Monday, November 10, 2008

Guesstimates on November 10, 2008

Spiders - December S&P  E-mini Futures:  The S&P’s rallied Friday despite the weak employment number and this, together with today’s positive early action tells me that the market is now headed into the 1050-1100 zone.  Support today should be found near 940. 

QQQ: The Q’s are now headed for the 36.00  level.  

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 headed for the 110-111 zone. 

Euro-US Dollar: The euro has resistance at 135 and will probably be trading in the 122-135 range for a while.  

Dollar-Yen: The yen has rallied as far as 100.55 but I think the market will move into the 101-102 range before starting another decline. The market rejected the 91 low decisively but the odds are that it will break to 89 before a rally well above the 100 level can start. 

XLE - OIH - USO – December Crude: Resistance above the market stands in the 73-75 range. 

GLD - December Gold: I think gold will drop to 600. Resistance is at 790. 

SLV - December Silver: Resistance above the market stands at 1125. 

Google: Google should rally to 425. Support remains in the 310-30 range. 

1 comment:

Anonymous said...

Hey Carl,

I am watching a possible revers H&S pattern on the spy. A break above 100 would confirm this pattern, as that would be the neckline and the next runup would test the 107-110 unfilled gap.