Guesstimates on July 21, 8:50 am ET

September S&P Futures: The S&P’s are headed for 1280.  Meantime support is at 1252.  

September Bonds: The bonds are headed for resistance at 108-20 and then for 110.  Today support is at 107-02.  

September 10 Year Notes: The notes should rally to 106-08 and then to 107.

Euro-US Dollar: It looks like the market is going to rally close to its last high of 128.59. My target for the moment is 127.80. The market is headed for 123.00 and eventually much lower than that.

Dollar-Yen: I now believe that the yen will not hold support at 116.20 but will instead drop to 115.50 before resuming its up trend. I still think the yen will reach the 130 level over the next year.

September Crude: Downside target is 68.00.

August Gold: Resistance above the market is at 650. Weakness below 620 will confirm that the big droop below 500 that I think is underway has indeed begun.

September Silver: I think silver is on its way below 900. Resistance above the market is at 1130.

Google:  Support is at 386 and I think GOOG will soon move above its last high at 455.