Replies to post #145472 on Zeev's Turnips Patch-No Politics (ZEEV)

[Carl D]

As I am short via USPIX, "if we move higher here on weakening leadership, it becomes more and more precarious" and "dangerous" market for me.

[The Freep]

Justa -- I'm sorry, but I still don't understand your snapshot comparison on the net new highs issue (and I know it's just a snapshot and all)

You write <<Now I wanted to focus on closing figures on the nasdaq and not intraday gap and craps as that might distort a snapshot comparison if the crap is 3/4s of the day. >>

But net new highs has nothing to do with closing figures. It has nothing to do with candlesticks or gaps and craps. It has to do with the action intraday, and how many stocks set new 52 week highs. So of course on our day of the 50 point Naz reversal... a day that hit 30+ points higher than yesterday and set a new Naz high... we're gonna have more net highs than we did yesterday. Despite yesterday's close near the same level as the 21st, the two days aren't comparable (a spike high in between and the 21st was the first time we'd reached this level on the naz). You have to compare apples to apples, and you are not.

I think it is more illuminating that we had fewer net new highs on that gap and crap day on August 22nd than we did on August 21st. That shows weakening leadership and is an apples to apples comparison.

But that's just me. And again, this has nothing to do with whether I'm bullish or bearish here.

the freep