Monday, August 25, 2008

Guesstimates on August 25, 8:20 am ET

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:

Anonymous said...

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.