SPINNAKER EXPLORATION (SKE-NYSE): Technical Viewpoint: From a low of $31.89 on Dec 31, 2004 prices rallied, reaching a high of $34.26 on Jan 13, 2004. A decline saw prices pull back, reaching a low of $32.35 on Jan 16, 2004. Another rally saw prices penetrate resistance, closing 1/21/04 at $35.10. Technicals: Momentum Index (MTM): A Buy Alert! was given on Jan 21, 2004 when the solid line crossed the dotted line to the upside. Support: Remains at $32.75. Resistance: Is at None at current levels. Point & Figure: Reversed to the upside on Jan 21, 2004. A P&F upside reversal takes place at $33.50. Summary: Technical indicators have turned bullish. BUY! SPINNAKER EXPLORATION (SKE-NYSE) @ $33.38 Stop: Use a protective stop of $31.38. SPINNAKER EXPLORATION is currently trading @ $35.10 plus $1.60 on Jan 21, 2004. Price Objective: $44.00. Risk/Reward: $2.00 VS. $10.62. Today's Risk Reward Ratio: 5:1