Wednesday, December 15, 2010

Guesstimates on December 15, 2010

March S&P E-mini Futures: Today's range estimate for the March '11 contract is 1226-1238. I think the short term trend is still upward. Support is at 1225 and the next upside target is 1250 which is strong resistance. I think a drop of 50-75 points is imminent. Once it is complete the market will resume its advance to 1300.

QQQQ: Next upside target is at 55.00 and has nearly been reached.

TYX (thirty year bond yield): The 30 year bond yield is on its way to 5.40%.

TNX (ten year note yield): The 10 year yield is headed for 4.50%.

Euro-US Dollar: I think the euro will be supported near 130 and from there will move up to 145.00.

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

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

GLD – February Gold: A move to new highs is underway. 1450 is the next upside target.

SLV - March Silver: A move to new highs is underway. 31.00 is the upside target.

Google: The 540 level is 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 265.


Pramod said...

Dear Carl,

You have been mentioning a drop of 50-75 point as imminent. Are you expecting the drop from 1250?


Bill said...

Pramoid question is a good one.

Like Carl mentions support right now lies at 1225 and resistance at 1250. This is a statement of fact, anything else is speculation. Whether the market will break below support at 1225 before it breaks above resistance at 1250 is anybody's guess.

I would say that the 50 point drop could either be from 1250 to 1200 or from 1275 to 1225. And this is anybody's guess.

curt said...

carl has said that there is significant resistance at 1250, i would assume that the market will fail in front of that (today?) and you will see at least a 50 pt drop.

Nav said...

The 1246-1248 level was resistance on both Mon and Tues (we never quite touched those levels today) and various technical/sentiment readings are signaling an overbought tape (see below). All that said, stocks continue to have trouble seeing sustained weakness and dips are still viewed as buying opportunities. The most interesting action is occurring outside of equities, w/the dollar extending its gains and Treasuries continuing to weaken (the 10yr breaking up through the 3.5% level was seen as psychologically important).
Join carlrealtime ,can help you guys w/every mkt sentiments change.Carl's all times updates on mkt!
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