Dow + 14.47    I  Nasdaq - 6.59    I  S&P 500 - 1.85    

Market Wrap
(Briefing):

In the wake of Friday's sell-off, the major indices opened Monday's session with a positive bias that was aided by bargain hunting interest and an upbeat third quarter outlook from Intel (INTC 25.35, -0.12).

Citing stronger than expected worldwide demand for its computing products, Intel boosted its revenue guidance to a range of $9.4 billion to $9.8 billion from $9.0 billion to $9.6 billion. In addition, Intel said gross margins are now expected to be at the upper end of its guidance for 52%, plus or minus a couple of points, indicating strong acceptance of its products.

Intel's good news, though, didn't take the market - or its own stock - very far. In fact, both Intel and the S&P 500 ended the day with modest losses after some roller-coaster action late in the session that saw the S&P swing from a loss of 14 points to a gain of 9 points and then back to a modest decline by the closing bell.

The buying momentum waned in the last half hour of trading when the S&P 500 again failed to hold above its 200-day moving average, which is viewed as a key technical level.

Prior to the late-day failure, buying activity in the comeback effort was broad-based and led by the influential financial (-0.1%), technology (+0.1%) and energy (-0.6%) sectors. Each of those groups faded into the close, though, to leave the major indices mixed and close to unchanged when it was all said and done.

Participation was limited in Monday's session. Volume at the NYSE just topped 1.2 billion shares; activity was heavier at the Nasdaq where 1.8 billion shares traded.

Several Fed officials gave speeches Monday that touched on the economic outlook. Per usual, there was enough room for interpretation in the body of those comments that they ultimately didn't have any significant impact on the proceedings. In other words, there was a little something for everybody, but ultimately, nothing of note for the market to really sink its teeth into as a uniting, or dividing, factor.

Separately, Countrywide Financial (CFC 17.21, -1.00) was a notable laggard following its announcement that it plans to cut nearly 20% of its workforce over the next three months as it deals with changing market conditions. Home Depot (HD 33.81, -0.40) also slipped after affirming its long-term sales and earnings forecasts, but acknowledging that it doesn't expect an improvement in the housing market until late 2008.

Key happenings on Tuesday will include a speech on global imbalances from Fed Chairman Bernanke at 11:00 ET and the OPEC meeting in Vienna where the cartel is expected to leave production quotas unchanged at 25.8 million barrels per day.

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

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Today's Picks - September 11 2007

1.   STLD - Steel Dynamics

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
09-11-07		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 41.70

2.   IPG - Interpublic Group of Companies

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
09-11-07		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 10.42

3.   ADCT - ADC Telecommunications

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
09-11-07		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 20.63

4.   PCLN - Priceline

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
09-11-07		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 76.23

Previous Trades

IAR - Idearc

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
09-10-07	09-10-07	Long	33.87	34.10	Closed Below 33.50	up to - 44 cents per share (33.95 HOT)

PH - Parker Hannifin

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
09-10-07		Short	104.92	Reached (103.38)	Above 104.92	up to + $1.82 per share (103.10)
	* 09-10-07 - stock gapped up.

AKS - AK Steel Holding

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
09-10-07		Short	38.68	Reached (37.76)	Above 38.68	up to + $1.50 per share (37.18)
	* 09-10-07 - stock gapped up.

ICE - IntercontinentalExchange Inc

Entry Date	Exit Date	Position	Entry Price	Target Price	Stop Price	Max P/L
09-06-07		Short	140.03	Reached (138.04)	Above 135.17	up to + $10.18 per share (129.85)
	* 09-06-07 - stock gapped up