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Charles Schwab

Who's your broker now?

TD Ameritrade Rev Shark Blog

Print This Story

Protecting Capital Now Will Pay Off Later

By Rev Shark Contributor
6/26/2008 4:50 PM EDT
Click here for more stories by Rev Shark
Try Jim Cramer's Action Alerts PLUS

We had a perfect storm of negatives aligning today.

# Crude oil hit a record high

# Research in Motion (RIMM - commentary - Cramer's Take), Nike (NKE - commentary - Cramer's Take) and Oracle (ORCL - commentary - Cramer's Take) all had somewhat disappointing earnings

Goldman downgraded Citigroup (C - commentary - Cramer's Take) and General Motors (GM - commentary - Cramer's Take)

# The charts of the major indices all continued to break down

# Financials hit new lows

And despite all of that, we aren't getting quite enough panic to give us the sort of washout that would support a good bounce.

It was just an all around dreary day, with horrible breadth and lots of new lows in individual stocks, but volume wasn't all that heavy, and we just aren't getting the sort of action that leads to a panicky type washout and a tradable bounce.

The serial bottom callers seemed much quieter today after being wrong about how the Fed announcement Wednesday was the "all clear" to buy, but they aren't going to go away and will continue to try to entice you into this market.

All you really need to know right now is that we are in a bear market, and the indices are downtrending. That means you stay defensive, protect capital and try not to be overly anticipatory about a turn.

We probably will see an oversold bounce in the next day or two, but the big picture is an ugly one, and it's important not to let the short-term distract you from that. Protect your capital now, and you will be far ahead of the game when the market improves.

I'm going to be out tomorrow which probably means we'll have some good trading action. Good luck, and I'll see you on Monday.

P.S. Missing Lenny Dykstra's deep-in-the-money calls? They're now here..
Lenny "Nails" Dykstra's new service, Nails on the Numbers, is the only place where you can now find the profit potential of his deep-in-the-money calls. Limited time to save $100.



Rev Shark Blog
Don't Try to Catch This Plunging Market
6/26/2008 1:51 PM EDT
Volatility is low, and investors are looking for safety.

Rev Shark Blog
Will Selloff Lead to Snapback?
6/26/2008 12:02 PM EDT
The selling is severe enough to start to bring the idea of a bounce into play.

Rev Shark Blog
There Will Be Plenty of Time to Buy
6/26/2008 10:29 AM EDT
Worrying about missing a big move will cost you more money than it makes you.

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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