Why wont this batch script work?

I am making an alarm/timer script, and this line isn’t working.:

IF ’%TIME%’==‘0:18:05.20’ (GOTO yes) ELSE (GOTO LOOP)

It works when I put %DATE% in instead like this:

IF ’%DATE%’==‘03/01/2011’ (GOTO yes) ELSE (GOTO LOOP)

It quits really quickly with the first line, but i was able to see what is says, and it says

0:18:05.20 was unexpected at this time.

What’s going wrong?