Replies to post #121082 on Zeev's Turnips Patch-No Politics (ZEEV)

[Zeev Hed]

More importantly, though, the RSI dropped well under 70%, momentum is waning...I'd feel better with my outsized cash position if the BPCOMPQ behaved similarly, but it is still snorting.

Zeev

[opnion]

Justa to bolster your point on the $bpndx, it closed today at 85 it needs only to move to 84 to reverse back down on pnf. Accordingly even though some bulls would like to say that the action over the last 2 days was consolidation, I don't see it that way. Both summation indexes have closed with negative issues for the last 2 days. Believe me this isn't easy to do with the type of momentum that they have had. Also one other negative development today was the nyse h/l or $nyhl on stock charts. When you view it on pnf with a 21 box qualifier (what I always use) it has broken to the downside a bearish triangle today.

The spokes are falling off the wheels it seems, let's see how far down the road it can still run! lol

[market_watcher]

Crossed the 9 day EMA too, which ajtj postulates is a kind of line in the sand during a bull trend.

I have us having peaked out, momentum-wise, on the June 5th on a closing basis. We came close to that same level of momentum on the close Monday, but we've gone down since, despite the rise in price levels. I'm short since the Monday close, so I hope some downside momentum starts to build here, not just in secondary indicators, but in actual price movement.

Of course, as I write, the futures are up a ridiculous amount, but what's new?