Guesstimates on November 15, 2012

December S&P E-mini Futures: Today's day session range estimate is 1340-59. 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: Today the yen moved above 81.00. This is a wide range, upside breakout from a trading range which has developed during the past three months. I think it means that the yen is now headed for 85-86.  

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.