Spiders - December S&P Futures: I think that the start of a 70-80 point break in the futures and 7-8 points in the Spiders is imminent. Even so I am also sure that new bull market highs will be seen before the end of the year.
QQQQ: The Q’s are starting to act weaker than the S&P’s. I now think that a drop to 46.20 or so will be the next development. Later this year the market should be trading well above 50.66, its bull market high so far.
TLT - December Bonds: The reaction in the bonds went further than I expected but as yet I see no evidence of a more extended downtrend. I still think the odds favor a move to 114-24 before this extended downtrend begins. TLT has reached the 89.00 level and I think the next development will be a drop into the 80-81 range.
December 10 Year Notes: The notes should continue upward to 111-08. Support is at 109-24.
Euro-US Dollar: The market is headed for the 141.00 level.
Dollar-Yen: Support in the yen is at 113.25. Looking ahead several months I expect to see the 130 level during the next 12 months.
XLE - OIH - USO – October Crude: Crude hit 81.00 early this morning. The upside target for USO is 62. OIH has stalled near 185 and its next big move will be downward. XLE is stalling near 73 and the next big move will be downward.
GLD - December Gold: Gold is getting close to the 730 target. I think gold will soon start a decline which will carry it to 500 and below.
SLV - December Silver: Silver looks like it is headed for the 1330 level. I think silver will soon start a drop which will carry it below 900 and SLV below 90.
Google: I think support near 485 will hold and that a rally to 600 or higher is underway.
4 comments:
Why are you so confident about the new highs by the end of the year? Does this go back to the point and figure chart?
The point and figure chart will be broken eventually. If not now sometime in the future. What has to happen to make you question the point and figure chart?
It sure seems like there is enough out there to at least question a trend reversal. I'd feel a lot more confident in questioning you or supporting you if I knew what the Fed was going to do today. What I do not understand is how you can be so confident without knowing what the Fed will do.
I do like your blog, but I obviously question your rational some times. Do not feel bad I question MY rational a lot as well.
GOOG will crash as a sign of the bottom. Might take up to two years. Good luck to everybody in your struggle to keep some of what you've got until then.
u must have meant a 70-80 point upside is imminent..not downside!!!!!!!!111
Thank you Carl, for your efforts to keep up this this free website. I appreciate and look forward to reading your column each day. Your opinion is valuable to me and my family. Thanks.
Andy Molter, Dearborn, Michigan.
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