Spiders - June S&P Futures: I still think the Spiders are on their way down to 151.10 and the futures to 1510. Downside target for the September futures is 1525. From those levels the futures should rally to 1555 (Sept. futures to 1570) and the Spiders to 155.50.
QQQQ: The Q’s should find support near 46.70 and then rally to 49.00.
TLT - September Bonds: The market has reached the 107-16 level but there is still no sign of an important low. I think that the pace of the decline will begin to slow but that during this process the bonds will drop to 106-24 or so. TLT should make a low near 85.
September 10 Year Notes: The notes are headed for 104-20. Resistance above the market is at 107-08.
Euro-US Dollar: An extended decline is underway. Resistance is still 135.40. Support below the market is at 133.20. I think that the market will eventually drop to 125 or lower.
Dollar-Yen: The yen is headed for 123.50. Support is at 121.10. I expect to see the yen trade at 130 later this year.
XLE - OIH - USO – July Crude: I think XLE is making a top near 69 and that OIH is making its top near 173. The next significant move in both will be downward. USO should drop to 45 or lower after bouncing off of 50.60 resistance. July crude has completed a rally phase and is now headed down to 55.00 and eventually lower than that.
GLD - August Gold: I think GLD has started downward and will drop below 60 on its way to much lower levels. August gold should hold resistance at 696 and drop below 600.
SLV - July Silver: SLV is on its way below 120. July silver is headed below the 1200 level.
Google: I think Google is headed for 564. Google should hold support near 500. Next upside target is 535.