Spiders - December S&P E-mini Futures: Today I will be a buyer at 1463 using a 25 point stop. The rally from yesterday’s low in the futures has already carried into the 1492-1500 zone which is resistance because of the several temporary lows which formed in that zone between October 22 and November 5. A reaction of 25-35 points would be normal at this juncture. Yesterday’s low will hold and I think the market is headed for 1600 by year end.
QQQQ: The Q’s are headed for 56.00.
TLT - December Bonds: Resistance is at 114-24 and I think that 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 will probably rally to 148.50 but I think that will be it for the euro. 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. Support is at 109.00.
XLE - OIH - USO – December Crude: I think crude has begun a substantial drop. Initial downside target is 74.00. 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: I think gold futures still have a good shot at the 873 level which is the front month high reached in 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 rally to 685. Support is at 626.
3 comments:
Carl
Maybe, just maybe, the 23 point on your George Lindsay Posts have allready gone past us ? are you shore that this is not the case ?
/R
I am never sure of anything, but I still think point 23 lies ahead of us !
I like your answer, Carl: "I am never sure of anything." Made me laugh out loud. Not sure why it was so funny. Maybe because of having to state the obvious that of course in this game of prognosticating the markets one is never sure of anything, but then to immediately follow that with the statement that you think 23 lies ahead of us. Never sure, but still very confident in your outlook! I like that.
Greg
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