Monday, August 18, 2008

Guesstimates on August 18, 8:15 am ET

Spiders - September S&P E-mini Futures: I sold my entire long position Friday at 1297.25. I still think that the odds favor a move to 1325 this week in the e-minis. If I am wrong about this then I would expect to see a drop to 1260 before this rally resumes. In any case 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 at 46.00. I think the Q’s are about to take a step up to 51.00. During the next few months the market should rally to 55 or higher.    

TLT - September Bonds: The bonds have reached resistance at 117-16 and I think this market will soon resume its drop towards 109. 

September 10 Year Notes: The notes have reached 116-08 resistance and I think this market will soon resume its downtrend to 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 840. 

SLV - September Silver: Silver has reached my 1250 downside target but I think that any rally from here would halt near 1600 and be followed by still lower prices.  Next support is at 1100.   

Google: The 460-80 range is good support and I think this market is in the early stages of a move which will carry it over 750. 

1 comment:

Anonymous said...

I agree that everything is in place for a big rally, but we never got a 90% upside day per Zweig or Desmond to suggest a major bottom, so my guess is we see the lows again at some point. Just not sure if it's before or after your rally! Keep up the good work.