Spiders - March S&P Futures: Support today in the S&P’s is at 1384. I still think that the S&P’s will rally to 1425 before another down leg begins. The Spiders should hold support today at 138.40 and then rally to 142.50.
QQQQ: Support today in the Q’s is at 42.00 and I think this market will rally to 43.80 before turning lower again.
TLT - June Bonds: The lows made on January 26 will hold. TLT is now headed up into the 94-95 range. The bonds should hold support near 112-24 and then rally to 114-16. Over the next few months the bonds are headed for 120.
June 10 Year Notes: I believe the notes made their low on January 26 and are now headed for 111. Short term support is at 108-16 and the next upside target is 109-18.
Euro-US Dollar: The 132.60 level is strong resistance. From there I expect another downleg to start.
Dollar-Yen: Support is 117.00 and the next upside target is 123.60. 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. Resistance in April crude is at 63.30 and from there the market should drop to 55.00.
GLD - April Gold: I think that both GLD and April gold have begun an extended decline that will carry gold well below 600.
May Silver: Silver has begun an extended drop that will carry the market below 1000.
Google: Google will probably rally to 465 or so and then drop to 430. After that a move to 564 will start.
1 comment:
I'm a new reader and I have to say I'm pretty amazed. I actually agree with everything in this post. You must be brilliant! lol
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-JM
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