Zeev's Turnips Patch-No Politics (ZEEV)

[Zeev Hed]

The delay is due to the fact that the first retrace was more than the 50% I expected. We are also going into the 8/13 date which is a possible local top (could be inverted as Rich always teaches us), and the lack of expansion of the new highs list indicates that this rally lacks leadership. If new highs do not start to expand beyond the 50 per day on the Naz, we might not even make it to 1400 before we retrace back and retest the 1200, so next week is quite critical. My 38% cash position indicates two things, the first, nice profits had to be taken, the second more caution is required here. Mind, you, the new highs list is not the only parameters, but right here, they have gained a little more weight in the equations.

Zeev