Monday, September 08, 2008

Guesstimates on September 8, 8:15 am ET

Spiders - September S&P E-mini Futures: I really don’t know what to make of the sharp rally which has occurred in response to the Fannie and Freddie bailout news. Here is how I am going to play it. A close today above 1285 will tell me that last week’s downside action was a massive shakeout and that the market will be headed much higher. In the meantime I see 1283 as resistance above the market today and 1250 as support. 

QQQ: Support is at 41.50 and resistance above the market is at 45.00. 

TLT - December Bonds: I now think the market will reach 123 before it heads lower.    

December 10 Year Notes: I now think the market will reach 120 before it heads 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 98. The 112 level is resistance. 

GLD - December Gold: Gold is headed for 700.  Resistance above the market is at 840. 

SLV - December Silver: Resistance is at 1390 and the next downside target is 1100. 

Google: Google is probably now headed for 375.  

5 comments:

Anonymous said...

yes I think this is the right conclusion........ a close above 1285
is key for further bullish price action, still I think the trade is to first fade this monster gap

cheers
Susn

Anonymous said...

it is funny to see how sometimes the markets are just behaving like human beings... change some words and youll'have it ! :-)http://en.wikipedia.org/wiki/Antidote
Good trading all ! MC

Anonymous said...

markets are not the financial instruments being traded, or their prices. markets are the human beings buying and selling them.

Anonymous said...

Everyone missed the bailout news day trading! You should stayed long stocks!!! It was so clear the gov't was going to bail everyone out and the market is head above 1650 in the S+P by year end. Buy treasuries on this dip, rates headed much lower. The Fed will do a rate cut soon. We are in a massive bull market!! More bailouts coming!!!

Anonymous said...

All I know is that the Government won't let this market FAIL. Too much on the line. It is a matter of national security. So I trade with Paulson and bernanke who have my best interests in mind. they're going to take this market to new highs and show the rest of the world who rules this planet. people complain about our huge debt but only the USA is privileged to have a limitless credit line. We are good for it based on our intellectual and entrepreneurial superiority. No other country can boast of this. we made China what it is and we can take it away. We hold europe on a leash and we almost own the middle east. Iran is our next aquisition and Russia hasn't finished breaking down. So let the the good times roll and don't worry. America is great and we will prosper as usual.

Paul - a true Patriot