Spiders - December S&P E-mini Futures: The 1551 stop was it at the exact high of the day yesterday. The narrow range encourages me to believe that the market will dip at least into the 1520-30 range before it heads higher again. The e-minis are a short today at 1547 with a 1557 stop. Profit taking target is 1525.
QQQQ: Resistance today is again at 54.30 and I think we shall see another drop to 53.20 or so before the market moves up to 56.00.
TLT - December Bonds: I think the bonds will rally into the 114-115 range. Support stands at 113-06. TLT should rally into the 92-93 range.
December 10 Year Notes: It now looks like the notes will rally to 111-24 or so before a more substantial drop develops. Support is at 110-16.
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 113.00. Looking ahead several months I expect to see the 130 level during the next 12 months.
XLE - OIH - USO – December Crude: Crude his headed for 96.50. 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: Gold nearly reached the 800 target yesterday in early morning trading but the trend is still upward with support at 770.
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.