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Waiting for Apple to Set the Mood

By Rev Shark Contributor
7/21/2008 4:22 PM EDT
Click here for more stories by Rev Shark
Try Jim Cramer's Action Alerts PLUS

The indices suffered some minor losses today, but breadth was solidly higher all day. That is the sort of action you want to see to digest gains like we had last week, but under the surface the market continues to be extremely choppy. Much of the strength today came from oil, steel, coal, agriculture and other sectors that sold off last week as financials rallied.

As I discussed this morning, the recent market action isn't going to do much to help set up some good charts. In part, we just need some time, but more basically, the problem is that there is no clear leadership. Most of the stocks that have led this year have broken down technically in the last couple weeks while most of the recent strength in the broad indices is a product of dead-cat bounces in financials.

We have a lot of important earnings tonight such as Caterpillar (CAT - commentary - Cramer's Take), American Express (AXP - commentary - Cramer's Take) and Texas Instruments (TXN - commentary - Cramer's Take), but most important is Apple (AAPL - commentary - Cramer's Take), which should help set the mood for the market. Given the way the stock has been acting, optimism isn't running too high.

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

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

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Rev Shark Blog
Apple Is the Key Here
7/21/2008 3:43 PM EDT
The company's report tonight, and the market's reaction, will say a lot about what direction we're headed.

Rev Shark Blog
Don't Play the Wall Street Game
7/21/2008 1:51 PM EDT
You don't have to invest like the fund managers do, and that's your edge.

Rev Shark Blog
Bad Stocks, With Bad Charts, Need to Prove Themselves
7/21/2008 11:42 AM EDT
Right now, a lot of bad stocks are bouncing, but the charts have yet to turn positive.

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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