Monday, July 23, 2012

Guesstimates on July 23, 2012

September S&P E-mini Futures: Today's range estimate is 1338-50.  The ES is headed for the 1405-1420 range.  
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.
September  Crude: The market reached resistance at 93 yesterday.  I think the next development will be a resumption of the bear market in crude. Next downside target is 66.
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 - September 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.  

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