Friday, October 31, 2014

Guesstimates on October 31, 2014

December S&P E-mini Futures: Today's range estimate is 1996-2018. Last night the Bank of Japan announced an expansion in its quantitative easing program. This sent the ES two points above its September highs. I think the market will stall here and react at least 20-25 points and probably closer to 50 points. But once this reaction is complete the ES should resume its advance to the 2090 target.
QQQ: Upside target is 102.
TNX (ten year note yield): I think that a move to and above the 3.00% level is underway.  
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: The 112 level has nearly been hit. I think the dollar-yen will stall here for several weeks. But eventually the market will rally to 120.   
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:  AAPL has reached the 108 target but there is no reason for thinking the bull market is over. Next stop is 125. Support stands at 96.
Facebook: Upside target is 90. Support is 72.
Twitter: Upside target is 66. Support is at 40.
Alibaba: I now think that BABA is headed for 103.  
Visa: Visa so far has held its gains on earnings news and I now believe it is headed up to 270.

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