Friday, June 20, 2008


About Shark Watch

Thursday, June 19 - 6:48 PM

Afternoon Comments

Although both the Dow and the S&P 500 were sporting decent gains as we approached final bell, some late selling in energy and materials pushed those indices well off the highs of the session. That said, financials were able to recover from a good deal of weakness mid-day to close up almost 1%, and while the late selling took down tech and consumer discretionary, the broader market held up rather well to close out the day.

It’s odd, but we find that our best days often come when the general market is struggling. We were doing well the past couple of days with some quick trades in some thinner oil names. However, the action was in totally different areas, particularly retailers and chips, which had acted very poorly over the past few days.

We’re sure there will be plenty of talk about how today’s action means that it’s time to start piling back into this market. We’ll see how that plays out, but even if this market is able to build on today’s action, there’s still plenty of work that need to be done before many, many charts are buyable.

Have a great evening and we will see you tomorrow.

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