December S&P Futures: For the time being I am going to ignore the e-mini performance right after the globex open last night. The market apparently ran through a nest of stops above 1380 and two minutes later was trading at 1398. Then it collapsed within the next 5 minutes back below 1380 and so far today has traded as low as 1370. I am still leaning on resistance at the 1376 level and expecting the market to drop to 1362 and eventually into the 1350-55 zone. Strength above 1376 will turn me short term bullish again. In any case I expect to see a 1400 print later this year.
December Bonds: The bonds broke support at 110-12 early this morning and so I think the market will soon be trading at 109-20. Over the next few weeks the bonds should drop into the 107-108 zone.
December 10 Year Notes: The notes should soon be trading at 106-08. I think the market is headed down into the 104-16 to 105.16 zone over the next few weeks.
Euro-US Dollar: The Euro is headed down to 123.50.
Dollar-Yen: The yen has reached support near 118.10 and should now rally to 121.00. I expect to see the yen at 130 next year.
December Crude: The market hit 58.40 support last night and I expect a rally of 4 to 5 dollars to develop from current levels.
December Gold: It looks like gold will not make it to 613 and instead has begun a drop to below 500.
December Silver: Silver stopped 3 cents shy of 1220 resistance and now has begun a drop to below 900.
Google: GOOG will soon move above its all time high of 475 and be trading above 500 in a few weeks.
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