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. The market bounced off of 1288 support late yesterday but this morning it looks like it will continue down to 1275 before beginning the next leg up. 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 is now at 46.00. Resistance stands at 47.50. During the next few months the market should rally to 55 or higher.
TLT - September Bonds: I think the bonds will make it back to 117-16 before resuming their downtrend towards 109.
September 10 Year Notes: I think that the notes will make it up to 116-08 before resuming their downtrend toward 108.
Euro-US Dollar: The trend in the euro is downward 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 120 level is now resistance.
GLD - December Gold: Gold is headed for 750. Resistance above the market is at 890.
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.