December S&P Futures: The market has yet to reject Friday’s high at 1374.75 so I think that a move to 1378-79 is likely before a drop into the 1350-55 range develops. I expect to see a 1400 print later this year.
December Bonds: Resistance above the market is at 110-28 and support below the market is at 109-28. The bonds are now headed down into the 107-108 area.
December 10 Year Notes: The notes are now headed down to 105-16 or so. Support today is at 106-16.
Euro-US Dollar: I think that the market is headed down to 124.50 and eventually much lower than that. Resistance today is at 125.60.
Dollar-Yen: Support today is at 119.10. I think the yen will rally a little more, say to 120.50, before a reaction of 150-200 pips starts. I expect to see the yen at 130 next year.
November Crude: Support today is at 58.20. The next step up should carry the market to 61.00. I think a bigger rally into the 64.00-65.00 range is underway.
December Gold: Resistance is at 599. I expect the market to turn lower from there and resume its drop to below 500.
December Silver: Resistance is at 1190. From there silver should resume its drop to below the 900 level.
Google: Support is at 410 and I think GOOG will soon move above its all time high of 475.
1 comment:
Carl, can you explain your bearish position on gold? At what price, will you be bullish?
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