Option Investor
Newsletter

Daily Newsletter, Saturday, 06/04/2005

HAVING TROUBLE PRINTING?
Printer friendly version

Table of Contents

  1. Market Wrap
  2. New Plays
  3. In Play Updates and Reviews

Market Wrap

15 Minutes of Fame

<

15 Minutes of Fame

The new kid on the block got his 15 minutes of fame this week and the instant notoriety was far more than he bargained for. Dallas Fed President, Richard Fisher, stunned investors and analysts alike with his eighth inning sports analogy on Wednesday and the talking heads will not let him forget it. It was the sound bite of choice every 15 min for the rest of the week. Word on the street according to Greg Valliere of The Stanford Washington Research Group, Mr. Fisher was reprimanded rather harshly for his off the cuff comments. With Greenspan trying his hardest to push rates higher using his patented Greenspeak approach I am sure he was not happy with the one-and-done suggestion from Fisher. In the space of about 60 seconds Fisher destroyed the continued rate hike risk and bonds headed into the stratosphere. The measured pace language had speculators predicting something in the 4% range for year-end and Fishers ninth inning scenario erased that potential in the minds of investors. As of Friday the Fed Funds Futures are showing less than a 50% chance of two more hikes by year-end much less four. Odds are good Fisher will not be doing any on camera interviews in the near future.

Dow Chart - Daily


Nasdaq Chart - Daily


SPX Chart - Daily


We all know what the market did within seconds of Fishers comments. The Dow had weakened from Tuesday mornings open at 10540 and was looking like a world-class cliff diver getting ready to take the plunge after a disappointing ISM report. The Fisher comments prompted better than a +200 point spike to new two-month highs just over 10580. As Jonathan would say, it was a real bear-be-que. Shorts had just settled in for the summertime swoon and were rudely awakened by a massive short squeeze. The spike did not last the day but dip buyers struggled hard on Thursday to provide support. That support finally crumbled on Friday morning and all the gains for the week were erased despite what was called a market friendly Jobs report.

The Jobs report showed a net gain of only +78,000 jobs in May compared to estimates of +185,000 and a whopping +274,000 in April. There was no positive way to spin the drop in jobs but everyone with a microphone tried very hard. The two main retorts were "if you average the last five months you get +180,000 per month" and "over the last two years 2.5 million jobs have been created." Personally I don't think it makes any difference to the market how many jobs were created in 2003 or even 2004. The market wants to know which direction the economy is headed today, not last year. Secondly, the +274,000 jobs in April were bolstered with an adjustment of +207,000 jobs. This was the "estimated" jobs created by the birth/death fudge factor. Removing the 207,000 government guesstimate leaves only +67K in April. If you want to get really serious nearly two million of the +2.5 million jobs over the last two years were "guesstimate adjustments" based on that scenario.



The way I understand it the government tries to guess how many news jobs were created by new businesses being born as well as how many jobs were lost by businesses being closed. These small businesses are not covered by the actual payroll survey and it boils down to a calculated guessing game. These numbers are added to the actual survey numbers to provide the final tally. The internals of Friday's report were ugly. Service companies only added +64,000 jobs and well below the +232K reported in April. Also, March jobs were revised down by -24,000 to +122K from +146K. Manufacturing payrolls fell again as they have for seven of the last eight months. April's loss in manufacturing was revised even higher to -9,000.

The people in the administration tasked with facing the reporters tried to focus attention to a drop in the unemployment rate to 5.1% as strong evidence of a rising economy. Sorry, Ms Chao, but the unemployment rate fell not because of hiring but from a rising percentage of dropouts. Those are workers who have given up on finding a job or have exhausted their benefits. They are removed from the total "workforce" numbers making the unemployment ratio better than is actually is. Elaine Chao tried to claim that 5.1% was the low for the last decade but Ron Insana reminded her that 3.9% was the low during the dot com bubble. Gotcha!

The May Jobs number was the lowest monthly jobs growth since Dec-2003. Unfortunately wage growth is expanding rapidly with wages up +3.3% in the last six months.

By Friday morning the one-and-done crowd had morphed into a two-and-through stance and by Friday afternoon the majority of analysts were returning to the 4% fold. Several Fed heads had been approached and none were seen ready to rebut Fisher or agree with him. The gag order had gone out and Fed governors were avoiding the microphone. Edward Gramlich was trapped into a couple of hurried comments and after several refusals to answer he finally said he did not know what inning the Fed was in and then bolted for the safety of closed doors. Another analyst commented that Greenspan may have to penalize investors for Fisher's remarks by using stronger language to reemphasize his continued measured approach. Greenspan was rumored to be speaking Sunday night and the bond market raced to square up positions as they neared Friday's close. The actual time of his speech is 9:PM ET on Monday night when he does a remote video speech to Beijing China. Unfortunately he is going to do a Q&A session after the speech and you can bet Fisher's baseball analogy will get its fair share of coverage. Translators should also have their hands full as Greenspan will definitely try to set the record straight without actually saying anything definite. Considering how hard he is to understand in English I would hate to see how the translation comes out in Chinese. Greenspan will speak again on Thursday when he gives testimony to the joint economic committee in Washington and you can bet he will be grilled by the members on live TV.

We also got the ISM Services number on Friday and like the earlier ISM number it fell unexpectedly to 58.5 from 61.7 in April and well below consensus estimates of 61.0. This was the second consecutive monthly decline. Export orders were mostly responsible for keeping it from being much lower. Exports rose to 62.0 from 52.5 and were the only component with a decent gain of more than a point.

Bonds saw some serious buying with yields on the ten-year notes falling to 3.81% shortly after the open. This was a 15-month low and appeared to show substantial worry by investors that the economy was slipping fast. Fortunately there was a key reversal of fortunes about 10:AM and the yields rose to close at 3.98%. Still under 4% as they had been for three days but it was a sizeable sell off. The 30-year bond yield fell to 4.15% a level that matched the June-2003 dip and an all time low for that issue. Given the effort by Greenspan to push rates higher this has got to be giving him some serious heartburn. The housing bubble he has been battling got a serious boost with rates back at decade lows. Tough to cool off that sector when the fires are being fueled by 4% money.

The Fed has a real challenge ahead for the June meeting. The economy is clearly slowing but rates are still well below where Greenspan wants them. Does he continue the measured pace language or sharpen the tone to offset the Fisher comments? The ISM on Wednesday came in at 51.4 and just enough to give him one more free rate hike. The Fed has never hiked rates with the ISM under 50 and odds are very good the June number, due out on July-1st, could break that 50 level. With the FOMC meeting on June-28th they can legitimately take another hike with ISM and Jobs not until the following week.

Offsetting the dismal economy blues has been a two-week spike in copper prices. Copper rose to $1.55 on Friday and levels not seen since 1989. If bull markets have a copper roof then we are very close to a strong rally. The $1.50 ceiling we have seen in 2005 was shattered and the most likely direction from here is up. According to analysts the recent copper inventory levels have fallen to 30-year lows. With 400 pounds of copper in every new home a new building cycle powered by low rates should push those inventory levels even lower.

Another commodity soaring this week was oil. The July contract closed over $55 and +$7 from its lows last week. Falling inventory levels of heating oil, multiple refinery outages and global production problems continue to push prices higher. Two refineries producing over 500,000 bbls each per day were hit with problems. Prices were also fueled by comments from the U.S. Energy Information Association director John Cook. He said oil will set new all time highs soon and prices could average over $60 before the year is out. He said rising demand will easily burn through the current inventory and production was not increasing as hoped. Russia said that their production would only increase by +3% in 2005-2006 compared to +11% two years ago. The problem is declining production in existing wells and insufficient capital to increase exploration and completion of new wells. Putin is feeling the cash squeeze after his Yukos takeover. Nobody wants to play in his backyard and risk having their toys confiscated. Three OPEC countries have been falling behind their production quotas due to declining output from existing wells. Saudi, Kuwait and Iran are trying to cover the shortage according to the EIA. This confirms in part the analysis released by FRO last week indicating that oil shipments from OPEC nations were decreasing. FRO is a holding company primarily engaged in operating oil tankers. It was also reported that a new record in jet fuel consumption was set in May. With the summer travel season upon us both gasoline and jet fuel consumption should rise. There was also a long-term weather report earlier in the week that predicted a stronger than normal hurricane season in the Caribbean. Last year's hurricanes removed 40 million bbls from production and helped send prices sharply higher. A repeat of that calamity this year could be a serious problem given the already tight supplies. If you took my advice to add to positions when oil dipped under $50 you had plenty of time to act in mid May and it is very doubtful we will see those levels again this year.

On Sunday there will be a movie on TV called Oil Storm. This is a docudrama suggesting what would happen given several very plausible events. Oil prices could rise to $150 a bbl according to the film if a hurricane hit Port Fourchon LA crippling production in the gulf. The nation turns to Saudi for help but terrorists chose that time to cripple output given the emergency demand. (check out Fox for times in your area)

Copper Chart - Daily


Oil Chart - Daily


The Nasdaq spent three days at 2095 resistance, which dates back to multiple breakout attempts in the first quarter. This was a very strong rebound for techs given the sub 1900 dip in late April. The Nasdaq has seen gains in 19 of the last 23 days. Much of the gains came on the back of the SOX, which rebounded sharply to strong resistance at 440 and a long jump away from its 376 low in late April. Intel was a strong supporter of the SOX with gains on 15 of the last 16 sessions. Unfortunately the wheels may be ready to come off this chip rally. Nearly all analysts feel the chips have come too far too fast and far too early in the cycle. The SOX lost nearly -6 points on Friday and there is a serious pothole ahead. Intel gives it's mid quarter update on Thursday night and while they are not expected to cause waves there is always fear of the unknown. A late report out on Friday showed that laptops/notebooks outsold desktop PCs in May for the first time ever. Another analyst said channel checks showed those sales rising rapidly due to the wide acceptance of the Wi-Fi standards and proliferation of hot spots. It was estimated that portable computers could post a 3:1 margin over desktop deliveries by 2006. This is very good news for Intel and Dell. Intel has the largest share of the laptop market and that share is very high margin. It stands to reason that Intel could be reaping the profit rewards of this new trend. For that reason I would not bet against Intel next Thursday but I would not bet on them either. They have returned to very strong resistance at $28 and it will take a strong report to push them higher.

Despite the Nasdaq dive on Friday the markets are not in that bad of shape. The Dow is the weakest link this time around and ended the day clinging to 10460 as support. I mentioned on Tuesday night that without a catalyst the path of least resistance was down and I would short Dow 10550 and S&P 1195-1200 if given the chance. Well the catalyst came with the Fisher comments just before 10:00 on Wednesday and gave us an excellent short entry at 1203-1205 on the S&P. The futures traders in the Futures Monitor loaded up at 1205 on Friday and are looking good this weekend. The Dow is hard to use as a market indicator this week because of the volatility within its 30 stocks.

A better view is seen using the Russell-2000 and the Wilshire-5000. The Russell failed at 625 resistance but did not fail far with a 620 close. The Russell has been uncharacteristically strong for an early summer. The rebound to 625 put it just a strong week away from a potential break to test the highs. The Wilshire-5000 came within rock throwing distance of 12000 and its resistance highs. Both of these indexes suggest the market breadth is much stronger than the Dow/Nasdaq would suggest.

Russell Chart - Daily


Wilshire 5000 Chart - Daily


While I have not entirely lost my bearish view there is a lot of bullishness building in the market despite the calendar. The selling on Friday was due in part to simple profit taking given the three-week rally. Most of that rally was built on short squeezes prompted by sudden news events. Still any way you look at it the markets have held up rather well given the circumstances.

For next week the challenge is going to be the Fed and Intel. Greenspan has at least two chances to blame Fisher's comments on irrational exuberance from the new kid on the block. He will likely restate the measured pace party line and could punctuate it with some sharper comments just to remind everyone who is really in control. This means there is substantial event risk surrounding the Greenspan appearances. Everyone has their party hats on to celebrate the end of rate hikes and Greenspan could easily cancel the party. Secondly the Intel update needs to be very strong to push techs higher. Any inline comments could be seen as insufficient justification for further tech buying. The Intel bar has been set high after the news on notebooks this week. Everyone will be expecting a strong upward revision and I doubt they will be happy if Intel says desktop components are piling up in the warehouse.

There are no material economic reports next week so we will have to get by on a daily rehash of the ISM/Jobs while waiting for Greenspan's testimony and Intel's update on Thursday. I am neutral on the market for direction. It still feels heavy to me but the natives are getting restless. I plan on remaining short under 1205 but would go long on a break over that level. 1205 has become my short/long indicator and that keeps me from having to make a trading decision over and over again as the week progresses. I only have to worry about one number and then follow the market from there. The challenge I see is the lure of only one more rate hike. Historically investors like to buy the market with only one rate hike to go. Up until Wednesday that was projected to be somewhere in the November time frame. Now they have been promised an early Christmas in June and any reference to a bag of coal instead of the desired end of hike scenario is not going to sit well. Cash is always a position. Definitely enter passively and take profits quickly.
 

 
 



New Plays

Most Recent Plays

New Plays
Long Plays
Short Plays
GGC None

New Long Plays

Georgia Gulf - GGC - close: 34.33 change: +0.87 stop: 30.95

Company Description:
Georgia Gulf, headquartered in Atlanta, is a major manufacturer and marketer of two integrated product lines, chlorovinyls and aromatics. Georgia Gulf's chlorovinyls products include chlorine, caustic soda, vinyl chloride monomer and vinyl resins and compounds. Georgia Gulf's primary aromatic products include cumene, phenol and acetone. (source: company press release)

Why We Like It:
Here's an interesting observation. On June 1st GGC cut its earnings estimates and the stock climbs higher in response with big volume fueling the move. We think the volume in GGC is the key. The stock bottomed near the $30.00 level a couple of weeks ago after a three-month channel lower. Shares broke through that trendline of lower highs in the last week and now the stock is seeing lots of volume, which looks like accumulation by fund managers. Combine this observation with a strong bounce off Point & Figure chart support and GGC looks like a short-term bullish candidate. We are willing to go long at current levels. More conservative traders may want to wait for a breakout over the $35.00 mark, which acted as resistance on Friday. More aggressive traders may want to buy a dip toward the $32.00 or $33.00 levels. We're placing our stop loss at $30.95 under the lows for the last two weeks. Our target is the $38.50-39.50 range.

Picked on June 05 at $34.33
Change since picked: + 0.00
Earnings Date 07/28/05 (unconfirmed)
Average Daily Volume: 598 thousand
 

New Short Plays

None today.
 

Play Updates

Updates On Latest Picks

Long Play Updates

Archstone-Smith - ASN - close: 36.84 chg: -0.09 stop: 35.99 *new*

The rally in shares of ASN failed (again) in the $37.25 region. Now that the major averages look poised to a little consolidation we'd expect ASN to follow suit. Therefore we're not suggesting new bullish positions unless we see ASN bounce from the $36.25 level, which should be inline with its supporting trendline of higher lows. We plan to reduce our risk by raising the stop loss to $35.99. Our target remains the $38.50-39.00 range.

Picked on May 06 at $36.26
Change since picked: + 0.57
Earnings Date 04/26/05 (confirmed)
Average Daily Volume: 811 thousand

---

Canon - CAJ - close: 54.44 change: -0.36 stop: 52.85

CAJ is off to a slow start following the bullish breakout in the last several days. The stock had been stuck in a wide channel between $51.00 and $54.50 the last five months but broke through the top of the channel (a.k.a. resistance) at the end of May. The move produced a new triple-top breakout buy signal on its P&F chart that now points to a $71 target. We'd be happy with a move into the $58.00-59.00 range. Traders can choose to consider buying a bounce from the $54.00 level or look for CAJ to trade back over the $55.00 mark before initiating new long positions.

Picked on May 29 at $55.24
Change since picked: - 0.80
Earnings Date 04/27/05 (confirmed)
Average Daily Volume: 157 thousand

---

Caremark - CMX - close: 44.65 chg: -0.30 stop: 41.95 *new*

Shares of CMX have been consistently drifting higher with a trend of higher lows following the bullish breakout over resistance at $42.00. While we are encouraged by the relative strength in the stock we'd hesitate to open new bullish positions. If the market pulls back a bit we'd like to see CMX retest old resistance at $42.00 as support. A bounce from $42 would be the preferred entry point for new longs. However, if CMX continues the current pattern of higher lows we'd look for shares to bounce from a test of the 21-dma near $43.65. Our target is a move into the $47.00-48.00 range. We are going to raise our stop loss to $41.95.

Picked on May 09 at $43.30
Change since picked: + 1.35
Earnings Date 05/03/05 (confirmed)
Average Daily Volume: 2.6 million

---

Greenbrier Co - GBX - close: 29.15 change: -0.07 stop: 25.49

Our trade the channel play in GBX is doing okay. The stock displayed a lot of strength this past week and broke through its two-month trend of lower highs. Momentum oscillators like the MACD are bullish but we'd probably look for a dip before initiating new plays. Watch for a pull back toward the $28.00 region close to its simple 200-dma. A bounce there could be used as a new entry point. Our target is the $32.50-33.00 range. It's not the top of the channel but we don't want to get too greedy.

Picked on June 01 at $28.67
Change since picked: + 0.48
Earnings Date 06/29/05 (unconfirmed)
Average Daily Volume: 227 thousand

---

General Electric - GE - close: 36.70 chg: -0.20 stop: 34.95

We remain bullish on stocks but before they can continue much higher odds are stocks could consolidate a bit lower. We like GE for its bullish breakout from a multi-month sideways consolidation but would prefer to buy the stock on a dip. Our suggestion is to go long GE on a pull back into the $36.00-35.50 range. If GE does pull back it could coincide with a test of technical support at its rising 200-dma (currently at 35.36). Keep in mind that you, the reader, do not need to immediately open new positions when GE trades into our entry range. Instead consider waiting to see when and where GE bounces first before opening long plays. If we are triggered we'll target a move into the $38.50-39.00 range before its mid-July earnings report. This target may be a bit too optimistic. The important point is to exit before the earnings report.

Picked on May xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 07/16/05 (unconfirmed)
Average Daily Volume: 18.7 million

---

Greenhill & Co - GHL - close: 35.48 chg: -0.28 stop: 34.99

We do not have anything new to report on for GHL. The stock continues to consolidate sideways between $35.00 an $37.00. Short-term traders might consider buying a bounce from $35.00 but our target is the $37.00-38.00 range. We're not suggesting new bullish positions at this time.

Picked on May 09 at $34.11
Change since picked: + 1.34
Earnings Date 04/21/05 (confirmed)
Average Daily Volume: 70 thousand

---

Humana - HUM - close: 37.78 chg: +0.35 stop: 32.95

HUM continues to show great relative strength. The stock notched yet another new all-time high on Friday at $38.20. We've been suggesting that readers consider new bullish positions on a dip but HUM hasn't offered many dips lately. Right now we'd look for HUM to pull back toward the $36.50 region before considering new plays. Yet keep in mind that if the market suddenly sells off it wouldn't surprise us to see HUM pull back toward the $35.00 level, which as broken resistance should act as new support. We're going to raise our stop loss to $34.49. Our target remains the $39.75-40.00 range.

Picked on May 09 at $36.33
Change since picked: + 1.45
Earnings Date 05/02/05 (confirmed)
Average Daily Volume: 1.3 million

---

Microsoft - MSFT - close: 25.79 chg: -0.02 stop: 24.60

Software stocks helped lead the decline in the NASDAQ on Friday. The GSO software index lost 1.5 percent, putting the sector just behind the Internet stocks (-1.6 percent) and the Hardware stocks (-1.88 percent). MSFT tried to keep pace losing 1.39 percent and breaking down under what should have been support at the $25.50 level. That's okay though. We've been waiting for MSFT to pull back. Our plan is to go long the stock on a dip into the $25.25-25.00 range. It is true that Friday's decline doesn't look so hot with the MACD indicator rolling over into a new sell signal but the MACD has produced a couple of false signals over the last couple of months. We are still willing to go long if MSFT dips into our trigger range but you, as the reader, do not have to immediately open positions. Instead consider waiting to see where MSFT bounces first before initiating a bullish trade.

Picked on May xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 07/28/05 (unconfirmed)
Average Daily Volume: 70.8 million

---

Marvel Enterprises - MVL - close: 22.10 change: +0.14 stop: 20.45

MVL continues to show relative strength with the stock producing another new relative high on Friday. Technically the breakout over the $22.00 level is bullish but we'd probably look for a dip back towards the $21.50 level before initiating new positions. With the market showing a little weakness it might continue next week. We're bullish on MVL as the stock could produce a multi-week ramp up ahead of its Fantastic Four movie opening on July 8th. The P&F chart is bullish with a triple-top breakout buy signal pointing to a $32.50 target. We are targeting a move into the $24.00-25.00 range.

Picked on June 01 at $21.86
Change since picked: + 0.24
Earnings Date 07/28/05 (unconfirmed)
Average Daily Volume: 911 thousand

---

Nova Chemicals - NCX - close: 32.19 change: +0.19 stop: 29.99

We remain cautious on shares of NCX. The bullish breakout over its three-month down trend of lower highs is a positive but the action on Wednesday and Thursday looks like a short-term bearish reversal. We initially suggested readers consider waiting for a dip toward the $32.00 level but we didn't expect NCX to get there all in one day. Volume on Friday's bounce was very light so it doesn't offer us any help. Traders might want to warily consider new bullish positions here but with the broader market averages looking poised for more short-term weakness we'd probably rather sit on the sidelines in NCX before going long. The alternative would be to wait for shares to produce a momentum, breakout-type entry on a move past $33.10 and/or its 40-dma near $33.30.

Picked on June 01 at $33.03
Change since picked: - 0.84
Earnings Date 07/20/05 (unconfirmed)
Average Daily Volume: 660 thousand

---

Ship Fincl Intl - SFL - close: 20.05 change: -0.14 stop: 18.74

A big week for rising crude oil prices helped SFL turned in a strong week as well. The stock has broken through technical resistance at its 40 and 50-dma's in addition to round-number resistance at the $20.00 mark. We continue to target the $21.80-22.00 range but if the market does pull back next week SFL might see some profit taking too. Watch for a dip toward the $19.50 region where traders are likely to buy the dip.

Picked on May 31 at $19.34
Change since picked: + 0.71
Earnings Date 05/31/05 (confirmed)
Average Daily Volume: 344 thousand

---

Sirius Satellite Radio - SIRI - cls: 6.00 chg: +0.00 stop: 5.45

Shares of SIRI continue to show relative strength and the stock resisted any profit taking on Friday despite the market pull back. Thursday's intraday dip and rebound near its 100-dma helped reaffirm the short-term rising channel. Traders can watch for a dip back toward the $5.80-5.75 region and buy the bounce or look for a breakout over $6.10. Remember that we're targeting a move into the $6.50-6.75 range.

Picked on May 22 at $ 5.65
Change since picked: + 0.35
Earnings Date 04/28/05 (confirmed)
Average Daily Volume: 40.0 million

---

Yahoo! Inc. - YHOO - close: 37.92 change: -0.58 stop: 35.99

Internet stocks witnessed some of the worst profit taking during Friday's decline and YHOO was not immune. In the scheme of things this looks like a normal, natural pull back but it may not be over yet. We would watch for YHOO to dip towards its simple 10-dma near $37.25. If that fails then we'd look for YHOO to pull back into the $36.50-36.75 region or worse case the $36.00 level. At this time we would not suggest new bullish positions, especially with our target not that far away at the $39.00 level.

Picked on May 18 at $36.05
Change since picked: + 1.87
Earnings Date 04/19/05 (confirmed)
Average Daily Volume: 20.9 million
 

Short Play Updates

Ball Corp - BLL - close: 37.55 chg: -0.06 stop: 38.15

BLL continues to consolidate sideways under resistance at the $38.00 level. The lack of follow through on the May 31st breakdown has us turning somewhat cautious again. More conservative traders may want to wait for BLL to trade under 37.35 before initiating new short positions. Given what looks like the beginning of a pull back in the broader indices we'd still be willing to short BLL under the $38.00 level. Our target is the $35.00-34.00 range.

Picked on May 05 at $38.98
Change since picked: - 1.37
Earnings Date 04/28/05 (confirmed)
Average Daily Volume: 611 thousand
 

Closed Long Plays

None
 

Closed Short Plays

None

Today's Newsletter Notes: Market Wrap by Jim Brown and all other plays and content by the Option Investor staff.

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.

To ensure you continue to receive email from Option Investor please add "support@optioninvestor.com"

Option Investor Inc
PO Box 630350
Littleton, CO 80163

E-Mail Format Newsletter Archives