December S&P E-mini Futures: Yesterday's late selling has been completely retraced in electronic trading early this morning. As I write this the market is also trading above the midpoint of yesterday's range at 1050. In light of these two facts I am withdrawing the "down to 1015-20" prognosis offered near yesterday's close. I am going to estimate today's day session range as 1044-1061, essentially the same range as yesterday. Trading above yesterday's high at 1058.50 for more than 30 minutes will mean that the e-minis are headed for 1120.
QQQ: Support is at 41.10. Next upside target is 45.00.
TYX (thirty year bond yield): I think this market has begun a move to 5.00%.
TNX (ten year note yield): I think that the market has begun a swing up to 4.30%.
Euro-US Dollar: I think a sustained drop to below 120 is about to start.
Dollar-Yen: I think the 87.13 low will hold and that the yen will soon begin a move to 105.00.
December Crude: I think that crude is headed down to 50.00. Resistance is now at 81.00.
GLD – December Gold: The market will probably keep going until it reaches 1120. Support is at 1030.
SLV - December Silver: Continuation up to 1900 is likely.
Google: Support is now at 490. Next step upward will carry to 610.