Spiders - March S&P E-mini Futures: The market broke below the low of its 875-900 trading range yesterday but then rallied back above 870 on increased volume. I think this means that we shall see a move above 880 today and if we do I think yesterday’s 852 low will hold and support a rally to 945. I still think that that the 1000 level will be reached next month.
QQQ: The Q’s are headed for 34.
TLT - March Bonds: The market will probably make it to 145 before any substantial break begins.
March 10 Year Notes: The 128 resistance will probably be broken and the notes should reach 130 before the market turns lower.
Euro-US Dollar: The euro has found support near 138.00. I think we shall see a move up to 152.00 or so before the bear market resumes.
Dollar-Yen: I think the 87.50 level will hold and that a rally to 100.00 is imminent.
XLE - OIH - USO – February Crude: The 40.00 level should be support in the February contract. I still think a rally into the 55-60 zone will be the next development.
GLD - February Gold: The 885 level should prove to be resistance and the market should soon resume its move down into the 550-600 range.
SLV - March Silver: I still think this is a bear market. Next resistance above the market is at 1165. Next downside target is 650.
Google: Google has reached the 250-60 target zone which should be the end of its drop from 747.
Hi Carl,
ReplyDeleteNeedless to say, we just got back from shopping and my stop was hit for a minimal loss, so I'm flat. It does look more and more that we're beginning the next leg down.
Thanks.
Kindest regards,
PM
Carl
ReplyDeleteI just to say THANK YOU for your Blog. I find your efforts; extremely informative and educational, moreover I find your tolerance of difficult people impressive!
Merry Christmas and best wishes,
Jim
Carl,
ReplyDeleteJust want to say Merry Christmas and a very happy and healthy New Year! Thank you for taking us through your agony and ecstasy throughout the year. I appreciate it.
Kindest
Carlos
Hi Carl,
ReplyDeleteA close below 827.20 any time this week, or at all, will give me another major sell signal.
If I don't post to you again this week, here's wishing you and yours a safe and Happy Holiday Season, and may all your dreams come true in the New Year.
Thanks for your great blog.
Kindest regards,
PM
www.marketkarma.blogspot.com also got a sell signal similar to this past May.
ReplyDeleteGuys, get ready for the "big" rally on the dow begining next week, or probably this friday. we will test 8260/80 and from there to 9600, there is about 2 or 3 days left for the begining, the key for the takeoff is to hit the support level everyone is waiting for, which is 8200. translate to the S&P
ReplyDelete