Friday, February 01, 2008

Guesstimates on February 1, 8:30 am ET

Spiders - March S&P E-mini Futures: I expect to see the futures stall around the 1408 level and then react again, possibly all the way down to 1300 or so. In any case I think the January 22 low is going to hold on any test and that in three or four months the average will be above the 1600 level.

QQQ: I think the Q’s are headed for 47.50.

TLT - March Bonds: Support is at 118-00 but weakness below there will mean that the market has started and extended drop. Meantime I think the bonds still have a shot at the 2003 top of 123-03. TLT has nearly reached its 98.50 target.

March 10 Year Notes: The notes should encounter strong resistance at 120. Weakness below 115-08 will mean that the trend has turned downward.

Euro-US Dollar: I still think that the market is headed for 151 or so.

Dollar-Yen: I think the market is establishing an important low but another drop down into the 104-105 zone is likely before a sustained rally can begin.

XLE - OIH - USO – March Crude: Resistance stands at 95.00. I think that crude is headed for 75.00 and eventually much lower than that. During that time USO should drop to 56, OIH to 140 and XLE to 60.

GLD - February Gold: I think gold futures are now headed for 1000. Support is at the 885 level.

SLV - March Silver: I am raising my silver target to 1900-2000 to keep it in line with the gold target of 1000. Support still stands at 1500.

Google: I think a move to new bull market highs will begin soon. The 515 level is support.

1 comment:

Anonymous said...

Hello Carl,
Is there a parallel of sorts to 2001? I have thought that the bull market would probably end in 2008 because it's potentially an important Fibonacci year, and I have a reason I'm looking at July as a target. That would mean a 6-month rally from the January low to the final high, with new fuel from big interest rate cuts. The rally that began at the 2001 low ignited after precipitous rate cuts and lasted 6 months and failed, followed by new lows.