December S&P Futures: Early this morning the market hit 1376.75 and since has broken about 4 points. I am still leaning on resistance at the 1376 level and expecting the market to drop to 1362 and eventually into the 1350-55 zone. In any case I expect to see a 1400 print later this year.
December Bonds: I expect the bonds to hold support at 110-12 and then rally to resistance at 111-12. Over the next few weeks the bonds should drop into the 107-108 zone.
December 10 Year Notes: The notes are now headed down to 105-16 or so. Support today is at 106-16 while resistance is at 107-16. .
Euro-US Dollar: The Euro has rallied to 126.42 and should move lower from there. Any strength above that level would turn me bullish. In the meantime I shall stick with my view that the market is headed down to 124.50 and eventually much lower than that.
Dollar-Yen: The yen has reached support near 118.10 and should now rally to 120.50. I shall turn short term bearish if weakness develops below 118.00. In any case I expect to see the yen at 130 next year.
December Crude: Resistance is at 61.50 today. Strength above there would force me to abandon my short term target at 58.40. In any case I am still expecting a rally of 4 or 5 dollars from whatever low is made in the 58.00 to 60.00 zone.
December Gold: I expect the market to bounce off of resistance at 613 and then turn lower and resume its drop to below 500.
December Silver: I expect silver to bounce off of resistance near 1220 and then resume its drop below the 900 level.
Google: Support is at 418 and I think GOOG will soon move above its all time high of 475.
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