Spiders - March S&P E-mini Futures: Moving to the March ’09 contract today. Any high volume break below 880 will mean that the market is headed down to 820 again. In any event I still think the futures are headed for the 1000 level over the next month or two.
QQQ: The Q’s are headed for 34.
TLT - March Bonds: The market has reached resistance at 135 and should now begin a sustained downtrend.
March 10 Year Notes: The notes didn’t make it to 128 but I think this market has begun a sustained downtrend.
Euro-US Dollar: The euro has resistance at 135 and will probably be trading in the 122-135 range for a while.
Dollar-Yen: The yen will move into the 101-102 range before starting another decline.
XLE - OIH - USO – January Crude: The 40.00 target has nearly been reached and the next development should be a rally into the 55-60 zone.
GLD - February Gold: Gold broke past resistance at 810 but should hold below 850 and then resume its move down into the 550-600 range.
SLV - March Silver: Resistance above the market stands at 1085. Next downside target is 650.
Google: Google has reached the 250-60 target zone which should be the end of its drop from 747.
3 comments:
Hi Carl,
I joined the bulls again at 895.00. I expect to see 917.50 traded today or tomorrow. If so, then we should rally into year end.
Thanks.
Kindest regards,
PM
do you have any technical insights about the futures index roll? Is there any increase in volatility or anything notable?
Carl,
Your forecast continues to be bears on gold. What would have to occur to alter your forecast?
Thanks,
Larrry
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