9 Next page… values as high as 415.13 in June 1999
and 282.95 in January 2004, ran as
low as 16.01 last April and remains
mired in modest double digits. We
have already seen crucial signs of a
breakdown in the upper chart.       Should Momentum move into the
negative, an event that may very well
have occurred during production of
this issue, there will be no doubt
whatsoever that the S&P is in full
bear mode. That means we could see
the S&P 500 sink to 1,000 by October.       So here’s the play: Buy the SPY
September 120 Puts (SPY UP) any-
where under US$4.10 (currently trad-
ing between US$3.70 and US$3.90).
For every 10 points the S&P loses,
these puts rise around US$0.50—a
13% increase. So if the index does
sink to 1,000, that’s a potential 245%
gain.       Adam Lass is the founder of the
WaveStrength technical analysis
system. He also writes for the daily
WaveStrength Market Report and
WaveStrength Radar e-letters. ¦ E X P L O S I V E    P R O F I T   O P P O R T U N I T Y Wealth from the web: cash in with this sorely
undervalued, classic “breakaway” stock If you read the Taipan Group’s free e-letter—the   247profits e-
Dispatch—you might r  emember
comments I made in my guest edito-
rial on Friday, April 29.       If so, you won’t be shocked when
I tell you that I’m recommending
shares of Imergent Inc. (IIG:AMEX).       It’s quite simple. IIG is a juicy
porterhouse that the Wall Street
hounds will fight over for the rest of
this year. IIG is a classic “breakaway”
stock. Plus, it’s sorely undervalued.       You can pretty much buy any
product imaginable over the
Internet. From prescription drugs to
aircraft parts—you name it, it’s out
there. And every day, thousands of
new e-merchants are getting online.       The major reason for this rapid
growth is money. There are huge
profits available online. Last year alone, online spending totaled over
US$117 billion. So how would you
like a chunk of that change? By William Colburn www.taipanonline.com