September S&P Futures: Friday’s action convinced me that the market is headed up to 1282. Today the 1250 level is support. I also think the market ended the drop from the May 5 top at last week’s 1229 low. A move to new bull market highs is underway.
September Bonds: The bonds didn’t rally Friday as I thought they would and this morning had dropped close to the initial 105-12 target. From that level a rally of 25-30 ticks is likely but then the swing down from 108-16 should resume.
September 10 Year Notes: The notes will probably drop to 103-24 before a rally of more than 15 ticks develops.
Euro-US Dollar: The market has rallied from the 124.76 level and will probably reach 125.90 before the drop resumes. The next downside target is 124.30. An extended drop which should carry below 116 is underway.
Dollar-Yen: The yen didn’t quite make it to 117.00 resistance but now appears ready to drop to 115.50 or so. The market is in the early stage of a move to 130.
August Crude: The market has reached resistance at 70.80 and now should drop to 65.70.
August Gold: Gold has now completed a three phase rally and will probably drop to a more important low in the 530-35 range.
July Silver: Silver reached 1066 resistance and should now drop to a more important low in the 920-30 range.
Google: Support is at 380 and I think GOOG will soon rally to 430. I expect to see the market reach the 450-500 zone this summer.
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