Replies to post #282794 on Zeev's Turnips Patch-No Politics (ZEEV)

[JMK]

That would mean Comp around 1930 - 1960. A 150 to 180 point move in 7 trading days. Sure a possibility but it would take a pretty good trigger to generate such a powerful move IMHO. It would be easier for the MM's to go the other way and make a good washout bottom.

As some say here, we will know in the fullness of time. I am staying on the defensive for now.

JMK

[ajtj99]

I have it at about 1390 NDX, but the SMH pain could be as low as 31.60 right now (400 SOX). Orthodox SOX Pain is 412.

The dragonfly in the ointment is the SPX and Dow. Neither of those indices look like they've bottomed. The SPX looks like it's built a bear flag off the lows on the 60-minute, as does the Dow.

The VIX daily is also holding above the 50 level on the RSI-5, which suggests a higher VIX move yet. That combined with the lower VIX readings today and low put/call make me a bit leery of this low.

There's always something unsatisfying about the lows when we get them, but instead of one thing here there's about 10 things that are bothering me about this low.