Zeev's Turnips Patch-No Politics (ZEEV)

[Zeev Hed]

Do you still see short term a retest of 2000 or has the behavior in the last few days alleviated your fear? Note that on 1/4-1/5 (my own folio had its local low 1/7 and is already nicely up since, though the Naz is still essentially at the same level) many market sectors had less or close to 10% of their components under their respective 10d moving averages (see Les' report here #reply-20952333). Note that the SOX dwelled in that area much longer and deeper than the BTK, which my experience indicates that the BTK will hold better and the sox will suck badly during the nassacre. Short term, though, the sox was so oversold a stronger bounce could be expected. I would ride the like of CCMP, MRVL, SNDK for the next few weeks (at least till their respective earnings).

Note that we are already in the middle of January and did not see an EPC under .4, that shifts the Christmass map timing probably by two weeks or so, I still think the most likely scenario is a double top before the end of February, just not sure if December was the first or the coming run is. I lean to January as the first stop and late February as the pre nassacre top. (mostly due to lack of excessive bullishness in December.