Spiders - June S&P Futures: Yesterday’s strong close convinced me that the Spiders are going to rally back close to the high of their trading range at 141.42 before a move down to 135 begins. The corresponding levels for the futures are 1424 and 1360.
QQQQ: The market is headed for resistance at 43.70. I have raised the target for the entire correction to 41.00.
TLT - June Bonds: TLT is headed up into the 94-95 range. The bonds should hold the112-08 level and then rally to 114-24. Over the next few months the bonds are headed for 120.
June 10 Year Notes: The notes made their low on January 26 and are now headed for 111. Short term support is at 108-08 and the next upside target is 109-18.
Euro-US Dollar: I think a drop in the euro to below the 125 level is underway. Resistance is at 132.20.
Dollar-Yen: My best guess now is that the entire drop from the 122.18 level will carry the market to 113. Meantime the 118.30 level is resistance. I expect to see the yen trade at 130 in 2007.
OIH - USO - April Crude: OIH should soon drop to 129-130. USO should drop to 45. April crude is headed down to 54.50.
GLD - April Gold: I think that both GLD and April gold have begun an extended decline that will carry gold well below 600. Resistance in the futures is at 665.
May Silver: Silver has begun an extended drop that will carry the market below 1000. Resistance in the futures is at 1336.
Google: Support in Google is at 430. From there a move to 564 will begin.
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