Tuesday, October 12, 2010

Guesstimates on October 12, 2010

December S&P E-mini Futures: Today's range estimate is again 1147-59. Next upside target is 1175. The ES will move above 1216 over the coming months.

QQQQ: Next upside target is 51.00.

TYX (thirty year bond yield): The thirty year yield has dropped well below long term support at 3.85%. I think the market is at a juncture like that of December 2008 - fast drop in yield that will be followed by a fast rise. The bonds will soon begin a move to 5.40%.

TNX (ten year note yield): The 10 year yield has dropped more than I expected. Still, I think the next big move in yields will be upward. I think that the notes will soon begin a swing up to 4.50%.

Euro-US Dollar: The euro has moved close to the top of its 135-40 target zone. There is as yet no sign of a top so I think the 143 level is easily within reach.

Dollar-Yen: Resistance above the market stands at 86.50. A drop into the 78.00 - 79.00 range is underway and I think an important low will form in that zone.

November Crude: I still think crude oil is headed for 50.00.

GLD – December Gold: Upside target is 1380.

SLV - December Silver: Upside target is 23.80.

Google: The 440 level is now support. A move that should take GOOG above 700 is underway.

Apple: Should reach 350 (at least) before the bull market ends. Support is at 240.


Unknown said...

Carl - I use fractal analysis and am looking for 1250-1320 on SPX before this run is over. But why are you seeing a weak dollar? It looks like the countertrend rally has already started for at least several days. Also see the video at survivethegreatinflation.com for why we'll see even higher SPX numbers soon.

Attitude928 said...

Carl - I agree with the weak dollar, but why would oil go down? Doesn't it inflate like gold, silver, palladium, platinum, the Euro and the S&P?