December S&P Futures: This morning’s CPI news has sent the market to 1408 so far. Today support will be in the 1398-1400 range. The S&P’s are about to enter the 1410-20 range from which another break of at least 30 points is likely.
December Bonds: The bonds have held the 112-24 support level and now are on the way up to 113-30. The market should reach 115-01 in a few weeks.
December 10 Year Notes: The notes are headed up to 109-16. Support is at 108-04.
Euro-US Dollar: The euro should find support near 127.70. I also think that the market will take out its June 5 high at 129.76 before the advance from 124.83 is complete.
Dollar-Yen: The yen should drop to 116.00 or so and then rally to 121.00. I expect to see the yen at 130 next year.
December Crude: The 58.50 level is still support today and I still think the market will rally to 62.00 or so.
December Gold: Support in gold is at 613. I still think the market will move up to 650 before an extended drop begins.
December Silver: Silver should reach 1350 before and substantial drop begins. Support is at 1255.
Google: GOOG will soon reach its initial 507 target and then move on to its higher 564 target. Support is at 463.
Carl,
ReplyDeleteThe jump to 1408 on the SP was inside a given one minute bar indicating a single source group action, not an overall market consensus of makers.
Doesn't that make it unlikely that it was tied to a general observation of CPI but rather one entity pre-loading or unloading a huge batch?