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The indices continue to slowly grind higher with help from a dip in crude oil prices. There isn't much energy to move, but the bulls have a bit of momentum, and there isn't any negative news to induce profit-taking. The shorts keep getting burned, so they are holding back and letting the bulls do what they wish. We have plenty of technical overhead and some other issues of concern, but they just don't matter right now, especially with many folks relieved to see crude pullback. All news is good news right now, and the mood is sanguine. I'm just doing some very small, very short-term trading right now. I'm waiting for the opportunity to press the short side with an index trade, but it just isn't happening yet. Market players are content, and they continue to provide underlying support. I don't think it will last that much longer, but I am not going to argue with them until they start to stumble a bit. RELATED STORIES Market Jumps on a Pullback in Crude Don't Force the Action on a Slow Day Lack of Logic Sets In
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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