Tuesday, July 15, 2008


About Shark Watch

Tuesday, July 15 - 4:33 PM

Afternoon Comments

Although things were looking pretty good as the final hour got under way, stocks sold off sharply into the closing bell, dampening what was an impressive rally off the opening lows. The dismal action into the close certainly highlights the notion that market players have absolutely no confidence in this market right now, even though just about everyone continues to expect a more vigorous oversold bounce. Financials were particularly hard-hit after a 2% gain turned into a 3% loss.

Given the fact that the market has proved itself completely unable of holding on to any gains recently, however, such action is completely understandable. After this morning’s bounce off of lows, it makes perfect sense to lock in some quick gains in the midst of a bear market.

Meanwhile, INTC just reported earnings, beating both on the top and bottom lines with earnings of $0.28 per share on $9.5 billion in revenues versus estimates of $0.25 and $9.32 billion, respectively. Shares are lower is after-hour trading as their guidance for the third quarter is below estimates.

Have a great evening and we will see you tomorrow.

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