[Weekend Summary]
Dear Member:
Though still above their 50 day moving averages, each of the major indices were down the last two days. Volume was fairly strong on the downward move. Again, I think it is a time for caution for bulls. I want to see how far the current little retracements go and I am quite wary at the moment. I believe it is wise to do a little hedging against bullish positions, for example, by considering some puts on the QQQQ, DIA, and/or SPY to attempt to guard against a serious down move. Historically, we are in a dangerous time of year and prudence is high on my list.
Today, I had a "kiss my sister" close to SSTI when I sold it for a minimal profit after it broke the trend. Finisar (FNSR) has stayed above the uptrend and is bumping against a little resistance. If it breaks through the topside, it could make a fairly significant profit in my estimation, and if it turns down, I may be able to get out with a little profit.
EMKR has again retreated to support and just isn't getting up steam yet.
Denny's (DENN) and Mindspeed (MSPD) are consolidating and I see nothing unusual going on there except the continuing need for patience.
Commontouch Software (CTCH) is also consolidating and is currently in the upper range of that channel.
Have a wonderful weekend, and thanks for subscribing.
Bill
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