Monday, October 15, 2007

Guesstimates on October 15, 8:40 am ET

Spiders - December S&P Futures: Resistance above the market stands at 1575 (at 156.50 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: December gold is trading above 760 as I write this so I think it is heading for 800.

SLV - December Silver: It now looks like silver is headed back to 1500.

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

1 comment:

Anonymous said...

Thank you for your posts. Would it be possible to update your preferred scenario for 3 Peaks and a Domed House? It seems as if the recent up move in the market has happened much quicker than expected. Thanks!