Zeev's Turnips Patch-No Politics (ZEEV)

[fabian]

refining downside targets a bit...

Last Wed we gave the targets as "the 50 day m/a and the Jan high which are in the same vicinity"

The 50 day m/a is today at spy 116.89 and the Jan high was about 114.80.

We think it likely the market will end up going through the 50 day and get closer to the 114.80 area. [it should stabilize and at least try to rally from there]
Will that be "the low"?
Don't know, hopefully a read of sentiment when the market gets there will give some indication.

As we said:

"There is only one way to re-set excessively bullish short term sentiment.
Spank"

Average Joe swing traders should not try to get fancy or be a hero and catch a perceived exact bottom.
Far safer to wait until the MACD's shape up with the fast line flattening out and then going up through the slow line.
That will happen after a bottom but exercising patience there means reduced chance of diving in prematuely and getting wacked by a still falling market.
Right now both macd's are in a solid downtrend.

Today's downside filled yesterdays opening gap but in the process created a gap now above the market. All of those opening gaps lately have gotten filled.
We'd guess todays opening gap will not get filled as quickly as those previous to it.
F