Spiders - September S&P E-mini Futures: The S&P’s have traded as high as 1372 this morning and I think the next significant move will be downward. The 1375 level is resistance today. My downside target remains 1300 but from there I think the market will move up to the 1500 level.
QQQ: I now think the Q’s will drop into the 45-46 range before this reaction is complete.
TLT - September Bonds: The bonds are getting close to their 111 target but as yet I see no sign of an important low shaping up. TLT has nearly reached its 88 target.
September 10 Year Notes: The notes have reached the 111 level but there is still no sign of a significant low. I think the market will continue down to 109.
Euro-US Dollar: Resistance is still at 158.00. I think the market is on its way to 140.
Dollar-Yen: The yen is headed for 112.00. Support is now at 103.00.
XLE - OIH - USO – July Crude: Long term resistance remains in the 135-37 range and makes me think that the market’s next big move will be downward into the 112-115 zone.
GLD - August Gold: I think gold is headed for 750. Resistance is at 910.
SLV - July Silver: I think the trend in silver is downward and will carry the market at least to 1400.
Google: I now think Google will drop into the 500-510 range before this reaction ends.
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