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Daily Newsletter, Thursday, 11/18/2004

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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


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DISCLAIMER
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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


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