We had a little dip on the comments from Ben Bernanke, but it only lasted a few minutes, and we are back at the highs of the day. Breadth continues to be extremely strong with better than four advancers from every decliner, and it is green across the board. The dollar continues to hover around the lows of the day, and the hottest action is in the weak-dollar plays -- oil, steel, gold, silver, coal, etc.
What I find most interesting about this market is how sedate the emotions seem to be. The "Fast Money" guys on CNBC are all bullish because the market is up, but I'm just not seeing the sort of emotions I would expect in a market this strong. There is no great celebration, chest-thumping or people overly excited about some hot picks. It is one of the strangest market environments I ever recall. It is almost like people are just watching in wonderment and have no idea what to do.
When the market is acting this strong this late in the day, it tends to stay strong. I see no real slowing in the action, and given how fast the dip-buyers jumped in on the midday weakness, I suspect that we are going to go out strong once again. Now all we need to do is find some new buys.
P.S. Will you be there when Cramer makes his next move?
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Rev Shark Blog Monday Morning Optimism 11/16/2009 7:58 AM EST We need to be wary of the smaller stocks, but not overly bearish, given the strong senior indices.
Rev Shark Blog Straight Up on Strong Momentum 11/16/2009 10:15 AM EST The only fear out there is the fear of not being long enough.
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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