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Guesstimates on August 29, 8:15 am ET
Spiders - September S&P E-mini Futures: I am 200% long from 1276.50. I think this up swing will reach 1340. Support today is at 1286. I still think we are in the early stage of a move to 1500. QQQ: Support is at 46.00. I think the Q’s are about to take a step up to 51.00. During the next few months the market should rally to 55 or higher. insert.a.chart.TLT TLT - December Bonds: The December bonds are trading 28 ticks below September. I think the market will bounce off of resistance near 118-16 and then head much lower. December 10 Year Notes: The December notes are trading 37 ticks below September. I think the market will stall near 116-08 and then head much lower. Euro-US Dollar: The trend in the euro is downward and I think the market is headed for 135. Resistance above the market is at 150.00. Dollar-Yen: The market should reach the 112.00 target soon. Support is now at 106.00. XLE - OIH - USO – October Crude: I think that the market is headed for 100. The 122 level is resistance. GLD - December Gold: Gold is headed for 700. Resistance above the market is at 840. SLV - December Silver: Resistance is at 1500 and the next downside target is 1100. Google: The 460-80 range is good support and I think this market is in the early stages of a move which will carry it over 750. by Carl Futia (CarlFutia.com) Disclaimer: Please note that charts and commentary provided by the moderator are for educational purposes only. Any trades placed upon reliance on the moderator’s charts or information is taken at your own risk for your own account. Past performance is no guarantee of future results. While there is great potential for reward trading stocks, futures and options, there is also substantial risk of loss and you must decide your own suitability to trade. Future trading results can never be guaranteed. This is not an offer to buy or sell stock, futures, options or commodity interests. Most trading systems are based on historical formulas which have worked in the past. However, what has happened before may or may not happen again. You can lose all your money trading stocks, futures, and options and you must decide your own suitability as to whether or not to trade. Only trade with true risk capital you can afford to lose. Only trade markets you can properly afford to trade. Properly funded trading accounts typically perform better than those that are not. Never risk more than 2-3% of your account on any one trade. Always define your risk before entering a trade and place a stop to limit your risk. There are no guarantees or certainties in trading. Trading involves hard work, risk, discipline and the ability to follow rules and trade through any tough periods during a system’s draw downs. If you are looking for a guarantee, trading is probably not for you. Most people lose money trading. One of the reasons is that they lack discipline and are unable to be consistent. A system can help you become consistent. Ironically, worrying about the monetary aspect of trading can contribute to and cause a trader to make trading errors. Therefore, it is important to only trade with true risk capital. |
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