Zeev's Turnips Patch-No Politics (ZEEV)

[ajtj99]

I think this run compares quite similarly to the May jump.

-It happened during options expiration.
-It was an oversold bounce when previous macro lows were approached
-The Nasdaq pierced the bottom of it's triangle in May 2002 and died without violating the triangle(the triangle bottom was 1700 or so, and the COMP died at 1759. This triangle bottom was around 1320, and we've ventured 30-points above the triangle bottom.

-If memory serves, the May 2002 run died about half-way from the falling resistance line of the triangle (about 1710-1815 was the range in the triangle if I recall correctly).

The current triangle runs from about 1320-1400. Half-way would be the 1360-1365 area we've mentioned lots of times here.

Just something to keep in mind. The May triangle targeted the 1450 area, and we went quite a bit below that. This triangle targets the October lows. We'll see what happens there.