The Deen's List(TM)
A service of Deen Capital Management, Inc. (www.deencapital.com)
Vol.1 #90           Monday December 22 2003

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

Market stance: BULLISH (since Dec 12 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 ****************

My NASDAQ Timing Model remains bearish, and market internals are
struggling.  The percentage of stocks trading above their 50-day moving
average, by my own count of stocks over $8, fell again last week for the
third week in a row (it's now 71%).

But my Performance-of-Recent-Stock- Picks Index remains quite strong at
+5.7.  This is a compelling reason to stay in stocks.

In addition, we had these positive developments last week:

+ A number of stronger-than-expected economic numbers, including November
industrial output, the Philadelphia Fed Index, and new unemployment
claims.

+ The Consumer Price Index fell 0.2% (-0.1% excluding food and energy).

+ The capture of Saddam Hussein.

All indications suggest that fourth quarter earnings will be excellent,
and that 2004 will be a year of strong economic and earnings growth.

On the other hand, three major retailers (Wal-Mart, Target and Pier 1)
all reported that holiday sales are running below expectations.  But this
is at least partially due to the snowstorm on the East Coast.

As always, my view of 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)
----- --------  ------  -------  ---------  ------
ACGL  12/12/03  $39.21   $39.10  1.0 weeks   -0.3%
ADIC  12/12/03  $13.68   $13.87  1.0 weeks   +1.4%
APSG  12/18/03  $23.52   $22.72  0.1 weeks   -3.4%
BSX   10/15/03  $32.38   $35.27  9.3 weeks   +8.9%
ENH   11/26/03  $31.04   $31.61  3.3 weeks   +1.8%
HDWR  12/15/03  $20.29   $19.60  0.6 weeks   -3.4%
MESA  12/19/03  $13.00   $12.90  0.0 weeks   -0.8%
ZQK   12/19/03  $17.00   $17.20  0.0 weeks   +1.2%

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

Stock   Buy     NetBuy    Sell    NetSell   Holding    Gain*
Symbol  Date    Price*    Date     Price*   Period    (Loss)
----- --------  ------  --------   ------  ---------  ------
ADAT  12/12/03  $11.42  12/15/03   $10.74  0.4 weeks   -6.0%
LEXR  12/15/03  $17.29  12/16/03   $15.39  0.1 weeks  -11.0%
MOVI  12/15/03  $18.24  12/16/03   $17.31  0.1 weeks   -5.1%

* "Net" buy (sell) prices are the total net purchase cost (proceeds)
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
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**************************** Privacy Policy ****************************

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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.

* 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.