Spiders - December S&P E-mini Futures: The e-minis drop into the 910-30 range before the next rally starts. I think there is a good chance that the 837 low will hold for quite a while, but even if it doesn’t the 810 level probably will.
QQQ: Support stands at 30.50.
TLT - December Bonds: I think a big drop is underway 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 Euro should rally back to 139 or so.
Dollar-Yen: My revised 99.00 target has been reached. I think this market will stabilize and the yen will soon begin a big rally. Short term resistance is now at 104.00.
XLE - OIH - USO – November Crude: Downside target at 75 was nearly reached Friday. I expect crude oil to begin stabilizing near 75. Resistance above the market is now at 88.00.
GLD - December Gold: Gold still has resistance at 935. I think gold will soon drop to 600.
SLV - December Silver: Resistance is at 1390. Next downside target is 900.
Google: Google will probably drop back into the 310-30 zone and then rally to 425.
12 comments:
Carl, what is the short to intermediate term outlook at this time? In light of unprecedented financial occurrances and resulting federal intervention, are your charting theories still applicable (I hope so)?
Carl
Could to see you shorting this market after a 30% move.
when do you think you will change your mind about a rally? at which point do you throw in the hat?
anonymous, I believe you mean 'towel'. If he were to throw in his hat, he'd be running for public office - which might be a good idea!
Carl, north from 910 or south to ... 860??
Ferd
when carl throws in the towel, that's probably the market bottom?
Wow
with a day this bad I would of thought the natives would have been more upset with you Carl. The fact that very little has been said I find surprising. I just do not know if it is shock and good or complacency and bad.
I wish I had lightend up when you predicted we would go back down
If the 810 level doesn't hold, then the 765 will? (Oct 2002 low)
I think there is going to be one violent rally soon!
based on further analysis I am now going with shock not complacency.
I still wish I had lightened up based on your previous comments.
Carl,
Look at this link from Roubini... He has the markets falling much further prolly down to 5K, and bad times for the next 2yrs
Enjoy,
ex
pid=20601087&sid=asxXHEAn1glc&refer=home
It's interesting to see people here and everywhere emoting. You get to see their souls, ugly or beautiful.
It's also clear that most people don't understand trading as opposed to "beliefs", and they couldn't make real money either way. Anger and stupidity don't win in the long run.
here is a wild thought, McCain at 15% on the betting sites and the SP500 are both too low and will both rally into the Nov 4th elections. I am not saying McCain will win but I think 20% trades before 10% for McCain. When money is at stake, the human tail end events come to the surface!
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