March S&P E-mini Futures: The market dropped to 730 on the GDP news this morning. Support today is in the 725-30 range. I think that a rally to at least the 748 level will develop during the day. I still think this market is about to begin the biggest rally seen in the last 9 months.
QQQ: The 27.30 level is support and from there I think the Q’s will start a move to 35.00.
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 is headed down to 122.50.
Dollar-Yen: I think 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. Support is at 940.
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.
4 comments:
I don't know what you're basing your bullishness on, Carl, but it's always refreshing to read your blog when everywhere else there's nothing but doom and gloom.
Are we still within the realm of the "base" that has been building over the past several days? How low would the market have to go before that base would no longer be considered a base and we'd have to start building a new one all over again?
Good luck today and always, Carl. Have a great weekend!
Yes Carl seriously what are you basing your bullishness on? You have been bullish for many months to see the market making lower lows.
Mary J.
If you are bearish now you must believe that the market will be confronted with economic conditions that are visibly worse than those currently expected to develop.
I think the market has already discounted the worst that is likely to happen and that the surprise will be an economy that does better than people generally expect.
Unfortunately, the world economy is a minefield. That's the real Domino Theory or Tinderbox in play, to dust off old school book phrases.
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