Indices
Dow + 75.00 at 10,748.79  -   Nasdaq + 20.45 at 2,051.70  -  S&P 500 + 9.40 at 1,200.20 

Market Wrap
(From Briefing):

Tenacious late-day buying, spurred by a sell off in oil prices, shrugged off a lackluster session initiated by mixed earnings, guidance and economic data... With the market's performance so closely linked to oil prices over recent weeks, coupled with corporate news somewhat taking a backseat to inflation worries, higher interest rates and macroeconomic issues, an early surge that pushed the commodity to a new four-month high and inched its past $52/bbl midday had stocks cautiously fluctuating around the flat line most of the session... But last minute profit taking closed the April futures contract roughly where it opened, at $51.39/bbl (+$0.22)... That, along with signs of oversold conditions, prompted widespread buying interest that pushed the major indices through key technical levels, turned market internals more bullish and closed virtually every sector in positive territory, as the Dow, S&P and Nasdaq finished near their highs of the day... Nearly every S&P component (i.e. VIA.B, JCP, NEM, LTD) out with earnings reported better than expected results, but ongoing concerns of decelerating EPS growth following some disappointing outlooks (i.e. LTD, DYN, HMT) prompted the selling pressure that lingered until the final two hours of trading... An initially disappointing read of -0.9% on Jan durable orders (consensus +0.1%) and an unexpected rise in jobless claims to 312K (consensus 308K) also weighed on equities and subsequently lifted treasuries to their best levels of the day... But upon further examination, the orders data, excluding transportation, still showed that underlying trends remained reasonably strong while initial claims did come in below 315K for the third straight week, knocking the four-week average to 308,750 (its lowest level since Nov. 2000), suggesting an improving labor market... Meanwhile, weekly oil inventories rose 600K barrels (consensus +1.3 mln), gasoline inventories rose 1.8 mln barrels (consensus +1.45 mln) and distillates fell 700 K barrels (consensus -1.88 mln), adding to the volatilility in oil prices... With regards to sector strength, homebuilding (+3.6%) paced the day's gains in the wake of better than expected Q1 earnings and strong FY06 EPS guidance from Toll Brothers (TOL 87.41 +3.16)... Technology was strong across the board, led by semiconductor (+2.4%) which was lifted by a surge in shares of Advanced Micro Devices (AMD 17.49 +0.89)... Energy, transportation, materials, utility and biotech also posted gains in excess of 1.0%... Failing to take advantage of the market's rebound, however, were Internet stocks, after both Google (GOOG 188.97 -4.98) and Yahoo (YHOO 31.48 -0.64) were downgraded at RBC Capital Markets... Treasuries, which succumbed to modest selling pressure following an unimpressive bond auction, never did regain early morning momentum, as the 10-year note declined 4 ticks to yield 4.27%... The $24 bln 2-year note auction awarded investors 3.498% with an indirect bidder participation of 31.8%... The dollar finished relatively flat against the euro (1.3204) but climbed 0.5% against the yen (105.35) while the Jan Help-Wanted Index checked in at 41 (consensus 38), hitting the highest level in two years, but had no impact on the overall market...NYSE Adv/Dec 2297/1085...NASDAQ Adv/Dec 1905/1217.

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Today's Picks - February 25, 2005

1.   MCK - Mckesson

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-25		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 37.36

2.   AKS - AK Steel Holding

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-25		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 17.50

3.   LYO - Lyondell Chem

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-25		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 33.50

4.   BNI - Burlington North

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-25		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 50.03

5.   TOY - Toys R Us

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-25		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 22.92

6.   PDE - Pride Intl

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
02-25		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 24.94

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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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