Thursday, January 13, 2011

Guesstimates on January 13, 2011

March S&P E-mini Futures: Today's range estimate is 1277-1287. The top which I saw building in the 1257-77 range was has become temporary support instead because yesterday's day session range was entirely above it. Until some substantial sideways activity again develops the right thing to do is be a buyer on 20 point breaks. By early April this market will be trading well above 1300.

QQQQ: I think the market will rally to 58.50.

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 soon begin a 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. 1495 is the next upside target.

SLV - March Silver: The upside target at 31.00 has been reached but there is still no sign of a top. Next upside target is 36.00.

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.

3 comments:

rational_trader said...

What happened to the 50 points drop ?

dcatlowpj said...

Your crude call needs to be set to say that Crude may hit $50 after it pushes against a major resistance level of $100...or where ever you thin k it might exhaust here. This call is the one that sticks out.

Bill said...

Well, let me say that on April 23, 2010 the market traded on top of its range and as a matter of fact it closed at the highest price of the day. Guess what that was the top and the largest correction since the March 09 lows ensued. Just because the market trades at the top of the range during a day or even closes at the top doesn't mean that the market will continue to perform strongly.

Bill