Moenning�s Daily State of the Markets: 10/4/05

"Good News?"

- ISM�s �good news� is too much of a good thing and stocks decline in response
- ISM Composite 59.4 vs. consensus of 52.0
- Prices Paid Index jumped 15.5 points � biggest increase in 15 years
- Puts Fed and Inflation back on table
- Semiconductor sales reported stronger than expected
- Crude continues to decline as supply comes back on-line ($64.82 -$0.65)
- Futures point slightly higher

Stocks "In Play" This Morning:

MSFT/MOT � Form alliance to support/develop next-generation software for law enforcement
EK � Downgraded at JPM on profitability of digital and traditional business
XTO � Upgraded at JPM on volume increases
LXK � Reduces guidance, defended at UBS
CHK � Price target raised at Fulcrum
PG � Downgraded at Citigroup, Reiterated Buy at Bank of America and is top pick
NFLX � Recipient of takeover speculation from AMZN

To see Mr. Moenning�s Trading Record, his (Strong Buy) List, or the rank for any Top Guns Stocks, visit: http://www.AnotherWinningTrade.com/SI

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