Zeev's Turnips Patch-No Politics (ZEEV)

[ajtj99]

Well, I've been tracking the BPCOMPQ, and look how a trendline I expected to hold got obliterated yesterday.

http://stockcharts.com/def/servlet/SC.web?c=$bpcompq,uu[h,a]daclyyay[d19960101,20030429][pc20][vc60]...

It's now headed for a double top at the January high. Here's a close-up, with some lines on the ADX showing how extreme the BPCOMP is currently with historic extremes going back to 1996.

http://stockcharts.com/def/servlet/SC.web?c=$BPCOMPQ,uu[h,a]daclyyay[d20020101,20030429][pc20][vc60]...

As you can see by the BPCOMP chart, the low in March was pretty extreme on the BPCOMP ADX, just like the BPSPX and BPINDU were really extreme in February. I believe what we're witnessing is the coming end of the bear market, and lots of things that have worked well and in a timely manner the last 3-years are going to get whipsawed while we get closer to the bottom.

Oh, one more point. The BP charts show only closing prices, hence my preference for a 1-2 day wonder rally that dumps into the end of the day on the last day.