Spiders - December S&P E-mini Futures: Still long the e-minis from 1463 and still using a 1438 stop. If the market hits 1485 today I shall sell my long position. I think that Tuesday’s low at 1437 in the e-minis will hold and that the market is headed for 1600 by year end.
QQQQ: The Q’s are headed for 56.00. Support is 48.85.
TLT - December Bonds: The bonds now have resistance at 115-20 but I still think that 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 112-16 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 will probably rally to 148.50 but I think that will be it for the euro. My best guess is that the market will soon stall and then begin a multi-month drop.
Dollar-Yen: The yen should soon begin a substantial rally. Support is at 109.00.
XLE - OIH - USO – December Crude: I think crude has begun a substantial drop. Initial downside target is 74.00. USO should drop to 56, OIH to 160 and XLE to 60.
GLD - December Gold: I still think gold futures still have a good shot at the 873 level which is the front month high reached in 1980. Support is at 790.
SLV - December Silver: Silver will probably reach the 1650 level. Support is at 1435.
Google: It looks like GOOG will rally to 685 and higher. Support is at 626.