Zeev's Turnips Patch-No Politics (ZEEV)

[Zeev Hed]

I still have 1222.22 as the target of a retrenchment, and since it is now more that 100 Naz points, the teddy is dropped from the "bear" qualifier. That said, one branch of the model suggests looking very carefully at three levels for at least intermediate bounces, 1347, 1301 and 1279, and if during a retrenchment to any of these levels, major bearishness sentiments develop, they could signal a resumption of the major cyclical bull move we are in(even a fall to 1222.22 will not negate the cyclical bull, should add). Right here, I see the upside potential (1388/1425) as too small to make major commitments, and my on cash target will be (on closing) between 45% to 65% (right now at 56%).

Zeev