Friday, November 30, 2012

Guesstimates on November 30, 2012



December S&P E-mini Futures: Today's day session range estimate is 1414-1428. A move to 1468 and higher is underway.
QQQ:  Upside target is 70 then 74..
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 – February 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 - March 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. New bull market highs above 705 lie ahead. Meantime support is at 545.

1 comment:

Kishore said...

When the market is moved by random, meaningless comments; when no "deal" can possibly cure the atrocious, over-spending habits of the goberment, even angels would dread treading the path of this so called "market", much less guessing its short-term moves!