Monday, November 07, 2011

Guesstimates on November 7, 2011

December S&P E-mini Futures: Today's day session range estimate is 1230-50. I still think that there has been a genuine upside breakout from the August-October trading range. If the market closes below 1208 this coming Friday I will reassess this view but failing this I think the current swing will put the ES above 1300.

QQQ: Now headed for 68.

TYX (thirty year bond yield): The 30 year bond yield is on its way to 5.40%.

TNX (ten year note yield): The 10 year yield is at its historical low but will soon start a move to 4.50%.

Euro-US Dollar: Support is at 1.3500. I still think the trend in the Euro has turned up and that the market is headed for 1.5000.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

December Crude: The market is now headed for 55-60. Resistance above the market is at 94.

GLD – December Gold: I think gold is headed for 2100.

SLV - December Silver: I think silver is headed for 50.00.

Google: Google is now headed for its 2007 top near 750.

Apple: Upside target is now 475.


MadMax said...

"December Crude: The market is now headed for 55-60. Resistance above the market is at 94."

Please give an update on this
It's clearly impossible to see the Oil downward to 55 bucks with the stock market going higher

Nav said...

Pain trade is on the up side.. 1259--1232 what buying was seen from 1233--1238 was more than short covering .soon 1260 sh to me.I'm learning from you and holding longs with tight stop losses.1252.75 now

Nav said...

S+P500 Again, major resistance at 1250-1275 will be very hard
to eclipse.<Insist on it S+P500 had to retrace from 1259.64.For ES_F yes 1240 then 1230sh very likely ...
Oil Market Pressure Points;
If Bullish
• Low spare oil production capacity
• Geopolitical risks
• Continuing stock draws during backwardation
• Winter demand
If Bearish
• European recessionary risks and contagion
• Rising Libyan and Iraqi production
• US shale, Canadian heavy oil expansion
• Falling steel prices in China

Nav said...

Won't show myself here for a month ,but my gut feeling showed me 1264 on the close.
I keep reading your blogs and seminar ;something from there makes me reach to right side of the trend.
I'm your student but my guess estimates 1234--1264 worked well today
and I'm so very happy.