Please read carefully our disclaimers at the end of this newsletter. Weekly Status Report: Contents
Year-To-Date Performance
* An average of managed accounts, net after commissions and fees. Individual account results may vary. See also www.deencapital.com/perform.htm. For information on managed accounts, see www.deencapital.com/mgdaccts.htm. Market Stance: CORRECTION (since April 28, 2004) The market is still held hostage by rising oil prices, rising interest rates, and the drumbeat of bad news out of Iraq. Last week, the market was paralyzed, unable to move in either direction. The NASDAQ Composite, in particular, is stuck at the 1900 level. There was a big selloff (-2%) Monday morning, but the Composite quickly snapped back. Then there was a big rally (+2%) Wednesday morning, but this was again followed by a quick snapback to 1900. Only a trivial low-volume rally late Friday afternoon saved this from being an absolutely flat week. The Composite finished the week at 1912. There's an old saying on Wall Street: "Never short a dull market." That's because a dull market is often a prelude to a rally. Well, last week was certainly a dull market. However, I have rules, including the "green light/yellow light/red light" rules I introduced last week. We are still decidedly in a "red light" market, by which I mean I cannot, by my own rules, buy. My Performance- of-Recent-Stock-Picks Index ("PRSPI") has been negative all month, and still is. My NASDAQ Timing Model (Ver.6o) is also bearish. On the other hand, a big rally from this depressed level could trigger a strong bullish signal from my market indicators. I don't expect this, but it is a possibility. In summary, there's not much new this week. I'm still bearish. We are still 100% in cash. Even so, as always, I may change my market stance at any time without warning, as I re-evaluate market conditions on a daily basis. -KD, May 22, 2004 Two weeks ago in this space, I wrote: "I am sometimes slow in moving to cash when I turn bearish." Sometimes, when I turn bearish, I move immediately to 100% cash. Other times, I spread out the selling over a week or two, as was the case this most recent time, in late April and early May. Usually, including this most recent time, spreading out the selling costs us money, as I typically end up selling later at a lower price. So, then, here's a new rule for me: Whenever I am selling due to weak market conditions, I should immediately, as quickly as possible, sell down to 80% cash, at a minimum. -KD, May 22, 2004 - none - * Net buy prices shown are the total net purchase cost after commissions for all managed accounts divided by the total number of shares. Stocks Sold Over Past 13 Weeks
* Net buy (sell) prices shown 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 net after commissions. Welcome to The Deen's ListTM, 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. 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. All stocks discussed in The Deen's ListTM involve a high degree of risk. It should not be assumed that any stock discussed in The Deen's ListTM 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 Copyright © 2004 Deen Capital Management, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||