Zeev's Turnips Patch-No Politics (ZEEV)

[ajtj99]

I have it at about 1390 NDX, but the SMH pain could be as low as 31.60 right now (400 SOX). Orthodox SOX Pain is 412.

The dragonfly in the ointment is the SPX and Dow. Neither of those indices look like they've bottomed. The SPX looks like it's built a bear flag off the lows on the 60-minute, as does the Dow.

The VIX daily is also holding above the 50 level on the RSI-5, which suggests a higher VIX move yet. That combined with the lower VIX readings today and low put/call make me a bit leery of this low.

There's always something unsatisfying about the lows when we get them, but instead of one thing here there's about 10 things that are bothering me about this low.