[Weekend Summary]
Dear Member:
I'm back from Traders Expo and it was a great experience. Thanks to those of you who came up and introduced yourselves after my talk and thanks for buying "Trade Your Way to Wealth." Someone commented on the book at Amazon.com that I am to trading what Warren Buffett is to investing. That's awfully kind, but way, way over the top! I only wish it were so. Honest, I don't know the writer of that comment and I didn't send him a check. A couple of things I heard at the Expo reinforced knowledge I already had, but is worth repeating. One of the speakers noted that even very good traders rarely do better than 50% winning trades and most of a traders profits are made in 3% of the trades. Those statistics really bring home the need to cut losses and let profits run, don't they.
The markets certainly turned up in the last half hour today, but I am not convinced that the bear has gone to hibernate. Since volume was unspectacular, I suspect the late action may have been short covering before the weekend.
Introgen (INGN) and City Telecom HK (CTEL) each moved up a little this past week.
I entered no new trades in the $10 and under category and, again, can only say there is a time to trade and a time not to trade. Watching the cheaper stocks reinforces the belief that I have been right in laying low as the markets continue bearish.
In times like these, I really appreciate Blackrock Sr Hi Inc (ARK) as it continues to pay a regular high yielding monthly dividend.
I should note that even though Sypris Solutions (SYPR) dipped a little this week, it has held weekly support and that continues to be a positive.
Have a great weekend.
Bill
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