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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: marginnayan who wrote (721)10/17/2001 5:27:17 PM
From: Zeev Hed  Read Replies (4) of 99280
 
I think that the direction rather than absolute value of consumer confidence is important, and I expect after the recent events that this will turn around. It is very simple, all last summer I have been harping for a "capitulation", we got it, time to change and adapt a new stance. Those that really wanted to sell capitulated and sold IMTO. There is always a second and weaker wave of those that say "Oh almighty one "if I just get out at this or that price", I promise not to so and so...", well that is what I expect will cause the next wave down, but it does not happen in a sharp move like today's retreat, you get a solid distributory phase before, thus my call for a top into November. I know October is often a very bad month, but I doubt it will be this time around.

Zeev
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