Zeev's Turnips Patch-No Politics (ZEEV)

[Justa Werkenstiff]

Z: Interesting. Here are my thoughts:

Market: At the close yeserday, some weekly sells hit on Ndx and Naz. They have been hitting all week intraday. So this is a better signal. So that points to a top along with other indicators (topping indicator) in the Naz and Ndx in the coming week.

Yet these same weekly indicators have more room to run in the SPX and OEX.I have indicators that suggest that the downside is limited in the SPX and OEX for the coming week and that chop, pop and slop is more likely with SPX 1160 serving as a magnet from above and below. So this limits any decline in the Nasdaq and Ndx for now unless the averages diverge. With that in mind and next week being opex, my favored scenario here is to break out the crack pipe. Get out the bong. Get a six pack of Ducco modeling glue. Time to feel the love. If we hang in the area of the highs, I expect more and more bullish extremes to develop. If that happens, we could be looking at an intermediate top on the other side of opex.

As for today, I think we have some down. We could give back all of yesterday at the most. Other than that, it is hard for me to quantify.


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