Guesstimates on September 30, 2011

December S&P E-mini Futures: Today's day session range estimate is 1123-1153. I think the ES is headed below its August low.

QQQ: Now headed below 50.00.

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 at its historical low but will soon start a move to 4.50%.

Euro-US Dollar: Resistance above the market stands at 1.3700. The euro is now headed for its next support level in the 1.30-1.31 range.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

November Crude: The market is now headed for 55-60.

GLD – December Gold: Gold bounced off of support at 1550 but should hold resistance at 1670. Next downside target is 1400.

SLV - December Silver: Silver is now headed for 25.00.

Google: I think much bigger drop than I expected is underway. Downside target is 375.

Apple: Upside target is 435. Support is at 345.

Guesstimates on September 29, 2011

December S&P E-mini Futures: Today's day session range estimate is 1138-1168. Yesterday's late weakness makes it likely that Tuesday's 1190 top will hold. I think the ES is now headed below its August low.

QQQ: Now headed below 50.00.

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 at its historical low but will soon start a move to 4.50%.

Euro-US Dollar: Resistance above the market stands at 1.3700. The euro is now headed for its next support level in the 1.30-1.31 range.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

November Crude: The market is now headed for 55-60.

GLD – December Gold: Gold bounced off of support at 1550 but should hold resistance at 1670. Next downside target is 1400.

SLV - December Silver: Silver is now headed for 25.00.

Google: I think much bigger drop than I expected is underway. Downside target is 375.

Apple: Upside target is 435. Support is at 345.

quick update

The E-minis retraced more than half of the rally from the September 23 low at 1102 today. Worse, the daily range expanded on a down day. I now think that the rally from 1102 ended at a lower top yesterday at 1190. This is the second consecutive lower top, another bearish indication. The implication is that the market is headed below its August low which stands at 1071.50 in the December contract.

Guesstimates on September 28, 2011

December S&P E-mini Futures: The ES is headed for 1252. Today's day session range estimate is 1167-1195. Once the move to 1252 is complete I expect the drop to 950 to resume.

QQQ: Now headed below 50.00.

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 at its historical low but will soon start a move to 4.50%.

Euro-US Dollar: Resistance above the market stands at 1.3700. The euro is now headed for its next support level in the 1.30-1.31 range.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

November Crude: The market is now headed for 55-60.

GLD – December Gold: Gold bounced off of support at 1550 but should hold resistance at 1670. Next downside target is 1400.

SLV - December Silver: Silver is now headed for 25.00.

Google: I think much bigger drop than I expected is underway. Downside target is 375.

Apple: Upside target is 435. Support is at 345.

up to 1252

The rally from last week's 1102 low started after the break below the August 22 low at 1105 in the December e-minis did not result in further selling. The fact that the market has rallied swiftly back above not only that low but above three intervening lows shows that it is rejecting prices below the 1130 level. The midpoint of the drop from the August 31 top at 1223.75 to last week's 1102 low is 1163 and the rally has taken out this resistance level also.

These considerations all point to an ongoing rally which will probably equal the length of the August rally which was 152 points (blue dash rectangles). This suggests an upside target 1254 for the move up from 1102.

I have outlined with purple dash lines the structure of what I think is a corrective wave in Elliott terms which began from the August 9 low. The August rally and the September drop both show a clear three wave structure. These two swings are probably the first two waves of three wave rally. The market is in the last wave of this rally and the last wave of a three wave rally is typically a fast one.

Despite the short term bullish implications I draw from the past couple of days activity I still think stock prices are in a bear market which will eventually carry the S&P down to 950. The only development which could alter the situation would be a dramatic shift in Federal Reserve policy to another round of quantitative easing. Failing this we should see the 950 level during the first quarter of 2012.

Guesstimates on September 27, 2011

December S&P E-mini Futures: It looks like midpoint resistance at 1163 has been broken decisively overnight. This means that the ES is headed for 1252. Today's day session range estimate is 1163-1193. Once the move to 1252 is complete I expect the drop to 950 to resume.

QQQ: Now headed below 50.00.

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 at its historical low but will soon start a move to 4.50%.

Euro-US Dollar: The market is now headed for its next support level in the 1.30-1.31 range.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

November Crude: The market is now headed for 55-60.

GLD – December Gold: Gold bounced off of support at 1550 but should hold resistance at 1670. Next downside target is 1400.

SLV - December Silver: Silver is now headed for 25.00.

Google: I think much bigger drop than I expected is underway. Downside target is 375.

Apple: Upside target is 435. Support is at 345.

Guesstimates on September 26, 2011

December S&P E-mini Futures: Today's day session range estimate is 1127-1157. The ES is headed for 1050 and then for 950.

QQQ: Now headed below 50.00.

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 near its historical low but will soon start a move to 4.50%.

Euro-US Dollar: The market is now headed for its next support level in the 1.30-1.31 range.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

November Crude: The market is now headed for 55-60.

GLD – December Gold: Gold bounced off of support at 1550 overnight but should hold resistance at 1670. Next downside target is 1400.

SLV - December Silver: Silver is now headed for 25.00.

Google: I think much bigger drop than I expected is underway. Downside target is 375.

Apple: Upside target is 435. Support is at 345.

Guesstimates on September 23, 2011

December S&P E-mini Futures: Today's day session range estimate is 1087-1122. The ES is headed for 1050 and then for 950.

QQQ: Now headed below 50.00.

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 near its historical low but will soon start a move to 4.50%.

Euro-US Dollar: The market is now headed for its next support level in the 1.30-1.31 range.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

November Crude: The market is now headed for 55-60.

GLD – December Gold: Gold broke support yesterday. It is now headed for 1550 and possibly lower.

SLV - December Silver: Silver is now headed for 25.00.

Google: I think much bigger drop than I expected is underway. Downside target is 375.

Apple: Upside target is 435. Support is at 345.

the Fed, the ECB, and you

After yesterday's Fed announcement the stock market dropped sharply. Bond yields fell too and the dollar rose against the euro. All three responses indicate the expectation of an economic downturn which will result from a shortage of dollar liquidity. The Fed has so far failed to meet the increased demand for dollars which arises from the danger of widespread bank failures in Europe resulting from defaults on sovereign debts. I commented on this situation in this post a couple of weeks ago.

Please remember that a drop in bond yields now is a very bad thing for it shows that investors expect the economy to remain depressed for a long time to come. The goal of the Fed and of the European Central Bank (ECB) should be to satisfy the demand for dollar liquidity by permanently expanding their balances sheets via the purchase of long maturity assets. More importantly, the central banks must convince the markets that they intend to continue this policy until the growth of nominal GDP has at least reached its trend line of 5% annual growth.

So far both the Fed and the ECB have failed to do this largely for political reasons. Moreover, commercial bankers have great influence over both institutions and bankers are of a "liquidationist" bent almost to a man - they prefer depression to any risk whatsoever of inflation.

Sadly, I think the world economic crisis (and it is indeed a crisis) is playing as a "Greek" tragedy in slow motion. The players have doomed themselves to destruction because they are unwilling to break away from old patterns of thought.

Until the Fed and the ECB can convince markets that they are prepared to accommodate the increasing demand for dollar liquidity world wide stocks will remain in a bear market and the dollar will rally against the euro as well as against other currencies.

Guesstimates on September 22, 2011

December S&P E-mini Futures: Today's day session range estimate is 1100-1140. The ES is headed for 1050 and then for 950.

QQQ: Now headed below 50.00.

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 near its historical low but will soon start a move to 4.50%.

Euro-US Dollar: The market is now headed for its next support level in the 1.30-1.31 range.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

November Crude: Resistance above the market is at 92 and the next step down should take it to 60. I think this is a bear market in crude which is likely to continue down into the 50-60 range.

GLD – December Gold: Gold s headed for 2060. Support is at 1740.

SLV - December Silver: A move to 50.00 and higher is underway.

Google: I think much bigger drop than I expected is underway. Downside target is 375.

Apple: Upside target is 435. Support is at 345.

now headed for 1050 and lower

Here is a five point box, one box reversal chart of the December e-minis. Today the market has broken below the low edge of a well defined trading zone. The count implication is for a drop to 1050 or so, a new bear market low. If the ES gets that far (and I think it will) I don't think the market will stop until it duplicates the length of the May-August break which was 290 points. This would imply a drop to 935 or so.

Guesstimates on September 21, 2011

December S&P E-mini Futures: Today's day session range estimate is 1180-1205. The ES is headed for 1230-40. From there the drop to 950 or so should resume.

QQQ: Now headed below 50.00.

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 near its historical low but will soon start a move to 4.50%.

Euro-US Dollar: I think a rally to 140.50 or so is in the cards before the drop to 1.2000 resumes.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

November Crude: Resistance above the market is at 92 and the next step down should take it to 60. I think this is a bear market in crude which is likely to continue down into the 50-60 range.

GLD – December Gold: Gold s headed for 2060. Support is at 1740.

SLV - December Silver: A move to 50.00 and higher is underway.

Google: I think much bigger drop than I expected is underway. Downside target is 375.

Apple: Upside target is 435. Support is at 345.

on schedule so far

Here is a daily chart of the December e-mini futures going back to the July top. This is an updated version of the chart I showed you last week.

I think the market is headed for the point where the rally from the September 12 low at 1123 will equal the size of the rally from the 1105 low which was 119 points (blue dash boxes). This implies an upside target of about 1242. I think we shall witness this top within the next week. Following that I expect the ES to begin a move which will take it below 1000 over the next few months.

Guesstimates on September 20, 2011

December S&P E-mini Futures: Today's day session range estimate is 1198-1218. The ES is headed for 1230-40. From there the drop to 950 or so should resume.

QQQ: Now headed below 50.00.

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 near its historical low but will soon start a move to 4.50%.

Euro-US Dollar: I think a rally to 140.50 or so is in the cards before the drop to 1.2000 resumes.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

November Crude: Resistance above the market is at 92 and the next step down should take it to 60. I think this is a bear market in crude which is likely to continue down into the 50-60 range.

GLD – December Gold: Gold s headed for 2060. Support is at 1740.

SLV - December Silver: A move to 50.00 and higher is underway.

Google: I think much bigger drop than I expected is underway. Downside target is 375.

Apple: Upside target is 435. Support is at 345.

Guesstimates on September 19, 2011

December S&P E-mini Futures: Today's day session range estimate is 1187-1207. The ES is now headed for 1230-40. From there the drop to 950 or so should resume.

QQQ: Now headed below 50.00.

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 near its historical low but will soon start a move to 4.50%.

Euro-US Dollar: The market has stalled near 1.3850 resistance but I now think a further rally to 140.50 or so is in the cards before the drop to 1.2000 resumes.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

October Crude: Resistance above the market is at 92 and the next step down should take it to 60. I think this is a bear market in crude which is likely to continue down into the 50-60 range.

GLD – December Gold: Gold s headed for 2060. Support is at 1740.

SLV - December Silver: A move to 50.00 and higher is underway.

Google: I think much bigger drop than I expected is underway. Downside target is 375.

Apple: Upside target is 435. Support is at 345.

Guesstimates on September 16, 2011

December S&P E-mini Futures: Today's day session range estimate is 1195-1215. The ES is now headed for 1230-40. From there the drop to 950 or so should resume.

QQQ: Now headed below 50.00.

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 near its historical low but will soon start a move to 4.50%.

Euro-US Dollar: The market has stalled near 1.3850 resistance but I now think a further rally to 140.50 or so is in the cards before the drop to 1.2000 resumes.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

October Crude: Resistance above the market is at 92 and the next step down should take it to 60. I think this is a bear market in crude which is likely to continue down into the 50-60 range.

GLD – December Gold: Gold s headed for 2060. Support is at 1740.

SLV - December Silver: A move to 50.00 and higher is underway.

Google: I think much bigger drop than I expected is underway. Downside target is 375.

Apple: Upside target is 435. Support is at 345.

Guesstimates on September 15, 2011

December S&P E-mini Futures: Today's day session range estimate is 1180-1205. The ES is now headed for 1230-40. From there the drop to 950 or so should resume.

QQQ: Now headed below 50.00.

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 near its historical low but will soon start a move to 4.50%.

Euro-US Dollar: Resistance above the market is at 1.3850. I think we have seen only the first phase of a much bigger drop to 1.2000.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

October Crude: Resistance above the market is at 92 and the next step down should take it to 60. I think this is a bear market in crude which is likely to continue down into the 50-60 range.

GLD – December Gold: Gold s headed for 2060.

SLV - December Silver: A move to 50.00 and higher is underway.

Google: I think much bigger drop than I expected is underway. Downside target is 375.

Apple: Upside target is 435. Support is at 345.

to 1230-40, then down

Here is a daily chart of the December e-minis. I think a rally has begun from Monday's low at 1123.50. I expect to carry as far as the last rally did - from 1105 to 1223, a total of 118 points. Adding 118 to 1123.50 gives 1241 as the upside target (blue dash boxes).

Once the market makes it to that target I expect it to begin another bear market down leg. As I have pointed out in this post I think the ES will drop below 1000 on that down leg. If the drop matches the size of the May-August break which was 290 points it will carry the market to 950 or so.

Guesstimates on September 14, 2011

December S&P E-mini Futures: Today's day session range estimate is 1165-85. The ES is now headed for 1230-40. From there the drop to 950 or so should resume.

QQQ: Now headed below 50.00.

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 near its historical low but will soon start a move to 4.50%.

Euro-US Dollar: The 1.3500 target has been reached. Resistance above the market is at 1.3850. I think we have seen only the first phase of a much bigger drop to 1.2000.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

October Crude: Resistance above the market is at 92 and the next step down should take it to 60. I think this is a bear market in crude which is likely to continue down into the 50-60 range.

GLD – December Gold: Gold s headed for 2060.

SLV - December Silver: A move to 50.00 and higher is underway.

Google: I think much bigger drop than I expected is underway. Downside target is 375.

Apple: Upside target is 435. Support is at 345.

Guesstimates on September 13, 2011

December S&P E-mini Futures: Today's day session range estimate is 1130-60. The ES is headed for 1105 and possibly lower. If it spends an hour today trading above 1161 I will turn short term bullish and look for a move to 1230.

QQQ: Now headed below 50.00.

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 near its historical low but will soon start a move to 4.50%.

Euro-US Dollar: The 1.3500 target has been reached. Resistance above the market is at 1.3850. I think we have seen only the first phase of a much bigger drop to 1.2000.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

October Crude: Resistance above the market is at 92 and the next step down should take it to 60. I think this is a bear market in crude which is likely to continue down into the 50-60 range.

GLD – December Gold: Gold s headed for 2060.

SLV - December Silver: A move to 50.00 and higher is underway.

Google: I think much bigger drop than I expected is underway. Downside target is 375.

Apple: Upside target is 435. Support is at 345.

Guesstimates on September 12, 2011

December S&P E-mini Futures: Today's day session range estimate is 1109-1137. The ES is now headed for 1105 and possibly lower.

QQQ: Now headed below 50.00.

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 near its historical low but will soon start a move to 4.50%.

Euro-US Dollar: The 1.3500 target has been reached. Resistance above the market is at 138.50. I think we have seen only the first phase of a much bigger drop to 1.2000.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

October Crude: Resistance above the market is at 92 and the next step down should take it to 60. I think this is a bear market in crude which is likely to continue down into the 50-60 range.

GLD – December Gold: Gold s headed for 2060.

SLV - December Silver: A move to 50.00 and higher is underway.

Google: I think much bigger drop than I expected is underway. Downside target is 375.

Apple: Upside target is 435. Support is at 345.

market headed for 1100 - revised range estimate for today is 1150-1170

Guesstimates on September 9, 2011

December S&P E-mini Futures: Today's day session range estimate in the December '11 contract is 1172-1192. The ES is now headed for 1240. If the market drops below 1164 first I will give up on that target and conclude that it is headed for 1100 and lower.

QQQ: Now headed below 50.00.

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 near its historical low but will soon start a move to 4.50%.

Euro-US Dollar: The market is headed down at least to 1.3500 and more probably to 1.2000.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

October Crude: Resistance above the market is at 92 and the next step down should take it to 60. I think this is a bear market in crude which is likely to continue down into the 50-60 range.

GLD – December Gold: Gold s headed for 2060.

SLV - December Silver: A move to 50.00 and higher is underway.

Google: I think much bigger drop than I expected is underway. Downside target is 375.

Apple: Upside target is 435. Support is at 345.

Guesstimates on September 8, 2011

September S&P E-mini Futures: Today's day session range estimate is 1186-1206. The ES is now headed for 1240. Once that level is reached I think the market will begin a moveto 1100 and lower.

QQQ: Now headed below 50.00.

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 near its historical low but will soon start a move to 4.50%.

Euro-US Dollar: The market is headed down at least to 1.3500 and more probably to 1.2000.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

October Crude: Resistance above the market is at 92 and the next step down should take it to 60. I think this is a bear market in crude which is likely to continue down into the 50-60 range.

GLD – December Gold: Gold s headed for 2060.

SLV - December Silver: A move to 50.00 and higher is underway.

Google: I think much bigger drop than I expected is underway. Downside target is 375.

Apple: Upside target is 435. Support is at 345.

dollar crunch ahead

Here is a 100 pip box, one box reversal chart for the Euro currency against the dollar. As you can see the Euro has been trading sideways in an unusually narrow range for the past 4 months. Yesterday New York closed below 1.4050 after trading as low as 1.3975. I think a downside breakout from this narrow range is underway - a drop to 1.3900 would confirm this view. A point and figure count across this trading range projects downside potential to 1.2000.

What's going on here? The US dollar is a safe haven currency as are US treasury securities. The demand for dollar liquidity is going up because of the well-publicized problems of the European banks who hold large amounts of the sovereign debt of Greece, Spain, Portugal, and Italy on their books. As this process continues the European central bank and the US Federal Reserve are standing on the sidelines watching the show. They are NOT providing the extra liquidity the market is demanding. Unless and until they do the prices of other assets, predominantly equities, will fall to compensate. Worse, the European and the US economies will contract as a consequence of a liquidity crunch that will be first cousin to the one seen in 2008.

So a downside breakout by the Euro is telling us that world stock market's are in trouble and will head lower. Only a dramatic change in policy by the ECB and the Fed can change this prognosis. I might add that, after a delay, commodity prices, especially gold and oil, will feel the effects of this deflationary wind by going much lower.

Look out below!

Guesstimates on September 7, 2011

September S&P E-mini Futures: Today's day session range estimate is 1154-1182. The ES is headed for 1100 or lower.

QQQ: Now headed below 50.00.

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 near its historical low but will soon start a move to 4.50%.

Euro-US Dollar: In New York yesterday the Euro closed below 1.4050. I think this means that the market is headed down at least to 1.3500 and more probably to 1.2000.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

October Crude: Resistance above the market is at 92 and the next step down should take it to 60. I think this is a bear market in crude which is likely to continue down into the 50-60 range.

GLD – December Gold: Gold s headed for 2060.

SLV - December Silver: A move to 50.00 and higher is underway.

Google: I think much bigger drop than I expected is underway. Downside target is 375.

Apple: Upside target is 435. Support is at 345.

Guesstimates on September 6, 2011

September S&P E-mini Futures: Today's day session range estimate is 1120-1150. The ES is headed for 1100 or lower.

QQQ: Now headed below 50.00.

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 near its historical low but will soon start a move to 4.50%.

Euro-US Dollar: The Euro has traded sideways in a narrow range for several weeks and now is showing signs of dropping below this range. A New York close below 1.4050 would convince me that the market is headed for 1.35 and possibly lower.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

October Crude: Resistance above the market is at 92 and the next step down should take it to 60. I think this is a bear market in crude which is likely to continue down into the 50-60 range.

GLD – December Gold: Gold has rallied well above the 1820-40 resistance zone. I now think the market is headed for 2060.

SLV - December Silver: A move to 50.00 and higher is underway.

Google: I think much bigger drop than I expected is underway. Downside target is 375.

Apple: Upside target is 435. Support is at 345.

Guesstimates on September 2, 2011

September S&P E-mini Futures: Today's day session range estimate is 1171-1192. The ES has completed its top building process and is now headed for 1100 or lower.

QQQ: Now headed below 50.00.

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 near its historical low but will soon start a move to 4.50%.

Euro-US Dollar: The Euro has traded sideways in a narrow range for several weeks and now is showing signs of dropping below this range. A New York close below 1.4050 would convince me that the market is headed for 1.35 and possibly lower. Meantime I will stick with my 1.53 upside target.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

September Crude: Resistance above the market is at 92 and the next step down should take it to 60. I think this is a bear market in crude which is likely to continue down into the 50-60 range.

GLD – December Gold: Gold has rallied well above the 1820-40 resistance zone. I now think the market is headed for 2060.

SLV - September Silver: A move to 50.00 and higher is underway.

Google: I think much bigger drop than I expected is underway. Downside target is 375.

Apple: Upside target is 435. Support is at 345.