Wednesday, December 03, 2008

Guesstimates on December 3, 2008

Spiders - December S&P  E-mini Futures:  Resistance today is at 850.  Strength above that level will convince me that a move to 1000 is underway.  Meantime the odds still favor a drop to 760-70.  

QQQ: The Q’s should hold support in the 25-26 zone and then resume their rally to 34.

TLT - March Bonds: The market will probably reach the 1998 high at 135 before it turns lower.

March 10 Year Notes: The notes 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 - February Gold: Support is at 760 and gold should reach 850-60 before resuming its drop to 600.

SLV - March Silver: Resistance above the market stands at 1125. 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:

Anonymous said...

Your yen forecast in your Guessimates needs to be updated. It is trading 10 handles from your "move into the 101-102 range before another decline".

The decline has already occurred (yen appreciating)?