Spiders - September S&P E-mini Futures: The market has rallied nearly 20 points from its early morning low at 1276.75. It is also trading above most of Friday’s range. Since I am basically bullish I just put back on my 200% long position at 1294.25. I think this up swing will reach 1340. Support today is at 1285. I still 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 - December Bonds: I think the market will hold below resistance near 118-16 and head much lower.
December 10 Year Notes: I think the market will stall near 116-08 and then head much lower.
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.
6 comments:
HEY CARL
TODAY is sept 2 the very day i have for a cycle top . the next 2 weeks should be bearish , im not expecting a strong down move yet i am thinking that many such as yourself are buying in at higher and higher levels and stopping yourself out as the mkt leaves you
un certain . i do repsect your work but i think you have lost your disapline and are getting cought up in the emotion of each days trading .
good luck dude
lol Suuuure... you went long at 1294.25.
My target for the TLT treasury bond fund is 115!! Buy treasuries on this dip!!! S+P heading to 1650!
Crude oil down $7.00 and the e-minis only up 10 points. Looks like this market has some business to do on the downside.
This is a vicious market. Both bears and Bull are being stopped out as a 40 point trading range is too large for almost anyone to handle. I will not trade this market now between 1310 and 1255. Catherine
Few week I have been lurking on this blog... love the way you set your trades. I thing dollar coming up is the problem... I'm from Europe and SP500 in Euro is going pretty well... so... maybe someone is selling heavy USA stock and adding European...
BTW it's very very strange to see TLT trading so high (so low in rates...) with the inflation numbers coming out... someone still belive FED is going to stop Inflation with rates at 2% ?
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