Zeev dont you think a trip to 1050-1065 sp is inevitble as we test 200dma? And if it is wont Zaz/sox go considerasbly lower? Seems dow 9800-9900 and spx 1060 are what we need to scare the crap out of some. P/C ratio was very low today, something I believe is VERY bearish because it shows that the dip is being bought, and nobody believes we can go lower. If we continue down and P/C stays low it will be a mirror of 2002 where P/C stayed high in lieu of a big rally as everyone shorted the rally. My tell tale here determining if this selloff will continue will be how quickly people get defencive. So far I JUST HEAR ABOUT THIS EARNINGS RAMP, and spring rally. WHICH everyone is looking for, thus it wont hapen, or it will happen from much much lower levels. The huge increase in Raw materials, and fuel will drag profits this quarter, as will dollar bounce of 3-5%. Earnings may be good but not great. If so we will have a repeat of may 2000
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