[Weekend Summary]
Dear Member:
The Dow 30 Industrials, S&P 500 and Nasdaq each made relatively modest gains today and over the last 5 days. That is the bullish side of the story. However, neither the Dow nor the S&P 500 could climb back above the 200 day exponential moving average. The Nasdaq did stay above that line after reaching down to touch it today. I would classify the situation as an intermediate bear requiring extreme caution in entering bullish positions. I would like to see the Dow and S&P climb back above the 200 day before jumping into too many bullish plays. That is not to say that there are not bullish stocks out there; it just requires more care and effort in trying to find the right ones.
The markets are closed for Thanksgiving and have a shortened trading day next Friday.
It is definitely times like these that try my patience. I am chomping at the bit to enter new $10 and under positions, but I have not found any candidates on which I am currently willing to risk new money. I have a few on the radar including EGOV and QXM, but none has satisfied my requirements for entry this week. I know it is better to be wishing I had a new position than having a new position that I wish I had not entered.
Of the $10 and under positions I do hold, Blackrock Sr Hi Inc Fd (ARK) will be paying another 4.7 cents a share on the 30th so it continues to fulfill the purpose for which I hold shares -- produce income at a reasonable rate of return (9.1% per year at my initial entry price).
City Telecom HK (CTEL) gapped up this morning, moved up over 5% today, and is now showing some bullish life. It looks like this one has held pretty well in the face of a market with bearish tendencies.
Introgen (INGN) had some additional positive news this week, announcing a submission of a marketing application to the European Medicines Agency for a targeted tumor suppressor therapy. I continue to hold my position looking for positive developments in final phase testing of one of their cancer treatments.
I hope you and your family have a wonderful Thanksgiving.
Bill
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