The Big Boys, page-208

Ultra, you may be right, its difficult to understand a low like that with current dividend flows. But that's not really what I'm saying. There's a few relevant technical levels down there, but I had to draw my line somewhere. My comment is on direction of the market, moving into a significant bear phase. I don't need to know the bottom yet to trade that view. It will take many months to unfold so there will be plenty of time to pick the final low later on.