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.
6 comments:
Hi Carl,
Needless 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
I 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,
Just 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,
A 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.
Guys, 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
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