Wednesday, November 05, 2008

Guesstimates on November 5, 2008

Spiders - December S&P  E-mini Futures:  I still think that the S&P’s are headed into the 1050-1100 range. Support today is again at 975. Weakness below that level will mean that the S&P’s will drop into the 930-40 zone. 

QQQ: The Q’s are headed for 36.00. 

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 has resistance at 135 and will probably be trading in the 122-135 range for a while.   

Dollar-Yen: The yen has rallied as far as 100.55 but I think the market will move into the 101-102 range before starting another decline. The market rejected the 91 low decisively but the odds are that it will break to 89 before a rally well above the 100 level can start. 

XLE - OIH - USO – December Crude: Resistance above the market stands in the 73-75 range. 

GLD - December Gold: I think gold will drop to 600. Resistance is at 790. 

SLV - December Silver: Resistance above the market stands at 1125. 

Google: Google should rally to 425. Support remains in the 310-30 range. 

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