PremierInvestor.net Newsletter Thursday 11-18-2004 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: On The Verge of a Breakout? Watch List: A Large Radar Screen Market Sentiment: A Growing Crowd ================================================================= MARKET WRAP (view in courier font for table alignment) ================================================================= 11-18-2004 High Low Volume Adv/Dcl DJIA 10572.55 + 23.00 10585.26 10547.39 1.85 bln 1582/1609 NASDAQ 2104.28 + 4.60 2105.39 2089.48 1.93 bln 1477/1640 S&P 100 565.97 + 0.25 567.12 565.00 Totals 3059/3249 S&P 500 1183.55 + 1.61 1184.90 1180.09 W5000 11608.55 + 7.67 11618.71 11572.94 SOX 445.64 + 5.80 445.94 433.36 RUS 2000 622.06 - 0.91 623.17 618.84 DJ TRANS 3612.22 + 11.80 3618.54 3598.74 VIX 12.98 - 0.23 13.29 12.96 VXO (VIX-O)13.95 + 0.31 14.52 13.87 VXN 18.79 + 0.29 19.03 18.44 Total Volume 4,096M Total UpVol 2,305M Total DnVol 1,735M Total Adv 3552 Total Dcl 3657 52wk Highs 330 52wk Lows 53 TRIN 0.94 NAZTRIN 0.49 PUT/CALL 0.62 ================================================================= =========== Market Wrap =========== On The Verge of a Breakout? by Jim Brown As OpEx week comes to a close the SPX is poised to move higher after a week of moving sideways. Last Thursday we saw the SPX come to a dead stop just under resistance at 1175. Friday saw a breakout to 1183.50 and after a week of trading the SPX closed today at 1183.75. This completes the third consolidation pause for the current rally. That means Friday could be pivotal for market direction and with the rising underlying bid that direction may be up. Charts Nasdaq Chart SPX Chart The concept of a new leg higher may be in sharp contrast to the economics we saw today. There are some seriously conflicting views of the economy as we rush towards the year end. The Jobless Claims came in as expected and provided no economic jolt with the continuing claims slipping slightly and helping the outlook for new jobs are being created. We are about two weeks away from the November payrolls and the estimates have not yet begun to fly. After last months +337,000 gain it will be hard to beat but investors would be happy with anything in the 200K range or higher. 150K is the minimum acceptable new jobs level because that is the number of new workers entering the labor force each month. We need 150K per month just to break even. Today's economic weakness began with the Conference Boards Leading indicators which fell for the fifth consecutive month. This was an October number at -0.3% and the September drop was revised down to -0.3% also making October the fourth consecutive month of -0.3% declines. This steady stream of progressively lower readings for five months is the first time since 1995 the indicators have posted a five month decline. There are several factors contributing to this meltdown. The ten-year treasury yield has fallen consistently despite the Fed rate hike cycle currently underway. Manufacturing employment numbers are also pushing the index down as hours worked decline and new orders decline. Remember this was an October number and pre election. There has been a spurt in hiring and investment since the election and the November report could show a significant reversal in the trend. Another weak report came from the Philly Fed Survey at 20.7. This was a drop from 28.5 in October and well below the consensus of 23.5. The Philly Fed number has been very volatile recently with a drop to 13.4 in Sept and a bounce to 28.5 in Oct. The return to 20.7 is a continuation of the decline started earlier this year. All production components except for employment fell including New Orders, Shipments, Prices Received and Prices Paid. Delivery Times, Back Orders and Inventory levels all slipped into negative territory. The only component to show a major improvement was the Six Month Outlook which exploded from 27.6 to 52.1. Considering the drops in all the production components it appears just getting past the election has improved spirits dramatically. There are no material economic reports on Friday and we will be left to trade on sentiment and stock news. That stock news will feature tonight's earnings from DIS, ADSK, MRVL, GPS and MSCC. Disney beat estimates by a penny on a +24% rise in profits and projected double digit earnings growth for the next few years. Some say it appears Disney has turned the corner and could be about ready to break resistance at $27. ADSK beat earnings by +3 cents and announced a 2:1 split to kick off a +$4 gain in after hours. They also raised estimates for the current quarter. The Gap announced earnings inline with estimates at 28 cents and said they were going to buy back $750 million in shares. MRVL beat estimates by a penny and projected +5% to +7% growth for the 4Q. DITC beat estimates by +8 cents and SRNA blew away estimates of 21 cents with a 35 cent headline number. That number did include some special items. Not all the earnings were positive with ELBO beating by a penny but warning that revenue and earnings would be below estimates for the 4Q. ELBO dropped more than $3 in after hours but recovered much of it before the session ended. SIRI saw a spike of +$1 after it was announced that Mel Karmazin, former president of Viacom, is joining SIRI as CEO. With Karmazin and Howard Stern making the SIRI commitment the struggling satellite radio company is rapidly gaining respectability. Tough to use the words Howard Stern and respectability in the same sentence but in this case it applies. GOOG dropped -4.96 after warning for the second time this week that revenue growth would probably decline in the fourth quarter because of intensifying competition and the "inevitable" slowdown as the business gets bigger. It also warned that ad revenue would slow as it removed online ads that generate low levels of interest. Two warnings in one week could be a sign that earnings are going to disappoint for the current quarter as the extreme projections generated during the IPO process and the thousands of pages of print hype are tested by reality. The $167 close was the lowest close since Oct-21st. 39.1 million shares were released for trading on the 16th and tripled the prior float of about 19m shares. Another 25 million will be released four weeks from now on Dec-16th, 25 million on Jan-16th and 179 million on Feb-16th. Google Chart Intel continued its upward march after CEO Craig Barrett said Intel was on track for much better operational performance in the first half of 2005 than 2004. This is a positive step up from the 3Q earnings guidance where Intel said 4Q sales would be only "seasonal" and with lower gross margins. Intel spiked +50 cents and helped power the SOX to new breakout highs at 445. Intel is pressing resistance at $25 and accelerating. The SOX breakout to 445 the day after AMAT said orders could be down -35% is positively amazing. AMAT itself closed up +31 cents at $17.69 after dropping to $16.50 at the open. The bulls are back and bad news is being ignored once again. The SOX recovery after the AMAT news may be the final nail in the coffin for the bears. The SMH shares moved higher in after hours trading to $35 on news from MRVL, MCDT and MSCC. SOX Chart During today's session the Dow crept higher but stalled at 10585 and just under Wednesday's 10600 resistance high. We have a strong pattern of higher lows as the consolidation band narrows and the underlying bids move higher. A break over 10600 would target the high for the year and a three year high at 10750. With the historically bullish Thanksgiving week ahead the odds are good we will see that test soon. The Nasdaq is also slowly pressing higher. The close today over 2100 puts it one step closer to the high for the year and a three year high at the January 26th close of 2153. All the interim highs since January have been surpassed and there is no slowing in the uptrend. We are not making 30-40 point moves but each day is another rung on the ladder. 2250 is the commonly quoted end of year resistance target. The Nasdaq saw support from the SOX today and the new breakout high but the Russell closed negative after a bout of profit taking intraday. A morning sell program knocked the Russell back to 618 and -10 points from its 628 high on Wednesday. The Russell has had a great run and it is only normal to expect some funds to take some profits and shift the money into other issues. I suspect there was some money moving from small caps to chips on the strength of the SOX rebound. With oil still holding at the lows and just over the 100day average at $45.75 there is nothing to keep traders from buying stocks. Yes they are overbought. Yes they are at or near the highs for the year and at key resistance levels but the race is on. The race for mutual fund profits is feeding cash to the markets at a frenzied pace. TrimTabs announced after the bell today that $5B in new cash flowed into funds for the week ended on Wednesday. TrimTabs said cash was flowing into funds at a pace not seen since the tax deposits hit the markets in April. Since funds have to put that money to work they have to keep buying stocks. They can't afford to sit on cash and have to tell their investors in January that they missed another +1000 point Dow gain because the market was overbought. (At least they hope it will be another +1000 point gain.) With 12500 the year end target taking shape in many analyst interviews there is still money to be made in their view. This all assumes the greater fool theory is still alive and well. Everyone buying stocks at the highs for the year are hoping there will be somebody left to sell to in January. Next week is Thanksgiving and it is normally bullish through the Monday after turkey day. Then we move to the January effect rally which actually occurs the first two weeks of December. Normally this is when losing small caps get sold in the last two weeks of December for tax purposes and then bought again the first two weeks of January when new money hits the markets. However, in recent years this process is said to have moved to the first two weeks of December as everybody tries to beat the rush in order to buy the dip ahead of the Santa Claus rally. Confused? In reality the January effect has blurred over the last few years as all of December has turned into a bullish session. But, there I go worrying about the future when all we need to do is get through Thanksgiving rally first then worry about the next step. Those that really want to toss in their sleep tonight could worry if the Thanksgiving rally will appear or will the funds use that historical trend to take profits from the last three weeks. See, you can really drive yourself crazy if you start trying to outwit the market. In my case it is not a very long drive. 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 --------------------------------- eSpeed Inc - ESPD - close: 10.88 change: +1.02 WHAT TO WATCH: After months of trading sideways in a narrow range shares of ESPD are breaking out with a 10 percent gain on volume about six times the average. We don't see any specific news to account for the move but it could be worth watching. Shares pushed through resistance at $10.50 and its simple 100-dma. Plus, its P&F chart reversed into a new buy signal with a $15 target. --- Premcor Inc - PCO - close: 41.14 change: +0.63 WHAT TO WATCH: Here's an oil-related stock that doesn't look quite so long-term overbought like many issues in the sector. PCO has been consolidating sideways the last several weeks and a move over $42.00 could be a new bullish buy signal not to mention a new all-time high. --- Netflix - NFLX - close: 11.92 change: +1.46 WHAT TO WATCH: Attention bulls! NFLX issued some positive guidance yesterday and shares gapped higher today for a 14 percent gain. Not only that but NFLX broke above resistance at the bottom of its October gap down. Volume was very strong on today's rally and suggests further upside. Considering that NFLX's short interest is larger than 50 percent of the float this could easily turn into a short squeeze. We would target $15. ----------------------------------- RADAR SCREEN - more stocks to watch ----------------------------------- PETM $35.45 +3.25 - PETM soared more than 10 percent as traders applauded the company's earnings report yesterday evening. This looks like a new all-time high. VLO $44.59 +0.91 - VLO continues to look like a bullish candidate. Watch for the breakout over $45.00. TSO $32.17 +0.51 - TSO has broken through resistance at $32.00. This looks like an entry point. BRCM $31.74 +0.79 - BRCM is seeing some follow through on yesterday's breakout from its trading range. SWIR $19.64 +0.08 - We're still watching for the move over $20.20. BPT $45.79 +0.57 - Yet another way to play the oil sector. This is a royalty trust on BP that is breaking out into a new buy signal. UIC $37.30 +1.59 - Shares are bouncing from round-number support, resistance at the $35.00 level. IPAR $15.50 +0.65 - IPAR is breaking out over resistance at $15.00 to hit new three-month highs. RATE $14.00 +2.33 - RATE soared almost 20 percent on volume almost 17 times the average to breakout over resistance at $12.00 and its simple 200-dma. =============================== Market Sentiment =============================== A Growing Crowd - J. Brown It would seem that just as "everyone" predicted a post-election rally now "everyone" is waiting for the overdue pull back. Normally, when "everyone" is expecting something to happen odds are it fails to show up or at least fails to show up in the same form that "everyone" was looking for. I believe this year's post-election rally to be a valid exception considering all the worries that were surrounding the Presidential election. Yet now that everyone is looking for the dip it may not appear. I know that sounds improbable and I wouldn't bet on it but it is a possibility. This time I happen to agree with "everyone". I do believe stocks are extremely overbought and way overdue for a correction. How deep will the correction be? I don't know but I suspect it will be a lot more shallow than you or suspect it will be given the growing crowd of investors looking to buy the yet to occur dip. So what's holding the market up? I don't know that either other than a lack of willing sellers. If investors feel that stocks will closer higher before the year-end there isn't much reason to sell now. Several days ago Jim did an excellent job explaining the predicament that many fund managers are probably facing right now as the grapple with the issue of buy now or hope for a pull back. Plus, we have a little historical trend going for us. The Stock Trader's Almanac reports that the week before Thanksgiving week has been up eleven years in a row. Furthermore the Almanac states that the options expiration Friday (that's tomorrow) has been up 7 out of the last 12 years. I'm not sure I'd bet on that last statistic but the Industrials do look set to end up on the week. It bears noting that the volatility indices, which have been flashing the market-top warning signal for days are still trading near multi-year extremes. Plus, the ARMS index or TRIN's moving averages are trading at or near bearish reversal levels. This is a very tough spot to consider new bullish positions. Do so carefully. Personally, I'd still rather wait for the dip before opening new long positions. Next week, before Thanksgiving, looks like a good spot for the market to pause. ----------------------------------------------------------------- Market Averages DJIA ($INDU) 52-week High: 10753 52-week Low : 9585 Current : 10572 Moving Averages: (Simple) 10-dma: 10471 50-dma: 10158 200-dma: 10245 S&P 500 ($SPX) 52-week High: 1170 52-week Low : 1031 Current : 1183 Moving Averages: (Simple) 10-dma: 1174 50-dma: 1131 200-dma: 1121 Nasdaq-100 ($NDX) 52-week High: 1559 52-week Low : 1301 Current : 1580 Moving Averages: (Simple) 10-dma: 1545 50-dma: 1463 200-dma: 1439 ----------------------------------------------------------------- CBOE Market Volatility Index (VIX) = 12.98 -0.23 CBOE Mkt Volatility old VIX (VXO) = 13.95 +0.31 Nasdaq Volatility Index (VXN) = 18.79 +0.29 ----------------------------------------------------------------- Put/Call Ratio Call Volume Put Volume Total 0.63 1,161,751 726,699 Equity Only 0.50 911,558 454,881 OEX 1.06 36,439 38,534 QQQ 0.37 40,777 15,170 ----------------------------------------------------------------- Bullish Percent Data Current Change Status NYSE 72.2 + 0.75 Bear Correction NASDAQ-100 76.0 + 5 Bull Confirmed Dow Indust. 63.3 + 0 Bull Confirmed S&P 500 73.0 + 0.8 Bull Confirmed S&P 100 71.0 - 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: 0.80 10-dma: 0.88 21-dma: 0.89 55-dma: 0.99 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 1377 1454 Decliners 1415 1574 New Highs 128 95 New Lows 10 15 Up Volume 980M 1068M Down Vol. 854M 856M Total Vol. 1860M 1943M M = millions ----------------------------------------------------------------- Commitments Of Traders Report: 11/09/04 Weekly COT report discloses positions held by small specs and commercial traders of index futures contracts at the Chicago Mercantile Exchange and Chicago Board of Trade. COT data can be found at www.cftc.gov. Small specs are the general trading public with commercials being financial institutions. Commercials are historically on the correct side of future trend changes while small specs tend to be wrong. S&P 500 The difference between longs and shorts on the commercial side continues to narrow suggesting no bias one way or the other. Small traders are also somewhat neutral with a mild bullish bias. Commercials Long Short Net % Of OI 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%) 11/09/04 447,779 449,171 ( 1,392) (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 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% 11/09/04 148,415 136,325 12,090 4.2% 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 Commercials traders appear to be trying to capitalize on the S&P's overbought status. Short positions soared and the latest data is one of the most bearish readings of the year. As is usually the case the small traders is on the opposite side of the play with one of the most bullish readings of the year. Commercials Long Short Net % Of OI 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%) 11/09/04 337,164 672,903 (335,739) (33.2%) Most bearish reading of the year: (354,835) - 06/17/03 Most bullish reading of the year: 133,299 - 09/02/03 Small Traders Long Short Net % of OI 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% 11/09/04 392,253 58,999 333,254 73.8% 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 traders remain bullish on the NASDAQ. Meanwhile small traders upped their positions on both longs and shorts but hit a new bearish extreme as far as net short positions. Commercials Long Short Net % of OI 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% 11/09/04 54,509 33,016 21,493 24.5% 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 10/19/04 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%) 11/09/04 10,213 38,251 (28,038) (57.8%) Most bearish reading of the year: (28,038) - 11/09/04 Most bullish reading of the year: 19,088 - 01/21/02 DOW JONES INDUSTRIAL Not much action in the commercials as they remain evenly divided between longs and shorts. The same can be said for small traders this past week with a split between bulls and the bears. Commercials Long Short Net % of OI 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% 11/09/04 22,863 22,463 400 0.8% 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% 11/09/04 6,165 6,483 ( 318) ( 2.5%) 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 11-18-2004 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: RIG, CHH 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 ================================================================== RIG - non-tech long - We have been triggered in RIG today. The stock jumped 5.23 percent on heavy volume to breakout over resistance at $37.50. Our entry point was $37.51. We don't see any news to account for the big move but we're not complaining. CHH - non-tech short - It looks like bears are losing their grip on CHH. Our indicators suggest the bounce is not over yet. We're going to give CHH one more day to hit our TRIGGER. Otherwise, we'll close it unopened this weekend. ================================================================== 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 TGT Target 51.60 +0.58 EXC Exelon Corp 41.67 +0.56 APA Apache Corp 50.56 +1.13 APC Anadarko Petroleum 68.13 +0.61 ETN Eaton Corp 67.96 +0.66 VLO Valero Energy 44.59 +0.91 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- SIR Sirva Inc 20.00 +1.56 NFLX Netflix Inc 11.92 +1.46 ESPD Espeed Inc 10.88 +1.02 NIKU Niku Corp 17.26 +1.29 MAPS Mapinfo Corp 10.74 +1.47 RATE Bankrate Inc 14.00 +2.33 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- NBR Nabors Industries 50.34 +1.44 GSF GlobalSantaFe 30.16 +1.29 NE Noble Corp 46.40 +1.26 RAI Reynolds American 77.80 +2.19 PETM Petsmart Inc 35.45 +3.25 BIO Bio-rad Labs 56.15 +1.85 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- AZN AstraZeneca 40.34 -3.80 MDT Medtronic 48.65 -3.67 WSM Williams Sonoma 36.77 -2.33 IRM Iron Mountain 30.82 -3.85 CLE Claires Stores 22.45 -4.19 NOVN Noven Pharmaceuticals 20.22 -2.13 PDII PDI Inc 23.13 -1.71 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ----------------------------------------- GSK GlaxoSmithKline 43.59 -1.45 TXU TXU Corp 62.77 -1.67 BAC Bank of America 46.41 -0.18 XMSR XM Satellite Radio 34.65 -0.83 GRMN Garmin Ltd 52.04 -1.00 OKE Oneok Inc 27.64 -0.16 ================================================================= 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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