Replies to post #319657 on Zeev's Turnips Patch-No Politics (ZEEV)

[Zeev Hed]

I am not sure what you means by "jack", but to me it means a sharp, though rapid retrenchment starting maybe even tomorrow or Tuesday. The futes are down a little but I think that by opening they may very well be back up, giving us a false breakout above the July highs on the Naz (and the March highs on the SPX). However, a retreat here should be bought, since I still think that my target of about 2275 on the Naz (see my August 6 targets for instance #msg-3751323) in January is quite achievable as a blow out top. My plan, reduce exposure a little over the next two days and step aside to see how far (if) a retreat develops.

[otraque]

I have RSI-5 COMPX as severely oversold; now 97 down from 99---but these levels have been maintained for 7 trading days.
But this can mean squat because it can be like in end December well into January last year where for 22 trading days we kept marching to rally's high. During that time RSI fluctuated from 99 to 50 rally upward action did NOT break until RSI-5 broke 50.
It hit 50 on 1/23 then had HUGE up day to highs of rally and broke down below 50 on 1/27/2004.