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Pastimes : The Philosophical Porch
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To: Rarebird who wrote (3124)7/11/2008 12:20:23 PM
From: $Mogul   of 26251
 
The morning's University of Michigan June reading showed the index at its lowest level since 1980, marking the third lowest reading in the history of the survey.

The only times in the history of the S&P 500 futures or tracking fund (SPY) when the S&P hit a 52-week low and reversed to close in positive territory (like yesterday), then gapped down 1% or more the next morning, were 03/02/01 and 09/17/01. Neither marked an exact intermediate-term low, but both marked trading lows, at least in the very short-term.
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