Zeev's Turnips Patch-No Politics (ZEEV)

[Zeev Hed]

No the reading are not equal to those in January. They don't need to be unless there were reverse extreme readings in between. By the way, looking back at the January call, while the Naz continued meandering for a week or more about 20 points higher than the target high, and even got marginally above what should have been a reversal, the maximum in bullishness was on the 6th of January (I could check that, unfortunately, only after the fact) and the excursion lacked any sign of a real break. Here as well, we are slightly above the band of 1320/35 which price wise should initiate a "breakout" signal, the sentiment indicator never flashed a good bottom on 1260, and while not surprised by the run above 1300 (it was suggested early in February #msg-733246), I did not expect it to go that high and thus did not change my "dress" when Larry ask if I keep my bear suit on (#msg-763057). Here the market is behaving even worse than it did in Mid January post the 1/6 call.

Zeev