Spiders - December S&P Futures: Next upside target is 1600 in the futures and 159.00 in the Spiders. Short term support is at 1530 in the futures and 152.00 in the Spiders.
QQQQ: The Q’s are nearing their initial target at 52.50 but continuation up to 54.50 is likely before a reaction of a couple of points begins.
TLT - December Bonds: Support is at 111-04. The action in the bonds makes me think that the market is now headed back into the 114-115 range. However I also think that will be a ceiling for the market and that a substantial drop will follow. 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 108-00.
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 now 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 113.25. 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 is now 64. I expect OIH to rally into the 200-205 zone and ELE to hit 80.
GLD - December Gold: Gold has bounced off of the zone of strong resistance in the 750-55 range and should soon start an extended decline. This breakout to new bull market highs is one that should be faded.
SLV - December Silver: Silver will probably stay below 1405. The start of an extended drop is near.
Google: I think that a rally to 650 or higher is underway.