Spiders - September S&P E-mini Futures: T e-minis will probably drop to support in the 1200-10 zone before they move up above the 1300 level. In any case I expect last week’s 1136 low to hold for quite some time. The current rally should carry the S&P up to1400 during the next few months and much higher than that next year.
QQQ: The Q’s will probably drop to 41.00 over the next couple of days and then start a move up to 45.00.
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: Resistance is at 108.50 and I think the market is headed for 98.00.
XLE - OIH - USO – October Crude: Crude has resistance at 110.00. Next downside target is 75.
GLD - December Gold: Gold still has resistance at 935, but my guess now is that Thursday’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.
1 comment:
How is Gold going to go down as the federal Goverment assumesover a trillion Dollars in debt. Carl's prediction of $600 Gold has less than a 1% chance of happening.
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