Zeev's Turnips Patch-No Politics (ZEEV)

[ajtj99]

Zeev, some fib extensions and time counts I've done suggest a possible intra-day high on Friday at or slightly above 2107 COMP. Whatever pullback we get off a high should be shallow, quick, and ideally hold the 2020 level.

I'm looking for a March 6 high at somewhere between 2160 and 2260. I'm probably going to use the SPX hitting 1161 as a proxy for a COMP high, as that's a bigger fib hit and is close to the 1178 SPX 2002 highs.

Like you, I am somewhat surprised the market did not cooperate and deliver the high today as previously scheduled. I do not appreciate the market's lack of discipline. <G>

FWIW, the high TRINQ the last couple of hours tells us "smart money" is unloading into this strength. They'll probably re-load after a dump that piles on more shorts to be burned at a later date.