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November 12, 2010 – Fibonacci Retracement at 1228.74 on S&P 500 is Major Resistance
The yield on the 10-Year tested 2.783 on Wednesday versus my annual value level at 2.813,
that’s a rise of 32.5 basis points since last Thursday. Gold is consolidating off Tuesday’s all
time high at $1424.3. Crude oil traded to a new 2010 high at $88.63 on Thursday, and has traded
below $86 overnight. The euro slipped below 1.36 overnight with my quarterly value level at
1/3318. The Dow tested and held my annual pivot at 11,235 on Thursday ending the session
between that level and my semiannual pivot at 11,296. A close today below 11,235 gives the
week to Fibonacci over Dow Theory. Bad Deficit Reduction Ideas and The Federal Reserve is
set to Jump-Start QE2.
10-Year Note – (2.657) Annual and annual value levels are 2.813 and 2.999 with daily, monthly,
weekly, quarterly and semiannual risky levels at 2.582, 2.380, 2.332, 2.265 and 2.249.
Nymex Crude Oil – ($87.69) Quarterly, monthly and annual value levels are $83.94, $78.51 and
$77.05 with a weekly pivot at $86.51, and daily, semiannual and annual risky levels at $90.15, $88.22,
$96.53 and $97.29.
Daily Dow: (11,283) Monthly, semiannual, annual and quarterly value levels are 10,848, 10,558,
10,379 and 8,523 with annual and semiannual pivots at 11,235, and 11,296, and daily and weekly risky
level at 11,533 and 11,650.