March S&P E-mini Futures: I think the break below the 805 level is a shakeout preceding a strong, high volume up move. This morning’s housing starts number was worse than expected but the market didn’t even blink. If I see strength above the 805 level I shall conclude that the trend has turned upward. Meantime I’ll stick with my downside target of 760-70.
QQQ: The Q’s are headed down to 28.50 or so.
March Bonds: The bonds have dropped into the 126-27 target zone. The next big move in this market should be upward to 135. 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 to 128 is imminent, but weakness below 120 would mean that a bear market is underway.
Euro-US Dollar: The euro has broken below support at 127.50 and now is headed down to 122.50.
Dollar-Yen: I think the 87.50 level will hold and that a rally to 100.00 is underway.
March Crude: March crude has entered the 30-35 target zone. I think the market will start stabilizing. The next big move should be a rally to 50.
GLD – April Gold: Gold has decisively breached the 935 level and this market is now headed for 1100.
SLV - March Silver: I now think silver is headed for 1750.
Google: Resistance stands at 375. I think that its drop from 747 is over.
1 comment:
The bottom fishers are here to protect their favorite S&P..The mean reversion is such a psych thingee--cant go 10% down every week --folks its an infinite series..
DOW 678 now who would have thunk it
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