Thursday, December 06, 2012

Guesstimates on December 6, 2012

December S&P E-mini Futures: Today's day session range estimate is 1404-1414. 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.  Next upside target is 1.35.
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:  The market is headed for 2000 and higher.
SLV - March Silver: I think silver is 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 broken below 545 support but I expect this break to end above the 505 low, probably near 525.

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