December S&P E-mini Futures: Today’s range estimate is 1938-1956. I
think last week’s low ended a reaction in a bull market and that the averages
are headed above their September highs.
QQQ: Upside target is 102.
TNX (ten year note yield): So far the low yield was 1.86% and I now
think that low yield marked the start of a move to and above the 3.00% level.
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.
December Crude: 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. Resistance is at
1260.
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. AAPL resisted the drop in the general market
which is a bullish sign.
Facebook: Upside target is 90.
Twitter: Upside target is 66.
Alibaba: I now think that BABA is headed for 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.
2 comments:
Rallying in the S&P to 50-dayMA and back to the broken oversold trendline. Most 4-yr cycle pullbacks last longer than the less-than-a-month drop we have had. Expect at least a deep retest. In conjunction, gold appears to be rising in wave e of its large bearish triangle that began in mid-2013, perhaps a rally that will end in Nov. as stocks drop. In fact, the wave e originated when stocks began the hard-down phase of decline, and there has been just a small pullback as stocks rocketed up. Also, look at T-bonds and count months going back several years with November (2014) as your start point. You will find a couple of Fib. "hits" that may indicate that November is the "magnet" where the bond rally ends, and, by implication the stock decline.
I failed to specify that's spot gold.
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