Spiders - March S&P Futures: The Spiders and the S&P’s both closed above what I thought would be resistance yesterday. Any wide range up bar that puts the market visibly above yesterday’s close will lead me to a bullish stance. Failing this, I shall be expecting a drop in the Spiders to 142.30, and in the S&P’s to 1428.
QQQQ: I expect the Q’s to hold support near 43.20 and then resume their rally into the 47-48 range.
TLT - March Bonds: TLT should drop to 86.00. The market has begun a trading range which should be followed a rally to 94-95. The bonds should drop to 108-28 while resistance today is at 110-24. I think a basing process has begun that will be followed by a move above the 115 level.
March 10 Year Notes: The notes will drop to 105-24 while resistance today is at 107-04. I think the market has begun a basing process. After it is complete I expect a move to above the 110 level.
Euro-US Dollar: The euro broke above 130.50 resistance this morning and will continue upward to 131.50. From there the drop to support near 126.90 should resume.
Dollar-Yen: The yen should rally to 123.20. Support remains at 119.80. I expect to see the yen trade at 130 in 2007.
OIH - USO - March Crude: Upside target for OIH at 140 was hit and this swing should carry the market to 131. USO hit the 50 level and now should drop to 45. Crude has reached 60.00 and is about to drop to 54.00.
GLD - April Gold: GLD is headed for the 67-69 range before the bear market resumes. I expect April gold to rally to 675-690 and then resume its bear market.
March Silver: I think silver will move higher to 1430. From there the bear market should resume.
Google: Google has dropped nearly to its last low at 454 but I think this reaction is over and that the next big move will be upward to 564.
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