Dow - 26.50    I  Nasdaq - 0.11    I  S&P 500 - 1.86    

Market Wrap
(Briefing):

The new week began on a lackluster note that gave outside viewers some insight into what the summer doldrums means for the stock market.

Volume was light, trading ranges were narrow, and there was a pervasive sense of disinterest as a lack of meaningful news on the economic and earnings fronts kept investors on the sidelines.

The end result is that the indices finished the session with negligible losses that won't have any bulls out there losing sleep tonight. In fact, the slight negative disposition wasn't all that surprising when taking into account that there is often a profit-taking inclination following a week of material gains in the market like we saw last week when the S&P 500 surged 1.7%.

Some observers wanted to pin Monday's selling interest on the movement in the Treasury market. That was the line anyway during the morning trade when opening gains were surrendered in the midst of the 10-year yield moving to 5.17% from 5.14%.

That was really a silly explanation, though, considering stocks rallied last week when the yield dropped from 5.31% to 5.17%; moreover, that explanation was discredited when stocks failed to rally in the afternoon when the yield on the 10-year note dropped back down to 5.14%.

On days when there isn't much news, there is a tendency to over-analyze every twist and turn of a range-bound market. The simple explanation is that the market moved lower Monday on some profit taking.

The transportation sector led the decline, skidding on the sight of oil prices pushing above $69 per barrel and some negative commentary from Bear Stearns ahead of the earnings report from FedEx (FDX 109.92, -1.45) on Wednesday. The jump in oil prices was attributed to supply worries that were linked to labor unrest in Nigeria.

Not surprisingly, the energy sector (+0.33%) was one of the few winning standouts on the session. Information technology (+0.28%) was the other as gains in a cadre of big-cap technology shares, like Apple (AAPL 125.09, +4.59) and Google (GOOG 515.20, +9.31), proved to be a positive difference.

There weren't any blockbuster M&A deals to excite the market Monday, although a report in a London paper that BHP Billiton (BHP 58.60, +0.73) is believed to be reconsidering a $40 billion bid for Dow component Alcoa (AA 41.88, +0.28) offered a measure of support.

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

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Today's Picks - June 19, 2007

1.   IR - Ingersoll-Rand

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
06-19-07		Long	Above 15min 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 55.00

2.   MTRX - Matrix Service

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
06-19-07		Long	Above 15min 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 27.73

3.   JNS - Janus Capital Group

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
06-19-07		Long	Above 15min 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 28.96

4.   ONXX - Onyx Pharmaceuticals

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
06-19-07		Short	Below 15 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 28.90

5.   ACAS - American Capital Strategies

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
06-19-07		Short	Below 15 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 45.03

Previous Trades

MA - MasterCard

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
06-18-07		Long	161.84	165.31	Below 158.23	up to + $2.98 per share (164.82)

WRNC - Warnaco Group

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
06-18-07		Long	37.09	37.58	Below 36.46	up to + 5 cents per share (37.14)

NVDA - Nvidia

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
		Long	Above 15min high	Sell 1/2 once risk covered	Below LOD at time of setup
	* did not setup

MRO - Marathon Oil

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
06-15-07		Long	131.27	Reached (132.99)	Below 131.27	up to + $2.81 per share (134.08)

SPWR - SunPower

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
06-15-07	06-18-07	Long	57.77	Reached (58.80)	Closed Below 57.77	up to + $1.20 per share (58.97)

OMTR - Omniture Inc

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
06-14-07		Long	19.58	Reached (19.85)	Below 19.76	up to + $1.45 per share (21.03)