Monday, December 08, 2008

Guesstimates on December 8, 2008

Spiders - December S&P  E-mini Futures:  The futures are headed for 1000.  First resistance on the way up is at 935. Support today is 875.

QQQ: The Q’s are headed for 34.

TLT - March Bonds: The market has reached resistance at 135 and should now begin a sustained downtrend.  

March 10 Year Notes: The notes didn’t make it to 128 but I think this market has begun a sustained downtrend.  

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: The 40.00 target has nearly been reached and the next development should be a rally into the 55-60 zone.  

GLD - February Gold: Gold has broken support at 760 and now is headed down into the 550-600 range.  

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.

No comments: