[Weekend Summary]
Dear Member:
Very little to "write home about". This Wednesday gave some reason to believe that the jump the preceding Wednesday and Thursday could really have been the first sign of a turn back up. However, this Thursday and Friday just took it back. So far, I remain in the bear camp with some specific stocks providing exceptions. In fact, it would not surprise me if the Nasdaq, DJ30 and SP-500 retreated as far as last October's lows (around 2050,10250 and 1180 respectively).
In light of a market that just isn't bullish, I think my positions are ok. Memry (MRY) is up 3.3% since my buy on Tuesday. EuroZinc Mining (EZM) is back above the exponential 50 day moving average.
STEM looks like it is trying to pound out a bottom. DENN and MSPD are still running flat along an area of price support and CTCH is running beside the 200 day exponential moving average.
In this market atmosphere, bullish candidates are not yet abounding. The first order of business for me is to watch the current positions for violations of exits. Next, I'm looking for candidates like MRY that seem to be pushing up against the weight of a market that is resisting an upturn. In time the upturn will come and with it some great candidates.
Have a great weekend.
Bill
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