Tuesday, August 17, 2010

Guesstimates on August 17, 2010

September S&P E-mini Futures: The 1050-60 range is still my downside target. Today's range estimate is 1070-1090. I think that a new upward leg in the bull market started from the 1003 low made July 5.

QQQQ: A new upward leg in the bull market has started. Short term downside target is now 43.50

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): The 10 year yield has dropped more than I expected. Still, I think the next big move in yields will be upward. The 2.65% level now looks like support. 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 – December 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 470 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.

2 comments:

Naveedah said...

GoodMorning!
Technically, 1070 held as support this morning and 1087 looms as resistance on the upside (50day MA).
I w/my 13 girls traders enjoying our learnt work from you w/your g.estimates.
Tuesday, Aug 17th: US (Building Permits, Housing Starts, PPI, IP, ABC Consumer Confidence); Eurozone (Eurozone Current Account, UK CPI, Eurozone ZEW, German ZEW); Other (Reserve Bank of Australia August Meeting Minutes)
Sold yesterday's longs 1087,shorted
too,covered shorted again (average 1089.50)
I'm working 3.5 hrs daily on your blogs..What a learning and passing on these strategies too.
Believe in Dr.Carl,listen to soft music and enjoy trading!
http://listen.grooveshark.com/#/s/Tomorrow+Never+Knows/2zgYXC

YOU are a BLESSING!Sir.

tempo said...

Today bullish news of increased industrial production, mega buyout offer for POT, good WMT sales, low interest rates will likely trigger the retest of 1130. it appears a Normal ABC patten is developing on $ssec and $spx(A=1005, B = 1030 C=breakout above 1030 after current trading).