Spiders - December S&P E-mini Futures: The futures are headed for 1000. First resistance on the way up is at 935. Support today is again at 875. Weakness below that level will mean that the S&P is headed down to 810-20 again.
QQQ: The Q’s are headed for 34.
TLT - March Bonds: The market has reached resistance at 135 and should now begin a sustained downtrend.
March 10 Year Notes: The notes didn’t make it to 128 but I think this market has begun a sustained downtrend.
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 will move into the 101-102 range before starting another decline.
XLE - OIH - USO – January Crude: The 40.00 target has nearly been reached and the next development should be a rally into the 55-60 zone.
GLD - February Gold: Gold should bounce off of resistance near 810 and resume its moved down into the 550-600 range.
SLV - March Silver: Resistance above the market stands at 1085. Next downside target is 650.
Google: Google has reached the 250-60 target zone which should be the end of its drop from 747.
4 comments:
Hi Carl,
I just covered my 890.00 short and went long again at 895.00, I believe we're going to blow through those highs now.
Thanks.
Kindest regards,
PM
Carl
Is it likely we are rangebound thorugh the holidays?
we are at the very start of a huge HUGE BULL market. BUY WITH BOTH HANDS!!
Hi Carl,
To let you know I reinstated my short in the March contract right now in the evening session at 895.00. A trade above 917.50 tomorrow will turn me bullish.
Thanks.
Kindest regards,
PM
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