Spiders - September S&P E-mini Futures: I didn’t expect the market to drop back near its lows yesterday. That weakness means that we will probably see a 1230 print before a rally to 1310 and eventually much higher begins. Strength today above the 1263 level will mean that the rally to 1310 has already begun.
QQQ: Support remains at 44.00. Resistance stands at 47.50. During the next few months the market should rally to 55 or higher.
TLT - September Bonds: The bonds are headed upward to 118-00.
September 10 Year Notes: The notes are headed for 117-16.
Euro-US Dollar: I think the market is on its way to 163. Support is at 155.80.
Dollar-Yen: The yen is headed for 103.50. From there the rally to 112.00 will resume.
XLE - OIH - USO – August Crude: Crude is headed for 160-165. Support is at 133.
GLD - August Gold: I think the market is headed back to 1000. Support is at 915.
SLV - September Silver: I think silver is the way to the 1950 level.
Google: It is beginning to look like the reaction low for GOOG is in. A move to 750 or higher will be the next development.