Thursday, December 18, 2008

Guesstimates on December 18, 2008

Spiders - March S&P  E-mini Futures:  The market has established itself in an 885-920 trading range, the same range that contained it last week. This time I think the breakout will be to the upside. The 935-45 range is the initial upside target and I think that the 1000 level will be reached next month.

QQQ: The Q’s are headed for 34.

TLT - March Bonds: The market has broken well past 135 resistance and will now probably make it to 145 before any substantial break begins.   

March 10 Year Notes: The 128 resistance will probably be broken and the notes should reach 130 before the market turns lower.   

Euro-US Dollar: The euro has moved past the 144-45 zone but I think it will not move above 150 before a reaction to 140 develops.  The most I can project on the upside is 155, a lower top and an indication that the bear market is still in progress.

Dollar-Yen: I think the 87.50 level will hold and that a rally to 100.00 is imminent.  

XLE - OIH - USO – January Crude: The market dropped as low as 38.20 overnight. Switching to February today which is trading 4.50 above January.  I still think a rally into the 55-60 zone will be the next development.

GLD - February Gold: The 885 level should prove to be resistance and the market should soon resume its move down into the 550-600 range.  

SLV - March Silver: I still think this is a bear market.  Next resistance above the market is at 1165. Next downside target is 650.

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

No comments: