December S&P E-mini Futures: Today’s range estimate is 1857-1899. Yesterday’s
late, high volume drop brought the S&P 500 and the Dow beneath their 200
day moving averages. I think this is a very bearish development and supports
the thesis that a bear market has started.
QQQ: Downside target at 94 has been reached and breached. Next
support is at 90.
TNX (ten year note yield): Given the weak stock market it now
looks likely that 10 year yields will sink to 2.00% before a sustained up trend
can begin. 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: Support is at 84 but I think the longer term
trend in oil prices is downward and should carry the market down to 70 at
least.
December Gold: Gold
is headed below 1100.
December Silver: My bear market target remains 13.00.
Google: GOOGL is headed for
650. Support is at 520.
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 of 68 before going much higher
than 103.
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.
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