Monday, August 11, 2008

Guesstimates on August 11, 8:15 am ET

Spiders - September S&P E-mini Futures: I am still 200% long from an average price of 1251.25. I think the e-minis will reach 1325 over the next week or so. Support today is again at 1275. I think the market is in the early stages of a rally which will carry it to 1500 over the next several months. 

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: I now think the bonds will make it back to 117-16 before resuming their downtrend towards 109. 

September 10 Year Notes: I now think that the notes will make it up to 116-08 before resuming their downtrend toward 108. 

Euro-US Dollar: The trend has turned downward in the euro and I think the market is headed for 135. Resistance above the market is at 154.00. 

Dollar-Yen: The market should reach the 112.00 target soon. Support is now at 106.00. 

XLE - OIH - USO – September Crude: I think that the market is headed for 100. The 121 level is now resistance. 

GLD - December Gold: Gold is headed for 750.  Resistance above the market is at 915. 

SLV - September Silver: I think the market is now headed for 1250. Resistance is at 1750. 

Google: The 460-80 range is good support and I expect the market to hold there and begin a move which will carry it over 750. 

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