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Monday, July 14, 2008 | 3:51 p.m. ET Daily Archives
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RealMoney.com: Rev Shark Blog

Print This Story

Bad News Isn't Bad Enough

By Rev Shark
RealMoney.com Contributor
7/14/2008 4:14 PM EDT
Click here for more stories by Rev Shark
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A buy program in the final hour took the indices well off the lows of the day for a little while, but it didn't last long, and we closed on a down note. Once again, we did not get any real gut-wrenching capitulatory action which might wash things out so we can buy. Instead, we end up with just another abysmal day that invites a continuation of selling on any minor rally.



Under the surface, the action was even worse than the indices indicated. Breadth was quite poor, at better than 2:1 negative, and the fear over the regional banks caused some downright horrendous action in the already badly abused financials.

The problem with this market is that while the news is bad, it isn't bad enough to give us some capitulation. Instead, we get a herd of traders trying to anticipate a turn, and they end up immediately taking profits or stops with ever minor move.

At least tomorrow we have some earnings reports to consider, but until we can end this obsession with financials, it is going to be tough to get much upside traction going. Once again, the trend continues down, but this is getting awfully extreme, and it won't take much to cause a bit of a short squeeze.

Genentech (DNA - commentary - Cramer's Take) earnings are out after the close and are below estimates. However, the stock is holding steady, which may be an indication of the level of expectations out there. Tomorrow night we have Intel (INTC - commentary - Cramer's Take), and that will be a much better test.

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



P.S. Missing Lenny Dykstra's deep-in-the-money calls? They're now here..
Lenny "Nails" Dykstra's new service, TheStreet.com 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.

ALL REV SHARK BLOG ENTRIES | POST A COMMENT | READ COMMENTS


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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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