Indices
Dow + 30.96 at 10,785.22  -   Nasdaq - 2.72 at 2,058.62  -  S&P 500 + 0.84 at 1,201.59 

Market Wrap
(From Briefing):

PPI and FDA were the acronyms of the day... The former contained bad news for the market while the latter contained good news... With respect to the January PPI report, the bad was its core component (excludes food and energy), which showed a surprising 0.8% increase versus the consensus estimate that called for a more modest 0.2% increase... A big spike in tobacco prices (+3.4%) had something to do with the surprise, but nontheless, in light of Greenspan's recent testimony, the market wasn't inclined to dismiss the spike as an aberration... The concern about rising inflation, and the angst ahead of Wednesday's Consumer Price Index report, was palpable in the Treasury market where the yield on the benchmark 10-yr note jumped 8 basis points to 4.26% and the yield on the 30-yr bond rose 7 basis points to 4.65%... This jump in rates had the stock market on edge throughout the session, especially the financial sector (-0.98%), which held the broader market back all day... To few people's surprise, rate-sensitive areas like homebuilding, utilities, brokerage, consumer finance, thrifts & mortgage, and diversified banks populated the list of worst-performing S&P industry groups... Per usual, the energy sector (+2.23%) bucked the broader trend and turned in a strong performance that was paced by the exploration and production group (+2.96%) and was highlighted by a gain in ExxonMobil (XOM 59.41, +1.28) that catapulted the oil company into the position of biggest company by market cap at approx. $384 bln... Separately, the FDA's positive impact on the market stemmed from an advisory panel's recommendation that Merck's (MRK 32.61, +3.76) Vioxx drug should be reintroduced to the market and that Pfizer's (PFE 26.80, +1.74) Celebrex and Bextra drugs should remain on the market... This affirmation gave a material boost to both stocks on the primary belief that it should help their defense with associated litigation... In turn, their gains enabled the Dow to end the week on an upbeat note, even though it suffered a slight loss (-0.1%) for the entire week...NYSE Adv/Dec 1237/2131...NASDAQ Adv/Dec 1352/1714.

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Today's Picks - February 22, 2005

1.   NVDA - NVIDIA Corp

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-22		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 28.30

2.   SONC - Sonic Corp

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-22		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 32.78

3.   CMC - Commercial Metals

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-22		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 33.23

4.   COGT - Cogent Inc

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-22		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 34.14 * Close this trade before the market close due to pending earnings release.

5.   STLD - Steel Dynamics

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-22		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 42.66

6.   NBR - Nabors Industries

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-22		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 57.50

7.   GGP - Genl Growth Properties

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-22		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 36.52

8.   CVH - Coventry Health Care

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-22		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 58.80

9.   CAM - Cooper Cameron

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-22		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 56.40

10.   ETR - Entergy Cp

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-22		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 68.85

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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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