The better-than-expected CPI this morning has the skeptics on the run once again. Apparently, not only are we not going to have a recession, but there isn't going to be any inflation either. Regardless of that logic, the fear of being left behind is palpable this morning, and with a pullback in oil as an additional incentive, there is a rush to add long exposure.
We have very good breadth and retail and technology leading. Solar energy stocks continue to soar, but some of the recent "weak dollar" plays are struggling.
I've had some technical problems this morning which I'm trying to overcome and haven't done much other than take some profits where I have them. Finding new buys here is not easy, as we've had a low-volume rise which has left too many stocks extended with little support. We'll see if the bulls can keep up this momentum, but I'm wondering if this may be a blow-off move.
Rev Shark Blog Reading the Market's Mixed Signals 5/13/2008 4:19 PM EDT Weak action in financial stocks tells us that further trouble may lie ahead.
Rev Shark Blog No Quit in the Bulls 5/13/2008 2:31 PM EDT I don't trust it, but you have to respect the surge.
Rev Shark Blog React, Don't Predict 5/14/2008 7:59 AM EDT Leave that to the pundits -- you should focus on the action in front of you.
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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