Thursday, August 28, 2008

Guesstimates on August 28, 8:15 am ET

Spiders - September S&P E-mini Futures: I am now 200% long again from 1276.50.  I think this up swing will reach 1340. 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. 


Anonymous said...


wondering if this breakout above 1292 could be just a fake up move due to lot of traders being out on vacation and low volume week? or do you think the price action is more important? thanks

Carl Futia said...

Sometimes a cigar is just a cigar.

Tim- said...

This action is similar to summer 2006.... remember the grind higher into the fall of 2006. Carl has called more turns in markets than any other person I can think of... thanks for sharing your views with us!

Anonymous said...

The most important things Carl is displaying with his posts are a) do your homework b) don't marry your position c) use stops and allow the market action to work. And just think there are people that are still short since SPX 1200 and many have probably been adding to their shorts on each run higher. I'm neither a bull nor bear just a simple trader who values his money more than he values his opinion. Keep up the good work's amazing how volume is never mentioned unless the trade is moving against them. That being said...the up volume has been higher than the down volume the past week.