Indices
Dow - 68.50 at 10,471.47  -   Nasdaq - 27.71 at 2,045.88  -  S&P 500 - 9.22 at 1,175.41 

Market Wrap
(From Briefing):

The market opened lower, adversely influenced again by respectable but not excellent earnings, as an overall negative sentiment remained intact, extended the thrashing and pushed the major indices to new lows for the year... The Dow and S&P have both lost roughly 3.0% so far in 2005 while the Nasdaq has nearly doubled those declines (-5.9%)... eBay's (EBAY 83.49 -19.56) Q4 earnings disappointment and discouraging FY05 outlook set the underlying cautious tone as investors continued to digest a mixed batch of earnings reports and guidance from blue chips like AT&T (T 18.12 -0.39), Citigroup (C 47.79 -0.25), Ford (F 13.45 -0.48) and United Healthcare (UNH 86.75 -1.53)... Even though operating earnings on the S&P overall continue to come in well ahead of forecasts, and on pace to post at least 17% growth this quarter, the market remains frustrated with the lack of follow through from buyers... Also out with results, Continental Airlines (CAL 9.34 -0.11) reported a narrower than expected Q4 loss but it was not enough to offset enormous losses from Delta Air Lines (DAL 5.35 -0.60) and keep the airline sector (-2.9%) from plunging... Virtually every sector extended Wednesday's weakness, with losses of more than 1.0% realized in Internet, retail, homebuilding, managed health care, transportation, communications equipment, telecom services, disk drive, consumer discretionary and energy... Even a 1.3% decline in crude oil prices ($46.91/bbl -$0.64), under pressure following the biggest increase in weekly oil inventories in nearly three months, failed to keep sellers on the sidelines... In economic news, two releases hit the wires... First was the fairly dated Dec leading indicators, which matched forecasts of 0.2%, followed by the volatile Jan Philadelphia Fed index, which came in at 13.2 (consensus 25.0), showing a slower pace of manufacturing expansion than in 2004 but still exhibiting respectable growth... While neither had much of an impact on equities, bonds embraced the larger than expected decline in the Philly Fed report, as the treasuries turned positive and closed the 10-year note up 3 ticks to yield 4.15%...NYSE Adv/Dec 1006/2276...NASDAQ Adv/Dec 956/2141.

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Today's Picks - January 21, 2005

1.   FFIV - F5 Networks

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-21		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 50.99

2.   SHW - Sherwin Williams

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-21		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 44.98

3.   CSX - CSX Corp

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-21		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 37.47

4.   NKE - NIKE

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-21		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 86.73

5.   SBUX - Starbucks

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-21		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 56.46

6.   AMX - America Movil

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-21		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 49.69

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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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