Tuesday, December 15, 2009

Guesstimates on December 15, 2009

March S&P E-mini Futures: Today's range estimate for the March contract is 1098-1010. I think the e-minis are headed for 1140.

QQQ: Upside target is 47.50.

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: The market has broken decisively below support at 147.50. I think this means that a drop to 140 is underway.

Dollar-Yen: The drop below the 87.00 level is starting to look like a false breakout. A move above 91 will mean that continuation up to 100 is likely.

January Crude: I think that crude is headed down to 50.00. Resistance is still at 75.00.

GLD – February Gold: Gold continues to sag below what I think should be support. Still, I don't yet see a break in the rhythm of the up trend so I still think gold has more to go on the upside. Meantime support is now at 1100.

SLV - March Silver: The 1900 target has been reached. Still no sign of a top so continuation upward to 2100 is likely. Support is at 1675.

Google: Support is now at 535. This step upward will carry to 610.

1 comment:

Win said...

$GDX has been very weak over the past month. It can either be that Gold's picture is not that rosy, or that equities aren't that rosy (since GDX correlates more with equities than with GLD), or both. I was planning to go long Gold at these levels but now I'm hesitant; will keep tight stops if I do.