Friday, June 27, 2008


About Shark Watch

Friday, June 27 - 5:19 PM

Afternoon Comments

Although the market was able to come off its lows late in the day after some profit-taking in crude, today was another great example of how oversold markets can become even more so. Of course, given the dismal action yesterday and over the past five days, the level of doom and gloom that is becoming prevalent, and crude that closed above $140, it’s no wonder buyers simply took their ball and went home.

Probably the most amusing thing right now is the crawl on CNBC telling us that the Dow is “almost” in bear territory. There’s no question that we’ve been in one for months now, and a bottom will only come once no one is interested in having anything to do with the stock market. Perhaps the resignation by the popular media that we won’t be bouncing right back is the first step in that happening.

Have a great weekend and we will see you on Monday.

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