December S&P E-mini Futures:
Today's
day session range estimate is 1385-97. I am sticking with my 1310-20 downside
target unless and until the ES spends most of a day trading above 1404, the
midpoint of the September-November drop, and closes above that level.
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: The move in the dollar-yen
above 81.00 is an 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.
January Crude: I think this market is headed for 70 and
lower.
GLD – December Gold: Gold
has rallied past and closed well above the midpoint of the recent $130 drop so
I conclude that the trend is back up. This means that the market is headed for
2000 and higher.
SLV - December Silver: Silver has been even
stronger than gold and has closed above the midpoint of its recent drop. I think
silver is now headed for $40.
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: APPL has moved above 575-80 resistance. This
reinforces my suspicion that the 505 low will hold and that AAPL is headed
above 705. Support now is at 545.
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