Spiders - December S&P E-mini Futures: Yesterday the e-mini futures dropped well below what I thought would be a strong support zone of 1470-80. This morning the market is again trading below that range so I suspect yesterday’s 1454 low will not hold. Today I will be a buyer at 1448 ( Spiders: 144.30) using a 25 point stop. I believe that a move to new bull market highs is about to begin.
QQQQ: Support in the Q’s is at 50.00 and the next upside target is 56.00.
TLT - December Bonds: Resistance is at 114-24 and the next big swing will be a drop to 110 and below. TLT is headed for 85 once this rally is over.
December 10 Year Notes: Resistance is at 111-28 and the next big swing should be downward to 108 or lower. The notes are on the way down to 108-00 and probably lower.
Euro-US Dollar: The market has reached resistance near 147.50 but the trend is still upward. Support is now at 143.90. My best guess is that the market will soon stall and then begin a multi-month drop.
Dollar-Yen: Support at 112.40 was broken this morning so I think the yen will drop to 109.50 before a big rally can begin.
XLE - OIH - USO – December Crude: The magic 100.00 is nearby and I think it will trigger enough selling to send crude back down to 75.00. USO has resistance at 77.50. The 200-205 target for OIH has been reached and I think the next big move will be downward. The 80 target for XLE was not reached but I don’t think the market will make it there now.
GLD - December Gold: Gold has traded at 848 and is in the midst of a “parabolic” upward phase which will end without any warning. The first danger point is the 873 front month high of 1980.
SLV - December Silver: Silver will probably reach the 1650 level before any stall develops.
Google: Support is at 665.