Spiders - December S&P E-mini Futures: I think we shall see a 735 print in the e-minis today but then the market should begin a strong rally which will carry it up to the 1000 level.
QQQ: The 25-26 zone is strong support and the Q’s should soon begin a rally to 34. TLT - December Bonds: The bonds are acting strangely, showing much more strength than is apparent in the cash market. In any case the 130 level is short term resistance, and the market will probably reach the 1998 high at 135 before it turns lower.
December 10 Year Notes: The notes took out their 2008 high at 120 decisively yesterday and will probably reach 128 before turning lower.
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 will move into the 101-102 range before starting another decline.
XLE - OIH - USO – January Crude: Crude broke below 50.00 and the 47.00 level represents a drop of $100 from the July top four months ago. My guess is that the market will stabilize around 40.00 and then rally $20 or so.
GLD - December Gold: I think gold will drop to 600. Resistance is now in the 790-800 zone.
SLV - December Silver: Resistance above the market stands at 1125.
Google: Google has nearly reached the 250-60 target zone which should be the end of its drop from 747.