Thursday, November 04, 2010

Guesstimates on November 4, 2010

December S&P E-mini Futures: Today's range estimate is 1198-1212. I think this first attempt at a breakout above the April top at 1216 will fail and be followed by a break of 30-40 points. After that the march to 1300 will resume.

QQQQ: 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.


Edwin said...


I just told the Planet Yelnick folks to listen to you. You are hot and right on the money.

Many bears are still scratching their head wondering why and how dare the market is going higher.

Nav said...
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Denali92 said...

Based on Bernanke's Op Ed, I would be AMAZED if he ever let the ES drop 30 points now.

You have been spot on with your views during the vast majority of this rally - your call for a test of 1175 and later 1180 were excellent!

Alas, for ten year notes, which I actively follow, the next BIG move must be higher, but 2.25 does seem to beckon first - quite extraordinary!


pimaCanyon said...


Your post re QE II yesterday afternoon seems accurate to me. Based on that outlook--that QE II will tank the dollar and send stocks and commodities higher--why are you still calling for $50 oil?