Carl, the turnips had few good days ahead of us, but one of them (the put call ratio) collapsed from 10 yesterday to just under 1 today, the bulls are back and the bears are scared, not good for the bulls. I guess we will open weaker on Asia, but will have some recovery in later trading, we must dissipate a little more of the oversold condition and will be fueled IMHO, by bears covering their shorts. I now see CYMI reaching 38 over the short term, but then, beware. Those bears are really gutless, yesterday they were all over the place buying puts in abandon, and a meek rally sent them back into hybernation. We need a high put call ratio if we are going to hold 8250. If we do not hold 8250, the bears will win this round in a big way.
Zeev |
