Zeev's Turnips Patch-No Politics (ZEEV)

[Zeev Hed]

I hope you realize that those turnips are not endowed with super natural powers and do err. Retrospectively, early in July, my turnips were looking for a milder bottom (sharp enough in terms of end point which in May were given at three levels: 1325, 1296 and worst case 1250, even the "worst case was not enough <g, but not sharp enough in term of sentiments indicators) and thus a "puny rally" followed by a major additional decline, and thus the sentiment indicators present toward the July first call where sufficient. Why they erred, I don't really know. It is possible, that the "new " lack of trust in the markets precipitated by a series of corporate misconducts in an incessant cascade (Enron, Global Crossing, Imclone, TYCO, WCOM, Adelphia, and last week the big center banks was not sufficiently "discounted" by the markets. Mind you, I took a little more defensive position on 7/11 to "neutral" and cash position in the 40%-50% range (and everyone could have followed since the Naz went back to 1400 after my going back Neutral), and went back to a Bull position again on the 15th at 1315, so really, the damage from that faulty July 2nd call, was not that bad (and many took great profits on the run 7/3 and 7/5, I did). We are still under that 7/15 call (1315) not by much, and I think that even those that entered at the first call at around 1400 on the Naz will do quite fine within the next six weeks.

Zeev