The Deen's List(TM)
A service of Deen Capital Management, Inc. (www.deencapital.com)
Vol.1 #80           Friday December 12 2003

Please read carefully our disclaimers at the end of this newsletter.

Market stance: BULLISH (since Dec 12 2003)

************************* Market Timing Alert **************************

Yes, I'm reversing myself and returning to a bullish stance, just
24 hours after turning bearish.

What prompts me to reverse myself like this is my Performance-of-Recent-
Stock-Picks Index (PRSPI).  This indicator shot up to +5.5 (scale -10 to
+10) yesterday after hitting a low of +1.9 on Wednesday.  That's higher
than last Friday's +4.9, and is solidly bullish.  It is almost certainly
higher now, Friday at the close.  I'll know tomorrow morning.  (My
computer calculates it each night.)

When my two primary indicators (my NASDAQ Timing Model, which gave a
bearish signal Wednesday at the close, and this PRSPI) disagree with
each other, I generally go with my PRSPI.  It doesn't make sense, in
my opinion, for me to be bearish when this indicator is +5 or higher and
climbing.

Here are two additional reasons to be bullish:

+ The Dow and the S&P 500 are hitting 17-month highs.

+ The Semiconductor Holders Trust (SMH) gave an early warning of this
early-December growth-stock correction with a double-top chart pattern
that preceded the double-top in the NASDAQ.  Looking at the SMH chart
now, I see a bullish reversal on December 10.  This was accompanied by
the heaviest volume in 3 months.  This could be an early "warning" of
the resumption of the bull market in high-growth stocks.

-KD

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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.