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Wednesday

We had a retracement of Monday's up move yesterday. As long as we close above the November high of 1063-1064 you should continue to buy on dips.We will probably stay in this narrow range until Friday's unemployment number. GE was very strong and I would look for it to continue today. MRK came out with their earnings forecast and is gapping up a point. It is just coming out of an oversold situation on the daily chart so it probably has several more points of upside. The retailers continue to be very weak and KSS was downgraded, so they could be good shorts if they gap up with the Market. The productivity number was very strong so look for the ISM number at 10AM to push the market for the daily direction.
Here are some additional news related trading ideas:

KSS downgraded to Neutral at BofA
KSS comps, EPS estimates reduced at UBS
ASML receives first industry order for lithography system from TSMC
UBS upgrades PeopleSoft and Oracle
Merck sees 2004 EPS of $3.11 to $3.17
CMCSK upgraded at JP Morgan
Motorola reaffirms Q4 guidance in line with consensus
Fairchild Semi raises Q4 revenue outlook