Replies to post #244369 on Zeev's Turnips Patch-No Politics (ZEEV)

[nomoweed]

Funny how there are conflicting accounts of what he said/didn't say.I can't believe that cranky old man would cream all over himself and go supa bullish.

[Alchemist]

Beardude,

While I agree staying defensive is a good idea (I still have 50% ammo left in my longer term account) I don't agree that the futures have to be up big for this to mark a bottom.

From my research, days after wide range days tend to be 50/50 as to whether they gap up or gap down, irregardless of what happens afterwards.

Look at 10/28/97 and 10/8/98 wide range bars, for example. Now that 10/8/98 bar was the second bottom after a double bottom so even if this is the local bottom it is possible we double bottom at some point.

P.S. Good calls lately!