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Daily Newsletter, Wednesday, 12/01/2004

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PremierInvestor.net Newsletter               Wednesday 12-01-2004
                                                   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: Chipping Away 
Watch List:  Technology to Toys


===============================================================
MARKET WRAP  (view in courier font for table alignment)
===============================================================
      12-01-2004           High     Low     Volume   Adv/Dcl
DJIA    10590.22 +162.20 10590.22 10425.76 2.19 bln 2012/ 830
NASDAQ   2138.23 + 41.42  2138.32  2104.58 2.20 bln 2075/ 989
S&P 100   566.21 +  8.74   566.21   557.47   Totals 4087/1819
S&P 500  1191.37 + 17.55  1191.37  1173.78
SOX       440.09 + 16.22   440.24   426.36
RUS 2000  643.68 +  9.91   644.21   633.77
DJ TRANS 3736.79 + 78.08  3738.08  3656.78
VIX        12.97 -  0.27    13.12    12.77
VXO (VIX-O)13.46 -  0.08    13.85    13.26
VXN        18.24 -  0.60    18.89    17.83
Total Volume 4,393M
Total UpVol  3,533M
Total DnVol    817M
Total Adv  4087
Total Dcl  1819
52wk Highs  619 
52wk Lows    20
TRIN       0.61
PUT/CALL   0.73
===============================================================

===========
Market Wrap
===========

Chipping Away
Linda Piazza

Ignoring dire headlines such as "British Pound Advances to
Twelve-Year High against the Dollar" and downgrades in several
semi-related stocks, indices chipped through overhead resistance
in Wednesday's trading.  Futures rose pre-market, chiseling into
that resistance.  Indices built on those chiseled steps, climbing
from the open into the close, through several economic releases. 
They climbed on strong volume, with the SOX, NWX, DDX, XBD, HMO,
TRAN, DJUSHB, GSO and GHA among the sector-related indices that
posted gains in excess of two percent.  Some posted gains much in
excess of that figure.    

Before the open, an attempt was made to whittle enthusisam for
semi-related stocks.  That effort couldn't dent enthusiasm ahead
of Intel's mid-quarter update Thursday, especially in the face of
good news from two of the sector's stocks.  The SOX gapped above
its 200-ema and traveled straight up to test its 200-sma, gaining
3.82 percent.  

Annotated Daily Chart of the SOX:

 

Efforts to whittle enthusiasm came from several sources and did
pressure European semi-related stocks.  Merrill Lynch had warned
that analysts might be too optimistic about Intel's earnings
ahead of its mid-quarter report on Thursday.  The U.S.
Semiconductor Equipment and Materials International reported its
expectation that demand for chip manufacturing equipment would
rise 59 percent this year but then perhaps fall as much as 5.1
percent next year.  Although markets reputedly look ahead and
discount future developments, U.S. markets appeared to
concentrate more on this year's expected sharp gains than on next
year's expected declines. 

In addition, European chip-related companies Infineon
Technologies and STMicroelectronics received downgrades.  Merrill
Lynch downgraded Infineon Technologies to a sell rating from its
previous neutral rating.  The firm cited specific problems within
Infineon as well as industry pricing and inventory surplus
problems.  Deutsche Bank downgraded STMicroelectronics to a hold
rating from the previous buy rating.  

U.S. investors ignored that news and focused on better news from
Fairchild Semiconductor (FCS) and Novellus (NVLS).  Both
countered the drearier reports, with FCS revising its Q4 outlook
to the higher end of previous forecasts for a decline of 5-10
percent.  FCS did note that gross margins would come in at the
lower end of previous estimates.  NVLS said that its Q4 results
would likely be in the top half of its predicted range, despite a
business climate for chip manufacturing equipment that remained
listless.  

Pre-market, pharmaceuticals also garnered attention, with Pfizer
(PFE) reaffirming its earnings forecast for the full year and
telling investors that it has twenty more drugs for which it will
seek approval by the end of 2006.  PFE closed 1.65 percent
higher.  Geopharma (GORX) also announced that its Belcher
Pharmaceuticals unit had received FDA approval for a drug used to
treat mucositis, an oral inflammation sometimes suffered by
cancer patients receiving radiation or chemotherapy.  That stock
was halted mid-afternoon, however, with some confusion persisting
as to whether that approval had been gained after all.  

Drugmakers had also been a focus sector in Europe, with
AstraZeneca (AZN) and GlaxoSmithKline (GSK) gaining ahead of our
open.  Gains in pharmaceuticals had helped lead the FTSE 100
higher, and our markets followed.

Annotated Daily Chart of the SPX:

 

Annotated Daily Chart for the Nasdaq:

 

Annotated Daily Chart of the Dow:

 

Annotated Daily Chart of the Russell 2000:

 

A grouping of mostly encouraging economic news helped indices
chisel through resistance.  The first of the reports wasn't the
most encouraging.  The latest slate of survey information from
the Mortgage Bankers Association revealed that mortgage activity
slowed during Thanksgiving week.  The Composite Index dropped 5.8
percent; the Purchase Index, 0.6 percent and the Refinance Index,
12.3 percent, all on a seasonally adjusted basis and in
comparison to the previous week's numbers.  

Although the MBA pegged most of the blame on Thanksgiving week,
the later release of the Fed's Beige Book suggested otherwise. 
The MBA noted that the percentage share of FHA loans to all loans
had dropped markedly during 2004.  This suggests that first-time
buyers dropped away, perhaps signaling trouble for the home
builders.  Mortgage payments cheaper than rent had helped drive
new home sales, but those buyers might be tapped out.  The news
didn't impact the DJUSH, the Dow Jones US Home Construction
Index, negatively, with that index posting a 2.56 percent gain
for the day, one of the many indices posting more than 2 percent
gains. The average interest rate for a 30-year fixed-rate
mortgage rose to 5.78 percent, up from the previous week's 5.64
percent.  

Wednesday's slate of economic releases also included October's
Personal Income and Personal Spending, both released at 8:30. 
October's Personal income rose 0.6 percent, beating expectations
for a 0.5 percent climb.  September's rise had been only 0.2
percent.  Personal Spending rose a respectable 0.7 percent, with
September also having seen a respectable rise of 0.6 percent. 
Expectations had been for a rise of 0.4 percent.  The savings
rate was troubling, however, with the 0.2 percent rate touted as
the lowest since October 2001.  

October's Construction Spending and November's ISM Index were
both released at 10:00, with one a disappointment and one an
upside surprise.  Construction Spending was flat against an
expected rise of 0.8 percent, with lower spending on homebuilding
responsible for the flat number.  November's ISM surprised to the
upside, rising to 57.8 percent from October's 56.8 percent. 
Economists had expected a flat number.

Perhaps the drop in crude prices did more than all those economic
releases to help equities chip at resistance.  Crude prices
dropped from the open, with that drop accelerating after the
release of crude inventories near 10:30 EST.  With winter upon
us, distillates are the new focus of those numbers because
distillates include heating oil.  Distillates rose 2.3 million
barrels according to the Department of Energy.  Crude inventories
rose 900,000 barrels and gasoline inventories increased 3 million
barrels, with both those figures also supplied by the Department
of Energy. 

Annotated Daily Chart for Crude Futures for January Delivery:

 

November's Auto and Truck Sales were also released, with the
figures showing that Ford's (F) sales declined seven percent,
with the company also revealing that it would trim Q1 production
by eight percent.  DaimlerChrylser (DCX) saw sales increase by
four percent.  Nissan North America (NSANY), Toyota Motor (TM),
and Subaru saw sales increase, although Nissan outshone the
others by posting a 31 percent gain.  Mazda North American
Operations saw November sales 8.7 percent lower than last year's
for the same month.  

The Fed's Beige Book followed at 2:00, with the Fed generally
upbeat about continued economic growth.  All districts except
Chicago reported increases in economic activity.  

The Fed noted that overall consumer spending and lending activity
were uneven or mixed throughout the districts, while
manufacturing and service sector activity were strong or
increasing throughout the districts.  Not all districts report
service sector activity.  As has been apparent from recent MBA
reports, residential mortgage lending and refinancing ebbed.  

Demand for transportation services was characterized as robust. 
So was residential real estate activity, although some districts
reported some cooling.  Commercial real estate presented a
different story.  High vacancies and pricing pressures remained,
although some districts noted that the excess capacity was being
reduced.  Information on commercial real estate was mixed across
the districts, with the situation in Dallas and Richmond
appearing to improve while that in New York appeared to be
worsening.  

The Fed noted that large or even record crop production might be
seen in many regions, with quality and yields both expected to be
above average.  Labor markets improved.  

The section dealing with prices detailed increased price
pressures, with energy-related costs rising.  Some industries
were able to pass cost increases on to consumers, with retailers
less able to do so than manufacturers.  Costs for building
materials, particularly cement and steel, rose at the same time
that home sales cooled.  Dallas, particularly, saw a softening in
home sales.  

With mostly encouraging economic news and a steep fall in crude
prices, investors were willing to overlook the dollar's weakness,
worries about the U.S. deficit's effect on foreign investment in
U.S. companies and bonds, and bothersome signs from analysts
commenting on the semi-related stocks.  Bulls want to see
excitement from Intel's mid-quarter update, a continued decline
in crude prices and a building on the breakouts made today.  If
those breakout levels are lost tomorrow, trade carefully,
especially ahead of Intel's mid-quarter update after the close
tomorrow.  Charts look great, the breakouts are there, but
sentiment measures perhaps show too much bullishness in the
markets, as if they're banking a bit too much on gains that will
come due to the MSFT dividend and Intel update.

Late-day developments include a shakeup in California's pension
giant Calpers, with President Sean Harrigan voted off his seat on
the board of directors.  Harrigan had been guiding the pension
giant into a leadership role in business reform, and was
reportedly targeted by pro-business groups that had the ear of
Governor Arnold Schwarzenegger.  

After-hours developments included same-store sales and a few
earnings reports, with same-store sales continuing tomorrow. 
Software maker Synopsis (SNPS) dropped after hours, last at
$18.23 after closing at $18.64.  The company reported a $0.19 per
share loss against an expectation of a $0.03 gain for the fourth
quarter.  Dollar General (DG) reported, saying that higher
gasoline prices were responsible for the company's eight percent
decrease in net income.  Starbucks (SBUX) same-store sales rose
13 percent, Men's Wearhouse (MW) gained 7.8 percent, and American
Eagle's (AEOS) surged 24.3 percent, with these among other
companies reporting.   

Thursday's economic releases include the usual 8:30 release of
jobless claims, followed by the 10:00 release of October's
Factory Orders.  Intel will provide its mid-quarter update on
Thursday after the close, so investors have a full day of pre-
Intel-release volatility to maneuver around on Thursday.


=================================================================
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
---------------------------------

OmniVision - OVTI - close: 19.42 change: +1.58

WHAT TO WATCH: Specialty semiconductor maker OVTI reported 
earnings yesterday that beat estimates by four cents per share.  
A handful of equity analysts followed up this morning with a wave 
of upgrades for the stock.  Shares of OVTI gapped higher above 
resistance at $19.00 and its simple 200-dma for an 8.8 percent 
gain.  While bulls can be encouraged that OVTI has now broken 
into its June gap down the stock is still under round-number 
resistance at $20.00, which just happens to be P&F resistance.  
Watch for the follow through on the breakout.  The P&F chart 
points to $35.




---

Hasbro Inc - HAS - close: 19.62 change: +0.59

WHAT TO WATCH: Traders may want to consider HAS as a bullish 
seasonal play.  The toy maker rallied more than three percent on 
Wednesday to breakout over resistance at $19.25 and its simple 
200-dma.  We would watch for some follow through for a move over 
the $20.00 mark.  The P&F chart has reversed back into a buy 
signal with a $25 target. 




---

YUM Brands - YUM - close: 46.95 change: +1.55

WHAT TO WATCH: YUM has been a strong momentum candidate the last 
few months and shares just broke out over resistance at $46.  The 
recent three-week consolidation has given technicals enough time 
to reset so they can turn bullish again.  The MACD just produced 
another buy signal.  The P&F chart looks very bullish with a $74 
target. We'd probably consider a stop loss near $44 to start.




---

Sierra Wireless - SWIR - close: 21.24 change: +2.35

WHAT TO WATCH: We've been watching SWIR for days as the stock 
coiled for a breakout over the $20.00 level.  Now the breakout 
has occurred on very strong volume.  This looks like a bullish 
entry point.  Watch out for the exponential 200-dma and target a 
run towards $25.00. 





-----------------------------------
RADAR SCREEN - more stocks to watch
-----------------------------------

RYAAY $42.23 +3.08 - Brave traders may want to take another look 
at RYAAY.  Shares have broken through resistance at $40.00 to hit 
new one-year highs.

UTSI $21.35 +1.81 - We've been watching UTSI for a breakout over 
the $20.00 level and that move occurred today.  There is 
technical resistance at the simple and exponential 200-dma's but 
traders can watch for UTSI to fill the gap toward $25.

TBH $31.00 +0.21 - We still like TBH as a potential bullish 
candidate.  Currently shares are testing its 200-week moving 
average.  We're watching for a move over $31.50. 

RYN $48.80 +1.05 - After weeks of trading sideways between $46 
and $48 shares of RYN are breaking out to new highs.  
 

==========================================================
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               Wednesday 12-01-2004
                                                   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

Active Trader (Non-tech Stocks)
  New Bullish plays:    PDCO, TARO

Stock Splits
  Announcements:        CPO, NCR

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

==================================================================
Active Trader (AT) Non-Tech Stock section
==================================================================

---------
New Plays
---------


  New Bullish Plays
  -----------------

Patterson Companies - PDCO - close: 42.06 chg: +1.20 stop: 37.99

Company Description:
Patterson Companies, Inc. is a value-added distributor serving the 
dental, companion-pet veterinarian and rehabilitation supply 
markets. Dental Market - As Patterson's largest business, Patterson 
Dental Supply provides a virtually complete range of consumable 
dental products, equipment and software, turnkey digital solutions 
and value-added services to dentists and dental laboratories 
throughout North America. Veterinary Market - Webster Veterinary 
Supply is the nation's second largest distributor of consumable 
veterinary supplies, equipment, diagnostic products, vaccines and 
pharmaceuticals to companion-pet veterinary clinics. Rehabilitation 
Market - AbilityOne Products Corp. is the world's leading 
distributor of rehabilitation supplies and non-wheelchair assistive 
patient products to the physical and occupational therapy markets. 
The unit's global customer base includes hospitals, long-term care 
facilities, clinics and dealers. (source: company press release)

Why We Like It:
PDCO shook of a lackluster earnings report to breakout through the 
top of its eight-month trading range last week.  Traders stepped in 
to buy the dip at $37.50 and the stock has been inching higher ever 
since.  One of the reasons we like this bullish technical breakout 
is the volume.  Volume has been significantly above average four 
out of the last five sessions (the one session it wasn't was post-
Thanksgiving Friday).  The bullish P&F chart shows a fresh triple-
top breakout buy signal with a $54 price target.  We believe that 
patient traders can probably see PDCO climb towards the $50 region 
over the next couple of months.  We're willing to jump in at 
current levels but a dip towards $40.00 would also be an entry 
point.  

Annotated chart:

 

Picked on December 01 at $42.06 
Gain since picked:       + 0.00
Earnings Date          11/24/04 (confirmed)
Average Daily Volume:       378 thousand



---

Taro Pharmaceuticals - TARO - cls: 30.90 chg: +1.26 stop: 27.75

Company Description:
Taro Pharmaceutical Industries Ltd. is a multinational, science-
based pharmaceutical company dedicated to meeting the needs of its 
customers through the discovery, development, manufacturing and 
marketing of the highest quality healthcare products.
(source: company press release)

Why We Like It:
It has taken a little more than four months but TARO has finally 
filled the gap down from last July.  We've had TARO on our watch 
list before as a bullish candidate on a breakout over resistance at 
$30.00.  Today's market rally and rebound in the DRG drug index 
helped push TARO up more than four percent to breakout.  Given what 
appears to be a potential bullish reversal in the DRG drug index 
over the last few weeks we're optimistic about TARO's ability to 
follow through on today's breakout. The P&F chart for TARO shows a 
triple-top breakout buy signal with a $49 target.  We're not quite 
that enthusiastic.  TARO still has technical resistance at the 
exponential 200-dma near $35 and its simple 200-dma near $39.  Our 
initial target will be the $35 region.

Annotated chart:

 


Picked on December 01 at $30.90 
Gain since picked:       + 0.00
Earnings Date          10/28/04 (confirmed)
Average Daily Volume:       629 thousand




==================================================================
Stock Splits 
==================================================================

Announcements
-------------

CPO grows a 2-for-1 stock split

This afternoon Corn Products Intl, Inc. (NYSE:CPO) announced that 
its Board of Directors had approved a 2-for-1 stock split of its 
common shares.

The Board also approved a quarterly cash dividend of 14 cents per 
share payable on January 25th, 2005 to shareholders on record as 
of January 4th.  It would appear the cash dividend is payable on a 
pre-split basis. 

The 2-for-1 split is payable as a 100 percent stock dividend on 
January 25th, 2005 to shareholders on record as of January 4th.


About the company:
Corn Products International, Inc. is one of the world's largest 
corn refiners and a major supplier of high-quality food 
ingredients and industrial products derived from the wet milling 
and processing of corn and other starch- based materials. The 
Company is the number-one worldwide producer of dextrose and a 
leading regional producer of starch, high fructose corn syrup and 
glucose. In 2003, the Company recorded net sales of $2.1 billion 
with operations in 19 countries at 37 plants, including wholly 
owned businesses, affiliates and alliances. Headquartered in 
Westchester, Ill., it was founded in 1906 (source: company press release)

--

NCR announces a 2-for-1 stock split

This morning before the market's opening bell NCR Corp. (NYSE:NCR) 
announced that its Board of Directors had approved a 2-for-1 stock 
split of its common shares.

The split will be payable in the form of a 100 percent stock 
dividend on January 21, 2005 to shareholders on record as of 
December 31st, 2004. 


About the company:
NCR Corporation is a leading global technology company helping 
businesses build stronger relationships with their customers. 
NCR's ATMs, retail systems, Teradata data warehouses and IT 
services provide Relationship Technology solutions that maximize 
the value of customer interactions and help organizations create a 
stronger competitive position. NCR (www.ncr.com) is based in 
Dayton, Ohio. (source: company press release)


==================
  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
---------------------------------
Ticker  Company Name               Close     Change

CHL     China Mobile Ltd           17.05     +0.73
ING     ING Groep                  28.04     +0.61
WFC     Wells Fargo & Co           62.88     +1.11
FNM     Fannie Mae                 71.70     +3.00
JNJ     Johnson & Johnson          61.19     +0.87
AIG     American Intl Group        64.73     +1.38

---------------------------------------
Breakout to Upside (Stocks $5 to $20)
---------------------------------------

STX     Seagate Tech Holdings      16.47     +1.49
SNPS    Synopsys                   18.64     +1.01
FCS     Fairchild Semiconductor    16.70     +1.40
OVTI    Omnivision Technologies    19.42     +1.58
WPP     Wausau Paper               19.12     +1.17
TOMO    Tom Online                 16.18     +1.46

---------------------------------------
Breakout to Upside (Stocks over $20)
---------------------------------------
  
UTX     United Technologies       100.15     +2.57
GIS     General Mills              46.63     +1.14
IR      Ingersoll-Rand             77.42     +3.00
NTAP    Network Appliance          32.13     +1.97
CI      Cigna Corp                 75.80     +5.78
VRSN    Verisign Inc               34.52     +1.62
RYAAY   Ryanair Holdings           42.23     +3.08

-------------------------------------------
Breakout to Downside (Stocks over $20)
-------------------------------------------

FE     FirstEnergy                 39.48     -2.75

-----------------------------------------
Recently Overbought With Bearish Signals (Stocks over $20)
-----------------------------------------

TXU     TXU Corp                   61.08     -1.74
TK      Teekay Shipping            50.36     -2.90
FRO     Frontline Ltd              57.65     -2.40
FDG     Fording Canadian Coal      72.01     -2.59
VLCCF   Knightsbridge Tankers      36.17     -2.74
BCE     BCE Inc                    24.08     -0.17


=================================================================
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.

DISCLAIMER

Option Investor Inc is neither a registered Investment Advisor nor a Broker/Dealer. Readers are advised that all information is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All opinions, analyses and information included herein are based on sources believed to be reliable and written in good faith, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. In addition, we do not necessarily update such opinions, analysis or information. Owners, employees and writers may have long or short positions in the securities that are discussed.

Readers are urged to consult with their own independent financial advisors with respect to any investment. All information contained in this report and website should be independently verified.

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