Financials are acting a little better, and I'm using that as a cue to add some long exposure. It has been the financials that have been holding us back, and if they can get a little more traction, that could be a sufficient catalyst to get a much-anticipated bounce going.
I'm certainly not calling a bottom in this market, but we are due for some relief to the rather intense selling. What has been difficult is that while we are oversold, we haven't gotten the sort of capitulatory action that makes for quick reflexive bounces. Nonetheless, things are negative enough that we are due for at least some minor upside, and with a little spark from financials, I think we are close.
Rev Shark Blog Make Sure to Know Your Goal 7/7/2008 4:25 PM EDT If you think your goal is to pick the bottom precisely, think again.
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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