Tuesday, October 22, 2013

Guesstimates on October 22, 2013

December S&P E-mini Futures: Today’s day session range estimate is 1738-50. I think the market is on its way up into the 1775-1800 range. Only a drop below the 50 day moving average by two of my three trend indicators (Dow, S&P 500, and the advance-decline line) would turn me bearish.
QQQ:  The Q’s have been much stronger than the other averages. Support is at 75. Upside target is still 86.
TNX (ten year note yield): I think the market will move to 3.50% over the next few months.
Euro-US Dollar: The Euro is headed for 1.4000.
Dollar-Yen: The dollar-yen is headed for 107.00.
December Crude:  I think crude is headed back to 86 and possibly lower than that.
December Gold:  The market is now headed below 1200.
December Silver: The market is now headed for 15.00.
Google:  I still think last week’s upside breakout on earnings news will prove to be a much better selling opportunity than buying opportunity. GOOG is likely to drop to support at the 928 breakout level and any significant penetration of that level would lead to a drop to 850, the bottom of the previous 5 month trading area.
Apple:  AAPL finally moved above its August top of 513 yesterday. Upside target is 565.

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