Indices
Dow - 24.24 at 10,912.62  -   Nasdaq - 16.66 at 2,073.55  -  S&P 500 - 5.88 at 1,219.43 

Market Wrap
(Briefing):

Disappointing guidance in the chip space and rising oil prices kept equities on the defensive, market breadth bearish and closed the bulk of sector leadership lower... Texas Instruments (TXN 26.28 -1.09) narrowed the high end of its Q1 earnings and revenue forecasts to reflect weaker than expected demand for chips used in large-screen televisions... The downward revision unnerved investors, who had just one day earlier ignited a rally in technology that boosted the Nasdaq 1.0%, and fueled a sense of caution that was felt throughout the market... Also contributing to the overall weakness was a 1.3% surge in crude oil prices ($54.59/bbl +$0.70) - roughly a dollar shy of its all-time high ($55.67/bbl) - on news of surging gasoline prices, unexpected cold weather in the Northeast and amid ongoing uncertainty about OPEC's production plans at its upcoming meeting (Mar. 16)... In fact, commodity prices hit a 24-year high as both gold ($441.10/oz.) and copper ($149.80/lb.) touched new highs for the year at the expense of a weak greenback and amid fears that economic expansion will keep eating into raw materials inventories faster than existing supplies can be replenished... The dollar fell to a 2-month low against the euro (1.3342) after reports suggested the ECB may hike interest rates to stave off inflation and against the yen (104.72) after a government report showed that the number of full-time employees in Japan increased for the first time since 1997... Higher commodity prices also renewed fears that inflation could accelerate and prompt the Fed to raise rates at a more aggressive pace, lifting yields on the benchmark 10-year note (-16/32) to 4.37%... Treasurys were also under pressure amid supply concerns ahead of upcoming U.S. bond auctions over the next two sessions... Technology was weak across the board, led by declines in semiconductor following TXN's disappointing mid-quarter update... Hardware was also weak after Apple Computer (AAPL 40.91 -1.84) shares plummeted amid increased competition from Napster (NAPS 7.85 +0.22) and reports that Sony (SNE 41.01 +1.70) will relaunch its Walkman music player line... Homebuilding lost nearly 2.0% in the wake of weaker than expected Q1 guidance from Ryland Group (RYL 67.50 -4.31) and a surge in bond yields while ongoing consolidation in steel closed the materials sector on a downbeat note... Weakness in drug stocks, led by a disappointing study that showed high doses of Pfizer's (PFE 26.77 -0.41) Lipitor increased risk of death from other causes, assisted in health care's decline while retail closed lower after Circuit City Stores (CC 15.81 -0.44) rejected Highfield Capital Management's roughly $2.4 bln acquisition offer and Kroger (KR 16.83 -0.89) missed Q4 expectations and issued a disappointing FY06 outlook... Even energy, which had been strong most of the day in the wake of higher oil prices, closed slightly lower... In company-specific news, Qualcomm (QCOM 36.29 -1.10) increased its dividend 29% (to $0.09 from $0.07), announced a $2.0 bln stock buyback program and promoted founder Dr. Irwin Mark Jacobs's son Dr. Paul E. Jacobs to CEO (effective July 1)...NYSE Adv/Dec 1132/2171...NASDAQ Adv/Dec 1080/2031.

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Trade system guidelines (edited):
Only available to Newsletter Subscribers.

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Today's Picks - March 09, 2005

1.   VTIV - Ventiv Health

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
03-09		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 26.30

2.   LMT - Lockheed Martin

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
03-09		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 60.52

3.   OMX - OfficeMax

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
03-09		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 33.48

4.   AAPL - Apple Computer

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
03-09		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 40.10

5.   AMX - America Movil'L'ADS

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
03-09		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 56.80

6.   RYL - Ryland Group

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
03-09		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 67.01

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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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