Bulls Close the Deal By Rev Shark RealMoney.com Contributor 5/15/2008 4:11 PM EDT

The bulls put in an impressive performance today. After the ugly late-day reversal yesterday, it looked like the bears had the chance for a little downside follow-through, but instead the bulls slowly and steadily pushed us up all day and then accelerated their buying into the close. Anyone leaning to the downside was whipsawed yet again as we completely recouped yesterdays late-day reversal and more.

I'm struggling to appreciate the bullish case here, but the fact that it isn't all that logical is probably what is keeping us going. Too many doubters are getting run over and being sucked into the market. Volume continues to be quite light, and we don't have the sort of vigorous accumulation you'd expect in a big bull run, but there is no doubt that there is upside momentum, and lots of folks are now chasing things because they don't want to be left behind.

It is pretty amazing that the indices are now down just a minor amount for the year despite the worst debt crisis and housing market in decades, but that is indeed the case, and lots of folks are obviously thinking it is up, up and away from here. I'm not so sure its going to be that easy.

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

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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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