Wednesday, July 06, 2011

Guesstimates on July 6, 2011

September S&P E-mini Futures: Today's day session range estimate is 1325-36. 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: I now think the market is headed up to 1.50. Support is at 1.4250

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

August Crude: It looks like the trend is downward. Next target is 87.00.

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.


chartblog said...

Barrons Cover - $150 Oil ahead!

MC said...

I wouldn't be surprised to see this market fall out of bed in the coming days. The general idea of people so used to digest bailouts, corporate failures, mass layoffs and commodities inflation with everything apparently well counterbalanced by the rescues of the mighty powers such as the FED, IMF, ECB etc is scary. I have the feeling that investors just grown complacent about such events which under other circumstances would have made the market sell off almost instantly. The increasing frequency of market manipulations and the decreasing efficiency of such interventions is the natural effect of market disorder which is not yet reflected in the price bar, but will rather sooner than later be discounted to the astonishment of the many. Cheers. MC