December S&P E-mini Futures: A swing up to 2238 or even higher is
underway. Support is at 2155. Next resistance is at 2191.
QQQ: The 120 level is still resistance
but I expect to see the Q’s trade up to 125 at least.
TNX (ten year note yield): A substantial advance in yields is
underway which should push the 10 year yield up to 2.50% and eventually higher
than that. The 10 year yield is now well above its 200 day moving average which
suggests that a sustained rise in yields is underway. I think this
paradoxically is a very bullish omen for world stock markets.
Euro-US Dollar: The ECB’s QE policy will ultimately drop
the Euro below par.
Dollar-Yen: Resistance at 108 has failed. This means
that a new bull market is underway. Support now is at 106 and as long as the
dollar-yen hold 103 I will stay longer term bullish.
January Crude: Crude is in a bull market. Support is
still at 40-41. Next upside target is 56-58.
December Gold: The
foundations of this bull market in gold have started to shake. Support at 1240 has
failed. A drop below 1200 will convince me that gold is headed for 1035. Until
then I am going to stick with the bull market scenario.
December Silver: So far 17.00 support is holding. Should it
fail and the market spend several days below that level I will conclude that it
is headed down to 13.00 and lower.
Google: Support is 675. Upside target is 880.
Apple: I
still think the bull market in APPL is intact. If it is AAPL is on its way to
135.
Facebook: Support at 120 has failed but this reaction is likely to
halt at 112. Next upside target is 145.
Twitter: Breakout support at 20 is likely to stop the current rally. TWTR
is headed for 10.00.
Alibaba: The 85-90 zone is strong support and I expect BABA to swing
up to 125 from there.
Visa: Support is at 70. Upside target is 90-95.
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