March S&P E-mini Futures: Today's range estimate is 1252-1258. Short term support is now at 1237. I think a top building process is underway and will be followed by a drop of 50-75 points. Once it is complete the market will resume its advance to 1300.
QQQQ: Next upside target is at 55.00 and has nearly been reached.
TYX (thirty year bond yield): The 30 year bond yield is on its way to 5.40%.
TNX (ten year note yield): The 10 year yield is headed for 4.50%.
Euro-US Dollar: I think the euro will be supported near 130 and from there will move up to 145.00.
Dollar-Yen: A drop into the 78.00 - 79.00 range is underway and I think an important low will form in that zone.
February Crude: I still think crude oil is headed for 50.00.
GLD – February Gold: A move to new highs is underway. 1450 is the next upside target.
SLV - March Silver: A move to new highs is underway. 31.00 is the upside target.
Google: The 540 level is support. A move that should take GOOG above 700 is underway.
Apple: Should reach 350 (at least) before the bull market ends. Support is at 265.
1 comment:
Today was the second time this week that the german DAX and french CAC dropped more than 1%. This is a sign that world stock markets are finally starting to soften up. The british FTSE and the north american indexes are still not getting the over 1% daily swings, but it is now a matter of days before they start following world markets. The correction is now imminent and can start any day. In my opinion it is very unlikely the markets will make it till the end of next week without a correction having started.
In April 2010 was the same Europe and Asia led, North America got on board soon afterwards.
Carl is about to be proven right one more time.
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