Spiders - March S&P Futures: The Spiders are headed for 146.80 and the S&P’s for 1470. Support today in the Spiders is at 144.70 and is at 1450 in the S&P’s.
QQQQ: I expect the Q’s to rally first to 45.60 and then into the 47-48 range.
TLT - March Bonds: This past Thursday and Friday the market closed above what I thought would be strong resistance so I conclude that the lows made on January 26 will hold. TLT is now headed up into the 94-95 range. The bonds are headed for 120. Support in TLT is at 87.50 and in the bonds at 110-24.
March 10 Year Notes: I now believe the notes made their low on January 26 and are now headed for 111. Support is at 107-04.
Euro-US Dollar: I now think it is unlikely that the euro rally as far as 132.30 and am pretty sure that the next down leg has started.
Dollar-Yen: I think the next up leg has started and that the yen will probably not make it down to 118.80. Next upside target is 123.60. 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 129-130. 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: Resistance in GLD is the 67-69 range. Resistance in gold is 675-690. I think an extended decline will start soon.
March Silver: I think silver will move a little 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.
1 comment:
Carl:
Thanks for your work...I have learned a great deal. You've spurred me on sufficiently to order Lindsay's materials from II to augment your blog work.
My question is, according to your Dow DH post, we should be approaching (or be at) point 21. How much time past the "due date" should we be giving this market?
Thanks,
Jim
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