Friday, March 09, 2007

Guesstimates on March 9, 8:50 am ET

Spiders - June S&P Futures: The employment number sent the stock market higher this morning. I still think the next big move will be downward to 136.30 in the Spiders and 1375 in the futures. Meantime the Spiders have resistance today at 141.90 and the futures at 1430. 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 should find resistance today at 43.70 and then begin a drop to 41.00. Downside target for the entire correction is still 39.50.

TLT - June Bonds: TLT is headed up into the 94-95 range. The bonds broke 112-24 support on the employment number today but should hold the112-08 level and then rally to 114-16. 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.

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 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. 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. Resistance today in the futures is at 665.

May Silver: Silver has begun an extended drop that will carry the market below 1000. Resistance today in the futures is at 1336.

Google: Support in Google is at 430. From there a move to 564 will begin.

2 comments:

Anonymous said...

tunemann, I would be very wary of CNBC as your source on the direction of the markets. Can you say "whipsaw", because that's what will happen if you follow CNBC as a directional indicator.

Anonymous said...

Currently, on a weekly chart, the Yen is displaying a buy divergence with the MACD. Are you expecting the yen to rally from 130 in 2007?