Spiders - December S&P Futures: The market has held short term support at 1522 and should rally to 1590 or so. (Corresponding levels for Spiders are 150.50 and 158.00.) If, contrary to my expectation, weakness below 1515 does develop then I would expect continuation down into the 1470-80 range before a rally to new highs begins.
QQQQ: The Q’s should reach 52.50, a new bull market high, before a reaction of a couple of points sets in.
TLT - December Bonds: The bonds are headed down to the 106-107 zone. Resistance above the market stands at 111-20. TLT is on its way to 84 but I expect the June low at 81.20 to hold.
December 10 Year Notes: The notes are headed down to 105. Resistance above the market stands at 109-24.
Euro-US Dollar: The market has reached the 141.00 level and I expect a significant drop from that 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 – November Crude: The 81.00 level is strong resistance. The next significant move should be downward to 70 and below. The upside target for USO is 62. In OIH the next big move will be downward. XLE is stalling and the next big move will be downward.
GLD - December Gold: Gold should bounce off of strong resistance in the 750-55 zone and begin an extended decline. This breakout to new bull market highs is one that should be faded.
SLV - December Silver: Silver has bounced off of the 1380 level and the start of an extended drop is near.
Google: I think that a rally to 650 or higher is underway.
1 comment:
Carl, is it possible that you could explain the basis of how you calculate the potential QQQQ high of 52.5?
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