If S@P 1280 doesn't hold, watch out below:
This is It!
Morning Market SnapShot for Thursday, August 05, 1999
1280 on the S&P 500 Index is the line drawn in the sand. It is the last swing low on the weekly chart. A decisive break of this low will trigger the “crash” scenarios we outlined in the July 30 column where we compared the present situation in the S&P to that of 1973, 1987 and to a lesser extent, 1998. When we say “crash”, we are not trying to ring the bell and say this is all that there will ever be, as most perma-bears have done for a number of years. We are traders, and as such, a crash means a serious pull back in the long running secular bull market since 1982. Yes, someday it will all end. It might be in a decade. It might be next Monday. The fact is that no one can predict the exact day, for when it looks the best, the market is always at its worse and vice versa. At the bottom in 1982, no one thought the market would ever get better and at the top in 1999, no one believed it would ever end. The bottom line is that the unexpected always happens and it always happens much too soon....
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