December S&P E-mini Futures: Today’s range estimate is 1857-1899. Yesterday’s late, high volume drop brought the S&P 500 and the Dow beneath their 200 day moving averages. I think this is a very bearish development and supports the thesis that a bear market has started.
QQQ: Downside target at 94 has been reached and breached. Next support is at 90.
TNX (ten year note yield): Given the weak stock market it now looks likely that 10 year yields will sink to 2.00% before a sustained up trend can begin. Euro-US Dollar: The ECB quantitative easing program coupled with the Fed’s termination of its own program is likely to drop to Euro to 120.
Dollar-Yen: Next stop is 112.
November Crude: Support is at 84 but I think the longer term trend in oil prices is downward and should carry the market down to 70 at least.
December Gold: Gold is headed below 1100.
December Silver: My bear market target remains 13.00.
Google: GOOGL is headed for 650. Support is at 520.
Apple: I think AAPL is headed for 108.
Facebook: Upside target is 90.
Twitter: Upside target is 66.
Alibaba: Resistance is at 103 but I think that BABA will drop back to or below its IPO price of 68 before going much higher than 103.
Visa: I think the bull market in Visa is over and that the stock will soon slide below its 200 day moving average and stay there.