Thursday, December 13, 2007

Guesstimates on December 13, 8:20 am ET

Spiders - December S&P E-mini Futures: Long the December contract at 1472 and working a 1447 stop. Once regular hours trading starts I am going to sell the Decembers and buy the March contract. Then I will cancel the 1447 stop in Decembers and start working a 1457 stop in March. We are in the early stages of a move which will carry above the 1600 level.

QQQQ: The Q’s are headed for 56.00. Support is 50.75.

TLT - March Bonds: Resistance above the market is at 116-28. I think that a drop of 7-10 points is underway. TLT is headed for 87.

March 10 Year Notes: Resistance above the market is at 114-08. I think the notes have started a drop of about 5 points. Next downside target is 111-28.

Euro-US Dollar: I think the euro is establishing a long-lasting top. I think this market is headed for 139.00 before a substantial rally can begin.

Dollar-Yen: I think the yen is headed upward in a multi-month move. Initial upside target is 117.00. Support is at 109.50.

XLE - OIH - USO – January Crude: The market is headed for 79.50. Resistance now stands at 96.50. USO should drop to 56, OIH to 155 and XLE to 60 within the next few weeks.

GLD - February Gold: I still think gold futures still have a shot at the 873 level but a drop below support at 780 will mean that an extended decline has started.

SLV - March Silver: I think is now is likely that the 1644 high in March silver will hold and that an extended decline has begun. Support is at 1420.

Google: GOOG has support is at 670. I think the next step up will carry the market to 730.


Anonymous said...

Today PPI numbers show us that the weak dollar policy create
High inflation and INCREASE the trade deficit as crude oil is higher
Because of weak dollar!

This is exactly opposite of what the US administration was hoping…..

Now they need a strong dollar to fight Inflation and lower the deficit!!!!.

Anonymous said...

Hi Carl,

I am missing your posts where you were describing your tools and methods. The very few you posted, about box theory, have helped me immensely in my trading. I thank you so much and I am hopeful you will find some time to share with us more of your trading toolbox.

Please give us more!