Replies to post #13827 on Zeev's Turnips Patch-No Politics (ZEEV)

[wstera2]

12:40 ET Nasdaq smells of garbage : A huge disparity today on the Nasdaq between new highs (13) and new lows (97). However, a closer look reveals that there are few names of any significance to be found on the Nasdaq list of new lows. Biggest names are ERICY and PALM, both of which trade under $1 now. Most respectable name is PAYX. Many of the stocks distorting the Naz New high/low ratio are hype-era IPOs that are running low on cash and being left for dead. Among the more memorable names that can now be had for under $0.50 are CMRC (all-time high $165), PRSF (high $86), KOREA (high $84), SGNT (high $45).

[marginnayan]

But now you are going into October for this delayed rally. Earlier you had September at the most for the rally to peak . Any reason for choosing october for now ? October as you already know is usually not a good month for stock market ? Or this time it is different in case of a mini rally within the bear market ? Or is it due to upcoming elections in November ? Just trying to understand your turnip's forecast.

[mlsoft]

We got the swan dive I expected, and with the extra weakness in the techs - but I did not take into account the fact that CNBC (Pisani) was touting the importance of a close above the previous high of 8736, which meant that "da boyz" would rather die than let it close beneath that point.

I still seriously doubt that the NAZ can get above 1400, and really think the summer rally is already over, although a short rally might take it a bit higher if the Fed does cut rates. As some evidence of that being the case, I would point to ELX today. One of the hallmarks of an end of a bear run in the market is that it ignores bad news - that was clearly not the case today. I think the market will go to new lows, led by the tech, and particularly the chips, equipments, and software stocks, which are all still quite expensive for this economic environment.

Have a great weekend.

mlsoft

[Rich1]

Thanks for the kind words Zeev..Am aa litle concerned if not for the Bios COMP could have been down a lot more Friday..