Buyers have apparently left early to spend their money on Christmas gifts rather than stocks. It is dismal action out there as we wrap a poor week. Next week, with option expiry and an oversold and broken market in place, we should start to see some better setups for more aggressive trading.
There is no big secret about what is going on. The technical conditions are poor and the mood is negative because the Fed is seen as incapable of giving us the sort of help we really need. There isn't much we can do about that but protect our capital and stay patient for better opportunities.
I have to head out early. I'll see you Monday morning, bright and early and ready to do battle.
Rev Shark Blog Looking for Signs of a Santa Rally 12/14/2007 1:53 PM EST We are still in very precarious technical shape, and the mood isn't intensely negative enough to give us a bottom.
Rev Shark Blog Looking on the Bright Side 12/14/2007 11:55 AM EST The thinking is that things have been pretty bad, so they're due to pick up.
Rev Shark Blog Market Keeps Singing the Fed Blues 12/14/2007 10:27 AM EST Breadth is poor and upside is limited as inflation data heighten the lingering Fed disappointment.
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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