December S&P E-mini Futures: Today’s range estimate is 1896-1918. Last week the S&P 500 and the Dow dropped below their 200 day moving averages on very heavy volume. I think this is a very bearish development and supports the thesis that a bear market has started. The rally from last week’s low has been violent and fast, characteristic of rallies in a bear market.
QQQ: Next support at 90 has been reached. If it fails the Q’s will be headed for 85. Resistance is now at 96.
TNX (ten year note yield): It now looks like the 10 year yield will drop to 1.60% before the flight to safety subsides.
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.
December Crude: 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. Resistance is at 1260.
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. So far AAPL has resisted the drop in the general market which is a bullish sign.
Facebook: Upside target is 90.
Twitter: Upside target is 66.
Alibaba: I think that BABA will drop back to or below its IPO price of 68.
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.