Thursday, November 14, 2013

Guesstimates on November 14, 2013

December S&P E-mini Futures: Today’s range estimate is 1774-88. The market took out Friday’s high decisively yesterday and thus removed my principal bearish concern. While the advancing issues numbers have been weak this bearish divergence would only become important if the market should break more the 38 points it dropped last week. Until that happens I am sticking with my bullish prognosis of still higher prices ahead. The ES is headed well over 1800.
QQQ:  Support is at 80. Upside target remains 86.
TNX (ten year note yield): I think the market will move to 3.50% over the next few months.
Euro-US Dollar: The Euro broke below 1.3400 but so far has put in only one close below that level. However, resistance above the market is at 1.3500 and as long as the Euro doesn’t spend much time above there I will stick with my 1.28-1.30 downside target
Dollar-Yen: The dollar-yen is headed for 107.00.
December Crude:  I think crude is headed back to 86 and possibly lower than that.
December Gold:  The market is now headed below 1200.
December Silver: The market is now headed for 15.00.
Google:  Upside target is now 1150 and support beneath the market stands at 970.
Apple:  Upside target is 565 but a close below 510 would mean that AAPL is headed back to 400 or lower.

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