A few things, Shack. First... iii of 3 down has been a myth for a long time. Probably will be here, too <g>
Second... I know that for weeks know, zeev had expected a decline with the low being this week (including Friday) most likely contained by 1842. Later, he had raised that to the likely low being 1865/1880. My guess is that he's simply playing his plan. I am surprised he'd think this multi bottom on the Compx would hold, but he also has a wide range of stocks, not all of which are gonna be tanking. And if we stop at 1865 in a wee slide in the morning (and hey, that could easily happen, as could a gap up!), then he'll do fine.
Personally, I think the rally from whatever low we do peg will come back over this level, so he's probably okay in that respect too. I don't like fading him either, so I'm surprised to see that %. But as Zeev would say... he's no virgin to being wrong, either. But just like we've got a read, he does too. And since he's been right for the last few weeks, he'd be silly not to play it if the market is doing what he expected it to do.
Personally, these gyrations of the past few days have me confused enough that I need to take a new look at everything. A few stocks like BRCM look baaad. And LEH, which I always like to watch, looks like it's got at least a few more points down right ahead... and like LXK yesterday, it COULD be done with a B wave.
the freep |
