Thursday, July 16, 2009

Guesstimate on July 16, 2009

September S&P E-mini Futures: I think this rally has strong legs and will carry the e-minis into the 965-80 zone and eventually over the 1000 level over the next few months. I estimate today's day session range as 915-935.

QQQ: The next upside target is 39.90.

TYX (thirty year bond yield): Support is at 4.20%. I think a swing to above the 5.00% level is underway.

TNX (ten year note yield): Support is at 3.25%. I think a swing up to 4.30% is underway.

Euro-US Dollar: There is no sign of a top. Support is at 137.50 and I think the market will continue upward to 146.00.

Dollar-Yen: The yen has reached the 92.50 downside target and soon will begin a move up to 105.00.

August Crude: The trend in crude oil is now downward and will carry the market as least to the 55.00 level. Resistance above the market is at 65.00.

GLD – August Gold: Support at 920 was broken. I want to give this uptrend the benefit of the doubt so I will wait for weakness below 900 before I conclude that the market is headed much lower.

SLV - September Silver: Silver is headed to 1700. Support is at 1250.

Google: Support is at 395. Next upside target is 500.

1 comment:

septizoniom2 said...

i read your blog daily.
i note that you rarely relate your calls on market direction to macro economic issues or valuation issues. i also note that you make the same bullish call virtually daily. would you tell me why you don't relate or anchor your posting to analysis of macro or valuation issues? if it is just you are basing all on sentiment, so be it, but please make that clear.