[Weekend Summary]
Dear Member:
This week definitely was not too inspiring for the bulls or the buy and hold crowd. Both the Dow and the S&P 500 broke down through what I consider to have been a major level of support and the Nasdaq Composite is right up against the support level. Unless the Dow can hold around 12750, it looks to me that it could fall another 500 points before reaching the next level of any serious support. Generally, I have pulled in my bullish horns and put on the bear suit at least until I see a clear reversal accompanied by significant volume and I don't see that yet.
Well, I closed out a profitable trade in Iamgold (IAG) this week and before the commission realized a 4% gain in just 5 days. IAG has now broken resistance and may provide another play next week.
City Telecom HK (CTEL) has continued its consolidation which is not a bad thing except for the impatient (and I confess I sometimes am), and I think it is positive that it is now holding its own even in the face of adverse market conditions.
I had my finger on the trigger to get rid of Sypris Solutions (SYPR) until it made a nice jump today, keeping it in the range of recent support.
Blackrock Sr Hi Income Fd (ARK) not only throws off nice regular income, it has also been steadily moving up the trend line since I added to my position a few weeks ago.
Introgen (INGN) is still a bet on the come as I await delayed final phase testing news on the cancer treatment.
I'm happy to report that my publisher (John Wiley & Sons) sent me the first copy of my book, "Trade Your Way to Wealth," this week and I understand copies are heading for Amazon and bookstores next week. It is available at amazon.com for any who may be interested.
Have a super weekend.
Bill
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