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.
5 comments:
Hi Carl,
Now, that was a beautiful rally yesterday, and well expected and anticipated. It certainly helped to work off at least some of the over sold condition these markets have been experiencing in recent days.
Needless to say, when prices moved back to the intraday 1309.50 high, I was stopped out for a break-even trade, despite the fact I actually had a juicy profit all the way down to the lows. A break even stop is always smart once you have a decent profit on a trade. My written Puts saved the day for me, and I also covered them on the close, so I was flat overnight.
This morning, my model is still pointing lower without any confirmation that the lows are indeed already in place, so I expect prices to move lower again soon enough. Just moments ago, I reinstated my short position at 1324.00. We did put in an outside key reversal day in the March futures yesterday, but by only a few ticks, so I don’t know how significant that could be.
Congrats on your 1297.00 entry, it was very nicely done!!!
Have a great day.
Many thanks.
PM
Hi Carl,
Goodness, I was stopped out at 1324.00 in the rally. I'll wait for this rally to run its course.
Thanks.
PM
Here are some basic Gann time periods that may be of interest.
Gann mentioned Bull campaigns will typically last 5 years or 59-60 months. October 2002 - October 2007was 60 months and has alot of interest among the bear types who view this as a final Grand Supercycle top.
However, Gann mentions that beyond 60 months watch for extended Bull campaigns to last 67-72 months. This becomes a better fit, because 2008 is in alignment with the more important key 10 year cycle. July 2008 is both a 10 year high and is a 69 month (67-72 month) extended bull move from October 2002.
Then looking at the shorter monthly time periods G says look for monthly reaction low points 3 months then 4 months from previous lows. (Total of 7 months) Starting from August 2007 low, March 2008 is 7 months with November 2007 being the initial 3 month low.
This all fits into Carl's 2008 forecast (which everyone should re-read) as it mentions how the 40 and 60 year cycles fit as well.
gann also says watch the time periods with in 15 days plus and
minus surraounding the change of the seasons , hence march 20 th
march 5th to early april .
with the june futures down with the rest of the market doesnt it make more sence for the bullish
few amongst us focus more on the june contract for purchases ??
buyinginto themarch contract at this point is for the most part a waste of time unless your just intending to day trade .
also i would think those whome are short te march contract at some point will exit
Hi Carl,
My long June is at 1317.50, I think I said 1311.50 when I posted to you, that was a typo, sorry.
Many thanks.
PM
Post a Comment