Indices
Dow - 18.92 at 10,603.96  -   Nasdaq - 1.39 at 2,088.61  -  S&P 500 - 1.70 at 1,186.19 

Market Wrap
(From Briefing):

The market embraced promising payrolls data and bid stocks higher at the open, but equities traded with caution throughout the session before late-day trading ended the week on a lower note... While non-farm payrolls for the month of December came of 157K, a bit below the forecasts of 175K, an upward revision to November's prior 112K reading (to 137K) ended in a two-month average that was relatively in line expectations, stabilizing the trend in payrolls... The unemployment rate also held steady at 5.4% while the average workweek bounced back to 33.8 hours as expected... More importantly, December's employment data lessened fears about the Fed raising rates at a faster pace (i.e. 50 bp vs 25 bp) at its upcoming FOMC meeting... But ongoing consolidation, technical breakdowns and lack of conviction on the part of buyers was too much to prevent the broader averages from selling off at the end, as there was little in the way of any other market moving news to keep sellers on the sidelines... Energy (-0.8%), which was off as much as 1.6% in early trading when oil was as low as $44.75/bbl, never fully recovered despite crude oil closing $0.31 lower at $45.25/bbl... Higher bond yields, after volatile trading in treasuries finally stabilized, prevented homebuilding and utility from catching a bid, as the benchmark 10-year note closed off 4 ticks to yield 4.27%... Also showing weakness was transportation, financial and telecom services... Gains in the semiconductor space (+1.4%) offset some of the weakness in networking and disk drive, but it was not enough to keep the Nasdaq from closing down 4.0% for the week... Materials, biotech and consumer staples also showed relative strength... Meanwhile, gold ($419.50/oz), which initially took advantage of weakness in the greenback in early trading, closed lower, touching lows not seen since mid October, as the dollar continued to rally to a 6-week high against the euro (1.3053)... Separately, November consumer credit fell to a record -$8.7 bln (consensus +$6.0 bln), but investors needed much more than a lagging indicator to sway the market's overall sentiment after a week filled with uncertainty... ..DJTA -0.8%. ..DJUA -0.4%. ..BTK +0.2%. ..NYSE Adv/Dec 1362/1933. ..NASDAQ Adv/Dec 1189/1888.

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Today's Picks - January 10, 2005

1.   KERX - Keryx Biopharmaceuticals

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-10		Long	Above 15 high	Sell 1/2 once risk covered	Below LOD at time of setup
	* Please Note: If the stock gaps down at the open do not enter the trade unless it trades above 15.08

2.   JWN - Nordstrom

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-10		Long	Above 15 high	Sell 1/2 once risk covered	Below LOD at time of setup
	* Please Note: If the stock gaps down at the open do not enter the trade unless it trades above 48.00

3.   CVS - Cvs

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-10		Long	Above 15 high	Sell 1/2 once risk covered	Below LOD at time of setup
	* Please Note: If the stock gaps down at the open do not enter the trade unless it trades above 45.95

4.   PD - Phelps Dodge

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-10		Long	Above 15 high	Sell 1/2 once risk covered	Below LOD at time of setup
	* Please Note: If the stock gaps down at the open do not enter the trade unless it trades above 97.95

5.   NTY - NBTY Inc

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-10		Short	Below 15 min low	Cover 1/2 once risk covered	Above HOD at time of setup
	* Please Note: If the stock gaps up at the open do not enter the trade unless it trades below 22.47

6.   CNF - CNF Inc.

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-10		Short	Below 15 min low	Cover 1/2 once risk covered	Above HOD at time of setup
	* Please Note: If the stock gaps up at the open do not enter the trade unless it trades below 47.62

7.   PRU - Prudential

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-10		Short	Below 15 min low	Cover 1/2 once risk covered	Above HOD at time of setup
	* Please Note: If the stock gaps up at the open do not enter the trade unless it trades below 52.60

8.   BMET - Biomet

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-10		Short	Below 15 min low	Cover 1/2 once risk covered	Above HOD at time of setup
	* Please Note: If the stock gaps up at the open do not enter the trade unless it trades below 41.16

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EOD = End of day.
LOD = Low of day.
PDC = Previous Day's Close.
S/R = Support/Resistance.
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