December S&P Futures: The market dropped to 1337 in electronic trading this morning. The next move will be upward to 1360. Much higher prices are likely later this year.
December Bonds: The bonds are likely to rally from 112-00 support to 114-04. I think that a more substantial drop will develop from the 114-115 range.
December 10 Year Notes: The market has reached support around 108-00. The next step up should carry it to 109-00. I think the notes will rally into the 109-110 range before a more substantial drop begins.
Euro-US Dollar: Resistance above the market at 127.30 was exceeded by 35 pips but I think that the market is now headed back down to 124.50 and eventually much lower than that.
Dollar-Yen: The yen is now headed for resistance at 119.50.
November Crude: I think the market will probably take a peek below 59.00 and then rally to resistance near 65.00. However I also expect to see crude trading in the 50-55 range sometime during the next 6 months.
December Gold: The market has turned down from yesterday’s lower top and now is headed below 500.
December Silver: The market has turned down from yesterday’s lower top and is now headed below the 900 level.
Google: Support is at 394 and I think GOOG will soon move above its all time high of 475.
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