December S&P E-mini Futures: Today's range estimate is 1185-1203. I expect to see the low of this correction this week near 1185. Then the march to 1300 will resume.
QQQQ: Support is at 52.00 and the next upside target is 57.50.
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: The market still has the bit between its teeth. Next upside target is 1480.
SLV - December Silver: I see no sign that the rhythm of the advance has faltered. Next stop is 31.60.
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.
1 comment:
I think 1185 is the worst case scenario. Depending on how you connect the various combinations of bottoms since Aug 31st bottom, "the low" could be anywhere between 1185 to 1195.
I think Friday's low will not be broken. The next stop will be at the recent top in the range 1225-30.
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