Zeev's Turnips Patch-No Politics (ZEEV)

[LG]

jrinti: Yes, I am still looking for a bounce. My shorter-term and medium-term intraday models are in the oversold range. However, my longer-term intraday models were at mid range yesterday and I was expecting them to roll up with the expected bounce. The bounce did not happen and instead we saw more downside with the NYSE issues leading the way. Yesterday’s drop rolled my longer-term intraday models slightly down.

What this means to me, is we may see more down, before we get the bounce. If the downside actions legs all my intraday models into the oversold range when the bounce materializes it is usually much stronger and the timing more reliable.

Many are expecting an H&S breakdown and they may be right. I personally rarely trade on the basis of a H&S pattern. Looking at my SPX chart, my medium to longer-term oscillator suggests that momentum to the down side is arresting. We may see "some" additional down, before we see that countertrend rally. The futures as I type are signaling more down at the open.

I have a Overall Market Composite Index and if that Index drops below its Oct 98 low (the 10/98 low is 1819.78 yesterday’s close was 1842.95), then I'll likely contract my positions to a neutral bias and wait for the ramp I believe is near and resolve myself to grab a rail on the train as she leaves the station instead of bottom picking a prime seat…gg

My WOW "End of Day" SPX (S&P 500 Index) Weekly Semi-log Chart{/b}