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RealMoney.com: Rev Shark Blog

Print This Story

Putting the Cap on a Bad Quarter

By Rev Shark
RealMoney.com Contributor
6/30/2008 4:17 PM EDT
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After holding positive ground for most of the day, the bulls faded badly and put a cap on a very poor second quarter. The weakness into the close was probably partially a function of big funds dumping some losing stocks in what is already going to be a poor quarter. They might as well purge themselves of some baggage and try to start fresh as we kick off the third quarter.



The weakness out there today was primarily in the Nasdaq and small-cap indices, while the DJIA and S&P 500 held up better. That is the reverse of what we saw earlier in the month, and is even more surprising when you consider the weakness in financials today.

Although the market is oversold, we aren't getting the sort of intense selling that washes out weak holders and sets us up for a bounce. Although there is a lot of worry and griping, there isn't any real panic. What we really need is some bad news to shake out the hopeful bulls that are still hanging on.

Keep in mind that the beginning of a new month is often positive, so we may see a little relief in the near term. However, the big picture remains decidedly negative, and until we get a little more fear, a lasting bounce is unlikely.

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



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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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