Guesstimates on July 22, 2010

September S&P E-mini Futures: Today's range estimate is 1070-1090. The drop from last week's 1099 high ended at Tuesday's 1050.75 low. The market is now headed for 1145-50. I think that a new upward leg in the bull market started from the 1003 low made July 5.

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.