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Who's your broker now?

Urgent Trading Alert! Rev Shark Blog

Print This Story

Bad News Isn't Bad Enough

By Rev Shark Contributor
7/14/2008 4:14 PM EDT
Click here for more stories by Rev Shark
Try Jim Cramer's Action Alerts PLUS

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.

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Rev Shark Blog
This Oversold Market Looks Hard to Buy
7/14/2008 2:24 PM EDT
Before you jump in, make sure you have a clear idea of your own time frame.

Rev Shark Blog
These Feeble Bounces Aren't Helping
7/14/2008 11:19 AM EDT
This market is encouraging weak bulls and not giving us the washout that we need.

Rev Shark Blog
Sitting Out the Maelstrom
7/14/2008 10:17 AM EDT
We have a crisis of confidence: We're oversold and could get even more oversold.

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, 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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