PremierInvestor.net Newsletter Wednesday 01-19-2005 section 1 of 2 Copyright (c) 2005, 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: Inflated Hopes? Watch List: Semis look weak but oil service is not =============================================================== MARKET WRAP (view in courier font for table alignment) =============================================================== 01-19-2005 High Low Volume Adv/Dcl DJIA 10539.97 - 88.82 10626.28 10536.49 1.86 bln 1063/1797 NASDAQ 2073.59 - 32.45 2105.84 2072.20 2.18 bln 971/2067 S&P 100 563.89 - 5.64 569.53 563.72 Totals 2034/3864 S&P 500 1184.63 - 11.35 1195.98 1184.37 SOX 397.89 - 8.66 407.75 397.76 RUS 2000 617.91 - 6.96 625.38 616.73 DJ TRANS 3552.48 - 36.74 3591.67 3550.43 VIX 13.18 + 0.71 13.21 12.41 VXO (VIX-O)13.74 + 1.07 13.79 12.77 VXN 19.24 + 0.49 19.43 18.82 Total Volume 4,054M Total UpVol 848M Total DnVol 3,159M Total Adv 2034 Total Dcl 3864 52wk Highs 143 52wk Lows 35 TRIN 2.00 PUT/CALL 0.86 =============================================================== =========== Market Wrap =========== Inflated Hopes? Linda Piazza Inflation was the catch-word in Wednesday's trading. Market watchers scrutinized economic releases for signs of inflation and poured over Fed speeches and the Beige Book for clues as to how the FOMC felt about the issue. Inflation had another meaning, too, with hopes for this earnings season perhaps inflated by the scarcity of warnings. Competing bullish and bearish chart characteristics already predicted choppy trading conditions for Wednesday, and the attention garnered by each release contributed to the impression that trading conditions might be choppy. By the end of the day, that choppiness had resolved into a strong downward push that thrust many indices below their 50-sma's again. The SOX, long ago falling below its 50-sma, dropped below 400 by the close. Internals had been bearish all day, with the advdec line negative. Most sectors dropped, with the SOX; GHA, the GSTI Hardware Index; DDX, the Disk Drive Index; NWX, the Networking Index; and XAL, the Airline Index among the sectors dropping more than two percent. Annotated Daily Chart of the SPX: The presence of two confirmed long-in-the-making inverse head- and-shoulder formations may make it difficult for the SPX to reach any downside target predicted by this H&S on the daily chart, if it's confirmed. Competing chart characteristics often point to confusion among bulls and bears and sometimes lead to choppy trading conditions. The SPX may not yet be finished building that right shoulder, for example, and might chop around at the appropriate right shoulder level another day or two before either confirming the formation or negating it. Other indices show some of the same chart characteristics. Annotated Daily Chart of the Dow: The Nasdaq's chart proves more difficult to decipher. Annotated Daily Chart of the Nasdaq: Wednesday opened to a busy earnings and economic release schedule, with some release times and dates shaken up from the usual. At 7:00, the MBA Refinancing Index jumped 19.1 percent from the previous week's. Refinancing activity fell as a total percentage of mortgage activity, however. The Composite Index also jumped, by 16.2 percent on a seasonally adjusted basis. In an industry-related release at 8:30, the Commerce Department released housing starts figures for December, characterizing the 10.9 percent seasonally adjusted increase as occurring at the fastest monthly rate in seven years. Starts numbered a seasonally adjusted annual rate of 2 million units, up slightly from the forecast 1.9 million. All regions and subcategories saw a rise in housing starts. Less than two hours later, a component of December's CPI was to show that housing prices also rose 0.2 percent. In all of 2004, housing prices rose 3 percent. A look forward wasn't as cheery, with December's building permits falling 0.3 percent on a seasonally adjusted basis. While housing starts measures the number of units upon which construction has begun, building permits offers a preview of the future, as permits often lead housing starts. Some discounted the decline in permits, however, saying that the number can be volatile and that it takes several months to see a trend. The number can be affected by weather conditions. Later, the Beige Book release was also to show that residential mortgage lending was generally slower. However, the DJUSHB, the Dow Jones U.S. Home Construction Index, proved to be one sector- related index that eked out a gain, climbing 0.31 percent. With inflation the catch-word, the dollar was also in focus pre-market. Overnight, The Bank of Japan's Governor Fukui made a statement that impacted the dollar/yen pair during the pre-market session. He avowed that during next month's G-7 meeting, Japan would oppose any wording of the joint statement suggesting that Europe has unfairly absorbed dollar weakness and that Asian countries should absorb more. Why should U.S. equity investors care what the dollar is doing? A commentator on CNBC summed up traders' impressions this morning. He said that if there is a feeling that the dollar has bottomed, U.S. markets should see record inflows from Asia and Europe. That statement was made after the 8:30 release of the CPI data, with that data also figuring into the dollar's behavior. Falling crude prices in December helped keep consumer prices low, with prices decreasing 0.1 percent. Excluding energy and food prices, the core CPI climbed 0.2 percent, with both numbers characterized as being in line with expectations. It's when examining the yearly numbers in the context of Fed goals and recently rising crude prices that some worry arises. The Federal Reserve's goal of maintaining core inflation rates between 1.5 and 2.5 percent was met, with the core CPI rising 2.2 percent, but that increase was still the largest since 2001. The headline number rose 3.3 percent for 2004, the largest increase since 2000, perhaps dampening hopes that the Fed might be through raising rates for a while. While core CPI was in-line with expectations, both for the month and the year, continued higher crude prices could sharpen the beaks of the hawks on the FOMC. Wages don't seem to be adding pressure. Adjusted for inflation, real hourly wages declined 0.8 percent in 2004, falling for the first time in ten years. Not adjusted, hourly wages rose 2.7 percent. Weekly wages declined 0.2 percent. The Labor Department also noted that initial jobless claims fell 48,000 for the reporting week, but some note that weather and other factors might have impacted that number. After the blizzard of economic releases at 8:30, equity futures climbed, but the dollar fell. Ten-year yields rose. Fed Governor Bernanke was speaking before the market open and hurried to qualm inflation fears, saying that risks hadn't risen over the last six months. That dollar decline was to be temporary, as was the climb in equities. After climbing for another hour, ten-year yields came off their high, too, drifting lower into the release of the Beige Book, steadying ahead of the release, and then falling further. Interest in equities had been damaged by pre-market results by JP Morgan Chase (JPM), Lucent (LU) and Pfizer (PFE), as well as Motorola's (MOT) after-hours report Tuesday. By the close, JPM had dropped 1.45 percent; LU, 7.56 percent; PFE, 1.66 percent and MOT, 7.05 percent. Two of those four, JPM and PFE, are Dow components. JPM's earnings disappointed, while LU's revenues did. MOT received three downgrades after yesterday's earnings report, and led communications equipment stocks lower. In the afternoon, the Beige Book release was to show that the Dallas district, at least, experienced slowing demand for consumer communications equipment. Headlines proclaimed PFE's quarter soft, with both strong drug sales and cost-cutting measures contributing to profit gains but with its adjusted EPS failing to meet estimates. The company reported a 7 percent revenue increase, but that revenue was in part attributed to a 24 percent increase in Celebrex sales and a 57 percent increase in Bextra sales. An FDA advisory committee meeting as to the safety of those two drugs will be held in mid-February, with their further contributions to PFE's sales in question. Perhaps due at least in part to uncertainty regarding the outcome of that upcoming FDA meeting, PFE declined to offer guidance for 2005 until an analyst meeting planned for April. The outcome of that meeting isn't the only uncertainty regarding PFE. Of interest to PFE and many other multinationals is a law signed late last year that allows for a much lower rate for repatriation for domestic use of earnings from foreign subsidiaries. Discussions at PFE and offices of other multinationals concern how much money can be repatriated, under what conditions, and for what uses. As expected, markets chopped around into the 2:00 release of the Beige Book Report, with that report's summary including a statement that during December and early January, inflationary pressures remained in check. While costs had risen for manufacturers and builders, the consumer saw only modest cost increases for final goods and services. The Boston and Minneapolis districts reported a sharp rise in input prices, with modest to high price increases in the costs of building materials in Atlanta, Kansas City and Minneapolis. Other districts reported mixed results. The Dallas district reported that stiff competition stopped firms from passing rising costs through to the consumer. Nine out of twelve districts saw factory output rise. Consumer spending increased, with the Fed reporting that the much-disputed holiday sales season saw retail sales above year-ago levels in many districts. Economic activity continued to expand. In the context of a generally strong real estate market, some districts noted slowing in both residential real estate and construction activity. As had been shown by the previous Labor Department release, some firming was seen in labor markets, but no increase in wage pressures. Districts reported a mixture of results related to auto sales, with some districts seeing a rise in inventories "above desired levels." Whatever market watchers had hoped to see in the Beige Book, they didn't find it. Although crude prices closed down $0.35 and some earnings had proven strong, none of that was enough to overcome the earnings disappointments listed above or those from LUV, AMD and NWAC or even event fear ahead of the inauguration. After the bond market closed, equities plunged. After the close, EBAY and QCOM joined other reporting companies, and inflated expectations from traders sent them sharply lower when they didn't meet those inflated expectations. As Jim Brown noted in the OptionInvestor Market Monitor, EBAY blew through multiple support levels in after-hours trading after disappointing on profit guidance, but dropped all the way into possible support. After-hours trades plunged all the way toward the 200-ema and -sma. EBAY had beat on Q4 profit and revenue, and announced a 2-for-1 stock split. The conference call pinned that lowered guidance at least on part to increased investments in China, a strong point rather than a weak one to some watchers. QCOM was also dropping in after-hours trading. QCOM reported Q1 sales of $1.39 billion against expectations for $1.40 billion, with profit of 28 cents excluding items against expectations of 27 cents. However, the company guided analysts to expect Q2 revenue of $1.35-1.45 billion, lower than the previously expected $1.49 billion. It also predicted earnings lower than expectations, but many cautioned that accounting changes could be responsible for those misses. Other reporting companies included COF, missing expectations; FFIV, beating expectations; QLGC, falling as this report was prepared after reporting Q3 profit a cent lower and revenue slightly lower than expected; PLNR, missing on earnings and warning for 2005; SYMC, falling after reporting higher-than- expected sales and forecasting revenue higher than current expectations; and SWKS, falling after reporting profit of 9 cents against expectations of 13 cents, coming up shy on sales, and forecasting next-quarter revenue below current expectations. Whatever market watchers expected to see, they found their expectations inflated. The release of crude oil, gasoline, and distillate inventories was pushed back to 5:00 p.m. The Department of Energy and American Petroleum Institute numbers differed as widely as they often do, with the API reporting crude inventories up 6.0 million barrels while the DOE reported them up 3.4 million barrels; the API reporting distillates down 450,000 barrels and the DOE, up 880,000; and the API reporting gasoline up 5.4 million barrels and the DOE, up 1.7 million barrels. Estimates had been for a rise of 1.5 million barrels in crude inventories, so both the API and DOE reported a much-bigger-than-expected buildup. Estimates had been for a 1.00 million barrel increase in gasoline inventories, and those beat by estimations of both the API and DOE, too. However, it's the supply of distillates that's been of most concern during the winter months, and it was in that number that the API and DOE differed most. The API reported a drop of 450,000 barrels and the DOE a gain of 880,000, with the DOE's number close to the expected rise of 750,000. With crude traders appearing to accept the DOE's more reassuring number, crude dropped after-hours. A drop below $45.68, the 50- sma, or a climb above $50.00 may be important, but for now crude prices remain at a level where the validity of the potential H&S remains questionable. It hasn't yet been invalidated, but may be on a climb much above $50.00. Annotated Daily Chart for Crude for February Delivery: Thursday's economic releases begin with December's Leading Indicators at 10:00, concurrent with the Fed's Poole discussion on the economic outlook at a speech in Mississippi. Those events are followed by the January Philadelphia Fed at noon and the Fed's Yellen following up Poole's Mississippi address on the economic outlook by one on the same topic in San Francisco. Money supply figures are to be released at 4:30, but the Semi Book-to-Bill number at 6:00 might draw the most attention. Much-watched earnings tomorrow include before-the-open releases by a number of retailers and airlines and after-the-close releases by KLAC and XLNX. As noted on many of these charts, long plays currently look iffy. Many indices appear to be in right-shoulder building exercises, with potential confirmation of head-and-shoulder formations looking imminent, but "looking" imminent and seeing follow- through are two different matters. If already in bearish plays from rollovers beneath the right-shoulder levels, follow indices down with your stops, noting potential profit-protecting levels mentioned on the various charts, with the necklines being obvious levels that might prompt a bounce. If there's a bounce tomorrow from those neckline levels, options traders, paying spreads and facing decay in the likely case of falling volatility indices while equity indices bounce, may not be able to capitalize on a choppy upward move within a potential right shoulder formation. Tomorrow, ahead of the inauguration and the Semi Book-to-Bill number, for that matter, may not be the right day to make a bet on a long position from the neckline area of potential H&S formations, betting against the chart formation being confirmed. Shorts could be surprised by such a bounce and the markets could run away to the upside, but the wiser choice may be passing up any such potential play if it occurs tomorrow. Bearish players should exercise caution, too, as symmetry suggests that there may be another day or two of choppy shoulder- forming behavior before indices decide whether to confirm those formations and head downward or invalidate them and climb toward recent highs. Decide before the day begins whether you will be willing to hold overnight tomorrow if markets plunge and you've accrued bearish profits. Bears will have real difficulty if the indices chop back up toward the tops of those right shoulders tomorrow into the close. From this distance, that looks like a good bearish entry, but that's ignoring the change in tenor that might be present Friday morning and the role that event risk might be playing in the markets' declines. Would that be a good bearish entry ahead of potential event risk? Probably not with anything but lottery money. It might be better to wait until volatility settles out Friday morning to make a decision, realizing that a gap move might be possible, thwarting plans for new entries. ================================================================= 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 --------------------------------- Cymer Inc - CYMI - close: 24.72 change: -1.61 WHAT TO WATCH: The tech sector looks weak and the SOX semiconductor index looks very vulnerable with today's drop under the 400 level. Likewise CYMI looks vulnerable to more selling pressure. CYMI had been consolidating sideways above the $25 level the last two weeks but shares broke support today on strong volume. The P&F chart looks very ugly with a failed rally and a $14 target. Our only problem is the upcoming earnings report on January 25th. We hate to hold over an event like that so we have to pass. Nimble traders may want to take advantage of CYMI's weakness. --- Ultratech Inc - UTEK - close: 14.55 change: -1.03 WHAT TO WATCH: UTEK is another semiconductor-related stock that also looks poised to move lower. Shares broke significant support at the $16 level and the 200-dma several days ago and spent the last week consolidating sideways. Now today's failed rally at the 10-dma and a new relative low look like a bearish entry point for a drop through potential support at $14 and beyond. Once again our one concern is the upcoming earnings report on January 27th. That's too close for the newsletter to play UTEK but individual traders may want to give the strategy another look. --- Titan Corp - TTN - close: 15.17 change: -0.32 WHAT TO WATCH: TTN is part of the computer networks industry. We would have expected that JNPR's strong earnings last night would have given the sector a lift. Instead traders sold the news and the NWX networking index was one of today's worst losers down 3.6 percent. This lead TTN to a two-percent decline and a new relative low. Look for a drop under the $15 level as a potential bearish entry point. We would target support near $13.50. It is worth noting that the P&F chart is still in a bullish buy signal. Earnings are expected in late February. --- Cal Dive Intl Inc - CDIS - close: 40.65 change: -0.03 WHAT TO WATCH: The OSX oil services index was one of the very few sector-specific indices to close in the green on Wednesday. This relative strength led us to look through some of the oil service stocks. We noticed that CDIS has been consolidating sideways the last several weeks but is testing resistance near the $42 level. Short-term oscillators are bullish and the MACD just produced a new buy signal. Watch for a move over $42 as a potential entry point. Watch for earnings in late February. ----------------------------------- RADAR SCREEN - more stocks to watch ----------------------------------- ISIL $13.94 -0.59 - ISIL is another semiconductor stock slipping to new lows. The breakdown under $15.00 was a major blow and ISIL looks poised to drop towards the $11-12 range. WMB $15.80 -0.16 - WMB has been digesting its big November gains for the last six weeks. Currently the trend has been one of lower highs but shares are now coiling into a tighter pattern. Bulls can watch for a breakout over the $16.25 level as a potential entry point. Bears may want to consider shorts under $15.00. CIEN $2.73 -0.18 - CIEN's four-month up trend is in jeopardy. Shares are testing and currently breaking rising technical support at the 50-dma. ACDO $28.83 -0.30 - We're still watching ACDO for a bullish breakout over $30.00 and its 200-dma. ========================================================== 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 2005 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter Wednesday 01-19-2005 section 2 of 2 Copyright (c) 2005, 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 Net Bulls (Tech Stocks) New Bearish Plays: SNPS Active Trader (Non-tech Stocks) New Bearish Plays: EMMS Stock Splits Announcements: EBAY 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 ================================================================== Net Bulls (NB) Tech Stock section ================================================================== --------- New Plays --------- New Bearish Plays ----------------- Synopsys - SNPS - close: 17.14 change: -0.56 stop: 17.90 Company Description: Synopsys, Inc. is a world leader in electronic design automation (EDA) software for integrated circuit (IC) design. The company delivers technology-leading IC design and verification platforms to the global electronics market, enabling the development of complex systems-on-chips (SoCs). Synopsys also provides intellectual property and design services to simplify the design process and accelerate time-to-market for its customers. Synopsys is headquartered in Mountain View, California and has offices in more than 60 locations throughout North America, Europe, Japan and Asia. (source: company website) Why We Like It: Yesterday's oversold bounce in the GSO software index is already failing and that's bad news for beleaguered SNPS. The stock has seen some rocky times the past several months and the market weakness in January has not been kind to SNPS either. The up trend during the Q4 proved to be nothing more than SNPS filling the gap from August. After essentially filling that gap at year end shares turned lower on rising volume. It didn't help that on January 10th the company lowered its 2005 earnings outlook. Today's action also looks troublesome for SNPS with a new bearish engulfing candlestick. We want to use a TRIGGER to capture a breakdown under the $17.00 level. Our entry point will be $16.95 and we'll target a drop to support near $15.50. We'll start with a stop loss at $17.90 above today's high. P&F chart readers will note that SNPS is currently in a buy signal but a drop under $17.00 would reverse that into a new sell signal. Annotated chart: Picked on January xx at $xx.xx <-- see TRIGGER Gain since picked: + 0.00 Earnings Date 02/17/05 (confirmed) Average Daily Volume: 1.5 million ================================================================== Active Trader (AT) Non-Tech Stock section ================================================================== --------- New Plays --------- New Bearish Plays ----------------- Emmis Corp - EMMS - close: 17.45 change: -0.32 stop: 17.85 Company Description: Emmis Communications is an Indianapolis-based diversified media firm with radio broadcasting, television broadcasting and magazine publishing operations. Emmis owns 23 FM and 2 AM domestic radio stations serving the nation's largest markets of New York, Los Angeles and Chicago as well as Phoenix, St. Louis, Austin, Indianapolis and Terre Haute, IN. In addition, Emmis owns a radio network, international radio stations, 16 television stations, regional and specialty magazines, and ancillary businesses in broadcast sales and book publishing. (source: company website) Why We Like It: This diversified media stock is not having a good year. Shares peaked back in January 2004 and have been withering lower ever since. EMMS tried to form a base over the last few months with a sideways trading range between $17.50 and $20.00 but it looks like that attempt is failing. As a matter of fact it almost looks like EMMS has produced a bearish head-and-shoulders pattern. Impacting stock performance was a disappointing earnings report early this month. The company hit estimates but revenues came in under Wall Street expectations. Now after five days of consolidating between $17.50 and $17.85 shares of EMMS are breaking down. However, we don't want to go short just yet. There was a low near $17.40 back in September so we want to use a TRIGGER at $16.99 to open the play. If and when EMMS trades at our entry point to go short we'll target a drop toward the $15.00 level. The P&F chart confirms the bearish trajectory with a $6.00 target. Annotated chart: Picked on January xx at $xx.xx <-- see TRIGGER Gain since picked: + 0.00 Earnings Date 01/06/05 (confirmed) Average Daily Volume: 478 thousand ================================================================== Stock Splits ================================================================== Announcements ------------- EBAY announces a 2-for-1 split Internet auction giant eBay (NASDAQ:EBAY) reported Q4 earnings after the bell this evening. Management tried to soften disappointing earnings with a 2-for-1 stock split announcement. The Board of Directors approved the split payable on February 16, 2005 to shareholders on record as of January 31st. About the company: eBay is The World's Online MarketplaceŽ. Founded in 1995, eBay created a powerful platform for the sale of goods and services by a passionate community of individuals and businesses. On any given day, there are millions of items across thousands of categories for sale on eBay. eBay enables trade on a local, national and international basis with customized sites in markets around the world. Through an array of services, such as its payment solution provider PayPal, eBay is enabling global e-commerce for an ever- growing online community (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 GDW Golden West Financial 62.35 +0.72 PHM Pulte Homes 66.52 +0.51 SUN Sunoco Inc 83.88 +0.80 HOV Hovnanian Enterprises 52.21 +0.53 CBL CBL & Assoc. 72.02 +0.80 WCI WCI Communities 30.88 +1.13 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- TRY Triarc Co 14.52 +1.78 GRU Gurunet Corp 10.90 +1.80 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- MCO Moody's Corp 85.34 +1.14 KMI Kinder Morgan 74.43 +1.94 JOE St. Joe Co 70.10 +1.72 PENN Penn Ntl Gaming 67.37 +2.97 IMDC Inamed Corp 65.38 +1.62 NX Quanex Corp 50.51 +1.58 DRQ Dril-Quip 27.25 +1.25 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- QCOM Qualcomm Inc 41.07 -1.55 EBAY eBay Inc 103.05 -3.32 FNM Fannie Mae 67.43 -2.27 STT State Street 45.06 -1.46 AL Alcan Inccue Metal 39.25 -5.15 SAFC Safeco Corp 47.61 -2.63 DRL Doral Financial 44.00 -5.45 MACR Macromedia 25.99 -1.36 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ----------------------------------------- SLM SLM Corp 52.94 -1.34 BEC Beckman Coulter 68.00 -1.95 IOC Interoil Corp 36.00 -1.34 ================================================================= 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) 2005 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
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