The market is looking confused this morning. There is a lot of random movement but the sellers seem to be slowly gaining control. The only major group that is trading up is oil, although breadth on the Nasdaq is still slightly positive.
There doesn't seem to be any major buying catalysts at the moment, but many traders are still hoping that the worst really is over and that the market has seen its lows. If the bulls don't get a bit more energy going soon, I believe selling will start to accelerate as market players look to protect recent gains.
This choppy action and mixed mood is likely to keep things tricky in the near term.
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.
