Spiders - September S&P E-mini Futures: The e-minis are in a trading range between 1180 and 1200. Strength above the high of this range will mean that the market is headed for the 1300 level. Failing that indication the e-minis will probably drop to 1165 first and then start a big rally. The current rally should carry the S&P up to1400 during the next few months and much higher than that next year.
QQQ: The Q’s should hold support near 39.50 and then start a move up to 45.00.
TLT - December Bonds: I think a big drop has begun in the bonds. It should carry the market back to 111 or lower.
December 10 Year Notes: The notes are now headed for the 110-111 zone.
Euro-US Dollar: The trend in the euro is downward and I think the market is headed for 135. Resistance above the market is now at 149.40.
Dollar-Yen: Resistance is at 108.50 and I think the market is headed for 98.00.
XLE - OIH - USO – November Crude: Crude now has resistance at 112.00. Next downside target is 75.
GLD - December Gold: Gold still has resistance at 935, but my guess now is that Thursday’s 925 high marked the end of the rally. I think gold will soon drop to 600.
SLV - December Silver: Resistance is at 1390. Next downside target is 900.
Google: I am not very sure about Google’ technical position. I still think it has a good shot at 375 before it resumes its long term bullish trend.
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