Replies to post #1125 on Zeev's Turnips Patch-No Politics (ZEEV)

[wstera2]

15:18 ET Veritas Software may be losing share-- Pac Crest (VRTS) 18.52 -0.79: Pacific Crest is out with some cautious comments on VRTS, saying the co may be losing mkt share to privately-held competitor Commvault, which told the firm it won 97 deals in the latest qtr, up from 60.

15:09 ET Preannouncement rumors : The market is rife with rumors about preannouncements: General Electric (GE) is getting the most play, though it announces results Friday making a preannouncement highly unlikely - it could be that there are bets on downward guidance; unusual activity in out-of-the-money puts has been noted on GE. IBM also mentioned as possibly warning; they warned last quarter at about this time (Apr 8). Finally, a number of software players mentioned: SEBL, PSFT, SAP - all of which are certainly plausible given the many warnings already seen in the sector.

[LG]

Zeev: The NDX closed yesterday's gap-up and at the same ttime tagged its 61.8% retrace level (994.62) of its rally off the 7/3 pivot low. The Naz should be in the neighborhood of completing its retrace.

QQQ 61.8% retrace is (24.73) which also fills its gap-up yesterday.

I am looking for the 84.1% retrace level (513.12) to hold for the NYA.

My shorter-term and medium-term intraday models are all legging into over sold ranges. And, my composite tick is moving up and close to positive...

Edit: The market should be near the turn that delivers the second leg of the rally off the 7/3 pivot lows. Time will tell, stops in place as always...