Spiders - December S&P E-mini Futures: Resistance is still at 1520 and the next break will probably carry the market down 25 points or so. Last week’s 1406 low ended the decline from the October 11 top at 1587. We are in the early stages of a move which will carry above the 1600 level.
QQQQ: The Q’s are headed for 56.00. Support is 48.85.
TLT - March Bonds: 114-08 is the next downside target. I think that a drop of 7-10 points is underway. TLT has strong resistance at 94-95 and I think a 7-10 point drop is imminent.
March 10 Year Notes: I think the notes have started a drop of about 5 points. Next downside target is 111-28.
Euro-US Dollar: I think the euro is establishing a long-lasting top. I think this market is headed for 139.00 before a substantial rally can begin.
Dollar-Yen: I think the yen is headed upward in a multi-month move. Initial upside target is 117.00. Support is at 109.50.
XLE - OIH - USO – January Crude: The market is headed for 79.50. Resistance stands at 92.00. USO should drop to 56, OIH to 155 and XLE to 60 within the next few weeks.
GLD - February Gold: I still think gold futures still have a shot at the 873 level but a drop below support at 780 will mean that an extended decline has started.
SLV - March Silver: I think is now is likely that the 1644 high in March silver will hold and that an extended decline has begun. Support is at 1420.
Google: GOOG has support is at 670. I think the next step up will carry the market to 730.
3 comments:
didn't have the guts to short before or after the fed news.
have open orders in to buy Jan 2008 ITM calls FLS and JEC and looking to go long YM or ES not sure when or where, going on feel,lol
now i'm so glad, i'm glad i'm glad, i'm glad, i went to 95% cash couple days ago.
cheers,
Rob
Quite a few less balanced individuals working at Wall Street (understatement). Did Morgan Stanley send someone to cut down the christmas tree at Rockefeller Plaza?
nice play.
next 2 potential CIT dates are 12/14 and 12/17-19
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