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Tuesday, June 24, 2008 | 4:08 p.m. ET Daily Archives
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RealMoney.com: Rev Shark Blog

Print This Story

Weakness Sets the Stage for Bounce

By Rev Shark
RealMoney.com Contributor
6/24/2008 4:21 PM EDT
Click here for more stories by Rev Shark
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The action today is exactly what you'd expect to see in a poor market. We have so much negativity at the open that it sets the stage for a bounce, but the bounce quickly fades as buyers lose confidence and quickly return to the sidelines.



Although the indices aren't down all that much, the action was worse, in that the strongest sectors were the weakest today, and most of the strength came in the form of dead-cat bounces in financials, retailers and chips.

The good news about another weak day is that it does set the stage for some sort of relief bounce on the Fed announcement tomorrow. However, as I keep saying lately, the technical condition of the major indices is quite poor, and we need to respect the fact that we are now caught in an ugly downtrend. Countertrend bounces should not be anticipated to last long.

I have to head to an appointment. Have a good evening. I'll see you tomorrow.



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ALL REV SHARK BLOG ENTRIES | POST A COMMENT | READ COMMENTS


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6/24/2008 10:43 AM EDT
Trading is so bad today, that a short-term bounce may come in response.


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 sharkinvesting.com, 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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