Spiders - December S&P Futures: The futures closed on 1525 resistance yesterday and will open lower. However I still think the rally has a little bit left in it so the market is a short at 1529 with a 10 point stop; I would exit this trade if it does not show a profit by 4pm
QQQQ: Resistance today is at 54.30 and I think we shall see another drop to 53.00 or so before the market moves up to 56.00.
TLT - December Bonds: I think the bonds will rally into the 114-115 range. TLT should rally a bit more, probably up into the 92-93 range.
December 10 Year Notes: It now looks like the notes will rally to 111-08 or so before a more substantial drop develops.
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 113.00. Looking ahead several months I expect to see the 130 level during the next 12 months.
XLE - OIH - USO – December Crude: Crude has support at 82.00 but I think we shall see only a brief bounce from that level. I think the next significant move will be downward. The upside target for USO has been reached as has the 200-205 target for OIH. The 80 target for XLE was not reached but I don’t think the market will make it there now.
GLD - December Gold: The trend is still upward with target 800 and support is at 745.
SLV - December Silver: It looks like silver is headed back to 1500 and support is at 1330.
Google: I think that a rally to 705 is underway. Support is at 630.