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Wednesday, June 25, 2008 | 4:17 p.m. ET Daily Archives
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Print This Story

The Fed Is Stuck Here

By Rev Shark Contributor
6/25/2008 4:41 PM EDT
Click here for more stories by Rev Shark
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The S&P 500 and DJIA ended the day with some very minor gains, but the Nasdaq had a strong day, as some of the big-cap technology stocks, such as Apple (AAPL - commentary - Cramer's Take), Baidu (BIDU - commentary - Cramer's Take) and MasterCard (MA - commentary - Cramer's Take) showed some strength.

Despite the fairly mild action, there were some wild swings in key sectors, particularly the Oil Services HOLDRs (OIH - commentary - Cramer's Take) and the Financial Select Sector SPDR (XLF - commentary - Cramer's Take) which were triggered by the lack of hawkishness by the Fed.

The Fed did nothing and said nothing of importance today, but the fact that it didn't jawbone the inflation issue to a greater degree causes some weakness in the dollar, which triggered a reversal up in oils after a weak morning, and a reversal down in financials after a strong morning.

The bottom line is that the Fed really is stuck here, as the economy founders and inflation percolates. The market knows this, and that is why the action is choppy and uncertain. We have some traders anxious to push for a bounce here, but there just isn't much to support it other than their short-term desire.

Research in Motion (RIMM - commentary - Cramer's Take) earnings are out, and the market is quite disappointed with the numbers. That is going to weigh on sentiment tomorrow, and those big technology stocks that lead today may see the tide quickly turn.

Keep in mind that we are in a bear market, and the major indices are downtrending. Bounces like we had today are always suspect, especially when they come on news like that from the Fed, which really isn't that good.

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

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Rev Shark Blog
Fed Hawks Stay at Home
6/25/2008 2:34 PM EDT
The statement probably wasn't as hawkish as many would have liked, but politics make it difficult.

Rev Shark Blog
Look at a Bounce as an Opportunity to Sell
6/25/2008 12:32 PM EDT
The bigger technical picture is still a bad one, so any up move becomes a chance to lighten up on shares.

Rev Shark Blog
Fed Statement Hits Dollar
6/25/2008 3:01 PM EDT
Commodites and oil are on the rise as this afternoon's decision weighs on the dollar.

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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