Tuesday, March 03, 2009

Guesstimates on March 3, 2009

March S&P  E-mini Futures: I think today’s range will be about 25-30 points. The market is set to open higher and initial resistance is at  718. If this holds then the day’s low will probably be near 690.  Strength above 718 will mean that the day’s low is in place at 703 and that the market will reach 730 later in the session. I still think this market is about to begin the biggest rally seen in the last 9 months.

QQQ: The 26.70 level is still 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: 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 dropped below 940 support but should stabilize in the 900-10 zone before resuming its move to 1100.

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

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

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