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Daily Newsletter, Thursday, 01/20/2005

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PremierInvestor.net Newsletter                 Thursday 01-20-2005
                                                    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:       Instant Replay
Watch List:        Software to Auto parts and more
Market Sentiment:  What a difference!

=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
      01-20-2005           High     Low     Volume   Adv/Dcl
DJIA    10471.47 - 68.50 10546.77 10457.94 2.01 bln  973/2133
NASDAQ   2045.88 - 27.70  2065.59  2045.88 2.18 bln  939/2117
S&P 100   561.19 -  2.70   564.06   559.93   Totals 1912/4250
S&P 500  1175.41 -  9.22  1184.63  1173.39 
SOX       394.81 -  3.10   402.11   394.14
RUS 2000  612.34 -  5.57   617.91   611.73
DJ TRANS 3513.42 - 39.10  3554.30  3510.93
VIX        13.83 +  0.65    14.11    13.28
VXO (VIX-O)14.34 +  0.60    14.52    13.80
VXN        19.50 +  0.26    20.22    19.45  
Total Volume 4,467M
Total UpVol  1,124M
Total DnVol  3,308M
Total Adv  2157
Total Dcl  4844
52wk Highs  119
52wk Lows    91
TRIN       1.34
NAZTRIN    1.22
PUT/CALL   0.87
=================================================================

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

Instant Replay
by Jim Brown

New lows across the board and all the indexes have moved
back to the brink of disaster. I feel like a broken record
with the markets stuck in a playback loop. There were so 
many reasons for today's dip that Friday's outlook is really
cloudy. 

Dow Chart

 
Nasdaq Chart

 
SOX Chart

 

The focus of the day was the inauguration and it is still
progressing as I type this at 6:30 tonight. So far the 
massive security force of 6,000 police and 7,000 armed
services personnel appear to have deterred any attack. We
still have to get past the nine formal balls tonight and
the market can erase another potential negative for Friday. 

Helping depress the markets today was the Philly Fed 
Survey, which dropped sharply to 13.2 from 25.4 in December.
This is a major drop and a major blow to the recovery picture.
This was the lowest reading in 18 months and a dramatic drop
from the 35 high back in July. Three components fell into
negative territory, backorders -5.2, delivery times -3.2
and inventory -2.7. Shipments fell to 15.9 from 35.6 and
new orders fell to 9.8 from 20.9. Possibly the most critical
change was a drop in the six month outlook to 25.5 from 39.0.
This suggests things are turning down sharply in the Third
District and other surveys have been suggesting the same
in other areas. Anything over zero indicates economic 
expansion but we are already closing in on single digits 
and the outlook is cloudy. On the bright side 84% of the
participants said capital expenditures would increase or
stay the same. Only 16% said they were reducing capex. If
you continue to build it will they really come?

Earnings continue to flow and it has been a really mixed
bag. Using the Forrest Gump analogy our box of chocolates
this cycle had plenty of surprises and several were very
bitter. The biggest surprise was the reaction to the EBAY
earnings not necessarily the earnings. As you probably 
already know EBAY missed street estimates by a penny and
said they were going to spend more on expanding their China
business and on marketing. Both areas will result in higher
profits ahead but a small drop in the current quarter. EBAY
affirmed its full year 2005 estimates at $1.48-$1.52 and
exactly at the $1.50 it had previously predicted. Traders
missed the fact that they affirmed the full year and were
expecting stronger earnings in 2006. The stock was trashed
to the tune of nearly -$20 despite announcing a 2:1 split
for February. Analysts were split on upgrades and downgrades
but traders ran for the exits in this time of extreme caution.
EBAY traded over 86 million shares and ended at $83.33. I
am still recommending a strong buy at this level for long
term holders. This is a gift in my opinion.

The EBAY drop of such magnitude scared tech investors and
cautious comments from others only accelerated the drop in
other issues. QCOM beat the street by a penny but in keeping
with its previously announced plan of changing the way it
accounts for earnings it guided lower than analysts were
expecting for the current quarter. Phone sales were expected
to be slightly less than the analyst estimate and traders
fled the stock in fear of another EBAY type drop. QCOM fell
-$3.29 to $37.78 at the close. QCOM has been on a very strong
ramp over the last year, as has EBAY, and the slightest hint
of slowing triggers massive profit taking. 

Another factor impacting individual stocks and indexes
was option expiration. The lack of a material January
bounce left far too many people with long positions and
hope was fading fast. Once the magnitude of the EBAY 
disaster was known all hope failed and investors began
dumping those losing positions in all sectors. 

Another factor for this weeks drop is the January LEAP
expiration. Any investor holding leaps over the last two 
years of gains found themselves without a normal January
bounce and profit taking from LEAPS added another huge
volume pop to the downside. January is the only month with
the LEAP expiration factor added to the equation. 

The magnitude of the overnight drops in several stocks
triggered sell stops on millions of positions and those
stops produced more selling which triggered more stops. 
Sometimes these things begin to feed on themselves and
become self perpetuating. The advance/decline volume was
3:1 negative and the number of new lows was the highest 
since October 29th. Technically the internals are confirming
a change in market bias. 

Add in the bad economics, another round of Fed comments that
suggest the Fed is going to change their policy and the event
risk for the inauguration and traders could find no reason
to buy. After the close today there was a flurry of chip
earnings and they were mostly positive. KLAC beat by +2
cents, LRCX beat +6 cents, XLNX was inline. Other tech
standouts were HLIT and a +4 cent beat and HTCH at +3.
Hutchinson guided analysts well over prior estimates for
the current quarter and could only say good things about
the future. HTCH said earnings would be in the +40-50 cent
range and analysts were only expecting 33 cents. HLIT also
guided higher for the current quarter.  

Unfortunately the Semi Book-to-Bill was announced late 
tonight and the number fell to 0.95 in December on a -7.1%
drop in orders. Since this is a three month moving average
the real number would have been much worse. The BTB peaked
in Dec-2003 at 1.23 and has been falling steadily ever
since. The .95 is only .01 off the lows for the year set
in September. This makes the forth-consecutive month under
1.00 and the trend is down. Just one more pothole in the
potential rally road.  

We still have that option expiration cloud hanging over 
the markets for Friday. We also have the complete lack of
cash flow into funds. According to the latest TrimTabs 
forecast we could actually have outflows of -$3 billion 
for January. This would be only the second time in 15 years
that January cash flowed out instead of in. That other year
was 2003 and investors stayed on the sidelines while waiting
for the Iraq invasion to begin. In January 2004 there were
inflows of +44 billion. The -$3B was for all funds and the
number is worse for those funds that only invest in the U.S.
Those funds are on track for a -$6.8B outflow for the month.
With only seven trading days left in January it would take 
a major reversal to lift us out of our slump and a near 
miracle to shift the indexes back into positive territory. 

As January goes, so goes the year is the most repeated
January axiom. If this turns out to be true we are in for
a very bad year. This outlook is also scaring investors and
keeping them on the sidelines. Most traders follow the herd
and right now the herd has backed up to the cliff edge for 
one last stand. 

The Dow closed at its low for the year at 10473 and is
nearing strong support at 10425. I have been mentioning
that support for the last two weeks and far more than I
wanted. While I could easily see the Dow taking one more
plunge I still feel that 10425 level will hold unless the
earnings guidance picture changes significantly. 

Unfortunately the Nasdaq closed a couple of points below
what I feel was a last ditch support level at 2050. There
is a 38% retracement level at 2022 but there is little
additional support in that range. To put it bluntly the
Nasdaq needs to hold this level or the implosion should
take out the other indexes as well. 

The SPX closed back on the critical 1175 support level we
have been watching for the last two weeks. Three times in
2005 the SPX has pulled back to this level but today's 
close was the low for the year at 1175.86. Unlike the
Nasdaq the SPX does have additional support from 1163-1175
but the 1175 level is the psychological breaking point. If
the Dow is determined to test its strong support at 10425
then the SPX is doomed to trade below 1175 at least intraday.

The bottom line for me is a decision point ahead. We are
back at the brink and I would not be a buyer under SPX
1175. Under 1163 I would be a strong short. We are seeing
the normal historical trends fail, the economics picture
weaken and earnings guidance is definitely weaker than
analysts had hoped. This is not a recipe for a new bull
market. Once the inauguration event risk has passed and
we get past option expiration we are still not in the clear.
The Iraq elections and the OPEC meeting is Jan-30th and the
Fed meets again on Feb-1st. Definitely a wall of worry in 
our future. 

Don't lose faith in the market for 2005 but don't buy any
dips under 1175 either. We need to get past the next eight
days before making any new predictions about the coming 
months.    

Enter Very Passively, Exit Very Aggressively!

Jim Brown
Editor

"The man who rows the boat generally does not
have time to rock it."


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

Mercury Interactive - MERQ - close: 38.81 change: -0.85

WHAT TO WATCH: The weakness in the markets has pushed MERQ to a 
new relative low.  Shares have been consolidating the last few 
days but Thursday's breakdown looks like the drop from a bear-
flag pattern.  That would make this a new bearish entry point.  
We would target the $35.00 region.  Watch out for earnings 
expected on February 2nd. 




---

Dana Corp - DCN - close: 15.70 change: -0.41

WHAT TO WATCH: DCN has spent the last couple of months 
consolidating sideways between $16 and $18.  Now shares are 
breaking down under the bottom of this range.  Today's 2.5 
percent decline looks like a bearish entry point for a potential 
drop to the $14 level, which was support in October.  The P&F 
chart suggest that bears may want to exit closer to $14.50, which 
looks like support.




---

Rowan Cos - RDC - close: 27.48 change: +0.38

WHAT TO WATCH: RDC has been very strong this January in stark 
contrast to the rest of the market.  Volume has been rising on 
the rally, which is normally a good sign.  Shares have been 
testing major resistance at the $27.50 level the last couple of 
sessions.  A breakout would be very bullish but we would wait for 
a move over $28.00 to confirm the move.  The bullish P&F chart 
points to $39.50. 




---

Cognizant Technology - CTSH - close: 37.00 change: -1.43

WHAT TO WATCH: The January breakdown through CTSH's rising 
channel and support at the 50-dma was bad enough. Now shares have 
failed again near $39.00 and the stock looks poised to move 
lower.  Consider using a drop under $36.50 as an entry point.  
One note of caution - the $35 level is bolstered by the 100-dma 
and this could be support.  





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

HAS $19.44 +0.53 - The relative strength in HAS today is 
certainly positive but we would not consider bullish positions 
until shares broke through the $20.00 level.


===============================
Market Sentiment
===============================

What a difference!
- J. Brown

 
Wow!  My how things look difference from just a couple of days 
ago.  As of Tuesday's close investors were cautiously optimistic 
as the S&P 500 put together it first back to back gains.  There 
was obviously no follow through and the major averages have sunk 
to new lows for the year. 

First and foremost to blame has been some high profile earnings 
misses and warnings.  EBAY makes it to the top of the list with 
an earnings miss and a disappointing forecast sending the stock 
to a $20 drop today.  Citigroup managed to beat estimates by 
offered its own warning for 2005.  Plus, a warning from QCOM 
helped secure a down day for tech stocks. 

Overall the market internals were very negative with declining 
stocks outnumbering advancers 2-to-1 on the NYSE and 20-to-9 on 
the NASDAQ.  Down volume was about three times the size of up 
volume on the NYSE and close to that on the NASDAQ.  Overall 
volume was heavy and stocks look poised to end the weak and 
option expiration on a sour note. 

-----------------------------------------------------------------

Market Averages

DJIA ($INDU)

52-week High: 10868
52-week Low :  9708
Current     : 10471

Moving Averages:
(Simple)

 10-dma: 10572
 50-dma: 10596 
200-dma: 10280 



S&P 500 ($SPX)

52-week High: 1217
52-week Low : 1060
Current     : 1175

Moving Averages:
(Simple)

 10-dma: 1185
 50-dma: 1189
200-dma: 1133



Nasdaq-100 ($NDX)

52-week High: 1635
52-week Low : 1301
Current     : 1514

Moving Averages:
(Simple)

 10-dma: 1554
 50-dma: 1583
200-dma: 1467 



-----------------------------------------------------------------

CBOE Market Volatility Index (VIX) = 13.83 +0.65	
CBOE Mkt Volatility old VIX  (VXO) = 14.34 +0.60
Nasdaq Volatility Index (VXN)      = 19.50 +0.26 


-----------------------------------------------------------------

          Put/Call Ratio  Call Volume   Put Volume

Total          0.98      1,216,088     1,188,329
Equity Only    0.76        850,881       649,157
OEX            0.84         72,789        61,262
QQQQ           2.19         46,822       102,977


-----------------------------------------------------------------

Bullish Percent Data

           Current   Change   Status
NYSE          72.9    - 0.4   Bear Correction
NASDAQ-100    72.0    - 1     Bull Correction
Dow Indust.   66.6    - 6     Bull Confirmed
S&P 500       73.4    - 1.2   Bull Confirmed
S&P 100       76.0    + 0     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: 1.10
10-dma: 1.12 
21-dma: 1.08
55-dma: 1.02


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     814       916
Decliners    1984      2094

New Highs      85        56
New Lows       25        31

Up Volume    529M      584M
Down Vol.   1541M     1617M

Total Vol.  2083M     2221M
M = millions


-----------------------------------------------------------------

Commitments Of Traders Report: 01/11/05


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

There was very little movement in the latest data leaving
commercials slightly bearish and small traders bullish on the
large S&P futures contracts.


Commercials   Long      Short      Net     % Of OI
12/14/04      502,471   540,494   (38,023)   (3.6%)
12/21/04      455,238   502,538   (47,300)   (4.9%)
01/04/05      456,255   505,042   (48,787)   (5.0%)
01/11/05      457,383   509,892   (52,509)   (5.4%)

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
12/14/04      201,428   164,111    37,371    10.2%
12/21/04      157,015   106,205    50,810    19.2%
01/04/05      159,197   111,900    47,297    17.4%
01/11/05      157,131   110,174    46,957    17.5%

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

Commercial traders slightly increased their bullish positions
but everything else remained pretty much flat with the new data.

Commercials   Long      Short      Net     % Of OI 
12/14/04      556,980   899,616   (342,636)  (23.5%)
12/21/04      279,694   554,818   (275,124)  (32.9%)
01/04/05      302,339   620,759   (318,420)  (34.5%)
01/11/05      322,800   622,509   (299,709)  (31.7%)

Most bearish reading of the year: (436,367)  - 11/23/04
Most bullish reading of the year:  133,299   - 09/02/03

Small Traders Long      Short      Net     % of OI
12/14/04      398,915    137,598   261,317    48.7%
12/21/04      227,047     66,140   160,907    54.8%
01/04/05      279,274     71,151   208,123    59.4%
01/11/05      277,808     73,288   204,520    58.2%

Most bearish reading of the year: (77,385)  - 09/02/03
Most bullish reading of the year: 449,310   - 06/10/03


NASDAQ-100

Commercials upped both their longs and shorts for a minor 
decrease in bearishness.  Small traders upped their longs 
for a bump in bullishness.

Commercials   Long      Short      Net     % of OI 
12/14/04       73,554     50,286    23,268   18.7%
12/21/04       30,614     45,158   (14,544) (19.1%)
01/04/05       27,226     44,600   (17,374) (24.1%)
01/11/05       31,984     49,244   (17,260) (21.2%)

Most bearish reading of the year: (21,858)  - 08/26/03
Most bullish reading of the year:  26,058   - 11/30/04

Small Traders  Long     Short      Net     % of OI
12/14/04       26,781    58,159   (31,378)  (36.9%)
12/21/04       20,840     9,109    11,731    39.1%
01/04/05       22,227     8,293    13,934    45.6%
01/11/05       27,186     8,470    18,716    52.4%

Most bearish reading of the year: (34,877) - 11/30/04
Most bullish reading of the year:  19,088  - 01/21/02

DOW JONES INDUSTRIAL

There isn't much movement in the commercials' positions but
small traders significantly reduced their short positions.

Commercials   Long      Short      Net     % of OI
12/14/04       36,960    38,566   (1,606)     (2.1%)
12/21/04       24,850    31,920   (7,070)    (12.4%)
01/04/05       24,704    32,916   (8,212)    (14.2%)
01/11/05       25,254    32,568   (7,314)    (12.6%)
 
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
12/14/04       13,445    19,089   (5,644)   (17.3%)
12/21/04        5,637     6,961   (1,324)   (10.5%)
01/04/05        5,166     7,596   (2,430)   (19.0%)
01/11/05        5,141     5,389   (  248)   ( 2.3%)

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

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
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Copyright ) 2005  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter                 Thursday 01-20-2005
                                                    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 

Stock Splits
  Announcements: HAFC     

Active Trader (Non-tech Stocks)
  Closed Bullish plays:  PDCO, OSG

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 


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

HAFC announces a 2-for-1 split

Thursday afternoon right at the closing bell the Hanmi Financial 
Corp. (NASDAQ:HAFC) announced that its Board of Directors had 
approved a 2-for-1 stock split of its common shares. 

The split will take the form of a 100 percent stock dividend 
payable on February 15, 2005 to shareholders on record as of 
January 31st. 


About the company:
Headquartered in Los Angeles, Hanmi Bank, a wholly owned 
subsidiary of Hanmi Financial Corporation, provides services to 
the multi-ethnic communities of California, with 23 full-service 
offices in Los Angeles, Orange, San Francisco, Santa Clara and San 
Diego counties. Hanmi Bank specializes in commercial, SBA, trade 
finance and consumer lending, and is a recognized community 
leader. Hanmi Bank's mission is to provide varied quality products 
and premier services to its customers and to maximize shareholder 
value. (Source: Company Press Release)


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


============
Closed Plays
============

  Closed Bullish Plays
  --------------------

Patterson Companies - PDCO - cls: 45.77 chg: +0.46 stop: 41.85     

PDCO continued to buck the weakness in the broader market and 
managed to trade to $46.12 on Thursday.  That is within our $46-48 
target range.  More aggressive traders may want to hold on to PDCO 
given its strength but expected a potential dip back toward the 
$45.50 level before it continues higher.  We're going to close the 
play now that the target has been achieved. 

Picked on December 01 at $42.06 
Gain since picked:       + 3.71
Earnings Date          11/24/04 (confirmed)
Average Daily Volume:       378 thousand



---

Overseas Shipholding - OSG - cls: 51.96 chg: -0.81 stop: 51.75

We warned readers on Tuesday that the failed rally near $56 looked 
like bad news and now we've been stopped out. The shipping/oil-
tanker industry was hit pretty hard during the two-day market pull 
back and shares of SOG slipped low enough to tag our stop loss at 
$51.75.  

Picked on January 18 at $55.51
Gain since picked:      - 3.55
Earnings Date         02/10/05 (confirmed)
Average Daily Volume:      614 thousand




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

WM      Washington Mutual          42.13     +0.53
STI     Suntrust Banks Inc         71.65     +1.28
GDW     Golden West Financial      62.98     +0.63
SHW     Sherwin-Williams           44.83     +1.41
TMO     Thermo Electron            29.80     +1.15
MFE     Network Associates         26.29     +0.84

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

TTN     Titan Corp                 16.48     +1.31
SKX     Skechers USA Inc           14.08     +1.02
MIPS    MIPS Tech                  11.39     +1.34
ABG     Asbury Automotive          16.68     +1.37
FORD    Forward Industries          6.82     +2.42

---------------------------------------
Breakout to Upside (Stocks over $20)
---------------------------------------
  
MAY     May Dept Stores            34.19     +2.82
CVC     Cablevision Systems        25.46     +1.08
DOX     Amdocs Ltd                 29.56     +2.71
SPW     SPX Corp                   41.58     +3.29
COO     Cooper Companies           75.20     +1.56
MACR    Macromedia Inc             31.65     +5.66
FFIV    F5 Networks Inc            50.75     +6.06

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

QCOM    Qualcomm Inc               37.78     -3.29
HHH     Internet Holders           60.89     -5.33
EBAY    Ebay Inc                   83.33    -19.72
SNE     Sony Corp                  37.11     -1.69
COF     Capital One Financial      78.64     -3.46
IGT     Intl Game Technology       29.96     -3.59
CME     Chicago Mercantile Excg   197.25     -7.00

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

UNH     UnitedHealth Group         86.63     -1.65
SLM     SLM Corp                   51.73     -1.21
PHS     Pacificare Health          59.07     -1.35
ATE     Advantest Corp             20.74     -0.38
WSO     Watsco Inc                 34.86     -0.70


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