Zeev's Turnips Patch-No Politics (ZEEV)

[ajtj99]

Zeev, I've kind of reconciled the lows as a test of the COMP 1959/NDX 1445 lows.

The NDX had a triple bottom at 1452 this AM, and once breached, the test was on for NDX 1445. We stopped at 1448.80, which was 3-points below the 1451.80 previous low that formed the triple bottom.

I believe what we witnessed was a double bottom on the NDX with a test of 1445 and the COMP with a test of 1965.

That's how I've rationalized it anyway <G>

One thing I believe we have to respect is MSFT's breakout last week out of a multi-year pattern.

They're like, what, 13% of the NDX? If MSFT's headed higher , and the pattern points to $40 plus, which is 50% higher than the current price, it's not very likely the market is going to tank.