Zeev's Turnips Patch-No Politics (ZEEV)

[sarai]

We are ignoring the "news" for now because the market needed a "relief". Not much has changed, fundamentally. The Dow has risen almost 1200 pts in 6 days. A healthy retest is not only needed, it's the most bullish scenario.

Zeev is right. By any metric, stocks are still very expensive. Economic growth is anemic and the geo-political situation is somewhat unstable. General sentiment never became quite bearish enough, over a long enough period of time to indicate a "bottom" to this secular bear market.

On a bullish note the indices came close enough to longterm trend lines for some to reasonably assume a "bottom", or buyable level. Again, retest is healthy and bullish.

BTW, the last one out loses, always!