Zeev's Turnips Patch-No Politics (ZEEV)

[ajtj99]

LG, in these situations is pays to trade the 60-minute chart (65 in your case) while keeping an eye on the 30-minute intervals. When the 60-minute turns down, normally that indicates the re-test has begun, with the possibility of one last thrust up before the test begins in earnest.

You can often spot that last test if the stoch's turn up at 50 on the 60-minute.

I did get a 1/2 load of QQQ puts at around NDX 1011. I'm waiting to see if we get that final thrust before I get the other half. A breach of the 50% re-trace off the low will also get me in the rest of my puts. Right now, I expect a Doji day today, with Monday either being a gap and crap or another doji day.

We will have a re-test, and because of the lack of gap support, the re-test ought to come real close to the lows if it is going to be successful. If it is going to fail, I tend to agree with the initial target for a bounce off a re-test with the ultimate target the bottom of the down-channel originating from the May highs (around 1200 COMP, I believe in a couple of weeks).

Re-tests normally follow 3-4 days after the reversal, so we should have it on Tuesday or Wednesday. That would support a local high today or Monday.

Good trading, everyone.

BTW, do subtract out WCOME in your TRIN calculations, LG? That would give a better indication, IMO. I've thrown out using the TRINQ since WCOM's debacle 2-weeks ago. I can't wait for them to be de-listed so that indicator starts showing better numbers. The alternative would be for WCOM's daily volume to drop back to 80-million or so, something I don't see happening anytime soon with a penney stock.