Wednesday, August 08, 2007

Guesstimates on August 8, 8:50 am ET

Spiders - September S&P Futures: I think that a move to new bull market highs has begun. Today there is resistance above the market at 1505 in the S&P’s and 150.00 in the Spiders. Support is at 1445 and 144.00 respectively.

QQQQ: Support is at 46.90. Short term resistance is at 48.65. Upside target later this year is 53.00.

TLT - September Bonds: I think an extended drop all the way down to 103 has started. The 109-08 level is temporary support and 110-18 is resistance. TLT shows strong resistance near 87.50 and should soon begin a drop to 80-81.

September 10 Year Notes: The notes have strong resistance at 107-24 and should soon begin a drop to 102 or so.

Euro-US Dollar: Resistance today is again at 138.50. Strength above there will make the next upside target 141.00.

Dollar-Yen: The 117.50 to 119.00 is strong support in the yen and I think a low will form there and be followed by a move to 130.

XLE - OIH - USO – September Crude: It looks like crude oil has started a big move downward. The 66.00 level is the initial target but I think that the market will drop below 50.00 over the next 12 months. Both XLE and OIH are headed much lower. The 57.80 level looks like the ceiling for USO.

GLD - December Gold
: I will stick with my 705 upside target for the futures unless gold shows weakness below the 660 level. In any case the next 100 dollar move should be down. I think GLD will drop below 60 on its way to much lower levels. Resistance in GLD is 68.50.

SLV - September Silver: Weakness below 1250 in the futures will convince me that an extended drop has started. Meantime I shall stick with my1370 upside target. SLV should bounce off of resistance near 133 and then drop below 120.

Google: I think the market will hold support near 497. Next upside target is 580-85. Google will trade above the 600 level later this year.

1 comment:

Gary said...

Oil has a bit of history of making double tops. Probably a good chance we at least test the old highs. Gold on the other hand may be ready to break above the old 80 highs. If so the average gain once a commodity breaks the shackles of the old high is roughly 140%. Copper did almost 300% oil 100%. We could be looking at 1500-2000 dollar gold if $880 can fall. The COT is very positive on gold as of last week. I certainly wouldn't be betting against the big boys.