Replies to post #52481 on Zeev's Turnips Patch-No Politics (ZEEV)

[milton]

FWIW, today the Comp had it's second consecutive close below the 13ema, the first time that's happened since the rally began in Oct. I also notice that the 50ema happens to be right at 1367, which is a very familiar number. <gg> That seems a very reasonable target for this decline, and a good launch point for a bull run into Jan, BWDIK.

http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]daclyiay[db][pc50!c13!f][vc60][iLi14,3!Le9...

[mlsoft]

Zeev...

Yep - I guess my heart is more attuned to the dark side for now, based on how I read the fundamentals. I am normally a bull, but it has been a while since I felt comfortable as one in this market.

Actually, I had a very nice day today unless the carryover positions get me hammered in the morning <gg/ng>. The INTC cc could color things a bit, but for now I expect a bit more selling tomorrow because of the weight of the Iraq situation, but was hoping for a strong open anyway. Barring serious bad news out of Iraq, I look for a rally attempt next week to relieve the oversold conditions and because it would be rare for an intermediate term rally to make a new high and then go straight down without even an attempt by the bulls to reestablish the up trend.

My guess is that we will not see new highs and the rally attempt will fail, but as you know, that is just a guess and I have been known to be wrong <gg>.

mlsoft