[Weekend Summary]
Dear Member:
What can I say? The markets continue up and volatility has remained low. So far, I see no signal of a downturn so I will keep playing bullish. It seems like we should get a retracement somewhere along the way, but for now, we just want to play it until it breaks.
It was a fairly busy week for the $10 Trader. I closed three trades, all for profits. My position in Rentech (RTK)was closed for an 8% gain in two weeks before a small commission. Before commission, I realized a 4.1% gain in Cybex (CYBI) in just about a month. I was only in Arm Holdings (ARMHY) for a couple of days and came away with a +2% bump.
I entered a position in CMGI, Inc. (CMGI) today after the stock broke through resistance on relatively high volume. I traded this one during the "bubble" days. Believe it or not, CMGI once traded at $163.50 and ultimately went as low as 29 cents. It is a venture capital company that currently is showing some promise once again.
Introgen (INGN) has been moving up. In addition to the final phase testing on one cancer treatment, the company also announced some early promising clinical results of a treatement for patients with advanced solid tumors. I like what this company has in the pipeline and am holding this one to see results. Of course, if the results turn out to be less than positive, it will drop. Good news, on the other hand could result in a very strong move.
Mindspeed (MSPD) moved up to about mid-channel this week and continues its consolidation.
Napster (NAPS)gained modest ground this week and is still in the lower area of the channel, but moved above my entry.
Thanks for subscribing.
Bill
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