March S&P E-mini Futures: Sunday night the market opened strong and reached the 865 short term target. Monday it dropped more than 30 points and has traded as low as 832.50. The key level for me is 821. As long as the market holds above that level I shall remain short term bullish and look for a move into the 875-80 zone this week. I still think that the market will reach the 1000 level over the next two months.
QQQ: Strength above 30.00 will mean that the Q’s are headed for 34.00.
March Bonds: The short term trend should carry the bonds to 130.
March 10 Year Notes: The short term trend has turned downward and should carry the notes to 120. .
Euro-US Dollar: The euro has dropped below support at 132 so it will probably continue down further to 127.
Dollar-Yen: I think the 87.50 level will hold and that a rally to 100.00 is underway.
March Crude: March crude is trading more than 5 dollars above the now expired February contract. I think March crude will also drop down into the 30-35 zone as compared with its current price of 40.40. After than a rally to the 50.00 level should develop.
GLD - February Gold: The 885 level is still resistance and the market should resume its move down into the 550-600 range.
SLV - March Silver: I still think this is a bear market. Resistance above the market is at 1165. Next downside target is 650.
Google: Google has reached the 250-60 target zone which should be the end of its drop from 747.
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