Spiders - September S&P E-mini Futures: The market reached the 1175 level last night and since has been trading sideways. The financial crisis is on the front pages this morning. Support is at 1165 today. I think this drop is just about over.
QQQ: Support is at 41.50 and resistance above the market is at 44.25.
TLT - December Bonds: The market has reached and exceeded the 123 target. I think the next big move will be downward. market will reach 123 before it heads lower.
December 10 Year Notes: The notes are just shy of the 120 target. I think the next big move from here will be downward.
Euro-US Dollar: The trend in the euro is downward and I think the market is headed for 135. Resistance above the market is at 145.00.
Dollar-Yen: The market should reach the 112.00 target. Support is at 106.00. Added Later: I missed the break of 106.00 support yesterday. Its failure means that the yen is headed for 99.00.
XLE - OIH - USO – October Crude: Crude has reached the 91 level and a rally of $10-15 is imminent.
GLD - December Gold: Gold is headed for 700. Resistance above the market is at 840.
SLV - December Silver: Resistance is at 1390 and I think we shall see a drop below 1000 before silver can start a big rally.
Google: Google is probably now headed for 375.
3 comments:
Carl,
The yen has dropped well below the 106 support you are listing, currently 103.67?
DE
I guess all those gloom and doom articles weren't a contradictatory indicator after all. Sometimes, the gloom is correct for a reason. Well back to the drawing board on try to read the tea leaves of magazine covers.
There is a sucker born every minute ... maybe they are the buyers?
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