Friday, December 07, 2012

Guesstimates on December 7, 2012



December S&P E-mini Futures: Today's day session range estimate is 1416-1430. 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. Support is at 1.2670.
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:  I expected  this break to end above the 505 low, probably near 525.  The fast rally from yesterday's 519  low makes it likely that the break is over and that AAPL is now headed above 600.

3 comments:

rg said...

As this beginner trader said before, you can keep looking for new highs (by goal-shifting your Lindsey patterns or whatever) or new lows (while claiming to be a contrarian), but, until the cliff is resolved, /ES and the rest aren't going anywhere anytime, so have fun with your "daily ranges".

pimaCanyon said...

rg,

You must have a crystal ball, eh? The market's just not gonna go anywhere until the cliff is resolved. Okay, so how do you explain the market's move up since the 11/16 low? Did the cliff not exist on 11/16? How about on the 17th, 18th, 19th... you get the idea.

Kishore said...

As long as the chairsatan keeps meddling with the market, investors will continue to abandon the market in hordes.

There is a limit to the Satan's continued printing and an irresponsible goberment's continued wasting of national resources by taking on more and more debt. That limit will reach sooner or later. And the Satan will no longer be able to artificially inflate the market. This has already become quite clear to most investors.