[Weekend Summary]
Dear Member:
The down,up,down,up,down,up pattern of the last several weeks continued for the Dow 30 and the Nasdaq. The SP-500 ended the week essentially flat (-.72). However, neither the Dow nor the Nasdaq did anything very impressive except perhaps get their respective heads slightly above last week's close. The uptrend does remain in place though, it would seem, with a little less enthusiasm. Next week the market is closed on the 4th and has an hour early quit on the 3rd. Volume is likely to be down all week with the holiday.
When it looked like Asiainfo (ASIA) was turning over, I placed a stop to attempt to protect some profit. The stop was hit and I got out with a 2.4% profit before a small commission in 15 days.
I added an income producer, Blackrock Senior Hi Inc Fd (ARK) to my portfolio. I have played ARK successfully in the past and this inexpensive fund pays dividends at the annual rate of about 9%, and it makes the payments on a monthly basis. Of course, it also offers the potential of an increase in share price as well.
CMGI moved up a little this week while Napster (NAPS) remained flat. Mindspeed (MSPD) held near the middle of its lengthening channel.
A subscriber was kind enough to point me to an article in Motley Fool about Introgen (INGN). The author of that article, Brian Lawler, questions whether Introgen (INGN) is stringing investors along and points to a number of very positive press releases concerning one of the drugs in the company's pipeline (INGN-241) in support of his opinion that the company is "hype-happy." I don't know whether Mr. Lawler is right or wrong, but I do know that the article is based on at least some speculation. What we do know is that the company has published several very positive statements about INGN-241 and, if untrue, should be worried about very serious repurcussions. I have held my position and the stock is currently at a multi-level support. As I have said before, this is a "high risk - look for the home run" type position for me. I definitely do not have a very large position and, as always, recognize that ownership of this stock (or any stock for that matter) is risky.
Have a great weekend and a wonderful 4th of July.
Bill
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