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.Expand

DePorre holds business and law degrees from the University of Michigan, is a member of the Michigan Bar Association and a former attorney and CPA. He lives in Anna Maria Island, Fla., and Conover, N.C., with his wife and three children. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks.Collapse

A big bounce after a huge two-day drop isn't surprising, but determining what's next is more difficult.
If you are looking for position trades that may last for weeks or longer, the charts need more work.
The inclination of most technicians is to "fade" this sort of action.
It's time to start identifying good individual stocks that may decouple.
If there was any question on Friday whether the market was undergoing a change in character, it was answered with today's poor action.
Look to liquid, large-cap names as vehicles for initial bounce trades.
The Friday action was so surprising that many were poorly positioned -- and they are still scrambling to reposition.
The key right now is to take your stops and make your portfolio adjustments.
Limiting your risk is part of how you deal with the vagaries of luck; the other part is execution.
It was shocking that players didn't see the Brexit exit coming, but instead acted on Thursday like the vote was a mere formality.

Columnist Conversations

First I want to share my daily chart that was already posted on twitter.  Note that the recent bounce started...
Nike's (NKE) drop after reporting earnings, around 4:15 PM, should not have surprised RMP readers. http://real...
Only a climb in the Emini S&P 500 that pushes up through 2065 on a sustained basis will meaningfully compr...
And I am usually an optimist by nature.

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