September S&P E-mini Futures: Today's range estimate is 1106-20. The market is 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.
5 comments:
GM!
I remember to predict 945-950, many
like me were so bearish.You Saved.
Thank you and great 1106--1120,
Thanks and Happy Day!
RSI for the VIX index registered a reading of 38.98..the lowest since the top during the week of April 12, 2010.
Also, NDX clocked a powerful Three White Soldiers candlestick reversal pattern.
Market internals becoming healthy. 1,145-50 seems very realistic.
I think Apple will go just above the psychological 300-level, all the bears will be f-up there and take their huge stop loss.
300-320 will prove to be the perfect level to short Apple and hold that position for about 6-12 months with a target of 100-150 USD.
This target will be reached when this happens:
-SP500 tops out at 1250 and gets down again towards 800 level.
-Apple have to pay billions of dollars to companies like Nokia and Qualcomm for breaking their patents.
-iPhone4 and iPad turns out to be a disaster
-Steve Jobs dies because of his desase (cancer or HIV / AIDS)
I think today's pullback is just a minor one, relieving some overbought conditions and that SPY should be at 116 soon.
But Carl what's your take on this article that states that short-selling is at an 2-year low?
http://www.bloomberg.com/news/2010-07-26/short-sales-drop-to-two-year-low-on-stocks-worldwide-data-explorers-says.html
Makes me pretty fearful..
Carl
at my ESU10/30m chart,the price shot up 5 pts after the disappointing 7:00am consumer report, then crashing down just as quickly as it shot up.
I reversed myself twice and lost $1,000. Could you advise on how can I better mentally handle this kind of situation? Thanks.
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