Wednesday Close

S&P 500 1,103.66 +.04%
NASDAQ 1,932.97 +.52%

Leading Sectors
Oil Service +3.35%
HMOs +2.72%
Energy +2.18%

Lagging Sectors
Internet -.77%
Banks -.80%
Airlines -1.23%

Other
Crude Oil 54.92 +3.06%
Natural Gas 7.62 +6.98%
Gold 425.00 +.05%
Base Metals 112.66 -.49%
U.S. Dollar 86.35 -.56%
10-Yr. T-note Yield 3.98% -1.29%
VIX 14.85 -1.85%
Put/Call .87 -6.45%
NYSE Arms 1.11 -18.38%

After-hours Movers
MERQ +4.54% after beating 3Q estimates and raising 4Q guidance.
VRSN +7.36% after beating 3Q estimates, raising 4Q outlook and 05 guidance.
MACR +7.55% after beating 2Q estimates and raising 3Q guidance.
TSRA +8.30% after beating 3Q estimates and raising 4Q outlook.
CTXS +8.56% after beating 3Q estimates and raising 4Q guidance.
DRIV +3.96% after beating 3Q estimates, raising 4Q, 04 and 05 outlooks.
EBAY +3.11% after beating 3Q estimates and giving positive guidance.
POWI -4.89% after beating 3Q estimates and lowering 4Q guidance.
ERES -19.79% after missing 3Q estimates, lowering 4Q and 05 outlooks.
EPIC -7.93% after beating 3Q estimates substantially and reiterating 4Q and 05 guidance.

Recommendations
Goldman Sachs reiterated Outperform on PFE, MERQ, SYMC, EBAY and AMGN. Goldman reiterated Underperform on TER and VRSN.

After-hours News
U.S. stocks finished modestly higher today on a late-afternoon rally, led by energy stocks and a rebound in healthcare shares. After the close, Walt Disney's ABC tv network won't broadcast the Miss America beauty pageant next year, leaving the contest without a network TV contract for the first time in 50 years, the AP reported. T-Online Intl. AG said it plans to develop a product to compete with Apple Computer's iPod music player, the Financial Times Deutschland said. Scientists say they've fine-tuned the map of the human genome and improved the understanding of the genetic roosts for disorders including breast cancer and diabetes, according to a study in the Oct. 21 issue of the journal Nature. The UN hasn't sent enough election experts to help prepare the country for voting planned for January to choose a new government, Iraqi Foreign Minister Zebari said. PeopleSoft's founder Duffield opposes a possible sale to Oracle and plans acquisitions to expand the company and increase its price tag, the Financial Times Deutschland said. The growing number of obese Americans and the rising cost of caring for them is responsible for 27% of the increases in health-care costs since 1987, according to a study in the journal Health Affairs. EBay said third-quarter earnings surged 77% as the number of listings rose and the company expanded its PayPal e-mail payment service in Europe, Bloomberg said. A Blackstone Group LP affiliate agreed to buy Boca Resorts, an owner of luxury resorts in Florida, for about $1.25 billion, Bloomberg reported.

BOTTOM LINE: The Portfolio finished modestly higher today as strength in my retail and semiconductor longs more than offset weakness in my wireless and Russian ADR longs. I did not trade in the afternoon, thus leaving the Portfolio 125% net long. The tone of the market improved substantially throughout the day even as energy prices rose and earnings worries persisted. Today was likely very disappointing for the Bears and should spur further short-covering. If after-hours trading is any indication, tomorrow should be a good day for the Bulls.