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Thursday, July 24, 2008 | 4:34 p.m. ET Daily Archives
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RealMoney.com: Rev Shark Blog

Print This Story

Good Feelings Come to an End

By Rev Shark
RealMoney.com Contributor
7/24/2008 4:19 PM EDT
Click here for more stories by Rev Shark
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The good feelings over the past week generated by a big bounce in banks came to an abrupt end today. A lot of folks wanted to believe that the huge move in banks were signaling that things had gotten too negative and it was safe to jump back in. While things might have gotten too negative, the ensuing bounce was too euphoric, and that invited the profit-taking we saw today.



Outside of financials, it continues to be a sea of pain in the energy- and commodity-related stocks. However, just like the financials a week or so ago, thing may be getting too negative out there, and conditions are getting ripe for some sort of oversold bounce. We just need a good catalyst like the banks had when a few earnings reports were better than expected.

If you are looking for upside action, that is your best chance in the near term because almost every other major sector looks terrible. I see absolutely no upside leadership right now, and the major indices are setting up for possible retests of recent lows.

I'd really like to be more bullish, and I'm hopeful we'll get a good upside trade in energy- and commodity-related stocks, but the state of leadership in this market is abysmal, and that is going to take some time to correct.

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



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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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