Thursday, November 13, 2008

Guesstimates on November 13, 2008

Spiders - December S&P  E-mini Futures:  The S&P’s dropped as low as 841 in overnight trading.  We expect the 825 low of October 24 to hold. The next big move should be upward into the 1050-1100 zone. 

QQQ: It now looks like the Q’s will drop to a new low near 27.50 before another rally can start. 

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: Crude is headed for 50.00 and resistance above the market stands at 70.00. 

GLD - December Gold: I think gold will drop to 600. Resistance is at 775. 

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

Google: Google has failed to hold support so I think it is now headed for 250-260.

1 comment:

WOLF said...

there will never be 1050-1100 before a decline below 800.
this bounce from 847 cash can extend till 940-950.
From there an other down leg below 800 occurs.
Condition to that scenario not covering of 845.27 as it happens till now.
Thnx a lot ,
Dimitris Athens