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Wednesday, June 18, 2008 | 4:05 p.m. ET Daily Archives
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RealMoney.com: Rev Shark Blog

Print This Story

Closing the Dow/Nasdaq Gap

By Rev Shark
RealMoney.com Contributor
6/18/2008 4:54 PM EDT
Click here for more stories by Rev Shark
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Once again, the broad market action was quite poor, with breadth better than 2-to-1 negative, but there are extremely hot pockets of momentum, mostly in small-cap oil plays. In addition, we had a higher-than-usual level of intraday swings in the indices today, with several good-sized rallies and fades. That makes things even trickier for those who are looking for overbought or oversold conditions to develop.



The big picture out there is not very attractive especially in the DJIA, which is within spitting distance of its March lows. On the other hand, the small-caps and the Nasdaq aren't nearly as bad. The big question on my mind right now is how the gap between the two might close. Either the big-caps need to rally, the small-caps correct, or some combination of the two. The big danger going forward is underperformance in the Nasdaq and small-caps, and I'm watching very carefully for signs of that.

One thing for certain about this market right now is that it isn't acting like a single monolithic beast. There are lots of crosscurrents under the surface, and that is creating opportunity if you find the hot spots like small-cap oils today.

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



P.S. Get Lenny "Nails" Dykstra's deep-in-the-money calls, exclusively at Nails on the Numbers.
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ALL REV SHARK BLOG ENTRIES | POST A COMMENT | READ COMMENTS


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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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