Tuesday, August 03, 2010

Guesstimates on August 3, 2010

September S&P E-mini Futures: Today's range estimate is 1112-1128. 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.

3 comments:

Naveedah said...

GM!
My estimates are 1116--1131,Ofcourse I will act on yours.
July Auto Sales in the US (will hit throughout the day)
Thanks and have a wonderful day!

Naveedah said...

RIMM is holding a product launch event on Tues (it is expected to reveal its new slider device and Blackberry 6 OS). The event is going to take place in NYC @ 10:30amET.
US (PCE, Factory Orders, Pending Home Sales, ABC Consumer
Confidence, Auto Sales)

Mattocks said...

Carl,

I enjoy reading your blog regularly. Have a look at the Geithner Op-Ed in the NY Times today proclaiming that we are on our way to recovery. As far as contrarian indicators go, I would imagine this would meet your criteria. Interested to hear your thoughts.

http://www.nytimes.com/2010/08/03/opinion/03geithner.html?_r=2&hp