The morning gap up is sticking fairly well so far. We have just a slight pullback, but there appears to be more willingness to add exposure on weakness than we have seen in the last few days. Breadth is very good, with about 4,100 gainers to 1,400 decliners. Most sectors are up, with banks and financials being the notable laggards. Oil, gold and steel are leading.
I've been adding exposure here and there, but we have so many gaps to the upside, it's tough to find entry. I'm also paring back some existing positions into strength; this is my standard operating procedure. I'm giving this market some room to run, but that doesn't mean I forgo profit-taking along the way.
P.S. Will you be there when Cramer makes his next move?
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Rev Shark Blog Classic Santa Claus Action 12/20/2007 4:27 PM EST Once the bulls get going, the bears move to the sidelines, and big momentum kicks in.
Rev Shark Blog Tough Sledding 12/20/2007 1:50 PM EST But we're looking for another late pop, like yesterday.
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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