Thursday, September 27, 2012

Guesstimates on September 27, 2012

December S&P E-mini Futures: Today's range estimate is 1427-37.  I expect the market to be supported in the 1420-25 range defined by the March 27 and August 21 tops. The ES is headed much higher over the next few months.
QQQ:  A move to 76 is underway.
TNX (ten year note yield): Bond yields are going much higher as the market begins to anticipate stronger economic growth. The first upside yield target for the 10 year is 2.50%.
Euro-US Dollar: The ECB and the Fed are following polices which will move the Euro to 1.40 or higher. Next resistance is 1.3350. Support is at 1.2750.
Dollar-Yen: This market is headed for 75 and lower. The Japanese central bank has announced an increase in their own program of quantitative easing. But they don't have as much credibility on this score as the Fed does so I think the dollar-yen  will continue its drop to 75. At some point the JCB will have to support the yen but this probably won't happen until the 75 level is reached. November Crude: The market is now is on its way to the 110-115 zone. Support is at 90-91.
GLD – December Gold:   I think gold is headed for 2300.
SLV - December Silver: I think silver is headed above 50.00.
Google: Google has reached the 750 target and is now at historical highs. Next upside target is 790. Support stands at 700.  
Apple:  Next upside target is 718.  Support stands at 645.

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