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

Despite a long list of negatives, the ursine class has been unable to push the market into a full-blown downtrend.
Bulls are standing in the way of a needed correction.
Yesterday's market bounce was surprisingly short.
I'm keeping an eye out, but there isn't enough support to suggest that now is the time to start buying.
The market's ability to shrug off negatives is being called into question.
Bulls need to build on this to put the uptrend back on track.
Often in recent years these situations have turned into V-shaped moves that have surprised both bulls and bears.
There has been enough technical damage done lately.
The uptrend is under severe pressure and key technical levels are barely holding.
Effective market timing is really nothing more complicated than embracing the old saying that "the trend is your friend."

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