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Market Wrap
(From Briefing):

The market opened lower, but a recent batch of M&A action sparked enough buying interest to shrug off an intraday surge in oil prices and some last-minute profit taking to keep a bullish bias intact... Alltel's (AT 54.69 -1.43) $4.4 bln proposition to acquire Western Wireless (WWCA 37.35 +0.83) was followed by News Corp's (NWS 17.86 -0.37) plans to buy whatever it didn't already own of Fox Entertainment Group (FOX 34.17 +2.95) while Movie Gallery (MOVI 20.04 +0.97) agreed to buy Hollywood Entertainment (HLYW 13.81 +0.76) for $1.2 bln in cash and debt... With regards to sectors, positive analyst comments helped sustain buying interest in homebuilding (+2.0%) while managed health stocks also caught a bid despite losing a Supreme Court submission to stop a class-action lawsuit... Biotech and retail both gained roughly 0.8% while strength in disk drive and networking offset weakness in semiconductor and software... Also strong were utility, materials and energy, with the latter holding onto gains in spite of crude oil, which surged 4.0% intraday to $47.30/bbl due to a bad weather related production stoppage in the North Sea, closing down -$0.10 at $45.33/bbl... Losing ground on the day were airline (-1.0%) and telecom service (-0.9%)... Meanwhile, the dollar gave back some of the 3.8% it gained last week against the euro (1.3083) and lost ground against the yen (104.19), as traders viewed recent outperformance in the greenback as excessive, while bonds, which barely budged from the unchanged mark most of the session, closed the benchmark 10-year note down 1 tick to yield 4.27%... Separately, the Commerce Dept released November wholesale inventories of +1.1% (consensus +0.7%), marking a 15th consecutive monthly rise, but since the data mentioned nothing about personal consumption, the market basically viewed the release as a nonevent...NYSE Adv/Dec 2019/1301...NASDAQ Adv/Dec 1704/1407.

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Today's Picks - January 11, 2005

1.   ELN - Elan Corporation

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-11		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 28.42

2.   WLP - Wellpoint

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-11		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 121.10

3.   CHS - Chico's

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-11		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 50.93

4.   CTSH - Cognizant Technology

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-11		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 39.29

5.   MER - Merrill Lynch

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-11		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 58.12

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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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