We are beginning to sound redundant with our continued malaise regarding Mr. Market but it was yet another tough day for investors. While the major averages weren't hit too hard, the issue for Shark Investors is the beating IBD 100 type stocks are taking. It definitely feels as if someone is ripping the Mo out of Momentum. Some sectors of the market are holding up fairly well but others are being pounded mercilessly.

Another difficulty we are dealing with is the lack of leadership. Technology continues to be pummeled and that is keeping the trading very choppy and dangerous. Even a move in gold or oil, while problematic for a healthy market, would present trading opportunities and an opportunity to profit but commodity stocks are mostly in freefall. Despite some basing action in Gold we aren't yet seeing good set ups their either.

While we never encourage bottom calling and will leave the truck backing and loading to our friends on television, the Nasdaq is now down 6 straight days and overdue for some sort of relief bounce. Because of the distrust floating around, any bounce may be short lived but may be worthy of some short term trading opportunities. We have our list ready and wont hesitate to take opportunities as they arise, but will keep our time frame very short.

The disgust with this market floating around is pretty thick and Mr. Market always has a way of changing his tune very quickly, however only in his time, not ours. So far he isn't giving us any clues as to when he may relent but we are standing ready to act when he does take a break from this punishment.

Despite the continued portfolio nicks we still feel quite comfortable with our positions and don't feel prepared to throw them out and claim that the world is coming to an end. Were keeping up our spirits taking the selling in stride and keep in mind the profound words of Scarlet O'Hara: "tomorrow is another day."

Have a good evening.

RevShark