Monday, December 01, 2008

Guesstimates on December 1, 2008

Spiders - December S&P  E-mini Futures:  I think a rally to 1000 is underway.  The next upside target is 925. Support is at 860.

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

TLT - December Bonds: 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.

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