Guesstimates on July 11, 2012

September S&P E-mini Futures: Today's range estimate is 1325-41.  The drop from 1375 is unlikely to go lower than 1320. After this reaction is complete the move to new bull market highs will resume.

QQQ:  A move to 76 is underway.

TNX (ten year note yield):  The 10 year yield is trading below  the low of its recent multi-month trading range. The market seems to think that the Fed's easing actions will have the desired effect. If so yields will head back up to 3.00% and higher.   

Euro-US Dollar: Resistance above the market remains at 1.2760. The market looks like it is on its way to 1.1900.    

Dollar-Yen: This market is headed for 75 and lower.

August  Crude: A rally of about $15 is underway. Resistance above the market is at 93. Once that level is reached the market will probably resume its long term trend to still lower prices.    

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 held support near 562 and now is headed up to 750.

Apple: I think the market is headed above its 644 top and probably to 690-700.