Spiders - September S&P Futures: I think that a move to new bull market highs has begun. Today there is resistance above the market at 1505 in the S&P’s and 150.00 in the Spiders. Support is at 1475 and 147.00 respectively.
QQQQ: Support is at 48.10. Upside target later this year is 53.00.
TLT - September Bonds: I think an extended drop all the way down to 103 has started. The 109-16 level is resistance. TLT shows strong resistance near 87.50 and should soon begin a drop to 80-81.
September 10 Year Notes: The notes have strong resistance at 107-24 and have begun a drop to 102 or so.
Euro-US Dollar: Resistance today is again at 138.50. Strength above there will make the next upside target 141.00.
Dollar-Yen: The 117.50 to 119.00 is strong support in the yen and I think a low will form there and be followed by a move to 130.
XLE - OIH - USO – September Crude: It looks like crude oil has started a big move downward. The 66.00 level is the initial target but I think that the market will drop below 50.00 over the next 12 months. Both XLE and OIH are headed much lower. The 57.80 level looks like the ceiling for USO.
GLD - December Gold: I will stick with my 705 upside target for the futures unless gold shows weakness below the 660 level. In any case the next 100 dollar move should be down. I think GLD will drop below 60 on its way to much lower levels. Resistance in GLD is 68.50.
SLV - September Silver: Weakness below 1250 in the futures will convince me that an extended drop has started. Meantime I shall stick with my1370 upside target. SLV should bounce off of resistance near 133 and then drop below 120.
Google: I think the market will hold support near 497. Next upside target is 580-85. Google will trade above the 600 level later this year.
15 comments:
Hi Carl:
with a 180 point loss in the DOW (so far) ... maybe the move higher is post-poned for a few days, weeks?
Thx for your blog! It's great!
solar eclipse of september 11 2007 looks extremely bearish.
eclipse is conjunct saturn, 180 degrees uranus, 90 degrees mars and jupiter.
All the signs are there for a BEARISH ASTRO CYCLE and possibly severe market decline
Make it 380 points on DOW.. All supports are broken..
Another great call, Carl Futile!
Can't wait to read what you'll predict for tomorrow. Let me guess: the SPX will decline back to 1427, gold will plunge, oil will plunge.
Given your track record, I assume that means the SPX will rocket higher, gold will jump and so will oil.
Keep up the great work Carl Futile! You're the best fade on the Internets!
Thanks for the great blog Carl,
Looks like the SPY & DOW topped out at their 62% Fibs. Down from here. At least test most recent lows on this 3rd leg, quite possibly the Spring lows.
My 2 cents.
Chris
As my one of my favorite New Yorker cartoon said years ago "Think AHEA d".
Or as it pertains to any market when your chosen support level after support level is broken "RECONSIDER (the direction)!!!"
Hey Anon @ 5:00 PM.
Best get all those childish insults out of the system quick, junior high starts back up in just a few weeks.
(I know you won't print this Carl but I couldn't resist)
Chris
dude, u must be on drugs......
Carl,
In the about me you wrote, "My main tools are the theory of contrary opinion and my box theory. ".
90% of the folks on the street still think we hit new highs this year.
Are you trading the contrary opinion or are you now part of the opinion.
Carl
I hope your wife is working to feed the family. becasue your calls a shockers.
did I read this correctly somebody called you Carl Futile ... I think I have written it before here a couple of times that your approach is very limited and like most predictions are lucky to have a 50% win ratio , yes you have only blogged for 2 years and sometimes Carl it is good to re-evaluate ones approach in the face of changing market conditions. I just hope that your trading account ... if you do trade is surviving.
Why bother to publish this blog...?
It seems to me when I look at your hits that there are not many good trading blogs out there if people still read yours.
Your approach totally lacks timing and market sensitivity... in the end everybody is right sometimes.
You have been wrong most of the time with the currencies and crude over the last 2 years, with the stock market I would say 5 calls out of 10 were right . I would suggest to go back to work and study harder your charts. Everybody can get it wrong sometimes but you are in a hole currently.
Carl, today might be the day to actually be contrarian....oh boy your trading account must be deep,deep under water.... of course if you have one.
Which brings me to an interesting thought I actually believe that you are not trading at all... a paper tiger more or less, just doing everything on a hypothetical basis... how close am I ?
Yes I thought so.
buy,buy,buy this market Dow 14.000 by next month
today all readers of Carls blog need to come together and support his views, please place your Market Buy orders on the open...
This is an ORDER.
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