[Weekend Summary]
Dear Member:
The major indices have gotten a little wilder this week. Volatilities are up and each of the major indices dropped for the week. Today, the Dow 30 Industrials broke down through the 18 day moving average and settled around the 40 day. The broader SP-500 closed below the 40 day and settled just above the 50. The Nasdaq also closed beneath the 18 day. In my view, this market has been due for at least a retracement and that now seems to be underway.
All that having been said, it is a time for caution in my opinion. CMGI is right on support and a further dip will require me to pull the plug.
Mindspeed (MSPD) was essentially flat for the week and remains within the channel. Asiainfo Holdings (ASIA) is still uptrending as it continues to ride above the 18 day moving average.
After dipping this week, Napster (NAPS) showed some indecision today suggesting a possible turn back up.
I remain in Introgen (INGN) as I have often written awaiting news on final phase testing on its cancer treatment.
It's good to be holding some cash now because there should be some fantastic opportunities if the markets can find a support and rebound.
Have a great weekend.
Bill
|
