We have some crazy swings out there today, as the market can't seem to decide what groups are going to serve as leadership. It is awfully tough to ignore oil with crude going parabolic, but the Oil Services HOLDRs (OIH - commentary - Cramer's Take) is trading down as folks wonder how much longer the move in that group can last.
For a while this morning, it looked like gold was going to break down, but the dollar reversed up and now the group is in the green on the day. Steels, which have been one of the hottest groups lately, are seeing a good bout of profit-taking, while retailers are managing a slight bounce. The big-cap technology favorites like Google (GOOG - commentary - Cramer's Take), Apple (AAPL - commentary - Cramer's Take) and Baidu (BIDU - commentary - Cramer's Take) are weak today, and there are few clearly defined pockets of momentum.
Despite the mixed action, we are still holding up relatively well. I'm looking to press some index shorts but am waiting for a retest of the day's lows. So far, there are enough buyers to keep us from falling into the abyss.
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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