September S&P E-mini
Futures: Today's
range estimate is 1431-1444. The ES is
headed well over 1450 but first it is likely to react from the vicinity of 1442
which is the level of the May 2008 top.
QQQ: A move to 76 is underway.
TNX (ten year note
yield):
The bond market is anticipating a
revival of economic activity in the US. The 10 year yield could easily push to 2.50% or even higher.
Euro-US Dollar: Resistance above the
market at 1.2600 has been broken. Yesterday the ECB announced its intention to
support the Euro by sterilizing its prospective bond purchases. It rarely pays
to fight a central bank intent on supporting its currency. Given the likelihood
of further easing by the US Fed I think the monetary situation favors more
upside in the Euro from here. 1.2950 and
1.3450 are my next upside targets.
Dollar-Yen: This market is headed
for 75 and lower.
October Crude: The market should stop
near 96. I think the next development
will be a resumption of the bear market in crude. Next downside target is 66.
GLD – December Gold: The
market dropped a few weeks ago to the vicinity of the September and December
low points at 1544 and 1529 and has started to rally. I think a sustained up
move is underway.
SLV - December Silver: A sustained move up is
underway.
Google: Google held support
near 562 and now is headed up to 750.
Apple: AAPL
is headed to 690-700. Support stands at 645.
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