Spiders - September S&P E-mini Futures: I expect the rally from 1200 to reach the 1275 level before any significant reaction of 30 points or so sets in. There are many bullish divergences in the advancing issues numbers which themselves are still at extreme “oversold” levels. This together with the gloomy state of sentiment convinces me that this rally is the first stage of a very big move which will carry the market to 1500.
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: Support is at 115-00 and as long as that holds I’ll stick with my 118-00 upside target.
September 10 Year Notes: Support is at 113-24 and as long as that holds I’ll stick with my 117-16 upside target.
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 2100 level.
Google: I think the reaction in GOOG is complete and that the move above the 750 level is underway.