Wednesday, December 24, 2008

Guesstimates on December 24, 2008

Spiders - March S&P  E-mini Futures:  Pre-holiday dullness has prevailed all week and makes the market’s preference difficult to read. The worst I see for this reaction on the downside is the 830-40 zone.  A move above 878 will mean that the market is headed for its next upside target at 945. I still think that that the 1000 level will be reached next month.  

QQQ: The Q’s are headed for 34.

TLT - March Bonds: The market will 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 found support near 138.00.  I think we shall see a move up to 152.00 or so before the bear market resumes.

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

XLE - OIH - USO – February Crude: Crude has dropped below 40.00 and this means it will probably continue down to the 32-34 zone.

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.


PM said...

Hi Carl,

I went long this morning at 860.00 hoping for the January Effect to kick in.


Kindest regards,


slip5ham said...

Not to get too squishy here on Christmas Eve, but I wanted to thank you for all of the effort you put into this site. It takes a lot of guts to put yourself out there like you do. Let's hope for a bullish start to the new year!!!!

T.C.B. said...

Greetings Mr. F.
I wish you happy holidays.
Thanks for all the valuable lessons you have shared over the years!
Have a wonderful holidays!
Thank you, and Bless!

pimaCanyon said...

Merry Christmas, Carl!

Anonymous said...


Happy Holidays to you.


Anonymous said...

Happy Holidays!


Anonymous said...

Merry Christmas and happy holidays
to you


Anonymous said...

I'm wondering...

The YG seems to move with the markets. How is it then that you call for the market to go up and gold to go down?

Why are they in lockstep now and why do you expect this relationship to change?