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[Weekend Summary]
Dear Member:
The markets seem skittish if not schizophrenic at this point. The Nasdaq managed to inch up for the week and is still in the uptrend that began off the August low. The Dow and S & P 500 both lost a little ground and have daily charts that look similar over the last 2 and 1/2 months. They may each be forming a little double bottom support now, but I see an important level on the Dow at 13,500 and at 1492 on the S & P. Direction is far from clear right now so care needs to be taken and downsides protected.
Since I did not write a weekend summary last weekend, I should mention that I the 4 day trade on Universal Insurance Holdings (UVE) brought a 60 cent a share gain (+7%) before commission. Today, I was able to close the Hypercom (HYC) position for a 43 cent share gain and an 8.3% return in about 3 weeks.
This week, I also added a position in City Telecom HK (CTEL). I played CTEL earlier in a position I closed profitably in early October. I continue to like the stock and think it might offer another chance at profit.
The remaining two positions are a regular weekly story. Blackrock Sr Hi Income Fd (ARK) continues to do what it is designed to do -- pay a good regular return providing a flow of income. Introgen (INGN) is simply sitting on the stove awaiting results of final phase testing of one of its cancer treatments.
The market action has not yet shown a definitive direction. These conditions suggest caution and tight exits when stocks are chosen to add to my portfolio.
Have a great weekend. We are heading for our wintering grounds this weekend and will be up and running again by market open Monday.
Bill
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