Indices
Dow - 78.48 at 10392.99  -   Nasdaq - 11.61 at 2034.27  -  S&P 500 - 7.54 at 1167.87 

Market Wrap
(From Briefing):

The market opened on an upbeat note, in the wake of strong quarterly earnings, only to be bullied by the bears as the indices closed at new lows for the third straight day... With regards to earnings - good, better, best was still no match for the cautious sentiment that has so firmly rooted itself in a market that has left the major averages in negative territory week after week in 2005... Not even record results from the country's largest company - General Electric (GE 35.25 -0.12) - could hold early buying interest into the close of trading... The bellwether reported 18% growth in Q4 profits and revenues, beat Q4 earnings expectations by a penny on record sales of $43.7 bln and reaffirmed FY05 earnings growth of 10-15%... Other notable companies that reported better than expected earnings were UTX, AT, FO, KEY and PNC... But even though roughly 80% of the more than 100 S&P 500 components reporting earnings so far have either met or exceeded analysts' forecasts, the lack of follow through from buyers has remained a reality as even much of Friday's tenuous buying efforts were arguably prompted by short covering... Virtually every sector finished lower Friday... Losses of more than 1.0% were witnessed in airline, disk drive, semiconductor, software and transportation, with the latter extending its reach into negative territory as one of the worst performing groups in 2005... Health care, financial, retail, homebuilding, material, utility and energy (despite holding gains of 1.0% most of the day) closed lower... Gold (+1.7%), steel (+1.3%) and managed health (1.3%), however, were the only notable sectors that showed relative strength... Not helping matters was a 2.6% surge in crude oil prices ($48.53/bbl +$1.22), spurred by boosted 2005 demand forecasts from OPEC, ongoing nervousness ahead of the Iraqi elections (Jan 30) and increased demand for heating oil supplies due to freezing weather in the Northeast... Treasuries were mixed, showing subdued reaction to Friday's consumer sentiment data, as the 10-year note closed up 5 ticks to yield 4.13%... An unexpected decline of 95.8 (consensus 97.5) in the Jan Michigan Consumer Sentiment Index added some early uncertainty to equities but throughout most of the day had little influence on stocks... Gold prices closed near a three-week high up $4.30 at $426.90/oz (+1.0%) as the dollar weakened against both the euro (1.3049) and yen (102.74)... Separately, the 2005 IPO market kicked off with the debut of three deals - Celanese (CE 16.10 +0.10), ViaCell (VIAC 8.68 +1.68) and SeaBright Insurance Holdings (SEAB 12.04 +1.54)...NYSE Adv/Dec 1572/1720...NASDAQ Adv/Dec 1323/1771.

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Today's Picks - January 24, 2005

1.   HAS - Hasbro

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-24		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 19.59

2.   MSO - Martha Stewart

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-24		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 28.88

3.   CVC - Cablevision

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-24		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 28.86

4.   USB - Us Bancorp

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-24		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 29.96

5.   ABC - AmerisourceBergen

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-24		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 56.83

6.   ROH - Rohm Haas

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-24		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 42.40

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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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