Guesstimates on November 6, 2012

December S&P E-mini Futures: Today's day session range estimate is 1412-1420. The ES has been stronger than I had expected after Friday's sharp break. If the market spends most of a day above 1420 and closes above that level too I will abandon the 1310-20 downside target, at least temporarily.

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. Next resistance is 1.3350. Support is at 1.2750.

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 late last week 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 now 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 downside target is 560. Resistance above the market is at 638.