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

The action in individual stocks is narrower than I would like to see.
Wait for a deeper correction in the market.
A bounce at the close wasn't enough to overcome the weak open. .
Know what you want to accomplish to produce profits.
The market needs further work to return to health.
Today's drubbing shakes things up.
Watch the momentum names, which were the biggest positive today.
Don't act as if it would suddenly go back up.
And action in many individual stocks was extremely painful.
Behavior will shift again and quick adjusters will do well.

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