Tuesday, July 20, 2010

Guesstimates on July 20, 2010

September S&P E-mini Futures: Today's range estimate is 1045-1065. The drop from last week's high at 1099 should end today or tomorrow. I still think that a new upward leg in the bull market started from the 1003 low.

QQQ: A new upward leg in the bull market has started. Initial target is 47.50.

TYX (thirty year bond yield): Long term support is at 3.85%. The bonds will soon begin a move to 5.40%.

TNX (ten year note yield): Long term support is at 2.90%. I think that the notes will soon begin a swing up to 4.50%.

Euro-US Dollar: A move into the 135-40 zone is underway.

Dollar-Yen: A rally to 100.00 is underway. Support is now at 85.50.

September Crude: I still think crude oil is headed for 50.00.

GLD – August Gold: The odds are that the market will continue upward to 1320. But any weakness below 1150 will mean that a drop to 875 has begun.

SLV - September Silver: I think silver will rally to 21.50 and then begin a move to 10.oo.

Google: The 450 level is now support. A move that should take GOOG above 700 will begin soon.

Apple: Should reach 350 (at least) before the bull market ends. Support is at 240.


Naveedah said...

Beautiful Guess Estimates Like Always!1052 strong buying point and 1065 was best to go short...Amazing!
US Futures/Europe were both flattish until ~5:30am before selling pressure picked up. No
clear reason for the weakness – few weak #s out of US last night/Europe this morning (TXN, IBM, TUP, C&W, Alstom). The Hungary bond sale is being described in the press as a disappointment. On the financials, there is some disappointment ahead of GS.
Europe trading: selling pressure in the industrials and financials. Alstom is off 2% post earnings. Philips extends its selling pressure (rptd disappointing earnings Mon morning).
AXA, SocGen, Agricole, and Generali are among the weaker financials. On the upside, NOK is up 3% following WSJ article talking about the co searching for a new CEO. In London, C&W is off 17% after today’s weak profits warning (this is weighing on telcos across Europe – BT, Telecom Italia, etc).

I am always grateful to you as You are my only guide and learning everyday from YOU!
Live Long and Happy!

extrader said...

I would have to agree with Carl and think that todays low is the end of the pullback and we go up from here. In my estimates it is a 38% Fib retracement and also the 3month chart of SPX looks like an inverted H&S pattern is forming.

June 8 = L Shoulder
July 2 = Head
Today = R Shoulder

If market holds here and we go up past 1066... think we go eventually higher than 1100!