Zeev's Turnips - No Politics Message Board

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

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To: mishedlo who wrote (59414)	5/1/2002 8:12:10 AM
From: Justa Werkenstiff	Read Replies (1) of 99280

M: Re: "I say Cycle high could easily be May 7." But a smaller possibiltiy exists that it could be a low. Re: "Of course that depends on what we do from now till then which is why I say screw cycles." This has nothing to do with cycles. It has everything to do with the tendency, for whatever reason, for any excesses in the market to correct going into the Fed. meeting. And so it is impacted by what has happened in the immediate past and not so much the future as you suggested. Here we are coming into the week with a monster oversold reading and so the call is that that excess will correct going into the FOMC and for the bias to be up. The FOMC umbrella start to impact the market with increasing significance starting tomorrow. The smaller possibility of a low has to do with the fact that the Tuesday "bottom" has a few days lapse until the Fed. meeting umbrella gains momentum into Friday's close. If we close down today with a high trin, odds would increase for the Fed. to be a local low. This a a lower probability event. Re: "MAY 7 is a key date." Fed. dates are often local pivot dates.

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