Guesstimates on February 11, 2009

March S&P  E-mini Futures:  I think the e-minis are headed for 805 and possibly lower. Resistance today stands near the 834 level.

 QQQ: Support is at 29.00 and the next upside target is 32.50.

March Bonds: The bonds have dropped into the 126-27 target zone. The next big move in this market should be upward. Any significant weakness below 125 will mean that a bear market is underway.    

March 10 Year Notes: The notes have yet to reach our 120 target. We think a substantial rally is imminent, but weakness below 120 would mean that a bear market is underway.    

Euro-US Dollar: The euro has traded sideways after dropping as low as 127.50.  I think a rally to 137 or so is underway.  

Dollar-Yen: I think the 87.50 level will hold and that a rally to 100.00 is underway.  

March Crude: The 50.00 level is resistance and I think March crude will drop down into the 30-35 zone.

GLD – April Gold: The 935 level is resistance. At this juncture a drop below 870 will mean that a move down into the 550-600 range is underway.

SLV - March Silver: The next stop will be 1325. I think the next big move will carry this market downward to 650.

Google: Resistance stands at 375. I think that its drop from 747 is over.