Many posts on ET (including those by venerable traders) seem to indicate that the breach of SPY 87-88 level (May01-04 gap) is imminent. I am wondering if this idea has become sufficiently pervasive and essentially is already priced in. As a famous trading proverb says: "A watched level never makes any money" (an equivalent known to a layman as "a watched pot never boils"). I would like to suggest that based on the above belief (and ONLY on that) the odds are in favor of SPY holding 87-88 level for at least a month. Thoughts?