Zeev's Turnips Patch-No Politics (ZEEV)

[Zeev Hed]

There is really no contradiction, when I suggested that a cut could cause new lows some two weeks ago, we were fighting in the 1220/30 area, and only 110 naz points or so from the lows, now we are at 1360 and I still expect a modest cut (.25%) to result in a decline of more than 100 Naz points, except it will not be grizzly like (to new lows) but to 1222.22 or so, a larger cut of .5% as many have been expecting could turn me grizzly (provided other parameters oblige). The fed stance is not the only factor in market stance.

Zeev