Indices
Dow + 8.87 at 10,724.63  -   Nasdaq + 4.65 at 2,086.68  -  S&P 500 + 0.58 at 1,202.30 

Market Wrap
(From Briefing):

The Market put together a respectable advance, despite cautious trading ahead of Cisco's report as well as mixed earnings and guidance... While blue chips like Marriott (MAR 65.50 -1.00) and EDS (20.15 -1.20) beat forecasts, both issued FY05 guidance below consensus, while Biogen Idec (BIIB 66.23 +0.08) missed expectations but reported solid revenues and in line FY05 guidance... But recent quarterly results took a backseat to upcoming earnings and guidance from tech bellwether Cisco Systems (CSCO 18.26 +0.10), whose quarterly reports have been notorious for setting a more definitive tone for the broader market... That said, buying interest was widespread across most of the technology industry... Strength in semiconductor (+2.2%), following Intel's (INTC 23.38 +0.47) well-received response to the 2006 launch of a competing processor (created by IBM, Sony and Toshiba), and networking (+1.5%), assisted by strong buying interest in CSCO, was enough to offset weakness in software (-1.1%) and hardware (-0.4%)... The latter was under pressure after JP Morgan lowered estimates on Hewlett-Packard (HPQ 20.15 -0.22) while weakness in antivirus security providers (i.e. MFE, SYMC, CHKP) following Microsoft's (MSFT 26.25 +0.09) definitive agreement to acquire Sybari Software prompted software's sell off... Homebuilding (+1.5%) traded higher following an optimistic housing outlook from Toll Brothers (TOL 86.03 +3.50), which reported record Q1 contracts growth of 60% to $1.44 bln and the highest backlog ($4.89 bln) in its history... Pfizer's (PFE 26.65 +0.74) strong performance paced the gains in the drug sector (+0.4%), following positive test results for it's stomach cancer treatment and amid speculation PFE might slash its sales force by as much as 30%, and helped offset weakness in biotech (-1.1%) to close health care higher... Energy (+0.6%) was also strong as crude-oil futures ($45.40/bbl +0.12), albeit in volatile trading, rebounded after hitting a one-month low early on as traders awaited weekly inventory reports... Financial, however, finished lower, despite strength in brokerage following solid Q4 results from UBS, while the materials sector was modestly weak due in part to continued strength in the dollar against the yen (105.78)... Treasuries closed higher despite an indirect participation of 44% (against the pervious 53.6%) that, when initially viewed as decent (but not exceptional) erased gains in the benchmark 10-year note before it eventually recovered to close up 5 ticks to yield 4.03%... ..NYSE Adv/Dec 1803/1471. ..NASDAQ Adv/Dec 1653/1461.

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Today's Picks - February 09, 2005

1.   AAPL - Apple Computer

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-09		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 81.38

2.   KBH - Kb Home

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-09		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 118.46

3.   JCP - JC Penney

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-09		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 44.39

4.   GRP - Grant Prideco

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-09		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 21.19 Exit this trade before the close due to earnings announcement.

5.   CI - CIGNA Corp

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-09		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 83.96

6.   BA - Boeing Co

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-09		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 53.62

7.   COF - Capital One Financial

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-09		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 77.20

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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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