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Market Wrap
(From Briefing):

With inflation in check and good underlying growth indicated by stronger than expected economic data, concerns about the market's poor showing this year were tabled Friday as broad-based buying interest pushed virtually every sector into positive territory... Most closely watched was the Labor Dept's producer price index (PPI), which relieved growing inflationary pressures with the first broad decline in wholesale prices seen in six months, igniting a positive sentiment in the early going... Dec PPI fell 0.7%, (consensus -0.2%), led by the largest decline in energy prices in 20 months, while the core PPI (excluding food and energy prices) checked in stronger as well, at +0.1% (consensus +0.2%)... A strong gain of 0.8% in Dec industrial production (consensus +0.5%) pushed total 2004 growth to 4.1%, the best annual performance in 4 years, while decent capacity utilization of 79.2% (consensus 78.9%) further helped suppress economic growth concerns... Also acting as a supportive factor was Standard & Poor's affirmation of General Motor's (GM 37.13 -0.19) debt rating... Homebuilding (+1.7%) and utility (+0.7%) were strong, despite a sell off in treasuries that pushed the benchmark 10-year note down 12 ticks and lifted the yield to 4.21%... Strength in semiconductor (+1.8%) and software (+1.4%) offset weakness in computer hardware (-0.7%), which was under pressure following a sector downgrade from Bear Stearns and impacted by weakness in Sun Microsystems (SUNW 4.22 -0.36), which reported Q2 revenues below expectations... Energy (+0.9%) was also higher, despite volatility in crude oil prices ($48.30/bbl +$0.26), while retail, transportation, biotech, materials, health care and financial also posted gains... Small cap stocks, which have lost substantial ground so far in 2005, also witnessed a resurgence in buying interest with gains in the Russell 2000 (+1.2%) and S&P SmallCap 600 (+1.3%) Indexes... Volumes were lighter than usual heading into the holiday weekend but activity was prevalent enough to keep a tight lid on selling interest... Meanwhile, the dollar was stronger against the euro (1.3101) and the yen (102.04) for the second consecutive session, pushing gold futures down $2.10 to close at $423.00/ounce...NYSE Adv/Dec 2208/1105...NASDAQ Adv/Dec 2050/1020.

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Today's Picks - January 18, 2005

1.   OS - Oregon Steel Mills

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-18		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 22.17

2.   GOOG - Google

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-18		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 200.00

3.   PHM - Pulte Homes

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-18		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 66.12

4.   UCL - Unocal

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-18		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 46.56

5.   CMCSK - Comcast Corp

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-18		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 33.20

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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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