[Weekend Summary]
Dear Member:
Though the market moved up in a shortened trading day today, it still looks as though it may continue bearish overall to me. The Dow industrials dipped near the 12750 mark on Wednesday before Thanksgiving and was down almost 130 for the week. That index along with the S&P 500 are below the 50 day exponential moving average. The Nasdaq Composite is above the 50 day but was also down for the week in spite of the Friday bounce. Holiday weeks can send false messages though and next week will give much more information. While we may get a bounce, I look for more bearishness near term at least.
I did something today that I rarely do and averaged a position down. City Telecom HK (CTEL) had an earnings turnaround going from a fairly large loss the year before to a gain this year so I added to that position on a dip.
I still am holding Introgen (INGN) awaiting news and am satisfied with the monthly dividend payments on Blackrock Sr Hi Inc Fd (ARK).
Some of the cheaper stocks are starting to look more attractive and I expect that some may offer decent entries in the relatively near term.
I hope you had a great Thanksgiving.
Bill
|
