PremierInvestor.net Newsletter Thursday 11-11-2004 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: 1175, The End or The Beginning Watch List: Steel to Education and more! Market Sentiment: Post-election Euphoria ================================================================= MARKET WRAP (view in courier font for table alignment) ================================================================= 11-11-2004 High Low Volume Adv/Dcl DJIA 10469.84 + 84.40 10486.65 10386.95 1.73 bln 2352/ 870 NASDAQ 2061.27 + 26.70 2061.40 2039.74 1.80 bln 2036/1091 S&P 100 560.18 + 4.64 561.02 555.54 Totals 4388/1961 S&P 500 1173.48 + 10.57 1174.82 1162.91 W5000 11504.42 +105.38 11511.71 11399.04 SOX 414.26 + 8.50 415.08 405.76 RUS 2000 616.30 + 6.69 616.30 609.29 DJ TRANS 3623.30 + 48.90 3627.42 3572.59 VIX 13.04 - 0.04 13.12 12.64 VXO (VIX-O)13.32 - 0.31 13.65 12.80 VXN 18.92 - 0.49 19.45 18.61 Total Volume 3,825M Total UpVol 2,838M Total DnVol 958M Total Adv 4970 Total Dcl 2264 52wk Highs 640 52wk Lows 65 TRIN 0.91 NAZTRIN 0.52 PUT/CALL 0.74 ================================================================= =========== Market Wrap =========== 1175, The End or The Beginning by Jim Brown The markets finally broke out of their range and moved higher despite the lack of economic reports and the bond market being closed. The Dow inched up into very strong resistance over 10450, the Nasdaq sprinted over 2050 but the SPX came to a dead stop at 1175. This is very strong resistance and was the high for late 2001 and all of 2002. Is it the end of the rally or just the beginning? Not much happened in the news world on Thursday with the government closed for Veterans Day but while nobody was watching a stealth rally broke out. Oil prices fell again after a Nigerian court ruled there could not be an indefinite general strike against oil companies. This knocked oil back down to the low for the day at $47.05 with only a minor rebound to close at $47.42 and -1.42 for the day. Stocks celebrated and gains were seen across the board. I do not expect this decline to continue and believe it is the result of election risk premium being removed from oil. I also believe funds are shifting dollars from oil investments they made over the summer when the equity markets were weak. The 100-day average on crude is $45 and that could be the bottom for this cycle. Crude Oil Chart Money continues to pour into the markets with $7.4B in inflows over the first seven trading days of November. This +$1.1B per day of inflows plus the asset allocation out of oil pushed the indexes past resistance today and we may not be done. The Dow had been stalled at 10430 with every attempt to move over 10400 promptly slapped back down to rising support. That support had been slowly rising since the first attempt back on the 5th. Each day was a slightly higher low but still locked in the sub 10430 range. That range broke today with a breakout to 10486 and a hold at the close very near the highs for the day. The 10485 level is critical and will be the focal point for the Dow on Friday. This is the June high and a break above this level will be a double confirmation of the broken downtrend and sequence of lower highs dating back to February. The first material lower high was the September high at 10363 and we saw a week long pause over the last week when that level was broken. Just getting over 10485 is only going to be the start of a major resistance battle. The 10450-10550 range was the resistance highs from April-June and those highs may not willingly step aside as the bulls wander through. Dow Chart The Nasdaq finally broke a major barrier today with the fall of 2050 and the June highs. 2075-2090 is the next major battle as the Feb-Apr highs. The Nasdaq finally broke out of its trading range of 2035-2050 without any help by the SOX. This is an amazing show of strength and should the SOX decide to join the party we could have a blowout. The SOX did tack on +8.50 points but only made it back into the middle of its congestion range that has held for the last three weeks. Chip stocks are continually getting downgraded and even the bargain hunters are avoiding the sector. Until the SOX moves over 420 with conviction the Nasdaq will be stuck dragging the SOX anchor on any future climb. The Nasdaq stepping-stones from here are 2075, 2095 and 2150 with a break over 2150 setting a new high for the year and a high that dates back to June-2001. Nasdaq Chart SOX Chart The hero for the day was still the Russell. It did not post the strongest gain of the indexes but the Russell did breakout to a new all time high at 616.30. It was a banner day and there was no weakness on the way. Just a nice slow ramp from the open into the close and it closed only .29 from the high of the day. This is strong confirmation that mutual funds are putting new money to work in the market. The Russell is the index of hope and where funds perceive they can get the best bang for the buck. In times of market stress funds will put money into highly liquid big caps so they can exit quickly if disaster strikes. Once they make the commitment to put money into the small caps they are there for the long term. They can't just jump in and out at will because of the size of their positions. With the Russell closing at all time highs it gives notice to shorts everywhere that funds are going long. With the Russell in blue sky territory determining resistance is an art more than a science but the nearest potential targets are 620 and 640 with a year-end target neat 700. This would be a monster move and I would seriously doubt it coming to pass. I would love to see it but that would be a +14% gain from here and we have already seen a +19.6% move from the August lows. The main point to make here is that the bulls are loose and any move higher could create a stampede. Russell Chart The NYSE Composite Index ($NYA) also broke out of its range and ran for a new all time high at 6950. This is confirmation that the NYSE stocks are being bought and the Dow is a definite lagging indicator. The Dow only had six stocks in negative territory today any the biggest loss was PFE at -.32. Bullish sentiment is alive and well but there was no rush out of the corral due to the low volume. Despite the low volume it was better than 2:1 in favor of advancers and up volume was better than 3:1 over declining volume. Offsetting this bullishness was a drop in the VXO to close at 13.31 and while not at the September lows at 12.50 is suggests the bullish bias is reaching extreme levels. During breakout rallies this index can reach abnormal lows and I don't think it is time to worry yet. This low volatility allows traders to protect long positions with puts at a very inexpensive price. A break under 12.50 could be the sign the bull is peaking. The most critical index for the day was the SPX which came to a dead stop at 1175. This is monster resistance that dates back to the post 9/11 bounce which failed at 1176 and the high for all of 2002 at 1174. This is major long term resistance but I think it will be broken. The rebound is gaining strength after four days of consolidation and I believe it is about to make another leg higher. If the SPX does break over 1175 on strong volume and the ER continues higher at the same time then it is lights out for the bears. This is a key level that I cannot stress enough. If it breaks then the Dow congestion from 10450-10550 should be only a soft patch and quickly overcome. SPX Chart After the bell tonight Dell reported earnings that were inline with estimates at 33 cents and guided inline with prior estimates for +24% growth for 4Q earnings. Initially Dell traded down about -50 cents but ended the late session at $38.02 and a new four year high. The CFO reiterated their current outlook of hitting their $60 billion a year revenue target in FY2006 a year earlier than previously expected. Notebook sales jumped +35% and double the industry rate. Growth was still stronger overseas than in the U.S. Dell said it was only seeing normal seasonal growth for the 4Q and no real increase in IT spending. Pixar also reported blowout earnings of 38 cents and well over estimates of only 24 cents. They raised estimates for the full year by 15-25 cents and were very positive across the board. At one point PIXR was up +4 in after hours but ended up +2.68. BEAS also beat the street by a penny and guided slightly higher BUT said they were not seeing any pickup in IT spending for the 4Q. Normal seasonal patterns had returned but no real jump in demand. In another development Dell CEO Kevin Rollins said Dell was considering using AMD chips in some of its high end servers because "some AMD products are more advanced". He quickly said the decision had not been made and they were still a 100% Intel shop but the news had already escaped. The comment puts the Intel train at risk of a derailment if Dell decides to split the shop. Dell is the only manufacturer that has not broken from the Intel fold. AMD was up strongly for the day and up slightly in after hours. Ironically Intel was also up in after ours. Microsoft announced their new search engine today at MSNSearch.com and the reviews were weaker than most had expected. MSN has only indexed 4 billion pages where Google has over 8B. The current MSN search engine is the first phase of an attack on Google and Yahoo and according to Microsoft it will evolve rapidly. The less than spectacular showing gave GOOG a boost as traders had expected the worst. One CNBC interview with the WSJ new products tester Walt Mossberg gave GOOG a +4 point bounce before the interview was even over. Walt said the MSN search engine would be good but it was currently no Google and mentioned several other points that relieved investor fears. GOOG ended up +15 for the day at $184.50 after trading as low as $167.57 earlier in the day. Shorts got crushed again but what else is new? For Friday volume should return and the overnight futures have lost their initial negativity and are suggesting we will open higher. Economics will again come into play but they are expected to take a back seat to bullish sentiment. For tomorrow there is Retail Sales, Business Inventories and Consumer Sentiment but the real key is SPX 1175. Once we move over that level on real volume the economics will be forgotten. Should we get a dip I would see it as a buying opportunity. One word of technical warning. All indications point to a continued rally BUT we are very overbought. It would be easy to make a case for a small pullback but the strong bid underlying the market just won't go away. Just be aware a sharp dip could come at any time so you won't be surprised when it eventually appears. Sell too soon! 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 --------------------------------- N S Group - NSS - close: 20.93 change: +0.83 WHAT TO WATCH: The rally in NSS has pushed past round-number resistance at $20.00. Now shares are nearing major resistance at $21.50 dating back to summer of 2000. Readers may want to watch for a breakout over $21.50 or a dip and bounce from $20.00, which should be new support. The bullish P&F chart points to a $29 target. --- Olympic Steel - ZEUS - close: 19.93 change: +1.02 WHAT TO WATCH: The consolidation in ZEUS appears to be over. The stock is breaking out past resistance near $19.00-19.50 on above average volume. The move past its simple 40 and 50-dma's is bullish. Now ZEUS is nearing round-number resistance at $20.00 and its simple 100-dma. Considering that ZEUS has broken its two-month trend of lower highs we would expect the rally to continue. The P&F chart has turned positive with a $25 target. We would use a trigger over $20.00 and target a move $25 by year' end. --- Corinthian Colleges - COCO - close: 16.46 change: +0.93 WHAT TO WATCH: COCO is seeing some follow through on its recent breakout over the $15.00 level. Shares are now pushing past $16 and its simple 100-dma. Bulls may want to target a move toward the top of the gap down near $18.70. The bullish P&F chart points to a $25 price target. --- Sara Lee - SLE - close: 24.07 change: +0.29 WHAT TO WATCH: The rally continues in shares of SLE. Shares have broken through resistance at the $24.00 level following yesterday's breakout over $23.50. Momentum traders may want to consider positions here. We would watch for a pull back and consider a bounce from $23.50. The bullish P&F chart shows a double-top breakout buy signal and a $39 target. =============================== Market Sentiment =============================== Post-election Euphoria - J. Brown Investors certainly seem pretty enthusiastic these days. Stocks have ignored less than inspiring news from big cap leaders like Cisco Systems (CSCO) and Coca-Cola (KO) and focused on the current rally underway. Some may call today's gains an Arafat rally. Now that the Palestinian leader is gone there is hope that a new leader will be more productive in any Middle East peace talks. I'm not so sure his passing had any affect on stocks but it didn't hurt. Others suggest today is a delayed reaction to the FOMC rate increase yesterday. It could be. The Fed appears ready to maintain its slow and moderate course. I believe that what we are seeing is just more of the same post- election relief rally. It's a relief the election is over. It's a relief there was a clear winner. It's a relief there was no terrorist event during the election. Those on Wall Street are probably happy that the government has lowered the threat level from orange to yellow on most of the high profile financial targets in New York. It's also a relief that crude oil has come down and just marked its fifth straight close under $50 a barrel and has broken technical support at its simple 50-dma. All of this has produced some powerful results. The S&P 500 index spent the last three sessions consolidating above the 1160 level (old resistance becomes new support) and today surged more than 10 points to hit new multi-year highs. The NASDAQ Composite broke out over resistance at 2050. The Dow Transportation index pushed through resistance at 3600 to hit new highs not seen since 1999. The list of highs is pretty impressive. The Russell 2000 small- cap index just hit a new all-time high. That's right, above its March 2000 peak. Cyclical stocks, Retail stocks, and healthcare stocks, represented by their indices, are all at new all-time highs. The BIX banking index is at a new all-time high while the BKX banking index isn't far behind. Utilities are at three-year highs while natural gas stocks are near all-time highs. Tech stocks are strong as well with the GHA hardware index and GSO software index making impressive gains over the last twelve weeks. What do all these new highs mean? Aside from investor optimism for the widely expected fourth quarter rally it also means that stocks are overbought and way overdue for a pull back. Of course one thing we have learned over the past few years is that stocks can always hit new extremes. When we think stocks may have gone as low as they can go they can always go lower. The reverse is true as well. When we think they've hit their highs they can always go higher. That's why the VIX/VXO's usefulness has been less effective in the past year. The volatility indices can still be a warning signal for us but the fear index is only one tool in our tool box. Of course it's worth noting that the VIX/VXO are currently at bearish reversal levels signaling a short-term top is at or nearby. On a more positive intermediate/long-term note the bullish percent sentiment indicators have collectively turned positive. The last two weeks have seen an impressive turnaround with the Industrials bullish percent signal turning into a bull confirmed status. While I believe the fourth-quarter rally has begun it is tough to go long here with stocks so extended. Be careful. Be patient and pick your entry points carefully. There is a horde of investors out there who feel like the train has left without them so it could be a challenge if you're waiting to buy the dip with everyone else looking for the same entry. ----------------------------------------------------------------- Market Averages DJIA ($INDU) 52-week High: 10753 52-week Low : 9585 Current : 10469 Moving Averages: (Simple) 10-dma: 10258 50-dma: 10134 200-dma: 10244 S&P 500 ($SPX) 52-week High: 1170 52-week Low : 1031 Current : 1173 Moving Averages: (Simple) 10-dma: 1152 50-dma: 1124 200-dma: 1120 Nasdaq-100 ($NDX) 52-week High: 1559 52-week Low : 1301 Current : 1541 Moving Averages: (Simple) 10-dma: 1512 50-dma: 1445 200-dma: 1437 ----------------------------------------------------------------- CBOE Market Volatility Index (VIX) = 13.04 -0.04 CBOE Mkt Volatility old VIX (VXO) = 13.32 -0.31 Nasdaq Volatility Index (VXN) = 18.92 -0.49 ----------------------------------------------------------------- Put/Call Ratio Call Volume Put Volume Total 0.74 941,190 700,494 Equity Only 0.56 737,734 414,254 OEX 0.84 39,838 33,751 QQQ 1.74 37,511 65,369 ----------------------------------------------------------------- Bullish Percent Data Current Change Status NYSE 69.7 + 1.2 Bear Correction NASDAQ-100 66.0 + 3 Bull Confirmed Dow Indust. 63.3 + 3.3 Bull Confirmed*** S&P 500 70.8 + 1.6 Bull Confirmed S&P 100 70.0 + 1 Bull Confirmed 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: 0.95 10-dma: 0.93 21-dma: 0.95 55-dma: 1.04 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 2029 1997 Decliners 774 1030 New Highs 349 230 New Lows 13 25 Up Volume 1272M 1298M Down Vol. 459M 438M Total Vol. 1736M 1751M M = millions ----------------------------------------------------------------- Commitments Of Traders Report: 11/02/04 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 Considering the fact that the latest data was taken as of election day, Nov. 2nd, it's no surprise to see both commercials and small traders hedging their bets. The next round of data should be more informative. Commercials Long Short Net % Of OI 10/12/04 423,472 436,780 (13,308) (1.5%) 10/19/04 432,945 441,041 ( 8,096) (0.9%) 10/26/04 441,263 445,992 ( 4,729) (0.4%) 11/02/04 446,192 441,676 ( 4,516) (0.4%) 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 10/12/04 139,175 113,903 25,272 9.9% 10/19/04 147,148 124,827 22,321 8.2% 10/26/04 138,201 121,275 16,926 6.5% 11/02/04 136,290 132,040 4,250 1.5% 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 E-mini traders are not as humble as the larger S&P futures traders. Commercials remain bearish and small traders have pushed their bullish bias to new multi-week levels. Just remember, this data is post-election. Commercials Long Short Net % Of OI 10/12/04 258,457 517,805 (259,348) (33.4%) 10/19/04 264,860 531,541 (266,681) (33.4%) 10/26/04 276,128 509,552 (233,424) (29.7%) 11/02/04 307,053 580,081 (273,028) (30.7%) 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 10/12/04 309,720 62,502 247,218 66.4% 10/19/04 353,903 66,027 287,876 68.5% 10/26/04 345,908 64,061 281,847 68.7% 11/02/04 395,029 63,746 331,283 72.2% Most bearish reading of the year: (77,385) - 09/02/03 Most bullish reading of the year: 449,310 - 06/10/03 NASDAQ-100 Just as small traders pushed their bullish S&P bias to multi- week extremes; they've done the opposite on the NDX with a new multi-week bearish extreme and a new low for the year. Commercials Long Short Net % of OI 10/12/04 52,572 32,775 19,797 23.2% 10/19/04 52,630 31,940 20,690 24.4% 10/26/04 53,233 31,323 21,910 26.2% 11/02/04 53,002 31,231 21,771 25.0% 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 10/12/04 8,756 24,400 (15,644) (47.2%) 10/19/04 10,462 25,243 (14,781) (41.3%) 10/26/04 10,521 25,388 (14,867) (42.8%) 11/02/04 8,886 36,621 (27,735) (61.3%) Most bearish reading of the year: (27,735) - 11/02/04 Most bullish reading of the year: 19,088 - 01/21/02 DOW JONES INDUSTRIAL Neither commercials nor small traders seem willing to place any big bets but both are somewhat bullish on the Industrials. Commercials Long Short Net % of OI 10/12/04 24,150 22,849 1,301 2.7% 10/19/04 25,385 24,213 1,172 2.3% 10/26/04 25,707 24,855 852 1.6% 11/02/04 25,319 24,261 1,058 2.0% 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 10/12/04 8,814 9,167 ( 353) ( 1.9%) 10/19/04 8,327 6,015 2,312 16.1% 10/26/04 8,405 6,336 2,069 14.3% 11/02/04 7,952 6,306 1,261 8.8% 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 11-11-2004 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: None 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 ================================================================== None ================================================================== 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 TOT Total Sa 108.92 +1.62 WFC Wells Fargo & Co 62.15 +0.65 BAC Bank of America 47.11 +0.88 HD Home Depot 42.77 +0.76 UN Unilever N.V. 62.03 +0.61 ING ING Groep 27.23 +0.60 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- AMD Advanced Micro Devices 18.59 +1.30 QSFT Quest Software 16.01 +1.08 IDBE ID Biomedical 18.58 +1.08 GY Gencorp Inc 17.50 +3.35 HLYW Hollywood Entertainment 10.93 +1.13 BRW Bristol West 19.27 +1.27 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- GD General Dynamics 108.34 +1.41 TEVA Teva Pharma 27.32 +1.34 MON Monsanto Co 44.12 +1.39 WFMI Whole Foods Market 94.57 +8.42 CMVT Comverse Technology 22.93 +1.23 DEX Dex Media Inc 23.05 +1.13 AFFX Affymetrix Inc 33.02 +1.30 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- MBT Mobile Telesys 141.72 -6.38 TIF Tiffany & Co 30.29 -1.84 VCI Valassis Communications 33.02 -2.75 MDCO The Medicines Co 24.82 -4.51 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ----------------------------------------- ESL Esterline Technology 33.84 -1.07 AMED Amedisys Inc 34.06 -2.07 ================================================================= 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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