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Daily Newsletter, Thursday, 11/11/2004

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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


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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


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