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Intermediate-Term Outlook for the Indices Is Bleak

By Rev Shark Contributor
6/23/2008 4:15 PM EDT
Click here for more stories by Rev Shark
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It was a very slow day with light volume, but once again oils stocks were strong, financials weak and the broad market lackluster. Although the indices were close to flat, we had more than two stocks declining for everyone one that advanced. However, the strength in oil stocks covered up weakness elsewhere and made things look better than they really were.

The technical condition of the major indices looks precarious at best, and even a bounce here would look to be nothing more than a setup for another leg down. The action isn't terrible, but there is no energy out there, and outside of oil stocks, there is little buying interest. We are a bit oversold, which is bringing in a few bounce players and may help to hold us up a while longer, but the intermediate picture of the indices is downright bleak, especially the DJIA, which is barely hanging about the lows of the year.

As I wrote this morning, my big concern about this market is that the Nasdaq and small-caps are going to catch-up with the DJIA and S&P 500 to the downside. The action today did nothing to change my view, and I believe it is just a matter of time before the Nasdaq and Russell 2000 break down further.

While we may see some sort of bounce soon, there is no reason to anticipate that a market bottom is at hand. Stay patient and protect that capital.

Have a good evening. I'll see you tomorrow.

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Rev Shark Blog
Biding My Time
6/23/2008 2:49 PM EDT
Slow trading is making life difficult for both longs and shorts.

Rev Shark Blog
It's Not Good, and Not Bad Enough
6/23/2008 12:55 PM EDT
We're stuck with a meandering market that has little prospect of a shakeout.

Rev Shark Blog
Back to the Grind
6/23/2008 10:13 AM EDT
This week's starting off where the last one left off.

James "Rev Shark" DePorre is the author of Invest Like a Shark: How a Deaf Guy with No Job and Limited Capital made a Fortune Investing in the Stock Market. He is founder and CEO of Shark Asset Management, an investment management firm, and he also operates, an interactive online community that serves and educates active investors. DePorre holds business and law degrees from the University of Michigan, is a member of the Michigan Bar Association and a former tax attorney and CPA. He lives in Anna Maria Island, Fla., with his wife and two children. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Rev Shark appreciates your feedback; click here.

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