[Weekend Summary]
Dear Member:
Though they tried, the markets never recovered from Monday's downdraft. The Dow was down for the week on pretty high volume but, interestingly, bounced back on Friday from its low to lose only 27 points for the day. There definitely are some warning signs in that the indices were down for the week and that was accompanied by increasing volatilities as measured by VIX and VXO. We may just be seeing some tax loss selling, but that is yet to be established. I am definitely operating under the caution light for bullish plays.
It was a busy and productive week for the $10 Trader. After only 15 days, I closed the Omni Energy (OMNI) position with a 6.5% gain before commissions. It looks as though OMNI may provide a reentry soon.
I entered a position on Cybersource (CYBS)on Wednesday and was stopped out today for a 4.4% gain before commission.
I closed my Taiwan Semiconductor (TSM) position for a 6% gain in about a month.
Emcore (EMKR) made a very strong move on Thursday. It is bumping up against resistance right now.
Dennys (DENN) continued its consolidation this week after the decent recent run up.
Mindspeed (MSPD) remains in the its channel for now.
Blackrock Senior Hi Income Fund (ARK)has shown good strength since my entry and continues to pay dividends on a monthly basis.
I entered a position in Healthtronics (HTRN)and it and dropped back to the uptrend line. I have set $6.24 as my exit if it drops any further.
I will be traveling on Monday, so don't expect any alerts from me then. The one position that appears to be in danger is the Healthronics (HTRN)play and I have set my exit at $6.24 if it drops any farther.
Have a great weekend.
Bill
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