Spiders - December S&P E-mini Futures: The e-minis rallied from the 1445 level and should continue upward to1480 or so. From there I think we shall see the start of another leg downward. I still think the market is headed below the November 26 low at 1418 in the March e-minis.
QQQQ: The Q’s are headed for 47.00.
TLT - March Bonds: Resistance above the market is at 116-12. I think that a drop of 7-10 points is underway. TLT is headed for 87.
March 10 Year Notes: Resistance above the market is at 113-16. I think the notes have started a drop of about 5 points.
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 – February Crude: The market is headed for 79.50. Resistance now stands at 96.50. 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 1350.
Google: GOOG has support at 640.
4 comments:
Hi Carl,
Could the following time relationship say anything about the significance of yesterday's low? March, '07 low to July high = 86 trading days. August, '07 low to 12/18/07 low = 86 days
mercury sidereal cycle, 88 days
Closer we get to this Bradley date, it appears it will have a bullish conclusion.
Rally off November 23 lows ideally should be a 3 leg abc into this bullish Bradley date. So far, only 2 waves look complete and there is a missing c-wave rally.
Today still looks like a buy with a trailing stop. Not impossible for a 600 point Dow rally into Friday.
Santa Clause rally may be imminent.
Carl:
If you truly believe ES ultimately works back below 1400 why would you not sell short a rally near 1480?
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