[Weekend Summary]
Dear Member:
As oil prices continue to soar, the markets took a real beating this week. No question the bears were in control. The Dow fell nearly 500 points for the week while the Nasdaq Composite lost nearly 90 and the S&P 500 around 40. From a technical standpoint, it looks like there may be more to come. The question is where will things turn? The Dow's next support as I see it is almost 600 points away near 10,700 while the S&P 500 is already at the important 1275 support both on the weekly and the daily charts. The next level down on the Nasdaq Composite is around 2250 so it has another 65 points to go to test that level. In short, I still see more bearishness than bullishness. In general, in my services, I have played things pretty close to the vest, closing a profitable trade in the $10 Trader, opening a new spread position in Option Trader as well as selling some options against existing positions to bring in some income, and generally keeping mostly to cash in Trend Trader.
I pulled the trigger relatively quickly in this bearish market to take a 5.7% gain in just 2 days before commission in Advanced Battery (ABAT). This one may provide additional opportunities on pull backs.
Premier Exhibitions (PRXI) held against the tide and managed a gain for the week. My position is currently showing an unrealized gain. Another recent acquisition, China Grentech (GRRF) was down a little, but has managed to stay above important support.
Though doing nothing spectacular, City Telekom HK (CTEL) is holding its own against the pull of this outgoing market tide.
Blackrock Sr Hi Inc (ARK) continues to fulfill its purpose by providing a return on my investment of about 10% a year. In these market conditions, I certainly could be doing a whole lot worse.
No important news on Introgen (INGN) so far.
Thanks for subscribing and have a great weekend.
Bill
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