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RealMoney.com: Rev Shark Blog

Print This Story

Lack of Good Leadership Continues

By Rev Shark
RealMoney.com Contributor
7/25/2008 4:05 PM EDT
Click here for more stories by Rev Shark
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A mixed day of action after the sharp selling Thursday is probably a slight victory for the bulls. The sellers were unable to build on yesterday's ugliness, and that keeps hope alive that our recent bounce has further to go.



There were three main themes today driving the action. First, financials continued to struggle as the news flow there is a bit problematic.

Second, crude oil and commodities remained weak, and that is giving hope that inflation will moderate, but the danger there is that weak demand is a function of a slow economy.

Third, groups such as coal, steel, metals and mining bounced today after breaking down badly in recent days. That was the main strength, and really isn't very good leadership.

I have been complaining a lot lately about the lack of good leadership, and that continues to be the big problem plaguing us. We do have some strength in biotechnology, pharmaceuticals and within a few pockets in technology but we need more.

Banks and brokers are not going to be leaders. They might hold up, and may have even seen their lows, but they are unlikely to charge ahead and drag the rest of the market up. Until we get better leadership, it's going to be a very choppy market.

Keep in mind too that the technical patterns of the major indices are very poor. We've have had a bit of bounce within an ugly downtrend, and there is absolutely, positively no reason to assume that we have bottomed. Don't let that get you down. The good news is that if you have cash on hand, some great opportunities will eventually arise.

Have a great weekend. I'll see you Monday.



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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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