Guesstimates on October 9, 2014

December S&P E-mini Futures: Today’s range estimate is 1952-76. Yesterday’s fast rally was the second such rally starting from the same low point as the first. I think this is a sign of weakness going forward since the first rally didn’t hold up. I expect the ES to halt near the .618 retracement level near 1977 and begin a move which will take it below 1900.

QQQ: Downside target is 94.  

TNX (ten year note yield): I think the 2.25% yield will be strong support and an extended uptrend in yields is likely to start from there. The initial target is 3.00% but I think the 10 year yield will go significantly higher than that over the coming months.

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 and higher.

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.