Spiders - December S&P Futures: Today I think the futures are a short at 1541, again with a 10 point stop. Profit taking target will be 1521. If the stop should be hit the odds would then favor continuation to new bull market highs.
QQQQ: Resistance today is at 54.30 and I think we shall see another drop to 53.00 or so before the market moves up to 56.00.
TLT - December Bonds: I think the bonds will rally into the 114-115 range. Support stands at 113-06. TLT should rally into the 92-93 range.
December 10 Year Notes: It now looks like the notes will rally to 111-24 or so before a more substantial drop develops. Support is at 110-16.
Euro-US Dollar: Support beneath the market stands at 140.50. The historical high in the euro is 145.75 which was reached in 1992. My best guess is that the market will take a peek above there, probably hitting 146.00 and that this will be followed by a multi-month drop.
Dollar-Yen: Support in the yen is at 113.00. Looking ahead several months I expect to see the 130 level during the next 12 months.
XLE - OIH - USO – December Crude: Crude broke 90.00 decisively this morning so the next upside target is 96.50. The upside target for USO has been reached as has the 200-205 target for OIH. The 80 target for XLE was not reached but I don’t think the market will make it there now.
GLD - December Gold: The trend is still upward with target 800 and support is at 745.
SLV - December Silver: It looks like silver is headed back to 1500 and support is at 1330.
Google: I think that a rally to 705 is underway. Support is at 630.
1 comment:
Carl,
I just wanted to let you know that I certainly appreciate the extra detail and effort in your recent posts this week for potential trades, especially in view of your analyis of potential upcoming George Lindsay turning points.
Best regards and thanks again for your efforts.
J.
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