Zeev's Turnips Patch-No Politics (ZEEV)

[Zeev Hed]

Yes, AGM is quite strong here and it could run further, as you now I got out, both to reduce exposure in general and because it run too much too fast. What worries me is that it is over extended, RSI pierced 80%. In the last 12 months penetrations of 70% has indicated an impending retrenchment. It has been above the upper BB now for 5 consecutive days, I think for this one that is unprecedented (happened once almost two years ago and it retrenched from there). This in view of my less than sanguine view of the market, justified getting out. I think it could retrench to the $25.5/.80 area where I will be a buyer again. The $29/$30.5 area (the bottom of the big drop January 24th, should serve as serious resistance for now. Of course, if that is taken there is no major resistance to $34.5...