Hey, Carl, keep off my turnip patch (VBG), Wed's are their "reversal day" remember? <VBG>. If you remember, late in February I turned bullish (and after few days of hesitation, but rematch of the low) we indeed turned and challenged 10,000. If I remember correctly I stated then a new high on the DOW but not on the NAZ and a turn down plus minus a week from the first of April. It seems that the market followed this scenario. I also stated that the SOX will already be folding much earlier (and does it). As for the immediate action, I do not see a close above 10,000 in the first half (what is left of it) and despite window dressing and 401 k monies in the first week of April, the major bias will be down. As a matter of fact, the Turnip just delivered a forecast of 9350 on the DOW being challenged before the end of April, and if the challenge does not hold, they have still the same 8250 to 8400 as a bottom before the end of June, quite a steep "retrenchment" from here.
Zeev |
