QQQQ: The Q’s have been acting even stronger than the S&P and should hit 50 before a drop down to 47.50 develops. The bull market high so far is 50.66 and later this year the market should be trading well above that level.
TLT - December Bonds: The bonds still show no sign of weakness so I think this market will make it up to 113-00 before an extended drop starts. Meantime support beneath the market stands at 110-28. 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 have reached 109-28 resistance but still show no sign of weakness. I think that the market has a good shot at reaching the 110-16 level before the extended drop I have been expecting begins.
Euro-US Dollar: Resistance above the market still stands at 136.60. I think this market is headed to 126.00 and eventually lower than that.
Dollar-Yen: I no longer think the yen will drop below it 111.57 low. Resistance is at 117.20 and support 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: The rally in crude will probably continue up to the 76.50 level before the market turns lower again. I think that the market will drop below 50.00 over the next 12 months. Both XLE and OIH are headed much lower. The 57.00 level looks like resistance in USO.
GLD - December Gold: Gold traded well above the 683 level yesterday but I think this rally has pretty much had it. The next significant move should be downward to below 650. I think gold has started a decline which will carry it to 500 and below.
SLV - December Silver: Resistance above the market is at 1245. Silver has started a drop which will carry it below 900 and SLV should drop below 90.
Google: I think support near 485 will hold and that a rally to 600 or higher is underway.
1 comment:
Q's did hit 50 yesterday and were hit by a flurry of selling last 15 mins yesterday. Do you expect another test of 50 before heading to 47.5?
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