The Deen's List Vol.3 #238

The Deen's List^TM

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

Vol.3 #238 Friday, September 23, 2005 3:50PM ET

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

Contents

Market Timing Alert: BEARISH
Year-To-Date Performance
Open Positions
Subscription Information
Privacy Policy
Disclaimers

Market Timing Alert: BEARISH

Two out of my three primary technical indicators are now emphatically bearish. Also, it's now Friday afternoon, and I pay particular attention to where my indicators stand at week's end. Therefore, I'm turning bearish today. I'll have further details tomorrow in my weekly report.

On the other hand, if damage from Hurricane Rita turns out to be less than feared, and fears are quite high, we could see a relief rally next week. That's why I'm going to wait till Monday before I do any further selling. (I've already done quite a bit of selling earlier this week. Managed accounts are now roughly in line with the S&P 500 in terms of statistical volatility.)

-KD, September 23, 2005

Year-To-Date Performance

Year-To-Date as of September 22, 2005
Deen Capital	-2.0%	*
S&P 500	+0.2%

* 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.

Open Positions

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

Comtech Telecomm. Corp. CMTL 09/22/05 $40.73 $39.25 0.1 -3.6%

Ventiv Health Inc. VTIV 09/20/05 $26.44 $25.01 0.4 -5.4%

Petrohawk Energy Corp. HAWK 09/19/05 $13.65 $13.50 0.6 -1.1%

Powerwave Technologies, Inc. PWAV 09/15/05 $12.33 $12.48 1.1 +1.2%

Biovail Corp. BVF 09/09/05 $22.24 $22.42 2.0 +0.8%

PetMed Express Inc. PETS 09/01/05 $10.47 $10.83 3.1 +3.5%

Tiffany & Co. TIF 08/31/05 $37.40 $37.55 3.3 +0.4%

Tidewater Inc. TDW 08/31/05 $45.05 $44.14 3.3 -2.0%

NVIDIA Corp. NVDA 08/30/05 $30.01 $32.66 3.4 +8.8%

Getty Images Inc. GYI 07/27/05 $79.78 $83.85 8.3 +5.1%

Amgen Inc. AMGN 07/21/05 $80.00 $83.60 9.1 +4.5%

The Sportsman's Guide, Inc. SGDE 07/19/05 $21.42 $26.09 9.4 +21.8%
Average 3.7 +2.8%

* 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.

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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