Oil was up big once again, and the indices were generally weak, but the selling wasn't that bad, all things considered. In fact, the small-cap Russell 2000 index, (IWM - commentary - Cramer's Take), ended up positive on the day for some reason that escapes me.
Breadth was negative, and all the major sectors except for gold finished in the red. Solar energy stocks came to life, as crude oil accelerated higher and that provided some good trading, but we had fewer pockets of upside momentum today than we've seen recently.
There are some persistent dip buyers out there that are helping to hold this market up for now. They certainly are making it difficult for the bears and are creating some very good short-squeeze spikes, but I think it's just a matter of time before they lose their potency.
After the close, Federal Express (FDX - commentary - Cramer's Take) issued a warning, and that is causing some softness after hours. That is the sort of catalyst that may help produce a downleg. We'll see on Monday.
I hope you had a good week. Enjoy the weekend, and I'll see you on Monday.
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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