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[Weekend Summary]
Dear Member:
The heights were reached Monday for each of the major indices. Since then coming into this holiday weekend, it has been mostly downhill with the Dow, Nasdaq Composite, and S&P 500 each breaking down through the uptrend line that began in March. The now almost nonsensical continuation of the speculative price of crude oil seems to be one of the major impediments to forward movement of the stock market. Though some have suggested that crude oil is now in a "tulip craze" type bubble, but so far the climb continues. In my view this was not a week to jump into bullish plays, particularly with the three day weekend ahead.
I was able to close my Qiao Xing Univ telephone trade on Monday for a 40 cent a share gain which is a 5.9% return (before commission)in just 4 days. I got out just in time on this one, but it is looking like it may offer a re-entry opportunity soon.
City Telecom HK had a big bounce on good earnings news this week before drifting back somewhat. The company also announced a 4 cent a share (HKD) dividend which probably helped spark some new interest. Nothing new on Introgen (INGN) and am still awaiting news on the testing on the cancer treatment.
As you can tell from the first paragraph, I am in caution mode and would not be surprised to see further significant drops in the market as the current indicators look bearish at least in the short to medium term to me. Cheaper candidates will still be there, but they may be harder to find in the short term.
Have a wonderful Memorial Day and a great weekend.
Bill
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