December S&P Futures: The market has rallied to 1330 in electronic trading this morning and I think the next development will be a drop to 1315. After that a rally to 1345 will be likely. Much high prices are likely later this year.
December Bonds: The bonds are trading a little above the top of the current box at 112-23. I think the next development will be a break of one to two points. I also think that the market will rally into the 114-115 range before a more substantial drop develops.
December 10 Year Notes: The market has reached resistance near 108-16 and should break no more than a point from here. I think the notes will rally into the 109-110 range before a more substantial drop begins.
Euro-US Dollar: The market has decisively broken above resistance at 127.60. I think this means that the trend has turned upward and that it is now headed for 131.50.
Dollar-Yen: The yen has broken below 116.40 support and this means that it is headed down to 114.30.
November Crude: The market is headed for 58.80 with resistance above the market at 65.00. Ultimately the current drop will carry the market down into the 50-55 range.
December Gold: I think a move below the 500 level is underway. Today resistance is again at 602.
December Silver: I think the market is on its way below 900. Today resistance is at 1150.
Google: Support is at 394 and I think GOOG will soon move above its all time high of 475.