Indices
Dow + 3.32 at 10,629.67  I   Nasdaq - 8.63 at 2,007.79  I  S&P 500 - 0.61 at 1,189.61 

Market Wrap
(Briefing):

Last-minute buying interest lifted blue chips into the green but the market still left little to be desired, as rising oil and higher import prices renewed inflationary pressures and a waning sentiment data kept a negative bias intact amid triple witching and S&P rebalancing... While the Dow, which fell below the 10,600 mark for first time in 6 weeks, eked out a slim gain, the S&P struggled to close above Jan. lows and the Nasdaq finished near its worst levels in four months as broad-based selling closed virtually every sector in negative territory... Continued worries about existing oil supplies not being large enough to meet demand again lifted crude oil futures above $57/bbl intraday, before the commodity closed higher for the sixth consecutive week at $56.72/bbl (+$0.32)... A larger than expected increase in import prices to 0.8% amid surging oil prices also underpinned inflation worries, spurring modest pressure in Treasurys which lifted yields on the 10-year note (-10/32) back above the psychological 4.50%... An unexpected fall in March consumer sentiment to 92.9 (consensus 94.9), from 94.1 a month earlier, exacerbated more worries heading into the weekend... Also, triple witching options expiration coincided with the S&P Indices shifting to a half float-adjusted calculation, adding an extra level of instability to the market as total volume was much larger than usual... Earmarked to experience the largest negative impact from the S&P's re-weighting was Wal-Mart (WMT 51.86 -0.47), which was also among the most actively traded NYSE-listed stocks after settling an $11 mln labor suit... Meanwhile, Computer Hardware (-1.0%) led the list of Technology laggards as palmOne's (PLMO 22.15 -1.90) downside Q4 (May) EPS and revenue guidance trumped an upgrade on Apple Computer (AAPL 42.96 +0.71)... Semiconductor (-0.9%) was in focus on an upgrade of Intel (INTC 23.41 0.00) but closed lower following a drop in Feb chip equipment orders while Transportation closed lower following a downgrade on UPS (UPS 73.28 -1.25)... Financial, Consumer Discretionary, Telecom Services and Utility were also influential leaders on the downside... Energy was basically the only standout to the upside as oil prices traded near record highs... Electronic Manufacturing Services (+1.6%) also traded higher after Jabil Circuit (JBL 27.59 +1.57) boosted Q3 and FY05 guidance above forecasts... Also trading higher was the Materials sector, despite a strengthening dollar... The greenback touched its largest weekly gain against the euro (1.3315) in more than a month...NYSE Adv/Dec 1255/2046...NASDAQ Adv/Dec 1210/1854.

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

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Today's Picks - March 21, 2005

1.   VPI - Vintage Petroleum

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
03-21		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 34.94

2.   ADBE - Adobe Systems

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
03-21		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 68.30

3.   OXY - Occidental Petroleum

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
03-21		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 74.09

4.   HSY - Hershey Foods

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
03-21		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 61.78

5.   MET - MetLife Inc

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
03-21		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 39.33

6.   PLD - ProLogis

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
03-21		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 38.24

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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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