We have choppy action this morning, as the weak dollar plays, such as oil, gold, and metals and mining weaken a bit. However, we have good strength in solar energy, steel and semiconductors. After some weakness, the broad indices are coming back but trying to figure out the rotations that are taking place between sectors is extremely difficult.
I know a lot of folks, including me, are very suspect of this rally and are looking for a pullback, but that is probably helping to keep things plugging along. I know a lot of traders were caught wrong footed Monday, and they are making sure that doesn't happen again. Eventually we'll get that pullback, but until the bulls get punished a bit, they are going to continue to supply support.
Rev Shark Blog Bulls Seize the Market by the Horns 5/12/2008 4:38 PM EDT Traders made aggressive buys of big-cap tech, but keep in mind that volume was very low.
Rev Shark Blog The Market Beast Has Spoken 5/12/2008 2:36 PM EDT We're headed higher today, regardless of the logic.
Rev Shark Blog Trade What You See 5/13/2008 7:51 AM EDT If you stay with a theory that isn't working, you can miss out on huge gains.
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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