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Id: <11829889.1075859880739.JavaMail.evans@thyme> Subject: Sunday -
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Legal Taylor sorry for the delay ---------------------- Forwarded by Mark -
ECT Legal Taylor/HOU/ECT on 01/27/99 04:01 PM ---------------------------
Enron Capital & Trade Resources Corp. From: trials@optioninvestor.com
(Option Investor Newsletter Trials) 01/24/99
06:09 AM Please respond to trials@optioninvestor.com To: Option Investor
Newsletter Trials <trials@optioninvestor.com> cc: (bcc: Mark - ECT Legal
Taylor/HOU/ECT) Subject: Sunday - Option Investor Newsletter 1 of 6 The
Option Investor Newsletter Sunday 1-24-98 1 of 6 Copyright 1999, All rights
reserved. Redistribution in any form strictly prohibited. Posted online for
subscribers at http://WWW.OPTIONINVESTOR.COM Published three times weekly,
Sunday, Tuesday, Thursday evenings. New plays and market wrap updated daily on
the website. Entire newsletter best viewed in COURIER 10 font for
alignment ****************************************************************** MAR
KET STATS FOR LAST WEEK AND PRIOR
WEEKS ******************************************************************
WE 1-22 WE 1-15 WE 1-08 WE 12-31 DOW 9120.67 -
219.88 9340.55 -302.77 9643.32 +461.89 - 36.56 Nasdaq 2338.88 - 9.27
2348.20 + 3.79 2344.41 +152.22 + 29.52 S&P-100 610.38 - 6.08 616.46 -
19.56 636.02 + 32.08 - 3.91 S&P-500 1225.19 - 18.07 1243.26 - 31.43
1275.09 + 45.93 + 4.15 RUT 422.44 - 4.61 427.05 - 4.18 431.23 +
9.27 + 16.42 TRAN 3063.80 - 84.73 3148.53 -211.75 3360.28 +210.97
+108.48 VIX 32.85 29.75 23.88
25.41 Put/Call .54 .56 .48
.55 ****************************************************************** Big blue
beat estimates but investors turned red on Friday. The bluest of the blue chips
turned red on Friday after beating analysts estimates. Even though they posted a
win on the surface the numbers behind the numbers painted the true picture. IBM
made $.04 a share on hedging currency. What this means is the currency of other
countries went up in value compared to previous levels and IBM either made money
on their currency hedge instruments or the currency their customers used had
gone up in value over the value assigned when the deals were first done. If you
agreed to pay 1 million Baht for a computer when the Baht was worth 125 to the
dollar and by the time the computer was delivered the Baht was worth 100 to the
dollar then IBM would get a windfall profit of +20%. The difference between 125
and 100 to the dollar. (The numbers used are for example only and not accurate)
So IBM did not do anything to earn the extra money except be in the right place
at the right time. IBM also had less sales than expected which did not go well
with analysts. After the smoke cleared IBM had lost -$17 for the day. -$16
bln in market cap. IBM accounted for over -70 points of the Dow loss for the
day. SUNW on the other hand beat estimates by $.01 and announced a split and
only closed down -.44 for the day. It really was not the fault of SUNW. The
Nasdaq was hell bent on following the Dow down even though it made several nice
runs to positive territory during the day. Sun had a backlog of $770 million in
orders and more coming in every day. The CEO said sales were expected
to increase as much as +20% this year. We expect SUNW to continue upward with
any Nasdaq rally. The Clinton problem took a hard turn on Friday. With
Republicans starting to defect and looking for an easy way out to avoid
more negative press, the prospects of a dismissal look better every day. This
would help the market some as "no change" is typically considered good
news. The Byrd motion for dismissal is not likely to pass but it set the tone
for the future votes. The real culprit again on Friday was the fallout from the
Brazil problem. Continued rumors of other countries possibly devaluing their
currencies put a cautious tone in the market ahead of the weekend. Even though
many very knowledgeable analysts said the possibility of China or Hong Kong
devaluing based on the current Brazil problem was "very, very remote"
the more safety conscious investors were moving to the sidelines before the
close. The Brazil Bovespa recovered from earlier losses to close down only -131
or -1.8%. All the European exchanges had closed down on Friday as the increasing
worry had investors taking profits there also. Is the U.S. market going down as
some bears are saying? We don't think so, YET. Without a "tail wagging the
dog" news event this week we feel that positive corporate earnings will
continue to move the market upward. Interest rates are going to remain
flat. Inflation is flat, the economy is growing. We have no reason to sell off.
The wild card is the Brazil crisis. The DOW, OEX and RUT are all sitting at
support on their moving averages. The market is down -522 points in the last two
weeks. We are due for another technical "relief" rally this week. With
all the negative news out Friday the fact that the Dow only lost -73 points
(if you take out IBM) is remarkable. The Nasdaq had recovered from a -38 point
early loss and traded +15 until the end of the day "fear of darkness"
sell off. This is remarkable. The buy the dip mentality is alive and well. There
was strong buying at the close on Friday as well as the early morning dip. As
long as buyers keep filling in the holes we will continue to build a stronger
base here. Again, the wild card is Brazil and the other Latin America countries.
A news flash on Monday morning could wipe out the market in a heartbeat. Until
the Brazil Real gains some strength traders should consider playing smaller
positions. You can still capture some gains but have less at risk
should lightning strike. We are at a pivotal point in the market. With all the
major averages setting on support it will take more bad news to push us down and
less good news to make it go up. There is still lots of buyers in the market. As
CNBC reported Friday there is a huge "book" of buy orders at $2-$3
less than current prices for many blue chip stocks. As long as these limit buy
orders stay on the books the chances of a substantial drop are
slim. Institutions want to buy but not at the top of the market. They are using
the "target shooting" approach we always suggest. The target shooting
approach to opening a position is simply placing a limit buy order at -25 to -
50% less than the current ask and waiting for a dip to fill your order.
Sometimes you can wait days for a dip but in the current market climate we are
seeing dips almost every day. Normally the dips are too quick to react with
manual orders but if you have an existing limit order you can get filled when it
happens and sometimes at the low for the day. For instance the SUNW FEB-100
Call had a low for the day on Friday of $5.00 and a high of $8.00. It closed at
$6.50. The previous close was $7.50. A limit order for -25% less than the
previous close would have been $5.63. You would have filled at $5.63 and could
easily have sold again for a +15% to +25% profit. The AOL-140 Call closed
Thursday at $14.00. A -25% limit order would have been $10.50. On Friday the low
for the day was $10 and the high was $14.88. You would have filled at $10.50
and could have easily sold again for +20 to +30% profit the same day. Most
traders would have bought at $13 or more after AOL started back up. They would
be thinking. OK, now it is moving, I will jump in now. While this is not a bad
idea it is not as good as buying cheap. Once you make a decision to buy AOL or
SUNW or whichever stock you want, then the next decision is WHERE to buy. If you
use this method you will make fewer plays because not all options will dip -25%
in one day but the plays you do make will be much more profitable. You will
normally be buying in at the low for the day. Would you like to be in a position
cheaper than everybody else? We have had several serious rumors that Microsoft
is going to announce a 2:1 split this week. While the MSFT CFO had said in an
offhand remark several weeks ago that he would "like to wait" until
the $200 range before they split again, I am being covered in emails that claim
they will split either Monday after the close or sometime during this week. I
have never had the volume of email on a split rumor that I had on MSFT this
week. I own MSFT currently and would really be a happy trader if this comes to
pass. Watch the news Sunday for signs of the Brazilian flu and plan your trades
accordingly for Monday. Good Luck Jim Brown Editor *********** JIM'S
PLAYS The week started out great with Microsoft blowing away earnings and
gapping open the next day. I had broken a cardinal rule and held over in
anticipation of a split and got the earnings gap as a surprise. THIS IS A VERY
BAD IDEA!! I was forced to hold some SUNW over earnings as the market was
dropping too fast and my limit orders never filled. Ouch! Fortunately Sun
did not do the IBM thing and actually traded up on Friday. If we can get a
Nasdaq rally Monday I might be able to get out of the position alive. Other than
the those two major trades early in the week I did almost nothing. Friday I
bought the dip on faith and still feel pretty good about it. Now if only Brazil
does not blow up over the weekend. Stock trades Sold 5000 KMAG @ $14.69 cost
13.56 Profit $5,650 Sold 5000 SRCM @ $22.25 cost 22.75 Loss -2,500 Sold
4000 PAIR @ $10.50 cost 10.50 Even 0
Total +3,150 Option trades Sold (10) OEX-FEB-630 CALLS OEY-BF @14.25 cost
13.00 + 1,250 Sold (25) MSFT-FEB-150 CALLS MSQ-BJ @18.88 cost 12.00 +17,200 Sold
(100)SUNW-FEB-100 CALLS SUQ-BT @ 8.94 cost 8.19 + 7,500 Sold (4) OEX-FEB-610
CALLS OEY-BB @30.00 cost 25.00 + 2,000 Sold (4) OEX-FEB-625 PUTS OEY-NE
@24.06 cost 17.25 + 2,724 Sold (25) VOLVY-FEB-30 CALLS VQY-BF @ 2.75 cost 3.06 -
775 Total +29,899 Bond
Spread Sold (10)MAR-129 calls, Sold (10)MAR-125 puts Bought (10)MAR-131
calls, Bought (10)MAR-123 puts Net credit 45 points or $703 per contract
$7,030 Total all trades +$40,079 This
looks like a pretty good week but what you don't see is the large loss I am
currently holding in SUNW. If Sun does not rise from the ashes this week the
next Sunday recap will be very ugly. Current positions: Call options in MSFT,
DELL, AOL, SUNW, XIRC **************** Market Sentiment By Pinnacle Capital
Advisors Market's Momentum Lost Don't look now, but the powerful market has
lost its momentum and we are beginning to see several classic failed rallies
develop. You would expect the financial and airlines sectors to roll over given
that these have been under pressure and trading below their declining moving
averages. But what about Drug and Healthcare? These sectors have been trading
higher and should follow the Technology sector into new territory, right?
Wrong. Pinnacle turned Bearish on these sectors this weekend over the near-term
after violating key benchmarks of (DRG /740) and (HCX / 720),
respectively. More problematic is the Russell 2,000 (RUT). Not only is
the small cap coming up short of last July's high, but excessive call buying by
option speculators is occurring at out-of-the money overhead benchmark levels as
reflective by our high Pinnacle Index (14.7) for the Russell
2,000. http://www.optioninvestor.com/marketsentiment/image28.gif Pinnacle's
short-term indicators are still flashing BEARISH overtones over the near-term so
we advise subscribers to tightly protect their long positions. Any questions
regarding market sentiment can be directed
at: pinnacle@optioninvestor.com Market Sentiment at a Glance Friday
Tues Thurs Indicator (1/22) (1/26) (1/28)
Alert Pinnacle Index (OEX): Overhead Resistance (620-635) 1.4 Underlying
Support (595-610) 1.3 Put/Call Ratios: CBOE Total P/C Ratio
.5 CBOE Equity P/C Ratio .4 * OEX P/C Ratio
1.2 Peak Open Interest (OEX): Puts
610 Calls 610 P/C Ratio
.9 Market Volatility Index (VIX): CBOE VIX 32.85
* Investors Intelligence: Bullish
60.0% * Bearish 30.0% The
Power of Expectation Analysis It has often been said that the crowd is right
during the market trends but wrong at both ends. Measuring and evaluating the
sentiment of the crowd, therefore, can give savvy option traders a decided
edge. Pinnacle Index OEX Friday Tues
Thurs Benchmark (1/22) (1/26) (1/28)
(630-635) 2.7 (620-625) 1.1 Overhead
Resistance (620-635) 1.4 OEX Close
610.38 Underlying Support (595-610) 1.3 (605-610)
1.0 (595-600) 1.9 Average ratings: Resistance levels
2.0 / Support .5 What the Pinnacle Index is telling us: Overhead sentiment
resistance is Moderately weak at the OEX 620/635 level while the underlying
support is moderately weak. Put/Call Ratio Friday Tues
Thurs Strike/Contracts (1/22) (1/26) (1/28) CBOE Total
P/C Ratio .53 CBOE Equity P/C Ratio .40 OEX P/C Ratio
1.15 OEX Peak Open Interest Friday Tues
Thurs Strike/Contracts (1/22) (1/26) (1/28) Puts
610 / 11,153 Calls 610 / 11,865 Put/Call Ratio
.94 http://www.optioninvestor.com/marketsentiment/Image29.gif http://www.opti
oninvestor.com/marketsentiment/Image30.gif VIX Volatility Index
Major Date Turning Point VIX -------------------------------
---------------------------------- October 97 Bottom
54.60 July 20, 1998 Top 16.88 October 8, 1998 Bottom
60.63 January 11, 1998 Top 26.38 January 22, 1999

32.85 http://www.optioninvestor.com/marketsentiment/Image31.gif Http://www.opt
ioninvestor.com/marketsentiment/Image32.gif Investors Intelligence Survey
Major Percent Percent Date
Turning Point Bullish Bearish October 97 Bottom
22.0 48.3 July 20, 1998 Top 52.0 24.0 October
8, 1998 Bottom 38.5 42.7 January 11, 1999 Top ?
58.3 30.0 January 22, 1999 60.0 30.0
* Market Posture ************** As of Market Close - Friday, January 22,
1999 Key Support Broad Market /Resistance Last
Posture/Since Alert DOW Industrials 9,100 9,730 9,121 Neutral
1.15 SPX S&P 500 1,210 1,280 1,225 Neutral 1.12 OEX S&P
100 600 635 610 Neutral 1.12 RUT Russell 2000 420
435 422 Neutral 1.12 NDX NASD 100 1,900 2,010 1,964
Neutral 1.21 MSH High Tech 930 980 949 Neutral
1.21 Technology ********** XCI Hardware 830 875 871 Neutral
1.22 * CWX Software 610 665 651 Neutral 1.21 SOX
Semiconductor 360 410 393 Neutral 1.8 NWX Networking 420
450 424 Neutral 1.8 INX Internet 470 570 478
Neutral 1.8 Financial ********* BIX Banking 650 710 647
BEARISH 1.22 * XBD Brokerage 630 725 646 Neutral 1.14 IUX
Insurance 590 620 574 BEARISH 1.21 Other ********* RLX
Retail 800 860 828 Neutral 1.8 DRG Drug 740
795 739 BEARISH 1.22 * HCX Healthcare 720 780 717
BEARISH 1.22 * XAL Airline 310 350 304 BEARISH 1.22
* OIX Oil & Gas 245 260 240 BEARISH 1.14 Posture
Alert After selling off at an important failed rally benchmark, we have turned
Bearish on several industry sectors including Banking, Drug, Healthcare and
Airlines. We caution investors that we have received a near term reversal
signal across many sectors that many have violated their 50-day moving
averages. A detailed description of our Market Posture and its applications can
be found at: www.optioninvestor.com/marketposture ****************** Great
Expectations By Pinnacle Capital Advisors Great Expectations With another wave
of key corporate earnings reports due out this week, we have highlighted below
the companies that will likely have the greatest impact on the overall market.
Keep close track of these companies. If they beat expectations, we are likely
to move higher. If not, we are likely to re-test our key support levels
again. Options traders playing the Technology sectors, watch Microsoft on
Tuesday. Microsoft will likely dictate the climate for the technology sector
for 1Q99. Reporting Estimated Pinnacle Date
Company EPS Index Hardware: 1/26 EMC EMC CORP
0.46 6.2 1/26 KMAG KOMAG INC -
0.41 3.8 1/27 CPQ COMPAQ COMPUTER 0.36 8.3 1/26
XRX XEROX CORP 1.67 6.6 Software: 1/26 CDN
CADENCE DESIGN 0.35 2.6 1/26 CLFY CLARIFY INC
0.14 4.0 1/26 CSC COMP SCIENCE 0.54
6.2 1/25 RMDY REMEDY CORP 0.24 2.4 1/27 IFMX
INFORMIX CORP 0.11 9.1 1/27 MACR MACROMEDIA INC
0.10 9.8 1/28 SHVA SHIVA CORP 0.01
4.0 1/28 SEBL SIEBEL SYSTEMS 0.15 8.7 1/28 VRTS VERITAS
SOFTWRE 0.21 9.9 1/26 RMDY REMEDY CORP
0.24 2.6 Semiconductor: 1/26 CY CYPRESS SEMI -0.01
1.6 1/28 LSI LSI LOGIC -0.02
4.8 Networking: 1/26 BRCM BROADCOM CORP 0.18
1.2 Telecommunications: 1/25 T AT&T CORP 1.00
6.3 1/25 BLS BELL SOUTH 0.41 6.2 1/25 TLAB
TELLABS INC 0.59 6.1 1/26 NT NORTHERN TELECO
0.71 6.0 1/27 BEL BELL ATLANTIC 0.69
2.9 1/27 PAIR PAIRGAIN TECH 0.11 3.0 1/28 GTE GTE
CORP 0.87 5.1 1/28 ERICY LM ERICSSON TELE
0.29 3.8 1/29 NOKA OKIA CP-ADR A 1.01
3.0 Internet / eCommerce: 1/26 AMZN AMAZON.COM INC -0.19
1.1 1/26 CYCH CYBERCASH INC -0.41 11.3 1/26 EBAY EBAY
0.04 N/A 1/26 RNWK REALNETWORKS -
0.04 12.2 1/26 USWB USWEB 0.05 10.0 1/27
AOL AMERICA ONLINE 0.14 2.2 1/27 SEEK INFOSEEK CORP
-0.42 1.1 1/27 MSPG MINDSPRING ENTR 0.04
7.4 1/28 NETG NETGRAVITY INC -0.19 N/A 1/28 BCST
BROADCAST.COM -0.25 N/A 1/28 GCTY GEOCITIES
-0.33 N/A Financial: 1/25 AXP AMER EXPRESS CO
1.16 6.8 1/25 C CITIGROUP INC 0.56
4.0 Pharmaceutical: 1/26 AHP AMER HOME PRODS 0.44
7.1 1/26 JNJ JOHNSON & JOHNS 0.51 6.5 1/26 MRK
MERCK & CO INC 1.16 5.6 1/27 SGP SCHERING PLOUGH
0.28 7.5 1/28 BAX BAXTER INTL 0.73
3.0 1/28 LLY LILLY ELI & CO 0.51
1.8 Biotechnology: 1/27 AMGN AMGEN INC 0.84
9.4 1/28 CNTO CENTOCOR INC 0.12 5.8 Airline: 1/26 LMT
LOCKHEED MARTIN 0.81 2.1 1/27 BA BOEING CO
0.42 1.9 Oil & Gas: 1/25 CHV CHEVRON INC
0.51 2.3 1/25 DO DIAMOND OFFSHORE 0.56
3.4 1/25 HAL HALLIBURTON CO 0.27 6.2 1/26 BHI BAKER-
HUGHES 0.17 1.0 1/26 TX TEXACO INC
0.30 5.3 1/27 MOB MOBIL CORP 0.54 4.2 1/28
RIG TRANSOCEAN OFFS 0.83 2.9 Consumer: 1/25 PG
PROCTER & GAMBL 0.77 2.2 1/27 MO PHILIP MORRIS
0.72 4.5 1/28 KO COCA COLA CO 0.24
2.9 1/29 HSY HERSHEY FOODS 0.85 2.4 1/27 DIS DISNEY
WALT 0.25 1.4 1/28 G GILLETTE CO
0.39 2.4 Excessive Optimism / Pessimism Often times when companies
release corporate earnings, the stock will move/gap up or down depending on the
level of expectation built into the stock prior to the release date. This level
of expectation can be measured, in part, by the Call/Put ratio and
is represented by our Pinnacle Index figure. The average Pinnacle Index is 2.0.
Therefore, an index appreciably higher than 2.0 reveals a high level of
optimism while an index lower than 2.0 reveals a high level of pessimism. For
aggressive options traders, we have highlighted companies reaching extreme
expectation levels below. For example, the company with the highest and lowest
expectation reporting this week is Realnetworks (RNWK) and Baker Hughes
(BHI) with a Pinnacle Index of 12.2 and 1.0, respectively. This suggests that
if Real Networks does not beat their estimate on Tuesday, they are likely to
sell-off. Conversely, if Baker Hughes beats their estimate or reports any
favorable news, they are likely to move higher. Reporting
Estimated Pinnacle Date Company EPS
Index Great Expectations: 1/26 RNWK REALNETWORKS -0.04
12.2 1/26 CYCH CYBERCASH INC -0.41 11.3 1/26 USWB USWEB
0.05 10.0 1/28 VRTS VERITAS SOFTWRE
0.21 9.9 1/27 MACR MACROMEDIA INC 0.10 9.8 1/27
AMGN AMGEN INC 0.84 9.4 1/27 IFMX INFORMIX CORP
0.11 9.1 1/28 SEBL SIEBEL SYSTEMS 0.15
8.7 1/27 CPQ COMPAQ COMPUTER 0.36 8.3 1/27 SGP
SCHERING PLOUGH 0.28 7.5 1/26 AHP AMER HOME PRODS
0.44 7.1 1/25 AXP AMER EXPRESS CO 1.16
6.8 1/26 XRX XEROX CORP 1.67 6.6 1/26 JNJ JOHNSON
& JOHNS 0.51 6.5 1/25 T AT&T CORP
1.00 6.3 1/25 BLS BELL SOUTH 0.41
6.2 1/26 EMC EMC CORP 0.46 6.2 1/25 HAL
HALLIBURTON CO 0.27 6.2 1/25 TLAB TELLABS INC
0.59 6.1 1/26 NT NORTHERN TELECO 0.71
6.0 1/26 MRK MERCK & CO INC 1.16 5.6 1/28 GTE GTE
CORP 0.87 5.1 1/28 SHVA SHIVA CORP
0.01 4.0 Low Expectations: 1/26 BHI BAKER-HUGHES
0.17 1.0 1/27 SEEK INFOSEEK CORP -0.42 1.1 1/26
AMZN AMAZON.COM INC -0.19 1.1 1/27 DIS DISNEY WALT
0.25 1.4 1/26 CY CYPRESS SEMI -0.01
1.6 1/28 LLY LILLY ELI & CO 0.51 1.8 1/27 BA
BOEING CO 0.42 1.9 The Power of Sentiment
Analysis Last October (1998), Pinnacle Capital Advisors tracked corporate
earnings reports and advised subscribers about the impact that excessive
optimism and pessimism can have on the stocks's performance following the
release of its quarterly earnings report. If you recall, we identified several
stocks that reached excessive sentiment levels including Intel (INTC) and Pfizer
(PFE). Reporting Estimated Pinnacle Date
Company EPS Index Excessive Optimism: 10/13 INTL
Intel .79 5.2 10/13 JNJ Johnson & Johnson
.70 3.7 10/15 AAPL Apple Computer .49
3.6 Excessive Pessimism: 10/13 JPM JP Morgan 1.08
.4 10/12 C Chrysler .87 .7 10/14 PFE Pfizer
.57 .9 10/13 GM General Motors
.98- 1.2 10/16 G Gillette .30 1.3 10/14 MER
Merrill Lynch .56 1.5 The first is Intel (INTC). The
semiconductor powerhouse had rallied ahead of its earnings report Tuesday night
(10/13) and closed at $83.88. What's interesting is that they beat the street's
estimate by 9 cents and yet the stock gapped down the next morning (10/14). And
despite the 330 point Dow rate cut rally on Thursday (10/15), the stock had
trouble taking out its recent previous high of $85.88. Here, our
sentiment analysis alerted subscribers that expectations had gotten ahead of
itself and that despite the good news, the stock had trouble advancing. We saw
the opposite in the case of Pfizer (PFE). This blue chip Pharmaceutical company
had sold off more than 20% from its summer high ($120) to close at $95.50 before
its release Tuesday night (10/13). Here, Pfizer actually missed its estimated
earnings by a nickel. Although the stock initially gapped down the next
morning, it quickly rallied and closed higher. Our message: it's all about
understanding and managing expectations. Pinnacle Index What is the Pinnacle
Index. It is simply the put/call ratio at key overhigh benchmark levels.
Typically, there should be two (2) calls for every one (1) put. So when this
ratio reaches extremes levels, it can presage key turning points in the stock.
The average Pinnacle Index, therefore, should read 2.0. One of the key
components that separate OptionInvestor.com from any other advisory services is
our sentiment indicator or Pinnacle Index. The Pinnacle Index is designed to
measure the level of overhead resistance at key overhead benchmark levels. This
analysis can give savvy option traders a jump on other traders. It's important
to note that the Pinnacle Index, like many sentiment indicators, is a contrarian
indictor. This means that the stock can and will go higher or lower despite
what our sentiment indicators might suggest. However, our experience has shown
that the market is subject to a precipitous sell-off if the Pinnacle Index
reaches extreme levels. Coming Events ************* Monday: Existing Home
Sls Dec Forecast: 4.85M Previous: 4.90M Tuesday: LJR Redbook 1/23
Forecast: -- Previous: 1.9% BTM/Schroeders 1/23 Forecast: --
Previous: 0.3% API Oil Stocks 1/23 Forecast: -- Previous:
321.9M Wednesday: None Thursday: Jobless Claims 1/23 Forecast: --
Previous: 346K Durable Goods Dec Forecast: 0.4% Previous:
1.0% Employment Cost Q4 Forecast: 0.9% Previous: 1.0% Friday: GDP
Q4 Forecast: 4.0% Previous: 3.7% CPMI Jan
Forecast: -- Previous: 50.9 Michigan Cons Sent Jan Forecast: --
Previous: 100.5 HOW TO SUBSCRIBE **************** We would like to have you
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information to: 303-797-1333 DISCLAIMER ********** This newsletter is a
publication dedicated to the education of options 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 or option but an
information resource to aid the investor in making an informed decision
regarding trading in options. It is possible at this or some subsequent date,
the editor and staff of The Option Investor Newsletter 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
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timely information to its subscribers but cannot guarantee specific delivery
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