator that investors are turning bullish again has been the recent attraction and excitement over the IPO market again. ----------------------------------------------------------------- Market Averages DJIA ($INDU) 52-week High: 10753 52-week Low : 9497 Current : 10004 Moving Averages: (Simple) 10-dma: 9894 50-dma: 10109 200-dma: 10260 S&P 500 ($SPX) 52-week High: 1163 52-week Low : 1018 Current : 1127 Moving Averages: (Simple) 10-dma: 1109 50-dma: 1114 200-dma: 1119 Nasdaq-100 ($NDX) 52-week High: 1559 52-week Low : 1301 Current : 1487 Moving Averages: (Simple) 10-dma: 1453 50-dma: 1417 200-dma: 1438 ----------------------------------------------------------------- CBOE Market Volatility Index (VIX) = 15.39 -0.33 CBOE Mkt Volatility old VIX (VXO) = 15.48 -0.67 Nasdaq Volatility Index (VXN) = 21.25 -0.27 ----------------------------------------------------------------- Put/Call Ratio Call Volume Put Volume Total 0.68 827,548 560,128 Equity Only 0.55 654,090 359,641 OEX 0.55 32,153 17,726 QQQ 1.40 30,292 42,577 ----------------------------------------------------------------- Bullish Percent Data Current Change Status NYSE 63.7 + 0.8 Bear Correction NASDAQ-100 51.0 + 2 Bull Alert Dow Indust. 50.0 - 0 Bear Confirmed S&P 500 61.4 + 1.2 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: 0.96 10-dma: 0.94 21-dma: 1.00 55-dma: 1.05 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 1408 1456 Decliners 1379 1523 New Highs 195 152 New Lows 22 31 Up Volume 1126M 1052M Down Vol. 929M 733M Total Vol. 2073M 1810M M = millions ----------------------------------------------------------------- Commitments Of Traders Report: 10/19/04 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 continue to hedge their bets in the big S&P contacts and are nearing a dead heat between longs and shorts. Small traders remain mostly net bullish but have pared back their enthusiasm a bit. Commercials Long Short Net % Of OI 09/28/04 404,773 434,441 (29,668) (3.5%) 10/05/04 421,217 435,736 (14,519) (1.7%) 10/12/04 423,472 436,780 (13,308) (1.5%) 10/19/04 432,945 441,041 ( 8,096) (0.1%) 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 09/28/04 135,317 107,173 28,144 11.6% 10/05/04 137,210 114,489 22,721 9.0% 10/12/04 139,175 113,903 25,272 9.9% 10/19/04 147,148 124,827 22,321 8.2% 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 We see a similar picture in the e-minis. Commercial traders aren't making any changes. They remain net bearish and we have the same reading as last week. Meanwhile small traders have slowly grown more net bullish, which of course is a bearish contrarian indicator. Commercials Long Short Net % Of OI 09/28/04 226,020 420,714 (194,694) (30.1%) 10/05/04 248,190 476,608 (228,418) (31.5%) 10/12/04 258,457 517,805 (259,348) (33.4%) 10/19/04 264,860 531,541 (266,681) (33.4%) 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 09/28/04 262,501 68,255 194,246 58.7% 10/05/04 308,021 80,373 227,648 58.6% 10/12/04 309,720 62,502 247,218 66.4% 10/19/04 353,903 66,027 287,876 68.5% Most bearish reading of the year: (77,385) - 09/02/03 Most bullish reading of the year: 449,310 - 06/10/03 NASDAQ-100 Commercial trades have not moved much. They remain net bullish on the NASDAQ 100. Small traders upped both their longs and shorts and reduced their bearish posture a tad but remain strongly net bearish. Commercials Long Short Net % of OI 09/28/04 55,045 32,319 22,726 26.0% 10/05/04 55,640 32,872 22,768 25.7% 10/12/04 52,572 32,775 19,797 23.2% 10/19/04 52,630 31,940 20,690 24.4% 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 09/28/04 10,078 22,917 (12,839) (38.9%) 10/05/04 12,254 30,693 (18,439) (42.9%) 10/12/04 8,756 24,400 (15,644) (47.2%) 10/19/04 10,462 25,243 (14,781) (41.3%) 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 Commercial traders seem content to sit on the sidelines with out any big directional bets on the Industrials. Longs and shorts have remain pretty close to one another for a few weeks now. That's not so with the small traders. The latest data shows a big drop in short positions and the bias has turned bullish for the first time in weeks. Commercials Long Short Net % of OI 09/28/04 29,714 26,877 2,837 5.0% 10/05/04 27,498 25,772 1,726 3.2% 10/12/04 24,150 22,849 1,301 2.7% 10/19/04 25,385 24,213 1,172 2.3% 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 09/28/04 5,143 5,988 ( 845) ( 7.6%) 10/05/04 5,531 5,539 ( 8) ( 0.0%) 10/12/04 8,814 9,167 ( 353) ( 1.9%) 10/19/04 8,327 6,015 2,312 16.1% 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 10-28-2004 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: AFG 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 ================================================================== AFG - non-tech short - Uh-oh! Insurance stock AFG has taken off and reversed course on us. The recent bounce from under $28 to $29 was understandable because the IUX insurance index was rebounding on a possible settlement with NY Attorney General Spitzer. Yet until today shares of AFG remained under their exponential 200-dma. Today's rally of more than 3 percent is a concern. There was no news to account for the move and shares of AFG have pushed back above the simple 200-dma. Technicals have turned bullish on us and volume has been strong on the rebound. We are not suggesting any new plays. If AFG trades over $30 we may close the play early. ================================================================== 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 AIG American Intl Group 61.20 +1.18 MO Altria Group 48.69 +0.66 TGT Target Corp 50.00 +0.55 MFC Manulife Financial 45.59 +0.59 UN Unilever N.V. 58.91 +0.99 GS Goldman Sachs 97.42 +1.32 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- ANDW Andrew Corp 13.91 +1.21 MVL Marvel Enterprises 15.32 +1.42 ARBA Ariba Inc 13.32 +2.25 CVTX CV Therepeutics 15.97 +1.22 KOMG Komag Inc 16.06 +1.90 ITMN Intermune Inc 12.61 +1.09 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- GOOG Google 193.30 +7.33 CAJ Canon Inc (ADR) 49.86 +1.46 AAPL Apple Computer 52.19 +1.89 BEN Franklin Resources 60.74 +1.49 WWY William Wrigley Jr Co 65.09 +1.08 MCO Moody's Corp 78.00 +1.22 CCE Coca-Cola Enterprises 20.67 +1.78 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- JCP J.C.Penney 35.35 -2.01 AHC Amerada Hess 79.22 -4.63 FCX Freeport Mcmoran 35.05 -2.05 CTL Centurytel Inc 31.40 -2.46 ZBRA Zebra Technologies 53.24 -1.34 IMCL ImClone Systems 45.95 -5.25 TSG Sabre Holdings 21.10 -2.96 OCR Omnicare Inc 27.50 -2.63 CBT Cabot Corp 33.35 -3.94 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ----------------------------------------- IMO Imperial Oil Ltd 56.97 -1.21 DVN Devon Energy 73.13 -2.39 BR Burlington Resources 40.65 -1.41 APC Anadarko Petroleum 67.54 -1.06 APA Apache Corp 50.01 -1.76 DO Diamond Offshore 33.00 -1.70 BTU Peabody Energy 62.45 -2.68 OSG Overseas Shipholding 54.10 -2.39 ================================================================= 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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