[Weekend Summary]
Dear Member:
After the huge bullish moves on Tuesday, the Dow, Nasdaq, and S&P 500 all settled down for the remainder of the week. The Dow and S&P are just below triple top resistance so the jury is still out. The Nasdaq also has to conquer the 2400 level before a continuation of the short term bullishness. However, volatilities have returned to near the February lows and that does give some reason for additional bullish optimism.
This week definitely provided more reason for optimism with the cheaper stocks. I added shares of Alesco Financial (AFN) which has been paying an absolutely spectacular dividend and whose CEO had announced his expectation that quarterly dividends of 25 to 30 cents could be expected for the remainder of the year. A 33% or better dividend is nothing to sneeze at in my view.
City Telekom (HK)showed some renewed life this week as it moved up as did Introgen Therapeutics (INGN). These moves may well be evidence of the more bullish market sentiment.
Blackrock Sr Hi Inc (ARK)also jumped a bit in price and continues to pay nice dividends even though not at the absolutely spectacular level of AFN.
Have a great weekend.
Bill
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