Spiders - September S&P E-mini Futures: I think that yesterday’s low is a very important one and in all likelihood is the end or very close to the end of this bear market. The rally which started yesterday will probably carry the S&P to 1400 over the next couple of months. Today I think the market shall find resistance in the 1260-65 range. Support stands at 1200-10.
QQQ: A big rally is underway. The 45.00 level is initial resistance.
TLT - December Bonds: I think a big drop has begun in the bonds. It should carry the market back to 111 or lower.
December 10 Year Notes: The notes are now headed for the 110-111 zone.
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 resistance at 102.50. Next downside target is 88.
GLD - December Gold: Gold still has resistance at 935, but my guess now is that yesterday’s 925 high marked the end of the rally. I think gold will soon drop to 600.
SLV - December Silver: Resistance is at 1330. Next downside target is 900.
Google: I am not very sure about Google’ technical position. I still think it has a good shot at 375 before it resumes its long term bullish trend.
5 comments:
I knew they would bail everyone out! I told you! Some people told me the republicans were against bailing out. The S+P is headed to 1650. Bailouts are not over. Bear, Fannie, Freddie, AIG, every money market, and now a super fund to bail out everybody. The market going up 800 point today. Keep buying. Also mortgage rates are headed to 3%. That's the next task for the government.
loaded the boat(70% long)... when the trigger VIX spiked above 40 yesterday and YMZ8 dipped below 1050o , as planned .... still long now, how long do i hang on to this bungeee bounce??? remember took a small loss going long when it hit 10600 on a 36+ spike on the VIX day before yesterday. small losses are better then gains!(pop) now to protect the big gains....
can not short announcement on tv was the actual trigger,,,,,but it sure will make for an exciting bounce. the question is for how long? and then it will make for another exciting crash after!? i will be a millionaire soon or if it crashes while i sleep i'll be near broke,ha!
a free market administration is now saying i'm a criminal because i have and will short again.
wow.
if you think long term this will lead to an increase in stock prices you folks are insane.
we are headed towards a monumental crash. outlawing being short is just plain stupidity and nutso.
policy is only important when it works in your favor. when it stops working and the public finally catches on,look out.
"leaking" the news that the SEC is going to ban short selling is the equivalent of yelling "FIRE" in a crowded theater. the SEC should investigate itself for securities fraud.
i think crude oil is headed for 143again . The eurusd is in the early stages of a rally back to 1.5060 area i reckon. Good trading all !MC
Adam Smith is rolling in his grave this morning. Nature starts forest fires to clear out the weak growth and replace it with new. I'm afraid that the SEC just delayed cleaning house by a few more months. Didn't they stop naked short selling back in July, and what did we get for that effort? A tepid bounce. I think anything that stands in the way of a free market is ultimately bad.
Carl,
If Dollar-Yen is headed to 98 as you say, wouldn't carry trade unwind create headwinds for the rally?
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