Zeev's Turnips - No Politics Message Board

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Strategies & Market Trends : Zeev's Turnips - No Politics

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To: orkrious who wrote (6743)	11/19/2001 5:12:09 PM
From: Zeev Hed	Read Replies (4) of 99280

I don't see any major resistance until about 2102 (some minor resistance at the old 2079 level). Yet I cannot develop enthusiasm for a market going to new recovery highs with new highs lagging (both on the NYSE and Naz), the volume under the late October's peak, the equity P/C ratio under .5 (at .45). I could accept such in the latter part of a major bull move (and allow for momentum continuation for extended time periods), but not on the first leg up. So I still have to stay with a major reaction to this move till the middle of December. When and from where it will start, I have no idea, but as I said, I am not chasing it, got back into few laggards, but still above 70% cash here. I think that I will have better opportunities later. What worries me is that a run here to the 2100 area will really set this market up for disappointment if it falls, and then the "to da moon" (3000 or so by the middle to Autumn next year) phase will become more difficult. Good bull moves need strong foundations and good retest of their bottoms, we have not had any of that here. Zeev

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