Spiders - December S&P E-mini Futures: Still long the e-minis from 1463 and still using a 1438 stop. Since the market has traded sideways for several days now I think that an rally will carry above the 1500 level so I have no profit taking target for the moment. I still think that Tuesday’s low at 1437 in the e-minis will hold and that the market is headed for 1600 by year end.
QQQQ: The Q’s are headed for 56.00. Support is 48.85.
TLT - December Bonds: The bonds now have resistance at 115-20 but I still 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 112-16 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 148.00 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. Resistance above the market is at 96.00. Initial downside target is 74.00. USO should drop to 56, OIH to 160 and XLE to 60.
GLD - December Gold: I still think gold futures still have a good shot at the 873 level which is the front month high reached in 1980. Support is at 780.
SLV - December Silver: Silver will probably reach the 1650 level. Support is at 1435.
Google: It looks like GOOG will rally to 685 and higher. Support is at 620.
Please don't take up flying. You'll never learn to pull back on the joystick before your plane hits the ground.
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