Spiders - December S&P E-mini Futures: The futures are headed down to 750-60. Resistance above the market today is at 850.
QQQ: The Q’s should hold support in the 25-26 zone and then resume their rally to 34.
TLT - March Bonds: The market has reached its 1998 high at 135 and should stall here before turning lower.
March 10 Year Notes: The notes will probably reach 128 before turning lower.
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: My guess is that the market will stabilize around 40.00 and then rally $20 or so.
GLD - February Gold: Gold has broken support at 760 and now is headed down into the 550-600 range.
SLV - March Silver: Resistance above the market stands at 1125. Next downside target is 650.
Google: Google has reached the 250-60 target zone which should be the end of its drop from 747.
2 comments:
Carl,
I still cant believe you think the SPX is going to a 1000! As I have wrote here before, how can you justify a 40% from the 750 lows?
The world is crumbling down and the job lost is mounting to now 500K per month, times that for the next 12mths = 6 million jobs lost!
And you are saying the market will rally to 1000pts! I think you have no clue of how to play the game or just are too stubborn!
ex
If you really think the market is headed down to 750 why aren't you short?
I am not so sure the market is headed down because of the initial reaction to the jobs market. I also am not so sure you are wrong (it is certainly possible we go down again)
This looks like a rather unpredictable bottoming process that is whipsawing most people. Eventually I think you are right and we rally to 1000. Possibly even going to 1150.
I never think predictions are easy, but right now I think things are particularly difficult.
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