Spiders - December S&P E-mini Futures: Yesterday’s late weakness dropped the S&P’s to 827, just a shade above the 825 low reached early in the day. Buying in
QQQ: The Q’s are headed for 26.90 before the next rally can start.
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 reach 121.50 before the next rally sets in.
Dollar-Yen: The yen reached its 93 target Friday but will probably continue down to the 89 level before a substantial rally can start. Resistance above the market is 99.00
XLE - OIH - USO – December Crude: Crude has reached the 60.00 – 62.00 target zone. A rally of 10-15 dollars should be the next development.
GLD - December Gold: I think gold will drop to 600. Resistance is at 810.
SLV - December Silver: The market has reached the 900 downside target but will probably continue lower to 810 or so before a big rally begins.
Google: Google should rally to 425. Support remains in the 310-30 range.
2 comments:
Hello Carl,
just a copy from another blog which you might find interesting regarding sentiment.......A guy in my office asked me what the stock market was going to do now, I told him I wasn't sure but that we were in for years of problems and decline. He was shocked and said I was the first person that told him that. Everyone else is under the impression that we are a few short months away from recovery.
cheers
Susn
Anybody reminded of the March '03 low?
On 2/13 the SPX formed a hammer candle, then rallied hard for 2 days. The index then trended lower for a month, until March 12, when another hammer candle formed, after the SPX had broken the February low. From that 3/12 hammer the SPX rallied from about 800. Then, and only then, did the US invade Iraq. The market had tanked in anticipation of the invasion, then rallied when the invasion was imminent.
I'm wondering if the "invasion" that the market is anticipating is, in this case, the presidential election. The anticipation of (uncertainty regarding) the impending Obama victory will get relieved at a surprising time...I would suspect before the election.
Food for thought.
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