Indices
Dow + 92.95 at 10,461.56  -   Nasdaq + 11.25 at 2,019.96  -  S&P 500 + 4.66 at 1,168.41 

Market Wrap
(From Briefing):

The market reversed a four-day trouncing, maintaining a positive tone from start to finish following a spate of stronger than expected earnings... Solid quarterly results from blue chips across several industry groups set an underlying bullish bias as buyers found renewed interest in an arguably oversold market... The majority (17 out of 25) of the S&P constituents reporting results, from the likes of JNJ, DD, ABC, MER, SLB and XRX to name just a few, beat analysts' forecasts, sidelining continued concerns related to slowing profit growth and boosting overall sentiment... Only 3 blue chips (i.e. BLS, SGP and UIS) missed expectations while five others (i.e. MRK and TLAB) matched consensus estimates... Not even a 1.7% surge in crude oil futures ($49.64/bbl +$0.83), which approached their highest levels of the month due to continued uncertainty surrounding the Iraqi elections and OPEC's output decision on Jan 30 and a potential Nigeria strike, could dampen investors' spirits... Transportation closed higher, led by strength in railroads and airline, with the latter erasing much of the 4.5% it lost during yesterday's drubbing... Gains were also realized in steel, semiconductor, software, drug, biotech, homebuilding and energy... Telecom services (-1.0%) led the list of laggards while utility, hardware and disk drive were also weak... While an unexpected rise in January consumer confidence to 103.4 (consensus 101.3) did little to move stocks notably in either direction when the data were released, it did provide a floor of buying support that kept the indices in positive territory throughout the session... The surprise in consumer confidence did, however, invite selling interest in treasuries, reinforcing speculation that low bond yields reflect too much uncertainty about slowing economic growth... The 10-year note fell 16 ticks to yield 4.18%... But the rise in consumer confidence did help strengthen the dollar, against both the euro (1.2958) and the yen (104.24), which climbed after China said it would not alter the yuan's peg to the dollar... Existing home sales for December checked in at a 6.69 mln annual rate, slightly worse than the 6.80 mln economists expected, but was viewed as a nonevent...NYSE Adv/Dec 1659/1672...NASDAQ Adv/Dec 1675/1398.

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Today's Picks - January 26, 2005

1.   MVK - Maverick Tube

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-26		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 32.48

2.   ROV - Rayovac

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-26		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 39.40

3.   JBHT - Hunt(J.B.)Transport

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-26		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 43.43

4.   CHK - Chesapeake Energy

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-26		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 17.15

5.   TLT - iShares

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
01-26		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 90.51

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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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