The Deen's List(TM) A service of Deen Capital Management, Inc. (www.deencapital.com) Vol.1 #66 Saturday November 22 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 **************** Now we've had two down weeks in a row. My Performance-of-Recent-Stock- Picks is deteriorating. It's fallen from +9.0 to +5.8 to +0.9 (scale: -10 to +10) over the past two weeks. Over the past six trading sessions, I have reduced our exposure from 100% stocks to 30% stocks. Market internals are deteriorating. The yellow caution flag is out. I'm very close to turning bearish and retreating to 100% cash. But I haven't yet gone quite that far. For the moment, at least, I'm still bullish, because: + The trend is still clearly up. The 50-day and 200-day moving averages on the NASDAQ Composite are, even now, in an upward trajectory. + Volume on this pullback has been light. Heavy volume on advances, light volume on pullbacks is the profile of a typical bull market. + My NASDAQ Timing Model is still bullish (since October 10). + This pullback is not any worse than other pullbacks we've had since this bull market took off back in March. Those other pullbacks were, in retrospect, good buying opportunities. + I'm mostly selling stocks at a profit, and the stocks we still own are showing paper profits. + Considering the increase last week in the level of terrorist activity, I'd say the market held up rather well. + The big picture story behind this bull market -- a nicely improving economy with nicely improving corporate earnings -- is still very much intact. My guess is that the bull market will resume by early December, as investors start positioning themselves for what promises to be another excellent earnings season come January. As for this coming holiday week, I would not be surprised to see further weakness. 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) ----- -------- ------ ------- --------- ------ BSX 10/15/03 $32.38 $33.91 5.3 weeks +4.7% DIOD 11/04/03 $25.46 $27.10 2.4 weeks +6.4% HDWR 10/27/03 $17.36 $18.65 3.6 weeks +7.5% KSWS 10/23/03 $42.84 $44.43 4.1 weeks +3.7% MATK 11/13/03 $54.87 $56.02 1.1 weeks +2.1% TRMB 10/29/03 $27.84 $28.94 3.3 weeks +3.9% *********** Weekly Status Report: Positions Closed Last Week *********** Stock Buy NetBuy Sell NetSell Holding Gain* Symbol Date Price* Date Price* Period (Loss) ----- -------- ------ -------- ------ --------- ------ ADEX 10/20/03 $20.79 11/18/03 $21.52 4.1 weeks +3.5% AMKR 10/28/03 $18.08 11/21/03 $18.15 3.4 weeks +0.4% APCC 11/04/03 $21.04 11/17/03 $20.69 1.9 weeks -1.6% CYD 11/12/03 $28.79 11/19/03 $26.67 1.0 weeks -7.4% DITC 10/30/03 $11.11 11/18/03 $11.57 2.7 weeks +4.2% IPMT 11/12/03 $27.85 11/17/03 $25.59 0.7 weeks -8.1% OVTI 11/10/03 $56.72 11/17/03 $52.90 1.0 weeks -6.7% PLCE 10/09/03 $24.10 11/18/03 $28.66 5.7 weeks +18.9% PRAA 11/04/03 $26.28 11/20/03 $27.82 2.3 weeks +5.9% RSTI 11/06/03 $30.22 11/20/03 $30.31 2.0 weeks +0.3% TXN 10/21/03 $27.60 11/18/03 $27.92 4.0 weeks +1.1% * "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.