June S&P E-mini Futures:
Today's
range estimate is 1301-1316. I think the end of the drop from 1419.75 is
imminent.
QQQ: Downside target is 62.50.
TNX (ten year note
yield):
The 10 year yield is back to the low of
its recent multi-month trading range. I still think that the 10 year yield has
started a move to 3.00%.
Euro-US Dollar: The Euro has rejected
the 1.3300 resistance level. The market is headed for 1.2600.
Dollar-Yen: This market is headed
for 75 and lower.
June Crude: The market is
headed down to 75.
GLD – June Gold: The
market has dropped to the vicinity of the September and December low points at
1544 and 1529. I think a sustained up move is about to start.
SLV - July Silver: The market is getting
close to its December low at 26.27 where a sustained move up is likely to
start.
Google: Google is now headed
for its 2007 top near 750. Support is at 590.
Apple: AAPL
is headed for 520. From there a move
above the 644 high will start.
4 comments:
This drop reminds me of july 2011... you said the bottom is comming, but SPX just kept goin down every day. This time we might get down below 2011-lows.
This drop looks very familar to march 2007. MA and RSI
I think the odds have just crossed 50% that we are in a bear market. From an Elliott Wave standpoint, the following count looks probable:
May-October 2011: Wave A
October 2011-April 2012: Wave B
Wave C underway
Should the bear market unfold, public pessimism about the economy will rise dramatically. The result will probably be the election of Mitt Romney in November.
Time to run a different analysis, as we will see a bounce next week with more downside.
Buy the cheaper high delta SPY puts.
Made $10K last week on only 20 contracts.
Carl, good work!
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