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Thursday, July 17, 2008 | 4:53 p.m. ET Daily Archives
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RealMoney.com: Rev Shark Blog

Print This Story

Big Blue the Only Bright Spot

By Rev Shark
RealMoney.com Contributor
7/17/2008 4:38 PM EDT
Click here for more stories by Rev Shark
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IBM (IBM - commentary - Cramer's Take) has been the only bright spot in the earnings parade so far tonight, and a lot of that was due to currency gains. Google (GOOG - commentary - Cramer's Take) was trashed, Merrill Lynch (MER - commentary - Cramer's Take) disappointed, and Microsoft (MSFT - commentary - Cramer's Take) cut guidance. The PowerShares QQQ Trust (QQQQ - commentary - Cramer's Take) is down big after hours, and you have to wonder what the folks who were going crazy with their buying today were thinking.



The bulls have their work cut out for them tomorrow if they are going to salvage this recent rally. Look for pressure to resume on the financials.

At the time of publication, DePorre had no positions in stocks mentioned.



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


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We're seeing panic-buying of financials, of all things. Remember, it's just a bear market bounce.

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If your approach doesn't suit these conditions, then step aside or think short term.


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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About Shark Watch


Thursday, July 17 - 3:36 PM

Heading Towards the Close

Although the averages are off their highs as we work our way into the final hour, the steady uptrend which began yesterday morning remains in place. Energy and material continue to lag, while financials approach an advance of 6%. Like we said earlier, the faster this market bounces, the greater the chance that investors will take what has been given to them and move back to the sidelines. It also sets up an interesting set of circumstances ahead of earnings tonight from GOOG, MSFT, ZION, COF and IBM. Given this two day run, it will be interesting to see if mediocre reports can bring more buyers.

That said, we aren’t that inclined to short in front of those reports. But, we might be more inclined to fade a strong open tomorrow if we see one.