The Deen's List(TM) A service of Deen Capital Management, Inc. (www.deencapital.com) Vol.1 #44 Sunday November 2 2003 Please read carefully our disclaimers at the end of this newsletter. Market stance: BULLISH (since Oct 3 2003) ******************** Weekly Status Report: Contents ******************** Market Commentary Table of Open Positions Table of Positions Closed Last Week Subscription Information Privacy Policy IMPORTANT DISCLAIMERS *************** Weekly Status Report: Market Commentary **************** This was a very good week. My IRA, at +3.6%, outperformed both the Dow and the S&P 500. Last week, I wrote: "So far, this looks like a minor correction. And perhaps Friday [Oct 24] marks the end of it. However, I need to see the market's seven-month uptrend re-assert itself very soon." Well, the uptrend has re-asserted itself, and Fri Oct 24 indeed marked the end of a minor correction. At least, that's my take on last week's rally. Market internals improved; my NASDAQ Timing Model remains bullish; and my Index-of-Recent-Stock-Picks improved dramatically, from +2.7 to +7.5. We had some fresh good news last week. We learned that third quarter GDP was up a stunning 7.2% year-over-year, the strongest GDP growth since 1984. Also, we had an upbeat forecast from the World Semiconductor Trade Statistics group, which represents 90% of all chip firms. They now predict 14.2% growth for chip sales in 2003, and even stronger growth for '04. I see this as significant. Semiconductor stocks now sport rather lofty valuations as a group. We need a very bullish growth outlook in order to support any further advance in price. Happily, we got it. I'm particularly interested in semiconductor stocks because we're in a bull market with tech stocks leading the charge, and with semiconductor stocks pacing the techs. Last week, semiconductor stocks resumed their leadership role. The Semiconductor Holders' Trust, an exchange-traded fund of semiconductor stocks (symbol SMH), hit fresh 52-week highs, and outperformed all three of the major market averages. The preponderence of evidence at hand, then, suggests that the long-term uptrend is alive and well. As always, however, my take on the market's direction is subject to change without notice, as I re-evaluate market conditions on a daily basis. -KD ***************** Weekly Status Report: Open Positions ***************** Stock Buy NetBuy Current Holding Gain Symbol Date Price* Price Period (Loss) ----- -------- ------ ------- --------- ------ ADEX 10/20/03 $20.79 $24.25 1.6 weeks +16.7% AMKR 10/28/03 $18.08 $18.85 0.4 weeks +4.3% BSX 10/15/03 $64.75 $67.72 2.3 weeks +4.6% COO 10/14/03 $42.01 $43.45 2.4 weeks +3.4% DITC 10/30/03 $11.11 $10.54 0.1 weeks -5.1% EENC 10/27/03 $17.99 $18.25 0.6 weeks +1.4% FRX 10/27/03 $50.66 $50.01 0.6 weeks -1.3% HDWR 10/27/03 $17.36 $18.80 0.6 weeks +8.3% JDAS 10/21/03 $21.30 $21.41 1.4 weeks +0.5% KSWS 10/23/03 $42.84 $44.10 1.1 weeks +3.0% MNC 10/21/03 $22.69 $24.09 1.4 weeks +6.2% PLCE 10/09/03 $24.10 $30.10 3.1 weeks +24.9% RE 10/21/03 $83.94 $82.95 1.4 weeks -1.2% THER 10/23/03 $16.88 $18.19 1.1 weeks +7.8% TRMB 10/29/03 $27.84 $27.60 0.3 weeks -0.9% TXN 10/21/03 $27.60 $28.92 1.4 weeks +4.8% *********** Weekly Status Report: Positions Closed Last Week *********** Stock Buy NetBuy Sell NetSell Holding Gain* Symbol Date Price* Date Price* Period (Loss) ----- -------- ------ -------- ------ --------- ------ APH 10/15/03 $58.55 10/30/03 $58.34 2.1 weeks -0.4% SOHU 10/27/03 $38.25 10/29/03 $35.23 0.3 weeks -7.9% * "Net" buy prices are the total net purchase cost after commissions for all managed accounts divided by the total number of shares. The Gain (Loss) is therefore also net after commissions. *********************** Subscription Information *********************** Welcome to The Deen's List(TM), a new e-mail stock newsletter from Deen Capital Management, Inc. My intention is to inform you as quickly as is practical regarding my stock market moves. When I buy or sell a stock, first I take care of client accounts, then I buy/sell for my personal account(s), and then, third, I send out this newsletter. Your feedback is welcome. Send e-mail to deenslist@deencapital.com. To subscribe or unsubscribe, include the word "subscribe" or "unsubscribe" in the Subject line. This newsletter is free to managed account clients. For a limited time, it is also free to all interested parties. **************************** Privacy Policy **************************** Your personal information, including your e-mail address, will be held in confidence by Deen Capital Management, Inc. We will not share it with or sell it to others. ************************ IMPORTANT DISCLAIMERS ************************* * All stocks discussed in The Deen's List(TM) involve a high degree of risk. It should not be assumed that any stock discussed in The Deen's List(TM) or purchased by Deen Capital Management, Inc. will be profitable. * Past performance is not necessarily indicative of future results. * The information contained herein has been compiled from sources deemed to be reliable; however, we are not responsible for its accuracy or completeness. ************************************************************************ Ken Deen Deen Capital Management, Inc. PO Box 30925 Santa Barbara, CA 93130 (805) 682-1870 deenslist@deencapital.com Copyright (C) 2003 Deen Capital Management, Inc.