Spiders - September S&P E-mini Futures: I have no position at the moment, but I expect to get long again near 1250. This market will probably drop into the 1240-50 zone before it heads up to 1340. Strength above 1275 today would mean that this up move has already started and then I shall get long once more. I still 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 have reached resistance near 118-28 and should soon turn lower.
September 10 Year Notes: The notes are 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 150.00.
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 122 level is resistance.
GLD - December Gold: Gold is headed for 700. Resistance above the market is at 840.
SLV - December Silver: Resistance is at 1500 and the next downside target is 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.