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Daily Newsletter, Saturday, 08/06/2005

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Table of Contents

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

Market Wrap

Porridge Too Hot

The Goldilocks economy burned its tongue on Friday on a hearty serving of hot jobs. The not too hot, not too cold economy found itself sweating after the Jobs report showed a jobs gain of +207,000 in July. Suddenly the looming Fed meeting next Tuesday took on an accelerated risk and traders decided to take profits.

Dow Chart - Daily

Nasdaq Chart - Daily

SPX Chart - Daily

The big headline for Friday was the Jobs report blowout and every mention carried the Fed meeting footnote. Jobs for July surged +207,000 and well over the consensus estimate of +180,000. The numbers for May and June were also revised upward by +42,000. The unemployment rate remained stuck at 5.0% mostly due to many workers dropping out of the job market rather than getting new jobs. While this appears to be a strong report based on the headline number there are some problems under the hood. You know I rarely take the headline numbers of any report at face value. The Bureau of Labor Statistics periodically adjusts the real survey numbers based on historical/seasonal trends. For July nearly 100% of the gains were the result of a seasonal adjustment. While the impact of the headline number was an immediate knee jerk reaction the reality of the report was much less severe. The second problem area was the +0.4% jump in hourly earnings. This sharp increase suggests wage inflation may be starting to creep into the economy. Wage inflation feeds price inflation and this is one more reason to worry about the Fed meeting next Tuesday.

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The strong Jobs report sent expectations of Fed hikes another notch higher with the odds for a removal of the measured pace language jumping strongly. Analysts are mixed over the expected ending point for the hikes with the range from 4% to 4.5% with the 4.5% camp gaining followers. One point everyone should remember is that Greenspan will be retiring in January. Nearly everyone expects the Fed to halt its hikes before he retires. This will leave the new Fed head a neutral Fed prepared for any future crisis. The current front-runner for the position is Ben Bernanke. That suggests the Fed may accelerate its rate hikes to meet its neutral ceiling by January. There are four meetings remaining in 2005, Aug, Sep, Nov, Dec. If the Fed is going to target 4.5% then one of those meetings will have to be +50 points. If the economy is really accelerating as fast as it seems with a +5% Q3/Q4 GDP as many suggest then the Fed may want to target something in the 5% range instead. That would setup a race against the clock for those remaining four meeting. Never go to 5% you say? Remember also that the Fed historically always goes too far when they enter a hike cycle and that better than 75% of hike cycles end in a recession. The ECRI Future Inflation Gauge also released today jumped +1.3% for the second consecutive month of increases. Other FIGs from around the globe also showed a jump in inflation risk. Energy prices are the primary driver. The Euro-zone jumped to a 51 month high at 99.9, still below the U.S. at 119.0 but the trend is clearly in place. This is yet another reason for the Fed to remove the measured pace restriction.

Despite the headline Jobs numbers and the jump in hourly wages the American consumer is still being squeezed. In the Personal Income report earlier this week it showed that the savings rate had fallen to zero and the second lowest level since the great depression. With interest rates rising and energy prices soaring the minor +0.4% jump in hourly wages is like finding a penny on the parking lot. It is hardly worth the effort to stoop over and pick it up. If the Fed does accelerate its rate hikes we are coming dangerously close to a real economic meltdown. Hopefully they understand this and will stop early for once.

The sticker shock over the Jobs report sent bonds over the cliff dragging the stock market behind it. There was one real standout and that was Baidu (BIDU). This small Chinese Internet stock hopes to be the Google of China. It IPOed on Friday at $27 and soared to $150 intraday with a close at $123. This was a +350% gain making it the most successful IPO in years. The relatively small float of only four million shares changed hands many times with volume on Friday of over 22 million shares. On the surface it would seem every share was traded five times but analysts claim over two million shares were held by institutions and not traded. This means the other two million were traded over ten times each. Those trying to short the initial open to $65 were squeezed for every penny as it became impossible to find shares to cover. Since the company only has $30 million in sales and $12 million in cash flow the instant jump to $4.4 billion in market cap is not likely to last. Venture capitalists own 45% of the company and are currently in lock up. Founder and CEO Robin Li owns 22.4%.

Delphi started a bonfire with a draw down of $1.5 billion of a $1.8 billion line of credit only a couple days before it is to file its 10Q. Normally this would not be a problem except that Delphi has covenants allowing it to use the credit line only as long as certain conditions are met. The 10Q is expected to show a violation of those conditions and void the credit line. By making the draw down just before what is expected to be an ugly 10Q the company could be trying to hoard liquidity ahead of a bankruptcy. All the credit agencies cut Delphi's debt and the bankruptcy watch is on. Delphi may be loading up on cash to strengthen its hand as it negotiates with GM and the unions in an effort to avoid bankruptcy. A Delphi bankruptcy could put an additional $9 billion pension liability back on GM so you can bet GM will be pulling strings to keep its 1999 spin-off afloat. DPH lost -15% on the news and GM accelerated its four-day dive. It appears the news leaked out early given the sudden drop in GM on Tuesday.

September Crude Oil - Daily

December Natural Gas - Daily

Oil closed at another new high at $62.31 after touching $62.50 intraday. December Natural Gas closed at $9.61 and a strong new high with $10 not far away. Over the past week seven refineries with total capacity of 1.7 mbpd experienced unplanned shutdowns. This was 10% of U.S. refining capacity and gasoline stocks fell by -4 million bbls stretching the decline to five weeks. It is almost a sure thing that $70 oil (sweet crude) is right around the corner. The Iranian Deputy Minister quoted that number this week when he said OPEC has no spare capacity. The problem continues to be not only oil production but an increasing dependence on refining capacity. TSO said this week that its refineries have been running at 100% capacity and that echoes the same types of comments from all the major refiners. There is not enough refining capacity to allow the refiners down time for repairs and upgrades. As a result we are seeing outages from equipment failures, many resulting in fires that are impacting not only the price of gasoline but the supply. September gasoline futures closed at $1.83 and only -3 cents from its record high last month. With only a few refiners capable of processing the excess sour crude from OPEC the increasingly tighter supplies of sweet crude are in even higher demand. Oil stocks were hit with the same profit taking hitting the broader markets but a break of oil over $62.50 next week should give them new life. There is a new depression in the Gulf, which will be called Irene if it turns into a hurricane. Historically we are just moving into the strongest period for storms Aug-Sept and the predictions are for 7-11 more hurricanes this year. The odds are very good that one of them will do substantial damage to the oil sector. It is simply the law of averages. Continue to buy the dips until the trend changes.

Rumors are flying that Microsoft is going to announce another huge dividend and that has powered the stock to a new three-year high in only five days. Microsoft has been seen as dead money for several years and has been locked in a $22-$27 trading range. Last Friday MSFT closed at $25.59 and right in the middle of its range. This Friday MSFT came within six cents of $28 and closed at $27.77. This may not seem like a lot when compared to the daily moves in the oil sector but with nearly 11 billion shares outstanding that represents an increase in market cap of nearly $24 BILLION. I guarantee that is far more than they will pay out in a dividend and anyone holding Microsoft should raise their stops quickly. As we have seen so many times in the past, the ramp on expectations of good news is normally stronger than the actual news.

Microsoft Chart - Weekly

The market exists to confound the most traders at any given time. This week was a definite example. For nearly two months I cautioned that we could see a market turning point in the week ended July 22nd. The Dow top occurred on the 29th instead of the 22nd with the other major indexes following a couple days later. The SPX hit a four-year intraday high of 1245.15 on the 28th and repeated that top four days later. What frustrates me more than missing the turning point by a week was my reaction to the Tuesday action this week. I reported that we finally saw a confirmation day with decent volume and great internals. New highs hit 738 on strong volume. I was almost ready to put my fur coat up for the summer and I actually increased some of my longs. Unfortunately that was climax peak in its purest form. I mentioned the earnings warnings in the chip sector after the close and the potential for some profit taking. There was also fear of the Jobs report and the impending Fed meeting. We all know that when the markets want to take profits they seize on any event as a reason for selling. As the week progressed the number of reasons to take profits grew into a laundry list as the talking heads on TV tried to appear all knowing. On Friday the new 52-week highs fell to only 169 and decliners beat advancers 5:2. Down volume was better than 3:1 over up volume. This was an even stronger show of conviction than the Tuesday rally.

The Dow retreated to fill its gap at 10550 from July 14th and trade at a four week low. It did NOT trade out of its range despite the drop from multiple tests of 10700. The Whilshire 5000 retreated to 12262 and right back to its range bound congestion range and comfortably above strong support at 12200. No worry here yet. Despite an implosion in the chips and the Russell the Nasdaq gave back only a weeks of gains to come to rest at 2175 and well above the bottom of its range. Still no problem here either.

Russell Chart - Daily

I mentioned on Tuesday that no +10% move goes unpunished and the Russell was up nearly +20% from its lows. Well the punishment definitely arrived with the Russell crashing -27 points from 688 to 661 in only three days. That -4% drop was clearly some mutual fund profit taking as the dog days of August finally appeared. The disappointing chip earnings on Tuesday night knocked the SOX back into its prior range with support at 470 and effectively ended the assault on 485-490 resistance. But, all of that news is now history and the real question is where do we go from here?

I would like to say that the dead stop on 10560, 2175, 1225 was the end of the selling. Unfortunately as much as I would like to see a rebound from here there may still be more weakness ahead. According to the Stock Traders Almanac August has been the worst month for the S&P for the last 15 years. It is also the second worst month for the Dow and the third worst for the Nasdaq. In six of the last eight years the losses in just the last five days averaged -3% for the major indexes. Has the selling just begun? Nobody knows but what we do know is that there will be a lot of volatility as the month progresses. Both sides will battle for control while funds reshuffle their portfolios in advance of the September/October buying opportunity. If the selling does continue the Dow has risk to 10250, Nasdaq 2050 and SPX 1185. My recommendation still stands to be cautiously long over SPX 1225 and short below that level.

Regardless of whether we go up or down I still believe the oil sector will be the best performer. Historical trends in crude pricing typically see gains in August/September and we want to be onboard for those gains. Once a post September decline in crude prices begins I think we exit our longs and begin targeting some buying opportunities on any major dip. The same scenario exists for the broader market. With the historical cycle suggesting weakness over the next two months we should be ready to exit any positions outside the energy sector and look for buying opportunities in Sept/Oct. For me the market turning point came a few days later than I expected but it still came. I was prepared for it and I hope you were as well. Now that the markets are back in their ranges we need to refrain from emotional entries hoping for a snapback and take our time picking targets. Keep your eyes on SPX 1225 and remember that markets go down faster than they go up. With the Fed meeting next Tuesday there is severe market risk should they eliminate the measured pace clause. Should they retain it we should rally again but watch out for a lower high.

I am going to be at an energy seminar this coming week where 90 companies will be giving their views on their future and the future of oil. I am doing continuing research on the coming oil crisis in preparation for an update to my oil report for Q4 of this year. I will probably have a lot to tell you next Sunday and hopefully some new oil plays for the next cycle. Until then watch SPX 1225, enter passively and exit aggressively if the market turns against you.
 

New Plays

Most Recent Plays

New Plays
Long Plays
Short Plays
SLE AGO
  DHI

New Long Plays

Sara Lee - SLE - close: 20.37 chg: -0.50 stop: 19.74

Company Description:
Sara Lee Corporation (www.saralee.com) is a global manufacturer and marketer of high-quality, brand-name products for consumers throughout the world. With headquarters in Chicago, Sara Lee has operations in 58 countries and markets products in nearly 200 nations. (source: company press release or website)

Why We Like It:
After five weeks of consolidating between $19 and $20 it looks like SLE has built a new bottom or base to spring higher from. Shares managed to surge higher on Thursday and breakout over resistance at the $20.00 level despite an earnings warning over future quarters. It's possible that the breakout was merely short-covering on the earnings news. That's why we are suggesting a trigger to go long at $20.75, which is above Friday's high. If SLE can hit our trigger it would suggest the new trend is higher considering that Friday was an "inside day". Our short-term target will be the simple 200-dma near $22.00.

Picked on August xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 08/04/05 (confirmed)
Average Daily Volume: 2.7 million
 

New Short Plays

Assured Guaranty - AGO - close: 22.73 chg: -0.84 stop: 24.05

Company Description:
Assured Guaranty Ltd. is a Bermuda-based holding company. Its operating subsidiaries provide credit enhancement products to the U.S. and international public finance, structured finance and mortgage markets. (source: company press release or website)

Why We Like It:
AGO turned in a very impressive quarter by smashing analysts' earnings estimates for the company. Unfortunately, investors sold the news and shares lost 3.5% on big volume. Friday's action painted a bearish engulfing candlestick, which is normally seen as a one-day bearish reversal pattern. Before we suggest shorts on the stock AGO needs to confirm the reversal pattern. That's why we are suggesting a trigger to short AGO at $22.39. More conservative traders may want to wait for AGO to trade under $22.00 first. Our target is the $20.50-20.00 range, since the $20.00 level should be support.

Picked on August xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 08/04/05 (confirmed)
Average Daily Volume: 229 thousand

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D.R.Horton - DHI - close: 38.45 change: -2.00 stop: 40.51

Company Description:
D.R. Horton, Inc., America's Builder, is the largest homebuilder in the United States, delivering more than 43,000 homes in its fiscal year ended September 30, 2004. Founded in 1978 in Fort Worth, Texas, D.R. Horton has expanded its presence to include 71 markets in 23 states in the Midwest, Mid- Atlantic, Southeast, Southwest and Western regions of the United States. The Company is engaged in the construction and sale of high quality homes with sales prices ranging from $80,000 to over $900,000. D.R. Horton also provides mortgage financing and title services for homebuyers through its mortgage and title subsidiaries. (source: company press release or website)

Why We Like It:
Homebuilders were hit hard by profit taking on Friday after investors were spooked that the strong jobs data would push the FOMC to raise interest rates beyond where Wall Street expects them. Higher rates impact mortgages and that impacts consumers abilities to buy houses. The homebuilders are already overbought and extended so the group is overdue for some profit taking. Friday's decline in DHI under short-term support at the $40.00 level looks like an entry point for the bears. We are going to target the $35.00-34.50 range, which looks like support. While we are suggesting new entries at current levels many of our readers may want to wait a day or two just to see if DHI bounces. Friday's trading did see DHI bounce from near its simple 50-dma. We would not be surprised at all to see DHI bounce into the $39.50-40.00 region before moving lower. The $40.00 mark, which was support, should now act as resistance.

Picked on August 07 at $38.45
Change since picked: - 0.00
Earnings Date 07/21/05 (confirmed)
Average Daily Volume: 2.9 million
 

Play Updates

Updates On Latest Picks

3 BODY-->

Long Play Updates

LM Ericsson - ERICY - close: 34.58 chg: -0.07 stop: 32.99

Shares of ERICY traded in a pretty narrow range on Friday but the intraday trend looks bearish. We suspect that European markets will turn lower on Monday following the U.S. stocks' declines on Friday. That in turn will pressure shares of ERICY from both sides of the Atlantic. Not to fear though we would watch for a dip toward the $34.00-33.50 levels as a potential entry point but be sure to wait for signs of a bounce first before initiating new positions.

Picked on August 03 at $35.19
Change since picked: - 0.61
Earnings Date 07/21/05 (confirmed)
Average Daily Volume: 1.9 million

---

Kerzner Intl - KZL - close: 59.70 chg: -0.60 stop: 58.99

Time is almost up! KZL is due to report earnings on Tuesday so we plan to exit on Monday afternoon at the closing bell. Friday's decline under the $60.00 level doesn't bode well for KZL anyway but the stock does have a host of moving averages below it to act as technical support.

Picked on July 22 at $61.01
Change since picked: - 1.31
Earnings Date 08/09/05 (confirmed)
Average Daily Volume: 154 thousand
 

Short Play Updates

Adobe Systems - ADBE - close: 27.10 change: +0.07 stop: 30.01

Okay, here's the plan with ADBE. There new trend does indeed appear to be down. We are going to suggest a trigger to short the stock in the $28.00-28.50 range. If we are triggered we'll adjust the stop loss lower. Our target will be the $25.50-25.00 region, which should line up with its long-term trendline of support (see weekly chart).

Picked on July xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 09/15/05 (unconfirmed)
Average Daily Volume: 6.8 million

---

Air T, Inc. - AIRT - close: 13.80 change: -0.19 stop: 15.01

We have interesting news to report on for AIRT. The company reported its Q1 earnings after the bell on Friday. We were not expecting earnings otherwise we would not have held over the report. Yet this time the earnings news may play into our favor. AIRT reported earnings of 10 cents a share compared to 20-cents a share a year ago. This sent the stock lower in after hours markets. If this sentiment carries over into Monday we would probably look for AIRT to gap down. Our target is the January lows in the 12.10-12.00 range.

Picked on August 03 at $13.84
Change since picked: - 0.04
Earnings Date 06/17/05 (confirmed)
Average Daily Volume: 289 thousand

---

A.S.V.Inc - ASVI - close: 46.50 chg: -1.52 stop: 49.01

ASVI has broken its up trend again but once again there has been an rebound off the lows. We remain bearish on the stock and expect it to see some profit taking. The decline under $47.50 and $47.00 looks like a new bearish entry point for shorts. We are going to adjust our target to the $41.00-40.00 range to take into account technical support at its simple 200-dma. More conservative traders may want to target the 50-dma just north of $42.00.

Picked on July 28 at $45.87
Change since picked: + 0.63
Earnings Date 07/28/05 (confirmed)
Average Daily Volume: 120 thousand

---

ATI Tech. - ATYT - close: 12.48 change: -0.07 stop: 13.26*new*

ATYT hit another new relative low on Friday but got a bounce midday after an analyst reiterated their buy rating on the stock. The trend and technicals remain bearish so we continue to target the $11.50-11.20 range but we have chosen to lower the stop loss to $13.26.

Picked on July 17 at $12.83
Change since picked: - 0.35
Earnings Date 09/22/05 (unconfirmed)
Average Daily Volume: 5.9 million

---

Biogen Idec - BIIB - close: 38.12 chg: -1.36 stop: 40.01

If you took our alternative, aggressive trader's entry point under $39.00 then you're probably looking pretty good here with BIIB's 3.4% decline on Friday. It definitely seems like the stock has reversed its four-week up trend. We are currently still on the sidelines waiting for BIIB to breakdown under support at the $38.00 level and hit our trigger at $37.99. If we are triggered we'll target 35.00-34.50 range. Another alternative entry point you may want to consider is a failed rally under $39.00 or $40.00. BIIB could bounce from the $38 level and aggressive traders can watch for the bounce to fail as under $39 or $40 as a new entry point. Keep an eye on the BTK biotech index, which has also produced another bearish reversal under the 640 level.

Picked on July xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 07/26/05 (confirmed)
Average Daily Volume: 4.6 million

---

Anheuser Busch - BUD - cls: 44.68 chg: +0.55 stop: 46.25

Daily and weekly trends in BUD all point lower. Plus, the P&F chart is very bearish with its $33 price target. We suggested bearish positions on the oversold bounce on July 28th and as long as BUD trades under the $46.00 level we should be fine. Currently broken support in the $45.00 region should act as overhead resistance. Shares of BUD do not move very fast so we don't expect to update this play very often. The goal is to see BUD hit the $40.25-40.00 range before its October earnings report.

Picked on July 28 at $44.77
Change since picked: - 0.09
Earnings Date 07/27/05 (confirmed)
Average Daily Volume: 2.3 million

---

Intl Game Tech. - IGT - cls: 27.11 chg: -0.17 stop: 29.01

IGT continues to look weak and poised for more selling. Shares broke down after investors responded to its earnings report and now after a couple of weeks of consolidating under previous support now new resistance it looks like IGT is ready to aim for its April lows. We would open new short positions here but more conservative traders may want to wait for IGT to trade under the $27.00 mark first. Our target is the $24.50-24.00 range. The P&F chart points to a $13 target.

Picked on July 21 at $27.21
Change since picked: - 0.10
Earnings Date 07/21/05 (confirmed)
Average Daily Volume: 2.3 million

---

Juniper Networks - JNPR - cls: 23.63 chg: -0.16 stop: 25.11*new*

So far so good. JNPR's oversold bounce from the July breakdown has failed under old support now new resistance at the $24.50 level. This also happens to be the neckline of its head-and-shoulders pattern. We have been suggesting that readers short the stock under $24.00 (more specifically 23.90). Our target is the $21.50-21.00 range, which could correspond with its H&S pattern's projected target. Meanwhile the P&F chart, which shows support near $20.00 points to a $9.00 target. We are going to lower our stop loss to $25.11. More conservative traders may want to set their stop closer to the 200-dma near $24.70. The biggest immediate risk to us here in JNPR is larger rival CSCO's earnings report, which is due out after the bell on Tuesday, August 9th. If CSCO's report is unexpectedly positive it could influence the whole sector.

Picked on July 21 at $23.90
Change since picked: - 0.27
Earnings Date 07/19/05 (confirmed)
Average Daily Volume: 7.5 million

---

LifePoint Hosp. - LPNT - cls: 46.35 chg: +0.97 stop: 47.26

It looks like using a trigger on this play was a smart move. LPNT appeared to have broken support on Thursday but we wanted confirmation so we suggested a trigger to short the stock at $44.95. Our strategy has not changed so we're reposting the play description from Thursday night:

The nine-month up trend for LPNT is in serious jeopardy. The stock has already broken down through support at the $46.00 level and is resting right on its simple 100-dma, which coincides with its rising trendline of support (see chart). We want confirmation that the trend has indeed been broke so we are suggesting a trigger to short LPNT at $44.95. If triggered we will target the $40.50-40.00 range, which appears to line up with a 50% retracement of its nine-month run. The biggest obstacle to reaching our goal is probably the simple or exponential 200-dma that is trading above the $40.00 level. Traders do have an alternative entry available. More aggressive players could look for a bounce back toward the $46.50 region and then short the stock there as it begins to roll over.

Picked on August xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 07/27/05 (confirmed)
Average Daily Volume = 686 thousand

---

Royal Caribbean - RCL - cls: 45.73 chg: -0.01 stop: 48.01

We thought the action on Friday was pretty interesting. As we suggested on Thursday shares of RCL did trade higher on Friday and hit an intraday high of $46.48 before reversing lower. Shares closed back under the $46.00 level and its exponential 200-dma. This may prove to be a new bearish entry point but more conservative traders may want to wait for RCL to trade under $45.00 level first before initiating new positions. We are targeting the $41.25-41.00 range near its April lows.

Picked on July 27 at $45.50
Change since picked: + 0.23
Earnings Date 07/27/05 (confirmed)
Average Daily Volume: 1.3 million

---

Triad Hosp. - TRI - close: 48.18 chg: -1.39 stop: 50.51 *new*

We have good news to report on for TRI. The market weakness on Friday finally pushed the stock out of its narrow trading range near the $50.00 level. This could be the beginning of its next leg lower. We are targeting the $45.50-45.00 range above its simple 200-dma. We are going to try and reduce our risk by lowering the stop loss to $50.51. The next hurdle for the bears is the $46.00 level, which was support in mid-May and is now bolstered by the exponential 200-dma.

Picked on July 25 at $49.20
Change since picked: - 1.02
Earnings Date 07/25/05 (confirmed)
Average Daily Volume: 967 thousand

---

Xilinx - XLNX - close: 27.82 chg: -0.09 stop: 29.01

If the SOX is any indication then the semiconductor sector is poised to see some profit taking. That's why we're suggesting shorts in XLNX. We don't see any changes to our strategy from Thursday night so we're going to repost that play description here:

The SOX semiconductor index is finally beginning to show some weakness. The sector is so overbought that it could endure several days of profit taking before it finds support. We also like that the SOX's MACD has just produced a new sell signal from very overbought levels. Meanwhile XLNX has also produced a new MACD sell signal as the stock's bounce from the July lows appears to have failed near the $29.00 level. The drop under the $28.00 level today looks like a new entry point to short XLNX although more conservative traders may want to wait for a drop under its simple 100-dma at 27.80 first. If you prefer to short a failed rally then watch for any bounce to roll over under the simple 200-dma 28.75. We are going to target a move into the $26.10-26.00 range.

Picked on August 04 at $27.91
Change since picked: - 0.09
Earnings Date 07/21/05 (confirmed)
Average Daily Volume: 6.1 million
 

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
Copyright Option Investor Inc, 2005
All rights reserved

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

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