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Since the last Newsletter, we closed two positions, our first for 2008.
Alphatec Holdings (6/20/07). Closed position 2/14/08 at $6.22 for a 73% GAIN.
American Micro Circuits (11/20/04). Closed position 2/13/08 at $8.03 for 42% LOSS.
Ever since we picked it last June, Alphatec Holdings has done nothing but virtually go up, which, in this market, seems like a major feat; helping to fan the flames, lately, was recent news that ATEC acquired a exclusive worldwide license for what it calls “dynamic” anterior cervical plate technology. A few months back, we said we would soon close American Micro Circuits because of its 1 for 4 reverse stock split, and these seldom benefit current shareholders.
Overall, the last week or so has seen a slight break from the carnage in the markets, but we are still leery; read our last five or six Newsletters to understand our apprehensions. Small stocks have mostly remained in place and our own Current Portfolio is still half blown apart, although not as badly as a month ago. Much technical damage has been done to small stocks and it will take time to repair, once the downturn is over, which, as we recently said, may be sooner rather than later. Time to bottom fish?