The Deen's ListTM
A service of Deen Capital Management, Inc. (www.deencapital.com)
Vol.2 #315	Monday, December 27, 2004	3:50PM ET

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

  Contents

Year-To-Date Performance
Sold DHB Industries Inc. (DHB)
Open Positions
Subscription Information
Privacy Policy
Disclaimers

  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.

  Sold DHB Industries Inc. (DHB)

Net sell price in managed accounts*	$20.08
Date(s) bought	Dec 23 2004
Net buy price in managed accounts*	$21.67
Holding period	0.6 weeks
Gain/loss in managed accounts	-7.4% (after commissions)

* The net buy (sell) price is the total net cost (proceeds) after commissions for all managed accounts divided by the total number of shares.

Last Thursday, this stock had a big up day. One of the many reasons I bought into that rally was that volume was extremely heavy -- in fact, it was an all-time record for this stock.

By the same token, what worries me about today's selling is also the volume. Today, the stock is off sharply, and volume is on track to match Thursday's record! I find that alarming. I expect to see profit-taking after a big jump in price, but, in the normal, healthy, case, volume on the profit-taking days will be relatively light.

Also, in the final hour today, the stock was trading below my stop-loss price of $20.80.

-KD, December 27, 2004

  Open Positions

Company Name	Stock Symbol	Buy Date	NetBuy Price*	Current Price**	Weeks Held	Gain (Loss)
Resources Connection, Inc.	RECN	12/23/04	$52.09	$53.26	0.6	+2.3%
MPS Group, Inc.	MPS	12/23/04	$12.28	$12.19	0.6	-0.7%
Garmin Ltd.	GRMN	12/23/04	$59.98	$61.15	0.6	+1.9%
Insteel Industries Inc.	IIIN	12/22/04	$19.29	$18.92	0.7	-1.9%
Nextel Partners Inc.	NXTP	12/21/04	$19.08	$19.51	0.9	+2.3%
Infocrossing Inc.	IFOX	12/21/04	$17.45	$17.73	0.9	+1.6%
Aleris International Inc.	ARS	12/20/04	$14.69	$16.58	1.0	+12.9%
Armor Holdings Inc.	AH	12/17/04	$46.40	$47.01	1.4	+1.3%
Sirenza Microdevices	SMDI	12/16/04	$5.91	$6.47	1.6	+9.5%
Olympic Steel Inc.	ZEUS	12/15/04	$23.95	$29.22	1.7	+22.0%
IXYS Corp.	SYXI	12/15/04	$10.15	$10.09	1.7	-0.6%
Rofin-Sinar Tech Inc.	RSTI	12/13/04	$38.28	$40.99	2.0	+7.1%
Average					1.1	+4.8%

* Net buy prices shown are the total net purchase cost after commissions for all managed accounts divided by the total number of shares.

** Current prices are at least 20 minutes old.

  Subscription Information

Welcome to The Deen's List^TM, an 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 strict confidence by Deen Capital Management, Inc. We will not share it with or sell it to others.

  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 © 2004 Deen Capital Management, Inc.