Spiders - September S&P E-mini Futures: The e-minis dropped as low as 963 early this morning, then rallied to 1045 on the central bank rate cut, and are now dropping back near their lows with 986 being the current print. It looks like the market will drop further to 940 or so before staging another rally.
QQQ: The Q’s should find support at 31.
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: My revised 99.00 target was reached this morning. I think this market will stabilize and the yen will soon begin a big rally.
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 350 and as will probably continue down to 315 before a big rally can start.
4 comments:
Well, it looks like nothing will save this market... Im surprised to see we didnt rally even after a rate cut!
My downside targets for the SPX are 955-928 the upper support zone from 2002 lows... and my downside targets for the QQQQ is 30-28!
Good Luck!
ex
WE did rally ex, for a good hour or so!
A good crash is what we need and we are getting it.
Capitalism run amok ... enjoy!
Rick B.
Rick,
I dont think a move of 35pts on the SPX is a rally considering the futures were up as high as 1045, now that would be a rally to me and sustained...
Cheers
ex
Carl,
In you next Guestimates, regarding the Yen rally you mention, could you elaborate on what you mean by that since the cash and futures move in opposite directions. If I understand it correctly a falling cash yen cash would be appreciating against the USD and a falling yen future is indicative of the yen losing ground against the USD.
Thanks
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