Market action is positive, but there isn't a lot of vigor out there. It looks like many traders are as tired as I am after the holiday festivities. There are a few pockets of momentum in some thin-float players, but once again, favorites like Apple (AAPL - commentary - Cramer's Take) and Google (GOOG - commentary - Cramer's Take) are dragging.
Oil is getting hit particularly hard. Trading in crude is very thin today and there is only an electronic session, which is probably having some impact. Given the warm weather across the country -- and the disbelief in threats by Iran to cut off sales of its only source of revenue -- there aren't a lot of positives for crude right now. I don't think the group is dead, but it's time to be patient and wait for some support to be found before you look for a reversal there.
I'm looking to add to my gold exposure before the close today, but overall, I'm not making a lot of big moves. This market is just too slow to trust.
At the time of publication, De Porre was short AAPL, although holdings can change at any time.
P.S. Will you be there when Cramer makes his next move?
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Rev Shark Blog No Visit From Santa 12/22/2006 3:57 PM EST Holiday ebullience can't lift stocks' spirits, but maybe next week.
James "Rev Shark" DePorre is the founder and CEO of Shark Asset Management, an SEC-registered investment advisory firm. 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 to send him an email.
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