Replies to post #83370 on Zeev's Turnips Patch-No Politics (ZEEV)

[Babylon]

Are you kidding me? If I used the same curve for anyone else I knew, they would fail miserably in comparison. You're far too modest to say it, let alone admit it, so I will for you.

[mlsoft]

Zeev...

I think that was a "pro-forma" congratulations on your call today.

If you were to look up "ugly rally" in the dictionary, today's rally would be the standard of perfection.

Whatever else one wants to say about the markets, two things seem obvious to me. First, they are propping up the markets with a relative handful of key stocks - INTC, MSFT, CSCO and other similar candidates. Second, away from those stocks, they are unloading heavily into the market as can be seen in all the new lows. The number of well known names on the new low list indicates that the selling is serious and we are probably headed to at least test the old lows.

I suspect that after a brief bounce, we will see new lows. Should the market gain some downside momentum, a waterfall drop is possible, in my opinion.

mlsoft

[was Steve]

Zeev,

NYSE new highs hit a the highest level since jan 21st. Doesnt mean a whole lot. Perhaps a bit of leadership is starting to emerge. did not get a similar action in the nas.

I tell you one thing, if this does rally somehow it will have to go down as one of the stealthies rallies ever.

disclosure: I am looking to take strength tomorrow (if any) as an opportunity to get short via puts and invrse mutual funds.
steve