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Friday, August 01, 2008 | 3:57 p.m. ET Daily Archives
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RealMoney.com: Rev Shark Blog

Print This Story

A Meandering Finish to the Week

By Rev Shark
RealMoney.com Contributor
8/1/2008 3:55 PM EDT
Click here for more stories by Rev Shark
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A bounce in financials after a weak start helped to hold the market up, but there was little buying interest outside of the broken banks. Oil and energy showed some early strength but that faded and regional banks moved into the forefront as the day progressed.



Other than that, not much else was going on. Breadth was close to flat and as I discussed in my prior post, the small caps indices showed some relative strength, primarily due to the outperformance in banks.

Despite proclamations to the contrary the bulls didn't show any great resolve. They chased some financials but that was it. We still are lacking any sort of good upside leadership and now that we had two strong days followed by two weak days we are mired in a trading range.

At this juncture it is a standoff and either bulls or bears can seize the advantage. It is a good time to stay open-minded and let the price action be your guide. The action isn't that fantastic but it is still strong enough to indicate that we could get a bit of a trading rally.

We have some important earnings in the financial sector such as AIG (AIG - commentary - Cramer's Take) and also Cisco Systems (CSCO - commentary - Cramer's Take) in the technology sector next week. That may serve as the catalyst for our next move.

The key things to keep in mind right now are that the market is still in a major downtrend, there is little upside leadership, and most of the recent strength is the product of bounces in broken stocks.

On the other hand, we do have some technical support and the buyers are showing some interest. I wouldn't be euphoric over this market but some bounce action is not an unreasonable possibility.

Have a good weekend. I'll see you on Monday.



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Drawing on his experience as a former seat-holder on the CBOE and CBOT, Steve Smith shows how options trading can lead to potential big profits, especially in this turbulent market. TheStreet.com Options Alerts gives you Steve's best picks and, just as important, his rationale for each recommendation absolutely free when you take a trial to his premium investing service now.

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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