Spiders - September S&P E-mini Futures: I covered my e-mini short position after yesterday’s close at 1276.50. The advancing issues numbers on this two day drop have been relatively strong. This coupled with the market’s refusal to drop below 1265 during the second half of yesterday’s trading session makes me much less confident that the 1250 level will be reached on this break. In any case, the next big move should be upward.
QQQ: Support is at 44.00. I think the Q’s will soon take a step up to 51.00. During the next few months the market should rally to 55 or higher.
TLT - December Bonds: I think the market will hold below resistance near 118-16 and head much lower.
December 10 Year Notes: The market has traded at secondary resistance at 116-20 and I think the next big move will be downward.
Euro-US Dollar: The trend in the euro is downward and I think the market is headed for 135. Resistance above the market is at 150.00.
Dollar-Yen: The market should reach the 112.00 target soon. Support is now at 106.00.
XLE - OIH - USO – October Crude: I think that the market is headed for 98. The 112 level is resistance.
GLD - December Gold: Gold is headed for 700. Resistance above the market is at 840.
SLV - December Silver: Resistance is at 1390 and the next downside target is 1100.
Google: The 460-80 range is good support and I think this market is in the early stages of a move which will carry it over 750.