September S&P E-mini
Futures: Today's
range estimate is 1311-1331. Should the ES stat spending time below 1310 I will
conclude that the market will continue down to 1280 before the swing to new
bull market highs resumes.
QQQ: A move to new bull market highs is underway.
TNX (ten year note
yield):
The 10 year yield had dropped below the low of its recent multi-month trading
range. I suspect that QE III is just around the corner. If it is yields will
head back up to 3.00% and higher.
Euro-US Dollar: The market has bounced
off of 1.2250 support. Resistance above the market is at 1.2680. I see no sign
that the decline is over. Indeed EU survival will require a much lower euro
than we see now. I think the market will eventually drop well below 1.1500.
Dollar-Yen: This market is headed
for 75 and lower.
July Crude: The market is headed down to
75.
GLD – August Gold: The
market has dropped to the vicinity of the September and December low points at
1544 and 1529. I think a sustained up move is underway.
SLV - July Silver: A sustained move up is
underway.
Google: Google should hold
support near 562 and then resume its
move up to 750.
Apple: So
far AAPL has held well above its low at 528 (I think the reported 522.16 low
was a bad tick!) even as the S&P and the Dow have broken below their
corresponding lows. This is a very bullish development. It makes me think the
AAPL is now in fact headed above its 644 top instead of to 520 as I had thought
previously.
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