Friday, October 08, 2010

Guesstimates on October 8, 2010

December S&P E-mini Futures: Today's range estimate is again 1152-66. The break below yesterday's low looks like a shakeout preceding a strong rally. 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.


extrader said...

People still losing their jobs and the market heads higher... how much longer can this market ignore the bad news???

DEMS are in trouble for mid-terms!

Anonymous said...

How much longer?

As long as the central banks are allowed to manipulate the market.

No matter how much money the central bank prints, it will not help the economy. It will only transfer the wealth from the savers, primarily the aging boomers, into the hands of the criminal banksters.

Going long in this market is like collaborating with the criminals.

Stay out of the market and just give the criminals a long enough rope to hang themselves!

Anonymous said...

Quote of the day:

"The world has always been betrayed, not by scoundrels, but by decent men with bad ideas"
 -Sydney J. H Harris.

In other words, ignorance and stupidity of those in power is more dangerous for the world than their immorality!

Attitude928 said...

Why do you project a drop in oil? Thanks! Jordan