Spiders - December S&P E-mini Futures: Today I will be a buyer at 1443 using a 25 point stop. I think the next rally will send the market initially to 1495 and to 1600 by the end of the year.
QQQQ: Support in the Q’s is at 49.00 and the next upside target is 56.00.
TLT - December Bonds: Resistance is at 114-24 and the next big swing will be a drop to 110 and below. TLT is headed for 85 once this rally is over.
December 10 Year Notes: Resistance is at 111-28 and the next big swing should be downward to 108 or lower. The notes are on the way down to 108-00 and probably lower.
Euro-US Dollar: The market has reached resistance near 147.50 but the trend is still upward. Support is now at 143.90. My best guess is that the market will soon stall and then begin a multi-month drop.
Dollar-Yen: The yen should soon begin a substantial rally.
XLE - OIH - USO – December Crude: The magic 100.00 level is nearby and I think it will trigger enough selling to send crude back down to 75.00. USO has resistance at 77.50. The 200-205 target for OIH has been reached and I think the next big move will be downward. The 80 target for XLE was not reached but I don’t think the market will make it there now.
GLD - December Gold: Gold has traded at 848 and is in the midst of a “parabolic” upward phase which will end without any warning. The first danger point is the 873 front month high of 1980. Support today is at 790.
SLV - December Silver: Silver will probably reach the 1650 level before any stall develops. Support today is at 1435.
Google: It looks like GOOG will now rally to 685. Support is at 626.
2 comments:
Reflex bounce over due. Sentiment not at extreme levels yet. Awaiting new leadership to begin flexing their muscles.
great comments joe, I am sure you are making lots of money trading
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