Monday, August 10, 2009

Guesstimates on August 10, 2009

September S&P E-mini Futures: I think that today's day session range will be 998-1015. There is midpoint support near 998 and I think it will produce another swing up to the next upside target at 1035. I think the rally will carry the e-minis to the 1120 level over the next few months.

QQQ: Support is at 39.60. Next upside target is 42.00.

TYX (thirty year bond yield): Support is at 4.20%. I think a swing to above the 5.00% level is underway.

TNX (ten year note yield): Support is at 3.25%. I think a swing up to 4.30% is underway.

Euro-US Dollar: There is no sign of a top. Support is at 137.50 and I think the market will continue upward to 146.00.

Dollar-Yen: The yen has reached the 92.50 downside target and soon will begin a move up to 105.00.

September Crude: I am going to stay bullish for a move to 76 until and unless weakness below the 62.50 level develops.

GLD – December Gold: Still expecting a move to 1070. Support is at 900.

SLV - September Silver: Silver is headed to 1700. Support is at 1250.

Google: Support is at 395. Next upside target is 500.


Teich said...

If Carl thinks the low-of-the-day is ~998, I wonder why he didn't go long at the opening when ES spiked down to ~1001 briefly.

Bill said...

Carl, interesting that you don't believe there is going to be a pullback. You say that support for the qqq's is at 39.60 and that the next level is 42. What you are not saying is that before they hit 42 the qqq's may have to go to 37.50. Same thing on the S&P 500 index, you don't mention that the index will hit 850 before it will hit 1120.

What makes you believe there will be no pullback before stocks go higher? All charts show the really petering out.