Friday, October 29, 2010

Guesstimates on October 29, 2010

December S&P E-mini Futures: Today's range estimate is 1174-86. I believe the ES has started a breakout move that will carry it above the April top at 1216 over the next two or three weeks.

QQQQ: Support is at 49.00. Next upside target is 54.00.

TYX (thirty year bond yield): The thirty year yield has dropped well below long term support at 3.85%. I think the market is at a juncture like that of December 2008 - fast drop in yield that will be followed by a fast rise. The bonds will soon begin a move to 5.40%.

TNX (ten year note yield): The 10 year yield has dropped more than I expected. Still, I think the next big move in yields will be upward. I think that the notes will soon begin a swing up to 4.50%.

Euro-US Dollar: The euro shows no signs of a top. Next target is 143.50.

Dollar-Yen: A drop into the 78.00 - 79.00 range is underway and I think an important low will form in that zone.

December Crude: I still think crude oil is headed for 50.00.

GLD – December Gold: Upside target is 1380 has been reached but the market still has the bit between its teeth. Next upside target is 1480.

SLV - December Silver: Next upside target is 26.50.

Google: The 475 level is support. A move that should take GOOG above 700 is underway.

Apple: Should reach 350 (at least) before the bull market ends. Support is at 265.


curt said...

i dont understand how being at the bottom of the channel qualifies as a "breakout move"?

Kishore said...

Curt, as the market is currently refusing to go down, or taking its time to roll-over, it can ONLY "break out", till, inevitably, as the eventual outcome, in line with the fundamentals, it breaks down!

hotfire said...

Carl...great stuff.

Any chance of updating three domed house theory and where we currently sit?