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Since the last Newsletter, we closed another position, for a nice gain.
ORBCOMM (12/5/08). Closed position 1/9/09 at $2.93 for a 65% GAIN.
Orbcomm’s stock got a nice boost after announcing a distribution agreement with Lloyd’s Register-Fairplay, and the 65% gain is a nice relief in this market.
If you want an indication on how the markets will probably go over the next few months, keep an eye on the weekly and, especially, the monthly jobless numbers, which are suppose to be a lagging indicator. However, when jobless claims are rolling out at over half a million a month and more, this is not a lagging indicator, but a leading indicator. It is highly doubtful that we have seen the market bottoms, despite what you hear from the TV talking heads, but it is looking more likely that we could be there by the end of April. In the meantime, beware of bull head fakes. And yes, once again, our Current Portfolio still looks as if it was shot from a cannon, although a few of our picks are showing signs of life.