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Daily Newsletter, Monday, 12/13/2004

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PremierInvestor.net Newsletter                   Monday 12-13-2004
                                                    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: High Anxiety  
Watch List:  Energy to Video games and more 


===============================================================
MARKET WRAP  (view in courier font for table alignment)
===============================================================
      12-13-2004           High     Low     Volume   Adv/Dcl
DJIA    10638.32 + 95.10 10642.53 10543.21 1.79 bln 1930/ 882
NASDAQ   2148.50 + 20.43  2148.50  2132.19 2.06 bln 1886/1150
S&P 100   570.41 +  4.91   570.55   565.50   Totals 3816/2032
S&P 500  1198.68 + 10.68  1198.77  1188.00
SOX       425.10 +  2.35   427.59   423.10
RUS 2000  638.03 +  5.79   638.08   631.65
DJ TRANS 3724.96 + 38.93  3724.96  3685.27
VIX        12.54 -  0.22    12.61    12.13
VXO (VIX-O)13.55 +  0.35    13.77    12.80
VXN        18.78 -  0.79    19.64    18.71
Total Volume 3,863M
Total UpVol  2,791M
Total DnVol    971M
Total Adv  3816
Total Dcl  2032
52wk Highs  375 
52wk Lows    28
TRIN       0.72
PUT/CALL   0.72 
===============================================================

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

High Anxiety
Jonathan Levinson

The equity indices probed the highs today, with SPX setting a 
nominal new high as the Dow and Nasdaq rose below theirs.  
Volatility as measured by the VXO and QQV rose along with price 
as tensions mounted ahead of tomorrow's FOMC meeting.

Breadth was solidly positive and volume solid despite very light 
QQQQ volume, with the number of advancing shares traded nearly 
tripling declining volume on both the NYSE and Nasdaq.



Daily Dow Chart


The Dow revisited the rally high today, finishing 4 points below 
the high of the day at 10642.53.  Just as we saw several times 
last week, bearish intraday cycle setups went net nowhere, with 
sellers displaying a perfect absence of strength.  The daily 
chart itself is an example of this, with the daily cycle 
oscillators aborting a pathetic 2 week downphase and today 
printing early an early buy signal, the first step of a new 
upphase. This oscillator action lines up with the interpretation 
of the past month's range as a bullish continuation pattern.


On the flip side of that coin, the current chart pattern 
resembles that seen in June and in September, when the flag atop 
a flagpole rally degenerated into a complex top as the price 
simply collapsed.  In June, that occurred from a similar pattern 
of higher flag highs.  There's no telling whether this will 
repeat again, and it's worth repeating that the bears have been a 
no-show on most of their intraday downphases as well as on the 
current daily cycle downphase.  Food for thought.


Daily S&P 500 Chart


The SPX gained 10.68 points to close at 1198.68, one tenth of a 
point off its high of the day and 52-week high.  The same bullish 
uptick in the daily cycle oscillators is evident here as on the 
Dow above, and with upper expanding wedge resistance in play at 
current levels, tomorrow will be do or doo-doo time for the 
bears.  Support is below at 1180, and unless the bears can drill 
the price down to at least that area tomorrow, the daily cycle 
upphase will begin catching up to the price, starting from a much 
higher price and oscillator low than the previous one did- a very 
bullish scenario.



Daily Nasdaq Chart


Whereas the Dow and SPX have been either topping or consolidating 
at the highs for the past month, the Nasdaq has just been rising.  
Despite this, the daily cycle downphase is more persistent than 
it is on the SPX and Dow.  That's either an important bearish 
divergence, or a very bullish consolidation-  a downphase in 
which the price continues to rise.  In either case, the bears 
need to get the price below the 2100 level for starters.  The 
Nasdaq feel 16 points short of its year high today, another 
potentially bearish divergence when compared with the SPX.  With 
the price persisting at these levels, the daily cycle downphase 
is on borrowed time and should abort if the price doesn't pull 
back tomorrow.  Either way, it will be helpful to get the 
indicators back in line with the price.


Weekly TNX Chart


Bonds were firm last week and kicked off this week on a positive 
note as ten year note yields (TNX) declined, finishing lower by 
.5 bps at 4.151%.  Last week's decline was sufficient to stall 
the weekly cycle upphase, with the 10-week stochastic currently 
on a bearish kiss.  With rising bear wedge support just below in 
the 4.0%-4.02% area, bond bulls are now eyeing what could be a 
large price with a wedge target in the low 3% area.  TNX bears 
will want to see the previous low in the 3.9% support area taken 
out to target 3.55%-3.6% support.  For TNX bulls, a move above 
4.4%-4.44% should be sufficient to reignite the stalled weekly 
cycle upphase.


Weekly chart of Crude oil


Forecasts of colder than average temperatures for the next 5 days 
in the northeast and sabotage in Iraq contributed to a strong 
open for crude oil this morning following OPEC's weekend 
statements to cut back 1M bpd of "excess" output.  OPEC, which 
produces 1/3 of the world's oil, resolved that Saudi Arabia, 
Kuwait, the United Arab Emirates, Nigeria, Libya, Algeria and 
Qatar will each reduce output by 5%,  and that the cuts will 
impact not just the lower grade "Arab heavy" but also higher 
grades, though few details were given.  

Over the weekend, delivery of oil through Iraq's northern export 
pipeline to Ceyhan was stopped on Sunday, following a 12-day halt 
caused by an explosion at the November.  Despite this, the OPEC 
announcement and the colder weather, prices were steady, with 
January crude trading a narrow range on both sides of unchanged 
for much of the daytime session and closing at 41.  On the weekly 
chart, the 30 minute cycle downphase continues, with price 
confluence support in the 40-42 range currently being tested.  As 
40 was a major resistance area on the way up, we can expect 
support to assert itself here.  Added to that is the news from 
the CFTC as reported by Reuters to the effect that crude oil 
specs had moved to a net short position of 17440 contracts for 
the week ended December 3rd from a 5815 net long position the 
previous week. On a contrarian basis, this would be bullish for 
oil prices.

At 8:30AM, the Commerce Department released the November retail 
sales report which showed a 0.1% increase vs. expectations for no 
change.  The bigger news was the large upward revision in the 
October report from a 0.2% gain to a 0.8% gain.  As expected, 
automobile sales were weak, declining 1.3%, but that decline was 
expected.  Excluding auto sales, November retail sales were 
higher by 0.5% for the month and 8.6% for the year.

At 10AM, the Commerce Department reported that business 
inventories rose 0.2% in October, missing economists' 
expectations for a 0.5% increase.  Retail inventories declined 
0.6%, while sales rose 1.2%, the largest increase since March.  
The inventory-to-sale ratio fell to 1.3 for the month, falling 
back below September's 1.31 reading to the record low set in May 
of this year.  The inventory-to-sales ratio for the manufacturing 
sector remained at 1.25, for the wholesale sector 1.15, and for 
the automobile sector it declined from 1.62 in September to 1.59 
for October.

Mastercard reported on Sunday that transaction volume for the 
prior week was 7.8% higher than it was one year ago, with 67.7M 
transactions processed during those seven days.  This is the 
third consecutive week of transaction volume growth on a year-on-
year basis reported by Mastercard.

Agence France-Press reported that China will impose export duties 
on textiles and clothing.  This news comes to the great relief of 
global textile producers fearing a flood of Chinese product when 
China's quota system is lifted next month. The report went to 
quote spokesman Chong Quan from China's Ministry of Commerce, who 
explained that the new tariffs will be assessed on volume rather 
than price, which should bolster the production of high-end 
fabrics. 

In corporate news, TOY was up strongly this morning following a 
weekend report from the Financial Times to the effect that 
European firm Permira and US firm Apollo were collaborating on a 
takeover bid for TOY.  The article stated that KKR, Cerberus and 
Bain Capital were also among the suitors, and that CSFB is 
conducting the auction with bids due after Christmas.  TOY closed 
higher by 2.81% at 20.47.

PSFT and ORCL have finally reached an agreement to conclude their 
18-month takeover saga, announcing PSFT's acceptance of ORCL's 
$26.50 per share bid in a 10.3B deal.  ORCL had previously stated 
that $24 was its final offer.  PSFT, which had closed at $23.95 
on Friday, was up to 26.40 in premarket trading and closed higher 
by 10.31% at 26.42, while ORCL rose as well, closing higher by 
10.17% at $14.63.  Oracle's Larry Ellison said, "This merger 
works because we will have more customers, which increases our 
ability to invest more in applications development and support."  
ORCL expects that the deal will add 1 cent to its fiscal Q4 EPS, 
2 cents per quarter in fiscal 2006, and "a bit more" in 2007.

Cardinal Health (CAH) announced a 3-year restructuring plan that 
includes a 500M stock buyback and the dismissal of 4200 
employees, just over 7% of its workforce in a bid to boost 
earnings by 500M.  The company is forecasting a 15% drop in EPS 
for 2005, which should bring earnings growth down to the "low 
single digits" compared with its prior expectation of double-
digits. CAH closed lower by 1.76% at 55.76.

Tenet Healthcare (THC) warned as well, citing lower patient 
volumes and high levels of bad debt from patients.  THC's Q3 net 
loss reported in November totaled 15 cents per share or 70M on 
revenue of 2.44B, 3.2% lower than Q3 2003.  With 3748 fewer 
admissions in tenet-operated hospitals and an increase in 
admissions of uninsured patients from 3.5% to 3.8% of the total, 
THC is expecting to record charges that could exceed 1B in Q4 
2004. THC lost 8.06% to close at 11.07.

The Nasdaq 100 Index (NDX) added the following 8 stocks to the index 
late Friday: XMSR, ADSK, LBTYA, NTLI, MCIP, WYNN, ERICY,
SIRI. The following 8 were removed: CEPH, CPWR, FHCC, GNTX, HSIC, 
NVDA, PTEN, RYAAY.  XMSR reached a 4 year high of 39.60 following 
that news and on the announcement that GM has signed its one
millionth XMSR subscriber.  These changes become effective on 
December 20th.

USA Today reported over the weekend on an "avalanche" of IPOs set 
to commence trading this week, as many as 17.  This is the 
highest number of IPOs in a single week since August 11, 2000, 
when there 26 in that week.  This year's 196 total IPOs also 
harkens back the dotcom bubble.  The article noted that IPOs have 
been largely successful this year, up an average of 31% from 
their IPO price, the best such showing since 1999.

Tomorrow is the FOMC meeting and at 2:15 we get the Fed's rate 
announcement.  This is always good for a rollercoaster afternoon, 
with quiet, low volume in the hours preceding the announcement 
and then whippy moves in both directions after 2:15PM.  On the 
one hand, rates remain very low at current levels, as conceded in 
the numerous speeches from the Fed's governors and Chairman.  On 
the other hand, demand for US debt has been firm as evidenced by 
the recent treasury auctions.  This morning's upward revision to 
the October retail sales report was treated by some mainstream 
media channels as sealing the deal on a 25 bp rate hike tomorrow.  
With equities, commodities and foreign currencies still very 
strong this year against the US Dollar, even following last 
week's bounce, there are strong arguments to support a rate 
increase, even despite the Fed's reticence to tighten during the 
less liquid December period.  Time will tell.

Aside from the FOMC announcement, we'll get the 8:30AM 
announcement of the October trade balance, est. 53B, then at 9:15 
Industrial Production and Capacity Utilization, est. +0.2% and 
77.8% respectively.  With op-ex week and FOMC trading patterns, 
the potential for headfakes, false breaks, stop runs and whipsaws 
could scarcely be higher.  Tomorrow is a good day during which to 
be extra careful out there.
 
 

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

Progress Energy - PGN - close: 44.75 change: +0.93 

WHAT TO WATCH: PGN jumped more than two percent on Monday.  More 
importantly PGN broke out over resistance at $44.50 to hit new 
seven-month highs.  This could be a new bullish entry point for a 
run towards resistance at $48.00.  A move over $45 will reverse 
the P&F chart back into a buy signal with a triple-top breakout 
pattern. 




---

Sony Corp - SNE - close: 37.63 change: +1.52

WHAT TO WATCH: Video game makers soared today with SNE adding 4.2 
percent on huge volume that was about four times stronger than 
normal.  We're impressed. The latest news we read suggested there 
would be a playstation 2 shortage in the U.S. for Christmas due 
to a delay at the Panama canal.  The rally in SNE pushed shares 
through resistance at $37 and its simple 200-dma.  This could be 
a momentum entry point for a run toward $42.50 but we would 
expect some resistance at $40.




---

RPM Intl Inc - RPM - close: 19.14 change: +1.04

WHAT TO WATCH: RPM would probably make a better stock symbol for 
NASCAR but the company is actually a specialty paint and coatings 
maker.  Shares certainly revved higher today with a 5.7 percent 
breakout on very strong volume.  The move is significant because 
RPM had been stuck in a trading range the past five weeks.  
Unfortunately, we can't find the catalyst for today's move.  
Watch for a move over $19.50 as a potential entry point.




---

Exelon Corp - EXC - close: 42.89 change: +0.91

WHAT TO WATCH: This electric utility stock just added its third 
gain in a row.  Technicals are turning positive and its MACD is 
hinting at a new buy signal soon.  Readers can watch it for a 
breakout over $42.00, which is the top of its trading range for 
the past four weeks.  Dividend players may be adding to EXC with 
its annual yield of 3.8 percent. 





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

OKE $28.13 +0.57 - This natural gas stock is rebounding and looks 
ready to breakout to new highs over $28.50.

MXRE $20.00 +0.72 - This insurance stock just added 3.7 percent 
to breakout over its simple 200-dma.

HELE $30.21 +1.10 - HELE soared more than 3.7 percent on strong 
volume to breakout over its 200-dma and the $30.00 level.

APPX $35.19 +2.83 - APPX just broke out over its simple 200-dma 
on big volume.  Watch for a dip back towards $34-33 and consider 
a bounce.

BEAS $8.61 -0.09 - BEAS tried to breakout over the $9.00 level 
and its 200-dma but failed (again).  Wait for the move over $9.00 
before considering bullish positions.  

=================================================================
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                   Monday 12-13-2004
                                                    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:  ONXX, KFY, ED    

Tech Stocks
  New Bullish Play:     MNST

Active Trader (Non-tech)
  New Bullish Play:     ACI

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
==================================================================

ONXX - non-tech long -
  Good news!  ONXX added 4.4 percent on decent volume
  to breakout to new relative highs.
 
 
KFY - non-tech long -
  Traders quickly bought the dip this morning to $20.57
  before pushing KFY back towards the Friday close.  
 
 
ED - non-tech short -
  Uh-oh!  We may need to abort this play.  Shares of ED
  surprised us with a 1.8 percent gain following Friday's 
  failed rally.  The move today was fueled by news that ED
  has decided to sell its telecom unit to FiberNet for $37 million.   
  We are not suggesting new positions until ED trades under $43.25


==================================================================
Net Bulls (NB) Tech Stock section
==================================================================

========
NEW PLAY
========

  ----------------
  New Bullish Play
  ----------------

Monster Worldwide - MNST - close: 29.50 chg: +1.25 stop: 26.99

Company Description:
Founded in 1967, Monster Worldwide, Inc. is the parent company of 
Monster®, the leading global online careers property. The company 
also owns TMP Worldwide, the world's largest Yellow Pages 
advertising agency and one of the world's largest Recruitment 
Advertising agency networks. TMP Worldwide is also a provider of 
direct marketing services. Headquartered in New York with 
approximately 5,000 employees in 26 countries
(source: company press release)

Why We Like It:
Formerly known as TMPW or TMP Worldwide the company changed its 
name to Monster  Worldwide and its stock symbol to MNST back in 
early 2003.  Looking at the long-term chart we can see that MNST 
has been stuck in a wide trading range for the past 18 months with 
resistance at the $30.00 level.  Yet now after six weeks of 
consolidating sideways between $27 and $30 shares of MNST look 
poised to breakout over the $30 mark and hit new highs.  Technicals 
are positive and its MACD is very close to a new buy signal.  The 
P&F chart is bullish with a $51 target.  Today's 4.4 percent rally 
was fueled by volume over twice the norm and that could have shorts 
worried.  The most recent data put short-interest at 11 percent of 
the float.  A breakout over $30 could produce a short-squeeze.  We 
are going to use a TRIGGER at $30.11 to open the play.  Until MNST 
trades at or above our entry point we'll sit on the sidelines.  
Once triggered we'll target a quick move into the $34-36 range. 


Annotated Chart:

 

Picked on December xx at $xx.xx <-- see TRIGGER
Gain since picked:       + 0.00
Earnings Date          00/00/00 (unconfirmed)
Average Daily Volume:       1.4 million 




==================================================================
Stock Bottom / Active Trader (AT) section
==================================================================

=========
NEW PLAYS
=========

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

Arch Coal - ACI - close: 34.71 change: +1.59 stop: 31.99

Company Description:
St. Louis-based Arch Coal is the nation's second largest coal 
producer and mines low-sulfur coal exclusively. Through its 
subsidiary operations in West Virginia, Kentucky, Virginia, 
Wyoming, Colorado and Utah, Arch provides the fuel for 
approximately 7 percent of the electricity generated in the United 
States. (source: company press release)

Why We Like It:
A Reuters article out this morning reported that coal prices, which 
have already doubled in the last two years, could still climb 
higher with heavy demand from steel producers.  That kind of news 
should be good for fundamental investors.  Plus, crude oil remains 
at relatively high levels above $40 a barrel, which will keep some 
focus on alternative energy sources.  We think ACI is also tempting 
on a technical basis.  Shares have been consistently bouncing from 
its rising simple and exponential 200-dma's for months.  You can 
see ACI's rising channel more clearly on the weekly chart.  The 
stock just bounced near the bottom of its channel from its simple 
200-dma.  We want to target a run toward the top of the channel at 
$40.00.   In other news S&P just announced its semi-annual 
adjustments to its growth and value indices.  The firm is moving 
ACI from a "value" label to a "growth" index. 

Annotated Chart:

 

Picked on December 13 at $34.71 
Gain since picked:       + 0.00
Earnings Date          01/29/05 (unconfirmed)
Average Daily Volume:       951 thousand




==================================================================
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                  107.99     +1.74
WB      Wachovia Corp              54.11     +0.73
GSK     GlaxoSmithKline            45.80     +0.98
RD      Royal Dutch Petrol         56.81     +1.04
BCS     Barclays Plc               43.74     +0.74
C       Citigroup                  46.77     +0.86

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

ORCL    Oracle                     14.63     +1.35
RPM     RPM Intl                   19.14     +1.04
CTMI    CTI Molecular Imaging      14.68     +1.31
VISG    Viisage Technology          8.99     +1.27
PDFS    PDF Solutions              15.75     +1.61
BLTI    Biolase Technology         10.69     +1.64

---------------------------------------
Breakout to Upside (Stocks over $20)
---------------------------------------
  
DD      Dupont E Nemours & Co      47.06     +1.08
SNE     Sony Corp                  37.63     +1.52
ERTS    Electronic Arts            57.57     +3.38
AT      Alltel Corp                60.56     +2.66
MAR     Marriott Intl Inc          61.75     +1.50
COH     Coach Inc                  55.86     +2.24
MNST    Monster Worldwide          29.50     +1.25

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

TUES    Tuesday Morning            30.01     -6.27
ABM     ABM Industries             20.05     -1.44

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

ANF     Abercrombie & Fitch        43.85     -1.14
SSI     Spectrasite Inc            55.05     -1.27
IIVI    II-VI Inc                  41.31     -2.17
OKSB    Southwest Bancorp          26.25     -0.38

=================================================================
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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