September S&P E-mini Futures: Today's range estimate is 1104-1122. The market has resumed its move to 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 – 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 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:
GoodMorning!
China kicked things off this weekend w/its manufacturing PMIs and in the US we get the ISM manufacturing (Mon; St looking for 54.3.
Event calender:
Mon Aug 2: earnings before the open (VRX, HLS, AGN, ASF, MCY, LPNT, CNA, L,
OSK, BNP, UCB, Ricoh, HSBC, HUM, B, AB); earnings after the close (UDR, EXTR, KALU, INSP, STXS, VVUS, SVR, BGC, CRL, TNS, HOLX, SNCR, PWAV, FMR, PFG, VRSN, SVR)
Two speakers to watch – Bernanke @ 10:15pmET and Geithner @ 4pmET – both on Monday.
with safe & happy day wishes.
Isn't ES @ 1300 & Crude @ 50 contradictory?
In 1999 crude oil was @ $11.00 and the S&P500 was trading @ 1300. I assume you were not trading the market at that time?
Crude is going to $5 on this go-round.
GeorgeSwinton, is your last sentence meant to be a joke? Or was it a typo? Did you mean it's going to 50? Below 50 seems unlikely in today's world, 5 seems impossible.
Still have an open gar from this morning at 10am where the market may want to fill it today or tomorrow...
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