Zeev's Turnips Patch-No Politics (ZEEV)

[Zeev Hed]

On the way up I have three critical areas ahead, 1940, 2163 and 2238 (see #msg-1185827 from July this year, the 2233 was a slight misprint there). If we hold much above 1640 on the next retrench, there is a good chance that 2238 will be taken out before the end of next year. Got to see how we handle the next retrench. One fork (barely 20% probability) shows that 1757 will hold, and if that happens, I have a potential top next year at 2390 or so. "Work in progress." <g>. We are far from having extremes in many indicators, despite the fact that the size of the Naz decline this wek is the greatest in more than a year. For instance, the corrected P/c ratio stands at .66, earlier I thought that Mosis was rushing to buy puts, but I have to wait till the EOD, to find out the QQQ puts, and that was 98,000 contracts against only 17,000 calls contracts. Since I am assuming that a good chunk of these puts is institutional, apart of a minor bounce, think that the 1640 area is still the most likely.