December S&P E-mini Futures: Today’s range estimate is 1953-1968. Right now it appears that the intermediate term trend in the averages has turned downward. The NYSE advance-decline line and the S&P 500 are both below their 50 day moving averages while the Dow closed yesterday right on its own 50 day average. Moreover the ES spent most of yesterday’s afternoon trading below the lower edge of what I thought was a 1964-68 support zone. The prognosis now is for a drop to the 200 day moving averages. In the S&P 500 this currently is the 1897 level.
QQQ: Downside target is 94.
TNX (ten year note yield): It looks like an extended up trend in yields has begun. The initial target is 3.00% but I think the 10 year yield will go significantly higher than that over the coming months.
Euro-US Dollar: The ECB quantitative easing program coupled with the Fed’s termination of its own program is likely to drop to Euro to 120.
Dollar-Yen: Next stop is 112.
November Crude: Resistance above the market is at 95. I expect the market to move below 90.
December Gold: Gold is headed below 1100.
December Silver: My bear market target remains 13.00.
Google: GOOGL is headed for 650 and higher.
Apple: I think AAPL is headed for 108.
Facebook: Upside target is 90.
Twitter: Upside target is 66.
Alibaba: Resistance is at 103 but I think that BABA will drop back to or below its IPO price before going much higher than that.
Visa: I think the bull market in Visa is over and that the stock will soon slide below its 200 day moving average and stay there.