Apple (AAPL - commentary - Cramer's Take) and some strength in semiconductors are helping to hold up the Nasdaq, but the senior indices are struggling as financials and retailers feel pressure. Breadth on the Nasdaq is close to flat, while on the NYSE there are 1037 gainers to 1766 decliners. That is a function of some relative strength in technology stocks.
Oil is trying to find its footing, and a lot of folks are eyeing that sector for a bounce trade. Oil inventory is coming up, and that may serve as a catalyst, depending on the numbers.
I continue to be surprised at the relative strength in the small-cap indices. I'm not sure what is driving that, especially with financials weaker today. For now, the small guys show relative strength, and that is certainly a market positive.
I see little I want to buy other than for a quick flip, but Nasdaq buyers are obviously a bit more confident than I am.
P.S. Will you be there when Cramer makes his next move?
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Rev Shark Blog Stay Focused on the Short Term 8/13/2008 9:01 AM EDT While we probably have room to go higher, I still believe this is merely a bear market bounce.
Rev Shark Blog Market Loses Inspiration 8/12/2008 4:14 PM EDT We'll see a real test for the market as it tests support levels.
Rev Shark Blog The Two Ideas Supporting the Market 8/12/2008 2:23 PM EDT The market seems to be relying on thoughts on oil and banks, but I have my doubts.
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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