[Weekend Summary]
Dear Member:
Strong upward price movement in the Dow, S&P 500, and Nasdaq though not supported by volume. Interestingly on this options expiration Friday, all the indices came to rest close to important levels. The Dow and S&P are dealing with a multiple top resistance. The Dow managed a close just above and the S&P just below the respective levels. After a gap up, the Nasdaq composite came to rest just above the important 2400 level and managed to scratch above the 100 day exponential moving average. Mostly, the week looked bullish, BUT these resistances still need to be dealt with before I am willing to claim the bull is back. From the bullish standpoint, I would also liked to have seen better volume, but, on the other hand, volatilities were sinking and that is generally a bullish indicator.
After paying its very generous quarterly dividend last week, Alesco Financial (AFN) closed up 12.4% from the low earlier in the week and is in the profit column.
LSI Corp (LSI) tested critical support and bounced up from there. While it is still trading in a range, I was looking for a breakout a little sooner. I just need to watch this one.
Blackrock Sr Hi Inc Fd (ARK) basically held its own this week and continues as a fine monthly income producer.
City Telecom HK (CTEL) gained ground for the week and remains in the up trend so nothing to do here.
Introgen (INGN) released some relatively positive news concerning Phase III testing results purportedly reaffirming Phase II results on Advexin. The results were delivered to the American Association for Cancer Research at their meeting in San Diego.
If the markets can break above the current resistance level, I'm ready to enter some new under $10 positions, but I'm really looking for that market push first.
Thanks for subscribing, and thanks to those of you who have bought "Trade Your Way to Wealth."
Bill
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