Monday, July 11, 2011

Guesstimates on July 11, 2011

September S&P E-mini Futures: Today's day session range estimate is 1318-1330. A sustained swing up to above the 1400 level is underway. The market is likely to put in several 10-20 points swings this week while making only a small amount of net upside progress.

QQQ: Upside target is 63.00.

TYX (thirty year bond yield): The 30 year bond yield is on its way to 5.40%.

TNX (ten year note yield): The 10 year yield is headed for 4.50%.

Euro-US Dollar: The euro broke below support at 1.4250 last night and I now think that it is heading for 1.3700.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 82.45.

August Crude: The market never made it down to the 87.00 target and subsequent strength no makes a rally to 103-104 likely.

GLD – August Gold: Gold appears on its way to new highs. Upside target is 1630. Support is at 1485.

SLV - September Silver: Support is at 32.00. This market is about to head upward to resistance at 41.00. Any strength above 43.00 would mean that the move will continue above 50.00.

Google: I think a move to 700 and above has begun.

Apple: APPL has reached support at 318 and now should begin a move to 430.


Bill said...

I think that unless the market recovers today from its current lows we are going to see a bigger than anticipated correction, maybe all the way to 1290. It's down over 1.7% right now. Usually this type of sell off signals the beginning of a larger correction. I think that this is a new market, without QE2 which ended June 20 this type of corrections should be considered normal within a bull market.

chartblog said...

This 1320 area may be the symmetry buy spot for summer rally into the 1400's...

MC said...

now that the european and US crisis are of political nature the large unwinding of the primary bull market has the best environment to take place. The corporate world already started a new round of aggressive layoffs which will affect how earnings will be perceived in the months ahead whether good or bad. And if, by the way, you still think that our political class did not grow complacent about the whole thing, just take a look at the picture linked below. Mr. French president taking care of his pregnant wife while his country's getting hit by the worst crisis in decades. Cheers. MX