[Weekend Summary]
Dear Member:
Coming into Memorial Day weekend and the summer doldrums for the markets, each of the major averages closed with a down week. Nothing too significant so far, but we need to see whether they are taking a breather or whether this is the beginning of a retracement. Everything had been just motoring along until Mr. Greenspan did what Mr. Greenspan used to do --move the markets with a pronunciamento. Undoubtedly the market is due for a step back, but the multi-million dollar question, as always, is when.
I bought some Napster (NAPS) as it bounced up off the bottom of a channel. Looks fine so far.
Both Rentech (RTK) and Cybex (CYBI) are in positive territory from my entry and each was up for the week. CYBI has hit a multiple top and I would like to see it break through that resistance. It couldn't do it today and if it can't make it, I'll probably try to take the modest profit in the position and move on to something else. If it can break through, I could see it picking up another 50 to 75 cents of profit.
Mindspeed (MSPD) has continued in the upper half of the channel, but remains channel bound.
Introgen (INGN) is sliding sideways and that is fine with me. I am in this one because of the prospects for the final phase testing of the cancer treatment.
Enjoy your Memorial Day weekend.
Bill
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