Zeev's Turnips Patch-No Politics (ZEEV)

[was Steve]

sounds like a fair amount of doubt is creeping into the plan. statements like if we break, and the following run might be explosive, give me the impression that you are backing off. My guess is there will be more adjustments down as the market fails to achieve your lofty targets. no disrespect for you or the turnips intended, but i continue to believe they got this one wrong and will voice my opinion every so often as i did back in june.

the ndx did take 1500 last week, but the manner in which it did was not bullish so i shorted what i called the fakeout breakout. of course i got long too early looking for a bounce up to the daily 13 ema to re short. i believe next week starts happy and i get my exit and entry on the dark side.

I would respect a joint move of the nas and ndx over 1520 and 2080 should it occur and agree we are going to the jan highs at a minimum. until that happens, i remain much less bullish than you. I prefer a trading range to continue up towards the election with the highs already pretty much defined and lower lows possible.


below is a post (#253660) from june that shows my first post on this matter.

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Posted by: Steve
In reply to: Zeev Hed who wrote msg# 253500
Date:6/6/2004 1:19:13 PM
Post #of 267476

<Most likely, within the next two weeks I will raise my top target for the year to around 2500 from the extreme I had before at 2390 (that was until now not "very likely" and just a possible excursion, now that number is "in" and the above 2500 takes the "excursion spot).


getting past the years early highs will be a big achievement for the nas imo. it pretty much needs to make a move up next week or it is heading down. initially this year i had multi year highs in july/august and higher than the january highs, but have taken it off the table unless 1500 ndx is hit next week plus a day or two.

even if the 1500 level is taken, it is still about impossible for me to imagine a rally to the 2390-2500 nas levels you are looking for (sorry for speaking in nas and ndx, but ndx is my world while the nas is yours). the turnips have done quite well for some time, but i think their time has come for a bad stretch later this year if they keep looking up.
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