See Red Line from 10/14/04 to 11/12/04 The question is: (1)Does Zeev reduce equity because the market is going up ? (2)Or does the market going up causes Zeev to reduce equity?
Let's look at the Zeev Box: (1)As the market rises, sells become easier because more stocks reach the top of the boxes. (2)As the market rises, buys become harder to find because fewer stocks are touching the bottom of boxes. (3)Zeev's box trading is like a marker maker would have to react to a rising market. IMHO.