Spiders - September S&P E-mini Futures: Panic is in the headlines of today’s newspapers. Volume has been very high the past two days but the futures will probably open today about where they opened on Tuesday. The daily advancing issues number has developed a bullish divergence while its 5 and 10 day moving averages are extremely oversold. All these factors combine to make me think today will be a bullish day and that a substantial rally is about to start. We may get an early drop to support which today stands at 1150, but the rest of the day should be upward.
QQQ: The market blew through 41.50 support yesterday on panic selling, but should hold the 39.90 level and then rally significantly.
TLT - December Bonds: The market has reached and exceeded the 123 target. Yesterday the bonds failed to make it back to Tuesday’s high of 123-27 in the face of stock market panic. This is a bearish indication and I think the next big move will be downward.
December 10 Year Notes: The notes stopped 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 147.50.
Dollar-Yen: The market is headed for 98.00.
XLE - OIH - USO – October Crude: Crude has rallied more than $10 but should stop near resistance at 102.50. After that a drop to 88 will be in the cards.
GLD - December Gold: Gold rallied on panic buying yesterday and now has a good shot at the 935 level. That should be it however and from there I think gold will drop below 700.
SLV - December Silver: Resistance is at 1390. Next downside target is 900.
Google: Google is probably now headed for 375.
1 comment:
How are all those negative news in the media helping your long ideas? It didn't mark a bottom on Monday, did it?
Again, your lack of understanding the fundamentals of what's going on out there will surely get some of your readers to lose a fortune.
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