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[General Update]

Dear Member:

For the first time in a while, the markets are looking a bit less bearish, but I think we're due for a technical correction so I'm not sure the real turn is here yet. I am encouraged by the nice move on Emcore (EMKR) today; as I write this, it's up over 9% from yesterday's close. The rest of my $10 and Under positions are still held, but only by the skin of their teeth. I'm still waiting for a reason to buy new positions, but haven't found it just yet.

Sincerely,
Bill Kraft

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