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stock market today, stock market news
[Weekend Summary]
Dear Member:
It is hard to say exactly where the markets are headed. Has this week been the beginning of a Santa Claus rally? Are we in a bear market rally with another fall ahead of us? I suppose it could be either or both. The information is not really clear as I see it. The Nasdaq 100 had a strong gain this week though it fell back a bit today. Interestingly, it stopped the dip today right at the 100 day moving average. That average seems to be taking on added significance since the Dow Industrials with a big week up stopped just below the 100 day as did the SP-500. The SP-500 hit both a horizontal price resistance and came up to the 100 day before turning back down today. Something's gotta give next week with respect to the 100 day. It will either be a resistance that can't be overcome or it will become a new support for the S&P.
I added to my income producing position in Blackrock Senior High Income Fd (ARK) today. I bought fewer shares than my initial buy some months ago and at the price I got today look to enjoy and annual dividend (paid monthly) equal to about 10.89%. ARK has also been moving up after finding support in the $5 range.
Introgen (INGN) gained over the week, and I continue to hold awaiting news concerning the final phase cancer treatment testing. In the meantime, the company has been releasing positive news on other drugs in its pipeline.
City Telekom HK (CTEL) has continued to move up the trend line and remains above the important 40, 50 and 100 day moving averages confirming the uptrend is in place.
"Thinking aloud," Neomagic (NMGC) has been rolling between about $3 and $4 for most of the year. The stock just bounced off the $3 level and I am looking at a possible entry early next week to try to capture a move between about $3.25 and $4 which, if successful, would bring in a before commission return of about 23%.
Have a great weekend.
Bill
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