March S&P E-mini Futures: The market dropped as low as 763.25 this morning. I think 765 is support and that the next significant move from here will be upward.
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.
April Crude: The 30-35 zone is long term support. I think the market will start stabilizing. The next big move should be a rally to 50.
GLD – April Gold: Gold 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.
8 comments:
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DOW 6000 HERE WE COME!!
TALLY HO!!!
Log-in problem has been fixed.
Carl
Good call this AM.....I do admire you're candor.....it's increasingly rare in other blogs of late.
Brent
Carl,
Did you decide to take a long at 865 or so...I did.
Thanks a lot for ur insights!!!
Hi Carl,
i know you are busy,but if you get a chance please let me know whether you think all these large banks such as citi and BOFA can be/ will be nationalized? won't that be bad for the market? thanks
Peter
This is what will make the market tank: H.R. 1068 To amend the Internal Revenue Code of 1986 to impose a tax on certain securities transactions. "This transfer tax would be on the sale and purchase of financial instruments such as stock, options, and futures. A quarter percent (0.25 percent) tax on financial transactions.
http://www.govtrack.us/congress/billtext.xpd?bill=h111-1068
Anonymous 10:33, as the stocks of Citi and BofA are in a death spiral, currently selling for $3 or so, removing them from the market may not be a bad idea.
US government is becoming the biggest junk dealer in the world!
However, what does scare me is the nationalization of banks will make the government even more powerful. And the US government does not have a good track record of carrying out its responsibility to the people. And that makes it scarier because now we may have even more problems.
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