Guesstimates on March 31, 8:10 am ET

Spiders - June S&P E-mini Futures: Support is still at 1310. At this morning’s low the e-minis have dropped 52 points from last week’s high. At the 1303 level this drop will equal the last reaction on the way up to last week’s high. I think the next development will be a rally from current levels to 1390 or so. The market should rally into the 1430-50 range over the next couple of months.

QQQ: A rally to 47.50 is underway.

TLT - June Bonds: Resistance is still at 120-20 and I think the bonds will soon begin a drop to 112. I think TLT will drop to 88.

June 10 Year Notes: Resistance is at 120-00. I think the notes will soon begin a move to 112.

Euro-US Dollar: The market has rallied back near its 159.03 high but unless is closes above that level I shall still expect a reaction that will carry at least to 150.00 or so and probably lower than that.

Dollar-Yen: The yen will probably make it down to 93.50 before a good rally begins. Meantime resistance stands at 101.20.

XLE - OIH - USO – May Crude: I think a break of at least $20 has begun.

GLD - June Gold: The market should now be headed for the 750-80 range. Resistance is at 960.

SLV - May Silver: It looks like the silver is headed for 15.50 or so. Resistance is at 1870.

Google: Google still has support at 420 and I think the next big move will be upward.

Two Cherries on Top

Here is the cover of the latest The Weekly Standard magazine. I am adding it to my cover collection for the financial crisis of January-March 2008. Its market implications are those which I discussed about a week ago in this post.

Above the Weekly Standard cover is the cover of the March 24 edition of U. S. News and World Report. It accurately reflects the fact that according to the latest University of Michigan sentiment surveys consumers are more fearful of the future than they have been in 25 years!

This market is going much higher.

Guesstimates on March 28, 8:00 am ET

Spiders - June S&P E-mini Futures: Support is now at 1310. We shall probably see a 1380 print before another 50-60 point break occurs. The market should rally into the 1430-50 range over the next couple of months.

QQQ: A rally to 47.50 is underway.

TLT - June Bonds: Resistance is still at 120-20 and I think the bonds will soon begin a drop to 112. I think TLT will drop to 88.

June 10 Year Notes: Resistance is at 120-00. I think the notes will soon begin a move to 112.

Euro-US Dollar: The market has rallied back near its 159.03 high but unless is closes above that level I shall still expect a reaction that will carry at least to 150.00 or so and probably lower than that.

Dollar-Yen: The yen will probably make it down to 93.50 before a good rally begins. Meantime resistance stands at 101.20.

XLE - OIH - USO – May Crude: I think a break of at least $20 has begun.

GLD - June Gold: The market should now be headed for the 750-80 range. Resistance is at 960.

SLV - May Silver: It looks like the silver is headed for 15.50 or so. Resistance is at 1870.

Google: Google still has support at 420 and I think the next big move will be upward.

Guesstimates on March 27, 8:00 am ET

Spiders - June S&P E-mini Futures: Support is now at 1310. We shall probably see at 1380 print before another 50-60 point break occurs. The market should rally into the 1430-50 range over the next couple of months.

QQQ: The Q’s still have support at 41.70. A rally to 47.50 is underway.

TLT - June Bonds: Resistance is still at 120-20 and I think the bonds will soon begin a drop to 112. I think TLT will drop to 88.

June 10 Year Notes: Resistance is at 120-00. I think the notes will soon begin a move to 112.

Euro-US Dollar: The market has rallied back near its 159.03 high but unless is closes above that level I shall still expect a reaction that will carry at least to 150.00 or so and probably lower than that.

Dollar-Yen: The yen will probably make it down to 93.50 before a good rally begins. Meantime resistance stands at 101.20.

XLE - OIH - USO – May Crude: I think a break of at least $20 has begun.

GLD - June Gold: The market should now be headed for the 750-80 range. Resistance is at 960.

SLV - May Silver: It looks like the silver is headed for 15.50 or so. Resistance is at 1870.

Google: Google still has support at 420 and I think the next big move will be upward.

Guesstimates on March 26, 8:00am ET

Spiders - June S&P E-mini Futures: Support is now at 1310. We shall probably see at 1380 print before another 50-60 point break occurs. The market should rally into the 1430-50 range over the next couple of months.

QQQ: The Q’s have support at 41.70. A rally to 47.50 should begin soon.

TLT - June Bonds: Resistance is still at 120-20 and I think the bonds will soon begin a drop to 112. I think TLT will drop to 88.

June 10 Year Notes: Resistance is at 120-00. I think the notes will soon begin a move to 112.

Euro-US Dollar: I think a reaction has started that will carry at least to 150.00 or so and probably lower than that.

Dollar-Yen: The yen will probably make it down to 93.50 before a good rally begins. Meantime resistance stands at 101.20.

XLE - OIH - USO – May Crude: I think a break of at least $20 has begun.

GLD - June Gold: The market should now be headed for the 750-80 range. Resistance is at 960.

SLV - May Silver: It looks like the silver is headed for 15.50 or so. Resistance is at 1825.

Google: Google still has support at 420 and I think the next big move will be upward.

Guessitmates on March 25, 8:05 am ET

Spiders - June S&P E-mini Futures: Support is now at 1310. We shall probably see at 1380 print before another 50-60 point break occurs. The market should rally into the 1430-50 range over the next couple of months.

QQQ: The Q’s have support at 41.70. A rally to 47.50 should begin soon.

TLT - June Bonds: Resistance is still at 120-20 and I think the bonds will down to 112. I think TLT will drop to 88.

June 10 Year Notes: Resistance is at 120-00. I think the notes will soon begin a move to 112.

Euro-US Dollar: The euro closed below 155.00 Thursday so I think a reaction has started that will carry at least to 150.00 or so and probably lower than that.

Dollar-Yen: The yen will probably make it down to 93.50 before a good rally begins. Meantime resistance stands at 101.20.

XLE - OIH - USO – May Crude: I think a break of at least $20 has begun.

GLD - April Gold: The market should now be headed for the 750-80 range. Resistance is at 960.

SLV - May Silver: It looks like the silver is headed for 15.50 or so. Resistance is at 1825.

Google: Google has support at 420 and I think the next big move will be upward.

Guesstimates on March 24, 8:00 am ET

Spiders - June S&P E-mini Futures: The market should rally into the 1430-50 range over the next couple of months. Over the next few days I expect to see prints in the 1365-70 range. Support for the moment is at 1295.

QQQ: The Q’s have support at 41.70. A rally to 47.50 should begin soon.

TLT - June Bonds: Resistance is still at 120-20 and from there I think the bonds will head down to 112. I think TLT will drop to 88.

June 10 Year Notes: Resistance is at 120-00. I think the notes will soon begin a move to 112.

Euro-US Dollar: The euro closed below 155.00 Thursday so I think a reaction has started that will carry at least to 150.00 or so and probably lower than that.

Dollar-Yen: The yen will probably make it down to 93.50 before a good rally begins. Meantime resistance stands at 101.20.

XLE - OIH - USO – May Crude: I think a break of at least $20 has begun.

GLD - April Gold: The market should now be headed for the 750-80 range.

SLV - May Silver: It looks like the silver is headed for 15.50 or so.

Google: Google has support at 420 and I think the next big move will be upward.

A Panoply of Pessimism

This past week The New York Times ran 4 headlines on the current financial crisis, the first three of which you see above this post. I don't ever recall reading a string of NYT headlines like this on the financial markets in such a short period of time.

Below the NYT headlines you will see an image of the current cover of the Economist Magazine. It shows a crack in the facade of Wall Street, perhaps a prelude to disintegration.

The next two images illustrate the deepening pessimism among the investing public. The first shows the AAII weekly sentiment numbers which have been showing the most bearish sentiment seen in almost 10 years. The same is true of the percentage of bearish investment advisors surveyed by Investors Intelligence.

Finally at the top of this post you see the put-call ratio for equity puts and calls (excluding index puts and calls). Both the daily reading and the 10 day moving average have hit 10 year record extremes of bearish sentiment this past week.

All in all this is an unprecedented display of bearish sentiment, especially when coupled with the magazine cover displays seen in late January and February. I commented on these here, here, here, here, here, and here.

I think this market is going much higher, probably to well above the October 2007 top. For an opinion that agrees with mine see this article in the latest issue of Barron's.

guesstimates on March 20, 8:00 am ET

Spiders - June S&P E-mini Futures: The e-minis couldn’t hold support at 1306 yesterday. On the other hand, they are trading near that level as I write this. I am still going to look for signs of a higher low and a close today above the 1300 level will make this week an outside week with a higher close. This would be a bullish development in view of the extremely bearish nature of all the news and commentary I am hearing and reading. In any case I think the next significant development will be a rally into the 1430-50 range.

QQQ: The Q’s have support at 41.70. A rally to 47.50 should begin soon.

TLT - June Bonds: Resistance is still at 120-20 and from there I think the bonds will head down to 112. I think TLT will drop to 88.

June 10 Year Notes: Resistance is at 120-00. I think the notes will soon begin a move to 112.

Euro-US Dollar: I still think the euro will make it into the 162-63 range but a close today below 155.00 will turn the trend lower for the time being.

Dollar-Yen: The yen will probably make it down to 93.50 before a good rally begins. Meantime resistance stands at 101.20.

XLE - OIH - USO – May Crude: I think a break of at least $20 has begun.

GLD - April Gold: Yesterday’s big drop is likely to turn the week into an outside week and this means the market should now be headed for the 750-80 range.

SLV - May Silver: It looks like the silver is now headed for 16.20 or so.

Google: Google has support at 420 and I think the next big move will be upward.

Guesstimates on March 19, 8:00 am ET

Spiders - June S&P E-mini Futures: Yesterday’s big rally gives us a chance to see if the technical condition of the market is improving. Until now every time the Fed has done something to ease credit conditions the market tanked after a brief rally. If the E-minis can hold 1306 support today, or even better, close above the 1350 level, we shall have strong evidence that Monday’s low will hold. In any case I think the next significant move will be upward into the 1430-50 range.

QQQ: The Q’s have support at 41.70. A rally to 47.50 should begin soon.

TLT - June Bonds: Resistance is still at 120-20 and from there I think the bonds will head down to 112. I think TLT will drop to 88.

June 10 Year Notes: Resistance is at 120-00. I think the notes will soon begin a move to 112.

Euro-US Dollar: The euro will make it into the 162-63 range before a substantial break begins.

Dollar-Yen: The yen will probably make it down to 93.50 before a good rally begins. Meantime resistance stands at 101.20.

XLE - OIH - USO – May Crude: I think a break of at least $20 will be the next development.

GLD - April Gold: I think gold it is headed for 1065 before a substantial break begins. Meantime support is at 960.

SLV - May Silver: It looks like the silver will make it to 2200 and then begin a big break.

Google: Google has support at 420 and I think the next big move will be upward.

Guesstimates on March 18, 8:00 am ET

Spiders - June S&P E-mini Futures: The e-minis never equaled their Sunday night low at 1253 during the Monday session, despite all the bad news which has been hitting the market. There is still a good chance that the 1220 level will be seen before a big rally starts but I also believe that the market will make it into the 1430-50 range over the next couple of months. Upside target for the rally from 1253 is 1330.

QQQ: The Q’s have support at 41.70. A rally to 47.50 should begin soon.

TLT - June Bonds: Resistance is still at 120-20 and from there I think the bonds will head down to to 112. I think TLT will drop to 88.

June 10 Year Notes: Resistance is at 120-00. I think the notes will soon begin a move to 112.

Euro-US Dollar: The euro closed above 157.50 yesterday so I think it will make it into the 162-63 range before a substantial break begins.

Dollar-Yen: The yen will probably make it down to 93.50 before a good rally begins. Meantime resistance stands at 101.20.

XLE - OIH - USO – April Crude: I think a break of at least $20 will be the next development.

GLD - April Gold: I think gold it is headed for 1065 before a substantial break begins. Meantime support is at 960.

SLV - May Silver: It looks like the silver will make it to 2200 and then begin a big break.

Guesstimates on March 17, 8:00 am ET

Spiders - June S&P E-mini Futures: The market traded below 1270 most of last night and this morning couldn’t make it back above 1270 so I sold my long position at 1267. As I said Friday the market zooms and swoons on every piece of news and even before the US markets open has put in a 60 point range for the day. I have no opinion on which way it will jump today but I do think that the next 200 points from here will be upward and that the worst we shall see on the downside is the 1220 level in the e-minis.

QQQ: The Q’s have support at 41.70. A rally to 47.50 should begin soon.

TLT - June Bonds: Resistance is still at 120-20 and from there I think the bonds will head down to to 112. I think TLT will drop to 88.

June 10 Year Notes: Resistance is at 120-00. I think the notes will soon begin a move to 112.

Euro-US Dollar: The market ran past the 156 level overnight. If it closes today above the 157.50 level I shall expect a move to 163.

Dollar-Yen: The yen closed below 99.50 support Friday and has dropped more overnight so it will probably make it down to 93.50 before a good rally begins.

XLE - OIH - USO – April Crude: I think a break of at least $20 will be the next development.

GLD - April Gold: Gold moved well above the 1000 level last night so I think it is headed for 1065 before a substantial break begins. Meantime support is at 960.

SLV - May Silver: It looks like the silver will make it to 2200 and then begin a big break.

Google: Google has support at 420 and I think the next big move will be upward.

E-mini Update

I'm still long from 1284 this morning but I want to see the market close at 1281 or higher. Otherwise I'll get out and try again next week.

Long the e-minis

I just bought June e-minis at 1284 at the level of yesterday's low. I will junk this position if the market shows any preference for trading below the 1270 level.

Guesstimates on March 14, 8:30 am ET

Spiders - June S&P E-mini Futures: The market seems to zoom or swoon on every piece of news. Yesterday’s rally and higher close after a weak open is an encouraging sign since it is the second time in a week that strong buying emerged at the 1285 level. Support is at 1300 and I think a rally of 200 points or so from the lows is imminent.

QQQ: The Q’s have support at 41.70. A rally to 47.50 should begin soon.

TLT - June Bonds: Resistance is still at 120-00 and from there I think the bonds will head down to to 112. I think TLT will drop to 88.

June 10 Year Notes: Resistance is at 119-08. I think the notes will soon begin a move to 112.

Euro-US Dollar: The market has reached the 156 target level. A big break should develop from there. Meantime support is at 149.50.

Dollar-Yen: The yen has nearly reached the 99.50 target level and a big rally should develop soon.

XLE - OIH - USO – April Crude: I think a break of at least $20 will be the next development.

GLD - April Gold: Gold futures have reached the 1000 level and I think a big break from here is likely to begin soon. Meantime support is at 930.

SLV - May Silver: It looks like the silver will make it to 2200 and then begin a big break.

Google: Google has support at 420 and I think the next big move will be upward.

Guesstimates on March 13, 8:15 am ET

Spiders - June S&P E-mini Futures: Out of the e-mini last night at 1297. Switching to the June contract this morning which is trading 2 points over March. The market made a lower top yesterday so I have to conclude that it is heading down to a lower low, probably at 1265 or so. I still think the drop from the October 11 top at 1575 in cash is pretty much over and that a rally of at least 200 points is imminent.

QQQ: The Q’s have support at 41.70. A rally to 47.50 should begin soon.

TLT - June Bonds: Resistance is at 120-00 and from there I think the bonds will head down to to 112. I think TLT will drop to 88.

June 10 Year Notes: Resistance is at 119-08. I think the notes will soon begin a move to 112.

Euro-US Dollar: The market has reached the 156 target level. A big break should develop from there. Meantime support is at 149.50.

Dollar-Yen: The yen has nearly reached the 99.50 target level and a big rally should develop soon.

XLE - OIH - USO – April Crude: I think a break of at least $20 will be the next development.

GLD - April Gold: I think gold futures are headed for 1000. Support is at the 920 level in the April contract.

SLV - May Silver: It looks like the silver will make it to 2200 and then begin a big break.

Google: Google has support at 420 and I think the next big move will be upward.

Guesstimates on March 12, 8:05 am ET

Spiders - March S&P E-mini Futures: Long the e-mini’s from 1297. Support today is at 1308 so I have raised my stop to breakeven. Initial upside target is the 1340-50 range. I think there is a very good chance that the market is on its way into the 1430-50 range. I think that new bull market highs will be seen in the next few months.

QQQ: The Q’s dropped a little below 42.00 yesterday to new lows for the move down but I think a rally to 47.50 has begun.

TLT - June Bonds: I think the bonds are headed down to 112. I think TLT will drop to 88.

June 10 Year Notes: Resistance is at 118-12. I think the notes will soon begin a move to 112.

Euro-US Dollar: The market is getting close to the 156 target level. A big break should develop from there. Meantime support is at 149.50.

Dollar-Yen: It now looks like the yen is headed for the 99.50 level.

XLE - OIH - USO – April Crude: I think a break of at least $20 will be the next development.

GLD - April Gold: I think gold futures are headed for 1000. Support is at the 920 level in the April contract.

SLV - May Silver: It looks like the silver will make it to 2200 and then begin a big break.

Google: Google has support at 420 and I think the next big move will be upward.

Long the E- minis

I just bought March e-mini futures at 1297. If I am reading the market correctly the 1292 level will be support today and the swing up from yesterday's low should carry into the 1335-40 range before it stalls. I will exit this position on a close below 1293 or if the market shows a preference for trading below 1290 during the day today.

Guesstimates on March 11, 7:20 am ET

Spiders - March S&P E-mini Futures: Support today is at 1270 and I think the market will soon begin a move into the 1430-50 range. I think that new bull market highs will be seen in the next few months.

QQQ: The Q’s dropped a little below 42.00 yesterday to new lows for the move down but I think a rally to 47.50 is imminent.

TLT - June Bonds: I think the bonds are headed down to 112. I think TLT will drop to 88.

June 10 Year Notes: Resistance is at 118-12. I think the notes will soon begin a move to 112.

Euro-US Dollar: The market is getting close to the 156 target level. A big break should develop from there. Meantime support is at 149.50.

Dollar-Yen: It now looks like the yen is headed for the 99.50 level.

XLE - OIH - USO – April Crude: The moved above 106 but I think a break of at least $20 will be the next development.

GLD - April Gold: I think gold futures are headed for 1000. Support is at the 920 level in the April contract.

SLV - May Silver: It looks like the silver will make it to 2200 and then begin a big break.

Google: Google has reached support at 420 and I think the next big move will be upward.

Guesstimates on March 10, 8:15 am ET

Spiders - March S&P E-mini Futures: The e-minis missed closing above the 1295 level by a point so for the moment I think there is a 50-50 chance that the market will drop to 1270 before beginning a move into the 1430-50 range. I still think that new bull market highs will be seen in the next few months.

QQQ: The 42.00 level is support and from there the Q’s will rally to 47.50.

TLT - June Bonds: I think the bonds are headed down to 112. I think TLT will drop to 88.

June 10 Year Notes: Resistance is at 118-04. I think the notes will soon begin a move to 112.

Euro-US Dollar: The market should soon reach 156. Meantime support is at 149.50.

Dollar-Yen: It now looks like the yen is headed for the 99.50 level.

XLE - OIH - USO – April Crude: The market has reached 106 and I think a break of at least $20 will be the next development.

GLD - April Gold: I think gold futures are headed for 1000. Support is at the 920 level in the April contract.

SLV - May Silver: It looks like the silver will make it to 2200 and then begin a big break.

Google: I think the drop from the 747 high is nearly over. There is very strong support at 420 and my guess is that Google will make an important low near there and then begin a sustained up move. Meantime resistance is at 490.

Guesstimates on March 7, 8:35 am ET

Spiders - March S&P E-mini Futures: I got out of my long side trade at 1308 about 15 minutes before the New York close yesterday. This morning, after the Fed announced its intention to inject more liquidity, the e-minis dropped to 1292, a little below 1295 support. If the market can finish the day above 1295 the stage will be set for a rally inot the 1430-50 range. I still think that new bull market highs will be seen in the next few months.

QQQ: The 42.00 level is support and from there the Q’s will rally to 47.50.

TLT - June Bonds: I now think the bonds are headed down to 112. I think TLT will drop to 88.

June 10 Year Notes: I think the notes are on the way down to 112.

Euro-US Dollar: The market has decisively broken through resistance at 151 and is now headed for 156.

Dollar-Yen: It now looks like the yen is headed for the 99.50 level.

XLE - OIH - USO – April Crude: The market has reached the 105-106 zone and I think a break of at least $20 will be the next development.

GLD - April Gold: I think gold futures are headed for 1000. Support is at the 920 level in the April contract.

SLV - May Silver: It looks like the silver will make it to 2200 and then begin a big break.

Google: I think the drop from the 747 high is nearly over. There is very strong support at 420 and my guess is that Google will make an important low near there and then begin a sustained up move. Meantime resistance is at 490.

Just Bought E-minis

I just took a long position in the March e-minis at 1319. I am using a 20 point stop for the time being, but I will get out if the market fails to close above the 1320 level.

Guesstimates on March 6, 8:20 am ET

Spiders - March S&P E-mini Futures: I think the drop from 1390 is over and that the market will hold support at 1319. The next development will be a rally into the 1430-50 range. I still believe that new bull market highs will be seen in the next few months.

QQQ: The 42.00 level is support and from there the Q’s will rally to 47.50.

TLT - June Bonds: I now think the bonds are headed down to 112. I think TLT will drop to 88.

June 10 Year Notes: I think the notes are on the way down to 112.

Euro-US Dollar: The market has decisively broken through resistance at 151 and is now headed for 156.

Dollar-Yen: It now looks like the yen is headed for the 99.50 level.

XLE - OIH - USO – April Crude: The market has reached the 105-106 zone and I think a break of at least $20 will be the next development.

GLD - April Gold: I think gold futures are headed for 1000. Support is at the 920 level in the April contract.

SLV - May Silver: It looks like the silver will make it to 2200 and then begin a big break.

Google: I think the drop from the 747 high is nearly over. There is very strong support at 420 and my guess is that Google will make an important low near there and then begin a sustained up move. Meantime resistance is at 490.

Guesstimates on March 5, 8:20 am ET

Spiders - March S&P E-mini Futures: The market made down only to 1307, twelve points above my 1295 target. But the volume surge on the late rally makes it likely that the drop from 1390 is over. If I am right about this the market will hold support at 1319 today and then begin a move into the 1430-50 range. In any case I think that the January 22 low at 1256 will hold.

QQQ: The 42.00 level is support and from there the Q’s will rally to 47.50.

TLT - June Bonds: The market has rallied more than I expected but should halt at 119-12. The next move will take the June contract below 114. I think TLT will drop to 88.

June 10 Year Notes: Resistance is at 118-08 and I think that a drop below114 lies ahead.

Euro-US Dollar: The market has reached the 151.00 target. I think there will be a big break from this level and if I am right we soon should see prints below 149.00. If this doesn’t happen in the next couple of days then I will shift gears and start looking for a rally to 156.

Dollar-Yen: It now looks like the yen is headed for the 99.50 level.

XLE - OIH - USO – April Crude: The market is headed for 105-106.

GLD - April Gold: I think gold futures are headed for 1000. Support is at the 920 level in the April contract.

SLV - May Silver: I think that the market won’t move much above 2000 before it has a big break.

Google: I think the drop from the 747 high is nearly over. There is very strong support at 420 and my guess is that Google will make an important low near there and then begin a sustained up move. Meantime resistance is at 490.

Guesstimates on March 4, 8:20 am ET

Spiders - March S&P E-mini Futures: The drop from 1390 has been much bigger than I anticipated and now it looks like the 1295 level is the likely stopping point. From there the e-minis should resume their move into the 1430-50 range. In any case I think that the January 22 low at 1256 will hold.

QQQ: The 42.00 level is support and from there the Q’s will rally to 47.50.

TLT - June Bonds: The market has rallied more than I expected but should halt at 119-12. The next move will take the June contract below 114. I think TLT will drop to 88.

June 10 Year Notes: Resistance is at 118-08 and I think that a drop below114 lies ahead.

Euro-US Dollar: The market has reached the 151.00 target. I think there will be a big break from this level and if I am right we soon should see prints below 149.00. If this doesn’t happen in the next couple of days then I will shift gears and start looking for a rally to 156.

Dollar-Yen: It now looks like the yen is headed for the 99.50 level.

XLE - OIH - USO – April Crude: The market is headed for 105-106.

GLD - April Gold: I think gold futures are headed for 1000. Support is at the 920 level in the April contract.

SLV - May Silver: I think that the market won’t move much above 2000 before it has a big break.

Google: I think the drop from the 747 high is nearly over. There is very strong support at 420 and my guess is that Google will make an important low near there and then begin a sustained up move. Meantime resistance is at 490.

Guesstimates on March 3, 8:25 am ET

Spiders - March S&P E-mini Futures: The drop from 1390 has been much bigger than I anticipated and now it looks like the 1295 level is the likely stopping point. From there the e-minis should resume their move into the 1430-50 range. In any case I think that the January 22 low at 1256 will hold.

QQQ: The 42.00 level is support and from there the Q’s will rally to 47.50.

TLT - June Bonds: The market has rallied more than I expected but should halt at 119-12. The next move will take the June contract below 114. I think TLT will drop to 88.

June 10 Year Notes: Resistance is at 118-08 and I think that a drop below114 lies ahead.

Euro-US Dollar: The market has reached the 151.00 target. I think there will be a big break from this level and if I am right we soon should see prints below 149.00. If this doesn’t happen in the next couple of days then I will shift gears and start looking for a rally to 156.

Dollar-Yen: It now looks like the yen is headed for the 99.50 level.

XLE - OIH - USO – April Crude: The market is now headed for 105-106.

GLD - April Gold: I think gold futures are headed for 1000. Support is at the 910 level in the April contract.

SLV - May Silver: I think that the market won’t move much above 2000 before it has a big break.

Google: I think the drop from the 747 high is nearly over. There is very strong support at 420 and my guess is that Google will make an important low near there and then begin a sustained up move. Meantime resistance is at 490.