December S&P E-mini Futures:
Today's
day session range estimate is 1410-1425. The ES has been stronger than I had
expected but still has been unable to climb above 1420 and stay there. For the
time being I am sticking with my1310-20 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. Next
resistance is 1.3350. Support is at 1.2750 and has just been reached .
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.
3 comments:
Well done, Carl!
At this rate, we should be at 1300 in a couple of days!
Bernanke may be on vacation and Obama is celebrating. Who cares about the market? Let the rich Republicans lose it all!
Carl...is the market now focusing on the "financial cliff?" does this play into your longer term thoughts about the economy?
Hi Carl
well i wrote a while back about checking into the market action from 1 month prior to a solar eclipse into that eclipse and said it was worth the research . that date is Monday(solar eclipse ) ill add to that that tomorrows close ends another cycle and technically if we close on the lows of the day it would signal a rally phase to follow ( im bearish ) i have to keep this in mind , another cycle says by a gap down open on Monday , bottom line here
i do not know wether to label this point 24 yet a head and shoulders top formation should have a downward slant and now we do have that slant ., so this can be the pt 24 low we are forming now if though it can be considered point 26 ( to me though , point 26 would fit the broad view better with the the Dow towards 12100 ) key being time
i have to consider a strong bounce from what may be a stronger decline over the next 2 trading days .
Joe
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