The Deen's List(TM)
A service of Deen Capital Management, Inc. (www.deencapital.com)
Vol.1 #74           Sunday December 7 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 ****************

We had a bearish heavy-volume intraday reversal on Wednesday as the
NASDAQ briefly touched the 2000 mark, then proceeded to head mostly
south for the rest of the week.  I find this worrisome.  It could be
the beginning of a larger correction.  Also, there is a double-top
pattern in SMH, the exchange-traded fund for the semiconductor group.
SMH fell 6% last week on heavy volume.

The damage is limited to market-leading groups, however, which is to
say technology stocks, especially semiconductors.  These are also the
stocks I favor, because they generally have the best sales and earnings
growth prospects, and because they are market leaders this year.

But even market leaders need to take a break from time to time.  I
reduced our exposure to stocks last week from 100% to about 86%.

My two primary indicators are still bullish, and for that reason, I'm not
ready to go 100% cash.  Longer-term, I have little doubt that this bull
market has further to go.  So if this incipient correction does get worse,
I would expect it to create some excellent buying opportunities.  But I am
certainly considering lightening up further.

As always, 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)
----- --------  ------  -------  ---------  ------
AMKR  11/26/03  $19.75   $19.30  1.3 weeks   -2.3%
ATYT  11/25/03  $15.18   $15.20  1.4 weeks   +0.2%
BSX   10/15/03  $32.38   $35.41  7.3 weeks   +9.4%
CYD   11/24/03  $28.15   $30.05  1.6 weeks   +6.8%
DAKT  11/24/03  $18.41   $20.36  1.6 weeks  +10.6%
ENH   11/26/03  $31.04   $31.78  1.3 weeks   +2.4%
FWHT  12/04/03  $17.54   $17.15  0.1 weeks   -2.2%
HDWR  10/27/03  $17.36   $19.05  5.6 weeks   +9.8%
KSWS  10/23/03  $42.84   $45.37  6.1 weeks   +5.9%
MATK  11/13/03  $54.87   $58.39  3.1 weeks   +6.4%
QLTI  11/24/03  $16.19   $18.86  1.6 weeks  +16.5%
TRMB  10/29/03  $27.84   $30.15  5.3 weeks   +8.3%

*********** Weekly Status Report: Positions Closed Last Week ***********

Stock   Buy     NetBuy    Sell    NetSell   Holding    Gain*
Symbol  Date    Price*    Date     Price*   Period    (Loss)
----- --------  ------  --------   ------  ---------  ------
CAMD  11/24/03   $8.38  12/04/03    $7.66  1.4 weeks   -8.6%
DIOD  11/04/03  $16.97  12/04/03   $18.94  4.3 weeks  +11.6%
RE    11/24/03  $80.36  12/04/03   $81.19  1.4 weeks   +1.0%
SHRP  11/25/03  $30.83  12/04/03   $29.28  1.3 weeks   -5.0%

* "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 ***********************

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************************ 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.

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************************************************************************

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.