Wednesday, August 27, 2008

Guesstimates on August 27, 8:15 am ET

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. 

1 comment:

Anonymous said...

Hi Carl:

I am confused by your guesstimates and the trading you post here. You say we are in the early stages of a move to 1,500. Great! But then why do you jump in and out of the market to save a lousy 20-30 points? Why don't you just wait for the market to trade over 1,300 then get long? Your short term-trading does not seem to reconcile with your longer-term outlook.

Your blog is excellent otherwise.

Hubert Johnson
Washington D.C.