Thursday, August 07, 2008

Guesstimates on August 7, 8:20 am ET

Spiders - September S&P E-mini Futures: I am 200% long from an average price of 1251.25. I think the e-minis will reach 1325 over the next week or two. Support today is again at 1260. 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 remains at 44.00. Resistance stands at 47.50.  During the next few months the market should rally to 55 or higher.   

TLT - September Bonds: The trend has turned downward once more and the bonds are headed for 109. Resistance is at 116-00. 

September 10 Year Notes: The trend has turned downward and the notes are headed for 108. Resistance above the market is at 115-00. 

Euro-US Dollar: The trend has turned downward in the euro and I think the market is headed for 135. Resistance above the market is at 158.50. 

Dollar-Yen: A rally to 112.00 is now underway.  Support is at 105.00. 

XLE - OIH - USO – September Crude: I think that the market is now headed for 100. The 131 level is now resistance. 

GLD - December Gold: Gold is headed for 750.  Resistance above the market is at 960. 

SLV - September Silver: Silver broke support at 1750 so I think the market is now headed for 1250.  

Google: The 460-80 range is good support and I expect the market to hold there and begin a move which will carry it over 750. 


Anonymous said...

I think EURUSD is headed for 1.46, eventually 1.44 in the longer run but i think an interim reversal before eyeing these levels is likely. I was stopped out from my long at 5480 for a small loss and i am going to get long euro again from somewhat lower levels than expected, but more aggressive in size ! Crude oil is headed for 96 while 144 is strong resistance, in my opinion. I think gold has topped out and is headed down from 987 onward for 697 USD. Good trading all !MC

Anonymous said...

I think you missed the divergence in the NYADV 5 day moving average.

Anonymous said...

My work shows crude reached strong support at 117.75 and a rally toward 130$ is likely. After testing 130$ ish, we should see the downtrend toward 72$ resume. Will be interesting to see how stocks react to this rally in crude.