Whomever, that gentleman is, is he lying? Since the low at 1253, I never got enthusiastically bullish and even when suggesting that a bounce is coming, the turnips invariably since that low have been shy at calling for a larger ramp. The question is how will the current trading range (about 1330 to 1420 or so) be resolved? If it is resolved down as the turnips are saying, they'll be right, if up, they'll be wrong. So far they are neither, they have been suggesting a slightly protracted period of grinding nowhere, frustrating to bulls and bears alike, and so far that is what we have. In the last few days there are few interesting breakouts (PII and COCO for instance today) and earlier we had BSTE running to $44 plus, but I don't see much follow through, yet, so the grind goes on. We will probably add another G&C tomorrow to that long lists of gap up that keep being negated. Surely, unless the bulls take profits (as the short should on each of these declines) they are not much better off than the bears. I have taken few things off the table getting me just above the 70% cash and with 1400 looming here (for a short period, IMTO), I think that is about the right thing to do.
Zeev
