Guesstimates on November 13, 2012

December S&P E-mini Futures: Today's day session range estimate is 1355--75. I am sticking with my 1310-20 downside target.

QQQ:  Downside target is 61.

TNX (ten year note yield): Bond yields are going much higher as the market begins to anticipate stronger economic growth. The first upside yield target for the 10 year is 2.50%.

Euro-US Dollar: The ECB and the Fed are following polices which will move the Euro to 1.40 or higher.  I now estimate support is at 1.2630. Any significant break of that level would cast serious doubt on my up-to-1.40 scenario.

Dollar-Yen: This market is headed for 75 and lower. At some point the JCB will have to support the yen but this probably won't happen until the 75 level is reached.

December Crude:  I think this market is headed for 70 and lower.

GLD – December Gold:   Gold's drop has exceed the size of the biggest break on the way up from its 1530 low. I think this means that the market is headed back to 1530 and possibly lower.  

SLV - December Silver: I think silver is headed below 26.00.  

Google: There are several old tops in the 640-670 range which should be strong support for the next move up to 800 and higher.   

Apple:  The trend in the broader averages is downward and APPL should  continue down to 525.