Spiders - December S&P E-mini Futures: I think a rally to 1000 is underway. The Next upside target is 925. Support is at 840.
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: 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.
5 comments:
Hi Carl,
I'm willing to say, with only minimum hesitation, that the bear market is dead. We're now witnessing the beginning of a new bull market.
Thanks.
Kindest regards,
PM
how will the QQQQ get to your target of 34 yet the bellwether stocks aapl, rimm and goog seem to be weak?
Carl,
While the 3 peaks and a domed house hasn't played out in the DOW it's alive and kicking in TLT
http://stockcharts.com/c-sc/sc?chart=TLT,uu[d,a]dahayioi[d20070331,20081231][p][vb9!b33][i]
Point 21--possibly 23-- has just printed. All the other components are there.
Answer to Anonymous: Everything is weak in the Nasdaq now in anticipation of a horrendous "cyber monday" (post thanksgiving x-mas shopping in the office) equivalent to black friday. Carl's prediction for the qqqq are safe as long as it's a sell the fear buy the fact scenario--Monday into Tueday.
At any rate we need a high volume up day to confirm the bottom--very soon.
Hi Carl,
If we rally tomorrow, I see resistance up around 921.80, give or take a few ticks. A close above 921.80 any time this week will confirm the bottom.
Thanks.
Kindest regards,
PM
P.S. I signed up with a Google ID, but it's no longer there. Go figure.
Hi Carl,
I sold my long position at 870.00 just now, I can always buy it back later.
Thanks.
Kindest regards,
PM
Post a Comment