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[Weekend Summary]
Dear Member:
This past week continued a bullish move in what has essentially been a bearish market since last October. This week showed some encouraging signs for the bulls in that while volatilities were down, the major indexes cleared some important hurdles. The S&P 500 broke above the resistance around 1400 and above a downtrend line though the move is tempered by somewhat lesser volume than I would like to see to confirm bullishness. The Dow also made a relatively strong move but on a little better volume which should be a little more encouraging to bulls. The Dow has been range bound between about 12,500 and 13,000 for the past month and continues to trade within those parameters. I believe a break in either direction could be significant. The Nasdaq Composite finally cracked the 2500 level for the first time since the beginning of the year, but, again, volume was a little soft.
$10 Trader had a great start to the week closing the Wonder Auto Technology (WATG) trade for $1.21 a share gain (+15% for the week) before the small commission.
I bought some shares of Qiao Xing Universal Telephone (XING)on Thursday and it is up slightly since then though it appears having trouble getting through the resistance around $7.
City Telecom HK (CTEL) finally showed some signs of renewed life as it moved up to close almost 9% above the low for the week.
Nothing new to report on Introgen (INGN) where I am just holding for eventual news on the final phase testing of the cancer treatment. Blackrock Sr Hi Inc Fd (ARK) also needs little said as it continues to pay the regular income for which I initially bought it.
Though I rarely look back, I should say that the timing of the exit on Alesco Financial (AFN) worked very well as the stock price took a serious dive after I sold my position. The company has announced that it expects to pay dividends the rest of the year at roughly the same rate even though certain interest payments to it have been deferred. The deferred interest payments make a future play quite risky on AFN in my view, but the 25 cent potential dividend per quarter for the rest of the year means this stock you earn about 25% for the rest of the year at current prices. I will keep an eye on AFN and do not be surprised if you see me re-enter (though with a smaller position) as time goes on.
Have a great weekend.
Bill
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