Spiders - September S&P E-mini Futures: Yesterday’s late, high volume rally makes it likely that the low at 1009 will hold for a while. First upside target for this rally is 1110. Support today is centered around the 1035 level I think this market is very near its final bear market low.
QQQ: The initial rally in the Q’s should carry to 36.50.
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 trend has reached the 135 target level. A rally to 139 is the next likely development.
Dollar-Yen: I am revising my dollar-yen target upward a little to 99.00. Resistance above the market is at 104.00.
XLE - OIH - USO – November Crude: Next downside target is 75. Resistance above the market is at 97.00.
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 has dropped to 360 and I think it is about to begin a big bullish trend which will carry it to 750 or higher.
5 comments:
Hey Carl,
I agree with you that we should have a tradeable bottom, but I think we may have one more leg down to complete this BEAR, at least that is whay I see in my chart patterns! I also agree with your first SPX target of 1110... We can over shoot that mark to 1140 if any good news!!!
One more thing that we should all keep an eye out for an inter-meeting rate cut of 1pt possibly... Bill Gross from Pimco is asking for it and he may get it!
ex
Hey Carl,
I will give u credit for the OIL prediction which is looking like it is heading to at least 80!
Cheers
Carl,
Thanks for your insight. I do not know that I agree that we do not go a little lower yet, but I always find your perspective helpful.
Beautiful call on the EU..hopefully you will leave your daily ES trades to yourself..I'm not sure they benefit anyone really. you really shine in your longer time frames. Thanks for posting..
You know, this blog probably would be much more interesting to me if there was less emphasis on ES trades and more analysis (like you do with the S&P charting) on the other markets. It would go a long way towards helping people diversify their risks as opposed to living or dying by the sword of the S&P.
PB
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