Thursday, August 26, 2010

Guesstimates on August 26, 2010

September S&P E-mini Futures: I think yesterday's 1037 low ended the drop from 1127. Today's range estimate is 1050-1067. 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. Next upside target is 50.00.

TYX (thirty year bond yield): The thirty year yield has dropped well below long term support at 3.85%. I think the market is at a juncture like that of December 2008 - fast drop in yield that will be followed by a fast rise. 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. I think that the notes will soon begin a swing up to 4.50%.

Euro-US Dollar: Support is at 126.00 and from there a move into the 135-40 zone should start.

Dollar-Yen: The yen broke decisively below its 85.50 support. A drop into the 78.00 - 79.00 range is underway and I think an important low will form in that zone.

October 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 440 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.


Michael said...

I would have expected a bit more positive momentum... a day with positive economic news in eu and us

extrader said...

Think the market has seen the lows for today at 1050, and should turn up and test the 1058 area as i see the 1058 and 1064 areas resistance... If the market hurdles 1064, my bias will change to Bullish!