Spiders - March S&P E-mini Futures: The e-minis closed above the high of the recent 1330-1370 trading range yesterday and so far this morning the market is trading about unchanged. I think a breakout move is underway and as long as the market holds 1360 today I think it will be trading above the 1400 level in a few days and be on its way to 1430-50. In any case I think that the January 22 low at 1256 will hold.
QQQ: The Q’s are headed for 47.50.
TLT - March Bonds: The bonds are headed down to 112 or so. Resistance stands at 118-04. I think TLT will drop to 88.
March 10 Year Notes: The notes are still holding support but a break below 115-20 will mean that a drop to 112 is underway. Resistance is at 116-28.
Euro-US Dollar: I still think that the market is headed for 151 or so.
Dollar-Yen: The market is headed for the 110 level. Support is at 106.50. I think the yen has established an important low and is headed much higher.
XLE - OIH - USO – April Crude: The market is hovering below resistance at 101. I think this is only a temporary move to new highs and that crude oil will soon head back down to below 85.
GLD - April Gold: I think gold futures are now headed for 1000. Support is at the 910 level in the April contract.
SLV - March Silver: I am raising my silver target to 1900-2000 to keep it in line with the gold target of 1000. Support now is at 1610.
Google: Google broke below 500 support yesterday even as the averages rallied. This combination makes a drop to 460 the next likely development.
4 comments:
it will be trading above the 1400 level in a few days - YES
and be on its way to 1430-50 - NO
Good morning Carl,
As expected we have higher PPI...
That is not a surprise considering the recent commodity hype.
It was a no-brain to expect higher PPI number. Markets jerk from day to day.
With Bernanke high intellect and many economists, it is hardly believable that market craziness is going on and on.
Markets sometimes acted like unstable, uneducated, senile, out-of-control...
Have a good day
Cheers
Sharon
I noticed that you haven't posted a Silver chart since last May. I'm wondering if you can post one of your charts showing the different divisions of your projections.
Thanks,
TheBurner
Carl... I notice you 'pulled' you price targets re the OIHs & XLEs... If Oil trades down to below 85 ... Do you think OIHs & XLEs are headed lower... OR will follow the market up to that 1400+ level.
Thanks,
Charlie
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