[Weekend Summary]
Dear Member:
A strong week for the indices. The Dow Industrials may be flirting with all time highs. While much further from that summit, the SP-500, and to a somewhat lesser degree, the Nasdaq are pushing in that direction as well. As it seems that the markets are returning to an overall bullish direction, I have increased the pace of my trading somewhat. Historically, September and October have provided some real drops, but they can also be a time to find good bullish entries.
This week, I bought Level 3 Communications (LVLT) and sold it on Thursday for a two day 7.4% increase in price.
I also returned to a previously successful stock, Finisar (FNSR) on Wednesday. It's up just short of 4% since then. Silicon Storage Tech (SSTI) has also moved up since entry. Both remain in an uptrend that began in July.
Denny's (DENN) was up 6 cents for the week and its' sharp move has stalled for now. As I noted last weekend, it was probably time for a breather.
Commontouch Software (CTCH) continues its' consolidation and just keeps rolling between about 75 and 90 cents. Mindspeed (MSPD) is doing the same thing except it is channelling between $1.70 and $2.00.
The one stock that gives me some concern is Emcore (EMKR). It appears to have formed a small head and shoulders. A break below the neckline will give me reason to exit.
Enjoy your weekend.
Bill
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