Better-than-expected new-home sales and a comment that the European Central Bank may cut rates at its next meeting on Nov. 6 are bringing in some buyers, but there is no question that they are wary and moving very cautiously. The problem is that everyone is thinking short term and looking to flip before we see another reversal. It has been so volatile lately, and with conditions still so chaotic, there is absolutely no reason to trust any trend to last for long.
I'm doing some very small, quick trades and continue to have little interest in building longer-term positions at this point. Until the volatility slows and we get some basing action, it is a daytrader's market.
P.S. Will you be there when Cramer makes his next move?
Strong brands and companies with vast market exposure can help bolster your portfolio. Jim was able to lock in a 64% gain by buying Ingersoll-Rand at $13 and selling at $22.50. Action Alerts PLUS members were the first to see these moves. Were you among them? Get Free Access Today!
Rev Shark Blog You'll Have Time to Catch the Rally 10/24/2008 3:00 PM EDT The last thing you need to worry about here is picking the bottom.
Rev Shark Blog Ignore the Pleas to Buy 10/24/2008 12:47 PM EDT Wall Street simply isn't geared to tell its customers, 'Sit in cash.'
Rev Shark Blog Forget Cost Basis 10/27/2008 7:56 AM EDT Treating your holdings as if they were new frees you to consider them rationally.
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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