Friday, July 23, 2010

Guesstimates on July 23, 2010

September S&P E-mini Futures: Today's range estimate is 1082-1100. The drop from last week's ended at Tuesday's 1050.75 low. The market is now headed for 1145-50. I think that a new upward leg in the bull market started from the 1003 low made July 5.

QQQ: A new upward leg in the bull market has started. Initial target is 47.50.

TYX (thirty year bond yield): Long term support is at 3.85%. The bonds will soon begin a move to 5.40%.

TNX (ten year note yield): Long term support is at 2.90%. I think that the notes will soon begin a swing up to 4.50%.

Euro-US Dollar: A move into the 135-40 zone is underway.

Dollar-Yen: A rally to 100.00 is underway. Support is now at 85.50.

September Crude: I still think crude oil is headed for 50.00.

GLD – August Gold: The odds are that the market will continue upward to 1320. But any weakness below 1150 will mean that a drop to 875 has begun.

SLV - September Silver: I think silver will rally to 21.50 and then begin a move to 10.oo.

Google: The 450 level is now support. A move that should take GOOG above 700 will begin soon.

Apple: Should reach 350 (at least) before the bull market ends. Support is at 240.


Nav said...

Good Morning!

Guess estimates are brilliant!
o/n till now 1094-1094.75,Seller get hold and v.strong resistance.
Happy Day!

smcneill said...


When are we going to break above 1100?

Edwin said...

Now that the Euro Stress Test has effectively removed UNCERTAINTY, we will challenge the next upper box! are brilliant!

Nav said...

Trading was so so easy to play within the range set by you,sir! Commodities were much stronger this week, rallying on a lot of positive economic data and increasingly positive sentiment out of China. Base metals rallied sharply this week on reports that steel prices may have bottomed over the past few weeks. Steel and iron ore spot prices are now up nearly 10% since early July. Copper also participated in the rebound, rallying 9% to finish at $3.19/lb, just a touch below its 200-day moving average. Oil was strong as well, rallying 4% to around $79, finishing above its 200-day moving average once again. Natural gas was up slightly, up around 1%, but couldn’t break above $4.60. Gold was an exception this week, moving lower as reduced Euro-zone worries took a hit on the metal. Gold finished off 0.6% to close around $1,187, just $6 above its 100-day moving average.
be so very Happy as you always make us Happy!
Enjoy the wkend w/your loved ones!
Thank you!

Nav said...
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Nav said...
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Nav said...

I am 100% following Carl, I bot @1076
w/Carl on July21.. but 1/2 position was bot@1062 till now.I was fully loaded so even breathing was difficult but today ,all went green.
How can you compare me w/Carl,PLEASE?
he gave me courage,support and wisdom to learn from him.i work on his lines but can develop nearest to him most of the time.I am so very obliged.

E said...

Nice work Mr Futia...

Your discipline really shows as you refuse to get caught up in the comment section, even when cheap shots taken at you.

I appreciate your willingness to share your market wisdom.

(Disclaimer: No, I am not Carl Futia)

Edwin said...

I went back and reviewed the Post dated July 1...and it gave my goosebumps. An outright genius piece.

Carl is great! Bar None.

Please don't call me Carl. Thanks.

Naveedah. You are calm and smooth. Thank you for sharing your insights.

Nav said...
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Zander said...

I agree Naveedah!

I convinced my parents, family and co-workers to go out and buy more mutual funds this week for the run to new highs this year. I don't want them to miss out on the potential 10-15% gains I see coming within the next 2 months. It's going to be spectacular. I'd really hate to be a bear right now missing out on easy money.

Good luck my friend,

Time to be a BULL!

Unknown said...

When everyone tell his parents, family and coworkers to go out and buy....It's time to be a BEAR!
Watch out for the Head and Shoulders chart.

Good luck to all.

Unknown said...

Hi All!

Though the weekly prediction for the S&P500 is a bit bearish, the weekly prediction is Bullish for all other major indexes (NASDAQ, NASDAQ100, S&P100, S&P400, S&P600)

The Daily predictions are strongly Bullish for Monday.

The up swing is Not over Yet according to our data.

Enjoy your tarding week.

Joe Papczun