Spiders - March S&P Futures: The Spiders hit 140.00 resistance late yesterday and now should drop to 136.30. The S&P resistance is at 1402 and the market should soon drop to 1363. There is as yet no sign that the drop from the February 22 top is complete and the 135 level remains my Spider target.
QQQQ: The market hit resistance near 43.05 late yesterday and I think it will soon drop to 41.00 before another rally starts. Downside target for the entire correction is still 39.50.
TLT - June Bonds: TLT is 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: SThe 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: I think a drop in the euro to below the 125 level is underway.
Dollar-Yen: The yen has been much weaker than I anticipated. My best guess now is that the entire drop from the 122.18 level will carry the market to 113. Meantime the 115.20 level is short term support and a rally from there to 117.50 is likely. 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: Support in Google is at 430. From there a move to 564 will begin.
2 comments:
Kudos to you, Carl. I have posted negative comments as well as complimentary comments. And you have had the integrity to post both. I have also seen negative comments posted by others published.
Yesterday, i pointed out that someone did NOT do something that they plainly said that they would do on another blogsite -- go short Monday if a certain level was broken to the downside. They did not have the integrity to publish that very brief negative comment.
You sound like a broken record on OIL, USO and OIH. I don't think oil is coming down till summer driving season.
Better review those targets.
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