Zeev's Turnips Patch-No Politics (ZEEV)

[mlsoft]

"To the 1388 area, this time around?"
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Zeev...

While I think a rally here is possible (but not necessary) to relieve the oversold condition, I can't see it getting above 1330-1350 without PPT help, which of course is always a possibility. I was a bit surprised that they did not show up today.

I think warnings season will be brutal, and when earnings season itself arrives, I look for lower guidance to be the rule, not the exception. Current estimates for the rest of 2002 and 2003 are still very high and will have to be brought down to be any where near reality.

I continue to expect new lows, as much for fundamental reasons as technical.

mlsoft

*** In edit - good job on CCMP - I broke even on that one, worried that it could crack, which I expect it will at some point.