Zeev's Turnips Patch-No Politics (ZEEV)

[plexxus]

While a pullback is needed and warranted I think we are far from being topped out here. A/D line was solid and up/down volume strong given the movement in the indices. Even Japan is positively diverging here on the daily and I think we'll see higher prices there in the days ahead...up over 200 pts currently. There are simply too many shorts in this market to keep it down and given that we are heading into an election year I think the path of least resistance is to the upside. Small caps should continue to outperform the big caps near term. The 200 EMA is FINALLY turning up here for the first time in 30 months! Im also expecting a golden cross of the 50 above the 200 day by the end of the month. Volume on the last couple of significant pullbacks totally dried up giving the bulls more and more conviction. I think 1521 is gone in a week or so. MACD remains in a solid uptrend on the daily.

Time will tell as always.