Wednesday, August 20, 2008

Guesstimates on August 20, 8:20 am ET

Spiders - September S&P E-mini Futures: The market didn’t quite make it to 1260 yesterday and is a little stronger this morning. I just went 100% long again at 1270.00. I think the next swing will be a move up to 1340. I think we are in the early stage of a move to 1500. 

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 broke past 117-16 resistance and are now headed for 118-28. 

September 10 Year Notes: The notes broke past 116-08 resistance and are now headed for 117-20. 

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 – October 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: I think GOOG will hold support in the 460-80 zone and begin a move over 750.

1 comment:

Anonymous said...

With interest rates plunging on treasury debt (probably the most predictable market right now). Stock should bottom soon. There should be a major bailout announcement for either fannie and freddie or lehman brothers coming soon. The market will skyrocket on the governement bailout. This bailout will be accompanied by an aggressive rate cut in the fed funds rate and the discount rate. Good time to go 200% long!!!