[Weekend Summary]
Dear Member:
The markets managed to move up a little this week and volatilities dropped. While these are bullish signs, it certainly is not a time to abandon caution. I am not convinced that the bottom has been reached, but the bounce has put us back into a short term bullish mode. I had some pleasant successes in Option Trader and Trend Trader over the past week, and entered a new position in $10 Trader. With recent market movement the $10 Trader has been the most difficult to find new candidates, but that seems to be improving as the markets have settled a bit.
Market conditions have made $10 trade picks more difficult to find than usual, but I think that may now be turning around. I did enter a position in Ivanhoe Energy (IVAN) on Tuesday and it looked like it was starting to run, but then dropped back to near my purchase price. I still like the position and have no reason to exit.
Both S1 (SONE) and Mindspeed (MSPD) drifted down to the 200 day moving average where they held and bounced. In my estimation, that was an important signal when they held at the 200 day. A close below that level would definitely be a reason to pull the plug, but, instead, I got a much more positive signal.
Introgen (INGN) has also bounced and as I have repeatedly reiterated, I am looking for a potential home run on this one if the final phase on the cancer treatment proves positive as the 2d phase results suggested it might.
It seems like it is a little early for daylight savings time to arrive, but I enjoy the longer evening light. Have a wonderful weekend and remain patient. The cheap stocks should jump if the market shows some more positive signs.
Bill
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