Monday, December 29, 2008

Guesstimates on December 29, 2008

Spiders - March S&P  E-mini Futures:  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: 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 underway. 

XLE - OIH - USO – February Crude: Resistance above the market stands at 47.50. Crude will probably reach the 32-34 zone before a rally of $20 or more can begin.

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.

1 comment:

Larry said...


Your forecast for gold has consistently been a continued move down to the 550-600 range. Currently my point-and-figures chart indicated gold will trade to the 955 area before a reaction will take place.

If you would, please explain your reasoning for a continued decline in gold prices when gold and silver has continued to show strength over the last month.

Best Regards,