Tuesday, March 10, 2009

Guesstimates on March 10, 2009

March S&P  E-mini Futures: The market is back near the high of its recent 665-695 trading range. This makes is likely that sellers will come into the market early. If they do then I would expect a low for the day near 665. Any move above 700 on good volume would be very bullish.

QQQ: The 26.00 level is now support and from there I think the Q’s will start a move to 35.00.  

June Bonds: I think the long term trend in the bond market is now definitely downward. Next downside target is 117.  

June 10 Year Notes: I think a bear market in the notes is underway. Next downside target is 118.

Euro-US Dollar: The euro is headed down to 122.50.

Dollar-Yen: The yen has nearly reached the 100.00 level. There is as yet no indication that the move up from 87.00 is over, so I now estimate that the yen will reach 104.00 before a substantial reaction begins.   

April Crude: The 30-35 zone is long term support. The 50.00 level is resistance. I think the market has started to stabilize.

GLD – April Gold: Gold still shows support in the 900-10 zone. Weakness below 900 would mean that the market is headed back below 700.

SLV - May Silver: I now think silver is headed for 1750. Support is at 1240.  

Google: I think that its drop from 747 is over. 

2 comments:

Anonymous said...

agree with you Carl , market's now ready for a more robust rally than those shiny attempts before year end (2008). Let's shake the bears a little bit. :-) Gd trading ! MC

Anonymous said...

SPX 700, great place to get out of my existing long. Now i'll wait to see whether we blow by 700 or fall back to 685.