Anyway, here's what I wrote:

"(#28) was a very good week; but it may be one of the last ones, so don't spent the weekend rejoicing if you have recently been buying stocks with the intention of holding them for the long term;

As to DIS, I happen to like the Disney company and have it ranked in the Cara Best 100 Companies. Now that the dissident shareholder group has endorsed the incoming CEO, I see clear sailing ahead. The only problem here is the state of the broad market. DIS is over-bought on the Daily and could come off say 10 pct on a serious broad market decline. But, this is one stock I would not hesitate to accumulate on weakness.

IBM is another stock that can be bought on weakness. However, the stock is technically over-bought on the recent market run-up. Longer-term, the recent 74 cycle low will likely not be seen again for many years."

Let's look at the Daily data chart for IBM to see how the 2005 market has reacted to the company's poor operating performance. Note how different is the July trading.

Last evening IBM reported excellent numbers. The rough stretch is over, and IBM will now become a CNBC darling. Watch for it.

If you follow IBM at all, I urge you to read the very good write-up by Brian Bergstein, AP Technology Writer, in the Yahoo Finance link above. Good stuff.

Let's now look at the IBM 15-Minute data chart:

From this very short-term chart, here is what I see:

· The last 15-minutes of trading yesterday saw the stock sold off on increased volume, with the stock price down 35 cents in 15 minutes to close at $81.81. I believe the same traders were buying the much more leveraged call options as they probably knew the contents of the IBM report in advance and were setting up the market to have a larger swing back in the morning. As the stock will open in the 86's or higher today, these traders will have made a killing. It would be nice to think that the SEC was making in-depth studies of all trades like this preceding any important news releases for any major company. If they do, why not report the results to the public " for the sake of public confidence in capital markets trading?

· In advance of this excellent corporate report, IBM was up strongly at the open on the Friday two weeks earlier, plus last week's Tuesday, Wednesday and Thursday. In fact, there were strong upside gap openings Wed and Thurs followed by flat trading during the day. It was almost like a dog peeing in the grass to mark off its territory. The message probably was, "IBM is mine, so stay away";The public doesn't see these nuances, but one look at a chart and I do.

In any event, we do the best we can with the trading system the sell-side gives us.

If this morning you happen to think that these IBM results are confidence inspiring, why not have a quick read of the McKinsey Report that came to me this morning?

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" Executives' confidence in the global economy continues to decline; indeed, the latest McKinsey Global Survey of Business Executives shows an 8 percent drop in the Confidence Index since March 2005.

You and more than 7,800 of your fellow executives told us what you think about the state of the global economy, your hiring plans, and your organizational strengths and challenges. The survey's respondents come from 132 countries and represent large and small companies in a broad range of industries.

Below you will find a link to the survey results. This analysis provides a window into the most critical challenges you and your competitors face as companies continue to grow in complexity. As a respondent, we are offering you complimentary access to this analysis before it is released to the public.

Thank you again for your participation. Your point of view proved essential. Please download your special edition of the survey results (in Adobe PDF format) here.

We look forward to learning more about your views in our next survey, planned for fall 2005.

Stuart Flack
Publisher, The McKinsey Quarterly"

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Still, the PR firms will be making hay today with IBM, and so the market open should be very strong in New York. Let's see how long the Bulls can keep the hype going?

IBM started this month at $74, so when you see an $87 price tag today, give some thought to the fact it's only the 19th. Don't chase the stock. Things are good, but not that great!

I see that the U.K. stock market is weak so far today, but France, Germany, Netherlands and Italy are strong.

Have a good day.