Zeev's Turnips Patch-No Politics (ZEEV)

[ajtj99]

Today's low on the COMP and NDX may hold until Thursday. We tagged some monthly support on the NDX today:

http://stockcharts.com/def/servlet/SC.web?c=$ndx,uu[h,a]maclyyay[d19991030,20021230][pb20!b50!b200!c...

That falling support drops to about NDX 930 or so on Thursday, so we have room to drop later in the week if the market gods desire.

Max Pain is at QQQ 25-26, nominally 25.50. All they have to do is get us to 25.50 over the next 2-weeks. That's not too difficult even from lower levels. With any rally possibly capped at COMP 1381-1385, it could make sense to take this down a bit more before going up.

The alternative is that the low is in and we move up from here. I still think we need to tag the 1315-1319 range for any low to be bought.