September S&P Futures: The dropped as low as 1296.50 this morning but I think this is still only the first phase of a longer correction which should end around the 1291 level. The next phase will be a rally from roughly this morning’s low into the 1303-08 range and them the third phase drop to 1291 will follow. Much high prices are likely later this year.
December Bonds: I think the bonds are headed downward to 106-24. Resistance is at 110-14. Short term support is at 109-16.
December 10 Year Notes: The market is headed down to 105. Short term downside target is 106-18. Resistance is at 107-04.
Euro-US Dollar: The 127.30 level has been reached this morning. I shall stick with my expectation of a move up to 130.60 as long as this support holds.
Dollar-Yen: The yen should hold the 115.30 level. Next upside target is 119.50. The yen should reach 130 over the next year.
October Crude: The market has dropped a little below 68.00 support and has nearly reached the bottom of the current box at 67.20. I now expect a rally to 72.50 or so.
December Gold: I am still short term bullish on gold and expect it to rally into the 665-670 range before the market turns much lower.
December Silver: I am still short term bullish on silver but the market is getting close to the 1350 upside target. After this rally a drop to below 900 should develop.
Google: Support is now at 369 and I think GOOG will soon move above its all time high of 475.
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