Zeev's Turnips Patch-No Politics (ZEEV)

[Zeev Hed]

All I can say is we are close, but any model that relies on a single parameter to determine local lows, fails, we have had false call from low P/C (even virgin one) ratios as well as high one. The fact that the P/C ratio is finally awakening and moving above one simply validate the original model that called for a first low 3.8 (actually it was 3/11) and a second low, possibly lower than the 3/11 low on 3/24 (and because of the delay in the first bottom that second window may be extended to as far as 4/06). If we continue straight down, we may get there by the middle of the week. I fear, however that a mild (even though only intraday) bounce might relieve the extreme conditions (and they were not "extreme enough") created Friday and thus extend the Chinese torture for the bulls a little longer.