Spiders - September S&P E-mini Futures: I am 200% long at an average price of 1270.75. The 1270 level is support. I think this swing will carry the market up to 1340. I also think we are in the early stage of a move to 1500.
QQQ: Support is at 46.00. I think the Q’s are about to take a step up to 51.00. During the next few months the market should rally to 55 or higher.
TLT - September Bonds: The bonds are headed for 118-28.
September 10 Year Notes: The notes are headed for 117-20.
Euro-US Dollar: The trend in the euro is downward and I think the market is headed for 135. Resistance above the market is at 150.00.
Dollar-Yen: The market should reach the 112.00 target soon. Support is now at 106.00.
XLE - OIH - USO – October Crude: I think that the market is headed for 100. The 122 level is resistance.
GLD - December Gold: Gold is headed for 700. Resistance above the market is at 840.
SLV - December Silver: Resistance is at 1500 and the next downside target is 1100.
Google: The 460-80 range is good support and I think this market is in the early stages of a move which will carry it over 750.
1 comment:
With interest rates headed much lower then you predicted, don't you think the S+P will rally much higer then 1500? You should raise you minimum target to at least 1650. I think 1500 will be met within 2 weeks of the bailout announcement! I am a bit annoyed its taking the gov't so long to bail everyone out. We will have to deal with a liitle pain till then. But for now the yield 30 year treasury bond is heading well below 4% that should support the market.
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