Pressure on oil and commodities is weighing on the market, but lower oil may be helping retail a bit today. We also have a little relative strength in financials and chips, but overall there isn't much buying interest out there at all.
ISM numbers are hitting and are a little better than expected. We bounced for a few minutes but now are moving back to lows. The problem we have now is that with the technical damage that has been done, the bears will be looking to short strength. The fear of being left out that keep us so buoyant during the second quarter is no longer a factor, and we are seeing "buy weakness" replaced with "sell strength."
Many stocks I like are pulling back, but I'm in no hurry to buy them yet. The short side is the place to be right now.
P.S. Will you be there when Cramer makes his next move?
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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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