Thursday, November 03, 2011

Guesstimates on November 3, 2011

December S&P E-mini Futures: Today's day session range estimate is 1233-1253. I still think that last week's up move was a genuine upside breakout from the August-October trading range. If the market closes this Friday below 1216 I will reassess this view but failing this I think the current swing will put the ES above 1300.

QQQ: Now headed for 68.

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 at its historical low but will soon start a move to 4.50%.

Euro-US Dollar: Support is at 1.3500. I still think the trend in the Euro has turned up and that the market is headed for 1.5000.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

December Crude: The market is now headed for 55-60. Resistance above the market is at 94.

GLD – December Gold: I think gold is headed for 2100.

SLV - December Silver: I think silver is headed for 50.00.

Google: Google is now headed for its 2007 top near 750.

Apple: Upside target is now 475.

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