About Shark Watch
Thursday, July 10 - 7:55 PM
The wild intraday swings just kept on coming today as continuing turmoil with FNM and FRE pressured the financials, INTC CEO’s positive comments ahead of the close, decent chain-store sales numbers and a late spike in oil kept everyone on their toes. We still have an oversold market, and that suggests we may still get a decent oversold rally, but with so many potential catalysts, things could easily go either way right now. It won’t take much at all to trigger a fresh leg down or a wave of short-covering, so we need to be ready for whatever comes our way.
On our end, we continue to be positioned defensively, but did add a bit to some small oil and medical stocks late in the day. We’re inclined to add to those should they follow through, but we still don’t see any reason to get aggressive on any front right now. As we have seen, trying to predict anything when it comes to this market lately has been futile.
Have a great evening and we will see you tomorrow.