Spiders - March S&P E-mini Futures: I am long from 1486 and using a 1461 stop. Despite the overnight rally to 1503 I still think the market has a shot at 1480 or so before it turns upward and moves above 1511. Even so I am going to maintain my position because there is too much uncertainty associated with any projected drop to 1480. Next upside target is 1550 and I think we shall see the futures trace above the 1600 level during the first quarter of 2008.
QQQQ: The Q’s are headed for 54.20 and eventually to the 60 level.
TLT - March Bonds: Resistance above the market is at 115-08. I think that a drop of 7-10 points is underway. TLT is headed for 87.
March 10 Year Notes: Resistance above the market is at 113-04. I think the notes have started a drop of about 5 points.
Euro-US Dollar: I think the euro is establishing a long-lasting top. I think this market is headed for 139.00 before a substantial rally can begin.
Dollar-Yen: I think the yen is headed upward in a multi-month move. Initial upside target is 117.00. Support is at 112.00.
XLE - OIH - USO – February Crude: The market is headed for 79.50. Crude has reached 96.50 resistance and the downtrend should now resume. USO should drop to 56, OIH to 140 and XLE to 60.
GLD - February Gold: I still think gold futures still have a shot at the 873 level but a drop below support at 780 will mean that an extended decline has started.
SLV - March Silver: I think is now is likely that the 1644 high in March silver will hold and that an extended decline has begun. The current rally should halt at a lower top near the 1570 level.
Google: GOOG is headed for 760.
3 comments:
I'm raising my target to SPX 1668-1676
Upcoming astro-cycles into early 2008 are explosively bullish.
Carl, any update to the 3 peaks + doomed house chart. Thanks.
astro-cycles are hit and miss. Difficult to guage direction with astro. Could easily be bearish for 1st QTR 2008, but January looks positive at least 1st half anyway.
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