December S&P E-mini Futures: Today’s range estimate is 1922-1945. A
close in the cash S&P 500 above 1944 would be a close above the .618
retracement level and this would cast serious doubt on my bear market
hypothesis. Unless and until this I am sticking with my bearish view.
QQQ: Resistance at 96 has been broken. A close above 98 would put
the Q’s back above the 50 day moving average and cast serious doubt on my bear
market hypothesis.
TNX (ten year note yield): So far the low yield was 1.86%. Further
stock market weakness would drop the 10 year yield to 1.60%. But if no such
weakness develops I think the 10 year yield will begin an extended trend
upwards above the 3.00% level.
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.
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