Zeev's Turnips Patch-No Politics (ZEEV)

[Zeev Hed]

Right now yes, but we will soon know, so far nothing has changed since 2/3 ($msg-733246). We had P/c ratio getting above 1 few tmes this week, but often due to big blocks in the QQQ leaps that I would classify as index rather than equity plays. The BP have gone down, but not enough for a major low, the hew lows have reached a lcal peak of aroun 150, but not enough for a major low. Thus on balance we have not had a good bottom. Mind you, last February, we had a similar rally and it went a little further than I expected, but it did not change the overall negative picture nor the following nassacre. Tactically, a breach of the 1321/35 area should bring on bull horns, but I maintain that this will not be much more than what we had last February, a failed run, though it could be quite painfull for bears as such a breach could cause a two to four weeks advance to the mid 1400 area (in essence advancing the most recent model by two weeks and raising the various points sgested January 25 ( #msg-708849) by about 100 Naz points. We should know by Wednesday...

As a betting man, my bet is that we are turned back from the 1321/35 area.

Zeev