Dear Member:
The markets went on a bit of a ride this week. It has just been a matter of time before we saw a retracement and it came this week. Now the question is where from here and while I certainly don't pretend to know the answer, it has the feeling that we may be in for a bit of a downdraft. However, volatilities settled back down today after the jump yesterday and the major indices rebounded a little albeit on somewhat lowered volume. In any event, the caution flag is now out as we see what the early part of next week brings leading into options expiration.
Overall market tenor dictated caution so I entered nothing new. Mindspeed (MSPD) held its own for the week against the current, but both CMGI and Napster (NAPS) fell off somewhat. Today's market movement offered some encouragement that the fall on Thursday may have been a simple retracement, but the finger must be on the trigger.
As I have repeatedly written, I am holding Introgen (INGN) looking for the "big hit" based on the promising news related to its various cancer treatements in the pipeline.
One good thing about the market drop is that it should offer more potential $10 and under candidates.
Have a great weekend.
Bill
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