Monday, November 24, 2008

Guesstimates on November 24, 2008

Spiders - December S&P  E-mini Futures:  I think a rally to 1000 is underway.  Support today stands at 785.

QQQ: The 25-26 zone is strong support and the Q’s have started a rally to 34.

TLT - December Bonds: The bonds are 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 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: The shorter term trend is gold has turned upward and should continue 850-60. After that I expect the market to begin a drop to 600.

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

Google: Google has reached the 250-60 target zone which should be the end of its drop from 747.

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