The Deen's List Vol.3 #231

The Deen's List^TM

A service of Deen Capital Management, Inc. (www.deencapital.com)

Vol.3 #231 Saturday, September 17, 2005

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

Weekly Status Report: Contents

Year-To-Date Performance
Market Commentary
Open Positions
Stocks Sold Over Past 13 Weeks
Subscription Information
Privacy Policy
Disclaimers

Year-To-Date Performance

Year-To-Date as of September 16, 2005
Deen Capital	-0.4%	*
S&P 500	+2.1%

* 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 Commentary

Market Stance: BULLISH (since September 6, 2005)

It was another up week for Deen Capital clients. This was particularly satisfying since the market averages were all down.

There are a number of reasons to be bearish, including the forecast of a 1% hit in U.S. GDP due to Katrina and recent hints of inflation. Logically, I would expect the market to take a hit in the wake of the unprecedented devastation along the Gulf Coast. But the market doesn't always behave logically. This is why I prefer to time the market based on what the market is actually doing, rather than what logic suggests it should be doing. All technical indicators have one thing in common -- they are based on what the market is actually doing.

For those interested in the technical details: My NASDAQ Timing Model (Ver.10q) remains on its July 8 bullish signal. My Performance-of-Recent-Stock-Picks Index fell last week from bullish to neutral (from +6.8 to +4.9, scale -10 to +10). The percentage of stocks trading above their 50-day moving average fell from 61% to 54%. This is still in neutral territory, by my reckoning, as the recent trend is neither clearly up nor clearly down, but it's very close to turning bearish.

So I have one vote bullish and two votes neutral. I remain bullish, then, but, as always, this is subject to change at any time as I re-evaluate market conditions daily.

-KD, September 17, 2005

Open Positions

Company Name Stock
Symbol Buy
Date NetBuy
Price* Current
Price Weeks
Held Gain
(Loss)

Powerwave Technologies, Inc. PWAV 09/15/05 $12.33 $12.63 0.1 +2.4%

SFBC International Inc. SFCC 09/09/05 $44.48 $43.71 1.0 -1.7%

Biovail Corp. BVF 09/09/05 $22.24 $22.20 1.0 -0.2%

Psychiatric Solutions Inc. PSYS 09/06/05 $49.51 $53.30 1.4 +7.6%

Martin Marietta Materials MLM 09/06/05 $73.08 $71.50 1.4 -2.2%

Neoware Systems Inc. NWRE 09/02/05 $13.14 $15.45 2.0 +17.6%

PetMed Express Inc. PETS 09/01/05 $10.47 $11.22 2.1 +7.2%

Tiffany & Co. TIF 08/31/05 $37.40 $37.76 2.3 +1.0%

Tidewater Inc. TDW 08/31/05 $45.05 $45.00 2.3 -0.1%

NVIDIA Corp. NVDA 08/30/05 $30.01 $33.25 2.4 +10.8%

ZYGO Corp. ZIGO 08/26/05 $12.48 $13.15 3.0 +5.4%

NetEase.com Inc. NTES 08/04/05 $74.35 $84.08 6.1 +13.1%

Hologic Inc. HOLX 07/27/05 $43.79 $53.44 7.3 +22.0%

Getty Images Inc. GYI 07/27/05 $79.78 $83.40 7.3 +4.5%

Amgen Inc. AMGN 07/21/05 $80.00 $84.86 8.1 +6.1%

The Sportsman's Guide, Inc. SGDE 07/19/05 $21.42 $26.30 8.4 +22.8%
Average 3.5 +7.3%

* 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

Company Name Stock
Symbol Buy
Date NetBuy
Price* Sell
Date NetSell
Price* Weeks
Held Gain
(Loss)

Seacor Holdings Inc. CKH 08/10/05 $70.36 09/16/05 $66.99 5.3 -4.8%

Genzyme Corp. GENZ 07/14/05 $65.45 08/25/05 $68.53 6.0 +4.7%

Forward Industries Inc. FORD 07/25/05 $23.66 08/24/05 $23.84 4.3 +0.8%

Lufkin Industries Inc. LUFK 07/11/05 $41.45 08/17/05 $43.12 5.3 +4.0%

Headwaters Inc. HW 08/12/05 $43.05 08/17/05 $39.00 0.7 -9.4%

Pioneer Natural Resources Co PXD 08/15/05 $45.25 08/17/05 $43.41 0.3 -4.1%

Cascade Corp. CAE 06/16/05 $42.82 08/11/05 $41.81 8.0 -2.4%

LKQ Corp. LKQX 05/17/05 $22.66 08/10/05 $27.91 12.1 +23.1%

Best Buy Co. Inc. BBY 06/14/05 $44.28 08/10/05 $49.22 8.1 +11.2%

Resources Connection, Inc. RECN 07/13/05 $29.61 08/10/05 $28.71 4.0 -3.0%

SI International SINT 07/26/05 $31.44 08/10/05 $30.31 2.1 -3.6%

Click Commerce Inc. CKCM 05/06/05 $15.30 08/09/05 $19.07 13.6 +24.6%

Aldila Inc. ALDA 08/02/05 $27.00 08/09/05 $25.55 1.0 -5.4%

Pharmaceutical Prod Dev PPDI 07/14/05 $57.93 08/08/05 $55.55 3.6 -4.1%

Robert Half International RHI 07/25/05 $33.82 08/08/05 $32.62 2.0 -3.5%

Genesis Microchip Inc. GNSS 07/25/05 $25.30 08/08/05 $24.02 2.0 -5.1%

Jabil Circuit Inc. JBL 06/28/05 $31.30 08/05/05 $30.45 5.4 -2.7%

American Home Mtg Inv Corp AHM 07/19/05 $38.40 08/05/05 $35.72 2.4 -7.0%

MicroStrategy Inc. MSTR 07/29/05 $79.11 08/05/05 $74.31 1.0 -6.1%

Quality Systems Inc. QSII 07/08/05 $52.32 08/03/05 $62.52 3.7 +19.5%

Stanley Works SWK 07/19/05 $50.78 08/01/05 $48.48 1.9 -4.5%

Grey Wolf Inc. GW 06/17/05 $7.40 07/27/05 $7.57 5.7 +2.3%

Empire Resources ERS 06/29/05 $9.96 07/22/05 $11.19 3.3 +12.4%

Epicor Software Corp. EPIC 07/20/05 $15.99 07/22/05 $14.61 0.3 -8.6%

Superior Energy Svcs Inc. SPN 07/06/05 $19.34 07/19/05 $18.82 1.9 -2.7%

Guess? Inc. GES 07/08/05 $19.61 07/15/05 $19.30 1.0 -1.6%

Ctrip.com International CTRP 07/05/05 $55.08 07/13/05 $50.73 1.1 -7.9%

Forward Industries Inc. FORD 04/21/05 $15.43 06/27/05 $17.28 9.6 +11.9%

Per-Se Technologies Inc. PSTI 05/05/05 $17.77 06/27/05 $19.60 7.6 +10.3%

NetEase.com Inc. NTES 06/16/05 $58.98 06/27/05 $56.58 1.6 -4.1%

TALX Corp. TALX 04/21/05 $25.15 06/24/05 $28.20 9.1 +12.1%

Hutchinson Technology Inc. HTCH 04/25/05 $37.30 06/24/05 $38.13 8.6 +2.2%

MICROS Systems Inc. MCRS 05/02/05 $41.19 06/24/05 $46.00 7.6 +11.7%

aQuantive Inc. AQNT 05/04/05 $12.61 06/24/05 $16.86 7.3 +33.7%

Microsemi Corp. MSCC 05/19/05 $19.86 06/24/05 $19.29 5.1 -2.9%

Asta Funding Inc. ASFI 05/23/05 $27.12 06/24/05 $27.10 4.6 -0.1%

Esterline Technology Corp. ESL 05/27/05 $38.02 06/24/05 $38.64 4.0 +1.6%

Meritage Homes Corp. MTH 06/23/05 $83.36 06/24/05 $79.05 0.1 -5.2%

Photronics Inc. PLAB 05/18/05 $20.35 06/23/05 $24.49 5.1 +20.3%

TechTeam Global Inc. TEAM 05/19/05 $14.30 06/21/05 $13.32 4.7 -6.9%

ECI Telecom Ltd. ECIL 05/27/05 $9.03 06/21/05 $8.42 3.6 -6.7%
Average 4.5 +2.3%

* 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.

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.

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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