Thursday, July 05, 2007

Guesstimates on July 5, 8:50 am ET

Spiders - September S&P Futures: Upside targets are 1570 for the S&P’s and 155.50 for the Spiders. Support in the S&P’s is 1523 and in the Spiders is 151.00.

QQQQ: I think the Q’s are on the way to 48.70.

TLT - September Bonds: Support in the bonds is at 106-20. Next upside target is 108-20. I think the bond market is in the middle of a multi-week rally of at least 5 points. TLT should move to 86.50.

September 10 Year Notes: Support is at 105-00 and the next upside target for the notes is 106-16. I think the market will rally at least 3 or 4 points from its low at 103-21.

Euro-US Dollar: The market should stall near its last top at 136.80. I think that the market will eventually drop to 125 or lower before it goes as high as 138.

Dollar-Yen: Next upside target for the yen is 125.50. Support is at 122.30. I expect to see the yen trade at 130 later this year.

XLE - OIH - USO – August Crude: Crude has broken above its important 70.00 resistance level so I think it is now heading up to 76.20. If I am right about this XLE should rally further to 76 and OIH should hit 190. USO should move up to 56.50.

GLD - August Gold: I think GLD has started downward and will drop below 60 on its way to much lower levels. August gold should hold resistance at 665 and drop below 600.

SLV - July Silver
: SLV is on its way below 120. July silver should stall at resistance near 1295 and is headed below the 1200 level.

Google: I think Google is headed for 564. Support now is at 512. Next upside target is 552.


Anonymous said...

Carl, your Q's target was hit, while SPY continues to show relative weakness and is seeing resistance to print a higher high . How do you think the current non-confirmation will unravel?

Thanks for your great work, as always!

Robert said...

And we are there!

I am quite amazed how fast those QQQQs hit 48.7. Where now? Doesn't seem like a correction is imminent, in fact, quite the contrary.


Gary said...

It would certainly not be irresponsible to think the S&P will eventually challenge the all time high. If it does I would expect the Q's to contiune rising as well. So $50.75 doesn't seem all that far off. I think the point and figure charts still show a $57 price objective.
Did anyone else see where investors intelligence is showing the largest number of advisors in ten years predicting a 10% correction in the next 12 months. We need to elimanate this negativity before the markets can mount a serious decline. IMO