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Outperformers: IR DOW PFE JNJ MO LU AMCC IMGN PTLC

Most are large cap, relatively or fundamentally undervalued, and not 2005 window dressers, except MO. These long-term buys may be hedged with ETFs (e.g. SPY or IWM), on market bounces, because 2006 may be volatile and flat.

I prefer to stay heavy in cash with the flexibility to trade OEX calls, SPX puts, and other over-and-under-valued ETFs and individual stocks, because 2006 may be more volatile, which will make it a more forgiving trading market.

If the market opens low tomorrow, I'll buy OEX calls. Also, the 30-year bond yield closed lower at 4.53%, not far above the Fed Funds Rate. So, TLT (long-term) puts may be a buy.