Monday, August 26, 2013

Guesstimates on August 26, 2013

September S&P E-mini Futures: Today’s range estimate is 1653-63.  The ES is headed back to its June 24 low as 1553.
QQQ:  If the market starts accepting prices below 75 it is headed back down to 69 or lower.
TNX (ten year note yield): The upside yield target for the 10 year is 2.85 % has been reached but I think the market will move past this level to 3.50% over the next few months.
Euro-US Dollar: It looks like a move up to 1.400 is underway.
Dollar-Yen: The dollar-yen is headed for 107.00.
October Crude:  Crude is stalling at 108 resistance.  
December Gold:  Resistance stands in the 1425-50 zone. I don’t think the bear market in gold is over.     
September Silver: The market has reached resistance near 24.00 and will probably stall here before the bear market resumes.  
Google: Support is at 800 and I think the next step up will carry GOOG to 975.
Apple:  The 460 level is now support and as long as it holds I think AAPL will continue its rally to 560 or so.

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