Tuesday, August 17, 2010

Guesstimates on August 17, 2010

September S&P E-mini Futures: The 1050-60 range is still my downside target. Today's range estimate is 1070-1090. I think that a new upward leg in the bull market started from the 1003 low made July 5.

QQQQ: A new upward leg in the bull market has started. Short term downside target is now 43.50

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): The 10 year yield has dropped more than I expected. Still, I think the next big move in yields will be upward. The 2.65% level now looks like support. 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 – December 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 470 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...

Technically, 1070 held as support this morning and 1087 looms as resistance on the upside (50day MA).
I w/my 13 girls traders enjoying our learnt work from you w/your g.estimates.
Tuesday, Aug 17th: US (Building Permits, Housing Starts, PPI, IP, ABC Consumer Confidence); Eurozone (Eurozone Current Account, UK CPI, Eurozone ZEW, German ZEW); Other (Reserve Bank of Australia August Meeting Minutes)
Sold yesterday's longs 1087,shorted
too,covered shorted again (average 1089.50)
I'm working 3.5 hrs daily on your blogs..What a learning and passing on these strategies too.
Believe in Dr.Carl,listen to soft music and enjoy trading!


tempo said...

Today bullish news of increased industrial production, mega buyout offer for POT, good WMT sales, low interest rates will likely trigger the retest of 1130. it appears a Normal ABC patten is developing on $ssec and $spx(A=1005, B = 1030 C=breakout above 1030 after current trading).