Friday, October 17, 2008

Guesstimates on October 17, 2008

Spiders - December S&P  E-mini Futures:  The e-minis dropped almost 50 points in European trading this morning to a low of 908. The market has rallied from there and is now trading near 928. I expect the 908 low to hold and think the e-minis are on the way up to 1080 over the next few days (!). I think there is a good chance that the October 10 low at 837 will hold for quite a while, but even if it doesn’t the 810 level probably will. 

QQQ: Support remains at 30.50. The next upswing should carry to 38.00. 

TLT - December Bonds: I think a big drop is underway 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 Euro should rally back to 139 or so. 

Dollar-Yen: My 99.00 target has been reached. Short term resistance is now at 104.00. 

XLE - OIH - USO – November Crude: I don’t think the market will spend much time below 70.00 before it rallies to 88.00 or so.     

GLD - December Gold: I think gold will soon drop to 600. 

SLV - December Silver: The market has nearly reached the 900 downside target. Resistance is at 1180.    

Google: Google made it back into the 310-30 zone and should now rally to 425. 

1 comment:

Anonymous said...

Carl: I hope you are right, but we are on the precifice of a great crash! 40-50% off.

USE STOPS!