Friday, October 12, 2007

Guesstimates on October 12, 8:30 am ET

Spiders - December S&P Futures: Resistance above the market stands at 1570 (at 156.00 in the Spiders) and support is at is at 1538 in the futures and 152.80 in the Spiders.

QQQQ: The market will probably drop to 51.50 and then resume the bull market advance.

TLT - December Bonds: I think the bonds will head up into the 114-115 range. A break below the 110-00 level will mean I am wrong and that the market has resumed its drop to 105-106. TLT should rally back to 90.

December 10 Year Notes: It now looks like the notes will rally to 111-08 or so before a more substantial drop develops. Support is at 108-16..

Euro-US Dollar: Support beneath the market stands at 140.50. The historical high in the euro is 145.75 which was reached in 1992. My best guess is that the market will take a peek above there, probably hitting 146.00 and that this will be followed by a multi-month drop.

Dollar-Yen: Support in the yen is at 115.00. Looking ahead several months I expect to see the 130 level during the next 12 months.

XLE - OIH - USO – November Crude: Support in crude oil is at 79.00 and I think crude will move up into the 86-87 zone before turning lower. The upside target for USO has been reached as has the 200-205 target for OIH. The 80 target for XLE has nearly been reached.

GLD - December Gold: Yesterday gold took a brief peek above the top of its resistance zone in the 750-55 range. I still think it will drop from here, but a move above yesterday’s high at 759 will mean I am wrong and that the market is headed for the 800 level.

SLV - December Silver: Silver has so far stayed below 1405 but more strength than that will mean the market is headed up to 1500.

Google: I think that a rally to 705 is underway. Support is at 590.

1 comment:

LowTax said...

Anybody seen that guy with the double tops lately? I'm not too good at chart reading but I just don't see double tops...