Indices
Dow - 60.52 at 10,664.11  -   Nasdaq - 34.13 at 2,052.55  -  S&P 500 - 10.31 at 1,191.99 

Market Wrap
(From Briefing):

Renewed concerns of slowing earnings growth coupled with profit taking and a decisively bearish bias proved too potent for buyers to make much of HPQ's positive management change... While the abrupt resignation of Hewlett-Packard (HPQ 21.51 +1.37) CEO Carly Fiorina prompted modest buying interest at the open, lackluster Q2 earnings and the most sluggish sales growth outlook seen in six quarters from Cisco Systems (CSCO 17.57 -0.66) were too enticing for sellers to stand pat... Disappointing Q1 EPS outlooks from companies like BGP, CAM and KEA also countered stronger than expected earnings from the vast majority of companies out with earnings... Not even strong Q4 earnings from the world's largest insurer - American International Group (AIG 69.20 +1.47), coupled with better than expected results from other large insurance companies like AOC, PRU and CI, could offset the underlying negative tone... Two separate S&P futures-related sell offs (at 10:00 and 2:00 ET) also drove the indices further into negative territory never to recover as virtually every sector lost ground... Technology was the Achilles heel, as losses in excess of 2.0% were witnessed in every area (i.e. semiconductor, software, networking and disk drive) except hardware (-0.8%), which held onto modest gains most of the day due in large part to HPQ's news, but still closed lower... Losses of more than 1.0% were also seen in health care, retail, materials, telecom services, consumer discretionary and transportation, with the latter dragged lower by a near 4.0% drubbing in airline stocks... Even homebuilding (-2.1%), despite yields on the 10-year falling below 4.00% for the first time in about four months and strong mortgage application activity data, plummeted... The benchmark 10-year note closed up 9 ticks to yield 3.97% following the U.S. Treasury Dept.'s $15 bln auction of 5-year notes that showed strong indirect bidder participation of 45.4%... Energy posted modest losses despite higher crude oil prices ($45.50/bbl +$0.04), which climbed in the wake of an unexpected decline in weekly oil inventories... Crude oil supplies fell 1.0 mln barrels, (consensus +500K), distillates fell 3.0 mln barrels (consensus -2.0 mln) and gasoline inventories rose 500K barrels (consensus +1.0 mln)... Meanwhile, the dollar pulled back from three-month highs against the euro (1.2806) and a one-month high against the yen (105.65) while Dec wholesale inventories checked in at 0.4% (consensus 0.9%) but did little to push equities in either direction...NYSE Adv/Dec 1134/2189...NASDAQ Adv/Dec 802/2344.

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Today's Picks - February 10, 2005

1.   OXY - Occidental Pet

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-10		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 61.76

2.   PRU - Prudential

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-10		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 57.22

3.   EOP - Equity Office Properties

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-10		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 30.00

4.   AIG - Amer Intl Group

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-10		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 69.40

5.   MSTR - MicroStrategy

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-10		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 68.20

6.   MCHP - Microchip Technology

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-10		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 27.05

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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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