Thursday, November 03, 2005


The bulls take control

It looks like the battle between bulls and bears that persisted for most of October has been settled. The bulls have the bears against the ropes and are one punch away from a knockout.

While my portfolio continues to head upwards (up $5,100 yesterday and up $800 today), I've been lagging the indices and barring a momentous day tomorrow, it looks like I will underperform the market for the week. The fact that I've had to deal with two problem positions (KTCC and FCPO) hasn't helped matters. I sold two-thirds of the former and all the latter.

PCTI had a strong day today, hitting a 52 week high. Usually I would take some money off the table in a situation like this, but I suspect that someone knows something good and is loading the truck. For better or for worse, PCTEL appears to be a fairly litigious company; it seems that they have sued or are in the process of suing half the NASDAQ 100. An old rumour has it that the latest case that has been dragging through the courts for some time could yield a huge windfall, about $400 million. Obviously, that's a huge payoff for a company with a market cap of only $200 million.

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